Document:

Exhibit 10.20

ADOBE SYSTEMS INCORPORATED

AMENDED
1994 PERFORMANCE AND RESTRICTED STOCK PLAN

RESTRICTED STOCK UNIT GRANT NOTICE

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:

  	
   

  	
   

  
	
  Date of Grant:

  	
   

  	
   

  
	
  Vesting Commencement Date:

  	
   

  	
   

  
	
  Number of Restricted Stock Units:

  	
   

  	
   

  
	
  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 [___] of the
Restricted Stock Units on the [first (1st)
anniversary of the Vesting Commencement Date] and as to [___] of the Restricted
Stock Units [______________] thereafter, so that the Restricted Stock Units are
fully vested as [________________] 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 (i) awards previously granted to Participant under the
Plan, and (ii) the following agreements only:

	
  Other Agreements:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Adobe Systems Incorporated:

  	
   

  	
  Participant:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  

 

ATTACHMENTS:                         Award Agreement and Amended 1994 Performance
and Restricted Stock Plan

ATTACHMENT I

ADOBE SYSTEMS INCORPORATED

AMENDED 1994 PERFORMANCE AND RESTRICTED STOCK PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

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.

 1
 

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.

 2
 

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.

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 time thereafter as requested by the Company or the 

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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
receive a distribution of shares of Stock pursuant to this Award, or at any
time thereafter as 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;

(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

 4
 

(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 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.

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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.

(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 

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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.

 

 7Exhibit 10.21

ADOBE SYSTEMS INCORPORATED

2003
EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT GRANT NOTICE

Adobe Systems Incorporated (the “Company”),
pursuant to its 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:

  	
   

  	
   

  
	
  Date of Grant:

  	
   

  	
   

  
	
  Vesting Commencement Date:

  	
   

  	
   

  
	
  Number of Restricted Stock Units:

  	
   

  	
   

  
	
  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 [___] of the
Restricted Stock Units on the [first (1st)
anniversary of the Vesting Commencement Date] and as to [___] of the Restricted
Stock Units [______________] thereafter, so that the Restricted Stock Units are
fully vested as [________________] 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 (i) awards previously granted to Participant under the Plan,
and (ii) the following agreements only:

	
  Other Agreements:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Adobe Systems Incorporated:

  	
   

  	
  Participant:

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  

 

ATTACHMENTS:      Award Agreement and 2003 Equity
Incentive Plan

 1

ATTACHMENT I

ADOBE SYSTEMS INCORPORATED

2003
EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

Pursuant to the Grant Notice (“Grant Notice”) and this Award
Agreement (“Award Agreement”), Adobe
Systems Incorporated (the “Company”)
has awarded you, pursuant to its 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.

 1
 

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.

 2
 

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.

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 time thereafter as 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 receive a distribution of shares of Stock pursuant to
this Award, or at any time thereafter as requested by the Company or the 

 3
 

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;

(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

 4
 

(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 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.

 5
 

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.

(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 

 6
 

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.

 

 7

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