Dolby Laboratories (DLB) CEO Discloses New Equity Awards and 10b5-1 Sales

Rhea-AI Filing Summary

Dolby Laboratories president and CEO Kevin Yeaman reported multiple equity transactions in December 2025. On December 15 he received 65,968 restricted stock units and a new performance-based restricted stock unit award covering 32,984 shares, plus an option to buy 145,252 shares of Class A common stock at $66.62 per share, all under Dolby’s 2020 Stock Plan. A prior performance-based award from 2022 vested at 64.65% of its 27,273-share target, delivering 17,633 shares while 9,640 units were cancelled, and Dolby withheld 27,180 and 6,855 shares to cover associated taxes. On December 16 and 17, a family trust for Yeaman sold several blocks of Dolby stock at weighted average prices including $66.6404 and $67.2351 per share under a Rule 10b5-1 trading plan adopted on February 28, 2025, and continues to hold Dolby shares on his behalf.

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
Estimated average burden
hours per response:			0.5

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)
12/15/2025

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	12/15/2025		A		65,968	A(1)	$0	193,703(2)	D
Class A Common Stock	12/15/2025		M		17,633	A	$0(3)	202,587(4)	D
Class A Common Stock	12/15/2025		F(5)		27,180	D	$67.54	157,390(6)	D
Class A Common Stock	12/16/2025		F(5)		6,855	D	$66.62	143,784(7)	D
Class A Common Stock	12/16/2025		S		21,772	D	$66.6404(8)	110,122(9)	I	By a trust(10)
Class A Common Stock	12/16/2025		S		4,994	D	$67.1636(11)	105,128	I	By a trust(10)
Class A Common Stock	12/17/2025		S		6,671	D	$67.2351(12)	98,457	I	By a trust(10)
Class A Common Stock	12/17/2025		S		80	D	$67.54	98,377	I	By a trust(10)
Class A Common Stock								2.5592	I	By 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
Performance-Based Restricted Stock Unit	(13)	12/15/2025		A		32,984		(13)	(13)	Class A Common Stock	32,984	$0	32,984	D
Employee Stock Option (Right to Buy)	$66.62	12/15/2025		A		145,252		(14)	12/15/2035	Class A Common Stock	145,252	$0	145,252	D
Performance-Based Restricted Stock Unit	(3)	12/15/2025		M			17,633	(15)	(15)	Class A Common Stock	17,633	$0	0	D

Explanation of Responses:

1. Award represents a total of 65,968 restricted stock units granted under the terms of the Issuer's 2020 Stock Plan. Under the terms of the restricted stock unit grant agreement, 1/4 of the total number of units shall vest on each anniversary of December 15, 2025. Each unit represents a contingent right to receive one share of the Issuer's Class A Common Stock upon vesting.

2. Shares held following the reported transactions include 193,703 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.

3. Each performance-based restricted stock unit (PSU) represented a contingent right to receive, upon vesting, one share of Issuer Class A common stock.

4. Shares held following the reported transactions (i) include 193,703 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest and (ii) exclude 8,749 shares which were issued to and are now held by the Kevin and Rachel Yeaman Family Trust dated May 14, 2009 in connection with the vesting of performance-based restricted stock units.

5. In accordance with Rule 16b-3, shares reported as disposed of were withheld by the Issuer in a transaction exempt from Section 16(b) and not issued to the reporting person in order to cover withholding taxes incidental to the vesting of restricted stock units or performance-based restricted stock units.

6. Shares held following the reported transaction (i) include 157,390 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest and (ii) exclude 18,017 shares which were issued to and are now held by the Kevin and Rachel Yeaman Family Trust dated May 14, 2009 in connection with the vesting of restricted stock units.

7. Shares held following the reported transaction (i) include 143,784 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest and (ii) exclude 6,751 shares which were issued to and are now held by the Kevin and Rachel Yeaman Family Trust dated May 14, 2009 in connection with the vesting of restricted stock units.

8. The shares were sold in multiple transactions at prices ranging from $65.98 to $66.975, 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. The shares were sold pursuant to a 10b5-1 trading plan adopted on February 28, 2025.

9. Includes 33,517 shares which were issued to and are now held by the Kevin and Rachel Yeaman Family Trust dated May 14, 2009 in connection with the reported transactions.

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

11. The shares were sold in multiple transactions at prices ranging from $67.00 to $67.375, 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. The shares were sold pursuant to a 10b5-1 trading plan adopted on February 28, 2025.

