Document:

Exhibit 10.19

 

ADOBE SYSTEMS INCORPORATED

AMENDED 1994 PERFORMANCE AND RESTRICTED STOCK PLAN

RESTRICTED STOCK UNIT GRANT NOTICE

 

(STANDARD U.S.)

 

Adobe
Systems Incorporated (the “Company”),
pursuant to its Amended 1994 Performance and Restricted Stock Plan (the “Plan”), hereby awards to
Participant the Restricted Stock Unit Award (the “Award”)
covering the number of Restricted Stock Units set forth below.  This Award is subject to all of the terms and
conditions as set forth herein and in the Restricted Stock Unit Award Agreement
(the “Award Agreement”) and the
Plan, each of which are attached hereto and incorporated herein in their
entirety.  Unless otherwise defined
herein, capitalized terms shall have the meanings set forth in the Plan or the
Program, as applicable.

 

	
  Participant:

  	
   

  	
  %%FIRST_NAME%-%%%LAST_NAME%-%

  
	
  Date
  of Grant:

  	
   

  	
  %%OPTION_DATE,’Month DD, YYYY’%-%

  
	
  Vesting
  Commencement Date:

  	
   

  	
  %%VEST_BASE_DATE,’Month
  DD, YYYY%-%

  
	
  Number
  of Restricted Stock Units:

  	
   

  	
  %%TOTAL_SHARES_GRANTED%-%

  
	
  Payment
  for Stock:

  	
   

  	
  Participant’s
  services to the Company (to the 

  
	
   

  	
   

  	
  greatest
  extent permitted by applicable law)

  

 

Vesting
Schedule:  This Award shall vest as to twenty-five
percent of the Restricted Stock Units on the first (1st) anniversary
of the Vesting Commencement Date and the remaining seventy-five percent of the
Restricted Stock Units shall vest annually on each anniversary of the Vesting
Commencement Date thereafter, so that the Restricted Stock Units are fully
vested on the fourth anniversary of  the
Vesting Commencement Date; provided, however,
that the Participant’s service has not terminated prior to each such vesting
date.

 

Delivery
Schedule:  Except as otherwise provided in Section 5
of the Award Agreement, the Company shall deliver on each vesting date one share
of Stock for each Restricted Stock Unit that vests on such date, less any
shares to be withheld pursuant to Section 11 of the Award Agreement.

 

Additional
Terms/Acknowledgements:  The undersigned Participant acknowledges
receipt of, and understands and agrees to, this Grant Notice, the Award
Agreement, and the Plan.  Participant
further acknowledges that as of the Date of Grant, this Grant Notice, the Award
Agreement, and the Plan set forth the entire understanding between Participant
and the Company regarding the Award and supersede all prior oral and written
agreements on that subject with the exception of the Adobe Systems Incorporated
Executive Severance Plan in the Event of a Change of Control and/or the
individual written retention agreement in effect on the Date of Grant between
the Company and the Participant, to the extent applicable to the Participant.

 

ADOBE SYSTEMS INCORPORATED:

 

 

	
  By:

  	
  /s/
  Shantanu Narayen

  	
   

  	
   

  
	
   

  	
  Shantanu Narayen

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:
  

  	
  Chief Executive Officer

  	
   

  	
   

  

 

 

ADOBE SYSTEMS INCORPORATED 

AMENDED 1994 PERFORMANCE AND RESTRICTED STOCK PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT  

 

(STANDARD U.S.)

 

Pursuant
to the Grant Notice (“Grant
Notice”) and this Award Agreement (“Award Agreement”), Adobe Systems
Incorporated (the “Company”)
has awarded you, pursuant to its Amended 1994 Performance and Restricted Stock
Plan (the “Plan”),
a Restricted Stock Unit Award for that number of Restricted Stock Units as
indicated in the Grant Notice. Unless otherwise defined herein or the Grant
Notice, capitalized terms shall have the meanings set forth in the Plan.
Subject to adjustment and the terms and conditions as provided herein and in
the Plan, each Restricted Stock Unit shall represent the right to receive one (1) share
of Stock.

 

The
details of your Award, in addition to those set forth in the Grant Notice, are
as follows.

 

1.                                      NUMBER OF STOCK UNITS AND
SHARES OF STOCK.

 

(a)           The number of Restricted Stock Units subject
to your Award and the number of shares of Stock deliverable with respect to
such Restricted Stock Units will be adjusted from time to time for
capitalization adjustments as described in the Plan. You shall receive no
benefit or adjustment to your Award with respect to any cash dividend or other
distribution that does not result in a capitalization adjustment pursuant to
the Plan; provided, however, that
this sentence shall not apply with respect to any shares of Stock that are
subject to your Award after such shares have been delivered to you.

 

(b)           Any additional Restricted Stock Units, shares
of Stock, cash or other property that become subject to the Award pursuant to
this Section 1 shall be subject, in a manner determined by the Board, to
the same forfeiture restrictions, restrictions on transferability, and time and
manner of delivery as applicable to the other Restricted Stock Units and shares
of Stock covered by your Award.

