<SEC-DOCUMENT>0000950170-24-138158.txt : 20241218
<SEC-HEADER>0000950170-24-138158.hdr.sgml : 20241218
<ACCEPTANCE-DATETIME>20241218212134
ACCESSION NUMBER:		0000950170-24-138158
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20241216
FILED AS OF DATE:		20241218
DATE AS OF CHANGE:		20241218

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SHERMAN MARK ANDREW
		CENTRAL INDEX KEY:			0001256708
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32431
		FILM NUMBER:		241560786

	MAIL ADDRESS:	
		STREET 1:		DOLBY LABORATORIES, INC.
		STREET 2:		1275 MARKET STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dolby Laboratories, Inc.
		CENTRAL INDEX KEY:			0001308547
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				900199783
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0927

	BUSINESS ADDRESS:	
		STREET 1:		1275 MARKET STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		415 558 0200

	MAIL ADDRESS:	
		STREET 1:		1275 MARKET STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
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        <issuerName>Dolby Laboratories, Inc.</issuerName>
        <issuerTradingSymbol>DLB</issuerTradingSymbol>
    </issuer>

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            <rptOwnerName>SHERMAN MARK ANDREW</rptOwnerName>
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            <rptOwnerStreet1>C/O DOLBY LABORATORIES, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1275 MARKET STREET</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94103</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>EVP, Gen. Counsel &amp; Secretary</officerTitle>
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                <directOrIndirectOwnership>
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        </nonDerivativeTransaction>
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    <derivativeTable>
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            <securityTitle>
                <value>Performance-Based Restricted Stock Unit</value>
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                <value>2024-12-16</value>
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                <equitySwapInvolved>false</equitySwapInvolved>
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                <transactionPricePerShare>
                    <value>0</value>
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                <footnoteId id="F8"/>
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                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>77.91</value>
            </conversionOrExercisePrice>
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                <value>2024-12-16</value>
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                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
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                    <value>35307</value>
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                <transactionPricePerShare>
                    <value>0</value>
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                <transactionAcquiredDisposedCode>
                    <value>A</value>
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            <expirationDate>
                <value>2034-12-16</value>
            </expirationDate>
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                <underlyingSecurityTitle>
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    <footnotes>
        <footnote id="F1">Award represents a total of 20,085 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 16, 2024. Each unit represents a contingent right to receive one share of the Issuer's Class A Common Stock upon vesting.</footnote>
        <footnote id="F2">Shares held following the reported transactions include 61,483 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.</footnote>
        <footnote id="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>
        <footnote id="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>
        <footnote id="F5">Shares held following the reported transactions include 45,470 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.</footnote>
        <footnote id="F6">The shares were sold in multiple transactions at prices ranging from $77.02 to $78.015, 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.</footnote>
        <footnote id="F7">The shares were sold in multiple transactions at prices ranging from $78.06 to $78.52, 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.</footnote>
        <footnote id="F8">The vesting of this performance-based restricted stock unit (&quot;PSU&quot;) award is dependent upon (i) achievement of performance criteria measured during a three-year performance period beginning on December 16, 2024 and ending December 13, 2027 and (ii) a service-based vesting component to be satisfied upon certification of the achievement of the performance criteria. 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&amp;P Mid Cap 400 Index at the end of the three-year performance period. The actual PSU award earned shall vest upon certification by the Company's Compensation Committee of the achievement of the performance criteria, following the end of the three-year performance period.</footnote>
        <footnote id="F9">This option was granted for a total of 35,307 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 16, 2024, the vesting commencement date, and the balance of the shares vest in equal monthly installments over the next 36 months thereafter.</footnote>
        <footnote id="F10">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, 2021 and ending December 11, 2024. The reporting person was eligible to earn from 0% to 200% of the target award amount (which was 7,378 shares) based on achievement of annualized total shareholder return compared to the S&amp;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 70.37% of the target award amount resulting in the vesting of 5,192 PSUs. The remaining 2,186 PSUs were cancelled. The service-based vesting component of the PSU award was satisfied upon certification of the achievement of the performance criteria.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Daniel Rodriguez, Attorney-in-Fact for Mark Andrew Sherman</signatureName>
        <signatureDate>2024-12-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</DOCUMENT>
</SEC-DOCUMENT>