12. The shares were sold in multiple transactions at prices ranging from $66.49 to $67.48, 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. The shares were sold pursuant to a 10b5-1 trading plan adopted on February 28, 2025.

13. Each performance-based restricted stock unit ("PSU") represents a right to receive, upon vesting, one share of Class A common stock. The vesting of this PSU award is dependent upon (i) achievement of performance criteria measured during a three-year performance period beginning on December 15, 2025 and ending December 12, 2028 and (ii) satisfaction of a service-based vesting component. The number of shares reported is at the target award amount. The reporting person may potentially earn from 0% to 200% of the target award amount based on achievement of annualized total shareholder return compared to the S&P Mid Cap 400 Index at the end of the three-year performance period. The actual PSU award earned shall vest upon the later of three years from the date of grant and certification by the Company's Compensation Committee of the achievement of the performance criteria, following the end of the three-year performance period.

14. This option was granted for a total of 145,252 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on the first anniversary of December 15, 2025, the vesting commencement date, and the balance of the shares vest in equal monthly installments over the next 36 months thereafter.

15. The vesting of the PSU award was dependent upon the achievement of performance criteria measured during a three-year performance period beginning on December 15, 2022 and ending December 10, 2025. The reporting person was eligible to earn from 0% to 200% of the target award amount (which was 27,273 shares) based on achievement of annualized total shareholder return compared to the S&P Mid Cap 400 Index at the end of the three-year performance period. Following the end of the three-year performance period, the Issuer's Compensation Committee certified the achievement of the performance criteria at 64.65% of the target award amount resulting in the vesting of 17,633 PSUs. The remaining 9,640 PSUs were cancelled. The service-based vesting component of the PSU award was satisfied upon certification of the achievement of the performance criteria.

	/s/ Daniel Rodriguez, Attorney-in-Fact for Kevin Yeaman	12/17/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What new equity awards did Dolby (DLB) grant to CEO Kevin Yeaman on December 15, 2025?

On December 15, 2025, Kevin Yeaman received 65,968 restricted stock units, a performance-based restricted stock unit award for 32,984 shares, and a stock option to purchase 145,252 shares of Dolby Class A common stock at an exercise price of $66.62 per share under the company’s 2020 Stock Plan.

How do Kevin Yeaman’s new performance-based restricted stock units at Dolby (DLB) vest?

Each new performance-based restricted stock unit (PSU) granted to Kevin Yeaman on December 15, 2025 represents a right to receive one share of Class A common stock upon vesting. The award for 32,984 PSUs vests based on performance measured over a three-year period from December 15, 2025 to December 12, 2028, tied to annualized total shareholder return compared to the S&P Mid Cap 400 Index, and also requires satisfaction of a service-based vesting component.

What was the outcome of Kevin Yeaman’s 2022 PSU award at Dolby (DLB)?

The 2022 PSU award had a target of 27,273 shares with a performance period from December 15, 2022 to December 10, 2025. Dolby’s Compensation Committee certified performance at 64.65% of the target, resulting in the vesting of 17,633 PSUs and the cancellation of 9,640 PSUs. The service-based vesting condition was satisfied upon certification.

Why did Dolby (DLB) withhold shares from Kevin Yeaman on December 15–16, 2025?

On December 15, 2025, 27,180 shares of Class A common stock were withheld at $67.54 per share, and on December 16, 2025, 6,855 shares were withheld at $66.62 per share. These shares were retained by Dolby in transactions exempt under Rule 16b-3 to cover withholding taxes related to the vesting of restricted stock units and performance-based restricted stock units.

What share sales by Kevin Yeaman’s family trust in Dolby (DLB) were reported?

On December 16, 2025, the Kevin and Rachel Yeaman Family Trust sold 21,772 shares at a weighted average price of $66.6404 and 4,994 shares at $67.1636. On December 17, 2025, it sold 6,671 shares at $67.2351 and 80 shares at $67.54. These transactions were executed under a Rule 10b5-1 trading plan adopted on February 28, 2025, and the trust continues to hold Dolby shares for Yeaman.

What are the vesting terms of Kevin Yeaman’s new Dolby (DLB) stock option?

The new option granted to Kevin Yeaman covers 145,252 shares of Dolby Class A common stock at an exercise price of $66.62 per share and expires on December 15, 2035. One-quarter of the shares vest on the first anniversary of December 15, 2025, and the remaining shares vest in equal monthly installments over the next 36 months.