Document:

EX-4.2

 Exhibit 4.2 

AVERY DENNISON CORPORATION, 

as Issuer 
 AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
  

 
 SEVENTH
SUPPLEMENTAL INDENTURE 
 Dated as of August 18, 2021 

To 
 INDENTURE 

Dated as of November 20, 2007 
  

 
 0.850% Senior
Notes due 2024 

 SEVENTH SUPPLEMENTAL INDENTURE (as hereinafter defined, the “Seventh Supplemental
Indenture”), dated as of August 18, 2021, between AVERY DENNISON CORPORATION, a Delaware corporation (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as Trustee (the
“Trustee”). 
 WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of November 20, 2007
(the “Base Indenture” and, together with the Seventh Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company of unsecured debentures, notes, bonds or other evidences of indebtedness in
an unlimited amount to be issued from time to time in one or more series as provided in the Base Indenture; 
 WHEREAS, pursuant to Board
Resolutions dated July 21, 2021, the Company authorized the creation and issuance of a series of its debt securities under the Indenture, designated as the “0.850% Senior Notes due 2024” in the initial aggregate principal amount of
$300,000,000 (the “Notes”); 
 WHEREAS, Section 14.01 of the Base Indenture provides that the Company, when authorized
by a Board Resolution, and the Trustee, from time to time and at any time, may enter into one or more supplemental indentures to establish the forms and terms of Securities as permitted in Section 3.01 of the Base Indenture; 

WHEREAS, the Company desires to establish the form and terms of the Notes in accordance with Sections 2.01 and 3.01 of the Base Indenture;

 WHEREAS, the Company has determined that this Seventh Supplemental Indenture is authorized and permitted by Section 14.01 of the
Base Indenture and has delivered to the Trustee an Opinion of Counsel to that effect and an Officer’s Certificate pursuant to Section 3.03 of the Base Indenture to the effect that all conditions precedent provided for in the Base Indenture
to the Trustee’s execution and delivery of this Seventh Supplemental Indenture have been complied with; 
 WHEREAS, the Indenture is
subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions; and 

WHEREAS, all things necessary to make this Seventh Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and
to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Seventh Supplemental Indenture has been duly authorized
in all respects. 
 NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1

 DEFINITIONS 

Section 1.1    Definition of Terms. For all purposes of this Seventh Supplemental Indenture,
except as otherwise expressly provided or unless the context requires otherwise: 
 (a)    a term defined in the Base
Indenture and not otherwise defined herein has the same meaning when used in this Seventh Supplemental Indenture; and 

  
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 (b)    the following terms have the meanings given to them in this
Section 1.1(b) and shall have the meaning set forth below for purposes of this Seventh Supplemental Indenture and the Base Indenture as it relates to the Notes created hereby: 

“Additional Notes” shall have the meaning set forth in Section 6.1 hereof. 

“Attributable Debt” means, as to any particular lease under which any Person is at the time liable and at any date as of
which the amount thereof is to be determined, the total net amount of rent required to be paid by such Person under such lease during the remaining primary term thereof, discounted from the respective due dates to such date at the actual percentage
rate inherent in such arrangement as the Company has determined in good faith. The net amount of rent required to be paid under any such lease for any such period shall be the aggregate amount of the rent payable by the lessee with respect to such
period after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and similar charges. In the case of any lease which is terminable by the lessee upon the payment of a penalty, such
net amount shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated. 

“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking
institutions in New York City are authorized or obligated by law or executive order to remain closed. 
 “Call Date” shall
have the meaning set forth in Section 3.1(a) hereof. 
 “Change of Control” means the occurrence of any of the
following: 
 (a)    the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger
or consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets and the Company’s Subsidiaries’ assets, taken as a whole, to any person, other than the Company or one of the
Company’s Subsidiaries; 
 (b)    the consummation of any transaction (including, without limitation, any merger or
consolidation), the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; or 

(c)    the adoption of a plan relating to the Company’s liquidation or dissolution. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (a) the Company becomes a direct or
indirect wholly-owned Subsidiary of a holding company and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting
Stock immediately prior to that transaction or (2) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

“Change of Control Offer” shall have the meaning set forth in Section 3.2 hereof. 

“Change of Control Payment” shall have the meaning set forth in Section 3.2 hereof. 

  
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 “Change of Control Payment Date” shall have the meaning set
forth in Section 3.2 hereof. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control
and a Rating Event. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of four
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, (b) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such Reference Treasury Dealer Quotations, or (c) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

“Comparable Treasury Rate” means, with respect to any Redemption Date for the Notes, (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity most nearly equal to the remaining time to
the Call Date (or if no maturity is within three months before or after the Call Date, yields for the two published maturities most closely corresponding to the time remaining to the Call Date shall be determined and the Comparable Treasury Rate
shall be interpolated or extrapolated from such yields on a straight-line basis, rounded to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the maturity most nearly equal to the remaining time to the Call Date, calculated using a price for the maturity most nearly equal to the remaining time to the
Call Date (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Comparable Treasury Rate will be calculated by the Company on the third Business Day preceding the Redemption Date (or
date of deposit in the case of a satisfaction and discharge). 
 “Consolidated Net Tangible Assets” means the aggregate
amount of assets (less applicable reserves and other properly deductible items) less (i) all liabilities, other than deferred income taxes and Funded Debt and (ii) goodwill, trade names, trademarks, patents, organizational expenses and
other like intangibles owned by the Company as well as the Company’s consolidated Subsidiaries and computed in accordance with generally accepted accounting principles. 

“Debt” means debt issued, assumed or guaranteed by the Company or a Subsidiary for money borrowed. 

“Funded Debt” means (i) all indebtedness for money borrowed having a maturity of more than 12 months from the date as of
which the determination is made or having a maturity of 12 months or less but by its terms being renewable or extendible beyond 12 months from such date at the option of the borrower and (ii) rental obligations payable more than 12 months from
such date under leases which are capitalized in accordance with generally accepted accounting principles (such rental obligations to be included as Funded Debt at the amount so capitalized and to be included for the purposes of the definition of
Consolidated Net Tangible Assets both as an asset and as Funded Debt at the amount so capitalized). 
 “Holder” means the
Person in whose name a Registered Security is registered in the Register. 
 “Interest Period” shall have the meaning set
forth in Section 2.3(b) hereof. 

  
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 “Investment Grade” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent Investment Grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company. 

“Lien” means any lien, mortgage or pledge. 

“Moody’s” means Moody’s Investors Service, Inc., and its successors. 

“Optional Redemption Price” shall have the meaning set forth in Section 3.1(a) hereof. 

“Principal Property” means any real property the Company or any Subsidiaries own or hereafter acquire (including related land
and improvements thereon and all machinery and equipment included therein without deduction of any depreciation reserves) of which on the date as of which the determination is being made exceeds 2% of Consolidated Net Tangible Assets other than
(i) any property which in the Company’s determination is not of material importance to the total business conducted by the Company and its Subsidiaries as an entirety or (ii) any portion of a particular property which is similarly
found not to be of material importance to the use or operation of such property. 
 “Prospectus Supplement” means the
prospectus supplement relating to the Notes dated August 10, 2021. 
 “Quotation Agent” means a Reference Treasury
Dealer appointed by the Company. 
 “Rating Agencies” means (a) each of Moody’s and S&P; and (b) if
either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the
meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or each of them, as the case may be. 

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below
Investment Grade by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under
publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the Company’s
intention to effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus
will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or
inform the Company in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of
Control has occurred at the time of the Rating Event). The Trustee shall not be charged with knowledge of, or responsible for monitoring, the ratings of the Notes. 

“Reference Treasury Dealer” means (a) each of Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global
Markets Inc. and J.P. Morgan Securities LLC (or their respective affiliates that are primary U.S. Government securities dealers in New York City (each, a “Primary Treasury Dealer”)) and their respective successors and (b) three
other Primary Treasury Dealers selected by the Company in good faith; provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer. 

  
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 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the maturity most nearly equal to the remaining time to the Call Date (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Regular Record Date” means, with respect to any Interest Payment Date, the February 1 and August 1 (whether
or not a Business Day) preceding the relevant Interest Payment Date. 
 “Remaining Scheduled Payments” means the remaining
scheduled payments of the principal and interest on the Notes to be redeemed that would be due after the related Redemption Date but for such redemption; provided, however, that if such Redemption Date is not an Interest Payment Date,
the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to, but not including, such Redemption Date. 

“S&P” means S&P Global Ratings, and its successors. 

“Stated Maturity” shall have the meaning set forth in Section 2.2 hereof. 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

ARTICLE 2 
 GENERAL
TERMS AND CONDITIONS OF THE NOTES 
 Section 2.1    Designation and Principal
Amount. The Notes may be issued from time to time upon written order of the Company for the authentication and delivery of the Notes pursuant to Sections 3.01 and 3.03 of the Base Indenture. There is hereby authorized a series of
Securities designated as the “0.850% Senior Notes due 2024,” initially limited in aggregate principal amount to $300,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections
3.03, 3.04, 3.06, 4.06 and 14.05 of the Base Indenture). 
 Section 2.2    Stated Maturity.
The date upon which the Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, shall be August 15, 2024 (the “Stated Maturity”). 

Section 2.3    Interest.  

(a)    The Notes shall bear interest at the rate of 0.850% per annum. The date from which interest shall accrue on the
Notes shall be August 18, 2021. Interest on the Notes shall be payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2022, to the Persons in whose name the respective Notes are
registered at the close of business on the Regular Record Date for such Interest Payment Date, except as provided in Section 2.3(d) hereof. 

(b)     Interest payable on any Interest Payment Date, the Stated Maturity or, if applicable, any Redemption Date or
otherwise at Maturity shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date of
August 18, 2021, if no interest has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest Payment Date, Stated Maturity or, if applicable, Redemption Date or other Maturity, as the case may be (each, an
“Interest Period”). 

  
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 (c)    The amount of interest payable for any full semi-annual Interest
Period shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual
Interest Period for which interest is computed shall be computed on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date shall be postponed to the
next succeeding day which is a Business Day (and no interest on such payment shall accrue for the period from and after such scheduled Interest Payment Date). 

(d)    In the event that the Stated Maturity, any Redemption Date or other Maturity falls on a day that is not a Business
Day, then the related payments of principal, premium, if any, and interest may be made on the next succeeding day that is a Business Day (and no additional interest shall accumulate on the amount payable for the period from and after the Stated
Maturity or any Redemption Date or other Maturity). Interest due on the Stated Maturity or any Redemption Date or other Maturity (in each case, whether or not an Interest Payment Date) on any of the Notes shall be paid to the Person to whom
principal of the Notes is payable. 
 Section 2.4    Place of Payment and Appointment.
Principal of, premium, if any, and interest on the Notes shall be payable, the transfer of the Notes shall be registrable, and the Notes shall be exchangeable for Notes of a like aggregate principal amount, at the office or agency of the Company
maintained for such purpose in New York, New York, which shall initially be a corporate trust office of the Trustee or its affiliate; provided, however, that payment of interest may be made at the option of the Company by check
mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment; and provided, further, the Company shall pay
principal of, premium, if any, and interest on, the Notes in global form registered in the name of or held by The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate, or its respective
nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the Holder of such Notes in global form. 

