Dolby Laboratories, Inc. — Director's Dealing 2010

Dec 21, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2010-12-20

Reporting Person: YEAMAN KEVIN J (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-20	Class A Common Stock	M	10000	$16.58	Acquired	15856	Indirect
2010-12-20	Class A Common Stock	S	8800	$66.9262	Disposed	7056	Indirect
2010-12-20	Class A Common Stock	S	1200	$67.5442	Disposed	5856	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-20	Employee Stock Option (Right to Buy)	$16.58	M	10000	Disposed	2015-10-24	Class A Common Stock (10000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	84224	Direct

Footnotes

F1: Shares held following the reported transactions include 83,100 restricted stock units,which are subject to forfeiture until they vest.

F2: This transaction was executed in multiple trades at prices ranging from $66.38 to $67.38. 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 $67.39 to $67.64. 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 option was granted for a total of 150,000 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on each anniversary of January 1, 2006, the vesting commencement date.