Wadhwani David 4

What Happened

• David Wadhwani, President, Customer & Platform (C&P) at Adobe, had derivative awards convert into 3,022 shares on 2026-04-15 (four vest/ conversion events of 760, 437, 695 and 1,130 shares). The reported exercise/conversion shows an exercise price of $0.00 (i.e., no cash paid).
• To cover tax withholding on the vesting, 1,496 shares were surrendered (376, 216, 344, and 560 shares) at $244.66 per share, generating proceeds/withholding value of $91,992; $52,847; $84,163; and $137,010, respectively — totaling $366,012.

Key Details

• Transaction date: April 15, 2026; Form 4 filed April 17, 2026 (timely filing).
• Exercise/conversion: 3,022 derivative shares acquired at $0.00 exercise price.
• Shares surrendered for tax withholding (code F): 1,496 shares at $244.66 each; total withholding ≈ $366,012.
• Footnote F1: Shares were surrendered to pay tax liability due at vesting (i.e., automatic withholding).
• Footnote F2: All shares are held by the 2006 Wadhwani Family Trust (reporting person is trustee), except 92 shares held by Wadhwani 2020 Family GST Trusts for his children.
• Vesting schedules referenced: F3–F6 indicate these awards vest quarterly at 6.25% from various commencement dates (Jan 15 of 2023–2026), reflecting scheduled vesting tranches.
• Shares owned after transaction: not reported as a numeric total on the Form 4; holdings are shown as held in the family trusts per F2.

Context

• This was a standard vesting/conversion event (derivative exercise/conversion) with a portion of shares surrendered to cover taxes — effectively a cashless withholding; such withholdings are routine and do not necessarily indicate a discretionary sale by the insider.
• No 10b5-1 plan or gift noted; the activity appears related to scheduled vesting and tax obligations rather than an open-market sale.