The Security Registrar and Paying Agent for the Notes shall initially be the Trustee. 

Section 2.5    Defeasance. The Company may elect, at its option at any time, to have Article XII
of the Base Indenture apply to the Notes, except that, with respect to the Notes, Section 12.03(c) of the Base Indenture is replaced with the following: The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that
holders and beneficial owners of the Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the Company’s exercise of its option under this Section and will be subject to U.S.
federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such action had not been exercised and, in the case of the Securities of such series being Discharged, such Opinion of Counsel shall
be based on either a change in applicable U.S. federal income tax law since the date of the Indenture or a ruling received by the Company from, or that is published by, the U.S. Internal Revenue Service. 

Section 2.6    Denominations. The Notes shall be issuable only in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof. 
 Section 2.7    Global
Securities. The Notes shall be issued initially in the form of a permanent Global Security in registered form deposited with or for the account of The Depository Trust Company or such other Depositary as any officer of the Company may
from time to time designate. Unless and until 

  
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each such Global Security is exchanged for Notes in certificated form, the Global Security may be transferred, in whole but not in part, and any payments on the Notes shall be made only to the
Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a nominee of such successor Depositary. 

Section 2.8    Form of the Notes. The form of the Notes and the Trustee’s Certificate of
Authentication to be endorsed thereon shall be substantially in the form attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual, facsimile or electronic signature) may approve, such
approval to be conclusively evidenced by their execution thereof. 
 Section 2.9    No Sinking
Fund. The Notes shall not be entitled to the benefit of any sinking fund. 
 ARTICLE 3 

REDEMPTION OF THE NOTES 

Section 3.1    Optional Redemption by Company.  

(a)    Subject to the terms of the Indenture, the Notes shall be redeemable in whole or in part, at the Company’s
option, at any time and from time to time as follows: 
 (i)    Prior to August 15, 2022 (the
“Call Date”), at a redemption price equal to the greater of: 
 (1)    100% of the
principal amount of the Notes to be redeemed; and 
 (2)    the sum of the present values of the
Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Comparable
Treasury Rate, plus 10 basis points, plus, in the case of either clause (1) or (2) accrued and unpaid interest thereon to, but not including, the Redemption Date; 

(ii)    On or after the Call Date, at a redemption price equal to 100% of the principal amount of the Notes
to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 
 If the redemption date is after a
Regular Record Date and on or prior to a corresponding Interest Payment Date, the full amount of accrued and unpaid interest due on such Interest Payment Date will be paid to the Holder of record at the close of business on the Regular Record Date.
The redemption price to be paid pursuant to Section 3.1(a)(i) or Section 3.1(a)(ii) (as applicable, the “Optional Redemption Price”) shall be determined by the Company. 

(b)    Notice of any redemption shall be mailed (or otherwise electronically delivered) not less than 10 days and not more
than 60 days prior to the Redemption Date to each Holder of Notes to be redeemed. In connection with any redemption of Notes, any such redemption may, at the Company’s discretion, be subject to one or more conditions precedent. In addition, if
such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be
satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole
discretion) by the Redemption Date (whether the original Redemption 

  
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Date or the Redemption Date so delayed). In addition, the Company may provide in such notice that payment of the Optional Redemption Price and performance of the Company’s obligations with
respect to such redemption may be performed by another person. 
 (c)    Unless the Company defaults in payment of the
Optional Redemption Price, from and after the Redemption Date, interest shall cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the
Trustee by such method that the Trustee deems to be fair and appropriate and may provide for the selection for redemption of a portion of the principal amount of Notes held by a Holder equal to an authorized denomination. If the Company redeems less
than all of the Notes and the Notes are then held in book-entry form, the redemption will be made in accordance with the Depositary’s customary procedures. The Trustee shall not be responsible for calculating the redemption price or make-whole
amount. 
 Section 3.2    Change of Control Triggering Event.  

(a)    If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes as
described in Section 3.1 hereof, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in
excess thereof) of that Holder’s Notes on the terms set forth in the Notes. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued
and unpaid interest, if any, on the Notes repurchased to, but not including, the repurchase date (a “Change of Control Payment”), subject to the rights of the Holders of the Notes on the relevant record date to receive interest due
on the relevant Interest Payment Date. Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may
constitute the Change of Control, a notice shall be mailed (or otherwise electronically delivered) to Holders of the Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to
repurchase such Notes on the repurchase date specified in the applicable notice, which date shall be no earlier than 30 days and no later than 60 days from the date on which such notice is mailed (or otherwise electronically delivered) (a
“Change of Control Payment Date”). 
 (b)    The notice shall, if mailed (or otherwise electronically
delivered) prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring prior to or on the applicable Change of Control Payment Date specified
in the notice. 
 (c)    On any applicable Change of Control Payment Date, the Company shall, to the extent lawful: 

(i)    accept for payment all Notes or portions of Notes properly tendered pursuant to the applicable
Change of Control Offer; 
 (ii)    deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer; and 

(iii)    deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. 

  
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 (d)    The Company shall not be required to make a Change of Control
Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company, and the third party repurchases
all Notes properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than
a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 
 The Company shall comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws
and regulations and shall not be deemed to have breached the Company’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 

ARTICLE 4 
 COVENANTS

 Section 4.1    Restriction on Secured Debt. The Company will not, nor will it permit
any of its Subsidiaries to, incur, issue, assume or guarantee any Debt secured by a Lien on any of its or any Subsidiary’s Principal Property, or on any share of capital stock or Debt of any Subsidiary, unless the Company secures or causes such
Subsidiary to secure the Notes equally and ratably with (or, at the Company’s option, prior to) such secured Debt, for so long as such secured Debt is so secured; provided, however, that the foregoing restrictions will not apply
to Debt secured by the following: 
 (a)    any Lien existing on the date of this Indenture; 

(b)    Liens on property of, or on any shares of capital stock of or Debt of, any Person existing at the time such Person
is merged with or into or consolidated with the Company or any Subsidiary or otherwise becomes a Subsidiary; 

(c)    Liens in the Company’s favor or in favor of any Subsidiary; 

(d)    Liens in favor of governmental bodies to secure progress, advance or other payments pursuant to any contract or
provision of any statute; 
 (e)    Liens on property existing at the time of acquisition thereof by the Company or any
Subsidiary; 
 (f)    any Lien securing indebtedness incurred to finance the purchase price or cost of construction of
property (or additions, substantial repairs, alterations or substantial improvements thereto); provided that such Lien and the indebtedness secured thereby are incurred within twelve months of the later of acquisition or completion of
construction (or addition, repair, alteration or improvement) and full operation thereof; 
 (g)    Liens securing
industrial revenue bonds, pollution control bonds or similar types of bonds; 
 (h)    mechanics and similar Liens
arising in the ordinary course of business in respect of obligations not due or being contested in good faith; 

  
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 (i)    Liens arising from deposits with, or the giving of any form of
security to, any governmental agency required as a condition to the transaction of business or exercise of any privilege, franchise or license; 

(j)    Liens for taxes, assessments or governmental charges or levies which are not then delinquent or are being contested
in good faith; 
 (k)     Liens put on any property in contemplation of its disposition, provided the Company has
a binding agreement to sell at the time the Lien is imposed and the Company disposes of the property within one year after the creation of the Liens and that any indebtedness secured by the Liens is without recourse to the Company or any of its
Subsidiaries; 
 (l)    Liens (including judgment liens) arising from legal proceedings being contested in good faith
(and, in the case of judgment liens, execution thereof is stayed); and 
 (m)    any amendment, extension, renewal or
replacement of any Liens referred to in the foregoing clauses (a) through (l) inclusive or any Debt secured thereby; provided that such extension, renewal or replacement shall be limited to all or part of the same property, shares of
capital stock or Debt that secured the Lien extended, renewed or replaced. 
 Notwithstanding the foregoing, the Company and its
Subsidiaries may issue, assume or guarantee Debt secured by a Lien which would otherwise be subject to the restrictions described above; provided that the aggregate amount of all such secured Debt, together with all the Company’s and its
Subsidiaries’ Attributable Debt with respect to sale and leaseback transactions (as defined below) (with the exception of such transactions which are excluded as described in clauses (a) through (e) of Section 4.2), may not exceed 15%
of Consolidated Net Tangible Assets. 
 Section 4.2    Restriction on Sale and Leaseback
Transactions. The Company will not, nor will it permit any of its Subsidiaries to, enter into any arrangement with any Person (other than the Company or a Subsidiary), or to which any such Person is a party, providing for the leasing to the
Company or a Subsidiary of any Principal Property that has been or is to be sold or transferred by the Company or such Subsidiary to such Person or to any other Person (other than the Company or a Subsidiary), to which the funds have been or are to
be advanced by such Person on the security of the leased property (a “sale and leaseback transaction”); provided, however, the Company or any of its Subsidiaries may enter into a sale and leaseback transaction if any
of the following occurs: 
 (a)    the lease is for a period, including renewal rights, of not in excess of three years;

 (b)    the sale or transfer of the Principal Property is made at the time of, or within 360 days after, the later of
its acquisition or completion of construction; 
 (c)    the lease secures or relates to industrial revenue bonds,
pollution control bonds or other similar types of bonds; 
 (d)    the transaction is between the Company and a
Subsidiary or between Subsidiaries; 
 (e)    the Company or a Subsidiary, within 360 days after the Company or a
Subsidiary makes a sale or transfer, applies an amount equal to the greater of the net proceeds of the sale of the Principal Property leased pursuant to such arrangement or the fair market value of the Principal Property so leased at the time of
entering into such arrangement (as determined in any manner approved by the board of directors) to: 

  
 10 

 (i)    the retirement of the Notes or the Company’s
other Funded Debt ranking on a parity with or senior to the Notes, or the retirement of the securities or other Funded Debt of a Subsidiary; provided, however, that the amount to be applied to the retirement of the Company’s
Funded Debt or a Subsidiary’s Funded Debt shall be reduced by (x) the principal amount of any Notes (or other notes or debentures constituting such Funded Debt) delivered within such 360-day period
to the Trustee for retirement and cancellation and (y) the principal amount of such Funded Debt, other than items referred to in the preceding clause (x), voluntarily retired by the Company or a Subsidiary within 360 days after such sale; and
provided further, that notwithstanding the foregoing, no retirement referred to in this subclause (i) may be effected by payment at maturity or pursuant to any mandatory sinking fund payment or any mandatory prepayment provision,
or 
 (ii)    the purchase of other property which shall constitute a Principal Property having a fair
market value, in the Company’s determination, at least equal to the fair market value of the Principal Property leased in such sale and leaseback transaction; or 

(f)    after giving effect to the transaction, the aggregate amount of all Attributable Debt with respect to such
transactions plus all Debt secured by Liens on Principal Properties, or on shares of capital stock or Debt of Subsidiaries (with the exception of secured Debt which is excluded as described in Section 4.1), would not exceed 15% of Consolidated
Net Tangible Assets. 
 Section 4.3    Existence. Except as otherwise permitted by Section 6.04
of the Base Indenture, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a corporation or other Person. 

