ADOBE INC. — Director's Dealing 2015

Aug 4, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2015-08-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-08-03	Common Stock	M	22422	$34.03	Acquired	299025	Indirect
2015-08-03	Common Stock	S	22422	$81.9527	Disposed	276603	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-08-03	Stock Options (right to buy)	$34.03	M	22422	Disposed	2018-01-24	Common Stock (22422.0)	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 March 19, 2015.

F2: Includes 422 shares acquired on June 30, 2015 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 the reporting person is a trustee.

F4: This transaction was executed in multiple trades at prices ranging from $81.745 to $82.20. 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, 2011 are fully vested and exercisable.