Document:

Exhibit 4.1

 

Execution Version

 

ADOBE INC.

Officer’s Certificate

February 3, 2020

 

Reference is made to the Indenture dated
as of January 25, 2010 (the “Indenture”) by and between Adobe Inc. (the “Issuer”) and
Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Trustee is the trustee for any and all
securities issued under the Indenture. Pursuant to Section 2.01 and Section 2.03 of the Indenture the undersigned officer
does hereby certify, in connection with the issuance of $500,000,000 aggregate principal amount of 1.700% Notes due 2023 (the “2023
Notes”), $500,000,000 aggregate principal amount of 1.900% Notes due 2025 (the “2025 Notes”), $850,000,000
aggregate principal amount of 2.150% Notes due 2027 (the “2027 Notes”) and $1,300,000,000 aggregate principal
amount of 2.300% Notes due 2030 (the “2030 Notes” and, together with the 2023 Notes, the 2025 Notes and the
2027 Notes, the “Notes”), that the terms of the Notes are as follows:

 

Capitalized terms used but not otherwise
defined herein shall have the meanings specified in the Indenture.

 

2023 Notes

 

	Title:	 	1.700% Notes due 2023
	 	 	 
	Issuer:	 	Adobe Inc.
	 	 	 
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	 	Wells Fargo Bank, National Association
	 	 	 
	Aggregate Principal Amount at Maturity:	 	$500,000,000
	 	 	 
	Principal Payment Date:	 	February 1, 2023
	 	 	 
	Interest:	 	1.700% per annum
	 	 	 
	Date from which Interest will Accrue:	 	February 3, 2020
	 	 	 
	Interest Payment Dates:	 	February 1 and August 1, commencing on August 1, 2020
	 	 	 
	Redemption:	 	Prior to the maturity date of the 2023 Notes, the Issuer may at its option redeem the 2023 Notes at any time in whole or from time to time in part, on at least 10 days, but not more than 60 days, prior notice mailed or sent to each holder of such 2023 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:

 

    

     

    

 

	 	 	(i)        100% of the principal amount of the 2023 Notes being redeemed; and
	 	 	 
	 	 	
        (ii)       the sum
of the present values of the remaining scheduled payments of principal and interest on the 2023 Notes to be redeemed, exclusive
of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at a rate equal to the Treasury Rate (as defined in the 2023 Notes) plus 5
basis points,

         

        plus, in each case, accrued and unpaid interest thereon to, but excluding, the date of redemption.

	 	 	 
	Change of Control Triggering Event:	 	Upon the occurrence of a Change of Control Triggering Event (as defined in the form of 2023 Notes attached hereto as Exhibit A), unless the Issuer has exercised its right to redeem the 2023 Notes as described above, the Issuer will be required to make an offer to purchase the 2023 Notes at a price equal to 101% of their principal amount plus accrued and unpaid interest, if any, to, but excluding, the date of purchase.
	 	 	 
	Conversion:	 	None
	 	 	 
	Sinking Fund:	 	None
	 	 	 
	Denominations:	 	$2,000 and multiples of $1,000 thereafter
	 	 	 
	Miscellaneous:	 	The terms of the 2023 Notes shall include such other terms as are set forth in the form of 2023 Notes attached hereto as Exhibit A and in the Indenture.

 

2025 Notes

 

	Title:	 	1.900% Notes due 2025
	 	 	 
	Issuer:	 	Adobe Inc.

 

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	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	 	Wells Fargo Bank, National Association
	 	 	 
	Aggregate Principal Amount at Maturity:	 	$500,000,000
	 	 	 
	Principal Payment Date:	 	February 1, 2025
	 	 	 
	Interest:	 	1.900% per annum
	 	 	 
	Date from which Interest will Accrue:	 	February 3, 2020
	 	 	 
	Interest Payment Dates:	 	February 1 and August 1, commencing on August 1, 2020
	 	 	 
	Redemption:	 	Prior to January 1, 2025, the Issuer may at its option redeem the 2025 Notes at any time in whole or from time to time in part, on at least 10 days, but not more than 60 days, prior notice mailed or sent to each holder of such 2025 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:
	 	 	 
	 	 	(i)        100% of the principal amount of the 2025 Notes being redeemed; and
	 	 	 
	 	 	(ii)       the sum of the present values of the remaining scheduled payments of principal and interest on the 2025 Notes to be redeemed (assuming that such notes matured on January 1, 2025), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the Treasury Rate (as defined in the 2025 Notes) plus 7.5 basis points,

                                    

                                   plus, in each case, accrued and unpaid interest thereon to, but excluding, the date of redemption.

	 	 	 
	 	 	On or after January 1, 2025, the Issuer may at its option redeem the 2025 Notes, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the 2025 Notes being redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

 

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	Change of Control Triggering Event:	 	Upon the occurrence of a Change of Control Triggering Event (as defined in the form of 2025 Notes attached hereto as Exhibit B), unless the Issuer has exercised its right to redeem the 2025 Notes as described above, the Issuer will be required to make an offer to purchase the 2025 Notes at a price equal to 101% of their principal amount plus accrued and unpaid interest, if any, to, but excluding, the date of purchase.
	 	 	 
	Conversion:	 	None
	 	 	 
	Sinking Fund:	 	None
	 	 	 
	Denominations:	 	$2,000 and multiples of $1,000 thereafter
	 	 	 
	Miscellaneous:	 	The terms of the 2025 Notes shall include such other terms as are set forth in the form of 2025 Notes attached hereto as Exhibit B and in the Indenture.

 

2027 Notes

 

	Title:	 	2.150% Notes due 2027
	 	 	 
	Issuer:	 	Adobe Inc.
	 	 	 
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	 	Wells Fargo Bank, National Association
	 	 	 
	Aggregate Principal Amount at Maturity:	 	$850,000,000
	 	 	 
	Principal Payment Date:	 	February 1, 2027
	 	 	 
	Interest:	 	2.150% per annum
	 	 	 
	Date from which Interest will Accrue:	 	February 3, 2020
	 	 	 
	Interest Payment Dates:	 	February 1 and August 1, commencing on August 1, 2020
	 	 	 
	Redemption:	 	Prior to December 1, 2026, the Issuer may at its option redeem the 2027 Notes at any time in whole or from time to time in part, on at least 10 days, but not more than 60 days, prior notice mailed or sent to each holder of such 2027 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:

 

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	 	 	(i)        100% of the principal amount of the 2027 Notes being redeemed; and
	 	 	 
	 	 	(ii)       the sum of the present values of the remaining scheduled payments of principal and interest on the 2027 Notes to be redeemed (assuming that such notes matured on December 1, 2026), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the Treasury Rate (as defined in the 2027 Notes) plus 10 basis points,
	 	 	 
	 	 	plus, in each case, accrued and unpaid interest thereon to, but excluding, the date of redemption.

                                    

                                   On or after December 1, 2026, the Issuer may at its option redeem the 2027 Notes, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the 2027 Notes being redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

	 	 	 
	Change of Control Triggering Event:	 	Upon the occurrence of a Change of Control Triggering Event (as defined in the form of 2027 Notes attached hereto as Exhibit C), unless the Issuer has exercised its right to redeem the 2027 Notes as described above, the Issuer will be required to make an offer to purchase the 2027 Notes at a price equal to 101% of their principal amount plus accrued and unpaid interest, if any, to, but excluding, the date of purchase.
	 	 	 
	Conversion:	 	None
	 	 	 
	Sinking Fund:	 	None
	 	 	 
	Denominations:	 	$2,000 and multiples of $1,000 thereafter

 

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	Miscellaneous:	 	The terms of the 2027 Notes shall include such other terms as are set forth in the form of 2027 Notes attached hereto as Exhibit C and in the Indenture.

 

2030 Notes

 

	Title:	 	2.300% Notes due 2030
	 	 	 
	Issuer:	 	Adobe Inc.
	 	 	 
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	 	Wells Fargo Bank, National Association
	 	 	 
	Aggregate Principal Amount at Maturity:	 	$1,300,000,000
	 	 	 
	Principal Payment Date:	 	February 1, 2030
	 	 	 
	Interest:	 	2.300% per annum
	 	 	 
	Date from which Interest will Accrue:	 	February 3, 2020
	 	 	 
	Interest Payment Dates:	 	February 1 and August 1, commencing on August 1, 2020
	 	 	 
	Redemption:	 	Prior to November 1, 2029, the Issuer may at its option redeem the 2030 Notes at any time in whole or from time to time in part, on at least 10 days, but not more than 60 days, prior notice mailed or sent to each holder of such 2030 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:
	 	 	 
	 	 	(i)        100% of the principal amount of the 2030 Notes being redeemed; and
	 	 	 
	 	 	(ii)       the sum of the present values of the remaining scheduled payments of principal and interest on the 2030 Notes to be redeemed (assuming that such notes matured on November 1, 2029), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the Treasury Rate (as defined in the 2030 Notes) plus 10 basis points,

                                    

                                   plus, in each case, accrued and unpaid interest thereon to, but excluding, the date of redemption.  

                                    

                                   On or after November 1, 2029, the Issuer may at its option redeem the 2030 Notes, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

 

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	Change of Control Triggering Event:	 	Upon the occurrence of a Change of Control Triggering Event (as defined in the form of 2030 Notes attached hereto as Exhibit D), unless the Issuer has exercised its right to redeem the 2030 Notes as described above, the Issuer will be required to make an offer to purchase the 2030 Notes at a price equal to 101% of their principal amount plus accrued and unpaid interest, if any, to, but excluding, the date of purchase.
	 	 	 
	Conversion:	 	None
	 	 	 
	Sinking Fund:	 	None
	 	 	 
	Denominations:	 	$2,000 and multiples of $1,000 thereafter
	 	 	 
	Miscellaneous:	 	The terms of the 2030 Notes shall include such other terms as are set forth in the form of 2030 Notes attached hereto as Exhibit D and in the Indenture.

 

Solely with respect to the Notes, Section
3.06 of the Indenture shall be amended and restated as follows:

 

“Section 3.06. Limitation on Liens.
(a) With respect to each series of Notes, the Issuer will not create or incur any Lien on any of its Principal Properties, whether
now owned or hereafter acquired, in order to secure any of its Indebtedness, without effectively providing that such series of
Notes shall be equally and ratably secured until such time as such Indebtedness is no longer secured by such Lien, except:

 

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		(1)	Liens existing as of the closing date of the offering of the Notes;
	 	 	 

		(2)	Liens granted after the closing date of the offering of the Notes, created in favor of the holders of the Notes or other series
of notes under the Indenture;
	 	 	 

		(3)	Liens securing the Issuer’s Indebtedness which are incurred to extend, renew or refinance Indebtedness which is secured
by Liens permitted to be incurred under the Indenture (including Permitted Liens) so long as such Liens are limited to all or part
of substantially the same Principal Property which secured the Liens extended, renewed or replaced and the amount of Indebtedness
secured is not increased (other than by the amount equal to any costs and expenses (including any premiums, fees or penalties)
incurred in connection with any extension, renewal or refinancing); and
	 	 	 

		(4)	Permitted Liens.

 

(b)       Notwithstanding
the foregoing, the Issuer may, without securing any series of Notes, create or incur Liens which would otherwise be subject to
the restrictions set forth in the preceding paragraph, if after giving effect thereto, Aggregate Debt does not exceed the greater
of (i) 15% of Consolidated Net Worth calculated as of the date of the creation or incurrence of the Lien and (ii) 15% of Consolidated
Net Worth calculated as of the date of issuance of the Notes.”

 

Solely with respect to the Notes, Section
3.07 of the Indenture shall be amended and restated as follows:

 

“Section 3.07. Limitation on Sale
and Lease-Back Transactions. (a) With respect to each series of Notes, the Issuer will not enter into any sale and lease-back
transaction for the sale and leasing back of any Principal Property, whether now owned or hereafter acquired, unless:

 

		(1)	such transaction was entered into prior to the issuance of the Notes;
	 	 	 

		(2)	such transaction was for the sale and leasing back to the Issuer or any of its Subsidiaries of any Principal Property by the
Issuer or one of its Subsidiaries;
	 	 	 

		(3)	such transaction involves a lease for less than three years;
	 	 	 

		(4)	the Issuer would be entitled to incur Indebtedness secured by a mortgage on the Principal Property to be leased in an amount
equal to the Attributable Liens with respect to such sale and lease-back transaction without equally and ratably securing such
series of Notes pursuant to clause (a) of Section 3.06 above; or
	 	 	 

		(5)	the Issuer applies an amount equal to the fair value of the Principal Property sold to the purchase of Property or to the retirement
of its long-term Indebtedness within 365 days of the effective date of any such sale and lease-back transaction. In lieu of
applying such amount to such retirement, the Issuer may deliver debt securities to the Trustee under the applicable indenture therefor
for cancellation, such debt securities to be credited at the cost thereof to the Issuer.

 

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(b)        Notwithstanding
the foregoing, the Issuer may enter into any sale and lease-back transaction which would otherwise be subject to the foregoing
restrictions if after giving effect thereto and at the time of determination, Aggregate Debt does not exceed the greater of (i)
15% of Consolidated Net Worth calculated as of the closing date of the sale and lease-back transaction and (ii) 15% of Consolidated
Net Worth calculated as of the date of issuance of the Notes.”

 

Solely with respect to the Notes, the first
paragraph of Section 4.01 of the Indenture shall be amended and restated as follows:

 

“Section
4.01. Event of Default; Acceleration of Maturity; Waiver
of Default. 

