Mark Andrew Sherman - 12 Jul 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
Issuer symbol
DLB
Transactions as of
12 Jul 2023
Net transactions value
-$560,280
Form type
4
Filing time
14 Jul 2023, 16:34:31 UTC
Previous filing
10 May 2023
Next filing
19 Dec 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction DLB Class A Common Stock Options Exercise $1,308,720 +21,000 +37% $62.32 77,730 12 Jul 2023 Direct F1, F2
transaction DLB Class A Common Stock Sale $1,869,000 -21,000 -27% $89.00 56,730 12 Jul 2023 Direct F1

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 -21,000 -91% $0.000000 1,998 12 Jul 2023 Class A Common Stock 21,000 $62.32 Direct F3
* 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 Shares include 356 shares acquired under the Issuer's Employee Stock Purchase Plan on May 15, 2023.
F3 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 sale reported in this Form 4 was 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.