SEC FORM 4

SEC FORM 4 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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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

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)
07/15/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	07/15/2025		M		25,000	A	$45.5	139,725	I	By a trust⁽¹⁾
Class A Common Stock	07/15/2025		M		14,875	A	$64.6	154,600	I	By a trust⁽¹⁾
Class A Common Stock	07/15/2025		S		39,595	D	$74.8126⁽²⁾	115,005	I	By a trust⁽¹⁾
Class A Common Stock	07/15/2025		S		280	D	$75.3032⁽³⁾	114,725	I	By a trust⁽¹⁾
Class A Common Stock	07/16/2025		M		2,491	A	$64.6	117,216	I	By a trust⁽¹⁾
Class A Common Stock	07/16/2025		S		2,491	D	$75	114,725	I	By a trust⁽¹⁾
Class A Common Stock								127,735⁽⁴⁾	D
Class A Common Stock								2.5592	I	By a 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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (Right to Buy)	$45.5	07/15/2025		M			25,000	⁽⁵⁾	12/15/2026	Class A Common Stock	25,000	$0	110,615	I	By a trust⁽¹⁾
Employee Stock Option (Right to Buy)	$64.6	07/15/2025		M			14,875	⁽⁶⁾	12/17/2025	Class A Common Stock	14,875	$0	37,942	I	By a trust⁽¹⁾
Employee Stock Option (Right to Buy)	$64.6	07/16/2025		M			2,491	⁽⁶⁾	12/17/2025	Class A Common Stock	2,491	$0	35,451	I	By a trust⁽¹⁾

Explanation of Responses:

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

2. The shares were sold in multiple transactions at prices ranging from $74.30 to $75.245, 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.

3. The shares were sold in multiple transactions at prices ranging from $75.30 to $75.305, 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.

4. Shares held following the reported transactions include 127,735 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.

5. This option was granted for a total of 194,399 shares of Class A Common Stock. The option exercised in this transaction was fully vested and exercisable as of the transaction date.

6. This performance-based stock option award was granted for a total of 82,000 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 17, 2021 was at 75% of target, or 61,500 shares.

	/s/ Daniel Rodriguez as Attorney-in-Fact for Kevin Yeaman	07/17/2025
	** 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.

President and CEO Yeaman Kevin J exercised 42,366 shares at a strike of $53.33 and sold $3,170,115 worth of shares (42,366 units at $74.83) (SEC Form 4)