ARTICLE 5 
 EVENTS OF
DEFAULT 
 Section 5.1    Events of Default. The following “Events of Default”
shall apply with respect to the Notes (notwithstanding Section 7.01 of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following): 

“Event of Default” means, with respect to the Notes, any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law, pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(1)    default in any payment of interest on the Notes when due and payable and the default continues for a
period of 30 days; 
 (2)    default in the payment of principal of, and premium, if any, on the Notes
when due and payable at Maturity, upon required repurchase, upon acceleration, by call for redemption or otherwise; 

(3)    the failure of the Company for 90 days (or 120 days in the case of a breach of Section 10.02 of
the Base Indenture) to comply with any of its other agreements contained in this Indenture or the Notes after written notice of such Default from the Trustee or Holders of at least 25% in principal amount of the Notes then Outstanding has been
received by the Company; 

  
 11 

 (4)    the Company fails to pay at maturity or the
acceleration of any of its or its Subsidiaries’ indebtedness, other than non-recourse indebtedness, at any one time in an amount in excess of $100 million, if the indebtedness is not discharged or
the acceleration is not annulled within 30 days after written notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes; 

(5)    the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or
other similar official of the Company or of any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order for relief or any
such other decree or order unstayed and in effect for a period of 90 consecutive days; or 
 (6)    the
commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated bankrupt or insolvent, or the
consent by either the Company to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against the Company, or the filing by the Company of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by the
Company to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the
making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its debts generally as they become due, or the authorization of any such action by the Board of Directors of the
Company. 
 Section 5.2    Acceleration of Maturity Upon Certain Events of Default. The following
provision shall apply with respect to the Notes (notwithstanding Section 7.02(a) of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following): 

If any one or more of the above-described Events of Default shall happen (other than an Event of Default specified in Sections
5.1(5) or (6) above) with respect to the Notes at the time Outstanding, then, and in each and every such case, during the continuance of any such Event of Default, the Trustee or the Holders of 25% or more in principal amount of the Notes then
Outstanding may (and upon the written request of the Holders of a majority in principal amount of such Notes then Outstanding, the Trustee shall) declare the principal of and all accrued but unpaid interest on all the Notes then Outstanding, if not
then due and payable, to be due and payable, and upon any such declaration the same shall become and be immediately due and payable, anything in this Indenture or in Notes contained to the contrary notwithstanding. If an Event of Default specified
in Sections 5.1(5) or (6) above occurs, then the principal of and all accrued but unpaid interest on all the Notes then Outstanding will ipso facto become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder. Upon payment of such amounts in the Currency in which the Notes are denominated (except as otherwise provided pursuant to Section 3.01 of the Base Indenture), all obligations of the Company in respect of the
payment of principal of and interest on the Notes shall terminate. 

  
 12 

 ARTICLE 6 

ADDITIONAL NOTES 

Section 6.1    Additional Notes. Subject to the terms and conditions contained herein, the Company may
from time to time, without notice to or the consent of the existing Holders of the Notes, create and issue additional notes (the “Additional Notes”) ranking equally and ratably with the Notes in all respects (or in all respects
except for the payment of interest accruing prior to the issue date of such Additional Notes or except, in some cases, for the first payment of interest following the issue date of such Additional Notes). Any such Additional Notes, at the
Company’s determination and in accordance with provisions of the Indenture, may be consolidated with and form a single series with the previously outstanding Notes for all purposes of the Indenture; provided that if any such Additional
Notes are not fungible with the previously outstanding Notes for U.S. federal income tax purposes, such Additional Notes will be issued under a different CUSIP number. 

Section 6.2    Additional Notes Terms. With respect to any Additional Notes, the Company shall set
forth in a Board Resolution and in an Officer’s Certificate, a copy of each of which shall be delivered to the Trustee, the following information: 

(a)    the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this
Indenture; and 
 (b)    the issue price, the issue date and the CUSIP number of such Additional Notes and the amount of
interest payable on the first payment date applicable thereto. 
 For the avoidance of doubt, in addition to the Officer’s Certificate,
the Trustee shall also receive an Opinion of Counsel regarding the enforceability of the Additional Notes, together with the Opinion of Counsel required under Sections 14.01 and 16.01 of the Base Indenture. 

ARTICLE 7 
 SUPPLEMENTAL
INDENTURES 
 Section 7.1    Supplemental Indentures Without Consent of Holders. The
following provisions relating to supplemental indentures shall apply with respect to the Notes (notwithstanding Section 14.01 of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following): 

The Company (when authorized by a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or
more indentures supplemental hereto, in form satisfactory to the Trustee, for any one or more of or all the following purposes: 

(1)    to add to the covenants and agreements of the Company to be observed thereafter and during the
period, if any, in such supplemental indenture or indentures expressed, and to add Events of Defaults, in each case for the protection or benefit of the Holders, or to surrender any right or power herein conferred upon the Company; 

(2)    to add to or change any of the provisions of this Indenture to change or eliminate any restrictions
on the payment of principal of, or premium, if any, on the 

  
 13 

 
Notes (provided that any such action shall not adversely affect the interests of the Holders in any material respect) or to permit or facilitate the issue of the Notes in uncertificated
form (provided that the uncertificated notes are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code of 1986, as amended); 

(3)    to change or eliminate any of the provisions of this Indenture; provided that any such change
or elimination shall become effective only when there are no Notes then outstanding created prior to the execution of such supplemental indenture that are entitled to the benefit of such provision and as to which such supplemental indenture would
apply; 
 (4)    to evidence the succession of another corporation to the Company, or successive
successions, and the assumption by such successor of the covenants and obligations of the Company contained in the Notes and in this Indenture or any supplemental indenture; 

(5)    to evidence and provide for the acceptance of appointment hereunder by a successor trustee with
respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 11.06(c)
of the Base Indenture; 
 (6)    to secure the Notes; 

(7)    to cure any ambiguity or to correct or supplement any provision contained herein or in any indenture
supplemental hereto which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture; 

(8)    to comply with the requirements of the Trust Indenture Act or the rules and regulations of the SEC
thereunder in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act, as contemplated by this Indenture or otherwise; 

(9)    to add guarantors or co-obligors with respect to the Notes;

 (10)    to make any change in the Notes that does not adversely affect in any material respect the
interests of the Holders; provided that no such change shall be deemed to adversely affect the Holders if such change is made to conform the terms of the Notes to the terms described in the Prospectus Supplement; 

(11)    to prohibit the authentication and delivery of additional series of Notes; or 

(12)    to establish the form and terms of the Notes as permitted in this Indenture or to authorize the
issuance of additional debt securities previously authorized or to add to the conditions, limitations or restrictions on the authorized amount, terms or purposes of issue, authentication or delivery of the Notes, as set forth in this Indenture, or
other conditions, limitations or restrictions thereafter to be observed. 

  
 14 

 Section 7.2    Supplemental Indentures With Consent of
Holders. The following provisions relating to supplemental indentures shall apply with respect to the Notes (notwithstanding Section 14.02 of the Base Indenture, which shall be deemed amended and restated, and superseded, by the
following): 
 With the consent of the Holders of a majority in aggregate principal amount of the Outstanding Notes, the
Company (when authorized by a Board Resolution) and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental to this Indenture for the purpose of adding any provisions to or changing in any manner or
eliminating any provisions of this Indenture or modifying in any manner the rights of the Holders; provided, however, that no such supplemental indenture will, without the consent of each Holder affected thereby: 

(1)    extend the Stated Maturity of the principal of, or any installment of interest on, the Notes, or
reduce the principal amount thereof or the interest thereon or any premium payable upon redemption thereof, or change the Currency in which the principal of, premium, if any, or interest on the Notes is denominated or payable, or impair the right to
institute suit for the enforcement of any payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); 

(2)    reduce the percentage in principal amount of the Notes, the consent of whose Holders is required for
any supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain Default hereunder and their consequences provided for in this Indenture; 

(3)    modify any of the provisions of this Section or Section 6.06 or 7.06 of the Base Indenture,
except to increase any of the respective percentages referred to therein or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder affected thereby; provided, however,
that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes or the deletion of this proviso, in accordance with the requirements of
Section 11.06 and 14.01(f) of the Base Indenture; or 
 (4)    modify, without the written consent
of the Trustee, the rights, duties or immunities of the Trustee; it being understood that in no event shall the Trustee be obligated to enter into any amendment or supplemental indenture that affects its own rights, duties or immunities under this
Indenture or otherwise. 
 It will not be necessary for any act of Holders under the preceding paragraph to approve the
particular form of any proposed supplemental indenture, but it will be sufficient if such act will approve the substance thereof. 

Section 7.3    Effect of Supplemental Indentures. A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture with respect to the Notes, or which modifies the rights of the Holders with respect to such covenant or other provision, will be deemed not to affect the rights under the Indenture of
Holders of other series of Securities. A supplemental indenture which changes or eliminates any covenant or other provision of the Indenture with respect to Securities of any other series, or which modifies the rights of the Holders of Securities of
any other series with respect to such covenant or other provision, will be deemed not to affect the rights under the Indenture of Holders of the Notes. 

  
 15 

 ARTICLE 8 

MISCELLANEOUS 

Section 8.1    Confirmation of Base Indenture. The Base Indenture, as supplemented by this
Seventh Supplemental Indenture, is in all respects ratified and confirmed, and this Seventh Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 8.2    Responsibility of Recitals, Etc. The Trustee assumes no
responsibility for the correctness of the recitals. The Trustee makes no representations as to the validity or the sufficiency of this Seventh Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the use or application by
the Company of the Notes or the proceeds thereof. 
 Section 8.3    Concerning the Trustee.
The Trustee does not assume any duties, responsibility or liabilities by reason of this Seventh Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, the Trustee shall have all of the
rights, powers, privileges, protections and immunities which it possesses under the Indenture. In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including,
but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods (including pdf files). If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party
providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties. 
 Section 8.4    Governing
Law. This Seventh Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 8.5    Severability. In case any one or more of the provisions contained in this Seventh
Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, then, to the extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Seventh Supplemental Indenture, or of the Notes, but this Seventh Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 8.6    Counterparts. This Seventh Supplemental Indenture may be executed in any number
of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The words “execution,” “signed,” “signature,” “delivery,” and words of like
import in or relating to this Seventh Supplemental Indenture or any document to be signed in connection with this Seventh Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to
conduct the transactions contemplated hereunder by electronic means. 

  
 16 

 Section 8.7    Conflict with Trust Indenture
Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required to be a part of and govern this Seventh Supplemental Indenture, the provision of the Trust Indenture Act shall
control. If any provision of this Seventh Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Seventh Supplemental
Indenture, as so modified or excluded, as the case may be. 
 Section 8.8    Effect of
Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

Section 8.9    Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 8.10    Reports. Delivery of reports, information and documents to the Trustee pursuant to
Article X of the Indenture is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

Section 8.11    Submission to Jurisdiction. The Company hereby irrevocably submits to the jurisdiction
of any New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this
Indenture and the Notes, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts. 

