ADOBE INC. — Director's Dealing 2014

Jul 2, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2014-07-01

Reporting Person: NARAYEN SHANTANU (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-07-01	Common Stock	M	36762	$19.93	Acquired	295920	Indirect
2014-07-01	Common Stock	M	2927	$34.16	Acquired	298847	Indirect
2014-07-01	Common Stock	S	39689	$72.1948	Disposed	259158	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-07-01	Stock Option (right to buy)	$19.93	M	36762	Disposed	2016-01-26	Common Stock (36762.0)	Direct
2014-07-01	Stock Option (right to buy)	$34.16	M	2927	Disposed	2017-01-25	Common Stock (2927.0)	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 April 30, 2014.

F2: Includes 421 shares acquired on June 30, 2014 pursuant to Adobe's 1997 Employee Stock Purchase Plan, as amended.

F3: Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.

F4: This transaction was executed in multiple trades at prices ranging from $71.8 to $72.545. 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.

F5: Options granted January 26, 2009 are fully vested and exercisable.

F6: Options granted January 25, 2010 are fully vested and exercisable.