ADOBE INC. — Director's Dealing 2014

Apr 30, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2014-04-28

Reporting Person: CANNON MICHAEL R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-28	Common Stock	M	600	$29.7350	Acquired	31312	Direct
2014-04-28	Common Stock	S	600	$61.0625	Disposed	30712	Direct
2014-04-29	Common Stock	M	34400	$29.7350	Acquired	65112	Direct
2014-04-29	Common Stock	S	34400	$60.7576	Disposed	30712	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-04-28	Stock Option (right to buy)	$29.735	M	600	Disposed	2015-04-29	Common Stock (600)	Direct
2014-04-29	Stock Option (right to buy)	$29.735	M	34400	Disposed	2015-04-29	Common Stock (34400)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $61.05 to $61.075. 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: This transaction was executed in multiple trades at prices ranging from $60.75 to $60.81. 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: Options granted April 29, 2005 are fully vested and exercisable.