NARAYEN SHANTANU

An identical April-and-July 2026 exercise schedule exposed an 8.2% slide in Adobe's share price through Shantanu Narayen's tax-withholding prices alone — one clear signal from a record of 824 Adobe transactions since 2004, entirely on the selling side (7.5 million shares sold, zero bought), reflecting a long-tenured CEO's systematic equity-to-cash conversion. The mechanics are strikingly regular: April 15, 2026 and July 15, 2026 both show the identical set of option-exercise share counts (2,857, 1,978, 1,265, and 2,200 shares, paired with matching tax-withholding transactions) — the same tranches exercised on the same schedule each quarter. The tax-withholding price tags reveal a real move in the stock: $244.66 on April 15 versus $224.56 on July 15, an 8.2% decline captured entirely through routine, non-discretionary transactions. Separately, Narayen's Pfizer board seat (since 2013) and closed past directorships at Metavante and Dell add no current signal.