Dolby Laboratories, Inc. — Director's Dealing 2020

Nov 5, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2020-11-03

Reporting Person: SHERMAN MARK ANDREW (EVP, GEN. COUN. & SECRTY)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-11-03	Class A Common Stock	M	23418	$42.98	Acquired	72456	Direct
2020-11-03	Class A Common Stock	S	23418	$80.0008	Disposed	49038	Direct
2020-11-03	Class A Common Stock	M	1582	$45.50	Acquired	50620	Direct
2020-11-03	Class A Common Stock	S	1582	$80.0019	Disposed	49038	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-11-03	Employee Stock Option (right to buy)	$42.98	M	23418	Disposed	2024-12-15	Class A Common Stock (23418)	Direct
2020-11-03	Employee Stock Option (right to buy)	$45.50	M	1582	Disposed	2023-12-15	Class A Common Stock (1582)	Direct

Footnotes

F1: Shares held following the reported transactions include 33,200 restricted stock units, which are subject to forfeiture until they vest

F2: The shares were sold in multiple transactions at prices ranging from $80.00 to $80.02, inclusive. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transactions were effected.

F3: The shares were sold in multiple transactions at prices ranging from $80.00 to $80.01, inclusive. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transactions were effected.

F4: This option was granted for a total of 75,212 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vested on the first anniversary of December 15, 2014, the vesting commencement date, and the balance of the shares vested in equal monthly installments over the next 36 months thereafter.

F5: This performance-based stock option award was granted for a total of 26,000 shares of Class A Common Stock at target. The number of shares actually earned and vested upon the achievement of total shareholder return performance criteria measured during a three-year performance period ended on December 15, 2019 was at 95% of target, or 24,700 shares.