Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (c) OnSeptember 29, 2021 ,Dan Durn was appointed to the position of Executive Vice President and Chief Financial Officer ofAdobe Inc. ("Adobe" or the "Company"), to be effective on or aboutOctober 18, 2021 (the "Effective Date").Mr. Durn will succeedJohn Murphy , who announced his plans earlier this year to retire.Mr. Durn , age 54, has been Senior Vice President and Chief Financial Officer of Applied Materials, Inc., a provider of manufacturing equipment, services and software to the semiconductor and related industries, sinceAugust 2017 . Previously,Mr. Durn was Executive Vice President and Chief Financial Officer of NXP Semiconductors N.V. ("NXP"), a semiconductor manufacturer, fromDecember 2015 toAugust 2017 .Mr. Durn served as Senior Vice President of Finance and Chief Financial Officer ofFreescale Semiconductor, Inc. ("Freescale"), a semiconductor manufacturer, fromJune 2014 until its merger with NXP inDecember 2015 . Prior to joiningFreescale ,Mr. Durn was Chief Financial Officer and Executive Vice President of Finance and Administration atGlobalFoundries , a semiconductor foundry, which he joined inDecember 2011 . There has been no arrangement or understanding betweenMr. Durn and any other person pursuant to whichMr. Durn was selected to his position at Adobe. Additionally,Mr. Durn is not a party to any transactions that would require disclosure under Item 404(a) of Regulation S-K. In his role,Mr. Durn will receive a base salary of$850,000 per year and will be eligible to receive a target bonus under the Company's Executive Annual Incentive Plan equal to 100% of his annual base salary, which target bonus will be prorated for 2021.Mr. Durn is also eligible to receive a sign-on bonus of$6,200,000 payable in two equal installments, with one half payable in connection with his commencement of employment and the other half payable on the first anniversary of the Effective Date, subject toMr. Durn's continued employment with Adobe on each payment date. Each installment is subject to reimbursement ifMr. Durn's employment terminates within twelve months of a payment, with the amount reimbursable reduced by 1/12 for each full month of employment from the Effective Date with respect to the first installment and reduced by 1/12 for each full month of employment following the first anniversary of the Effective Date for the second installment.Mr. Durn will also receive a grant of 46,039 restricted stock units ("RSUs") on the Effective Date, which will vest quarterly over three years, subject toMr. Durn's continued employment. The RSUs will be issued under the Company's 2019 Equity Incentive Plan, as amended (the "Plan"), and will be subject to the terms and conditions of the Plan.Mr. Durn will be eligible to participate in standard Company benefit programs available to similarly situated officers, including: health, vision, dental and disability coverage; executive health benefits; participation in the Company's 401(k), non-qualified deferred compensation plan and 2020 Employee Stock Purchase Plan, as amended; and participation in Adobe's charitable contribution matching program.
A copy of our press release announcing the appointment of
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Incorporated by Reference Exhibit Exhibit Filed Number Exhibit Description Form Filing Date Number SEC File No. Herewith 99.1 Press release issued on October 1, 2021 X entitled "Adobe Appoints Dan Durn Chief Financial Officer" 104 Cover Page Interactive Data File (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) 2
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