Any of you who have installed Adobe CS4 will know you will get a context menu entry for Adobe CS4 Drive, even if you chose not to install the actual program so effectively the entry is useless. After some googling and experimenting found two ways to remove it.
1. Install & Uninstall
Install Adobe CS4 Drive using the installer then uninstall it. This seems to get rid of it.
2. Manual Remove
Open Regedit and delete these two entries.
HKEY_CLASSES_ROOT\AllFilesystemObjects\shellex\ContextMenuHandlers\{C95FFEAE-A32E-4122-A5C4-49B5BFB69795}
HKEY_CLASSES_ROOT\Directory\Background\shellex\ContextMenuHandlers\{C95FFEAE-A32E-4122-A5C4-49B5BFB69795}
Hope this helps some people.
Reference:
https://www.neowin.net/forum/topic/688632-remove-adobe-cs4-drive-context-menu-entry/