 

(c)           Notwithstanding the provisions of this Section 1,
no fractional Restricted Stock Units or rights for fractional shares of Stock
shall be created pursuant to this Section 1. The Board shall, in its
discretion, determine an equivalent benefit for any fractional Restricted Stock
Units or fractional shares that might be created by the adjustments referred to
in this Section 1.

 

2.             PAYMENT BY YOU. Except as otherwise provided in the Grant
Notice, this Award has been granted in consideration of your services to the
Company (or any other Participating Company, as applicable). Subject to Section 11
below, and except as otherwise provided in the Grant Notice, you will not be
required to make any payment to the Company (other than your past and future
services with the Company (or any other Participating Company, as applicable))
with respect to your receipt of the Award, the vesting of the Restricted Stock
Units, or the delivery of the shares of Stock underlying the Restricted Stock
Units.

 

3.             VESTING.

 

(a)           The Restricted Stock Units shall vest, if at
all, as provided in the Vesting Schedule set forth in your Grant Notice and the
Plan, provided that vesting shall cease upon the termination of your service.

 

 

(b)           The determination that your service was
terminated shall be made by the Company (or any Participating Company, as
applicable) in its sole discretion. Any such determination by the Company (or
any Participating Company, as applicable) for the purposes of this Award
Agreement shall have no effect upon any determination of the rights or
obligations of you or the Company (or any Participating Company, as applicable)
for any other purpose.

 

4.             DISTRIBUTION OF SHARES OF
STOCK. Subject to the
provisions of this Award Agreement (including Sections 5 and 11 below) and the
Plan, the Company shall deliver to you on the applicable vesting date one (1) share
of Stock for each Restricted Stock Unit that vests on such date.

 

5.             DEFERRAL ELECTION. If permitted by the Company to do so, you may
elect to defer receipt of the shares of Stock that would otherwise be issued
pursuant to the vesting of your Award in accordance with the terms and
conditions, including the applicable eligibility requirements, of the Company’s
Deferred Compensation Plan. The Board (or an appropriate committee thereof)
will, in its sole discretion, establish the rules and procedures for such
deferrals.

 

6.             SECURITIES LAW COMPLIANCE. The grant of your Award and the issuance of
any shares of Stock thereunder shall be subject to compliance with all
applicable requirements of federal, state or foreign law with respect to such
securities. You may not be issued any shares of Stock if such issuance would
constitute a violation of any applicable federal, state or foreign securities
laws or other law or regulations or the requirements of any stock exchange or
market system upon which the Stock may then be listed. In addition, you may not
be issued any shares of Stock unless (i) a registration statement under
the Securities Act shall at the time of issuance be in effect with respect to
the shares or (ii) in the opinion of legal counsel to the Company, the
shares may be issued in accordance with the terms of an applicable exemption
from the registration requirements of the Securities Act. YOU ARE CAUTIONED
THAT THE SHARES MAY NOT BE ISSUED UNLESS THE FOREGOING CONDITIONS ARE
SATISFIED. The inability of the Company to obtain from any regulatory body
having jurisdiction the authority, if any, deemed by the Company’s legal
counsel to be necessary to the lawful issuance and sale of any shares of Stock
shall relieve the Company of any liability in respect of the failure to issue
or sell such shares as to which such requisite authority shall not have been
obtained. As a condition to the issuance of any shares of Stock pursuant to
this Award, the Company may require you to satisfy any qualifications that may
be necessary or appropriate, to evidence compliance with any applicable law or regulation
and to make any representation or warranty with respect thereto as may be
requested by the Company

 

7.             RESTRICTIVE LEGENDS. The shares of Stock issued pursuant to this
Award shall be endorsed with appropriate legends, if any, determined by the Company.

 

8.             TRANSFER RESTRICTIONS. Prior to the time that shares of Stock have
been delivered to you pursuant to this Award, you may not transfer, pledge,
sell or otherwise dispose of such shares. For example, you may not use shares
that may be issued in respect of your Restricted Stock Units as security for a
loan, nor may you transfer, pledge, sell or otherwise dispose of such shares.
This restriction on transfer will lapse upon delivery to you of shares in
respect of your vested Restricted Stock Units. Your Award is not transferable,
except by will or by the laws of descent and distribution, unless otherwise
required by applicable law. Notwithstanding the foregoing, by delivering
written notice to the Company, in a form satisfactory to the Company, you may designate
a third party who, in the event of your death, shall thereafter be entitled to
receive any distribution of Stock pursuant to this Award Agreement.

 

9.             AWARD NOT A SERVICE
CONTRACT. Your Award is not
an employment or service contract, and nothing in your Award shall be deemed to
create in any way whatsoever any obligation on your part to continue in the
service of the Company or the Participating Company Group, or on the part of
the Company or Participating Company Group to continue such service. In
addition, nothing in your Award shall obligate the Company or the Participating
Company Group, their respective stockholders, boards of directors, Officers or
Employees to continue any relationship that you might have as an Employee,
Director or Consultant for the Company or the Participating Company Group.

