[Form 4] Dolby Laboratories, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Kevin J. Yeaman, President and CEO and a director of Dolby Laboratories (DLB), reported option exercise and related stock sale on 09/16/2025. He exercised an employee stock option with a $45.50 exercise price to acquire 25,000 shares of Class A common stock and immediately reported a sale of 25,000 Class A shares at a weighted average price of $71.6596. After these transactions he beneficially owned 139,725 shares indirectly through the Kevin and Rachel Yeaman Family Trust, including 127,735 Class A shares underlying restricted stock units that remain subject to forfeiture until they vest. The Form 4 was signed by an attorney-in-fact on 09/18/2025.

Insights

Securities Analyst

TL;DR: CEO exercised options at $45.50 and sold the same number of shares at ~$71.66, maintaining indirect ownership including unvested RSUs.

The filing documents a common executive liquidity event: exercise of 25,000 option shares granted as part of compensation and concurrent sale of 25,000 Class A shares at a weighted average price of $71.6596. The exercise price of $45.50 implies a realized pre-tax spread on the sold shares of $26.1596 per share, but the filing reports continued indirect ownership of 139,725 shares via a family trust, including 127,735 RSU-linked shares that remain subject to forfeiture until vesting. These details are routine disclosures required under Section 16 and provide transparency on insider holdings and compensation realization.

Corporate Governance Expert

TL;DR: Transaction reflects routine management compensation exercise and disposition with ongoing indirect ownership through a family trust and unvested RSUs.

The Form 4 shows the reporting person acting within typical executive compensation mechanics: an option grant (part of a larger 194,399-share grant) was exercised for 25,000 shares that were fully vested and exercisable as of the transaction date, and an equal number of shares were sold at the disclosed weighted average price. The filing discloses the nature of indirect ownership and clarifies that a substantial portion of reported holdings are restricted stock units subject to forfeiture, which affects the practical voting and economic control until vesting.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

YEAMAN KEVIN J

(Last) (First) (Middle)

C/O DOLBY LABORATORIES, INC.

1275 MARKET STREET

(Street)

SAN FRANCISCO CA 94103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Dolby Laboratories, Inc. [ DLB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/16/2025		M		25,000	A	$45.5	139,725	I	By a trust(1)
Class A Common Stock	09/16/2025		S		25,000	D	$71.6596(2)	114,725	I	By a trust(1)
Class A Common Stock								127,735(3)	D
Class A Common Stock								2.5592	I	By a son

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$45.5	09/16/2025		M			25,000	(4)	12/15/2026	Class A Common Stock	25,000	$0	60,615	I	By a trust(1)

Explanation of Responses:

1. By the Kevin and Rachel Yeaman Family Trust dated May 14, 2009

2. The shares were sold in multiple transactions at prices ranging from $71.285 to $71.88, 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.

3. Shares held following the reported transactions include 127,735 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.

4. This option was granted for a total of 194,399 shares of Class A Common Stock. The option exercised in this transaction was fully vested and exercisable as of the transaction date.

	/s/ Daniel Rodriguez as Attorney-in-Fact for Kevin Yeaman	09/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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