 

An
 “Event of Default” under each series of Notes means the
occurrence of one or more of the following events (whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body):

 

		(1)	default in the payment of any installment of interest upon the Notes
of the applicable series as and when the same shall become due and payable, and continuance of such default for a period of 30
days or more;
	 	 	 

		(2)	default in the payment of the principal, or premium, or sinking fund installment, if any, on the Notes of the applicable series
as and when the same shall become due and payable either at maturity,
upon redemption, by declaration or otherwise;
	 	 	 

		(3)	default in the performance, or breach, of any covenant in the officer's certificate or indenture governing the applicable series
of Notes (other than defaults specified in clause (1) or (2) above), and
continuance of such default or breach for a period of 90 days or more after the Issuer receives written notice from the
Trustee or the Issuer and the Trustee receive notice from the Holders of at least 25% in aggregate principal amount of the Notes
of the applicable series affected that is then outstanding (all such series voting together as a single class) thereby, specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder;
	 	 	 

		(4)	a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in an involuntary
case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for any substantial part of its Property or
ordering the winding up or liquidation of the affairs of the Issuer, and such decree or order shall remain unstayed and in effect
for a period of 60 consecutive days; or
	 	 	 

		(5)	the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer
or for any substantial part of its Property, or make any general assignment for the benefit of creditors.”

 

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Solely with respect to the Notes, Section
3.09 of the Indenture shall be amended and restated as follows:

 

“Section 3.09. Certain Definitions.
As used in Sections 3.06 and 3.07 of the Indenture, the following terms have the meanings set forth below.

“Aggregate Debt” means the sum
of the following as of the date of determination:

 

		(1)	the aggregate principal amount of the Issuer’s Indebtedness incurred after the closing date of the offering and secured
by Liens not permitted by clause (a) of Section 3.06; and
	 	 	 

		(2)	the Issuer’s Attributable Liens in respect of sale and lease-back transactions entered into after the closing date of
the offering pursuant to clause (b) of Section 3.07.
	 	 	 

“Attributable Liens” means in
connection with a sale and lease-back transaction the lesser of:

 

		(1)	the fair market value of the assets subject to such transaction (as determined in good faith by the Issuer’s Board of
Directors); and
	 	 	 

		(2)	the present value (discounted at a rate per annum equal to the average interest borne by all Outstanding notes issued under
the Indenture (which may include notes in addition to the series of notes currently outstanding under the Indenture and the Notes)
determined on a weighted average basis and compounded semi-annually) of the obligations of the lessee for rental payments during
the term of the related lease.
	 	 	 

“Consolidated Net Worth” means,
as of any date of determination, the Stockholders’ Equity of the Issuer and its Consolidated Subsidiaries on that date.

 

“Consolidated Subsidiary” means,
as of any date of determination and with respect to any Person, any Subsidiary of that Person whose financial data is, in accordance
with GAAP, reflected in that Person’s consolidated financial statements.

 

“Consolidated Total Assets”
means, as of any date of determination, total assets as reflected on the most recent consolidated balance sheet available to the
Issuer prepared in accordance with GAAP on that date.

 

“Finance Lease” means any Indebtedness
represented by a lease obligation of a Person incurred with respect to real property or equipment acquired or leased by such Person
and used in its business that is required to be recorded as a finance lease in accordance with GAAP.

 

“GAAP” means generally accepted
accounting principles set forth in the opinions and pronouncements of the Public Company Accounting Oversight Board (United States)
and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination.

 

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“Hedging Obligations” means,
with respect to any specified Person, the obligations of such Person under:

 

		(1)	interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and
interest rate collar agreements;
	 	 	 

		(2)	other agreements or arrangements designed to manage interest rates or interest rate risk;
	 	 	 

		(3)	other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity
prices; and
	 	 	 

		(4)	other agreements or arrangements designed to protect such person against fluctuations in equity prices.

 

“Indebtedness” of any specified
Person means, without duplication, any indebtedness, whether or not contingent, in respect of borrowed money or evidenced by bonds,
notes, debentures or similar instruments or letters of credit (or reimbursement agreements with respect thereto), except any such
balance that constitutes an accrued expense or trade payable, if and to the extent any of the foregoing indebtedness would appear
as a liability upon an unconsolidated balance sheet of such Person (but does not include contingent liabilities which appear only
in a footnote to a balance sheet).

 

“Lien” means any lien, security
interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement).

 

“Non-recourse Obligation”
means Indebtedness or other obligations substantially related to (1) the acquisition of assets not previously owned by the
Issuer or any of its direct or indirect Subsidiaries or (2) the financing of a project involving the development or expansion
of the properties of the Issuer or any of its direct or indirect Subsidiaries, as to which the obligee with respect to such Indebtedness
or obligation has no recourse to the Issuer or any of its direct or indirect Subsidiaries or such Subsidiary’s assets other
than the assets which were acquired with the proceeds of such transaction or the project financed with the proceeds of such transaction
(and the proceeds thereof).    

 

“Permitted Liens” means:

 

		(1)	Liens on any of the Issuer’s assets, created solely to secure obligations incurred to finance the refurbishment, improvement
or construction of such asset, which obligations are incurred no later than 18 months after completion of such refurbishment,
improvement or construction, and all renewals, extensions, refinancings, replacements or refundings of such obligations;

 

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		(2)	(a) Liens given to secure the payment of the purchase price incurred in connection with the acquisition (including acquisition
through merger or consolidation) of Property, including Finance Lease transactions in connection with any such acquisition, and
(b) Liens existing on Property at the time of acquisition thereof or at the time of acquisition by the Issuer or any of its
Subsidiaries, or merger with or acquisition of, any Person then owning such Property whether or not such existing Liens were given
to secure the payment of the purchase price of the Property to which they attach; provided that, with respect to clause (a),
the Liens shall be given within 18 months after such acquisition and shall attach solely to the Property acquired or purchased
and any improvements then or thereafter placed thereon;
	 	 	 

		(3)	Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection
with the importation of goods;
	 	 	 

		(4)	Liens for taxes not yet due or that are being contested in good faith by appropriate proceedings, provided that adequate reserves
with respect thereto are maintained on the Issuer’s books as required by GAAP;
	 	 	 

		(5)	Liens securing reimbursement obligations with respect to letters of credit that encumber documents and other Property relating
to such letters of credit and the products and proceeds thereof;
	 	 	 

		(6)	Liens encumbering customary initial deposits and margin deposits and other Liens in the ordinary course of business, in each
case securing Hedging Obligations and forward contracts, options, futures contracts, futures options, equity hedges or similar
agreements or arrangements designed to protect the Issuer from fluctuations in interest rates, currencies, equities or the price
of commodities;
	 	 	 

		(7)	Liens incurred to secure cash or investment management or custodial services in the ordinary course of business or on insurance
policies and the proceeds thereof securing the financing of the premiums with respect thereto;
	 	 	 

		(8)	Liens in favor of the Issuer;
	 	 	 

		(9)	inchoate Liens incident to construction or maintenance of real property, or Liens incident to construction or maintenance of
real property, now or hereafter filed of record for sums not yet delinquent or being contested in good faith, if reserves or other
appropriate provisions, if any, as shall be required by GAAP shall have been made therefor;
	 	 	 

		(10)	statutory Liens arising in the ordinary course of business with respect to obligations which are not delinquent by more than
90 days or are being contested in good faith, if reserves or other appropriate provisions, if any, as shall be required by GAAP
shall have been made therefor;

 

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		(11)	Liens arising out of judgments or awards against the Issuer or its Subsidiaries with respect to which the Issuer or its Subsidiaries
shall then be proceeding with an appeal or other proceedings for review and Liens arising solely by virtue of any statutory or
common law provision relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit
accounts or other funds maintained with a creditor depository institution;
	 	 	 

		(12)	Liens consisting of pledges or deposits to secure obligations or obtain any benefits under workers’ compensation laws
and unemployment insurance, old age pensions, social security or similar matters or legislation, including Liens of judgments thereunder
which are not currently dischargeable, or deposits in connection with obtaining or maintaining self-insurance;       
	 	 	 

		(13)	Liens consisting of pledges or deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness),
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary
course of business;
	 	 	 

		(14)	Liens consisting of deposits of Property to secure the Issuer’s statutory obligations in the ordinary course of its business;
	 	 	 

		(15)	Liens created in connection with a project financed with, and created to secure, a Non-recourse Obligation;
	 	 	 

		(16)	Liens on Property in favor of the United States of America or any state thereof, or in favor of any other country, or any department,
agency, instrumentality or political subdivision thereof (including, without limitation, security interests to secure Indebtedness
of the pollution control or industrial revenue type) in order to permit the Issuer or any of its Subsidiaries to perform a contract
or to secure Indebtedness incurred for the purpose of financing all or any part of the purchase price for the cost of constructing
or improving the Property subject to such security interests or which is required by law or regulation as a condition to the transaction
of any business or the exercise of any privilege, franchise or license;
	 	 	 

		(17)	Liens incurred in connection with pollution control, industrial revenue or similar financings;
	 	 	 

		(18)	Liens on Property incurred in connection with any transaction permitted under Section 3.07 which shall not be in addition to
any basket provided in the last paragraph of such covenant; and
	 	 	 

		(19)	Liens created in substitution of any Liens permitted by clauses (1) through (18) above, or pursuant to clauses (1) through
(4) of clause (a) of Section 3.06 above; provided that, (a) based on a good faith determination of the Board of
Directors of the Issuer, the Principal Property encumbered by such substitute or replacement Lien is substantially similar in nature
to the Principal Property encumbered by the otherwise permitted Lien that is being replaced, and (b) the Indebtedness secured
by such Lien at such time is not increased (other than by an amount equal to any related financing costs (including, but not limited
to, the accrued interest, fees, penalties and premium, if any, on the Indebtedness being refinanced)).

 

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“Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization,
or any other entity, including any government or any agency or political subdivision thereof.

 

“Principal Property” means the
land, improvements, buildings and fixtures that is real property located within the territorial limits of the United States (including
its territories and possessions and Puerto Rico) owned or leased by the Issuer and having a net book value which, on the date of
determination as to whether a Property is a Principal Property is being made, exceeds 1% of Consolidated Total Assets, other than
its principal corporate offices or primary campuses (it being understood that as of the date of the issuance of the Notes, its
campus located in San Jose, California comprises its principal corporate office and primary campus).

 

“Property” means any property
or asset, whether real, personal or mixed, or tangible or intangible, including shares of capital stock.

 

“Stockholders’ Equity”
means, as of any date of determination, stockholders’ equity as reflected on the most recent consolidated balance sheet available
to the Issuer prepared in accordance with GAAP.

 

“Subsidiary” of any specified
Person means any corporation, limited liability company, limited partnership, association or other business entity of which more
than 50% of the total voting power of shares of capital stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by
such person or one or more of the other Subsidiaries of that person or a combination thereof.

 

Subject to the representations, warranties
and covenants described in the Indenture, as amended or supplemented from time to time, the Issuer shall be entitled, subject to
authorization by the Board of Directors of the Issuer and an Officer’s Certificate, to issue additional notes from time to
time under each series of Notes issued hereby. Any such additional notes shall have identical terms as the applicable series of
Notes issued on the issue date, other than with respect to the date of issuance, the issue price, the payment of interest accrued
prior to the issue date of such additional notes and the first payment of interest following the issue date of such additional
notes; provided that such additional notes are fungible with the applicable series of Notes for U.S. federal income tax purposes
(together the “Additional Notes”). Any Additional Notes will be issued in accordance with Section 2.03
of the Indenture.

 

Such Officer has read and understands the
provisions of the Indenture and the definitions relating thereto. The statements made in this Officer’s Certificate are based
upon the examination of the provisions of the Indenture and upon the relevant books and records of the Issuer. In such Officer’s
opinion, such Officer has made such examination or investigation as is necessary to enable such Officer to express an informed
opinion as to whether or not the covenants and conditions of such Indenture relating to the issuance and authentication of the
Notes have been complied with. In such Officer’s opinion, such covenants and conditions have been complied with.

 

    14

     

    

 

IN WITNESS WHEREOF, the undersigned officer
of the Issuer has duly executed this certificate as of the date first set forth above.

 

	 	ADOBE INC.
	 	 
	 	By:	/s/ John Murphy
	 	 	Name:	John Murphy
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature page to Officer’s Certificate pursuant to
the Indenture]

 

     

     

    

 

EXHIBIT A

 

[FORM OF NOTES DUE 2023]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

 

TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

     

     

    

 

ADOBE INC.

1.700% Notes due 2023

 

	No. 1	 	CUSIP No.: 00724P AA7
	 	 	ISIN No.: US00724PAA75
	 	 	 
	 	 	$[●],000,000

 

ADOBE INC., a Delaware corporation (the
 “Issuer”), for value received promises to pay to CEDE & CO. or registered assigns the principal sum of [●]
MILLION DOLLARS on February 1, 2023.

 

Interest Payment Dates: February 1 and August
1 (each, an “Interest Payment Date”), commencing on August 1, 2020.

 

Interest Record Dates: January 15 and July
15 (each, an “Interest Record Date”).

 

Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

 

IN WITNESS WHEREOF, the Issuer has caused
this Note to be signed manually or by facsimile by its duly authorized officer.

 

	 	ADOBE INC.
	 	 
	 	By:	 
	 	 	Name:	John Murphy
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

	[Seal of Adobe Inc.]	 
	 	 
	Attest:	 
	 	 
	By:	 	 
	 	Name:	[●]	 
	 	Title:	[●]	 
	 	 	 	 

 

     

     

    

 

This is one of the Notes of the
series designated herein and referred to in the within-mentioned Indenture.

 

Dated: February 3, 2020

 

	 	WELLS FARGO BANK,
	 	NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    -2-

     

    

 

(REVERSE OF NOTE)

 

ADOBE INC.

1.700% Notes due 2023

1.                 
Interest.

 

Adobe Inc. (the “Issuer”)
promises to pay interest on the principal amount of this Note at the rate per annum described above. Cash interest on the Notes
will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from February 3, 2020.
Interest on this Note will be paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually
in arrears on each Interest Payment Date, commencing August 1, 2020. Interest will be computed on the basis of a 360-day year consisting
of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code.

 

The Issuer shall pay interest on overdue
principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to
any applicable grace periods) to the extent lawful.

