Sec Form 4 Filing - CHEW LEWIS @ Dolby Laboratories, Inc. - 2021-08-17

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person CHEW LEWIS 2. Issuer Name and Ticker or Trading Symbol Dolby Laboratories, Inc. [ DLB] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) EVP & Chief Financial Officer (Last) (First) (Middle) C/O DOLBY LABORATORIES, INC., 1275 MARKET STREET 3. Date of Earliest Transaction (MM/DD/YY) 08/17/2021 (Street) SAN FRANCISCO, CA94103 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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) Code V Amount (A) or (D) Price Class A Common Stock 08/17/2021 M 30,000 A $ 33.15 135,598 ( 1 ) D Class A Common Stock 08/17/2021 S 2,800 D $ 101.6754 ( 2 ) 132,798 ( 1 ) D Class A Common Stock 08/17/2021 S 4,900 D $ 100.824 ( 3 ) 127,898 ( 1 ) D Class A Common Stock 08/17/2021 S 14,870 D $ 99.6483 ( 4 ) 113,028 ( 1 ) D Class A Common Stock 08/17/2021 S 7,430 D $ 99.1965 ( 5 ) 105,598 ( 1 ) D

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disp osed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Employee Stock Option (right to buy) $ 33.15 08/17/2021 M 30,000 ( 6 ) 12/15/2022 Class A Common Stock 30,000 $ 0 10,625 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other CHEW LEWIS C/O DOLBY LABORATORIES, INC. 1275 MARKET STREET SAN FRANCISCO, CA94103 EVP & Chief Financial Officer Signatures /s/ Daniel Rodriguez, Attorney-in-Fact for Lewis Chew 08/18/2021 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Shares held following the reported transactions include 34,172 restricted stock units, which are subject to forfeiture until they vest. ( 2 )The shares were sold in multiple transactions at prices ranging from $101.37 to $102.35, 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. ( 3 )The shares were sold in multiple transactions at prices ranging from $100.36 to $101.29, 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 )The shares were sold in multiple transactions at prices ranging from $99.31 to $100.29, 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. ( 5 )This transaction was executed in multiple trades at prices ranging from $99.15 to $99.29. 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. ( 6 )This performance-based stock option award was granted for a total of 32,500 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 15, 2018 was at 125% of target, or 40,625 shares.

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).

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