ADOBE INC. — Director's Dealing 2010

Mar 25, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2010-03-25

Reporting Person: SEDGEWICK ROBERT (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-25	Common Stock	M	80000	$30.8594	Acquired	128000	Direct
2010-03-25	Common Stock	S	80000	$36.5767	Disposed	48000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-25	Non-Qualified Stock Option (right to buy)	$30.8594	M	80000	Disposed	2010-04-27	Common Stock (80000)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $36.51 to $36.63. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.

F2: Options are fully vested and exercisable.