Form 4: Avery Dennison Executive Deena Baker-Nel Reports Stock Transactions

Deena Baker-Nel, SVP & Chief HR Officer of Avery Dennison Corp, reports multiple transactions involving common stock and derivative securities, including acquisitions and disposals related to vesting of market-leveraged stock units (MSUs), performance units (PUs), and restricted stock units (RSUs).

Summary

• Deena Baker-Nel, a Senior Vice President and Chief HR Officer at Avery Dennison Corp, filed a Form 4 detailing changes in beneficial ownership of company stock.
• The reported transactions occurred on March 1, 2025.
• These transactions include the acquisition and disposal of common stock related to the vesting of MSUs, PUs and RSUs.
• Baker-Nel acquired shares through the vesting of derivative securities and disposed of shares to cover tax obligations.
• The transactions involved multiple MSU awards from 2021 to 2024, PU awards from 2022 and 2025, and a promotion RSU award from 2025.
• The price per share for the transactions was approximately $187.06.
• Following these transactions, Baker-Nel directly owns 3,126 shares of common stock and indirectly owns 1,521.7799 shares through a savings plan.
• She also holds derivative securities including 2,695 shares from a 2025 MSU award, 2,805 shares from a 2025 PU award, and 2,673 shares from a 2025 Promotion RSU award.

Sentiment

Score: 6

Explanation: The document is neutral in tone, simply reporting required information about stock transactions. The vesting of equity awards at varying levels based on performance is a standard practice.

Positives

• The vesting of MSUs at above-target levels (128% for 2021 award) indicates strong company performance relative to total stockholder return.
• The continued granting of MSUs, PUs, and RSUs suggests ongoing commitment to incentivizing executive performance.

Future Outlook

The document does not contain specific forward-looking statements, but the ongoing vesting of equity awards suggests continued alignment of executive compensation with company performance.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors for signals about management's confidence in the company's prospects.

Comparison to Industry Standards

• Equity compensation practices, such as granting MSUs, PUs, and RSUs, are common among publicly traded companies to align executive incentives with shareholder value.
• Vesting schedules and performance metrics (e.g., total shareholder return, economic value added) are typical components of these equity awards.
• Companies like 3M, CCL Industries, and Amcor also utilize similar equity-based compensation plans for their executives.

Stakeholder Impact

• Shareholders may view the vesting of equity awards as an alignment of management's interests with their own.
• Employees may be affected by the company's overall performance, which influences the vesting of performance-based equity awards.

Key Dates