ADOBE INC. — Director's Dealing 2014

Jun 25, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2014-06-24

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-06-24	Common Stock	M	1208	$34.03	Acquired	13835	Direct
2014-06-24	Common Stock	S	13835	$73.0744	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-06-24	Stock Option (right to buy)	$34.03	M	1208	Disposed	2018-01-24	Common Stock (1208.0)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $73.06 to $73.1224. 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: 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.