Dolby Laboratories, Inc. — Director's Dealing 2010

Jul 21, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2010-07-20

Reporting Person: Dolby Ray (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-07-20	Class A Common Stock	C	10000	—	Acquired	10000	Indirect
2010-07-20	Class A Common Stock	S	5256	$66.0909	Disposed	4744	Indirect
2010-07-20	Class A Common Stock	S	4079	$66.9474	Disposed	665	Indirect
2010-07-20	Class A Common Stock	S	665	$67.5814	Disposed	0	Indirect
2010-07-20	Class A Common Stock	C	10000	—	Acquired	10000	Indirect
2010-07-20	Class A Common Stock	S	6356	$66.1652	Disposed	3644	Indirect
2010-07-20	Class A Common Stock	S	3664	$67.1909	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-07-20	Class B Common Stock	$	C	10000	Disposed		Class A Common Stock (10000)	Indirect
2010-07-20	Class B Common Stock	$	C	10000	Disposed		Class A Common Stock (10000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	10100	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class B Common Stock	$		Class A Common Stock (55379670)	55379670	Indirect

Footnotes

F1: Each share of Class A Common Stock issued upon conversion of one share of Class B Common Stock at the election of the reporting person.

F2: Reflects shares of Class B Common Stock (convertible into a like number of shares of Class A Common Stock) held of record by Ray Dolby, as Trustee of the Ray Dolby 2002 Trust A dated April 19, 2002, voting power of which is held by Thomas E. Dolby, son of Ray Dolby, as Special Trustee of the Ray Dolby 2002 Trust A dated April 19, 2002. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

F3: Reflects shares of Class B Common Stock (convertible into a like number of shares of Class A Common Stock) held of record by Ray Dolby, as Trustee of the Ray Dolby 2002 Trust B dated April 19, 2002, voting power of which is held by David E. Dolby, son of Ray Dolby, as Special Trustee of the Ray Dolby 2002 Trust B dated April 19, 2002. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

F4: This transaction was executed in multiple trades at prices ranging from $65.47 to $66.46. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC 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.

F5: This transaction was executed in multiple trades at prices ranging from $66.48 to $67.42. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC 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.

F6: This transaction was executed in multiple trades at prices ranging from $67.54 to $67.63. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC 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.

F7: This transaction was executed in multiple trades at prices ranging from $65.55 to $66.5281. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC 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.

F8: This transaction was executed in multiple trades at prices ranging from $66.69 to $67.63. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC 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.

F9: Shares held by the reporting person following the reported transactions, but none of the shares reported as sold, include 10,000 shares of Class A Common Stock underlying restricted stock units, which are subject to forfeiture until they vest.

F10: Shares of Class B Common Stock are convertible at any time at the option of the holder into shares of Class A Common Stock on a 1-for-1 basis.

F11: Reflects 55,379,670 shares of Class B Common Stock (convertible into a like number of shares of Class A Common Stock) held of record by Ray Dolby as Trustee of the Ray Dolby Trust under the Dolby Family Trust instrument, dated May 7, 1999. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.