Section 8.12    Foreign Account Tax Compliance Act (FATCA). In order to comply with applicable tax
laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Company agrees (i) to provide to The Bank of New
York Mellon Trust Company, N.A. sufficient information about holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so The Bank of New York Mellon Trust Company, N.A. can determine
whether it has tax related obligations under Applicable Law and (ii) that The Bank of New York Mellon Trust Company, N.A. shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply
with Applicable Law for which The Bank of New York Mellon Trust Company, N.A. shall not have any liability. The terms of this section shall survive the termination of the Indenture. 

[Remainder of page intentionally left blank] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have caused this Seventh Supplemental Indenture to be
duly executed, as of the day and year first written above. 
  

			
	AVERY DENNISON CORPORATION

 
			
		
	By:	 	 /s/ Lori Bondar

			
	Name:	 	Lori Bondar
	Title:	 	Vice President, Controller, Treasurer & Chief Accounting Officer

 
			
		
	By:	 	 /s/ Gregory S. Lovins

			
	Name:	 	Gregory S. Lovins
	Title:	 	Chief Financial Officer

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

 
			
		
	By:	 	 /s/ Kenneth Helbig

			
	Name:	 	Kenneth Helbig
	Title:	 	Vice President

 EXHIBIT A 

[To be included in Global Securities – THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN
SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OR SUCH SUCCESSOR DEPOSITARY.] 
 AVERY
DENNISON CORPORATION 
 0.850% Senior Notes due 2024 
  

							
		  		  		  	 CUSIP:
 ISIN:

  

					
	 No.
	  	U.S.$	         	 

 Avery Dennison Corporation, a corporation duly organized and existing under the laws of Delaware (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
[                    ] DOLLARS
($[                    ]) on August 15, 2024 and to pay interest thereon from August 18, 2021 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually on February 15 and August 15 in each year, beginning on                ,
20                , at the rate of 0.850% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such
interest, which shall be, as the case may be, the February 1 or August 1 (whether or not a Business Day) next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not more than 30 days and not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of, premium, if any, and interest on this Note shall be made at the office or agency of the Company maintained for
that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; and provided, however, that at the option of the Company,
payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to an account maintained by the Person entitled thereto as specified in the
Security Register; and provided, further, the Company shall pay principal of, premium, if any, and 

  
 A-1 

 
interest on this Note in global form registered in the name of or held by The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate, or
its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the Holder of this Note in global form. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual, facsimile or electronic signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed as of the
date first written above. 
  

			
	AVERY DENNISON CORPORATION

 
			
		
	By:	 	
     

 
			
	Name:	 	
	Title:	 	

  

			
	ATTESTED:

			
		
	By:	 	      

			
	Name:	 	
	Title:	 	

 This is one of the Securities issued referred to in the within-mentioned Indenture. 

Dated:                     

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	      

		 	Authorized Signatory

 [Reverse of Note] 

This Note is one of a duly authorized series of Securities of the Company (herein called the “Note” or the “Notes,” as the
case may be), issued and to be issued in one or more series under an Indenture, dated as of November 20, 2007 (herein called the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as amended
and supplemented by the Seventh Supplemental Indenture, dated as of August 18, 2021 (the “Seventh Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and The Bank of New York
Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”). Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be authenticated and delivered. 

The Notes shall be redeemable in whole or in part, at the Company’s option as set forth in Section 3.1 of the Seventh Supplemental
Indenture. 
 Interest installments whose Stated Maturity is on or prior to such Redemption Date shall be payable to the Holders of such
Notes, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture. Notice of any such redemption shall be mailed (or otherwise
electronically delivered) not less than 10 days and not more than 60 days prior to the Redemption Date to each Holder of the Notes to be redeemed. 

In the event of redemption of the Notes in part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the
Holder hereof upon the cancellation hereof. 
 If a Change of Control Triggering Event occurs, unless the Company has exercised its option
to redeem the Notes as described above, the Company shall be required to make an offer (the “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of that Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid
interest, if any, on the Note repurchased to, but not including, the repurchase date (the “Change of Control Payment”), subject to the rights of the Holders of the Notes on the relevant record date to receive interest due on the relevant
Interest Payment Date. Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change
of Control, a notice shall be mailed (or otherwise electronically delivered) to Holders of Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the
repurchase date specified in the applicable notice, which date shall be no earlier than 30 days and no later than 60 days from the date on which such notice is mailed (or otherwise electronically delivered) (the “Change of Control Payment
Date”) pursuant to the procedures described in such notice and in conformity with the Indenture. 
 The notice shall, if mailed (or
otherwise electronically delivered) prior to the date of the consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring prior to or on the applicable Change of
Control Payment Date specified in the notice. 

 On any applicable Change of Control Payment Date, the Company shall, to the extent lawful:
(a) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; (b) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of
Notes properly tendered pursuant to the applicable Change of Control Offer; and (c) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount
of Notes or portions of Notes being repurchased. 
 The Company shall not be required to make the Change of Control Offer upon the Change of
Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company, and the third party repurchases all Notes properly tendered and not
withdrawn under its offer. In addition, the Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the
Change of Control Payment upon a Change of Control Triggering Event. 
 The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of
Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be
deemed to have breached the Company’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 

For purposes of the Change of Control Offer provisions, the following terms are applicable: 

“Change of Control” means the occurrence of any of the following: 

(a)    the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets and the Company’s Subsidiaries’ assets, taken as a whole, to any person, other than the Company or one of the
Company’s Subsidiaries; 
 (b)    the consummation of any transaction (including, without limitation, any merger or
consolidation), the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; or 

(c)    the adoption of a plan relating to the Company’s liquidation or dissolution. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (a) the Company becomes a direct or
indirect wholly-owned Subsidiary of a holding company and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting
Stock immediately prior to that transaction or (2) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Rating Event. 
 “Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s
and BBB- (or the equivalent) by S&P, and the equivalent Investment Grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service, Inc., and its successors. 

“Person” means an individual, a corporation, a limited liability company, a partnership, a joint-stock company, a trust, an
unincorporated organization or a government or an agency or political subdivision thereof. 
 “Rating Agencies” means
(a) each of Moody’s and S&P; and (b) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s
or S&P, or each of them, as the case may be. 
 “Rating Event” means the rating on the Notes is lowered by each of the Rating
Agencies and the Notes are rated below Investment Grade by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long
as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change
of Control or the Company’s intention to effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a
particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do
not announce or publicly confirm or inform the Company in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control
(whether or not the applicable Change of Control has occurred at the time of the Rating Event). The Trustee shall not be charged with knowledge of, or responsible for monitoring, the ratings of the Notes. 

“S&P” means S&P Global Ratings, and its successors. 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

The Notes shall not be entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance and discharge at any time of (i) the entire indebtedness of the Notes or
(ii) certain restrictive covenants and Events of Default with respect to the Notes, in each case upon compliance with certain conditions set forth in the Indenture. 

 If an Event of Default with respect to the Notes shall occur and be continuing, the
principal of the Notes may be declared or shall become due and payable in the manner and with the effect provided in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of a majority in principal amount of the Notes at the time Outstanding to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount
of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Note. 
 As provided in and subject to the provisions of the Indenture, no Holder shall have any
right to institute any action, suit or proceeding at law or in equity for the execution of any trust under the Indenture or for the appointment of a receiver or for any other remedy hereunder, in each case with respect to an Event of Default with
respect to the Notes, unless such Holder previously shall have given to the Trustee written notice of the happening of one or more of the Events of Default, and unless also the Holders of 25% in principal amount of the Notes than Outstanding shall
have requested the Trustee in writing to take action in respect of the matter complained of, and unless also there shall have been offered to the Trustee security and indemnity satisfactory to it against the costs, expenses and liabilities to be
incurred therein or thereby, and the Trustee, for 60 days after receipt of such notification, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and such notification, request and offer
of indemnity are hereby declared in every such case to be conditions precedent to any such action, suit or proceeding by any Holder; it being understood and intended that no one or more of the Holders shall have any right in any manner whatsoever by
his, her, its or their action to enforce any right under the Indenture, except in the manner therein provided, and that every action, suit or proceeding at law or in equity shall be instituted, had and maintained in the manner provided in the
Indenture and for the equal benefit of all Holders of the Outstanding Notes. 
 No reference herein to the Indenture and no provision of
this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on the Notes at the times, place and rate, and in the coin or currency,
herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of the Notes is
registrable in the Security Register, upon surrender of the Notes for registration of transfer at the office or agency of the Company in any place where the principal of, premium, if any, and interest on the Notes are payable, duly endorsed by or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes and of like tenor, of
authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 

 The Notes are issuable only in registered form without coupons in minimum denominations of
$2,000 and integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of the Notes for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name the Notes are registered as the owner hereof for all purposes, whether or not the Notes be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

All capitalized terms used, but not defined, in the Notes shall have the meanings assigned to them in the Indenture.EX-4.3

 Exhibit 4.3 

AVERY DENNISON CORPORATION, 

as Issuer 
 AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
  

 
 EIGHTH
SUPPLEMENTAL INDENTURE 
 Dated as of August 18, 2021 

To 
 INDENTURE 

Dated as of November 20, 2007 
  

 
 2.250% Senior
Notes due 2032 
  

 EIGHTH SUPPLEMENTAL INDENTURE (as hereinafter defined, the “Eighth Supplemental
Indenture”), dated as of August 18, 2021, between AVERY DENNISON CORPORATION, a Delaware corporation (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as Trustee (the
“Trustee”). 
 WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of November 20, 2007
(the “Base Indenture” and, together with the Eighth Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company of unsecured debentures, notes, bonds or other evidences of indebtedness in an
unlimited amount to be issued from time to time in one or more series as provided in the Base Indenture; 
 WHEREAS, pursuant to Board
Resolutions dated July 21, 2021, the Company authorized the creation and issuance of a series of its debt securities under the Indenture, designated as the “2.250% Senior Notes due 2032” in the initial aggregate principal amount of
$500,000,000 (the “Notes”); 
 WHEREAS, Section 14.01 of the Base Indenture provides that the Company, when authorized
by a Board Resolution, and the Trustee, from time to time and at any time, may enter into one or more supplemental indentures to establish the forms and terms of Securities as permitted in Section 3.01 of the Base Indenture; 

WHEREAS, the Company desires to establish the form and terms of the Notes in accordance with Sections 2.01 and 3.01 of the Base Indenture;

 WHEREAS, the Company has determined that this Eighth Supplemental Indenture is authorized and permitted by Section 14.01 of the Base
Indenture and has delivered to the Trustee an Opinion of Counsel to that effect and an Officer’s Certificate pursuant to Section 3.03 of the Base Indenture to the effect that all conditions precedent provided for in the Base Indenture to
the Trustee’s execution and delivery of this Eighth Supplemental Indenture have been complied with; 
 WHEREAS, the Indenture is
subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions; and 

WHEREAS, all things necessary to make this Eighth Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and
to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Eighth Supplemental Indenture has been duly authorized
in all respects. 
 NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1

 DEFINITIONS 

Section 1.1    Definition of Terms. For all purposes of this Eighth Supplemental Indenture,
except as otherwise expressly provided or unless the context requires otherwise: 
 (a)    a term defined in the Base
Indenture and not otherwise defined herein has the same meaning when used in this Eighth Supplemental Indenture; and 

  
 1 

 (b)    the following terms have the meanings given to them in this
Section 1.1(b) and shall have the meaning set forth below for purposes of this Eighth Supplemental Indenture and the Base Indenture as it relates to the Notes created hereby: 

“Acquisition” shall mean the acquisition of CB Velocity Holdings, LLC and its subsidiaries contemplated by the Merger
Agreement. 
 “Additional Notes” shall have the meaning set forth in Section 6.1 hereof. 

