0001209191-21-070104.txt : 20211216 0001209191-21-070104.hdr.sgml : 20211216 20211216212530 ACCESSION NUMBER: 0001209191-21-070104 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20211215 FILED AS OF DATE: 20211216 DATE AS OF CHANGE: 20211216 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: SHERMAN MARK ANDREW CENTRAL INDEX KEY: 0001256708 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-32431 FILM NUMBER: 211499358 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] 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 4 1 doc4.xml FORM 4 SUBMISSION X0306 4 2021-12-15 0 0001308547 Dolby Laboratories, Inc. DLB 0001256708 SHERMAN MARK ANDREW C/O DOLBY LABORATORIES, INC. 1275 MARKET STREET SAN FRANCISCO CA 94103 0 1 0 0 EVP, GEN. COUN. & SECRTY Class A Common Stock 2021-12-15 4 F 0 3506 90.55 D 46956 D Class A Common Stock 2021-12-15 4 A 0 14757 0.00 A 61713 D Class A Common Stock 2020-12-16 4 F 0 1637 91.80 D 60076 D Class A Common Stock 2020-12-16 4 S 0 1432 90.9659 D 58644 D Class A Common Stock 2020-12-16 4 S 0 332 91.9024 D 58312 D Performance-Based Restricted Stock Unit 2021-12-15 4 A 0 7378 0.00 A Class A Common Stock 7378 7378 D Employee Stock Option (Right to Buy) 91.80 2021-12-15 4 A 0 30545 0.00 A 2031-12-15 Class A Common Stock 30545 30545 D 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 27,104 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest. Shares include 452 shares acquired under the Issuer's Employee Stock Purchase Plan on May 17, 2021. Award represents a total of 14,757 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, 2021. 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 41,861 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 38,561 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest. The shares were sold in multiple transactions at prices ranging from $90.65 to $91.35, 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 in multiple transactions at prices ranging from $91.81 to $92.07, 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 vesting of this performance-based restricted stock unit ("PSU") award is dependent upon achievement of performance criteria measured during a three-year performance period beginning on December 15, 2021 and ending December 11, 2024. 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&P Mid Cap 400 Index at the end of the three-year performance period. The actual PSU 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 30,545 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, 2021, the vesting commencement date, and the balance of the shares in equal monthly installments over the next 36 months thereafter. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan. /s/ Daniel Rodriguez, Attorney-in-Fact for Andy Sherman 2021-12-16