ADOBE INC. — Director's Dealing 2012

Aug 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2012-07-30

Reporting Person: Rencher Bradley (SVP, Digital Marketing BU)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-07-30	Common Stock	M	22401	$21.0200	Acquired	45659	Direct
2012-07-30	Common Stock	M	4352	$18.3800	Acquired	50011	Direct
2012-07-30	Common Stock	M	12933	$22.1300	Acquired	62944	Direct
2012-07-30	Common Stock	S	49848	$31.5078	Disposed	13096	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-07-30	Stock Option (right to buy)	$21.0200	M	22401	Disposed	2014-06-15	Common Stock (22401)	Direct
2012-07-30	Stock Option (right to buy)	$18.3800	M	4352	Disposed	2019-02-26	Common Stock (4352)	Direct
2012-07-30	Stock Option (right to buy)	$22.1300	M	12933	Disposed	2019-07-30	Common Stock (12933)	Direct

Footnotes

F1: Includes 938 shares acquired on June 29, 2012 pursuant to Adobe's 1997 Employee Stock Purchase Plan, as amended.

F2: This transaction was executed in multiple trades at prices ranging from $31.502286 to $31.54. 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.

F3: Vests in equal amounts each month over a 42-month period beginning on June 15, 2009.

F4: Vests at a rate of 25% of the original grant of 27,964 shares on February 27, 2010, and 2.08% of the original grant per month for 36 months thereafter.

F5: Vests at a rate of 25% of the original grant of 5,563 shares on July 31, 2010, and 2.08% of the original grant per month for 36 months thereafter.