Dolby Laboratories, Inc. — Director's Dealing 2010

May 14, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2010-05-13

Reporting Person: HALL TED W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-13	Class A Common Stock	M	20000	$32.70	Acquired	20000	Indirect
2010-05-13	Class A Common Stock	S	20000	$68.14	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-13	Stock Option (Right to Buy)	$32.70	M	20000	Disposed	2017-02-06	Class A Common Stock (20000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	20001	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $68.00 to $68.62. 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.

F2: Shares held following the reported transactions include 20,001 restricted stock units, which are subject to forfeiture until they vest.

F3: This option was granted for a total of 50,000 shares of Class A Common Stock. 1/3 of the total number of shares issuable under the option become exercisable on each anniversary of February 6, 2007, the vesting commencement date, as long as the Reporting Person continues to serve as a member of the Issuer's Board of Directors.