Wadhwani David 4

What Happened
David Wadhwani, President, C&P of Adobe (ADBE), exercised/converted derivative securities on July 15, 2026, resulting in 3,024 shares being issued to him at $0.00 per share (total $0 reported). To cover tax withholding/tax liability, he surrendered 1,498 of those shares at an effective value of $224.56 per share, generating proceeds of $336,391 that were used to satisfy the tax obligations. After the transactions, Wadhwani retained a net of 1,526 shares from this conversion.

Key Details

• Transaction date: July 15, 2026; Form filed July 17, 2026 (timely filing).
• Exercises/conversions: 3,024 shares acquired @ $0.00 per share (codes M).
• Shares surrendered for taxes: 1,498 shares disposed @ $224.56 per share (code F), total ~ $336,391.
• Net shares retained from this event: 1,526 shares (3,024 acquired − 1,498 surrendered).
• Notable footnotes from the filing:
  • F1: Includes 75.007 shares acquired on June 30, 2026 under Adobe’s ESPP.
  • F2: Surrendered shares were used to pay tax liability at vesting.
  • F3: Most shares are held in the 2006 Wadhwani Family Trust (reporting person is trustee); 92 shares held in separate family GST trusts.
  • F4–F7: Vesting schedules cited (6.25% quarterly from various vesting commencement dates 2023–2026).
• Shares owned after the transactions are not provided in the excerpt of the filing.

Context

• These entries reflect a conversion/exercise of derivative securities with shares surrendered to satisfy tax withholding—a common, administrative (not open-market sale) transaction often seen when options or RSUs vest.
• Code explanation: M = exercise/conversion of a derivative security; F = payment of exercise price or tax liability (here, share surrender for taxes).
• This filing is informational and does not, by itself, indicate broader insider sentiment.