Durn Daniel 4

What Happened
Daniel Durn, Executive Vice President & Chief Financial Officer of Adobe (ADBE), exercised/converted company equity awards and received shares on Jan 24, 2026, then surrendered shares to cover tax withholding and completed an open‑market sale. Specifics: he converted/received a total of 15,660 shares via exercise/conversion on Jan 24 (entries of 606 and 15,054 shares), surrendered 8,196 shares to pay tax withholding at $301.07 per share (proceeds/withholding value reported as $2,467,570 across two withholding entries), and sold 1,646 shares in the open market on Jan 27 at $294.85 for $485,323. He also was granted/received 27,631 derivative shares on Jan 26 (award).

Key Details

• Transaction dates and prices:
  • 2026-01-24: Exercise/conversion of 606 and 15,054 derivative shares (price reported $0.00 for the exercise/conversion).
  • 2026-01-24: Shares surrendered for tax withholding — 317 shares @ $301.07 ($95,439) and 7,879 shares @ $301.07 ($2,372,131).
  • 2026-01-26: Grant/award of 27,631 derivative shares (reported $0.00).
  • 2026-01-27: Open‑market sale of 1,646 shares @ $294.85 ($485,323).
• Shares owned after the transactions: not specified in the filing.
• Footnotes of note:
  • F1: Shares surrendered to pay tax liability due at vesting.
  • F2/F4: Describe vesting schedules for other awards (quarterly/anniversary vesting).
  • F3: The 27,631 shares represent performance shares that vested in full per the 2023 Performance Share Program.
• Filing timeliness: Form filed 2026-01-27 reporting transactions from Jan 24–26; filing appears timely based on the dates shown.

Context and interpretation

• This was primarily an exercise/vesting event with tax withholding and a subsequent small open‑market sale. Surrendering shares to cover taxes is a routine administrative step (not a market sentiment signal). The open‑market sale of 1,646 shares generated ~$485K and may reflect partial disposition of vested shares or routine liquidity.
• For clarity: "M" entries indicate exercise/conversion of derivative awards (e.g., RSUs/PSUs or option conversion), "F" indicates shares used to satisfy tax withholding, and "A" indicates a grant/award.