NARAYEN SHANTANU 4

What Happened

• Shantanu Narayen, Adobe's Chair and CEO, sold a total of 75,000 ADBE shares in open-market transactions on April 28, 2026, generating approximately $18.27 million in proceeds. The sale broke down as: 51,422 shares at a weighted avg. price of $243.19 ($12,505,506), 13,237 shares at $243.89 ($3,228,420), and 10,341 shares at $244.78 ($2,531,308). The Form 4 indicates these were sales (not purchases or option exercises).

Key Details

• Transaction date: April 28, 2026; Form 4 filed April 30, 2026 (timely filing).
• Trade execution: sales executed in multiple trades with reported weighted-average prices; the filing lists price ranges and the reporting person will provide per-trade breakdowns on request to the SEC/issuer/security holders.
• Total shares sold: 75,000; total proceeds: ~$18.27 million.
• Footnotes: the filing states the sale was primarily for tax and estate planning purposes and notes shares are held by The Narayen Family Trust (the reporting person is a trustee).
• Shares owned after transaction: not specified in the summary provided.

Context

• These were open-market sales. Sales by executives are often routine and can be done for personal/tax/estate reasons; the filing explicitly cites tax and estate planning as the primary reason. This report does not indicate insider purchases or option exercises and should be interpreted as a disposition of existing holdings rather than a bullish signal.