 

2

 

10.          UNSECURED OBLIGATION. Your Award is unfunded, and even as to any
Restricted Stock Units that vest, you shall be considered an unsecured creditor
of the Company with respect to the Company’s obligation, if any, to issue Stock
pursuant to this Award Agreement. You shall not have voting or any other rights
as a stockholder of the Company with respect to the Stock acquired pursuant to
this Award Agreement until such Stock is issued to you pursuant to this Award
Agreement. Upon such issuance, you will obtain full voting and other rights as
a stockholder of the Company with respect to the Stock so issued. Nothing
contained in this Award Agreement, and no action taken pursuant to its
provisions, shall create or be construed to create a trust of any kind or a
fiduciary relationship between you and the Company or any other person.

 

11.          WITHHOLDING OBLIGATIONS.  Regardless of any action taken by the Company or the Participating
Company Group with respect to any or all income, employment, social insurance,
or payroll taxes, payment on account or other tax-related withholding (“Tax-Related Items”),
you acknowledge that the ultimate liability for all Tax-Related Items legally
due by you is and remains your responsibility and that the Company and
Participating Company Group (i) make no representations or undertakings
regarding the treatment of any Tax-Related Items in connection with any aspect
of your Award, the subsequent sale of shares acquired pursuant to this Award,
or the receipt of any dividends and (ii) do not commit to structure the
terms of the grant or any other aspect of your Award to reduce or eliminate
your liability for Tax-Related Items. At the time you vest in this Award, at
the time you receive a distribution of shares of Stock pursuant to this Award,
or at any other time as reasonably requested by the Company or the
Participating Company Group, you shall pay or make adequate arrangements satisfactory
to the Participating Company Group to satisfy all withholding obligations of
the Participating Company Group. In this regard, at the time you vest in and/or
receive a distribution of shares of Stock pursuant to this Award, or at any
other time as reasonably requested by the Company or the Participating Company
Group, you hereby authorize the withholding of that number of whole vested
shares otherwise deliverable to you pursuant to this Award Agreement having a
fair market value not in excess of the amount of the Tax-Related Items
determined by the applicable minimum statutory rates. In no event may shares of
Stock shall be withheld with a value exceeding the minimum amount of tax
required to be withheld by law. Finally, you shall pay to the Company or Participating
Company Group (as applicable) any amount of the Tax-Related Items that the
Company or the Participating Company Group may be required to withhold as a
result of your participation in the Plan that cannot be satisfied by the means
previously described. You expressly acknowledge and agree that the Company may
withhold from any compensation paid to you by the Company in partial or full
satisfaction of the withholdings contemplated by this Section 11. The
Company and the Participating Company Group shall have no obligation to deliver
shares of Stock until you have satisfied the obligations in connection with the
Tax-Related Items as described in this section.

 

12.           NATURE OF AWARD. In accepting your Award, you acknowledge
that:

 

(a)           the Plan is established voluntarily by the
Company; it is discretionary in nature and it may be modified, amended,
suspended or terminated by the Company at any time, unless otherwise provided
in the Plan and this Award Agreement;

 

(b)           the grant of your Award is voluntary and
occasional and does not create any contractual or other right to receive future
grants of awards, or benefits in lieu of awards, even if awards have been
granted repeatedly in the past;

 

3

 

(c)           all decisions with respect to future Awards
under the Plan, if any, will be at the sole discretion of the Committee;

 

(d)           your participation in the Plan shall not
create a right to further employment with the Company or the Participating
Company Group and shall not interfere with any ability of the Company or the
Participating Company Group to terminate your employment relationship at any
time with or without cause;

 

(e)           you are voluntarily participating in the
Plan;

 

(f)            this Award is not part of normal or expected compensation
or salary for any purpose, including, but not limited to, calculating any
severance, resignation, termination, redundancy, end-of-service payments,
bonuses, long-service awards, pension or retirement benefits or similar
payments;

 

(g)           in the event that you are not an employee of
the Company, your Award will not be interpreted to form an employment contract
or relationship with the Company; and furthermore, your Award will not be
interpreted to form an employment contract with the other members of the
Participating Company Group;

 

(h)           the future value of the shares of Stock
subject to your Award is unknown and cannot be predicted with certainty; and

 

(i)            no claim or entitlement to compensation or
damages arises from termination of your Award or diminution in value of your
Award or shares of Stock issued pursuant to your Award resulting from
termination of your service with the Company or the Participating Company Group
(for any reason whether or not in breach of applicable labor laws), and you irrevocably
release the Company and the Participating Company Group from any such claim
that may arise. If, notwithstanding the foregoing, any such claim is found by a
court of competent jurisdiction to have arisen then, by executing the Grant
Notice, you shall be deemed irrevocably to have waived your entitlement to
pursue such a claim.

 

13.          DELIVERY OF DOCUMENTS AND
NOTICES. Any document
relating to participating in the Plan or Program and/or notice required or
permitted hereunder shall be given in writing and shall be deemed effectively
given (except to the extent that this Award Agreement provides for
effectiveness only upon actual receipt of such notice) upon personal delivery,
electronic delivery, or upon deposit in the U.S. Post Office or foreign postal service,
by registered or certified mail, with postage and fees prepaid, addressed to
the other party at the e-mail address, if any, provided for you by the Company
or a Participating Company or at such other address as such party may designate
in writing from time to time to the other party.

