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

Rhea-AI Filing Summary

Dolby Laboratories (NYSE:DLB) CEO Kevin Yeaman filed a Form 4 for transactions on 06/24/2025.

• Exercised 25,000 options at $45.50.
• Immediately sold the same 25,000 Class A shares at a weighted-average $74.02, generating ≈$1.85 million in gross proceeds.
• Sale represents about 18 % of the shares held in his family trust.
• Post-trade holdings: 114,725 Class A shares (trust), 127,735 unvested RSUs, and 135,615 unexercised options.

The trades were executed under a Rule 10b5-1 plan; no additional corporate events were disclosed.

Positive

• None.

Negative

• CEO Kevin Yeaman sold 25,000 shares (≈$1.85 M), cutting his trust’s stake by ~18 %, a material insider disposition that may signal reduced near-term confidence.

Insights

Equity Analyst

CEO’s $1.85 M sale viewed as modestly bearish signal.

The exercise-and-sale combo lowers indirect holdings by ~18 % while monetising in-the-money options. Although governed by a 10b5-1 plan, reducing net exposure of 25 K shares may be interpreted as diminished short-term confidence. Yeaman still retains sizable equity through RSUs and options, tempering governance risk, but the cash-out exceeds the $1 M materiality bar, prompting a negative market read-through.

Corporate Governance Specialist

Planned insider sale limits legal risk; optics still negative.

The Rule 10b5-1 structure mitigates information-timing concerns, and the CEO’s remaining equity maintains incentive alignment. However, an 18 % stake reduction by the top executive can pressure sentiment and raise questions on valuation comfort. Absent concurrent insider buying or strategic disclosures, investors may treat the filing as a mild negative indicator rather than a governance red flag.

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

OMB APPROVAL

OMB Number:			3235-0287
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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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
06/24/2025

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	06/24/2025		M		25,000	A	$45.5	139,725	I	By a trust(1)
Class A Common Stock	06/24/2025		S		25,000	D	$74.0212(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	06/24/2025		M			25,000	(4)	12/15/2026	Class A Common Stock	25,000	$0	135,615	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 $73.34 to $74.33, 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	06/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many Dolby (DLB) shares did CEO Kevin Yeaman sell on 24 June 2025?

He sold 25,000 Class A shares as reported in the Form 4.

What was the total dollar value of the shares sold by DLB's CEO?

The weighted-average sale price was $74.02, valuing the sale at approximately $1.85 million.

Did Kevin Yeaman increase or decrease his ownership in Dolby?

Ownership decreased; the trust’s holdings fell from 139,725 to 114,725 shares after the sale.

Was the CEO's transaction executed under a 10b5-1 trading plan?

Yes. The Form 4 indicates the sale was made pursuant to a Rule 10b5-1 plan.

How many unexercised options does the CEO hold after this filing?

He retains 135,615 unexercised employee stock options.