NARAYEN SHANTANU 4

What Happened Shantanu Narayen, Adobe’s Chair and CEO, had multiple equity award tranches convert into common shares on April 15, 2026. The filing shows conversions (derivative exercises) totaling 8,299 shares (acquired at $0.00). To satisfy tax withholding obligations, 4,113 of those shares were surrendered (disposed) at $244.66 each, totaling $1,006,287. That results in a net retention of 4,186 shares from these vesting/conversion events.

Key Details

• Transaction date: April 15, 2026; Form 4 filed April 17, 2026 (timely filing).
• Derivative conversions (code M): 2,199 + 1,265 + 1,978 + 2,857 = 8,299 shares acquired at $0.00.
• Tax withholding (code F): 1,090 + 627 + 980 + 1,416 = 4,113 shares disposed at $244.66 each, total value $1,006,287.
• Net shares retained from this event: 8,299 − 4,113 = 4,186 shares.
• Footnotes: F1 indicates some shares are held by The Narayen Family Trust (reporting person is trustee). F2 confirms shares were surrendered to pay tax liability. F3–F6 describe quarterly 6.25% vesting schedules with various commencement dates (Jan 15 of 2023–2026).
• Filing does not state total shares owned by Narayen after these transactions in the provided excerpt.

Context

• These appear to be routine vesting/conversion events of derivative awards (not open-market buys or discretionary sales). The surrender of shares to cover taxes is a common cashless/net-settlement withholding method and does not by itself indicate a market view.
• The filing shows both the exercise/conversion of derivative awards and the simultaneous tax withholding; treating this as a cashless/net withholding of a vesting award is appropriate.