Dolby Laboratories, Inc. — Director's Dealing 2010

Jun 4, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2010-06-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-06-03	Class A Common Stock	M	20000	$47.42	Acquired	56352	Direct
2010-06-03	Class A Common Stock	S	20000	$67.6547	Disposed	36352	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-06-03	Employee Stock Option (Right to Buy)	$47.42	M	20000	Disposed	2017-11-15	Class A Common Stock (20000)	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 $67.42 to $67.8207. 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 option was granted for a total of 80,000 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on each anniversary of November 15, 2007, the vesting commencement date.