ADOBE INC. — Director's Dealing 2012

Jan 27, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2012-01-27

Reporting Person: LYNCH KEVIN M (CTO, SVP Experience&Technology)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-27	Common Stock	M	49746	$19.93	Acquired	167796	Direct
2012-01-27	Common Stock	S	119511	$30.50	Disposed	48285	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-27	Stock Options (right to buy)	$19.93	M	49746	Disposed	2016-01-26	Common Stock (49746)	Direct

Footnotes

F1: Vests monthly at a rate of 2.08% of the original grant of 126,600 shares for 48 months from the original grant date of January 26, 2009.