ADOBE INC. — Director's Dealing 2014

Dec 11, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2014-12-10

Reporting Person: Lewnes Ann (SVP, Chief Marketing Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-10	Common Stock	M	1462	$34.16	Acquired	30220	Direct
2014-12-10	Common Stock	M	2538	$34.03	Acquired	32758	Direct
2014-12-10	Common Stock	S	4000	$71.4616	Disposed	28758	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-10	Stock Option (right to buy)	$34.16	M	1462	Disposed	2017-01-25	Common Stock (1462.0)	Direct
2014-12-10	Stock Option (right to buy)	$34.03	M	2538	Disposed	2018-01-24	Common Stock (2538.0)	Direct

Footnotes

F1: The option exercises and sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person July 24, 2014.

F2: This transaction was executed in multiple trades at prices ranging from $71.28 to $71.91. 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 January 25, 2010 are fully vested and exercisable.

F4: Vests at a rate of 2.08% per month for 48 months following the January 24, 2011 grant date.