Adobe (ADBE) Interim CFO Steven Day Exercises Awards, Sells Shares

What Happened
Steven Day, Adobe’s Interim Chief Financial Officer and Senior Vice President, converted/ exercised a total of 1,741 derivative shares on September 15, 2026 (312 + 1,429 shares reported). No cash exercise price was reported ($0.00), consistent with conversion/vesting of derivative awards (e.g., RSUs). To satisfy tax withholding, Day surrendered 862 of those shares (154 + 708) at an attributed value of $257.76 per share, yielding cash proceeds/withholding of $39,695 and $182,494 respectively (total ≈ $222,189). These transactions are routine tax-withholding actions rather than open-market sales.

Key Details

• Transaction date: September 15, 2026; Form 4 filed September 17, 2026 (appears timely).
• Shares converted/acquired: 1,741 shares (312 + 1,429) at $0.00 reported exercise price.
• Shares surrendered for tax withholding: 862 shares (154 + 708) at $257.76 per share; total value ≈ $222,189.
• Footnotes: F1 — shares surrendered to pay tax liability due at vesting; F2/F3 — vesting schedules (12.5% quarterly from 6/15/2025 and 25% annually from 9/15/2025), indicating these were vested award conversions.
• Shares owned after transaction: Not specified in this Form 4 filing.
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price or tax withholding.

Context
This appears to be a conversion/vesting of derivative awards (likely RSUs or similar) with an automatic share surrender to cover taxes — a routine and common post-vesting step that does not necessarily indicate a buy or sell decision about the company’s stock. For clarity: the derivative conversions were reported at $0.00 per share (no cash exercise price), and the surrendered shares served solely for tax withholding.