ADOBE INC. — Director's Dealing 2016

Mar 2, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2016-03-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-01	Common Stock	M	22422	$34.03	Acquired	321394	Indirect
2016-03-01	Common Stock	S	4105	$85.2309	Disposed	317289	Indirect
2016-03-01	Common Stock	S	11475	$86.1697	Disposed	305814	Indirect
2016-03-01	Common Stock	S	6557	$87.2457	Disposed	299257	Indirect
2016-03-01	Common Stock	S	285	$87.7354	Disposed	298972	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-01	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: Shares held by The Narayen Family Trust, dtd 11/30/00, of which the reporting person is a trustee.

F3: This transaction was executed in multiple trades at prices ranging from $84.66 to $85.65. 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 $85.66 to $86.65. 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: This transaction was executed in multiple trades at prices ranging from $86.66 to $87.65. 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.

F6: This transaction was executed in multiple trades at prices ranging from $87.69 to $87.76. 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.

F7: Options granted January 24, 2011 are fully vested and exercisable.