Dolby Laboratories, Inc. — Director's Dealing 2010

Nov 17, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2010-11-15

Reporting Person: Anderson Mark S (EVP, Gen. Coun. & Secrty.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-15	Class A Common Stock	M	12500	$28.13	Acquired	31400	Direct
2010-11-15	Class A Common Stock	S	12500	$64.8883	Disposed	18900	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-15	Employee Stock Option (Right to Buy)	$28.13	M	12500	Disposed	2016-11-14	Class A Common Stock (12500)	Direct

Footnotes

F1: Shares held following the reported transactions include 18,833 restricted stock units, which are subject to forfeiture until they vest.

F2: This transaction was executed in multiple trades at prices ranging from $64.51 to $65.24. 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.

F3: Shares include 33 shares acquired under the Issuer's Employee Stock Purchase Plan on May 17,2010.

F4: Shares include 34 shares acquired under the Issuer's Employee Stock Purchase Plan on November 15, 2010.

F5: This option was granted for a total of 50,000 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on each anniversary of November 14, 2006, the vesting commencement date.