ADOBE INC. — Director's Dealing 2014

Jan 31, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2014-01-29

Reporting Person: Gupta Naresh (SVP, Print & Publishing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-29	Common Stock	M	42000	$34.03	Acquired	122665	Direct
2014-01-29	Common Stock	M	8500	$34.16	Acquired	131165	Direct
2014-01-29	Common Stock	S	102633	$58.60	Disposed	28532	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-29	Stock Option (right to buy)	$34.03	M	42000	Disposed	2018-01-24	Common Stock (42000)	Direct
2014-01-29	Stock Option (right to buy)	$34.16	M	8500	Disposed	2017-01-25	Common Stock (8500)	Direct

Footnotes

F1: Vests at a rate of 25% annually on the first, second, third and fourth anniversaries of the January 24, 2011 grant date.

F2: Options granted January 25, 2010 are fully vested and exercisable.