Dolby Laboratories, Inc. — Director's Dealing 2010

May 17, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2010-05-14

Reporting Person: JASPER N WILLIAM JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-14	Class A Common Stock	C	20000	—	Acquired	52744	Direct
2010-05-14	Class A Common Stock	S	14576	$65.31	Disposed	38168	Direct
2010-05-14	Class A Common Stock	S	5424	$66.35	Disposed	32744	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-14	Employee Stock Option (Right to Buy)	$2.08	M	20000	Disposed	2014-04-21	Class B Common Stock (20000)	Direct
2010-05-14	Class B Common Stock	$0	M	20000	Acquired		Class A Common Stock (20000)	Direct
2010-05-14	Class B Common Stock	$0	C	20000	Disposed		Class A Common Stock (20000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class B Common Stock	$0		Class A Common Stock (20000)	20000	Indirect
Class B Common Stock	$0		Class A Common Stock (10000)	10000	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: This transaction was executed in multiple trades at prices ranging from $65.01 to $65.9336. 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: This transaction was executed in multiple trades at prices ranging from $66.07 to $66.93. 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.

F4: Shares held following the reported transactions, but none of the shares reported as sold, include 24,167 restricted stock units, which are subject to forfeiture until they vest.

F5: This option was granted for a total of 900,000 shares of Class B Common Stock. 1/4 of the total number of shares issuable under the option vests on each anniversary of April 1, 2004, the vesting commencement date.

F6: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.