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Table of Contents
ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
90
Summary of Performance Shares
As of November 27, 2015, the shares awarded under our 2015, 2014 and 2013 Performance Share Programs are yet to be
achieved.The following table sets forth the summary of performance share activity under our 2015, 2014 and 2013 Performance
Share Programs for the fiscal year ended November 27, 2015 (in thousands):
2015 2014 2013
Shares
Granted
Maximum
Shares
Eligible
to Receive Shares
Granted
Maximum
Shares
Eligible
to Receive Shares
Granted
Maximum
Shares
Eligible
to Receive
Beginning outstanding balance 1,517 3,034 854 1,707 — —
Awarded 671 1,342 709 1,417 946 1,891
Forfeited (248)(495)(46)(90)(92)(184)
Ending outstanding balance 1,940 3,881 1,517 3,034 854 1,707
In the first quarter of fiscal 2013, the Executive Compensation Committee certified the actual performance achievement
of participants in the 2012 Performance Share Program (the “2012 Program”). Based upon the achievement of specific and/or
market-based performance goals outlined in the 2012 Program, participants had the ability to receive up to 150% of the target
number of shares originally granted. Actual performance resulted in participants achieving 116% of target or approximately 1.3
million shares for the 2012 Program. One third of the shares under the 2012 Program vested in the first quarter of fiscal 2013 and
the remaining two thirds vested evenly on the following two anniversaries of the grant if not forfeited by the recipient.
The following table sets forth the summary of performance share activity under our performance share programs prior to
2013, based upon share awards actually achieved, for the fiscal years ended November 27, 2015, November 28, 2014 and
November 29, 2013 (in thousands):
2015 2014 2013
Beginning outstanding balance 354 861 388
Achieved — — 1,279
Released (354)(486)(665)
Forfeited — (21)(141)
Ending outstanding balance — 354 861
The total fair value of performance awards vested during fiscal 2015, 2014 and 2013 was $26.1 million, $28.7 million and
$25.4 million, respectively.
Information regarding performance shares outstanding at November 28, 2014 and November 29, 2013 is summarized below:
Number of
Shares
(thousands)
Weighted
Average
Remaining
Contractual
Life
(years)
Aggregate
Intrinsic
Value(*)
(millions)
2014
Performance shares outstanding 354 0.16 $ 26.1
Performance shares vested and expected to vest 348 0.16 $ 25.5
2013
Performance shares outstanding 861 0.58 $ 48.9
Performance shares vested and expected to vest 817 0.56 $ 46.3
_________________________________________