 

(a)           Description of Electronic
Delivery. The Plan and Program documents, which may
include but do not necessarily include the Plan prospectus, Grant Notice, Award
Agreement and U.S. financial reports of the Company, may be delivered to you
electronically. Such means of delivery may include but do not necessarily
include the delivery of a link to a Company intranet or the internet site of a
third party involved in administering the Plan, the delivery of the document via
e-mail or such other delivery determined at the Committee’s discretion.

 

(b)           Consent to Electronic
Delivery. You acknowledge
that you have read Section 13 of this Award Agreement and consent to the
electronic delivery of the Plan and Program documents, as described in this Section 13.
You acknowledge that you may receive from the Company a paper copy of 

 

4

 

any documents delivered electronically at no cost if you contact the
Company by telephone, through a postal service or electronic mail at
equity@adobe.com. You further acknowledge that you will be provided with a
paper copy of any documents delivered electronically if electronic delivery
fails; similarly, you understand that you must provide the Company or any
designated third party with a paper copy of any documents delivered
electronically if electronic delivery fails. Also, you understand that your
consent may be revoked or changed, including any change in the electronic mail
address to which documents are delivered (if you have provided an electronic
mail address), at any time by notifying the Company of such revised or revoked
consent by telephone, postal service or electronic mail at equity@adobe.com.
Finally, you understand that you are not required to consent to electronic
delivery.

 

14.          DATA PRIVACY CONSENT. You hereby explicitly and unambiguously consent to
the collection, use and transfer, in electronic or other form, of your personal
data as described in this document by and among the members of the
Participating Company Group for the exclusive purpose of implementing,
administering and managing your participation in the Plan and Program.

 

You understand that the Company and the Participating Company Group
hold certain personal information about you, including, but not limited to,
your name, home address and telephone number, date of birth, social insurance
number or other identification number, salary, nationality, job title, any
shares of Stock or directorships held in the Company, details of all awards or
any other entitlement to shares of Stock awarded, canceled, exercised, vested,
unvested or outstanding in your favor, for the purpose of implementing,
administering and managing the Plan and Program (“Data”). You understand that Data may
be transferred to any third parties assisting in the implementation,
administration and management of the Plan or Program, that these recipients may
be located in your country or elsewhere, and that the recipient’s country may
have different data privacy laws and protections than your country. You
understand that you may request a list with the names and addresses of any
potential recipients of the Data by contacting your local human resources
representative. You authorize the recipients to receive, possess, use, retain
and transfer the Data, in electronic or other form, for the purposes of
implementing, administering and managing your participation in the Plan,
including any requisite transfer of such Data as may be required to a broker or
other third party with whom you may elect to deposit any shares of Stock
pursuant to this Award. You understand that Data will be held only as long as
is necessary to implement, administer and manage your participation in the
Plan. You understand that you may, at any time, view Data, request additional
information about the storage and processing of Data, require any necessary
amendments to Data or refuse or withdraw the consents herein, in any case
without cost, by contacting in writing your local human resources
representative. You understand, however, that refusing or withdrawing your
consent may affect your ability to participate in the Plan. For more
information on the consequences of your refusal to consent or withdrawal of
consent, you understand that you may contact your local human resources
representative.

 

15.          HEADINGS. The headings of the Sections in this Award
Agreement are inserted for convenience only and shall not be deemed to
constitute a part of this Award Agreement or to affect the meaning of this
Award Agreement.

 

16.          MISCELLANEOUS.

 

(a)            The rights and obligations of the Company
under your Award shall be transferable to any one or more persons or entities,
and all covenants and agreements hereunder shall inure to the benefit of, and
be enforceable by the Company’s successors and assigns.

 

5

 

(b)           You agree upon request to execute any further
documents or instruments necessary or desirable in the sole determination of
the Company to carry out the purposes or intent of your Award.

 

(c)           You acknowledge and agree that you have
reviewed your Award in its entirety, have had an opportunity to obtain the
advice of counsel prior to executing and accepting your Award and fully
understand all provisions of your Award.

 

17.          GOVERNING PLAN DOCUMENT. Your Award is subject to all the provisions
of the Plan, which are hereby made a part of your Award, and is further subject
to all interpretations, amendments, rules and regulations which may from
time to time be promulgated and adopted pursuant to the Plan. In the event of
any conflict between the provisions of your Award and those of the Plan, the
provisions of the Plan shall control.

 

18.          APPLICABLE LAW AND VENUE.  This
Award Agreement shall be governed by the laws of the State of California as
such laws are applied to agreements between California residents entered into
and to be performed entirely within the State of California.  For purposes of litigating any dispute that
arises directly or indirectly from the relationship of the parties as evidenced
by this Award Agreement, the parties herby submit to and consent to the
jurisdiction of the State of California and agree that such litigation shall be
conducted only in the courts of Santa Clara County, California, or the federal
courts of the United States for the Northern District of California, and no
other courts, where this Award Agreement is made and/or performed.

