How Avery Dennison Pays

Operations and professional ladder — B0 through B3

Leadership ladder — B4 through B9

Executive — proxy-disclosed officers

Disclosed executive layer

Track divergence

Hierarchy qualifications and legacy structures

• The B0 to B11 codes are a research crosswalk. Avery Dennison has never published a global grade ladder and no internal grade code appears in any filing, posting or benefit document reviewed.
• The executive level numbers are real. Levels 1 through 4 appear in the company's own severance and stock ownership disclosures, and the 2026 proxy assigns named executives to Levels 1, 2 and 3.
• Title does not fix level. Two senior vice presidents sit at Level 2 while the chief legal officer, also a senior vice president, sits at Level 3, so scope rather than title drives the mapping.
• Manufacturing scope dominates. Operations, commercial, scientific and corporate tracks coexist, and applying a software-style engineering ladder to this workforce would misstate most of it.
• Experience ranges are indicative. They come from the qualification text in Avery Dennison postings, not from an internal time-in-band rule, and no probation or confirmation policy is published.

Peer-level mapping

Office and market catalogue — calibration factors versus Mentor, Ohio

Office evidence is stronger than pay evidence in most markets. Avery Dennison's own directories confirm the Singapore head office for Asia, the Middle East and Africa at 460 Alexandra Road, an Auckland presence at Mt Wellington, and a Dubai packaging facility in the JAFZA free zone through a published Higg certificate. Exact headcount by city is not disclosed anywhere, so no location in this table carries an employee count.

Mentor, Ohio anchor medians — the basis of every modeled cell

• Mentor, Ohio is the anchor. It is the global headquarters, it carries the corporate and technical leadership population, and it is the only city where pay-transparent postings, H-1B certified wages and proxy salaries all overlap.
• United States city factors come from the source bundle's own calibration: Glendale at 1.15 times Mentor, Painesville at 0.98, Miamisburg at 0.96 and Greenfield at 0.95. These are flat across the ladder because all five sites draw on the same national professional market.
• Non-United States factors are derived from each market's modelled band table divided by the Mentor band table, then fitted to a straight line by seniority. That is why every offshore market carries both a junior factor and a senior factor rather than one multiplier.
• City multipliers inside a market are applied on top of the country factor: Mumbai at 1.10 times Bangalore, Pune at 0.95, Shanghai at 1.10 times the China base, Kunshan at 0.92, Sydney at 1.05 times Melbourne, Leiden and Oegstgeest at 1.05 times the Benelux base, Turnhout at 0.95, Rodange at 0.98 and Cramlington at 0.90.
• Every conversion uses one FX snapshot dated 25 August 2026, sourced from the Reserve Bank of Australia, the European Central Bank, the International Monetary Fund, Bangladesh Bank, the Central Bank of Sri Lanka, Banco de Mexico and the Central Bank of the United Arab Emirates.

Executive incentive targets — percent of salary

Named-executive outcomes

• A simple pool utilisation rate cannot be calculated. The plan's initial 5.4 million share authorisation, the 1.5 share charge for full-value awards, forfeiture recycling and later amendments mean the only defensible figure is the 1,906,101 shares available at year-end 2025.
• Total securities to be issued on exercise or vesting were 552,719 at 31 December 2025, which is under 0.7 percent of shares outstanding, and the weighted-average exercise price of $190.54 applies only to the option component.
• FY2025 stock-based compensation expense of $27.9 million against $8.9 billion of sales is roughly 0.3 percent. Avery Dennison delivers pay overwhelmingly in cash, which is why the modelled equity in bands B4 through B9 is described as selective rather than routine.
• Annual grants are generally made on 1 March, and special long-term incentive awards are generally scheduled for 1 March, 1 June, 1 September or 1 December.

2017 Incentive Award Plan position at 31 December 2025

Vesting — common reported employee schedule

Performance units follow a different clock: they cliff-settle after the three-year performance period at 0 to 200 percent of target, so a 2026 grant settles on the FY2028 result. Legacy market-leveraged stock units settled in four tranches with one, two, three and four year performance periods, which is exactly the complexity the 2026 redesign removed.

Eligibility by hierarchy level

• There is no published minimum band for employee equity. The plan text permits grants to officers and other eligible employees, and the company has never disclosed how far down the organisation that reaches.
• Directors and above are modelled as selectively eligible in this report at $20,000 to $75,000 of annual grant value, rising to $50,000 to $150,000 for senior directors and general managers. Those are market-calibrated estimates, not policy.
• Officer grants are the only verified ones. Long-term incentive targets in 2025 were 700 percent of base for the chief executive, 250 percent for the chief financial officer, 180 percent for group and function heads and 130 percent for the chief legal officer.
• Promotion equity is a real and separate lever. In 2025 Danny Allouche and Deena Baker-Nel each received 2,673 restricted stock units with a $500,000 target value and a three-year cliff.
• Avery Dennison Corporation is a New York Stock Exchange issuer, so there is no Indian employee stock option trust, no SEBI allotment reporting and no BSE or NSE insider filing trail. SEC Forms 3, 4 and 5 are the only insider channel.

