Adobe 2002 Annual Report Download - page 129

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98
In March 2001, subject to certain business and market conditions, our Board of Directors authorized the
purchase of up to an additional 5.0 million shares of our common stock over a two-year period. During fiscal year
2002, approximately 3.1 million put warrants were written and approximately 2.1 million call options were
purchased under this 5.0 million share repurchase program.
As of November 29, 2002, under our March 2001 5.0 million share program, approximately 3.0 million put
warrants were outstanding that expire through December 2002 with an average exercise price of $25.20 per share. In
addition, as of November 29, 2002, approximately 2.0 million call options were outstanding that expire at various
dates through December 2002 with an average price of $27.23 per share.
Our put and call option contracts provide that, at our option, we can settle with physical delivery or net shares
equal to the difference between the exercise price and the value of the option as determined by the contract.
In fiscal 2002, we repurchased approximately 2.0 million shares at a cost of $38.2 million under our
March 2001 5.0 million share repurchase program. We did not make any repurchases under this plan in fiscal 2001.
During December 2002, all outstanding put warrants and call options under the March 2001 5.0 million share
repurchase program expired without any cost to Adobe and as of December 20, 2002, there were no put warrants or
call options outstanding. As of December 20, 2002, authorization to repurchase 3.0 million shares remained under
the plan until it expires in March 2003.
On September 25, 2002, subject to certain business and market conditions, our Board of Directors authorized
the purchase of up to an additional 5.0 million shares of our common stock over a three-year period. We have not
made any purchases under this 5.0 million share repurchase program. This plan will expire in September 2005.
The tables below represent our authorized stock repurchase plans and summary of stock repurchases as of
November 29, 2002.
Authorized Stock Repurchase Plans as of November 29, 2002
Board Approval Expiration Authorized Repurchases Authorization Put Options Remaining
Date Date Shares To Date Expired Outstanding Authorization
December 1997 N/A Ongoing
dilution 44,550 N/A 1,890 9,578(1)
April 1999 April 2001 5,000 4,687 313 — —
March 2001 March 2003 5,000 — — 2,986 —
September 2002 September 2005 5,000 — — — 5,000