ADOBE INC. — Director's Dealing 2013

Apr 10, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2013-04-09

Reporting Person: ROWLEY RICHARD (VP, Corp. Controller & PAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-04-09	Common Stock	M	25000	$34.6700	Acquired	41981	Direct
2013-04-09	Common Stock	M	17568	$34.1600	Acquired	59549	Direct
2013-04-09	Common Stock	M	15707	$34.0300	Acquired	75256	Direct
2013-04-09	Common Stock	S	58275	$43.9718	Disposed	16981	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-04-09	Stock Options (right to buy)	$34.67	M	25000	Disposed	2015-02-15	Common Stock (25000)	Direct
2013-04-09	Stock Options (right to buy)	$34.16	M	17568	Disposed	2017-01-25	Common Stock (17568)	Direct
2013-04-09	Stock Options (right to buy)	$34.03	M	15707	Disposed	2018-01-24	Common Stock (15707)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $43.97 to $43.99. 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 granted on February 15, 2008 are fully vested and exerciseable.

F3: Vests monthly at a rate of 2.08% of the original grant of 23,000 shares for 48 months from the original grant date of January 25, 2010.

F4: Vests monthly at a rate of 2.08% of the original grant of 29,000 shares for 48 months from the original grant date of January 24, 2011.