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Filing Details

Accession Number:: 0001209191-17-066573
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2017-12-19 20:57:59
Reporting Period:: 2017-12-15

Accepted Time:: 2017-12-19 20:57:59
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1308547	Dolby Laboratories Inc.	DLB	()	4

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1256708	Andrew Mark Sherman	C/O Dolby Laboratories, Inc. 1275 Market Street San Francisco CA 94103	Evp, Gen. Coun. & Secrty	No	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Class A Common Stock	Disposition	2017-12-15	4,894	$60.99	41,531	No	4	F	Direct
Class A Common Stock	Acquisiton	2017-12-15	14,000	$0.00	55,531	No	4	A	Direct
Class A Common Stock	Disposition	2017-12-18	1,817	$62.32	53,714	No	4	F	Direct
Class A Common Stock	Disposition	2017-12-18	2,929	$62.58	50,785	No	4	S	Direct
Class A Common Stock	Disposition	2017-12-19	1,665	$62.22	49,120	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	F	Direct
No	4	A	Direct
No	4	F	Direct
No	4	S	Direct
No	4	S	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Class A Common Stock	Performance-Based Stock Option (Right to Buy)	Acquisiton	2017-12-15	28,000	$0.00	28,000	$62.32
Class A Common Stock	Employee Stock Option (Right to Buy)	Acquisiton	2017-12-15	56,000	$0.00	56,000	$62.32

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
28,000		2024-12-15	No	4	A	Direct
56,000		2027-12-15	No	4	A	Direct

Footnotes

In accordance with Rule 16b-3, shares reported as disposed of were withheld by the Issuer and not issued to the reporting person in order to cover withholding taxes incidental to the vesting of restricted stock units.
Shares held following the reported transactions include 22,484 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.
Shares include 490 shares acquired under the Issuer's Employee Stock Purchase Plan on November 15, 2017.
Award represents a total of 14,000 restricted stock units granted under the terms of the Issuer's 2005 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, 2017. Each unit represents a contingent right to receive one share of the Issuer's Class A Common Stock upon vesting.
Shares held following the reported transactions include 36,484 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.
Shares held following the reported transactions include 33,002 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest.
This transaction was executed in multiple trades at prices ranging from $62.21 to $62.93. The price reported above reflects the weighted average 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 in multiple transactions at prices ranging from $62 to $62.41, inclusive. The price reported 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 vesting of this performance-based stock option ("PSO") award is dependent upon achievement of performance criteria measured during a three-year performance period beginning on December 15, 2017 and ending December 15, 2020. The number of shares reported is at the target award amount. The reporting person may potentially earn from 0% to 125% of the target award amount based on total shareholder return at the end of the three-year performance period. The actual PSO award earned shall vest immediately upon certification by the Company's Compensation Committee of the achievement of the performance criteria, following the end of the three-year performance period.
This option was granted for a total of 56,000 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, 2017, the vesting commencement date, and the balance of the shares in equal monthly installments over the next 36 months thereafter.