SCHEDULE: Dolby Family Reduces Stake by Over 1% Through Charitable Gifts

Dagmar Dolby and related trusts decreased their beneficial ownership in Dolby Laboratories, Inc. by over one percent primarily due to charitable gifting.

Summary

• Dagmar Dolby and associated trusts (the "Reporting Persons") filed an Amendment No. 55 to Schedule 13D for Dolby Laboratories, Inc.
• The filing reports a decrease of more than one percent in the Reporting Persons' beneficial ownership of Class A Common Stock.
• This decrease resulted from the gifting of 43,500 shares of Class A Common Stock by the Dagmar Dolby Fund and 890,000 shares of Class A Common Stock by the Dagmar Dolby Trust.
• The transfers were made for charitable gifting purposes, without any payment or consideration received by the Reporting Persons.
• A minor offset occurred with 3,140 shares of Class A Common Stock issued to David E. Dolby upon the vesting of restricted stock units.
• As of February 11, 2026, Dagmar Dolby's aggregate beneficial ownership is 34,368,358 shares, representing 36.0% of the Class A Common Stock (assuming conversion of all Class B shares).
• Dagmar Dolby's percentage ownership of Class B Common Stock is 98.7%.
• The Reporting Persons collectively represent 84.0% of the total outstanding voting power of Class A and Class B Common Stock, with Dagmar Dolby having sole or shared voting power over 78.1% of this total.
• The percentages are based on 60,884,768 shares of Class A Common Stock and 34,655,045 shares of Class B Common Stock outstanding on January 23, 2026.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as slightly negative due to the reduction in beneficial ownership by the founding family, even though it's for charitable purposes. While the family retains significant control, any decrease in direct financial alignment can be perceived as a minor concern by investors.

Positives

• David E. Dolby received 3,140 shares of Class A Common Stock from the vesting of restricted stock units, indicating continued incentive alignment for a key family member in management.

Negatives

• The beneficial ownership of Class A Common Stock by the Reporting Persons decreased by more than one percent, reducing the direct financial alignment of the founding family with other shareholders, even if for charitable reasons.

Risks

• The dual-class share structure, where Class B Common Stock carries ten votes per share compared to Class A's one vote, concentrates significant voting power within the Dolby family, potentially limiting the influence of public Class A shareholders on corporate governance decisions.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's operational or financial performance.

Industry Context

StockSavvy.ai notes that this filing primarily concerns changes in beneficial ownership by the founding family and does not directly relate to broader industry trends or competitive dynamics within the audio and imaging technology sector. The continued strong control by the Dolby family through their Class B shares remains a key structural characteristic of the company.

Related Party Transactions

• The transfers of shares were between various trusts and entities associated with the Dolby family (Dagmar Dolby Fund, Dagmar Dolby Trust) for charitable gifting purposes.

Stakeholder Impact

• Shareholders: The decrease in beneficial ownership by the founding family, while for charitable reasons, slightly reduces the direct financial alignment of the controlling shareholders with other investors. However, the family retains substantial voting control through the dual-class share structure.
• Charitable Organizations: The recipients of the gifted shares will benefit from the transfers.

Key Dates

Recommendation

The filing indicates a reduction in beneficial ownership by the founding family, which could be interpreted as a slight negative for investor alignment. However, the reason for the reduction is charitable gifting, not a sale for personal gain, and the family retains overwhelming voting control. This change is unlikely to fundamentally alter the company's operational outlook or strategic direction, suggesting a 'hold' recommendation as the core investment thesis remains largely unchanged by this ownership adjustment.

Keywords

Dolby Laboratories, Schedule 13D, Beneficial Ownership, Class A Common Stock, Class B Common Stock, Dagmar Dolby, Trusts, Gifting, Insider Ownership, Corporate Governance