 

2.                 
Paying Agent.

 

Initially, Wells Fargo Bank, National Association
(the “Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders.

 

3.                 
Indenture; Defined Terms.

 

This Note is one of the 1.700% Notes due
2023 (the “Notes”) issued under an indenture dated as of January 25, 2010 (the “Base Indenture”)
by and between the Issuer and the Trustee, and established pursuant to an Officer’s Certificate dated February 3, 2020, issued
pursuant to Section 2.01 and Section 2.03 thereof (together, the “Indenture”). This Note is a “Security”
and the Notes are “Securities” under the Indenture.

 

For purposes of this Note, unless otherwise
defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb)
(the “TIA”) as in effect on the date on which the Indenture was qualified under the TIA. Notwithstanding anything
to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA
for a statement of them. To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall
govern.

 

4.                 
Denominations; Transfer; Exchange.

 

The Notes are in registered form, without
coupons, in denominations of $2,000 and multiples of $1,000 thereafter. A Holder shall register the transfer or exchange of Notes
in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted
by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for
a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange
of any Note selected for redemption in whole or in part.

 

    -3-

     

    

 

5.                 
Amendment; Supplement; Waiver.

 

Subject to certain exceptions, the Notes
and the provisions of the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default
or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate
principal amount of all series of Outstanding Securities (including the Notes) under the Indenture that are affected by such amendment,
supplement or waiver (voting together as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, omission, defect or inconsistency or comply
with any requirements of the Commission in connection with the qualification of the Indenture under the TIA, or make any other
change that does not adversely affect the rights of any Holder of a Note in any material respect.

 

6.                 
Redemption.

 

Prior to the maturity date of the Notes,
the Issuer may at its option redeem any of the Notes at any time in whole or from time to time in part, each at a redemption price
calculated by the Issuer equal to the greater of:

 

(i)           
100% of the principal amount of the Notes to be redeemed; and

 

(ii)           
the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed, exclusive
of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at a rate equal to the Treasury Rate (as defined below) plus 5 basis points,
plus, in each case, accrued and unpaid interest thereon to, but excluding, the date of redemption.

 

Notwithstanding the foregoing, installments
of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable
on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the
Notes and the Indenture.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term
of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

 

    -4-

     

    

 

“Comparable Treasury Price”
means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference
Treasury Dealer Quotation is received, such quotation.

 

“Quotation Agent” means
the Reference Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer”
means (i) BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and a Primary Treasury Dealer (as defined
below) selected by U.S. Bancorp Investments, Inc. (or their respective affiliates that are Primary Treasury Dealers) and their
respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer
in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer,
and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business
day preceding such redemption date.

 

“Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such redemption date.

 

Notice of any redemption will be mailed
or sent at least 10 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed. Unless
the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the
Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall
be selected by lot by the Depositary, in the case of Notes represented by a Global Note, or by the Trustee by a method the Trustee
deems to be fair and appropriate, in the case of Notes that are not represented by a Global Note.

 

7.                 
Change of Control Triggering Event.

 

If a Change of Control Triggering Event
(as defined below) occurs, unless the Issuer shall have exercised its right to redeem the Notes as described above, the Issuer
shall be required to make an offer to each Holder of Notes to purchase all or any part (equal to $2,000 or an integral multiple
of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal
amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders
of record on the relevant record date to receive interest due on the relevant interest payment date); provided that after giving
effect to the purchase, any Notes that remain outstanding shall have a denomination of $2,000 and integral multiples of $1,000
above that amount.

 

    -5-

     

    

 

Within 30 days following the date upon which
the Change of Control Triggering Event has occurred or, at the Issuer’s option, prior to any Change of Control (as defined
below), but after the public announcement of the transaction that constitutes or may constitute the Change of Control, except to
the extent that the Issuer shall have exercised its right to redeem the Notes pursuant to Section 6 hereof, the Issuer shall
mail or send a notice (a “Change of Control Offer”) to each Holder with a copy to the Trustee describing the transaction
or transactions that constitute or may constitute a Change of Control Triggering Event and offering to purchase Notes on the date
specified in the notice, which date will be no earlier than 30 days nor later than 60 days from the date such notice is mailed
or sent (other than as may be required by law) (such date, the “Change of Control Payment Date”). The notice will,
if mailed or sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned
on the Change of Control being consummated on or prior to the Change of Control Payment Date specified in the notice.

 

On the Change of Control Payment Date, the
Issuer shall, to the extent lawful:

 

		·	accept for payment all Notes or portions of the Notes properly tendered pursuant to the Change of Control Offer;
		·	deposit with the paying agent prior to 10:00 a.m. New York City time an amount equal to the change of control payment in respect
of all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; and
		·	deliver or cause to be delivered to the Trustee the Notes properly accepted together with an officer’s certificate stating
the aggregate principal amount of Notes or portions of Notes being purchased.

 

The Trustee shall promptly mail, or cause
the paying agent to promptly mail, to each Holder of Notes so tendered the payment for such Notes, and the Trustee shall promptly
authenticate and mail (or cause to be transferred by book entry) to each holder a new Note equal in principal amount to any unpurchased
portion of the Notes surrendered, if any.

 

The Issuer shall comply, to the extent applicable,
with the requirements of Rule 14(e)-1 of the Exchange Act and any other securities laws or regulations in connection with the purchase
of Notes pursuant to a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations
conflict with the terms described in the Notes, the Issuer shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations by virtue thereof.

 

Holders of Notes electing to have Notes
purchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled “Purchase
Exercise Notice Upon a Change of Control Triggering Event” on the reverse of the Note completed, to the paying agent at the
address specified in the notice, or transfer their Notes to the paying agent by book-entry transfer pursuant to the applicable
procedures of DTC, prior to the close of business on the third business day prior to the Change of Control Payment Date.

 

    -6-

     

    

 

The Issuer shall not be required to make
a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the
requirements for an offer made by the Issuer and such third party purchases all Notes properly tendered and not withdrawn under
its offer.

 

In addition, the Issuer shall not purchase
any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture,
other than a default in the payment of the change of control payment upon a Change of Control Triggering Event.

 

If Holders of not less than 95% in aggregate
principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer,
or any third party making a Change of Control Offer in lieu of the Issuer, as described above, purchases all of the Notes validly
tendered and not withdrawn by such Holders, the Issuer shall have the right, upon not less than 30 nor more than 60 days’
prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem
all Notes that remain outstanding following such purchase at a redemption price in cash equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, if any, to, but excluding, the date of redemption (subject to the right of Holders of record
on a record date to receive interest on the relevant interest payment date).

 

For purposes of the Change of Control Offer
provisions of the Notes, the following definitions are applicable:

 

“Change of Control” means the
occurrence of any one of the following:

 

(a)              
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the Issuer’s assets and the assets of the Issuer’s
subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other
than to the Issuer or one of its subsidiaries;

 

(b)              
the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that
any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Issuer’s outstanding
Voting Stock, measured by voting power rather than number of shares;

 

(c)              
the Issuer consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into,
the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Stock or the outstanding
Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Issuer’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction;
or

 

(d)              
the adoption of a plan relating to the Issuer’s liquidation or dissolution.

 

Notwithstanding the foregoing, a transaction
will not be considered to be a Change of Control if (a) the Issuer becomes a direct or indirect wholly owned subsidiary of
a holding company and (b) immediately following that transaction, (1) the direct or indirect holders of the Voting Stock
of the holding company are substantially the same as the holders of the Issuer’s Voting Stock immediately prior to that transaction
or (2) no person or group is the beneficial owner, directly or indirectly, of more than a majority of the total voting power
of the Voting Stock of the holding company.

 

    -7-

     

    

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Ratings Event.

 

“Investment Grade” means a rating
of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); a rating of BBB- or
better by S&P (or its equivalent under any successor rating category of S&P); and the equivalent investment grade rating
from any replacement Rating Agency or Agencies appointed by the Issuer.

 

“Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agency” means each of
Moody’s and S&P; provided, that if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available, the Issuer shall appoint a replacement for such Rating Agency that is a “nationally recognized
statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act.

 

“Ratings Event” means the Notes
cease to be rated Investment Grade by each of the Rating Agencies on any day during the period (the “Trigger Period”)
commencing on the date 60 days prior to the first public announcement by the Issuer of any Change of Control (or pending Change
of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended for so long
as the rating of the Notes is under publicly announced consideration for a possible downgrade by either of the Rating Agencies).

 

“S&P” means S&P Global
Ratings, a division of S&P Global Inc., and its successors.

 

“Voting Stock” of any specified
person as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of
the Board of Directors of such person.

 

8.                 
Defaults and Remedies.

 

If an Event of Default (other than certain
bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing,
then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by
written notice, require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all
accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes will automatically become due immediately and payable without any declaration
or other act on the part of the Trustee or any Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided
in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably
requires. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal
amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of Notes notice of certain continuing defaults or Events of Default if it determines that withholding notice is in their
interest.

 

    -8-

     

    

 

9.                 
Authentication.

 

This Note shall not be valid until the Trustee
manually signs the certificate of authentication on this Note.

 

10.             
Abbreviations and Defined Terms.

 

Customary abbreviations may be used in the
name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN
(= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act).

 

11.             
CUSIP Numbers.

 

Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes
as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes
and reliance may be placed only on the other identification numbers printed hereon.

 

12.             
Governing Law.

 

The laws of the State of New York shall
govern the Indenture and this Note thereof.

 

    -9-

     

    

 

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

		 

(Print or type assignee’s
name, address and zip code)

 

		 

(Insert assignee’s soc. sec. or tax
I.D. No.)

 

and irrevocably appoint                                      agent to transfer
this Note on the books of the Issuer. The agent may substitute another to act for him.

 

	 

 

	Date:	 	 	Your Signature:	 

 

	 

Sign exactly as your name appears on the
other side of this Note.

 

	 	 
		Signature

 

Signature Guarantee:

		 	 
	Signature must be guaranteed	 	Signature

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the United States Securities
Exchange Act of 1934, as amended.

 

     

     

    

 

SCHEDULE OF EXCHANGES OF NOTES

 

The following exchanges of a part of this
Global Note for Physical Notes or a part of another Global Note have been made:

 

	Date of Exchange	 	Amount of decrease in
 principal amount of this
 Global Note	 	Amount of increase in
 principal amount of this
 Global Note	 	Principal amount of this
 Global Note following such
 decrease (or increase)	 	Signature of 
 authorized officer of 
 Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

PURCHASE EXERCISE NOTICE UPON A CHANGE OF
CONTROL TRIGGERING EVENT

To: Adobe Inc.

 

The undersigned registered owner of this
Security hereby acknowledges receipt of a notice from Adobe Inc. (the “Issuer”) as to the occurrence of a Change
of Control Triggering Event with respect to the Issuer and hereby directs the Issuer to pay, or cause the Trustee to pay, _______________
an amount in cash equal to 101% of the aggregate principal amount of the Notes, or the portion thereof (which is a multiple of
$1,000, provided that the remaining principal amount, if any, following such purchase shall be at least $2,000 or a multiple of
$1,000 in excess thereof) below designated, to be purchased plus interest accrued to, but excluding, the purchase date, except
as provided in the Indenture.

 

Dated:                                                

 

Signature                                           

 

Principal amount to be purchased

(a multiple of $1,000):                                                           

 

Remaining principal amount

following such purchase:                                                       

 

(zero or at least $2,000 or a multiple of
$1,000 in excess thereof)

 

	By:	 	 
	 	Authorized Signatory	 

 

     

     

    

 

  

EXHIBIT B

 

[FORM OF NOTES DUE 2025]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

 

TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

     

     

    

 

ADOBE INC.

1.900% Notes due 2025

	No. 1	CUSIP No.: 00724P AB5
	 	ISIN No.: US00724PAB58
	 	 
	 	$[●],000,000

 

ADOBE INC., a Delaware corporation (the
 “Issuer”), for value received promises to pay to CEDE & CO. or registered assigns the principal sum of [●]
MILLION DOLLARS on February 1, 2025.

 

Interest Payment Dates: February 1 and August
1 (each, an “Interest Payment Date”), commencing on August 1, 2020.

 

Interest Record Dates: January 15 and July
15 (each, an “Interest Record Date”).

 

Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

 

IN WITNESS WHEREOF, the Issuer has caused
this Note to be signed manually or by facsimile by its duly authorized officer.

 

	 	ADOBE INC.
	 	 
	 	By:	 
	 	 	Name:	John Murphy
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

	[Seal of Adobe Inc.]	 
	 	 
	Attest:	 
	 	 
	By:	 	 
	 	Name:  [●]	 
	 	Title:    [●]	 

  

     

     

    

 

This is one of the Notes of the series designated herein and referred to in the within-mentioned Indenture.

 

	Dated: February 3, 2020	
	 	WELLS FARGO BANK,
	 	NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	
	 	 	Authorized Signatory

  

    -2-

     

    

 

(REVERSE OF NOTE)

 

ADOBE INC.

1.900% Notes due 2025

1.                 
Interest.

 

Adobe Inc. (the “Issuer”)
promises to pay interest on the principal amount of this Note at the rate per annum described above. Cash interest on the Notes
will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from February 3, 2020.
Interest on this Note will be paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually
in arrears on each Interest Payment Date, commencing August 1, 2020. Interest will be computed on the basis of a 360-day year consisting
of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code.

 

The Issuer shall pay interest on overdue
principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to
any applicable grace periods) to the extent lawful.

 

2.                 
Paying Agent.

 

Initially, Wells Fargo Bank, National Association
(the “Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders.

 

3.                 
Indenture; Defined Terms.

 

This Note is one of the 1.900% Notes due
2025 (the “Notes”) issued under an indenture dated as of January 25, 2010 (the “Base Indenture”)
by and between the Issuer and the Trustee, and established pursuant to an Officer’s Certificate dated February 3, 2020, issued
pursuant to Section 2.01 and Section 2.03 thereof (together, the “Indenture”). This Note is a “Security”
and the Notes are “Securities” under the Indenture.

