{"url_path":"/sec/avy/8-k/2026-06-04/item-5-02","section_key":"item-5-02","section_title":"Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-06-04","source_url":"https://www.sec.gov/Archives/edgar/data/8818/0000008818-26-000116-index.html","accession_number":"0000008818-26-000116","cik":"0000008818","ticker":"AVY","issuer_name":"Avery Dennison Corp","edgar_url":"https://www.sec.gov/Archives/edgar/data/8818/0000008818-26-000116-index.html","primary_entity_key":"0000008818","primary_entity_name":"Avery Dennison Corp"},"word_count":475,"has_tables":true,"body_markdown":"Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.\n\n(b) (c) On May 29, 2026, Ryan D. Yost, President, Materials Group, of Avery Dennison Corporation, a Delaware corporation (the \"Company\"), notified the Company of his decision to resign to accept another opportunity. Mr. Yost continued serving in that capacity through May 31, 2026 and will leave the Company on June 12, 2026.\n\nOn May 31, 2026, the Company’s Board of Directors (the “Board”) elected Danny G. Allouche as the Company’s President, Materials Group, effective June 1, 2026. Mr. Allouche ceased serving as the Company’s Senior Vice President and Chief Strategy and Corporate Development Officer (“CSDO”) on May 31, 2026. Mr. Allouche, age 52, had served as the Company’s Senior Vice President and CSDO since August 2022; from November 2024 through March 2025, he also served as Interim Chief Financial Officer. Prior to that, Mr. Allouche served as Vice President and CSDO from April 2021 to July 2022; Vice President, Corporate Development, from May 2016 to March 2021; and Vice President, Treasury and Corporate Development, from August 2015 to May 2016. Mr. Allouche held several other roles in positions of increasing responsibility since joining the Company in August 2010.\n\nIn connection with this election, the Board’s Talent and Compensation Committee (the “Committee”) made the following compensation decisions for Mr. Allouche in his new role: (i) no change to his current annual base salary of ILS 1,989,960 (approximately $667,123 using the average monthly exchange rate for May 2026); (ii) no change to his target Annual Incentive Plan opportunity of 60% of base salary; and (iii) an increase in his target annual long-term incentive (LTI) opportunity from 180% to 200% of base salary. To effectuate the increase in his annual LTI award for 2026, the Committee approved a supplemental 2026 LTI award equal to 20% of base salary to be granted on September 1, 2026, 60% in performance units and 40% in restricted stock units with the same performance objectives and/or vesting criteria as the annual LTI award granted on March 1, 2026; the Committee also approved a special LTI award to Mr. Allouche of restricted stock units with a target grant date fair value of $500,000 to be granted on September 1, 2026 that will cliff-vest on June 1, 2029. These awards are subject to his continued employment through the applicable vesting dates. Mr. Allouche will continue to be eligible to participate in the Company’s executive severance plan and key executive change of control severance plan, in each case as described in the Company’s proxy statement filed with the Securities and Exchange Commission on March 12, 2026.\n\nA copy of the press release announcing Mr. Allouche’s new role is attached as Exhibit 99.1 hereto and incorporated herein by reference.\n\nSection 9 — Financial Statements and Exhibits"}