 

6Exhibit 10.20

 

ADOBE SYSTEMS INCORPORATED

AMENDED AND RESTATED 2003 EQUITY INCENTIVE
PLAN

RESTRICTED STOCK UNIT GRANT NOTICE

 

(STANDARD U.S.)

 

Adobe
Systems Incorporated (the “Company”),
pursuant to its Amended and Restated 2003 Equity Incentive Plan (the “Plan”), hereby awards to
Participant the Restricted Stock Unit Award (the “Award”)
covering the number of Restricted Stock Units set forth below.  This Award is subject to all of the terms and
conditions as set forth herein and in the Restricted Stock Unit Award Agreement
(the “Award Agreement”) and the
Plan, each of which are attached hereto and incorporated herein in their
entirety.  Unless otherwise defined
herein, capitalized terms shall have the meanings set forth in the Plan or the
Program, as applicable.

 

	
  Participant:

  	
   

  	
  %%FIRST_NAME%-%%%LAST_NAME%-%

  
	
  Date
  of Grant:

  	
   

  	
  %%OPTION_DATE,’Month DD, YYYY’%-%

  
	
  Vesting
  Commencement Date:

  	
   

  	
  %%VEST_BASE_DATE,’Month
  DD, YYYY%-%

  
	
  Number
  of Restricted Stock Units:

  	
   

  	
  %%TOTAL_SHARES_GRANTED%-%

  
	
  Payment
  for Stock:

  	
   

  	
  Participant’s
  services to the Company (to the 

  
	
   

  	
   

  	
  greatest
  extent permitted by applicable law)

  

 

Vesting
Schedule:  This Award shall vest as to twenty-five
percent of the Restricted Stock Units on the first (1st) anniversary
of the Vesting Commencement Date and the remaining seventy-five percent of the
Restricted Stock Units shall vest annually on each anniversary of the Vesting
Commencement Date thereafter, so that the Restricted Stock Units are fully
vested on the fourth anniversary of  the
Vesting Commencement Date; provided, however,
that the Participant’s Service has not terminated prior to each such vesting
date.

 

Delivery
Schedule:  Except as otherwise provided in Section 5
of the Award Agreement, the Company shall deliver on each vesting date one
share of Stock for each Restricted Stock Unit that vests on such date, less any
shares to be withheld pursuant to Section 11 of the Award Agreement.

 

Additional
Terms/Acknowledgements:  The undersigned Participant acknowledges
receipt of, and understands and agrees to, this Grant Notice, the Award
Agreement, and the Plan.  Participant
further acknowledges that as of the Date of Grant, this Grant Notice, the Award
Agreement, and the Plan set forth the entire understanding between Participant
and the Company regarding the Award and supersede all prior oral and written
agreements on that subject with the exception of the Adobe Systems Incorporated
Executive Severance Plan in the Event of a Change of Control and the individual
written retention agreement in effect on the Date of Grant between the Company
and the Participant.

 

ADOBE SYSTEMS INCORPORATED:

 

 

	
  By:

  	
  /s/
  Shantanu Narayen

  	
   

  	
   

  
	
   

  	
  Shantanu Narayen

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:
  

  	
  Chief Executive Officer

  	
   

  	
   

  

 

 

ADOBE SYSTEMS INCORPORATED 

AMENDED AND RESTATED 2003 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT  

 

(STANDARD U.S.)

 

Pursuant
to the Grant Notice (“Grant
Notice”) and this Award Agreement (“Award Agreement”), Adobe Systems
Incorporated (the “Company”)
has awarded you, pursuant to its Amended and Restated 2003 Equity Incentive
Plan (the “Plan”),
a Restricted Stock Unit Award for that number of Restricted Stock Units as
indicated in the Grant Notice. Unless otherwise defined herein or the Grant
Notice, capitalized terms shall have the meanings set forth in the Plan. Subject
to adjustment and the terms and conditions as provided herein and in the Plan,
each Restricted Stock Unit shall represent the right to receive one (1) share
of Stock.

 

The
details of your Award, in addition to those set forth in the Grant Notice, are
as follows.

 

1.                                      NUMBER OF STOCK UNITS AND
SHARES OF STOCK.

 

(a)           The number of Restricted Stock Units subject
to your Award and the number of shares of Stock deliverable with respect to
such Restricted Stock Units will be adjusted from time to time for capitalization
adjustments as described in the Plan. You shall receive no benefit or
adjustment to your Award with respect to any cash dividend or other
distribution that does not result in a capitalization adjustment pursuant to
the Plan; provided, however, that
this sentence shall not apply with respect to any shares of Stock that are
subject to your Award after such shares have been delivered to you.

 

(b)           Any additional Restricted Stock Units, shares
of Stock, cash or other property that become subject to the Award pursuant to
this Section 1 shall be subject, in a manner determined by the Board, to
the same forfeiture restrictions, restrictions on transferability, and time and
manner of delivery as applicable to the other Restricted Stock Units and shares
of Stock covered by your Award.