 

For purposes of this Note, unless otherwise
defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb)
(the “TIA”) as in effect on the date on which the Indenture was qualified under the TIA. Notwithstanding anything
to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA
for a statement of them. To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall
govern.

 

4.                 
Denominations; Transfer; Exchange.

 

The Notes are in registered form, without
coupons, in denominations of $2,000 and multiples of $1,000 thereafter. A Holder shall register the transfer or exchange of Notes
in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted
by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for
a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange
of any Note selected for redemption in whole or in part.

 

    -3-

     

    

 

5.                 
Amendment; Supplement; Waiver.

 

Subject to certain exceptions, the Notes
and the provisions of the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default
or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate
principal amount of all series of Outstanding Securities (including the Notes) under the Indenture that are affected by such amendment,
supplement or waiver (voting together as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, omission, defect or inconsistency or comply
with any requirements of the Commission in connection with the qualification of the Indenture under the TIA, or make any other
change that does not adversely affect the rights of any Holder of a Note in any material respect.

 

6.                 
Redemption.

 

Prior to January 1, 2025, the Issuer may
at its option redeem any of the Notes at any time in whole or from time to time in part, each at a redemption price calculated
by the Issuer equal to the greater of:

 

(i)           
100% of the principal amount of the Notes to be redeemed; and

 

(ii)           
the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (assuming
that such Notes matured on January 1, 2025), exclusive of interest accrued to, but excluding, the date of redemption, discounted
to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal
to the Treasury Rate (as defined below) plus 7.5 basis points, plus, in each case, accrued and unpaid interest thereon to, but
excluding, the date of redemption.

 

On or after January 1, 2025, the Issuer
may at its option redeem any of the Notes at any time in whole or from time to time in part, at a redemption price equal to 100%
of the principal amount of the Notes being redeemed, in each case, plus accrued and unpaid interest on the principal amount being
redeemed to, but excluding, redemption date.

 

Notwithstanding the foregoing, installments
of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable
on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the
Notes and the Indenture.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term
of the Notes to be redeemed (assuming that the Notes matured on January 1, 2025) that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Notes (assuming that the Notes matured on January 1, 2025).

 

    -4-

     

    

 

“Comparable Treasury Price”
means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference
Treasury Dealer Quotation is received, such quotation.

 

“Quotation Agent” means
the Reference Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer”
means (i) BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and a Primary Treasury Dealer (as defined
below) selected by U.S. Bancorp Investments, Inc. (or their respective affiliates that are Primary Treasury Dealers) and their
respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer
in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer,
and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business
day preceding such redemption date.

 

“Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such redemption date.

 

Notice of any redemption will be mailed
or sent at least 10 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed. Unless
the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the
Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall
be selected by lot by the Depositary, in the case of Notes represented by a Global Note, or by the Trustee by a method the Trustee
deems to be fair and appropriate, in the case of Notes that are not represented by a Global Note.

 

7.                 
Change of Control Triggering Event.

 

If a Change of Control Triggering Event
(as defined below) occurs, unless the Issuer shall have exercised its right to redeem the Notes as described above, the Issuer
shall be required to make an offer to each Holder of Notes to purchase all or any part (equal to $2,000 or an integral multiple
of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal
amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders
of record on the relevant record date to receive interest due on the relevant interest payment date); provided that after giving
effect to the purchase, any Notes that remain outstanding shall have a denomination of $2,000 and integral multiples of $1,000
above that amount.

 

    -5-

     

    

 

Within 30 days following the date upon which
the Change of Control Triggering Event has occurred or, at the Issuer’s option, prior to any Change of Control (as defined
below), but after the public announcement of the transaction that constitutes or may constitute the Change of Control, except to
the extent that the Issuer shall have exercised its right to redeem the Notes pursuant to Section 6 hereof, the Issuer shall
mail or send a notice (a “Change of Control Offer”) to each Holder with a copy to the Trustee describing the transaction
or transactions that constitute or may constitute a Change of Control Triggering Event and offering to purchase Notes on the date
specified in the notice, which date will be no earlier than 30 days nor later than 60 days from the date such notice is mailed
or sent (other than as may be required by law) (such date, the “Change of Control Payment Date”). The notice will,
if mailed or sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned
on the Change of Control being consummated on or prior to the Change of Control Payment Date specified in the notice.

 

On the Change of Control Payment Date, the
Issuer shall, to the extent lawful:

 

		·	accept for payment all Notes or portions of the Notes properly tendered pursuant to the Change of Control Offer;
	 	 	 
		·	deposit with the paying agent prior to 10:00 a.m. New York City time an amount equal to the change of control payment in respect
of all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; and
	 	 	 
		·	deliver or cause to be delivered to the Trustee the Notes properly accepted together with an officer’s certificate stating
the aggregate principal amount of Notes or portions of Notes being purchased.

 

The Trustee shall promptly mail, or cause
the paying agent to promptly mail, to each Holder of Notes so tendered the payment for such Notes, and the Trustee shall promptly
authenticate and mail (or cause to be transferred by book entry) to each holder a new Note equal in principal amount to any unpurchased
portion of the Notes surrendered, if any.

 

The Issuer shall comply, to the extent applicable,
with the requirements of Rule 14(e)-1 of the Exchange Act and any other securities laws or regulations in connection with the purchase
of Notes pursuant to a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations
conflict with the terms described in the Notes, the Issuer shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations by virtue thereof.

 

Holders of Notes electing to have Notes
purchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled “Purchase
Exercise Notice Upon a Change of Control Triggering Event” on the reverse of the Note completed, to the paying agent at the
address specified in the notice, or transfer their Notes to the paying agent by book-entry transfer pursuant to the applicable
procedures of DTC, prior to the close of business on the third business day prior to the Change of Control Payment Date.

 

    -6-

     

    

 

The Issuer shall not be required to make
a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the
requirements for an offer made by the Issuer and such third party purchases all Notes properly tendered and not withdrawn under
its offer.

 

In addition, the Issuer shall not purchase
any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture,
other than a default in the payment of the change of control payment upon a Change of Control Triggering Event.

 

If Holders of not less than 95% in aggregate
principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer,
or any third party making a Change of Control Offer in lieu of the Issuer, as described above, purchases all of the Notes validly
tendered and not withdrawn by such Holders, the Issuer shall have the right, upon not less than 30 nor more than 60 days’
prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem
all Notes that remain outstanding following such purchase at a redemption price in cash equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, if any, to, but excluding, the date of redemption (subject to the right of Holders of record
on a record date to receive interest on the relevant interest payment date).

 

For purposes of the Change of Control Offer
provisions of the Notes, the following definitions are applicable:

 

“Change of Control” means the
occurrence of any one of the following:

 

(a)              
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the Issuer’s assets and the assets of the Issuer’s
subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other
than to the Issuer or one of its subsidiaries;

 

(b)              
the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that
any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Issuer’s outstanding
Voting Stock, measured by voting power rather than number of shares;

 

(c)              
the Issuer consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into,
the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Stock or the outstanding
Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Issuer’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction;
or

 

    -7-

     

    

 

(d)              
the adoption of a plan relating to the Issuer’s liquidation or dissolution.

 

Notwithstanding the foregoing, a transaction
will not be considered to be a Change of Control if (a) the Issuer becomes a direct or indirect wholly owned subsidiary of
a holding company and (b) immediately following that transaction, (1) the direct or indirect holders of the Voting Stock
of the holding company are substantially the same as the holders of the Issuer’s Voting Stock immediately prior to that transaction
or (2) no person or group is the beneficial owner, directly or indirectly, of more than a majority of the total voting power
of the Voting Stock of the holding company.

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Ratings Event.

 

“Investment Grade” means a rating
of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); a rating of BBB- or
better by S&P (or its equivalent under any successor rating category of S&P); and the equivalent investment grade rating
from any replacement Rating Agency or Agencies appointed by the Issuer.

 

“Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agency” means each of
Moody’s and S&P; provided, that if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available, the Issuer shall appoint a replacement for such Rating Agency that is a “nationally recognized
statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act.

 

“Ratings Event” means the Notes
cease to be rated Investment Grade by each of the Rating Agencies on any day during the period (the “Trigger Period”)
commencing on the date 60 days prior to the first public announcement by the Issuer of any Change of Control (or pending Change
of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended for so long
as the rating of the Notes is under publicly announced consideration for a possible downgrade by either of the Rating Agencies).

 

“S&P” means S&P Global
Ratings, a division of S&P Global Inc., and its successors.

 

“Voting Stock” of any specified
person as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of
the Board of Directors of such person.

 

    -8-

     

    

 

8.                 
Defaults and Remedies.

 

If an Event of Default (other than certain
bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing,
then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by
written notice, require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all
accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes will automatically become due immediately and payable without any declaration
or other act on the part of the Trustee or any Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided
in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably
requires. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal
amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of Notes notice of certain continuing defaults or Events of Default if it determines that withholding notice is in their
interest.

 

9.                 
Authentication.

 

This Note shall not be valid until the Trustee
manually signs the certificate of authentication on this Note.

 

10.             
   Abbreviations and Defined Terms.

 

Customary abbreviations may be used in the
name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN
(= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act).

 

11.               
CUSIP Numbers.

 

Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes
as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes
and reliance may be placed only on the other identification numbers printed hereon.

 

12.               
Governing Law.

 

The laws of the State of New York shall
govern the Indenture and this Note thereof.

 

    -9-

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

		 

(Print or type assignee’s
name, address and zip code)

 

		 

(Insert assignee’s soc. sec. or tax
I.D. No.)

 

and irrevocably appoint                                      agent to transfer
this Note on the books of the Issuer. The agent may substitute another to act for him.

 

	 

 

	Date:	 	 	Your Signature:	 

 

	 

Sign exactly as your name appears on the
other side of this Note.

 

	 	 
		Signature

 

Signature Guarantee:

		 	 
	Signature must be guaranteed	 	Signature

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the United States Securities
Exchange Act of 1934, as amended.

 

     

     

    

 

SCHEDULE OF EXCHANGES OF NOTES

 

The following exchanges of a part of this
Global Note for Physical Notes or a part of another Global Note have been made:

 

	
        Date
        of Exchange
	
        Amount
        of decrease in

 principal amount of

 this Global Note
	
        Amount
        of increase in

 principal amount of 

this Global Note
	
        Principal
        amount of 

this Global Note 

following such 

decrease (or increase)
	
        Signature
        of

 authorized officer of 

Trustee

	 	 	 	 	 

 

     

     

    

 

PURCHASE EXERCISE NOTICE UPON A CHANGE OF
CONTROL TRIGGERING EVENT

 

To: Adobe Inc.

 

The undersigned registered owner of this
Security hereby acknowledges receipt of a notice from Adobe Inc. (the “Issuer”) as to the occurrence of a Change
of Control Triggering Event with respect to the Issuer and hereby directs the Issuer to pay, or cause the Trustee to pay, _______________
an amount in cash equal to 101% of the aggregate principal amount of the Notes, or the portion thereof (which is a multiple of
$1,000, provided that the remaining principal amount, if any, following such purchase shall be at least $2,000 or a multiple of
$1,000 in excess thereof) below designated, to be purchased plus interest accrued to, but excluding, the purchase date, except
as provided in the Indenture.

 

	 	Dated:	 	 

 

	 	Signature	 	 

 

 

	 	Principal amount to be purchased	 	 
	 	(a multiple of $1,000):	 	 	 

 

     Remaining principal amount

	 	following such purchase:	 	 	 

		(zero or at least $2,000 or a multiple of $1,000 in excess thereof)

 

	By:  	 	 
	 	Authorized Signatory

 

     

     

    

 

 

EXHIBIT C

 

[FORM OF NOTES DUE 2027]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

 

TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

     

     

    

 

ADOBE INC.

2.150% Notes due 2027

 

	No. 1	CUSIP No.: 00724P AC3
	 	ISIN No.: US00724PAC32
	 	 
	 	$[●],000,000

 

ADOBE INC., a Delaware corporation (the
 “Issuer”), for value received promises to pay to CEDE & CO. or registered assigns the principal sum of [●]
MILLION DOLLARS on February 1, 2027.

 

Interest Payment Dates: February 1 and August
1 (each, an “Interest Payment Date”), commencing on August 1, 2020.

 

Interest Record Dates: January 15 and July
15 (each, an “Interest Record Date”).

 

Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

 

IN WITNESS WHEREOF, the Issuer has caused
this Note to be signed manually or by facsimile by its duly authorized officer.

 

	 	ADOBE INC.
	 	 
	 	By:	 
	 	 	Name:	John Murphy
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

[Seal of Adobe Inc.]

 

Attest:

 

	By:	 	 
	 	Name:  [●]
	 	Title:    [●]

 

     

     

    

 

This is one of the Notes of the series designated
herein and referred to in the within-mentioned Indenture.

 

Dated: February 3, 2020

 

	 	WELLS FARGO BANK,
	 	NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    -2-

     

    

 

(REVERSE OF NOTE)

 

ADOBE INC.

2.150% Notes due 2027

1.                 
Interest.

 

Adobe Inc. (the “Issuer”)
promises to pay interest on the principal amount of this Note at the rate per annum described above. Cash interest on the Notes
will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from February 3, 2020.
Interest on this Note will be paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually
in arrears on each Interest Payment Date, commencing August 1, 2020. Interest will be computed on the basis of a 360-day year consisting
of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code.

 

The Issuer shall pay interest on overdue
principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to
any applicable grace periods) to the extent lawful.

 

2.                 
Paying Agent.

 

Initially, Wells Fargo Bank, National Association
(the “Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders.

