Dolby Laboratories, Inc. — Director's Dealing 2010

Jun 1, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2010-05-27

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-27	Class A Common Stock	M	9375	$32.18	Acquired	47103	Direct
2010-05-27	Class A Common Stock	M	2625	$31.91	Acquired	49728	Direct
2010-05-27	Class A Common Stock	S	4862	$61.8819	Disposed	44866	Direct
2010-05-27	Class A Common Stock	S	7986	$63.5220	Disposed	36880	Direct
2010-05-27	Class A Common Stock	S	528	$64.2842	Disposed	36352	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-27	Employee Stock Option (Right to Buy)	$32.18	M	9375	Disposed	2019-02-09	Class A Common Stock (9375)	Direct
2010-05-27	Employee Stock Option (Right to Buy)	$31.91	M	2625	Disposed	2019-03-16	Class A Common Stock (2625)	Direct

Footnotes

F1: Shares held following the reported transactions, but none of the shares reported as sold, include 36,195 restricted stock units, which are subject to forfeiture until they vest.

F2: This transaction was executed in multiple trades at prices ranging from $61.8213 to $62.81. 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 $62.98 to $63.79. 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: This transaction was executed in multiple trades at prices ranging from $64.05 to $64.30. 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 option was granted for a total of 30,000 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 9, 2009, the vesting commencement date, and the balance of the shares in equal monthly installments over the next 36 months thereafter.

F6: This option was granted for a total of 9,000 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on the first anniversary of March 16, 2009, the vesting commencement date, and the balance of the shares in equal monthly installments over the next 36 months thereafter.