Dolby Laboratories, Inc. — Director's Dealing 2021

Feb 9, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2021-02-05

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-05	Class A Common Stock	S	1436	$91.6774	Disposed	50237	Direct
2021-02-05	Class A Common Stock	S	227	$92.23	Disposed	50010	Direct
2021-02-05	Class A Common Stock	M	2882	$45.50	Acquired	52892	Direct
2021-02-05	Class A Common Stock	S	2707	$91.4796	Disposed	50185	Direct
2021-02-05	Class A Common Stock	S	175	$92.23	Disposed	50010	Direct
2021-02-05	Class A Common Stock	M	23118	$45.50	Acquired	73128	Direct
2021-02-05	Class A Common Stock	S	22622	$91.5798	Disposed	50506	Direct
2021-02-05	Class A Common Stock	S	496	$92.23	Disposed	50010	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-05	Employee Stock Option (right to buy)	$45.50	M	2882	Disposed	2026-12-15	Class A Common Stock (2882)	Direct
2021-02-05	Employee Stock Option (right to buy)	$45.50	M	23118	Disposed	2023-12-15	Class A Common Stock (23118)	Direct

Footnotes

F1: The shares were sold in multiple transactions at prices ranging from $91.22 to $91.94, 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.

F2: Shares held following the reported transactions include 34,172 restricted stock units, which are subject to forfeiture until they vest

F3: The shares were sold in multiple transactions at prices ranging from $91.17 to $92.08, 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: The shares were sold in multiple transactions at prices ranging from $91.135 to $92.08, 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.

F5: This option was granted for a total of 52,000 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, 2016, the vesting commencement date, and the balance of the shares vested in equal monthly installments over the next 36 months thereafter.

F6: 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.