 

3.                 
Indenture; Defined Terms.

 

This Note is one of the 2.150% Notes due
2027 (the “Notes”) issued under an indenture dated as of January 25, 2010 (the “Base Indenture”)
by and between the Issuer and the Trustee, and established pursuant to an Officer’s Certificate dated February 3, 2020, issued
pursuant to Section 2.01 and Section 2.03 thereof (together, the “Indenture”). This Note is a “Security”
and the Notes are “Securities” under the Indenture.

 

For purposes of this Note, unless otherwise
defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb)
(the “TIA”) as in effect on the date on which the Indenture was qualified under the TIA. Notwithstanding anything
to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA
for a statement of them. To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall
govern.

 

4.                 
Denominations; Transfer; Exchange.

 

The Notes are in registered form, without
coupons, in denominations of $2,000 and multiples of $1,000 thereafter. A Holder shall register the transfer or exchange of Notes
in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted
by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for
a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange
of any Note selected for redemption in whole or in part.

 

    -3-

     

    

 

5.                 
Amendment; Supplement; Waiver.

 

Subject to certain exceptions, the Notes
and the provisions of the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default
or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate
principal amount of all series of Outstanding Securities (including the Notes) under the Indenture that are affected by such amendment,
supplement or waiver (voting together as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, omission, defect or inconsistency or comply
with any requirements of the Commission in connection with the qualification of the Indenture under the TIA, or make any other
change that does not adversely affect the rights of any Holder of a Note in any material respect.

 

6.                 
Redemption.

 

Prior to December 1, 2026, the Issuer may
at its option redeem any of the Notes at any time in whole or from time to time in part, each at a redemption price calculated
by the Issuer equal to the greater of:

 

(i)            100% of the principal amount of the Notes to be redeemed;
and

 

(ii)            the sum of the present values of the remaining scheduled
payments of principal and interest on the Notes to be redeemed (assuming that such Notes matured on December 1, 2026), exclusive
of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at a rate equal to the Treasury Rate (as defined below) plus 10 basis points,
plus, in each case, accrued and unpaid interest thereon to, but excluding, the date of redemption.

 

On or after December 1, 2026, the Issuer
may at its option redeem any of the Notes at any time in whole or from time to time in part, at a redemption price equal to 100%
of the principal amount of the Notes being redeemed, in each case, plus accrued and unpaid interest on the principal amount being
redeemed to, but excluding, redemption date.

 

Notwithstanding the foregoing, installments
of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable
on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the
Notes and the Indenture.

 

    -4-

     

    

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term
of the Notes to be redeemed (assuming that the Notes matured on December 1, 2026) that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Notes (assuming that the Notes matured on December 1, 2026).

 

“Comparable Treasury Price”
means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference
Treasury Dealer Quotation is received, such quotation.

 

“Quotation Agent” means
the Reference Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer”
means (i) BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and a Primary Treasury Dealer (as defined
below) selected by U.S. Bancorp Investments, Inc. (or their respective affiliates that are Primary Treasury Dealers) and their
respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer
in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer,
and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business
day preceding such redemption date.

 

“Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such redemption date.

 

Notice of any redemption will be mailed
or sent at least 10 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed. Unless
the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the
Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall
be selected by lot by the Depositary, in the case of Notes represented by a Global Note, or by the Trustee by a method the Trustee
deems to be fair and appropriate, in the case of Notes that are not represented by a Global Note.

 

    -5-

     

    

 

7.                 
Change of Control Triggering Event.

 

If a Change of Control Triggering Event
(as defined below) occurs, unless the Issuer shall have exercised its right to redeem the Notes as described above, the Issuer
shall be required to make an offer to each Holder of Notes to purchase all or any part (equal to $2,000 or an integral multiple
of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal
amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders
of record on the relevant record date to receive interest due on the relevant interest payment date); provided that after giving
effect to the purchase, any Notes that remain outstanding shall have a denomination of $2,000 and integral multiples of $1,000
above that amount.

 

Within 30 days following the date upon which
the Change of Control Triggering Event has occurred or, at the Issuer’s option, prior to any Change of Control (as defined
below), but after the public announcement of the transaction that constitutes or may constitute the Change of Control, except to
the extent that the Issuer shall have exercised its right to redeem the Notes pursuant to Section 6 hereof, the Issuer shall
mail or send a notice (a “Change of Control Offer”) to each Holder with a copy to the Trustee describing the transaction
or transactions that constitute or may constitute a Change of Control Triggering Event and offering to purchase Notes on the date
specified in the notice, which date will be no earlier than 30 days nor later than 60 days from the date such notice is mailed
or sent (other than as may be required by law) (such date, the “Change of Control Payment Date”). The notice will,
if mailed or sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned
on the Change of Control being consummated on or prior to the Change of Control Payment Date specified in the notice.

 

On the Change of Control Payment Date, the
Issuer shall, to the extent lawful:

 

		·	accept for payment all Notes or portions of the Notes properly tendered pursuant to the Change of Control Offer;
	 	 	 

		·	deposit with the paying agent prior to 10:00 a.m. New York City time an amount equal to the change of control payment in respect
of all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; and
	 	 	 

		·	deliver or cause to be delivered to the Trustee the Notes properly accepted together with an officer’s certificate stating
the aggregate principal amount of Notes or portions of Notes being purchased.

 

The Trustee shall promptly mail, or cause
the paying agent to promptly mail, to each Holder of Notes so tendered the payment for such Notes, and the Trustee shall promptly
authenticate and mail (or cause to be transferred by book entry) to each holder a new Note equal in principal amount to any unpurchased
portion of the Notes surrendered, if any.

 

The Issuer shall comply, to the extent applicable,
with the requirements of Rule 14(e)-1 of the Exchange Act and any other securities laws or regulations in connection with the purchase
of Notes pursuant to a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations
conflict with the terms described in the Notes, the Issuer shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations by virtue thereof.

 

    -6-

     

    

 

Holders of Notes electing to have Notes
purchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled “Purchase
Exercise Notice Upon a Change of Control Triggering Event” on the reverse of the Note completed, to the paying agent at the
address specified in the notice, or transfer their Notes to the paying agent by book-entry transfer pursuant to the applicable
procedures of DTC, prior to the close of business on the third business day prior to the Change of Control Payment Date.

 

The Issuer shall not be required to make
a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the
requirements for an offer made by the Issuer and such third party purchases all Notes properly tendered and not withdrawn under
its offer.

 

In addition, the Issuer shall not purchase
any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture,
other than a default in the payment of the change of control payment upon a Change of Control Triggering Event.

 

If Holders of not less than 95% in aggregate
principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer,
or any third party making a Change of Control Offer in lieu of the Issuer, as described above, purchases all of the Notes validly
tendered and not withdrawn by such Holders, the Issuer shall have the right, upon not less than 30 nor more than 60 days’
prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem
all Notes that remain outstanding following such purchase at a redemption price in cash equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, if any, to, but excluding, the date of redemption (subject to the right of Holders of record
on a record date to receive interest on the relevant interest payment date).

 

For purposes of the Change of Control Offer
provisions of the Notes, the following definitions are applicable:

 

“Change of Control” means the
occurrence of any one of the following:

 

(a)              
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the Issuer’s assets and the assets of the Issuer’s
subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other
than to the Issuer or one of its subsidiaries;

 

(b)              
the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that
any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Issuer’s outstanding
Voting Stock, measured by voting power rather than number of shares;

 

    -7-

     

    

 

(c)              
the Issuer consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into,
the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Stock or the outstanding
Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Issuer’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction;
or

 

(d)              
the adoption of a plan relating to the Issuer’s liquidation or dissolution.

 

Notwithstanding the foregoing, a transaction
will not be considered to be a Change of Control if (a) the Issuer becomes a direct or indirect wholly owned subsidiary of
a holding company and (b) immediately following that transaction, (1) the direct or indirect holders of the Voting Stock
of the holding company are substantially the same as the holders of the Issuer’s Voting Stock immediately prior to that transaction
or (2) no person or group is the beneficial owner, directly or indirectly, of more than a majority of the total voting power
of the Voting Stock of the holding company.

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Ratings Event.

 

“Investment Grade” means a rating
of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); a rating of BBB- or
better by S&P (or its equivalent under any successor rating category of S&P); and the equivalent investment grade rating
from any replacement Rating Agency or Agencies appointed by the Issuer.

 

“Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agency” means each of
Moody’s and S&P; provided, that if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available, the Issuer shall appoint a replacement for such Rating Agency that is a “nationally recognized
statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act.

 

“Ratings Event” means the Notes
cease to be rated Investment Grade by each of the Rating Agencies on any day during the period (the “Trigger Period”)
commencing on the date 60 days prior to the first public announcement by the Issuer of any Change of Control (or pending Change
of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended for so long
as the rating of the Notes is under publicly announced consideration for a possible downgrade by either of the Rating Agencies).

 

“S&P” means S&P Global
Ratings, a division of S&P Global Inc., and its successors.

 

“Voting Stock” of any specified
person as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of
the Board of Directors of such person.

 

    -8-

     

    

 

8.                 
Defaults and Remedies.

 

If an Event of Default (other than certain
bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing,
then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by
written notice, require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all
accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes will automatically become due immediately and payable without any declaration
or other act on the part of the Trustee or any Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided
in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably
requires. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal
amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of Notes notice of certain continuing defaults or Events of Default if it determines that withholding notice is in their
interest.

 

9.                 
Authentication.

 

This Note shall not be valid until the Trustee
manually signs the certificate of authentication on this Note.

 

10.             
Abbreviations and Defined Terms.

 

Customary abbreviations may be used in the
name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN
(= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act).

 

11.             
CUSIP Numbers.

 

Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes
as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes
and reliance may be placed only on the other identification numbers printed hereon.

 

12.             
Governing Law.

 

The laws of the State of New York shall
govern the Indenture and this Note thereof.

 

    -9-

     

    

 

ASSIGNMENT FORM

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

	 
	(Print or type assignee’s name, address and zip code)
	 
	 
	(Insert assignee’s soc. sec. or tax I.D. No.)
	 
	and irrevocably appoint
                           
    agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.
	 
	 
	Date:	 	 	Your Signature:	 
	 
	 
	Sign exactly as your name appears on the other side of this Note.

 

	 	 
	 	Signature
	Signature Guarantee:
	 	 	 
	
	Signature must be guaranteed	Signature

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the United States Securities
Exchange Act of 1934, as amended.

 

     

     

    

 

SCHEDULE OF EXCHANGES OF NOTES

 

The following exchanges of a part of this
Global Note for Physical Notes or a part of another Global Note have been made:

 

	Date of Exchange	 	Amount of decrease in

 principal amount of

 this Global Note	 	Amount of increase in

 principal amount of 

this Global Note	 	Principal amount of

 this Global Note 

following such

 decrease (or increase)	 	Signature of 

authorized officer of 

Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

PURCHASE EXERCISE NOTICE UPON A CHANGE OF
CONTROL TRIGGERING EVENT

 

To: Adobe Inc.

 

The undersigned registered owner of this
Security hereby acknowledges receipt of a notice from Adobe Inc. (the “Issuer”) as to the occurrence of a Change
of Control Triggering Event with respect to the Issuer and hereby directs the Issuer to pay, or cause the Trustee to pay, _______________
an amount in cash equal to 101% of the aggregate principal amount of the Notes, or the portion thereof (which is a multiple of
$1,000, provided that the remaining principal amount, if any, following such purchase shall be at least $2,000 or a multiple of
$1,000 in excess thereof) below designated, to be purchased plus interest accrued to, but excluding, the purchase date, except
as provided in the Indenture.

 

Dated:                                              

 

Signature                                         

 

	Principal amount to be purchased
	(a multiple of $1,000):	                           	 
	 
	Remaining principal amount
	following such purchase:	    	 

(zero or at least $2,000 or a multiple of
$1,000 in excess thereof)

 

	By:	 	 
	 	Authorized Signatory

 

     

     

    

 

 

 

 

EXHIBIT D

 

[FORM OF NOTES DUE 2030]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

 

TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

     

     

    

 

ADOBE INC.

2.300% Notes due 2030

 

	No. 1	CUSIP No.: 00724P AD1
	 	ISIN No.: US00724PAD15
	 	 
	 	$[●],000,000

 

ADOBE INC., a Delaware corporation (the
 “Issuer”), for value received promises to pay to CEDE & CO. or registered assigns the principal sum of [●]
MILLION DOLLARS on February 1, 2030.

 

Interest Payment Dates: February 1 and August
1 (each, an “Interest Payment Date”), commencing on August 1, 2020.

 

Interest Record Dates: January 15 and July
15 (each, an “Interest Record Date”).

 

Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

 

IN WITNESS WHEREOF, the Issuer has caused
this Note to be signed manually or by facsimile by its duly authorized officer.

 

	 	ADOBE INC.
	 	 
	 	By:	 
	 	 	Name:	John Murphy
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

	[Seal of Adobe Inc.]
	 
	Attest:
	 
	By:	 	 
	 	Name:	[●]	 
	 	Title:	[●]	 

 

     

     

    

 

This is one of the Notes of the series designated herein and referred to in the within-mentioned Indenture.

 

Dated: February 3, 2020

 

	 	WELLS FARGO BANK,
	 	NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    -2-

     

    

 

(REVERSE OF NOTE)

 

ADOBE INC.

2.300% Notes due 2030

1.                 
Interest.

 

Adobe Inc. (the “Issuer”)
promises to pay interest on the principal amount of this Note at the rate per annum described above. Cash interest on the Notes
will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from February 3, 2020.
Interest on this Note will be paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually
in arrears on each Interest Payment Date, commencing August 1, 2020. Interest will be computed on the basis of a 360-day year consisting
of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code.

 

The Issuer shall pay interest on overdue
principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to
any applicable grace periods) to the extent lawful.

 

2.                 
Paying Agent.

 

Initially, Wells Fargo Bank, National Association
(the “Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders.

