Adobe (ADBE) Interim CFO Steven Day Exercises Options, Receives Award

What Happened
Steven Day, Adobe’s Interim Chief Financial Officer and Senior Vice President, converted/exercised derivative awards and received a grant of 22,616 shares (derivative award). On July 15, 2026 he converted multiple derivative tranches (55, 63, 153 and 419-share lots) and, as part of the vesting/settlement process, surrendered 27, 31, 75 and 207 shares respectively to cover tax withholding. Those withheld shares were valued at $224.56 each, totaling $76,350 withheld. Several zero-price "acquired" and "disposed" derivative entries reflect the conversion/settlement and withholding mechanics rather than open-market sales.

Key Details

• Transaction date: July 15, 2026 (reported on Form 4 filed July 17, 2026 — appears timely).
• Derivative conversions/exercises: lots of 55, 63, 153 and 419 shares shown as acquired at $0.00 (conversion/vesting).
• Tax withholding (F code): 27, 31, 75 and 207 shares surrendered at $224.56 = $6,063 + $6,961 + $16,842 + $46,484 = $76,350 total.
• Award/grant: 22,616 shares acquired (derivative award) at $0.00.
• Footnotes: F2 confirms shares were surrendered to pay tax liability; F1 notes 75.007 shares from Adobe’s 2020 ESPP (acquired June 30, 2026) are included; F3–F7 detail quarterly vesting schedules (6.25% quarterly from various commencement dates).
• Shares owned after transaction: the Form 4 filing shows the activity (award, conversions and withholdings) but does not disclose a single consolidated "shares owned following" total in the supplied summary.

Context

• These entries reflect a common compensation/settlement pattern (derivative/RSU vesting and share withholding to satisfy tax obligations), not an open-market buy or sale intended as a market-timing signal.
• The conversion/vesting and subsequent withholding is effectively a cashless settlement: some vested shares are retained by the company to pay required taxes.
• No 10% owner or 10b5-1 plan is indicated in the provided details; the filing appears routine and timely.