Dolby Laboratories, Inc. — Director's Dealing 2010

Feb 8, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2010-02-08

Reporting Person: ROCKWELL MICHAEL J (EVP, Products and Technologies)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-02-08	Class A Common Stock	A	29670	—	Acquired	38527	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-02-08	Employee Stock Option (Right to Buy)	$51.19	A	66000	Acquired	2020-02-08	Class A Common Stock (66000)	Direct

Footnotes

F1: Award represents a total of 29,670 restricted stock units granted under the terms of the Issuer's 2005 Stock Plan. Under the terms of the restricted stock unit grant agreement, 1/4 of the total number of units shall vest on each anniversary of February 8, 2010. Each unit represents a contingent right to receive one share of the Issuer's Class A Common Stock upon vesting.

F2: Shares include 52 shares acquired under the Issuer's Employee Stock Purchase Plan in May 2009.

F3: Shares held following the reported transactions, but none of the shares reported as sold, include 38,370 restricted stock units, which are subject to forfeiture until they vest.

F4: This option was granted for a total of 66,000 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on the first anniversary of February 8, 2010, the vesting commencement date, and the balance of the shares in equal monthly installments over the next 36 months thereafter.