 

3.                 
Indenture; Defined Terms.

 

This Note is one of the 2.300% Notes due
2030 (the “Notes”) issued under an indenture dated as of January 25, 2010 (the “Base Indenture”)
by and between the Issuer and the Trustee, and established pursuant to an Officer’s Certificate dated February 3, 2020, issued
pursuant to Section 2.01 and Section 2.03 thereof (together, the “Indenture”). This Note is a “Security”
and the Notes are “Securities” under the Indenture.

 

For purposes of this Note, unless otherwise
defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb)
(the “TIA”) as in effect on the date on which the Indenture was qualified under the TIA. Notwithstanding anything
to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA
for a statement of them. To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall
govern.

 

4.                 
Denominations; Transfer; Exchange.

 

The Notes are in registered form, without
coupons, in denominations of $2,000 and multiples of $1,000 thereafter. A Holder shall register the transfer or exchange of Notes
in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted
by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for
a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange
of any Note selected for redemption in whole or in part.

 

    -3-

     

    

 

5.                 
Amendment; Supplement; Waiver.

 

Subject to certain exceptions, the Notes
and the provisions of the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default
or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate
principal amount of all series of Outstanding Securities (including the Notes) under the Indenture that are affected by such amendment,
supplement or waiver (voting together as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, omission, defect or inconsistency or comply
with any requirements of the Commission in connection with the qualification of the Indenture under the TIA, or make any other
change that does not adversely affect the rights of any Holder of a Note in any material respect.

 

6.                 
Redemption.

 

Prior to November 1, 2029, the Issuer may
at its option redeem any of the Notes at any time in whole or from time to time in part, each at a redemption price calculated
by the Issuer equal to the greater of:

 

(i)           
100% of the principal amount of the Notes to be redeemed; and

 

(ii)           
the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (assuming
that such Notes matured on November 1, 2029), exclusive of interest accrued to, but excluding, the date of redemption, discounted
to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal
to the Treasury Rate (as defined below) plus 10 basis points, plus, in each case, accrued and unpaid interest thereon to, but
excluding, the date of redemption.

 

On or after November 1, 2029, the Issuer
may at its option redeem any of the Notes at any time in whole or from time to time in part, at a redemption price equal to 100%
of the principal amount of the Notes being redeemed, in each case, plus accrued and unpaid interest on the principal amount being
redeemed to, but excluding, redemption date.

 

Notwithstanding the foregoing, installments
of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable
on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the
Notes and the Indenture.

 

    -4-

     

    

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term
of the Notes to be redeemed (assuming that the Notes matured on November 1, 2029) that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Notes (assuming that the Notes matured on November 1, 2029).

 

“Comparable Treasury Price”
means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference
Treasury Dealer Quotation is received, such quotation.

 

“Quotation Agent” means
the Reference Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer”
means (i) BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and a Primary Treasury Dealer (as defined
below) selected by U.S. Bancorp Investments, Inc. (or their respective affiliates that are Primary Treasury Dealers) and their
respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer
in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer,
and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business
day preceding such redemption date.

 

“Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such redemption date.

 

Notice of any redemption will be mailed
or sent at least 10 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed. Unless
the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the
Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall
be selected by lot by the Depositary, in the case of Notes represented by a Global Note, or by the Trustee by a method the Trustee
deems to be fair and appropriate, in the case of Notes that are not represented by a Global Note.

 

7.                 
Change of Control Triggering Event.

 

If a Change of Control Triggering Event
(as defined below) occurs, unless the Issuer shall have exercised its right to redeem the Notes as described above, the Issuer
shall be required to make an offer to each Holder of Notes to purchase all or any part (equal to $2,000 or an integral multiple
of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal
amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders
of record on the relevant record date to receive interest due on the relevant interest payment date); provided that after giving
effect to the purchase, any Notes that remain outstanding shall have a denomination of $2,000 and integral multiples of $1,000
above that amount.

 

    -5-

     

    

 

Within 30 days following the date upon which
the Change of Control Triggering Event has occurred or, at the Issuer’s option, prior to any Change of Control (as defined
below), but after the public announcement of the transaction that constitutes or may constitute the Change of Control, except to
the extent that the Issuer shall have exercised its right to redeem the Notes pursuant to Section 6 hereof, the Issuer shall
mail or send a notice (a “Change of Control Offer”) to each Holder with a copy to the Trustee describing the transaction
or transactions that constitute or may constitute a Change of Control Triggering Event and offering to purchase Notes on the date
specified in the notice, which date will be no earlier than 30 days nor later than 60 days from the date such notice is mailed
or sent (other than as may be required by law) (such date, the “Change of Control Payment Date”). The notice will,
if mailed or sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned
on the Change of Control being consummated on or prior to the Change of Control Payment Date specified in the notice.

 

On the Change of Control Payment Date, the
Issuer shall, to the extent lawful:

 

		·	accept for payment all Notes or portions of the Notes properly tendered pursuant to the Change of Control Offer;

		·	deposit with the paying agent prior to 10:00 a.m. New York City time an amount equal to the change of control payment in respect
of all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; and

		·	deliver or cause to be delivered to the Trustee the Notes properly accepted together with an officer’s certificate stating
the aggregate principal amount of Notes or portions of Notes being purchased.

 

The Trustee shall promptly mail, or cause
the paying agent to promptly mail, to each Holder of Notes so tendered the payment for such Notes, and the Trustee shall promptly
authenticate and mail (or cause to be transferred by book entry) to each holder a new Note equal in principal amount to any unpurchased
portion of the Notes surrendered, if any.

 

The Issuer shall comply, to the extent applicable,
with the requirements of Rule 14(e)-1 of the Exchange Act and any other securities laws or regulations in connection with the purchase
of Notes pursuant to a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations
conflict with the terms described in the Notes, the Issuer shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations by virtue thereof.

 

    -6-

     

    

 

Holders of Notes electing to have Notes
purchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled “Purchase
Exercise Notice Upon a Change of Control Triggering Event” on the reverse of the Note completed, to the paying agent at the
address specified in the notice, or transfer their Notes to the paying agent by book-entry transfer pursuant to the applicable
procedures of DTC, prior to the close of business on the third business day prior to the Change of Control Payment Date.

 

The Issuer shall not be required to make
a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the
requirements for an offer made by the Issuer and such third party purchases all Notes properly tendered and not withdrawn under
its offer.

 

In addition, the Issuer shall not purchase
any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture,
other than a default in the payment of the change of control payment upon a Change of Control Triggering Event.

 

If Holders of not less than 95% in aggregate
principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer,
or any third party making a Change of Control Offer in lieu of the Issuer, as described above, purchases all of the Notes validly
tendered and not withdrawn by such Holders, the Issuer shall have the right, upon not less than 30 nor more than 60 days’
prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem
all Notes that remain outstanding following such purchase at a redemption price in cash equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, if any, to, but excluding, the date of redemption (subject to the right of Holders of record
on a record date to receive interest on the relevant interest payment date).

 

For purposes of the Change of Control Offer
provisions of the Notes, the following definitions are applicable:

 

“Change of Control” means the
occurrence of any one of the following:

 

(a)              
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the Issuer’s assets and the assets of the Issuer’s
subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other
than to the Issuer or one of its subsidiaries;

 

(b)              
the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that
any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Issuer’s outstanding
Voting Stock, measured by voting power rather than number of shares;

 

(c)              
the Issuer consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into,
the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Stock or the outstanding
Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Issuer’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction;
or

 

    -7-

     

    

 

(d)              
the adoption of a plan relating to the Issuer’s liquidation or dissolution.

 

Notwithstanding the foregoing, a transaction
will not be considered to be a Change of Control if (a) the Issuer becomes a direct or indirect wholly owned subsidiary of
a holding company and (b) immediately following that transaction, (1) the direct or indirect holders of the Voting Stock
of the holding company are substantially the same as the holders of the Issuer’s Voting Stock immediately prior to that transaction
or (2) no person or group is the beneficial owner, directly or indirectly, of more than a majority of the total voting power
of the Voting Stock of the holding company.

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Ratings Event.

 

“Investment Grade” means a rating
of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); a rating of BBB- or
better by S&P (or its equivalent under any successor rating category of S&P); and the equivalent investment grade rating
from any replacement Rating Agency or Agencies appointed by the Issuer.

 

“Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agency” means each of
Moody’s and S&P; provided, that if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available, the Issuer shall appoint a replacement for such Rating Agency that is a “nationally recognized
statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act.

 

“Ratings Event” means the Notes
cease to be rated Investment Grade by each of the Rating Agencies on any day during the period (the “Trigger Period”)
commencing on the date 60 days prior to the first public announcement by the Issuer of any Change of Control (or pending Change
of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended for so long
as the rating of the Notes is under publicly announced consideration for a possible downgrade by either of the Rating Agencies).

 

“S&P” means S&P Global
Ratings, a division of S&P Global Inc., and its successors.

 

“Voting Stock” of any specified
person as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of
the Board of Directors of such person.

 

    -8-

     

    

 

8.                 
Defaults and Remedies.

 

If an Event of Default (other than certain
bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing,
then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by
written notice, require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all
accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes will automatically become due immediately and payable without any declaration
or other act on the part of the Trustee or any Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided
in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably
requires. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal
amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of Notes notice of certain continuing defaults or Events of Default if it determines that withholding notice is in their
interest.

 

9.                 
Authentication.

 

This Note shall not be valid until the Trustee
manually signs the certificate of authentication on this Note.

 

10.             
Abbreviations and Defined Terms.

 

Customary abbreviations may be used in the
name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN
(= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act).

 

11.             
CUSIP Numbers.

 

Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes
as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes
and reliance may be placed only on the other identification numbers printed hereon.

 

12.             
Governing Law.

 

The laws of the State of New York shall
govern the Indenture and this Note thereof.

 

    -9-

     

    

 

ASSIGNMENT FORM

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

 

 (Print or type
assignee’s name, address and zip code)

 

(Insert assignee’s soc. sec. or tax
I.D. No.)

 

and irrevocably appoint
                                    
agent to transfer this Note on the books of the Issuer.

The agent may substitute another to act for him.

 

 

	Date:	 	 	  Your Signature: 	 
	 
	 

Sign exactly as your name appears on the
other side of this Note.

 

	 	 	
	 	 	Signature
	Signature Guarantee:
	 
	 	 	 
	Signature must be guaranteed	 	Signature

  

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the United States Securities
Exchange Act of 1934, as amended.

 

     

     

    

 

SCHEDULE OF EXCHANGES OF NOTES

 

The following exchanges of a part of this
Global Note for Physical Notes or a part of another Global Note have been made:

 

	 	Date of Exchange
	 	 	Amount of decrease in

 principal amount of 

this Global Note	 	Amount of increase in

 principal amount of 

this Global Note	 	Principal amount of 

this Global Note 

following such

 decrease (or increase)	 	Signature of

 authorized officer of

 Trustee
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

     

     

    

 

PURCHASE EXERCISE NOTICE UPON A CHANGE OF
CONTROL TRIGGERING EVENT

To: Adobe Inc.

 

The undersigned registered owner of this
Security hereby acknowledges receipt of a notice from Adobe Inc. (the “Issuer”) as to the occurrence of a Change
of Control Triggering Event with respect to the Issuer and hereby directs the Issuer to pay, or cause the Trustee to pay, _______________
an amount in cash equal to 101% of the aggregate principal amount of the Notes, or the portion thereof (which is a multiple of
$1,000, provided that the remaining principal amount, if any, following such purchase shall be at least $2,000 or a multiple of
$1,000 in excess thereof) below designated, to be purchased plus interest accrued to, but excluding, the purchase date, except
as provided in the Indenture.

 

	 	Dated:                                                        
	 
	 	Signature                                                   
	 
	 	Principal amount to be purchased
	 	(a multiple of $1,000):	                                             
	 
	 	Remaining principal amount
	 	following such purchase:	                                             
	 	(zero or at least $2,000 or a multiple of $1,000 in excess thereof)

 

	By:	 	 
	 	Authorized SignatoryExhibit

Ex. 10.1                                                Confidential

TELENAV, INC.
CHANGE IN CONTROL AND SEVERANCE AGREEMENT
This Change in Control and Severance Agreement (the “Agreement”) is made and entered into by and between [EXECUTIVE] (“Executive”) and Telenav, Inc. (the “Company”), effective as of [DATE] (the “Effective Date”).  [Executive previously entered with the Company an employment agreement, dated [DATE] (the “Employment Agreement”), a confidentiality agreement, dated [DATE] (the “Proprietary Information Agreement”), and a Change in Control and Severance Agreement dated [DATE] (the “Change in Control Agreement”).    
This Agreement provides certain protections to Executive upon a termination of Executive’s employment under certain circumstances, including without limitation in connection with a change in control of the Company, as described in this Agreement.  Certain capitalized terms used in this Agreement are defined in Section 7 below. 
The Company and Executive agree as follows: 
1.Term of Agreement.  This Agreement will have an initial term of three (3) years from the Effective Date (the “Initial Term”), unless terminated earlier under this Agreement’s provisions.  On the three (3) year anniversary of the Effective Date, this Agreement will renew automatically for additional, one (1) year terms, unless either party provides the other party with written notice of non-renewal at least sixty (60) days prior to the date of automatic renewal.  Notwithstanding the foregoing provisions of this Section, in the event of a Change in Control, the term of this Agreement will extend automatically through the date eighteen (18) months after the Change in Control (or, if later, the last day of the Initial Term) (the “Extended Date”).  Additionally, on the Extended Date and each annual anniversary thereafter, this Agreement will renew automatically for additional one (1) year terms unless either party provides the other party with written notice of non‐renewal at least sixty (60) days prior to such anniversary.  If Executive becomes entitled to severance payments and benefits pursuant to Section 3 hereof, this Agreement will not terminate until all of the obligations under this Agreement have been satisfied.  
2.At-Will Employment.  The parties agree that Executive’s employment with the Company (or its successor entity, as applicable) (“Employment”) is and will continue to be “at-will” and may be terminated at any time with or without cause or notice.  Executive understands and agrees that neither Executive’s job performance nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of Executive’s employment with the Company.  However, as described in this Agreement, Executive may be entitled to severance payments and benefits depending on the circumstances of the termination of Executive’s employment.
3.Severance.
(a)Termination for Other than Cause, Death or Disability Other than During the Change in Control Period.  If, other than during the period beginning on the date three (3) months prior to a Change in Control through the one (1) year anniversary of the Change in Control (the “Change in Control Period”), Executive’s Employment is terminated by the Company (or its successor entity, as applicable) other than for Cause, death or Disability, then, subject to Sections 5 and 6 below, Executive will receive certain severance payments and benefits, subject to the terms and conditions of this Agreement, as follows:

