ADOBE INC. — Director's Dealing 2014

Jun 20, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2014-06-19

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-06-19	Common Stock	M	171000	$34.64	Acquired	429737	Indirect
2014-06-19	Common Stock	M	268000	$34.64	Acquired	697737	Indirect
2014-06-19	Common Stock	S	433700	$72.6441	Disposed	264037	Indirect
2014-06-19	Common Stock	S	5300	$73.3084	Disposed	258737	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-06-19	Stock Option (right to buy)	$34.64	M	171000	Disposed	2015-01-24	Common Stock (171000.0)	Direct
2014-06-19	Stock Option (right to buy)	$34.64	M	268000	Disposed	2015-01-24	Common Stock (268000.0)	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: Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.

F3: This transaction was executed in multiple trades at prices ranging from $72.25 to $73.25. 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.

F4: This transaction was executed in multiple trades at prices ranging from $73.255 to $73.41. 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 24, 2008 are fully vested and exercisable.