ADOBE INC. — Director's Dealing 2011

Mar 28, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2011-03-28

Reporting Person: TARKOFF ROBERT M (SVP&GM, DESBU)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-28	Common Stock	M	20000	$19.9300	Acquired	55301	Direct
2011-03-28	Common Stock	S	20000	$32.6182	Disposed	35301	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-28	Stock Option (right to buy)	$19.93	M	20000	Disposed	2016-01-26	Common Stock (20000)	Direct

Footnotes

F1: Vests at a rate of 2.08% per month for 48 months.