Earnings Feed
Start Free
ADOBE INC.·4

Jan 27, 7:09 PM ET

Chen Gloria 4

Research Summary

AI-generated summary

Updated

Adobe (ADBE) EVP Gloria Chen Exercises Options, Surrenders Shares for Taxes

What Happened

  • Gloria Chen, Executive Vice President and Chief People Officer at Adobe (ADBE), exercised/converted derivatives that resulted in 10,663 shares being issued on 2026-01-24 and surrendered 5,079 of those shares to satisfy tax withholding obligations (tax withholding realized at $301.07 per share, totaling $1,529,134). On 2026-01-26 she was also granted/awarded 20,933 derivative shares (no cash paid).

Key Details

  • Transaction dates and prices:
    • 2026-01-24: Conversion/exercise entries for 425 and 10,238 shares at $0.00 (company treated as derivative-to-stock conversions); tax-withholding dispositions of 146 and 4,933 shares at $301.07 per share (total $43,956 and $1,485,178 respectively; combined ~$1.53M).
    • 2026-01-26: Grant/award of 20,933 shares (derivative), $0.00 reported price.
  • Shares acquired (net): 10,663 shares were issued on 1/24; 5,079 of those were surrendered for taxes, and an additional 20,933-share award was granted on 1/26.
  • Shares owned after transaction: Not specified in the Form 4 filing.
  • Footnotes of note:
    • F1: Shares were surrendered specifically to pay tax liability due at vesting.
    • F4: The 10,238 shares represent PSUs earned under the 2023 Performance Share Program that vested in full on the three‑year anniversary of the 1/24/2023 vesting commencement date.
    • F3/F5: Other vesting schedules referenced (quarterly vesting percentages and commencement dates); F2 notes certain shares are held in a trust of which she is trustee.
  • Filing timeliness: The form was filed 2026-01-27 reporting transactions on 2026-01-24; no late-filing notation is indicated in the provided record.

Context

  • These entries are primarily the conversion/vesting of derivative awards (performance shares/RSUs) and subsequent share withholding to satisfy taxes — a routine administrative transaction rather than an open-market sale. The conversion/vesting had a $0.00 exercise/issue price reported (typical for RSU/PSU settlement), and the withheld shares were recorded at the market price ($301.07) to cover tax obligations. The 20,933-share grant carries a future vesting schedule (see F5).