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: 2010-02-05

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-02-05	Class A Common Stock	F	642	$52.42	Disposed	34624	Direct
2010-02-08	Class A Common Stock	A	30000	—	Acquired	64624	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	135000	Acquired	2020-02-08	Class A Common Stock (135000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	1108	Indirect

Footnotes

F1: In accordance with Rule 16b-3, shares reported as disposed of were withheld by the Company and not issued to the reporting person in order to cover withholding taxes incident to the vesting of restricted stock units.

F2: Award represents a total of 30,000 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.

F3: Shares held following the reported transactions include 63,500 restricted stock units, which are subject to forfeiture until they vest.

F4: This option was granted for a total of 135,000 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.

F5: Not Applicable.