Robert Park - Dec 15, 2022 Form 4 Insider Report for Dolby Laboratories, Inc. (DLB)

Role: SVP & Chief Financial Officer
Signature: /s/ Daniel Rodriguez, Attorney-in-Fact for Robert Park
Stock symbol: DLB
Transactions as of: Dec 15, 2022
Transactions value $: $0
Form type: 4
Date filed: 12/16/2022, 07:12 PM
Previous filing: Oct 19, 2022
Next filing: Oct 17, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	DLB	Class A Common Stock	Award	$0	+17.6K	+57.84%	$0.00	48K	Dec 15, 2022	Direct	F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	DLB	Performance-Based Restricted Stock Unit	Award	$0	+8.8K		$0.00	8.8K	Dec 15, 2022	Class A Common Stock	8.8K		Direct	F4
transaction	DLB	Employee Stock Option (Right to Buy)	Award	$0	+31.7K		$0.00	31.7K	Dec 15, 2022	Class A Common Stock	31.7K	$71.07	Direct	F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Award represents a total of 17,595 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, 2022. Each unit represents a contingent right to receive one share of the Issuer's Class A Common Stock upon vesting.
F2	Shares held following the reported transactions include 42,738 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.
F3	Shares include 197 shares acquired under the Issuer's Employee Stock Purchase Plan on November 15, 2022.
F4	The vesting of this performance-based restricted stock unit ("PSU") award is dependent upon achievement of performance criteria measured during a three-year performance period beginning on December 15, 2022 and ending December 10, 2025. Each PSU represents a right to receive, upon vesting, one share of Class A common stock. 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 immediately upon certification by the Company's Compensation Committee of the achievement of the performance criteria, following the end of the three-year performance period.
F5	This option was granted for a total of 31,677 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, 2022, the vesting commencement date, and the balance of the shares in equal monthly installments over the next 36 months thereafter.