 

(c)           Notwithstanding the provisions of this Section 1,
no fractional Restricted Stock Units or rights for fractional shares of Stock
shall be created pursuant to this Section 1. The Board shall, in its
discretion, determine an equivalent benefit for any fractional Restricted Stock
Units or fractional shares that might be created by the adjustments referred to
in this Section 1.

 

2.             PAYMENT BY YOU. Except as otherwise provided in the Grant
Notice, this Award has been granted in consideration of your services to the
Company (or any other Participating Company, as applicable). Subject to Section 11
below, and except as otherwise provided in the Grant Notice, you will not be
required to make any payment to the Company (other than your past and future
services with the Company (or any other Participating Company, as applicable))
with respect to your receipt of the Award, the vesting of the Restricted Stock
Units, or the delivery of the shares of Stock underlying the Restricted Stock Units.

 

3.             VESTING.

 

(a)           The Restricted Stock Units shall vest, if at
all, as provided in the Vesting Schedule set forth in your Grant Notice and the
Plan, provided that vesting shall cease upon the termination of your Service.

 

(b)           The determination that your Service was
terminated shall be made by the Company (or any Participating Company, as
applicable) in its sole discretion. Any such determination by 

 

 

the Company (or any Participating Company, as applicable) for the
purposes of this Award Agreement shall have no effect upon any determination of
the rights or obligations of you or the Company (or any Participating Company,
as applicable) for any other purpose.

 

4.             DISTRIBUTION OF SHARES OF
STOCK. Subject to the
provisions of this Award Agreement (including Sections 5 and 11 below) and the
Plan, the Company shall deliver to you on the applicable vesting date one (1) share
of Stock for each Restricted Stock Unit that vests on such date.

 

5.             DEFERRAL ELECTION. If permitted by the Company to do so, you may
elect to defer receipt of the shares of Stock that would otherwise be issued
pursuant to the vesting of your Award in accordance with the terms and
conditions, including the applicable eligibility requirements, of the Company’s
Deferred Compensation Plan. The Board (or an appropriate committee thereof)
will, in its sole discretion, establish the rules and procedures for such
deferrals.

 

6.             SECURITIES LAW COMPLIANCE. The grant of your Award and the issuance of
any shares of Stock thereunder shall be subject to compliance with all
applicable requirements of federal, state or foreign law with respect to such
securities. You may not be issued any shares of Stock if such issuance would
constitute a violation of any applicable federal, state or foreign securities
laws or other law or regulations or the requirements of any stock exchange or
market system upon which the Stock may then be listed. In addition, you may not
be issued any shares of Stock unless (i) a registration statement under
the Securities Act shall at the time of issuance be in effect with respect to
the shares or (ii) in the opinion of legal counsel to the Company, the
shares may be issued in accordance with the terms of an applicable exemption
from the registration requirements of the Securities Act. YOU ARE CAUTIONED
THAT THE SHARES MAY NOT BE ISSUED UNLESS THE FOREGOING CONDITIONS ARE
SATISFIED. The inability of the Company to obtain from any regulatory body
having jurisdiction the authority, if any, deemed by the Company’s legal
counsel to be necessary to the lawful issuance and sale of any shares of Stock
shall relieve the Company of any liability in respect of the failure to issue
or sell such shares as to which such requisite authority shall not have been
obtained. As a condition to the issuance of any shares of Stock pursuant to
this Award, the Company may require you to satisfy any qualifications that may
be necessary or appropriate, to evidence compliance with any applicable law or
regulation and to make any representation or warranty with respect thereto as
may be requested by the Company

 

7.             RESTRICTIVE LEGENDS. The shares of Stock issued pursuant to this
Award shall be endorsed with appropriate legends, if any, determined by the
Company.

 

8.             TRANSFER RESTRICTIONS. Prior to the time that shares of Stock have
been delivered to you pursuant to this Award, you may not transfer, pledge,
sell or otherwise dispose of such shares. For example, you may not use shares
that may be issued in respect of your Restricted Stock Units as security for a
loan, nor may you transfer, pledge, sell or otherwise dispose of such shares.
This restriction on transfer will lapse upon delivery to you of shares in
respect of your vested Restricted Stock Units. Your Award is not transferable,
except by will or by the laws of descent and distribution, unless otherwise
required by applicable law. Notwithstanding the foregoing, by delivering
written notice to the Company, in a form satisfactory to the Company, you may
designate a third party who, in the event of your death, shall thereafter be
entitled to receive any distribution of Stock pursuant to this Award Agreement.

 

9.             AWARD NOT A SERVICE
CONTRACT. Your Award is not
an employment or service contract, and nothing in your Award shall be deemed to
create in any way whatsoever any obligation on your part to continue in the
service of the Company or the Participating Company Group, or on the part of
the Company or Participating Company Group to continue such service. In
addition, nothing in your Award shall obligate the Company or the Participating
Company Group, their respective stockholders, boards of directors, Officers or
Employees to continue any relationship that you might have as an Employee,
Director or Consultant for the Company or the Participating Company Group.

