Dolby Laboratories (DLB) EVP exercises 4,500 options and sells 4,500 shares

Rhea-AI Filing Summary

Dolby Laboratories executive reports stock option exercise and sale. On 12/01/2025, EVP, General Counsel & Secretary Mark Andrew Sherman exercised an employee stock option for 4,500 shares of Dolby Class A common stock at an exercise price of $64.6 per share and acquired these shares.

On the same date, he sold 4,500 shares of Class A common stock at a weighted average price of $67.5635 per share in multiple transactions. Following these transactions, he beneficially owned 62,397 shares of Class A common stock, which include 45,470 shares underlying restricted stock units that remain subject to forfeiture until they vest.

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).

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^*

SHERMAN MARK ANDREW

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Gen. Counsel & Secretary

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

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	12/01/2025		M		4,500	A	$64.6	66,897(1)	D
Class A Common Stock	12/01/2025		S		4,500	D	$67.5635(2)	62,397(1)	D

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)	$64.6	12/01/2025		M			4,500	(3)	12/17/2025	Class A Common Stock	4,500	$0	0	D

Explanation of Responses:

1. Shares held following the reported transactions include 45,470 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.

2. The shares were sold in multiple transactions at prices ranging from $67.115 to $67.95, 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. 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 17, 2021 was at 75% of target, or 19,500 shares.

	/s/ Daniel Rodriguez as Attorney-in-Fact for Mark Andrew Sherman	12/03/2025
	** 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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FAQ

What insider transaction did Dolby Laboratories (DLB) report for Mark Andrew Sherman?

The filing reports that Mark Andrew Sherman, EVP, General Counsel & Secretary of Dolby Laboratories, exercised an employee stock option for 4,500 shares of Class A common stock at an exercise price of $64.6 per share on 12/01/2025 and sold 4,500 shares of Class A common stock the same day.

At what price did the Dolby (DLB) executive sell his Class A shares?

Mark Andrew Sherman sold 4,500 shares of Dolby Laboratories Class A common stock at a weighted average price of $67.5635 per share, in multiple transactions with individual prices ranging from $67.115 to $67.95 per share.

How many Dolby (DLB) shares does Mark Andrew Sherman own after the reported transactions?

After the reported option exercise and sale, Mark Andrew Sherman beneficially owned 62,397 shares of Dolby Class A common stock. This figure includes 45,470 shares underlying restricted stock units that are subject to forfeiture until they vest.

What stock option did the Dolby (DLB) executive exercise in this Form 4?

Mark Andrew Sherman exercised an employee stock option covering 4,500 shares of Dolby Class A common stock at an exercise price of $64.6 per share. This option was part of a performance-based stock option award originally granted for 28,000 shares at target, of which 19,500 shares were ultimately earned based on total shareholder return performance criteria.

What was the performance outcome of the Dolby (DLB) executive’s stock option award?

The performance-based stock option award for Mark Andrew Sherman was granted for 28,000 shares of Class A common stock at target. Based on total shareholder return criteria measured over a three-year period ended December 17, 2021, he earned 75% of target, or 19,500 shares.

Does the Dolby (DLB) Form 4 indicate restricted stock units for the executive?

Yes. The explanation notes that shares held following the transactions include 45,470 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.