Sec Form 4 Filing - Couling John D @ Dolby Laboratories, Inc. - 2021-12-15

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 Couling John D 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) SVP, Entertainment (Last) (First) (Middle) C/O DOLBY LABORATORIES, INC., 1275 MARKET STREET 3. Date of Earliest Transaction (MM/DD/YY) 12/15/2021 (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 12/15/2021 F( 1 ) 2,119 D $ 90.55 66,258( 2 ) D Class A Common Stock 12/15/2021 A 17,027 A( 3 ) $ 0 83,285( 4 ) D Class A Common Stock 12/16/2021 F( 1 ) 1,373 D $ 91.8 81,912( 5 ) 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 Disposed 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 Performance-Based Restricted Stock Unit ( 6 ) 12/15/2021 A 8,513 ( 6 ) ( 6 ) Class A Common Stock 8,513 $ 0 8,513 D Employee Stock Option (Right to Buy) $ 91.8 12/15/2021 A 35,244 ( 7 ) 12/15/2031 Class A Common Stock 35,244 $ 0 35,244 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Couling John D C/O DOLBY LABORATORIES, INC. 1275 MARKET STREET SAN FRANCISCO, CA94103 SVP, Entertainment Signatures /s/ Daniel Rodriguez, Attorney-in-Fact for John Couling 12/16/2021 Signature of Reporting Person Date

Explanation of Responses:

( 1 )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. ( 2 )Shares held following the reported transactions include 24,126 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest. ( 3 )Award represents a total of 17,027 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, 2020. Each unit represents a contingent right to receive one share of the Issuer's Class A Common Stock upon vesting. ( 4 )Shares held following the reported transactions include 41,153 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest. ( 5 )Shares held following the reported transactions include 38,153 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest. ( 6 )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. ( 7 )This option was granted for a total of 35,244 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.

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).

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