“Attributable Debt” means, as to any particular lease under which any Person is at the time liable and at any date as of
which the amount thereof is to be determined, the total net amount of rent required to be paid by such Person under such lease during the remaining primary term thereof, discounted from the respective due dates to such date at the actual percentage
rate inherent in such arrangement as the Company has determined in good faith. The net amount of rent required to be paid under any such lease for any such period shall be the aggregate amount of the rent payable by the lessee with respect to such
period after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and similar charges. In the case of any lease which is terminable by the lessee upon the payment of a penalty, such
net amount shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated. 

“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking
institutions in New York City are authorized or obligated by law or executive order to remain closed. 
 “Call Date” shall
have the meaning set forth in Section 3.1(a) hereof. 
 “Change of Control” means the occurrence of any of the
following: 
 (a)    the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger
or consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets and the Company’s Subsidiaries’ assets, taken as a whole, to any person, other than the Company or one of the
Company’s Subsidiaries; 
 (b)    the consummation of any transaction (including, without limitation, any merger or
consolidation), the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; or 

(c)    the adoption of a plan relating to the Company’s liquidation or dissolution. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (a) the Company becomes a direct or
indirect wholly-owned Subsidiary of a holding company and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting
Stock immediately prior to that transaction or (2) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

“Change of Control Offer” shall have the meaning set forth in Section 3.3 hereof. 

  
 2 

 “Change of Control Payment” shall have the meaning set forth
in Section 3.3 hereof. 
 “Change of Control Payment Date” shall have the meaning set forth in
Section 3.3 hereof. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Rating Event. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of four
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, (b) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such Reference Treasury Dealer Quotations, or (c) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

“Comparable Treasury Rate” means, with respect to any Redemption Date for the Notes, (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity most nearly equal to the remaining time to
the Call Date (or if no maturity is within three months before or after the Call Date, yields for the two published maturities most closely corresponding to the time remaining to the Call Date shall be determined and the Comparable Treasury Rate
shall be interpolated or extrapolated from such yields on a straight-line basis, rounded to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the maturity most nearly equal to the remaining time to the Call Date, calculated using a price for the maturity most nearly equal to the remaining time to the
Call Date (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Comparable Treasury Rate will be calculated by the Company on the third Business Day preceding the Redemption Date (or
date of deposit in the case of a satisfaction and discharge). 
 “Consolidated Net Tangible Assets” means the aggregate
amount of assets (less applicable reserves and other properly deductible items) less (i) all liabilities, other than deferred income taxes and Funded Debt and (ii) goodwill, trade names, trademarks, patents, organizational expenses and
other like intangibles owned by the Company as well as the Company’s consolidated Subsidiaries and computed in accordance with generally accepted accounting principles. 

“Debt” means debt issued, assumed or guaranteed by the Company or a Subsidiary for money borrowed. 

“Funded Debt” means (i) all indebtedness for money borrowed having a maturity of more than 12 months from the date as of
which the determination is made or having a maturity of 12 months or less but by its terms being renewable or extendible beyond 12 months from such date at the option of the borrower and (ii) rental obligations payable more than 12 months from
such date under leases which are capitalized in accordance with generally accepted accounting principles (such rental obligations to be included as Funded Debt at the amount so capitalized and to be included for the purposes of the definition of
Consolidated Net Tangible Assets both as an asset and as Funded Debt at the amount so capitalized). 
 “Holder” means the
Person in whose name a Registered Security is registered in the Register. 
 “Interest Period” shall have the meaning set
forth in Section 2.3(b) hereof. 

  
 3 

 “Investment Grade” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent Investment Grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company. 

“Lien” means any lien, mortgage or pledge. 

“Merger Agreement” means that certain Agreement and Plan of Merger, dated July 27, 2021, by and among the Company, CB
Velocity Holdings, LLC, Lobo Merger Sub, LLC and Charlesbank Equity Fund VIII, Limited Partnership. 
 “Moody’s” means
Moody’s Investors Service, Inc., and its successors. 
 “Optional Redemption Price” shall have the meaning set forth
in Section 3.1(a) hereof. 
 “Principal Property” means any real property the Company or any Subsidiaries own or
hereafter acquire (including related land and improvements thereon and all machinery and equipment included therein without deduction of any depreciation reserves) of which on the date as of which the determination is being made exceeds 2% of
Consolidated Net Tangible Assets other than (i) any property which in the Company’s determination is not of material importance to the total business conducted by the Company and its Subsidiaries as an entirety or (ii) any portion of
a particular property which is similarly found not to be of material importance to the use or operation of such property. 

“Prospectus Supplement” means the prospectus supplement relating to the Notes dated August 10, 2021. 

“Quotation Agent” means a Reference Treasury Dealer appointed by the Company. 

“Rating Agencies” means (a) each of Moody’s and S&P; and (b) if either of Moody’s or S&P ceases
to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the
Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or each of them, as the case may be. 

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below
Investment Grade by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under
publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the Company’s
intention to effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus
will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or
inform the Company in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of
Control has occurred at the time of the Rating Event). The Trustee shall not be charged with knowledge of, or responsible for monitoring, the ratings of the Notes. 

“Reference Treasury Dealer” means (a) each of Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global
Markets Inc. and J.P. Morgan Securities LLC (or their respective affiliates that are primary U.S. Government securities dealers in New York City (each, a “Primary Treasury Dealer”)) 

  
 4 

 
and their respective successors and (b) three other Primary Treasury Dealers selected by the Company in good faith; provided, however, that if any of the foregoing ceases to be
a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the maturity most nearly equal to the remaining time to the Call
Date (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Regular Record Date” means, with respect to any Interest Payment Date, the February 1 and August 1 (whether
or not a Business Day) preceding the relevant Interest Payment Date. 
 “Remaining Scheduled Payments” means the remaining
scheduled payments of the principal and interest on the Notes to be redeemed that would be due after the related Redemption Date but for such redemption; provided, however, that if such Redemption Date is not an Interest Payment Date,
the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to, but not including, such Redemption Date. 

“S&P” means S&P Global Ratings, and its successors. 

“Special Mandatory Redemption” shall have the meaning set forth in Section 3.2 hereof. 

“Special Mandatory Redemption Date” shall have the meaning set forth in Section 3.2 hereof. 

“Special Mandatory Redemption Event” shall have the meaning set forth in Section 3.2 hereof. 

“Special Mandatory Redemption Notice” shall have the meaning set forth in Section 3.2 hereof. 

“Special Mandatory Redemption Price” shall have the meaning set forth in Section 3.2 hereof. 

“Stated Maturity” shall have the meaning set forth in Section 2.2 hereof. 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

ARTICLE 2 
 GENERAL
TERMS AND CONDITIONS OF THE NOTES 
 Section 2.1    Designation and Principal
Amount. The Notes may be issued from time to time upon written order of the Company for the authentication and delivery of the Notes pursuant to Sections 3.01 and 3.03 of the Base Indenture. There is hereby authorized a series of
Securities designated as the “2.250% Senior Notes due 2032,” initially limited in aggregate principal amount to $500,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections
3.03, 3.04, 3.06, 4.06 and 14.05 of the Base Indenture). 
 Section 2.2    Stated Maturity.
The date upon which the Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, shall be February 15, 2032 (the “Stated Maturity”). 

  
 5 

 Section 2.3    Interest.  

(a)    The Notes shall bear interest at the rate of 2.250% per annum. The date from which interest shall accrue on the
Notes shall be August 18, 2021. Interest on the Notes shall be payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2022, to the Persons in whose name the respective Notes are
registered at the close of business on the Regular Record Date for such Interest Payment Date, except as provided in Section 2.3(d) hereof. 

(b)     Interest payable on any Interest Payment Date, the Stated Maturity or, if applicable, any Redemption Date or
otherwise at Maturity shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date of
August 18, 2021, if no interest has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest Payment Date, Stated Maturity or, if applicable, Redemption Date or other Maturity, as the case may be (each, an
“Interest Period”). 
 (c)    The amount of interest payable for any full semi-annual Interest Period
shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual
Interest Period for which interest is computed shall be computed on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date shall be postponed to the
next succeeding day which is a Business Day (and no interest on such payment shall accrue for the period from and after such scheduled Interest Payment Date). 

(d)    In the event that the Stated Maturity, any Redemption Date or other Maturity falls on a day that is not a Business
Day, then the related payments of principal, premium, if any, and interest may be made on the next succeeding day that is a Business Day (and no additional interest shall accumulate on the amount payable for the period from and after the Stated
Maturity or any Redemption Date or other Maturity). Interest due on the Stated Maturity or any Redemption Date or other Maturity (in each case, whether or not an Interest Payment Date) on any of the Notes shall be paid to the Person to whom
principal of the Notes is payable. 
 Section 2.4    Place of Payment and Appointment.
Principal of, premium, if any, and interest on the Notes shall be payable, the transfer of the Notes shall be registrable, and the Notes shall be exchangeable for Notes of a like aggregate principal amount, at the office or agency of the Company
maintained for such purpose in New York, New York, which shall initially be a corporate trust office of the Trustee or its affiliate; provided, however, that payment of interest may be made at the option of the Company by check mailed
to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment; and provided, further, the Company shall pay
principal of, premium, if any, and interest on, the Notes in global form registered in the name of or held by The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate, or its respective
nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the Holder of such Notes in global form. 

The Security Registrar and Paying Agent for the Notes shall initially be the Trustee. 

Section 2.5    Defeasance. The Company may elect, at its option at any time, to have Article XII
of the Base Indenture apply to the Notes, except that, with respect to the Notes, Section 12.03(c) of the Base Indenture is replaced with the following: The Company shall have delivered to the Trustee an

  
 6 

 
Opinion of Counsel to the effect that holders and beneficial owners of the Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of
the Company’s exercise of its option under this Section and will be subject to U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such action had not been exercised and, in
the case of the Securities of such series being Discharged, such Opinion of Counsel shall be based on either a change in applicable U.S. federal income tax law since the date of the Indenture or a ruling received by the Company from, or that is
published by, the U.S. Internal Revenue Service. 
 Section 2.6    Denominations. The Notes
shall be issuable only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 2.7    Global Securities. The Notes shall be issued initially in the form of a permanent
Global Security in registered form deposited with or for the account of The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate. Unless and until each such Global Security is exchanged for
Notes in certificated form, the Global Security may be transferred, in whole but not in part, and any payments on the Notes shall be made only to the Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the
Company or to a nominee of such successor Depositary. 
 Section 2.8    Form of the Notes. The
form of the Notes and the Trustee’s Certificate of Authentication to be endorsed thereon shall be substantially in the form attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual,
facsimile or electronic signature) may approve, such approval to be conclusively evidenced by their execution thereof. 

