Mark Andrew Sherman - 15 Dec 2025 Form 4 Insider Report for Dolby Laboratories, Inc. (DLB)

Reporting relationship: EVP, Gen. Counsel & Secretary
Issuer ticker: DLB
Reported as of: 15 Dec 2025
Net transaction value: -$1,568,832
SEC form: 4
Accepted by SEC: 17 Dec 2025, 21:39:52 UTC
Prior SEC filing: 03 Dec 2025
Source filing: View source filing
Reporting owner signature: /s/ Daniel Rodriguez, Attorney-in-Fact for Mark Andrew Sherman

Key filing fact

Mark Andrew Sherman filed Form 4 for Dolby Laboratories, Inc. (DLB) on 17 Dec 2025.

Key facts

This page summarizes Mark Andrew Sherman's Form 4 filing for Dolby Laboratories, Inc. (DLB).
10 reported transactions and 3 derivative rows are listed below.
Accepted by SEC: 17 Dec 2025, 21:39.

Change

Previous filing in this sequence was filed on 03 Dec 2025.
Current net transaction value: -$1,568,832.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001256708 Primary reporting owner

SHERMAN MARK ANDREW

Relationship: EVP, Gen. Counsel & Secretary
Address: C/O DOLBY LABORATORIES, INC., 1275 MARKET STREET, SAN FRANCISCO
Signature: /s/ Daniel Rodriguez, Attorney-in-Fact for Mark Andrew Sherman
Signature date: 17 Dec 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

DLB transaction

Class A Common Stock

Award

Transaction value: $0
Shares: +25,633
Change %: +41%
Price: $0.000000
Shares after: 88,030
Date: 15 Dec 2025
Ownership: Direct
Footnotes: F1, F2

DLB transaction

Class A Common Stock

Options Exercise

Transaction value: $0
Shares: +5,915
Change %: +6.7%
Price: $0.000000
Shares after: 93,945
Date: 15 Dec 2025
Ownership: Direct
Footnotes: F2, F3

DLB transaction

Class A Common Stock

Tax liability

Transaction value: $624,880
Shares: -9,252
Change %: -9.8%
Price: $67.54
Shares after: 84,693
Date: 15 Dec 2025
Ownership: Direct
Footnotes: F4, F5

DLB transaction

Class A Common Stock

Tax liability

Transaction value: $168,549
Shares: -2,530
Change %: -3%
Price: $66.62
Shares after: 82,163
Date: 16 Dec 2025
Ownership: Direct
Footnotes: F4, F6

DLB transaction

Class A Common Stock

Sale

Transaction value: $448,588
Shares: -6,738
Change %: -8.2%
Price: $66.58
Shares after: 75,425
Date: 16 Dec 2025
Ownership: Direct
Footnotes: F6, F7

DLB transaction

Class A Common Stock

Sale

Transaction value: $159,261
Shares: -2,371
Change %: -3.1%
Price: $67.17
Shares after: 73,054
Date: 16 Dec 2025
Ownership: Direct
Footnotes: F6, F8

DLB transaction

Class A Common Stock

Sale

Transaction value: $167,554
Shares: -2,491
Change %: -3.4%
Price: $67.26
Shares after: 70,563
Date: 17 Dec 2025
Ownership: Direct
Footnotes: F6, F9

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

DLB transaction Derivative

Performance-Based Restricted Stock Unit

Award

Transaction value: $0
Shares: +12,816
Change %
Price: $0.000000
Shares after: 12,816
Date: 15 Dec 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 12,816
Exercise price
Footnotes: F10

DLB transaction Derivative

Employee Stock Option (Right to Buy)

Award

Transaction value: $0
Shares: +56,440
Change %
Price: $0.000000
Shares after: 56,440
Date: 15 Dec 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 56,440
Exercise price: $66.62
Footnotes: F11

DLB transaction Derivative

Performance-Based Restricted Stock Unit

Options Exercise

Transaction value: $0
Shares: -5,915
Change %: -100%
Price: $0.000000
Shares after: 0
Date: 15 Dec 2025
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 5,915
Exercise price
Footnotes: F3, F12

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Rule 10b5-1 trading plan

These transactions were reported as open-market trades under a Rule 10b5-1 plan. The plan lets an insider set trading instructions in advance, which can reduce the risk of trading while in possession of material nonpublic information.

Original filing language: transaction made pursuant to a contract, instruction, or written plan intended to satisfy Rule 10b5-1(c).

Explanation of responses 12 footnotes

Footnote F1

Award represents a total of 25,633 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.

Footnote F2

Shares held following the reported transactions include 71,103 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.

Footnote F3

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

Footnote F4

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.

Footnote F5

Shares held following the reported transactions include 58,657 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.

Footnote F6

Shares held following the reported transactions include 53,636 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.

Footnote F7

The shares were sold in multiple transactions at prices ranging from $65.98 to $66.97, 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.

Footnote F8

The shares were sold in multiple transactions at prices ranging from $67.00 to $67.38, 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.

Footnote F9

The shares were sold in multiple transactions at prices ranging from $66.52 to $67.51, 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.

Footnote F10

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.

Footnote F11

This option was granted for a total of 56,440 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.

Footnote F12

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 9,149 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 5,915 PSUs. The remaining 3,234 PSUs were cancelled. The service-based vesting component of the PSU award was satisfied upon certification of the achievement of the performance criteria.