Dolby CEO Executes Option Exercise and Sale — 25,000 Shares on 08/12/2025

Rhea-AI Filing Summary

Kevin J. Yeaman, President and CEO and director of Dolby Laboratories (DLB), reported option exercise and an immediate sale of shares on 08/12/2025. He exercised an employee stock option to acquire 25,000 shares of Class A common stock at an exercise price of $45.50 per share and simultaneously sold 25,000 shares at a weighted-average sale price of $72.3131 per share. Following these transactions, the reporting person beneficially owns 139,725 shares of Class A common stock indirectly through the Kevin and Rachel Yeaman Family Trust; this total includes 127,735 shares underlying restricted stock units that remain subject to forfeiture until they vest. The filing also notes the exercised option was part of a larger grant covering 194,399 shares, and the sold shares were transacted in multiple sales at prices ranging from $71.63 to $72.59.

Positive

• Transparent disclosure of exercise and sale with weighted-average sale price ($72.3131) and sale price range ($71.63–$72.59)
• Substantial retained indirect ownership of 139,725 Class A shares through the Kevin and Rachel Yeaman Family Trust
• Exercise was of a fully vested option, and the filing notes the option was part of a larger grant (194,399 shares)

Negative

• Insider sale of 25,000 shares reduced previously held freely tradable shares and represents insider liquidity
• 127,735 shares underlying RSUs are subject to forfeiture, limiting immediate economic and voting control over that portion

Insights

Securities Analyst

TL;DR: Routine insider exercise and sale realized a material per-share gain but left substantial indirect holdings intact.

The reported transaction is a common insider liquidity event: an in-the-money option ($45.50 strike) was exercised and the newly acquired shares were sold at a weighted-average price of $72.3131, capturing a clear spread. The filing explicitly states 25,000 shares were acquired and 25,000 sold on 08/12/2025 and that the exercised option formed part of a larger award covering 194,399 shares. Post-transaction beneficial ownership remains sizable (139,725 shares indirect), including 127,735 RSU-backed shares still subject to forfeiture, which limits immediate economic control over that portion. This transaction appears procedural and not indicative of a change in control or governance, but does reflect insider monetization while retaining meaningful economic exposure through the trust and unvested RSUs.

Corporate Governance Expert

TL;DR: Disclosure meets Rule 16 reporting — shows exercised vested option and concurrent sales under reported prices.

The Form 4 disclosure clearly identifies the reporting person as both an officer (President and CEO) and a director, and flags that the transactions may have been executed pursuant to a Rule 10b5-1 plan. The filing provides granular pricing (weighted-average sale $72.3131; sale range $71.63–$72.59) and documents the trust vehicle used for indirect ownership. Notably, 127,735 shares underlying RSUs remain subject to forfeiture, which is material for assessing actual immediate voting and economic rights. From a governance perspective, this is transparent, timely reporting of a routine option exercise and sale; no other governance actions or policy exceptions are disclosed.

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

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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)
08/12/2025

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	08/12/2025		M		25,000	A	$45.5	139,725	I	By a trust(1)
Class A Common Stock	08/12/2025		S		25,000	D	$72.3131(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	08/12/2025		M			25,000	(4)	12/15/2026	Class A Common Stock	25,000	$0	85,615	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 $71.63 to $72.59, 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	08/14/2025
	** 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 did Kevin Yeaman report on Form 4 for DLB?

He reported exercising 25,000 employee stock options at $45.50 and selling 25,000 shares at a weighted-average price of $72.3131 on 08/12/2025.

How many Dolby (DLB) shares does Kevin Yeaman beneficially own after this transaction?

He beneficially owns 139,725 shares of Class A common stock indirectly through the Kevin and Rachel Yeaman Family Trust.

Were the sold shares part of a single trade or multiple transactions?

The shares were sold in multiple transactions at prices ranging from $71.63 to $72.59; the filing reports a weighted-average sale price of $72.3131.

Are any of Kevin Yeaman's shares subject to forfeiture?

Yes. The filing states 127,735 shares underlying restricted stock units remain subject to forfeiture until they vest.

Was the exercised option fully vested?

Yes. The filing states the option exercised in this transaction was fully vested and exercisable as of the transaction date.