1

Ex. 10.1                                                Confidential

(i)Cash Severance.  A single, lump sum cash payment equal to [CEO: twelve (12)] /OR/ [CFO, GC, AND OTHER EXECUTIVES: six (6)] months of Executive’s base salary as in effect immediately prior to the termination of Executive’s Employment; and
(ii)Prorated Target Bonus Severance.  A single, lump sum, cash payment equal to Executive’s target cash bonus in effect for the year in which the date of the termination of Executive’s Employment (the “Termination Date”) occurs (the “Target Bonus”), provided that any such amount of bonus will be prorated to reflect the portion of the applicable performance period during which Executive was employed with the Company.
(iii)Continued Employee Benefits.  Subject to Executive timely electing continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), Executive will receive Company-paid group health, dental and vision coverage for Executive and any eligible dependents of Executive, as applicable (“COBRA Severance”), until the earliest of: (A) [CEO: twelve (12)] /OR/ [CFO, GC, AND OTHER EXECUTIVES: six (6)] months following the Termination Date; (B) the date upon which Executive and Executive’s eligible dependents (as applicable) become covered under similar plans; or (C) the expiration of Executive’s (and any eligible dependents’, as applicable) eligibility for continuation coverage under COBRA.
(b)Termination for Other than Cause, Death or Disability or Resignation for Good Reason, During the Change in Control Period.  If, during the Change in Control Period, Executive’s Employment is terminated by (x) the Company (or its successor entity, as applicable) other than for Cause, death or Disability, or (y) by Executive for Good Reason (a “CIC Qualifying Termination”), then, subject to Sections 5 and 6 below, Executive will receive certain severance payments and benefits, subject to the terms and conditions of this Agreement, as follows: 
(i)Salary Severance.  A single, lump sum cash payment equal to [CEO: eighteen (18)] /OR/ [CFO, GC, AND OTHER EXECUTIVES: twelve (12)] months of Executive’s base salary as in effect immediately prior to the termination of Executive’s Employment;  
(ii)Prorated Target Bonus Severance.  A single, lump sum, cash payment equal to Executive’s Target Bonus, provided that any such amount of bonus will be prorated to reflect the portion of the applicable performance period during which Executive was employed with the Company. 
(iii)Partial Target Bonus Severance.  A single, lump sum, cash payment equal to [CEO:  seventy-five percent (75%)] /OR/ [CFO, GC, AND OTHER EXECUTIVES: fifty percent (50%)] of Executive’s Target Bonus.
(iv)Continued Employee Benefits.  Executive will receive COBRA Severance until the earliest of: (A) [CEO: eighteen (18)] /OR/ [CFO, GC, AND OTHER EXECUTIVES: twelve (12)] months following the Termination Date; (B) the date upon which Executive and Executive’s eligible dependents (as applicable) become covered under similar plans; or (C) the expiration of Executive’s (and any eligible dependents’, as applicable) eligibility for continuation coverage under COBRA; and

2

Ex. 10.1                                                Confidential

(v)Accelerated Vesting.  Accelerated vesting as to one hundred percent (100%) of Executive’s equity awards covering shares of common stock of the Company (or its successor entity, as applicable) that are subject to vesting based on continued employment or other service, but not any performance-based objectives (“Time‐based Awards”) that are then‐unvested and outstanding as of the Termination Date.  Any of Executive’s stock options or similar type of equity award covering shares of common stock of the Company outstanding as of the Termination Date will remain exercisable following the Termination Date (to the extent the equity award is vested or vests pursuant to this Section 3(b)(v)) for the period prescribed in the applicable equity plan and award agreement governing the terms of the equity award.
For the avoidance of doubt, in the event of a CIC Qualifying Termination that occurs before a Change in Control, the applicable portion of Executive’s then‐outstanding and unvested Time‐based Awards will remain outstanding until the earlier of (x) three (3) months following the Termination Date, or (y) the occurrence of a Change in Control, solely so that any applicable vesting acceleration can be provided if a Change in Control occurs within three (3) months following the Termination Date (provided that in no event will any Time‐based Awards that are stock options or similar type of equity award remain outstanding beyond the equity award’s maximum term to expiration).  If no Change in Control occurs within three (3) months following the Termination Date, then such unvested portion of Executive’s Time‐based Awards (otherwise not yet terminated) will be forfeited automatically and permanently on the date three (3) months following the Termination Date, without having vested.  
(c)Other Terminations.  If Executive’s Employment is terminated (i) other than during the Change in Control Period by Executive for any reason; (ii) during the Change in Control Period by Executive for other than Good Reason, (iii) by the Company for Cause, or (iv) due to Executive’s death or Disability, then (A) all vesting will terminate immediately with respect to Executive’s outstanding Time‐based Awards, (B) all payments of compensation by the Company to Executive will terminate immediately (except as to amounts already earned), and (C) Executive will be eligible for severance payments and benefits only in accordance with the Company’s established policies, if any, as then in effect.
(d)Non-duplication of Payments and Benefits.  For purposes of clarity, in the event of a CIC Qualifying Termination, any severance payments and benefits to be provided to Executive under Section 3(b) will be reduced by any amounts that already were provided to Executive under Section 3(a).  Notwithstanding any provision of this Agreement to the contrary, if Executive is entitled to any cash severance, continued health coverage benefits, or vesting acceleration of any Time‐based Awards, by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which the Company is a party other than this Agreement (“Other Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to Executive.
4.Accrued Compensation.  On any Employment termination, Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and arrangements.
5.Conditions to Receipt of Severance; No Duty to Mitigate.
(a)Separation Agreement and Release of Claims.  Executive’s receipt of any severance payments or benefits pursuant to Section 3 will be subject to Executive signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the Company (the “Release”) and provided 

3

Ex. 10.1                                                Confidential

that such Release becomes effective and irrevocable no later than sixty (60) days following the Termination Date (such deadline, the “Release Deadline Date”).  If the Release does not become effective and irrevocable by the Release Deadline Date, Executive will forfeit any rights to severance or benefits under this Agreement.  In no event will severance payments or benefits be paid or provided until the Release becomes effective and irrevocable.  Subject to Section 5(d) below, (i) any lump sum cash severance payments under Sections 3(a)(i) through (ii) of this Agreement will be paid on the first regularly scheduled payroll date of the Company following the date that the Release becomes effective and irrevocable (the “Release Effectiveness Date”), and any lump sum cash severance payments under Sections 3(b)(i) through (iii) of this Agreement will be paid on the later of (A) the Release Effectiveness Date or (B) the date of the Change in Control; (ii) any taxable installments under Section 5(c) otherwise payable to Executive on or before the Release Effectiveness Date will be paid on the Release Effectiveness Date, and any remaining installments will be paid as specified in this Agreement; and (iii) any Time‐based Awards that are restricted stock units, performance shares, performance units, and similar full value awards that accelerate vesting under Section 3(b)(v) will be settled within ten (10) days following the date the Release becomes effective and irrevocable or if later, on the date of the Change in Control. 
(b)Proprietary Information Agreement.  Executive’s receipt of any payments or benefits under Section 3 will be subject to Executive continuing to comply with the terms of the Proprietary Information Agreement (as defined in Section 11).
(c)COBRA Severance Limitations.  If the Company determines in its sole discretion that it cannot provide the COBRA Severance without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of such COBRA Severance, the Company will provide to Executive a taxable monthly payment payable on the last day of a given month (except as provided by the immediately following sentence), in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage in effect on the date of Employment termination (which amount will be based on the premium rates applicable for the first month of COBRA Severance for Executive and any of eligible dependents of Executive) (each, a “COBRA Replacement Payment”), which COBRA Replacement Payments will be made regardless of whether Executive elects COBRA continuation coverage and will end on the earlier of (x) the date upon which Executive obtains other employment, or (y) the date the Company has paid an amount totaling the number of COBRA Replacement Payments equal to the number of months in the applicable COBRA Severance period set forth in Section 3(a)(iii)(A) or 3(b)(iv)(A), as applicable.  For the avoidance of doubt, the COBRA Replacement Payments may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to any applicable withholdings.  Notwithstanding anything to the contrary under this Agreement, if the Company determines in its sole discretion at any time that it cannot provide the COBRA Replacement Payments without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), Executive will not receive the COBRA Replacement Payments or any further COBRA Severance.
(d)Section 409A.    
(i)Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Code Section 409A, and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A.  Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of 

4

Ex. 10.1                                                Confidential

Section 409A.  To the extent necessary to be exempt from or comply with Section 409A, references to Termination Date, termination of Employment, or similar phrases used in this Agreement will mean Executive’s “separation from service” within the meaning of Section 409A.
(ii)Any severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the case of installments, will not commence until, the sixty‐fifth (65th) day following Executive’s separation from service, or, if later, at such time as required by subsection (iii) below, with the exception that any Prorated Actual Bonus Amount payable under this Agreement will be paid as provided in Section 5(a), or, if later, at such time as required by subsection (iii) below.  Except as required by subsection (iii) below, any Deferred Payments that are installment payments that would have been made to Executive during the sixty-five (65) day period immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth-fifth (65th) day following Executive’s separation from service and the remaining payments shall be made as provided in this Agreement. 
(iii)Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Employment termination (other than due to death), then the Deferred Payments that are payable within the first six (6) months following Executive’s separation from service, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service.  All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit.  Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this subsection (iii) will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit.  Each payment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.
(iv)Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of subsection (i) above.
(v)Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes of subsection (i) above.
(vi)The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply.  The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.  In no event will the Company or any of its parent, subsidiaries or affiliates have any liability, obligation or responsibility to reimburse, indemnify, or hold harmless Executive for any taxes imposed, or other penalties, fees or costs incurred, as a result of Section 409A. 

5

Ex. 10.1                                                Confidential

(e)No Duty to Mitigate.  Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that Executive may receive from any other source reduce any such payment.
6.Limitation on Payments.  
(a)Reduction of Payments and Benefits.  In the event that the payments and benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 6, would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s payments and benefits hereunder will be either:
(x) delivered in full, or
(y) delivered as to such lesser extent which would result in no portion of such payments and benefits being subject to the Excise Tax,
whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the greatest amount of payments and benefits, notwithstanding that all or some portion of such payments and benefits may be subject to the Excise Tax.  If a reduction in the payments and benefits constituting “parachute payments” is necessary so that no portion of such payments and benefits is subject to the Excise Tax, the reduction shall occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the equity awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the equity awards (that is, the vesting of the most recently granted equity awards will be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced).  In no event will Executive have any discretion with respect to the ordering of any reductions of payments and benefits. 
(b)Determination of Excise Tax Liability.  Unless the Company and Executive otherwise agree in writing, any determination required under this Section 6 will be made in writing by a nationally recognized accounting or valuation firm (the “Firm”) selected by the Company, whose determinations will be conclusive and binding upon Executive and the Company for all purposes.  For purposes of making the calculations required by this Section 6, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  The Company and Executive will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section 6.  The Company will bear the costs and make all payments for the Firm’s services in connection with any calculations contemplated by this Section 6.  The Company will have no liability to Executive for the determinations of the Firm.  Executive will be solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement, and Executive will not be reimbursed, indemnified, or held harmless by the Company for any of those payments of personal tax liability.

6

Ex. 10.1                                                Confidential

7.Definition of Terms.  The following terms referred to in this Agreement will have the following meanings:
(a)Cause.  For purposes of this Agreement, “Cause” is defined as:
(i)any material act of personal dishonesty made by Executive in connection with Executive’s responsibilities as an employee; 
(ii)Executive’s conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude;
(iii)Executive’s gross misconduct;
(iv)Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of nondisclosure as a result of Executive’s relationship with the Company;
(v)Executive’s willful breach of any obligations under any written agreement or covenant with the Company; or 
(vi)Executive’s continued failure to perform Executive’s employment duties after Executive has received a written demand of performance from the Company which specifically sets forth the factual basis for the Company’s belief that Executive has not substantially performed his or her duties and has failed to cure such non-performance to the Company’s satisfaction within ten (10) business days after receiving such notice. 
(b)Change in Control.  For purposes of this Agreement, “Change in Control” means the first occurrence of any of the following events on or after the Effective Date:
(i)A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection (i), the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control.  Further, if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall not be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or
(ii)If the Company has a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, a change in the effective control of the Company which occurs on the date that a majority of members of the Company’s Board of Directors (the “Board”) is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the 

7

Ex. 10.1                                                Confidential

members of the Board prior to the date of the appointment or election.  For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or
(iii)A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in subsection (iii)(B)(3).  For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
For purposes of this Section 7(b), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
Notwithstanding the foregoing, a transaction will not constitute a Change in Control unless the transaction qualifies as a “change in control event” within the meaning of Section 409A.
Further and for the avoidance of doubt, a transaction shall not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that shall be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
(c)Code.  For purposes of this Agreement, “Code” means the Internal Revenue Code of 1986, as amended.
(d)Disability.  For purposes of this Agreement, “Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code.
(e)Good Reason.  For purposes of this Agreement, “Good Reason” means Executive’s resignation within thirty (30) days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s express written consent: 
(i)the assignment to Executive of any duties, the reduction of Executive’s duties or the removal of Executive from his or her position and responsibilities, either of which must result in a material diminution of Executive’s authority, duties, or responsibilities with the Company in effect immediately prior to such assignment, unless Executive is provided with a comparable position (i.e., [CEO: chief executive officer of the parent company of the combined entity] /OR/ [CFO: chief financial officer] /OR/ [GC: general counsel] /

8

Ex. 10.1                                                Confidential

OR/ [OTHER EXECUTIVES: a position of equal or greater organizational level, duties, authority, compensation and status] of the parent company of the combined entity);
(ii)a material reduction in Executive’s base salary, unless the Company also similarly reduces the base salaries of all other similarly situated employees of the Company (and, if applicable, its successor) (for these purposes, a reduction of Executive’s base salary by ten percent (10%) or more will be considered material, provided that a reduction of less than ten percent (10%) still may be material based on the facts and circumstances relating to the reduction); 
(iii)a material change in the geographic location of Executive’s primary work facility or location; provided, however, that a relocation of less than thirty‐five (35) miles from Executive’s then‐present location will not be considered a material change in geographic location; or 
(iv)the failure of the Company to obtain assumption of this Agreement by any successor, which shall be deemed a material breach by the Company of this Agreement.  
Executive will not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for Good Reason within ninety (90) days of the initial existence of the grounds for Good Reason and a reasonable cure period of not less than thirty (30) days following the date of such notice.
(f)Section 409A Limit.  For purposes of this Agreement, “Section 409A Limit” will mean two (2) times the lesser of: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of his or her separation from service as determined under Treasury Regulation Section 1.409A‐1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the year in which Executive’s separation from service occurred.
8.Assignment.  This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive upon Executive’s death and (b) any successor of the Company.  Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes.  For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.  Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void.

