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: 2014-06-22

Reporting Person: Wadhwani David (SVP & GM, Digital Media)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-06-22	Common Stock	M	5000	—	Acquired	30000	Direct
2014-06-22	Common Stock	F	2609	$72.61	Disposed	27391	Direct
2014-06-24	Common Stock	M	3208	$34.03	Acquired	30599	Direct
2014-06-24	Common Stock	S	5599	$72.4463	Disposed	25000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-06-22	Restricted Stock Units	$0.0	M	5000	Disposed		Common Stock (5000.0)	Direct
2014-06-24	Stock Options (right to buy)	$34.03	M	3208	Disposed	2018-01-24	Common Stock (3208.0)	Direct

Footnotes

F1: Shares surrendered to pay tax liability due at vesting of Restricted Stock Units. Shares were calculated using the closing price on June 20, 2014 as the 2014 vesting date was Sunday, June 22, 2014.

F2: This transaction was executed in multiple trades at prices ranging from $72.442 to $72.452. 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: This restricted stock unit award vested in full on June 22, 2014.

F4: Options granted January 24, 2011 vest at a rate of 2.08% per month for 48 months.