Mark Andrew Sherman - May 8, 2023 Form 4 Insider Report for Dolby Laboratories, Inc. (DLB)

Role
EVP, Gen. Counsel & Secretary
Signature
/s/ Daniel Rodriguez, Attorney-in-Fact for Andy Sherman
Stock symbol
DLB
Transactions as of
May 8, 2023
Transactions value $
-$506,119
Form type
4
Date filed
5/10/2023, 04:51 PM
Previous filing
Feb 7, 2023
Next filing
Jul 14, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction DLB Class A Common Stock Options Exercise $506K +11.1K +19.72% $45.50 67.5K May 8, 2023 Direct F1
transaction DLB Class A Common Stock Options Exercise $242K +3.88K +5.75% $62.32 71.4K May 8, 2023 Direct F1
transaction DLB Class A Common Stock Sale -$1.07M -12.8K -17.96% $83.47 58.6K May 8, 2023 Direct F1, F2
transaction DLB Class A Common Stock Sale -$184K -2.18K -3.72% $84.35 56.4K May 8, 2023 Direct F1, 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 Employee Stock Option (right to buy) Options Exercise $0 -11.1K -100% $0.00* 0 May 8, 2023 Class A Common Stock 11.1K $45.50 Direct F4
transaction DLB Employee Stock Option (right to buy) Options Exercise $0 -3.88K -14.44% $0.00 23K May 8, 2023 Class A Common Stock 3.88K $62.32 Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Shares held following the reported transactions include 39,803 restricted stock units, which are subject to forfeiture until they vest
F2 The shares were sold in multiple transactions at prices ranging from $83.07 to $84.015, 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.
F3 The shares were sold in multiple transactions at prices ranging from $84.10 to $84.735, 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.
F4 This option was originally granted for a total of 52,000 shares of Class A Common Stock. The option exercised in this transaction was fully vested and exercisable as of the transaction date.
F5 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 15, 2020 was at 96% of target, or 26,880 shares.

Remarks:

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 22, 2023 which was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) in effect at the time of adoption.