9

Ex. 10.1                                                Confidential

9.Notice.  All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (a) on the date of delivery if delivered personally, (b) one (1) day after being sent by a well‐established commercial overnight service, or (c) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing.  
If to the Company:
Telenav, Inc.
4655 Great America Parkway, Suite 300
Santa Clara, California 95054
Attn: General Counsel
If to Executive:
at the last residential address known by the Company.
10.    Arbitration.
A.Arbitration.  IN CONSIDERATION OF EXECUTIVE’S EMPLOYMENT WITH THE COMPANY, ITS PROMISE TO ARBITRATE ALL EMPLOYMENT-RELATED DISPUTES WITH EXECUTIVE, AND EXECUTIVE’S RECEIPT OF COMPENSATION AND OTHER COMPANY BENEFITS, AT PRESENT AND IN THE FUTURE, EXECUTIVE AGREES THAT ANY AND ALL CONTROVERSIES, CLAIMS, OR DISPUTES THAT EXECUTIVE MAY HAVE WITH THE COMPANY (INCLUDING ANY COMPANY EMPLOYEE, OFFICER, DIRECTOR, TRUSTEE, OR BENEFIT PLAN OF THE COMPANY, IN THEIR CAPACITY AS SUCH OR OTHERWISE), IN CONNECTION WITH, ARISING OUT OF, RELATING TO, OR RESULTING FROM EXECUTIVE’S EMPLOYMENT OR RELATIONSHIP WITH THE COMPANY OR THE TERMINATION OF EXECUTIVE’S EMPLOYMENT OR RELATIONSHIP WITH THE COMPANY, INCLUDING ANY BREACH OF THIS AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION UNDER THE FEDERAL ARBITRATION ACT (THE “FAA”).  THE FAA’S SUBSTANTIVE AND PROCEDURAL RULES SHALL GOVERN AND APPLY TO THIS ARBITRATION AGREEMENT WITH FULL FORCE AND EFFECT, AND ANY STATE COURT OF COMPETENT JURISDICTION MAY STAY PROCEEDINGS PENDING ARBITRATION OR COMPEL ARBITRATION IN THE SAME MANNER AS A FEDERAL COURT UNDER THE FAA.  EXECUTIVE FURTHER AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY LAW, EXECUTIVE MAY BRING ANY ARBITRATION PROCEEDING ONLY IN EXECUTIVE’S INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF, REPRESENTATIVE, OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE, OR REPRESENTATIVE LAWSUIT OR PROCEEDING.  EXECUTIVE UNDERSTANDS, HOWEVER, THAT NOTHING IN THIS AGREEMENT PREVENTS EXECUTIVE FROM BRINGING A REPRESENTATIVE LAWSUIT OR PROCEEDING AS PERMITTED BY THE CALIFORNIA LABOR CODE’S PRIVATE ATTORNEYS GENERAL ACT OF 2004.  TO THE FULLEST EXTENT PERMITTED BY LAW, EXECUTIVE AGREES TO ARBITRATE ANY AND ALL COMMON LAW AND/OR STATUTORY CLAIMS UNDER LOCAL, STATE, OR FEDERAL LAW, INCLUDING, BUT NOT LIMITED TO, CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN 

10

Ex. 10.1                                                Confidential

EMPLOYMENT ACT OF 1967, THE OLDER WORKERS BENEFIT PROTECTION ACT, THE WORKER ADJUSTMENT AND RETRAINING NOTIFICATION ACT, THE FAIR LABOR STANDARDS ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, THE FAMILY AND MEDICAL LEAVE ACT, THE CALIFORNIA FAMILY RIGHTS ACT, THE CALIFORNIA LABOR CODE, CLAIMS RELATING TO EMPLOYMENT STATUS, CLAIMS RELATING TO COMPENSATION (CASH, EQUITY, BONUS, OR OTHERWISE), CLAIMS RELATING TO CLASSIFICATION, AND CLAIMS OF HARASSMENT, DISCRIMINATION, WRONGFUL TERMINATION, AND BREACH OF CONTRACT.  TO THE FULLEST EXTENT PERMITTED BY LAW, EXECUTIVE ALSO AGREES TO ARBITRATE ANY AND ALL DISPUTES ARISING OUT OF OR RELATING TO THE INTERPRETATION OR APPLICATION OF THIS AGREEMENT TO ARBITRATE, BUT NOT DISPUTES ABOUT THE ENFORCEABILITY, REVOCABILITY, OR VALIDITY OF THIS AGREEMENT TO ARBITRATE OR THE CLASS, COLLECTIVE, AND REPRESENTATIVE PROCEEDING WAIVER HEREIN.  WITH RESPECT TO ALL SUCH CLAIMS AND DISPUTES THAT EXECUTIVE AGREES TO ARBITRATE, EXECUTIVE HEREBY EXPRESSLY AGREES TO WAIVE, AND DOES WAIVE, ANY RIGHT TO A TRIAL BY JURY.  EXECUTIVE FURTHER UNDERSTANDS THAT THIS AGREEMENT TO ARBITRATE ALSO APPLIES TO ANY DISPUTES THAT THE COMPANY MAY HAVE WITH EXECUTIVE.  EXECUTIVE UNDERSTANDS THAT NOTHING IN THIS AGREEMENT REQUIRES EXECUTIVE TO ARBITRATE CLAIMS THAT CANNOT BE ARBITRATED UNDER APPLICABLE LAW, SUCH AS CLAIMS UNDER THE SARBANES-OXLEY ACT.
B.Procedure.  EXECUTIVE AGREES THAT ANY ARBITRATION WILL BE ADMINISTERED BY JAMS PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES & PROCEDURES (THE “JAMS RULES”), WHICH ARE AVAILABLE AT http://www.jamsadr.com/rules-employment-arbitration/.  IF THE JAMS RULES CANNOT BE ENFORCED AS TO THE ARBITRATION, THEN THE PARTIES AGREE THAT THEY WILL ARBITRATE THIS DISPUTE UNDER THE CALIFORNIA ARBITRATION ACT (CALIFORNIA CODE CIV. PROC. § 1280 ET. SEQ. (THE “CAA”)).  EXECUTIVE AGREES THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION, AND MOTIONS TO DISMISS AND DEMURRERS, APPLYING THE STANDARDS SET FORTH UNDER THE CALIFORNIA CODE OF CIVIL PROCEDURE.  EXECUTIVE AGREES that the arbitrator shall issue a written decision on the merits.  EXECUTIVE ALSO AGREES THAT THE ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES AVAILABLE UNDER APPLICABLE LAW, AND THAT THE ARBITRATOR MAY AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, WHERE PERMITTED BY APPLICABLE LAW.  EXECUTIVE agreeS that the decree or award rendered by the arbitrator may be entered as a final and binding judgment in any court having jurisdiction thereof.  EXECUTIVE UNDERSTANDS THAT THE COMPANY WILL PAY FOR ANY ADMINISTRATIVE OR HEARING FEES CHARGED BY THE ARBITRATOR OR JAMS EXCEPT THAT EXECUTIVE SHALL PAY ANY FILING FEES ASSOCIATED WITH ANY ARBITRATION THAT EXECUTIVE INITIATES, BUT ONLY SO MUCH OF THE FILING FEES AS EXECUTIVE WOULD HAVE INSTEAD PAID HAD EXECUTIVE FILED A COMPLAINT IN A COURT OF LAW THAT WOULD HAVE HAD JURISDICTION OVER SUCH COMPLAINT.  EXECUTIVE AGREES THAT THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN ACCORDANCE WITH CALIFORNIA LAW, INCLUDING THE CALIFORNIA CODE OF CIVIL PROCEDURE AND THE CALIFORNIA EVIDENCE CODE, AND THAT THE ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL CALIFORNIA LAW TO ANY DISPUTE OR CLAIM, WITHOUT REFERENCE TO RULES OF CONFLICT-OF-LAW.  TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH CALIFORNIA LAW, CALIFORNIA LAW SHALL TAKE 

11

Ex. 10.1                                                Confidential

PRECEDENCE.  EXECUTIVE agreeS that any arbitration under this Agreement shall be conducted iN SANTA CLARA COUNTY, California. 
C.Remedy.  EXCEPT FOR THE PURSUIT OF ANY PROVISIONAL REMEDY PERMITTED BY THE CAA OR OTHERWISE PROVIDED BY THIS AGREEMENT, EXECUTIVE AGREES THAT ARBITRATION SHALL BE THE SOLE, EXCLUSIVE, AND FINAL REMEDY FOR ANY DISPUTE BETWEEN THE COMPANY AND EXECUTIVE. 
D.Administrative Relief.  EXECUTIVE UNDERSTANDS THAT THIS AGREEMENT DOES NOT PROHIBIT EXECUTIVE FROM PURSUING AN ADMINISTRATIVE CLAIM WITH A LOCAL, STATE, OR FEDERAL ADMINISTRATIVE BODY OR GOVERNMENT AGENCY THAT IS AUTHORIZED TO ENFORCE OR ADMINISTER LAWS RELATED TO EMPLOYMENT, INCLUDING, BUT NOT LIMITED TO, THE DEPARTMENT OF FAIR EMPLOYMENT AND HOUSING, THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION, THE NATIONAL LABOR RELATIONS BOARD, THE SECURITIES AND EXCHANGE COMMISSION, OR THE WORKERS’ COMPENSATION BOARD.  THIS AGREEMENT DOES, HOWEVER, PRECLUDE EXECUTIVE FROM PURSUING A COURT ACTION REGARDING ANY SUCH CLAIM, EXCEPT AS PERMITTED BY LAW.  
E.Voluntary Nature of Agreement.  EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE IS EXECUTING THIS AGREEMENT VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE COMPANY OR ANYONE ELSE.  EXECUTIVE FURTHER ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS CAREFULLY READ THIS AGREEMENT AND THAT EXECUTIVE HAS ASKED ANY QUESTIONS NEEDED FOR EXECUTIVE TO UNDERSTAND THE TERMS, CONSEQUENCES, AND BINDING EFFECT OF THIS AGREEMENT AND FULLY UNDERSTAND IT, INCLUDING THAT EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY TRIAL.  FINALLY, EXECUTIVE AGREES THAT EXECUTIVE HAS BEEN PROVIDED AN OPPORTUNITY TO SEEK THE ADVICE OF AN ATTORNEY OF EXECUTIVE’S CHOICE BEFORE SIGNING THIS AGREEMENT.
11.Proprietary Information.  Executive agrees to continue to be bound by the Proprietary Information Agreement last entered into by and between Executive and the Company.  Executive understands and agrees that nothing in this Agreement or the Proprietary Information Agreement or any other agreement Executive signs with the Company is intended to limit Executive’s rights to discuss the terms, wages, and working conditions of Executive’s employment, nor to deny Executive the right to disclose information pertaining to sexual harassment or any unlawful or potentially unlawful conduct, as protected by applicable law. 
12.Miscellaneous Provisions.
(a)Amendment.  No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive) that is expressly designated as an amendment to this Agreement.
(b)Waiver.  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(c)Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

12

Ex. 10.1                                                Confidential

(d)Entire Agreement.  This Agreement, together with [Executive’s Employment Agreement  (to the extent not modified hereby)] [and the Proprietary Information Agreement], represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral[, including without limitation the Change in Control Agreement ].  With respect to Company equity awards granted to Executive on or after the date of this Agreement, the acceleration of vesting provisions provided herein will apply to such Company equity awards except to the extent otherwise explicitly provided in the applicable award agreement.  This Agreement may be modified only by agreement of the parties by a written instrument executed by the parties that is designated as an amendment to this Agreement. 
(e)Governing Law.  With the exception of the arbitration requirements set forth in Section 10 (to which the FAA will apply as set forth in Section 10), this Agreement will be governed by the laws of the State of California without regard to California’s conflicts-of-law rules that may result in the application of the laws of any jurisdiction other than California.
(f)Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect.
(g)Withholding.  All payments made pursuant to this Agreement will be subject to all applicable withholdings, including all applicable income and employment tax withholdings, as determined in the Company’s reasonable judgment.
(h)Acknowledgment.  Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice from Executive’s private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement.
(i)Counterparts.  This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.
[Signature Page Follows]

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Ex. 10.1                                                Confidential

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below.

COMPANY    TELENAV, INC.
By:                            
Title:                            

EXECUTIVE    By:                            
[Executive]

14

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