Section 2.9    No Sinking Fund. The Notes shall not be entitled to the benefit of any sinking
fund. 
 ARTICLE 3 

REDEMPTION OF THE NOTES 

Section 3.1    Optional Redemption by Company.  

(a)    Subject to the terms of the Indenture, in addition to as set forth in Section 3.1 hereof, the Notes shall be
redeemable in whole or in part, at the Company’s option, at any time and from time to time as follows: 

(i)    Prior to November 15, 2031 (the date falling three months prior to the maturity of the Notes)
(the “Call Date”), at a redemption price equal to the greater of: 
 (1)    100% of the
principal amount of the Notes to be redeemed; and 
 (2)    the sum of the present values of the
Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Comparable
Treasury Rate, plus 15 basis points, plus, in the case of either clause (1) or (2) accrued and unpaid interest thereon to, but not including, the Redemption Date; 

(ii)    On or after the Call Date (the date falling three months prior to the maturity of the Notes), at a
redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 

  
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 If the redemption date is after a Regular Record Date and on or prior to a corresponding
Interest Payment Date, the full amount of accrued and unpaid interest due on such Interest Payment Date will be paid to the Holder of record at the close of business on the Regular Record Date. The redemption price to be paid pursuant to
Section 3.1(a)(i) or Section 3.1(a)(ii) (as applicable, the “Optional Redemption Price”) shall be determined by the Company. 

(b)    Notice of any redemption shall be mailed (or otherwise electronically delivered) not less than 10 days and not more
than 60 days prior to the Redemption Date to each Holder of Notes to be redeemed. In connection with any redemption of Notes, any such redemption may, at the Company’s discretion, be subject to one or more conditions precedent. In addition, if
such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be
satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole
discretion) by the Redemption Date (whether the original Redemption Date or the Redemption Date so delayed). In addition, the Company may provide in such notice that payment of the Optional Redemption Price and performance of the Company’s
obligations with respect to such redemption may be performed by another person. 
 (c)    Unless the Company defaults in
payment of the Optional Redemption Price, from and after the Redemption Date, interest shall cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be
selected by the Trustee by such method that the Trustee deems to be fair and appropriate and may provide for the selection for redemption of a portion of the principal amount of Notes held by a Holder equal to an authorized denomination. If the
Company redeems less than all of the Notes and the Notes are then held in book-entry form, the redemption will be made in accordance with the Depositary’s customary procedures. The Trustee shall not be responsible for calculating the redemption
price or make-whole amount. 
 Section 3.2    Special Mandatory Redemption by Company.  

In the event that (a) the Acquisition is not consummated on or prior to October 27, 2021 (or such later date if the Outside Date (as
defined in the Merger Agreement) is extended pursuant to the Merger Agreement) or (b) at any time prior to October 27, 2021 (or such later date if the Outside Date (as defined in the Merger Agreement) is extended pursuant to the Merger
Agreement), the Merger Agreement is terminated without the Acquisition being consummated (any such event being a “Special Mandatory Redemption Event”), the Company will redeem all of the Notes (the “Special Mandatory
Redemption”), at a price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”). For
purposes of the foregoing, the Acquisition will be deemed consummated if the closing under the Merger Agreement occurs, including after giving effect to any amendments to the Merger Agreement or waivers thereunder acceptable to the Company. 

Notice of the occurrence of a Special Mandatory Redemption Event and that a Special Mandatory Redemption is to occur (the “Special
Mandatory Redemption Notice”), shall be delivered to the Trustee and delivered to holders of the Notes according to the procedures of DTC within 10 Business Days after the Special Mandatory Redemption Event. At the Company’s written
request, the Trustee shall give the Special Mandatory Redemption Notice in the Company’s name and at the Company’s expense. On the redemption date specified in the Special Mandatory Redemption Notice, which shall be no more than ten
Business Days (or such other minimum period as may be required by DTC) after mailing or sending the Special Mandatory Redemption Notice, the special mandatory redemption shall occur (the date of such

  
 8 

 
redemption, the “Special Mandatory Redemption Date”). If the Company determines that DTC requires a minimum period of other than 10 days, the Company shall deliver an
Officer’s Certificate to that effect to the Trustee, and the Trustee shall be fully protected in conclusively relying on such Officer’s Certificate. 

If funds sufficient to pay the Special Mandatory Redemption Price of all of the Notes on the Special Mandatory Redemption Date are deposited
with a Paying Agent or the Trustee on or before such Special Mandatory Redemption Date, then on and after such Special Mandatory Redemption Date, the Notes shall cease to bear interest and, other than the right to receive the Special Mandatory
Redemption Price, all rights under the Notes shall terminate. 
 Upon the consummation of the Acquisition, this Section 3.2 will cease
to apply. 
 Section 3.3    Change of Control Triggering Event.  

(a)    If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes as
described in Section 3.2 hereof, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in
excess thereof) of that Holder’s Notes on the terms set forth in the Notes. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued
and unpaid interest, if any, on the Notes repurchased to, but not including, the repurchase date (a “Change of Control Payment”), subject to the rights of the Holders of the Notes on the relevant record date to receive interest due
on the relevant Interest Payment Date. Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may
constitute the Change of Control, a notice shall be mailed (or otherwise electronically delivered) to Holders of the Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to
repurchase such Notes on the repurchase date specified in the applicable notice, which date shall be no earlier than 30 days and no later than 60 days from the date on which such notice is mailed (or otherwise electronically delivered) (a
“Change of Control Payment Date”). 
 (b)    The notice shall, if mailed (or otherwise electronically
delivered) prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring prior to or on the applicable Change of Control Payment Date specified
in the notice. 
 (c)    On any applicable Change of Control Payment Date, the Company shall, to the extent lawful: 

(i)    accept for payment all Notes or portions of Notes properly tendered pursuant to the applicable
Change of Control Offer; 
 (ii)    deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer; and 

(iii)    deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. 

  
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 (d)    The Company shall not be required to make a Change of Control
Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company, and the third party repurchases
all Notes properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than
a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 
 The Company shall comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws
and regulations and shall not be deemed to have breached the Company’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 

ARTICLE 4 
 COVENANTS

 Section 4.1    Restriction on Secured Debt. The Company will not, nor will it permit
any of its Subsidiaries to, incur, issue, assume or guarantee any Debt secured by a Lien on any of its or any Subsidiary’s Principal Property, or on any share of capital stock or Debt of any Subsidiary, unless the Company secures or causes such
Subsidiary to secure the Notes equally and ratably with (or, at the Company’s option, prior to) such secured Debt, for so long as such secured Debt is so secured; provided, however, that the foregoing restrictions will not apply
to Debt secured by the following: 
 (a)    any Lien existing on the date of this Indenture; 

(b)    Liens on property of, or on any shares of capital stock of or Debt of, any Person existing at the time such Person
is merged with or into or consolidated with the Company or any Subsidiary or otherwise becomes a Subsidiary; 

(c)    Liens in the Company’s favor or in favor of any Subsidiary; 

(d)    Liens in favor of governmental bodies to secure progress, advance or other payments pursuant to any contract or
provision of any statute; 
 (e)    Liens on property existing at the time of acquisition thereof by the Company or any
Subsidiary; 
 (f)    any Lien securing indebtedness incurred to finance the purchase price or cost of construction of
property (or additions, substantial repairs, alterations or substantial improvements thereto); provided that such Lien and the indebtedness secured thereby are incurred within twelve months of the later of acquisition or completion of
construction (or addition, repair, alteration or improvement) and full operation thereof; 
 (g)    Liens securing
industrial revenue bonds, pollution control bonds or similar types of bonds; 
 (h)    mechanics and similar Liens
arising in the ordinary course of business in respect of obligations not due or being contested in good faith; 

  
 10 

 (i)    Liens arising from deposits with, or the giving of any form of
security to, any governmental agency required as a condition to the transaction of business or exercise of any privilege, franchise or license; 

(j)    Liens for taxes, assessments or governmental charges or levies which are not then delinquent or are being contested
in good faith; 
 (k)     Liens put on any property in contemplation of its disposition, provided the Company has
a binding agreement to sell at the time the Lien is imposed and the Company disposes of the property within one year after the creation of the Liens and that any indebtedness secured by the Liens is without recourse to the Company or any of its
Subsidiaries; 
 (l)    Liens (including judgment liens) arising from legal proceedings being contested in good faith
(and, in the case of judgment liens, execution thereof is stayed); and 
 (m)    any amendment, extension, renewal or
replacement of any Liens referred to in the foregoing clauses (a) through (l) inclusive or any Debt secured thereby; provided that such extension, renewal or replacement shall be limited to all or part of the same property, shares of
capital stock or Debt that secured the Lien extended, renewed or replaced. 
 Notwithstanding the foregoing, the Company and its
Subsidiaries may issue, assume or guarantee Debt secured by a Lien which would otherwise be subject to the restrictions described above; provided that the aggregate amount of all such secured Debt, together with all the Company’s and its
Subsidiaries’ Attributable Debt with respect to sale and leaseback transactions (as defined below) (with the exception of such transactions which are excluded as described in clauses (a) through (e) of Section 4.2), may not exceed 15%
of Consolidated Net Tangible Assets. 
 Section 4.2    Restriction on Sale and Leaseback
Transactions. The Company will not, nor will it permit any of its Subsidiaries to, enter into any arrangement with any Person (other than the Company or a Subsidiary), or to which any such Person is a party, providing for the leasing to the
Company or a Subsidiary of any Principal Property that has been or is to be sold or transferred by the Company or such Subsidiary to such Person or to any other Person (other than the Company or a Subsidiary), to which the funds have been or are to
be advanced by such Person on the security of the leased property (a “sale and leaseback transaction”); provided, however, the Company or any of its Subsidiaries may enter into a sale and leaseback transaction if any
of the following occurs: 
 (a)    the lease is for a period, including renewal rights, of not in excess of three years;

 (b)    the sale or transfer of the Principal Property is made at the time of, or within 360 days after, the later of
its acquisition or completion of construction; 
 (c)    the lease secures or relates to industrial revenue bonds,
pollution control bonds or other similar types of bonds; 
 (d)    the transaction is between the Company and a
Subsidiary or between Subsidiaries; 
 (e)    the Company or a Subsidiary, within 360 days after the Company or a
Subsidiary makes a sale or transfer, applies an amount equal to the greater of the net proceeds of the sale of the Principal Property leased pursuant to such arrangement or the fair market value of the Principal Property so leased at the time of
entering into such arrangement (as determined in any manner approved by the board of directors) to: 

  
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 (i)    the retirement of the Notes or the Company’s
other Funded Debt ranking on a parity with or senior to the Notes, or the retirement of the securities or other Funded Debt of a Subsidiary; provided, however, that the amount to be applied to the retirement of the Company’s
Funded Debt or a Subsidiary’s Funded Debt shall be reduced by (x) the principal amount of any Notes (or other notes or debentures constituting such Funded Debt) delivered within such 360-day period
to the Trustee for retirement and cancellation and (y) the principal amount of such Funded Debt, other than items referred to in the preceding clause (x), voluntarily retired by the Company or a Subsidiary within 360 days after such sale; and
provided further, that notwithstanding the foregoing, no retirement referred to in this subclause (i) may be effected by payment at maturity or pursuant to any mandatory sinking fund payment or any mandatory prepayment provision,
or 
 (ii)    the purchase of other property which shall constitute a Principal Property having a fair
market value, in the Company’s determination, at least equal to the fair market value of the Principal Property leased in such sale and leaseback transaction; or 

(f)    after giving effect to the transaction, the aggregate amount of all Attributable Debt with respect to such
transactions plus all Debt secured by Liens on Principal Properties, or on shares of capital stock or Debt of Subsidiaries (with the exception of secured Debt which is excluded as described in Section 4.1), would not exceed 15% of Consolidated
Net Tangible Assets. 
 Section 4.3    Existence. Except as otherwise permitted by Section 6.04
of the Base Indenture, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a corporation or other Person. 