 

2

 

10.          UNSECURED OBLIGATION. Your Award is unfunded, and even as to any
Restricted Stock Units that vest, you shall be considered an unsecured creditor
of the Company with respect to the Company’s obligation, if any, to issue Stock
pursuant to this Award Agreement. You shall not have voting or any other rights
as a stockholder of the Company with respect to the Stock acquired pursuant to
this Award Agreement until such Stock is issued to you pursuant to this Award
Agreement. Upon such issuance, you will obtain full voting and other rights as
a stockholder of the Company with respect to the Stock so issued. Nothing
contained in this Award Agreement, and no action taken pursuant to its
provisions, shall create or be construed to create a trust of any kind or a
fiduciary relationship between you and the Company or any other person.

 

11.          WITHHOLDING OBLIGATIONS.  Regardless of any action taken by the Company or the Participating
Company Group with respect to any or all income, employment, social insurance,
or payroll taxes, payment on account or other tax-related withholding (“Tax-Related Items”),
you acknowledge that the ultimate liability for all Tax-Related Items legally
due by you is and remains your responsibility and that the Company and
Participating Company Group (i) make no representations or undertakings
regarding the treatment of any Tax-Related Items in connection with any aspect
of your Award, the subsequent sale of shares acquired pursuant to this Award,
or the receipt of any dividends and (ii) do not commit to structure the
terms of the grant or any other aspect of your Award to reduce or eliminate
your liability for Tax-Related Items. At the time you vest in this Award, at
the time you receive a distribution of shares of Stock pursuant to this Award,
or at any other time as reasonably requested by the Company or the
Participating Company Group, you shall pay or make adequate arrangements
satisfactory to the Participating Company Group to satisfy all withholding
obligations of the Participating Company Group. In this regard, at the time you
vest in and/or receive a distribution of shares of Stock pursuant to this
Award, or at any other time as reasonably requested by the Company or the
Participating Company Group, you hereby authorize the withholding of that
number of whole vested shares otherwise deliverable to you pursuant to this
Award Agreement having a fair market value not in excess of the amount of the
Tax-Related Items determined by the applicable minimum statutory rates. In no
event may shares of Stock shall be withheld with a value exceeding the minimum
amount of tax required to be withheld by law. Finally, you shall pay to the
Company or Participating Company Group (as applicable) any amount of the
Tax-Related Items that the Company or the Participating Company Group may be
required to withhold as a result of your participation in the Plan that cannot
be satisfied by the means previously described. You expressly acknowledge and
agree that the Company may withhold from any compensation paid to you by the
Company in partial or full satisfaction of the withholdings contemplated by
this Section 11. The Company and the Participating Company Group shall
have no obligation to deliver shares of Stock until you have satisfied the
obligations in connection with the Tax-Related Items as described in this
section.

 

12.          NATURE OF AWARD. In accepting your Award, you acknowledge
that:

 

(a)            the Plan is established voluntarily by the
Company; it is discretionary in nature and it may be modified, amended,
suspended or terminated by the Company at any time, unless otherwise provided
in the Plan and this Award Agreement;

 

(b)            the grant of your Award is voluntary and
occasional and does not create any contractual or other right to receive future
grants of awards, or benefits in lieu of awards, even if awards have been
granted repeatedly in the past;

 

3

 

(c)           all decisions with respect to future Awards
under the Plan, if any, will be at the sole discretion of the Committee;

 

(d)           your participation in the Plan shall not
create a right to further employment or service with the Company or the
Participating Company Group and shall not interfere with any ability of the
Company or the Participating Company Group to terminate your employment or
service relationship at any time with or without cause;

 

(e)           you are voluntarily participating in the
Plan;

 

(f)            this Award is not part of normal or expected
compensation or salary for any purpose, including, but not limited to,
calculating any severance, resignation, termination, redundancy, end-of-service
payments, bonuses, long-service awards, pension or retirement benefits or
similar payments;

 

(g)           in the event that you are not an employee of
the Company, your Award will not be interpreted to form an employment contract
or relationship with the Company; and furthermore, your Award will not be
interpreted to form an employment contract with the other members of the
Participating Company Group;

 

(h)           the future value of the shares of Stock
subject to your Award is unknown and cannot be predicted with certainty; and

 

(i)            no claim or entitlement to compensation or
damages arises from termination of your Award or diminution in value of your
Award or shares of Stock issued pursuant to your Award resulting from
termination of your Service with the Company or the Participating Company Group
(for any reason whether or not in breach of applicable labor laws), and you
irrevocably release the Company and the Participating Company Group from any
such claim that may arise. If, notwithstanding the foregoing, any such claim is
found by a court of competent jurisdiction to have arisen then, by executing
the Grant Notice, you shall be deemed irrevocably to have waived your
entitlement to pursue such a claim.

 

13.          DELIVERY OF DOCUMENTS AND
NOTICES. Any document
relating to participating in the Plan or Program and/or notice required or
permitted hereunder shall be given in writing and shall be deemed effectively
given (except to the extent that this Award Agreement provides for
effectiveness only upon actual receipt of such notice) upon personal delivery,
electronic delivery, or upon deposit in the U.S. Post Office or foreign postal
service, by registered or certified mail, with postage and fees prepaid,
addressed to the other party at the e-mail address, if any, provided for you by
the Company or a Participating Company or at such other address as such party
may designate in writing from time to time to the other party.

