Dolby Laboratories, Inc. — Director's Dealing 2023

May 10, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2023-05-08

Reporting Person: SHERMAN MARK ANDREW (EVP, Gen. Counsel & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-08	Class A Common Stock	M	11118	$45.50	Acquired	67492	Direct
2023-05-08	Class A Common Stock	M	3882	$62.32	Acquired	71374	Direct
2023-05-08	Class A Common Stock	S	12820	$83.4653	Disposed	58554	Direct
2023-05-08	Class A Common Stock	S	2180	$84.3527	Disposed	56374	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-05-08	Employee Stock Option (right to buy)	$45.50	M	11118	Disposed	2026-12-15	Class A Common Stock (11118)	Direct
2023-05-08	Employee Stock Option (right to buy)	$62.32	M	3882	Disposed	2024-12-15	Class A Common Stock (3882)	Direct

Footnotes

F1: Shares held following the reported transactions include 39,803 restricted stock units, which are subject to forfeiture until they vest

F2: The shares were sold in multiple transactions at prices ranging from $83.07 to $84.015, 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 $84.10 to $84.735, 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 originally granted for a total of 52,000 shares of Class A Common Stock. The option exercised in this transaction was fully vested and exercisable as of the transaction date.

F5: This performance-based stock option award was granted for a total of 28,000 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, 2020 was at 96% of target, or 26,880 shares.