ADOBE INC. — Director's Dealing 2011

Dec 15, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2011-12-15

Reporting Person: Wadhwani David (SVP, Digital Media BU)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-15	Common Stock	M	15000	$00.00	Acquired	20763	Direct
2011-12-15	Common Stock	F	7002	$26.46	Disposed	13761	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-15	Restricted Stock Units	$0	M	15000	Disposed		Common Stock (15000)	Direct

Footnotes

F1: Shares surrendered to pay tax liability due at vesting of Restricted Stock Units.

F2: Vests at a rate of 50% on December 15, 2011, the initial vest date, and then 25% annually on the first and second anniversary of the initial vest date. The remaining units will vest on December 15, 2012 as to 7,500 shares and December 15, 2013 as to the remaining 7,500 shares.