Indicative annual grant value by band — Mentor, Ohio

Annualized planning value (±25%), not the face value of every new-hire grant. Share equivalents use the $179.81 reference price at 2026-08-25 and ignore plan valuation rules and PSU performance. Highlighted rows are disclosed grant-date stock awards.

Named executive target equity

The 2025 table mixes two pay years for two people. Allouche's $2,500,981 includes a one-time $250,000 cash bonus for his service as interim chief financial officer, which is reported separately from his $137,467 incentive payout, and both he and Baker-Nel received 2,673 promotion restricted stock units with a $500,000 target value on top of their annual awards. Yost's row reflects a full year as Materials president before his June 2026 departure.

Board compensation framework

A standard non-employee director package is therefore about $300,000 a year in cash and equity, and the independent chair about $500,000. Both figures are dwarfed by the chief executive package but sit above the modelled B8 total in this report, which is a useful reminder that board pay and employee pay are set by different mechanisms.

Not publicly disclosed

Modeled promotion planning timeline

What is verified: 2025 named executive performance was evaluated in February 2026, annual incentive awards are determined in February and paid in March of the following year, salary increases for named executives generally take effect in April unless a role change lands elsewhere, and annual long-term incentive grants are generally made on 1 March. Two 2025 promotions took effect in March. None of this has been confirmed to apply to the wider employee population in any country.

Dataset summary

City-level H-1B wage history

All-years aggregates. P25/P75 are rounded reconstruction values marked modeled; medians and record counts are the stronger fields.

Selected title / worksite records

Evidence classification

Explicit “Not publicly disclosed” index

Known gaps and diligence before relying on a cell

1. 1The two source bundles disagree on the Sealed Air peer comparison. One reports Patrick Kivits at $13,375,156 for 2024 with a 233:1 ratio; the other reports Dustin Semach at $9,776,133 for 2025. The 2025 figure is used here because it matches the fiscal year of every other peer in the table, and the 2024 figure is preserved in this note rather than discarded.
2. 2The two bundles also disagree on the scale of the 1 March 2026 chief executive settlement. One records 14,193 gross shares acquired across the reported vesting events with 5,986 withheld for tax; the other shows only a 1,824-share code M conversion at the same $194.78 reference price. The larger figure is used here because it is described as an aggregate across award-by-award events, but the Form 4 itself is the authority.
3. 3H-1B filing counts for the same period range from 15 to 38 across four aggregators, and no consistent 25th and 75th percentile exists for a single defined 2025 population. The report presents all four counts rather than reconciling them by guesswork.
4. 4The source bundle computed its total-compensation columns as base plus variable plus equity plus a notional employer benefit load of 10 percent at B0 rising to 20 percent at B10 and B11. That load has been stripped here, so every total in this report is lower than the corresponding figure in the source bundle by that amount. Benefit load is employer cost, not employee pay.
5. 5The band ladder describes the salaried professional, technical and management population plus the two salaried-equivalent operations bands. United States hourly roles are posted as hourly rates, and the annualised figures used for B0 and B1 assume full-time hours with no overtime and exclude the $2 shift differential that appears in operations postings.
6. 6Offshore total-compensation factors compress faster than base factors because the modelled long-term incentive is priced in dollars in every market. That is a modelling assumption rather than a disclosed policy, and it is the weakest element of the senior offshore totals.
7. 7The B11 row is a single global appointment. Its appearance in 26 non-anchor markets is a currency translation for comparison only; there is no local chief executive package anywhere outside the United States.
8. 8City-level confidence varies from high in the United States and Benelux to low in China, Sri Lanka, Mexico, Brazil and New Zealand, where the source bundle itself calibrated from adjacent roles and markets rather than from Avery Dennison observations.
9. 9Avery Dennison's founding year does not appear in either bundle and is therefore omitted from the report metadata rather than sourced elsewhere.
10. 10Employee-reported Indian salary records span very wide ranges by title, from 1.2 to 3.2 lakh rupees for an operating engineer to 57.4 to 96 lakh rupees for a plant head, with small and unnormalised samples. They establish stratification but not band boundaries.

FX rates used — 1 USD equals, snapshot 2026-08-25

Single-date conversion layer for comparability; it ignores payroll-date FX, tax, purchasing power, benefits valuation and hedging. Compensation intelligence, not legal, tax, investment, immigration or employment advice.

Source register — 16 sources

Avery Dennison publishes no headcount by city and no year-by-year employee series in the material reviewed, so this panel tracks the restructuring programme rather than a headcount trend. The one internally consistent series is the pay-ratio determination population, which is a point-in-time count taken each December for SEC purposes rather than a workforce statistic.