 

(a)            Description of Electronic
Delivery. The Plan and Program documents, which may
include but do not necessarily include the Plan prospectus, Grant Notice, Award
Agreement and U.S. financial reports of the Company, may be delivered to you
electronically. Such means of delivery may include but do not necessarily
include the delivery of a link to a Company intranet or the internet site of a
third party involved in administering the Plan, the delivery of the document
via e-mail or such other delivery determined at the Committee’s discretion.

 

(b)            Consent to Electronic
Delivery. You acknowledge
that you have read Section 13 of this Award Agreement and consent to the
electronic delivery of the Plan and Program documents, as described in this Section 13.
You acknowledge that you may receive from the Company a paper copy of 

 

4

 

any documents delivered electronically at no cost if you contact the
Company by telephone, through a postal service or electronic mail at equity@adobe.com.
You further acknowledge that you will be provided with a paper copy of any
documents delivered electronically if electronic delivery fails; similarly, you
understand that you must provide the Company or any designated third party with
a paper copy of any documents delivered electronically if electronic delivery
fails. Also, you understand that your consent may be revoked or changed,
including any change in the electronic mail address to which documents are
delivered (if you have provided an electronic mail address), at any time by
notifying the Company of such revised or revoked consent by telephone, postal
service or electronic mail at equity@adobe.com. Finally, you understand that
you are not required to consent to electronic delivery.

 

14.          DATA PRIVACY CONSENT. You hereby explicitly and unambiguously consent to
the collection, use and transfer, in electronic or other form, of your personal
data as described in this document by and among the members of the
Participating Company Group for the exclusive purpose of implementing,
administering and managing your participation in the Plan and Program.

 

You understand that the Company and the Participating Company Group
hold certain personal information about you, including, but not limited to, your
name, home address and telephone number, date of birth, social insurance number
or other identification number, salary, nationality, job title, any shares of
Stock or directorships held in the Company, details of all awards or any other
entitlement to shares of Stock awarded, canceled, exercised, vested, unvested
or outstanding in your favor, for the purpose of implementing, administering
and managing the Plan and Program (“Data”). You understand that Data may
be transferred to any third parties assisting in the implementation,
administration and management of the Plan or Program, that these recipients may
be located in your country or elsewhere, and that the recipient’s country may
have different data privacy laws and protections than your country. You understand
that you may request a list with the names and addresses of any potential
recipients of the Data by contacting your local human resources representative.
You authorize the recipients to receive, possess, use, retain and transfer the
Data, in electronic or other form, for the purposes of implementing,
administering and managing your participation in the Plan, including any
requisite transfer of such Data as may be required to a broker or other third
party with whom you may elect to deposit any shares of Stock pursuant to this
Award. You understand that Data will be held only as long as is necessary to
implement, administer and manage your participation in the Plan. You understand
that you may, at any time, view Data, request additional information about the
storage and processing of Data, require any necessary amendments to Data or
refuse or withdraw the consents herein, in any case without cost, by contacting
in writing your local human resources representative. You understand, however,
that refusing or withdrawing your consent may affect your ability to
participate in the Plan. For more information on the consequences of your
refusal to consent or withdrawal of consent, you understand that you may
contact your local human resources representative.

 

15.          HEADINGS. The headings of the Sections in this Award
Agreement are inserted for convenience only and shall not be deemed to
constitute a part of this Award Agreement or to affect the meaning of this
Award Agreement.

 

16.                               MISCELLANEOUS.

 

(a)           The rights and obligations of the Company
under your Award shall be transferable to any one or more persons or entities,
and all covenants and agreements hereunder shall inure to the benefit of, and
be enforceable by the Company’s successors and assigns.

 

5

 

(b)           You agree upon request to execute any further
documents or instruments necessary or desirable in the sole determination of
the Company to carry out the purposes or intent of your Award.

 

(c)           You acknowledge and agree that you have
reviewed your Award in its entirety, have had an opportunity to obtain the
advice of counsel prior to executing and accepting your Award and fully
understand all provisions of your Award.

 

17.          GOVERNING PLAN DOCUMENT. Your Award is subject to all the provisions
of the Plan, which are hereby made a part of your Award, and is further subject
to all interpretations, amendments, rules and regulations which may from
time to time be promulgated and adopted pursuant to the Plan. In the event of any
conflict between the provisions of your Award and those of the Plan, the
provisions of the Plan shall control.

 

18.          APPLICABLE LAW AND VENUE.  This
Award Agreement shall be governed by the laws of the State of California as
such laws are applied to agreements between California residents entered into
and to be performed entirely within the State of California.  For purposes of litigating any dispute that
arises directly or indirectly from the relationship of the parties as evidenced
by this Award Agreement, the parties herby submit to and consent to the
jurisdiction of the State of California and agree that such litigation shall be
conducted only in the courts of Santa Clara County, California, or the federal
courts of the United States for the Northern District of California, and no
other courts, where this Award Agreement is made and/or performed.

 

6

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