ARTICLE 5 
 EVENTS OF
DEFAULT 
 Section 5.1    Events of Default. The following “Events of Default”
shall apply with respect to the Notes (notwithstanding Section 7.01 of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following): 

“Event of Default” means, with respect to the Notes, any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law, pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(1)    default in any payment of interest on the Notes when due and payable and the default continues for a
period of 30 days; 
 (2)    default in the payment of principal of, and premium, if any, on the Notes
when due and payable at Maturity, upon required repurchase, upon acceleration, by call for redemption or otherwise; 

(3)    the failure of the Company for 90 days (or 120 days in the case of a breach of Section 10.02 of
the Base Indenture) to comply with any of its other agreements contained in this Indenture or the Notes after written notice of such Default from the Trustee or Holders of at least 25% in principal amount of the Notes then Outstanding has been
received by the Company; 

  
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 (4)     the Company fails to pay at maturity or the
acceleration of any of its or its Subsidiaries’ indebtedness, other than non-recourse indebtedness, at any one time in an amount in excess of $100 million, if the indebtedness is not discharged or
the acceleration is not annulled within 30 days after written notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes; 

(5)    the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or
other similar official of the Company or of any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order for relief or any
such other decree or order unstayed and in effect for a period of 90 consecutive days; or 
 (6)    the
commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated bankrupt or insolvent, or the
consent by either the Company to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against the Company, or the filing by the Company of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by the
Company to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the
making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its debts generally as they become due, or the authorization of any such action by the Board of Directors of the
Company. 
 Section 5.2    Acceleration of Maturity Upon Certain Events of Default. The following
provision shall apply with respect to the Notes (notwithstanding Section 7.02(a) of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following): 

If any one or more of the above-described Events of Default shall happen (other than an Event of Default specified in Sections
5.1(5) or (6) above) with respect to the Notes at the time Outstanding, then, and in each and every such case, during the continuance of any such Event of Default, the Trustee or the Holders of 25% or more in principal amount of the Notes then
Outstanding may (and upon the written request of the Holders of a majority in principal amount of such Notes then Outstanding, the Trustee shall) declare the principal of and all accrued but unpaid interest on all the Notes then Outstanding, if not
then due and payable, to be due and payable, and upon any such declaration the same shall become and be immediately due and payable, anything in this Indenture or in Notes contained to the contrary notwithstanding. If an Event of Default specified
in Sections 5.1(5) or (6) above occurs, then the principal of and all accrued but unpaid interest on all the Notes then Outstanding will ipso facto become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder. Upon payment of such amounts in the Currency in which the Notes are denominated (except as otherwise provided pursuant to Section 3.01 of the Base Indenture), all obligations of the Company in respect of the
payment of principal of and interest on the Notes shall terminate. 

  
 13 

 ARTICLE 6 

ADDITIONAL NOTES 

Section 6.1    Additional Notes. Subject to the terms and conditions contained herein, the Company may
from time to time, without notice to or the consent of the existing Holders of the Notes, create and issue additional notes (the “Additional Notes”) ranking equally and ratably with the Notes in all respects (or in all respects
except for the payment of interest accruing prior to the issue date of such Additional Notes or except, in some cases, for the first payment of interest following the issue date of such Additional Notes). Any such Additional Notes, at the
Company’s determination and in accordance with provisions of the Indenture, may be consolidated with and form a single series with the previously outstanding Notes for all purposes of the Indenture; provided that if any such Additional
Notes are not fungible with the previously outstanding Notes for U.S. federal income tax purposes, such Additional Notes will be issued under a different CUSIP number. 

Section 6.2    Additional Notes Terms. With respect to any Additional Notes, the Company shall set
forth in a Board Resolution and in an Officer’s Certificate, a copy of each of which shall be delivered to the Trustee, the following information: 

(a)    the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this
Indenture; and 
 (b)    the issue price, the issue date and the CUSIP number of such Additional Notes and the amount of
interest payable on the first payment date applicable thereto. 
 For the avoidance of doubt, in addition to the Officer’s Certificate,
the Trustee shall also receive an Opinion of Counsel regarding the enforceability of the Additional Notes, together with the Opinion of Counsel required under Sections 14.01 and 16.01 of the Base Indenture. 

ARTICLE 7 
 SUPPLEMENTAL
INDENTURES 
 Section 7.1    Supplemental Indentures Without Consent of Holders. The
following provisions relating to supplemental indentures shall apply with respect to the Notes (notwithstanding Section 14.01 of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following): 

The Company (when authorized by a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or
more indentures supplemental hereto, in form satisfactory to the Trustee, for any one or more of or all the following purposes: 

(1)    to add to the covenants and agreements of the Company to be observed thereafter and during the
period, if any, in such supplemental indenture or indentures expressed, and to add Events of Defaults, in each case for the protection or benefit of the Holders, or to surrender any right or power herein conferred upon the Company; 

(2)    to add to or change any of the provisions of this Indenture to change or eliminate any restrictions
on the payment of principal of, or premium, if any, on the 

  
 14 

 
Notes (provided that any such action shall not adversely affect the interests of the Holders in any material respect) or to permit or facilitate the issue of the Notes in uncertificated
form (provided that the uncertificated notes are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code of 1986, as amended); 

(3)    to change or eliminate any of the provisions of this Indenture; provided that any such
change or elimination shall become effective only when there are no Notes then outstanding created prior to the execution of such supplemental indenture that are entitled to the benefit of such provision and as to which such supplemental indenture
would apply; 
 (4)    to evidence the succession of another corporation to the Company, or successive
successions, and the assumption by such successor of the covenants and obligations of the Company contained in the Notes and in this Indenture or any supplemental indenture; 

(5)    to evidence and provide for the acceptance of appointment hereunder by a successor trustee with
respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 11.06(c)
of the Base Indenture; 
 (6)    to secure the Notes; 

(7)    to cure any ambiguity or to correct or supplement any provision contained herein or in any
indenture supplemental hereto which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture; 

(8)    to comply with the requirements of the Trust Indenture Act or the rules and regulations of the SEC
thereunder in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act, as contemplated by this Indenture or otherwise; 

(9)    to add guarantors or co-obligors with respect to the Notes;

 (10)    to make any change in the Notes that does not adversely affect in any material respect the
interests of the Holders; provided that no such change shall be deemed to adversely affect the Holders if such change is made to conform the terms of the Notes to the terms described in the Prospectus Supplement; 

(11)    to prohibit the authentication and delivery of additional series of Notes; or 

(12)    to establish the form and terms of the Notes as permitted in this Indenture or to authorize the
issuance of additional debt securities previously authorized or to add to the conditions, limitations or restrictions on the authorized amount, terms or purposes of issue, authentication or delivery of the Notes, as set forth in this Indenture, or
other conditions, limitations or restrictions thereafter to be observed. 

  
 15 

 Section 7.2    Supplemental Indentures With Consent of
Holders. The following provisions relating to supplemental indentures shall apply with respect to the Notes (notwithstanding Section 14.02 of the Base Indenture, which shall be deemed amended and restated, and superseded, by the
following): 
 With the consent of the Holders of a majority in aggregate principal amount of the Outstanding Notes, the
Company (when authorized by a Board Resolution) and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental to this Indenture for the purpose of adding any provisions to or changing in any manner or
eliminating any provisions of this Indenture or modifying in any manner the rights of the Holders; provided, however, that no such supplemental indenture will, without the consent of each Holder affected thereby: 

(1)    extend the Stated Maturity of the principal of, or any installment of interest on, the Notes, or
reduce the principal amount thereof or the interest thereon or any premium payable upon redemption thereof, or change the Currency in which the principal of, premium, if any, or interest on the Notes is denominated or payable, or impair the right to
institute suit for the enforcement of any payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); 

(2)    reduce the percentage in principal amount of the Notes, the consent of whose Holders is required
for any supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain Default hereunder and their consequences provided for in this Indenture; 

(3)    modify any of the provisions of this Section or Section 6.06 or 7.06 of the Base Indenture,
except to increase any of the respective percentages referred to therein or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder affected thereby; provided, however,
that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes or the deletion of this proviso, in accordance with the requirements of
Section 11.06 and 14.01(f) of the Base Indenture; or 
 (4)    modify, without the written consent
of the Trustee, the rights, duties or immunities of the Trustee; it being understood that in no event shall the Trustee be obligated to enter into any amendment or supplemental indenture that affects its own rights, duties or immunities under this
Indenture or otherwise. 
 It will not be necessary for any act of Holders under the preceding paragraph to approve the
particular form of any proposed supplemental indenture, but it will be sufficient if such act will approve the substance thereof. 

Section 7.3    Effect of Supplemental Indentures. A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture with respect to the Notes, or which modifies the rights of the Holders with respect to such covenant or other provision, will be deemed not to affect the rights under the Indenture of
Holders of other series of Securities. A supplemental indenture which changes or eliminates any covenant or other provision of the Indenture with respect to Securities of any other series, or which modifies the rights of the Holders of Securities of
any other series with respect to such covenant or other provision, will be deemed not to affect the rights under the Indenture of Holders of the Notes. 

