Adobe (ADBE) CEO Shantanu Narayen Exercises/Converts RSUs; Shares Surrendered

What Happened
Shantanu Narayen, Chair and CEO of Adobe Inc., reported conversions of derivative awards into common stock on 2026-07-15. A total of 8,298 shares were converted/acquired (reported as "M" transactions at $0.00 per share), and 4,112 of those shares were surrendered to cover tax liabilities (reported as "F" transactions) at $224.56 per share, totaling $923,391 in tax withholding. Net shares retained by Narayen from these transactions: 4,186 shares.

Key Details

• Transaction date: July 15, 2026; Form 4 filed July 17, 2026 (reporting appears timely).
• Conversions/acquisitions (M): 2,200; 1,264; 1,977; 2,857 = 8,298 shares (reported at $0.00).
• Shares surrendered for tax withholding (F): 1,090; 626; 980; 1,416 = 4,112 shares at $224.56 each = $923,391.
• Net change from these transactions: +4,186 shares. The filing does not state total shares owned after the transactions; holdings include shares held by The Narayen Family Trust (he is trustee) per footnote F1.
• Footnotes: F2 confirms shares were surrendered to pay tax liability; F3 notes 75.007 shares acquired June 30, 2026 via Adobe's ESPP; F4–F7 describe quarterly 6.25% vesting schedules for the underlying awards.
• Transaction codes: M = conversion/exercise of derivative security (here, conversion/vesting of awards); F = shares surrendered to pay taxes. No 10b5-1 plan or late filing flag indicated.

Context
These transactions reflect conversion/vesting of equity awards (likely RSUs/derivative awards) with partial share withholding to meet tax obligations — a routine occurrence for executives when awards vest. Because a portion of the vested shares were surrendered for taxes, this is not an open-market sale; Narayen retained a net positive position of 4,186 shares from the event.