  
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 ARTICLE 8 

MISCELLANEOUS 

Section 8.1    Confirmation of Base Indenture. The Base Indenture, as supplemented by this
Eighth Supplemental Indenture, is in all respects ratified and confirmed, and this Eighth Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 8.2    Responsibility of Recitals, Etc. The Trustee assumes no
responsibility for the correctness of the recitals. The Trustee makes no representations as to the validity or the sufficiency of this Eighth Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the use or application by
the Company of the Notes or the proceeds thereof. 
 Section 8.3    Concerning the Trustee.
The Trustee does not assume any duties, responsibility or liabilities by reason of this Eighth Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, the Trustee shall have all of the
rights, powers, privileges, protections and immunities which it possesses under the Indenture. In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including,
but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods (including pdf files). If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party
providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties. 
 Section 8.4    Governing
Law. This Eighth Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 8.5    Severability. In case any one or more of the provisions contained in this Eighth
Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, then, to the extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Eighth Supplemental Indenture, or of the Notes, but this Eighth Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 8.6    Counterparts. This Eighth Supplemental Indenture may be executed in any number of
counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The words “execution,” “signed,” “signature,” “delivery,” and words of like
import in or relating to this Eighth Supplemental Indenture or any document to be signed in connection with this Eighth Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct
the transactions contemplated hereunder by electronic means. 

  
 17 

 Section 8.7    Conflict with Trust Indenture
Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required to be a part of and govern this Eighth Supplemental Indenture, the provision of the Trust Indenture Act shall
control. If any provision of this Eighth Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Eighth Supplemental Indenture,
as so modified or excluded, as the case may be. 
 Section 8.8    Effect of Headings. The
Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

Section 8.9    Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 8.10    Reports. Delivery of reports, information and documents to the Trustee pursuant to
Article X of the Indenture is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

Section 8.11    Submission to Jurisdiction. The Company hereby irrevocably submits to the jurisdiction
of any New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this
Indenture and the Notes, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts. 

Section 8.12    Foreign Account Tax Compliance Act (FATCA). In order to comply with applicable tax
laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Company agrees (i) to provide to The Bank of New
York Mellon Trust Company, N.A. sufficient information about holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so The Bank of New York Mellon Trust Company, N.A. can determine
whether it has tax related obligations under Applicable Law and (ii) that The Bank of New York Mellon Trust Company, N.A. shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply
with Applicable Law for which The Bank of New York Mellon Trust Company, N.A. shall not have any liability. The terms of this section shall survive the termination of the Indenture. 

[Remainder of page intentionally left blank] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Eighth Supplemental Indenture to be
duly executed, as of the day and year first written above. 
  

			
	AVERY DENNISON CORPORATION

 
			
		
	By:	 	 /s/ Lori Bondar

			
	Name:	 	Lori Bondar
	Title:	 	 Vice President, Controller, Treasurer & Chief

Accounting Officer

 
			
		
	By:	 	 /s/ Gregory S. Lovins

			
	Name:	 	Gregory S. Lovins
	Title:	 	Chief Financial Officer

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

 
			
		
	By:	 	 /s/ Kenneth Helbig

			
	Name:	 	Kenneth Helbig
	Title:	 	Vice President

 EXHIBIT A 

[To be included in Global Securities – THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN
SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OR SUCH SUCCESSOR DEPOSITARY.] 
 AVERY
DENNISON CORPORATION 
 2.250% Senior Notes due 2032 

CUSIP: 

ISIN: 
  

					
	No.	 		 	U.S.$        

 Avery Dennison Corporation, a corporation duly organized and existing under the laws of Delaware (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
[                ] DOLLARS ($[                ]) on February 15, 2032
and to pay interest thereon from August 18, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on February 15 and August 15 in each year, beginning on
                , 20                , at the rate of 2.250% per annum, until the
principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Note (or one or
more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be, as the case may be, the February 1 or August 1 (whether or not a Business Day) next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more predecessor Notes)
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not more than 30 days and not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. 
 Payment of the principal of, premium, if any, and interest on this Note shall be made at the office or agency
of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; and provided, however, that
at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to an account maintained by the Person entitled
thereto as specified in the Security Register; and provided, further, the Company shall pay principal of, premium, if any, and 

  
 A-1 

 
interest on this Note in global form registered in the name of or held by The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate, or
its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the Holder of this Note in global form. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual, facsimile or electronic signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed as of the
date first written above. 
  

			
	AVERY DENNISON CORPORATION

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  

			
	 ATTESTED:

			
		
	 By:
	 	
 

			
	 Name:
	 	
	 Title:
	 	

 This is one of the Securities issued referred to in the within-mentioned Indenture. 

Dated:                 

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

 
			
		
	By:	 	  

 
			
		 	Authorized Signatory

 [Reverse of Note] 

This Note is one of a duly authorized series of Securities of the Company (herein called the “Note” or the “Notes,” as the
case may be), issued and to be issued in one or more series under an Indenture, dated as of November 20, 2007 (herein called the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as amended
and supplemented by the Eighth Supplemental Indenture, dated as of August 18, 2021 (the “Eighth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and The Bank of New York
Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”). Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be authenticated and delivered. 

The Notes shall be redeemable in whole or in part, at the Company’s option as set forth in Section 3.1 of the Eighth Supplemental
Indenture. 
 Interest installments whose Stated Maturity is on or prior to such Redemption Date shall be payable to the Holders of such
Notes, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture. Notice of any such redemption shall be mailed (or otherwise
electronically delivered) not less than 10 days and not more than 60 days prior to the Redemption Date to each Holder of the Notes to be redeemed. 

In the event of redemption of the Notes in part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the
Holder hereof upon the cancellation hereof. 
 In the event that (a) the Acquisition is not consummated on or prior to October 27,
2021 (or such later date if the Outside Date (as defined in the Merger Agreement) is extended pursuant to the Merger Agreement) or (b) at any time prior to October 27, 2021 (or such later date if the Outside Date (as defined in the Merger
Agreement) is extended pursuant to the Merger Agreement), the Merger Agreement is terminated without the Acquisition being consummated (any such event being a “Special Mandatory Redemption Event”), the Company will redeem all of the
Notes pursuant to the Special Mandatory Redemption described in Section 3.2 of the Eighth Supplemental Indenture. 
 If funds
sufficient to pay the Special Mandatory Redemption Price of all of the Notes on the Special Mandatory Redemption Date are deposited with a Paying Agent or the Trustee on or before such Special Mandatory Redemption Date, then on and after such
Special Mandatory Redemption Date, the Notes shall cease to bear interest and, other than the right to receive the Special Mandatory Redemption Price, all rights under the Notes shall terminate. 

Upon the consummation of the Acquisition, the foregoing provisions regarding the Special Mandatory Redemption will cease to apply. 

If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes as described above, the
Company shall be required to make an offer (the “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes on the
terms set forth herein. In a Change of Control Offer, the Company shall be required to offer payment in 

 
cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Note repurchased to, but not including, the repurchase date (the
“Change of Control Payment”), subject to the rights of the Holders of the Notes on the relevant record date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control Triggering Event or,
at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be mailed (or otherwise electronically delivered) to Holders of
Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the repurchase date specified in the applicable notice, which date shall be no earlier than 30 days
and no later than 60 days from the date on which such notice is mailed (or otherwise electronically delivered) (the “Change of Control Payment Date”) pursuant to the procedures described in such notice and in conformity with the Indenture.

 The notice shall, if mailed (or otherwise electronically delivered) prior to the date of the consummation of the Change of Control, state
that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring prior to or on the applicable Change of Control Payment Date specified in the notice. 

On any applicable Change of Control Payment Date, the Company shall, to the extent lawful: (a) accept for payment all Notes or portions
of Notes properly tendered pursuant to the Change of Control Offer; (b) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered pursuant to the applicable
Change of Control Offer; and (c) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased.

 The Company shall not be required to make the Change of Control Offer upon the Change of Control Triggering Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company, and the third party repurchases all Notes properly tendered and not withdrawn under its offer. In addition, the Company
shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control
Triggering Event. 
 The Company shall comply with the requirements of Rule 14e-1 under the Exchange
Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the
provisions of any securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s
obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 
 For purposes of the Change of
Control Offer provisions, the following terms are applicable: 
 “Change of Control” means the occurrence of any of the following:

 (a)    the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets and the Company’s Subsidiaries’ assets, taken as a whole, to any person, other than the Company or one of the
Company’s Subsidiaries; 

 (b)    the consummation of any transaction (including, without
limitation, any merger or consolidation), the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange
Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than
number of shares; or 
 (c)    the adoption of a plan relating to the Company’s liquidation or dissolution. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (a) the Company becomes a direct or
indirect wholly-owned Subsidiary of a holding company and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting
Stock immediately prior to that transaction or (2) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

“Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent Investment Grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service, Inc., and its successors. 

“Person” means an individual, a corporation, a limited liability company, a partnership, a joint-stock company, a trust, an
unincorporated organization or a government or an agency or political subdivision thereof. 
 “Rating Agencies” means
(a) each of Moody’s and S&P; and (b) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s
or S&P, or each of them, as the case may be. 
 “Rating Event” means the rating on the Notes is lowered by each of the Rating
Agencies and the Notes are rated below Investment Grade by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long
as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change
of Control or the Company’s intention to effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a
particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering 

 
Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing that the reduction
was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating
Event). The Trustee shall not be charged with knowledge of, or responsible for monitoring, the ratings of the Notes. 
 “S&P”
means S&P Global Ratings, and its successors. 
 “Voting Stock” means, with respect to any specified “person” (as
that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

The Notes shall not be entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance and discharge at any time of (i) the entire indebtedness of the Notes or
(ii) certain restrictive covenants and Events of Default with respect to the Notes, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared or shall become due
and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in principal amount of the Notes at the time Outstanding to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf
of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Note. 
 As provided in and subject to the provisions of the Indenture, no Holder shall have any right to institute any action, suit or
proceeding at law or in equity for the execution of any trust under the Indenture or for the appointment of a receiver or for any other remedy hereunder, in each case with respect to an Event of Default with respect to the Notes, unless such Holder
previously shall have given to the Trustee written notice of the happening of one or more of the Events of Default, and unless also the Holders of 25% in principal amount of the Notes than Outstanding shall have requested the Trustee in writing to
take action in respect of the matter complained of, and unless also there shall have been offered to the Trustee security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and the
Trustee, for 60 days after receipt of such notification, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and such notification, request and offer of indemnity are hereby declared in
every such case to be conditions precedent to any such action, suit or proceeding by any Holder; it being understood and intended that no one or more of the Holders shall have any right in any manner whatsoever by his, her, its or their

 
action to enforce any right under the Indenture, except in the manner therein provided, and that every action, suit or proceeding at law or in equity shall be instituted, had and maintained in
the manner provided in the Indenture and for the equal benefit of all Holders of the Outstanding Notes. 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on the Notes at the times, place and rate,
and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of the Notes is registrable in the Security Register, upon surrender of the Notes for registration of transfer at the office or agency of the Company in any place where the principal of, premium, if any, and interest on the Notes are
payable, duly endorsed by or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new
Notes and of like tenor, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different authorized denomination, as requested by the
Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company or the
Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of the Notes for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name the Notes are registered as the owner hereof for all purposes, whether or not the
Notes be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All capitalized
terms used, but not defined, in the Notes shall have the meanings assigned to them in the Indenture.

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