Dolby Laboratories, Inc. — Director's Dealing 2011

Feb 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2011-02-18

Reporting Person: SIBONI ROGER S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-18	Class A Common Stock	C	10000	—	Acquired	26638	Direct
2011-02-18	Class A Common Stock	S	10000	$51.7018	Disposed	16638	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-18	Stock Option (Right to Buy)	$2.08	M	10000	Disposed	2014-08-03	Class B Common Stock (10000)	Direct
2011-02-18	Class B Common Stock	$0	M	10000	Acquired		Class A Common Stock (10000)	Direct
2011-02-18	Class B Common Stock	$0	C	10000	Disposed		Class A Common Stock (10000)	Direct

Footnotes

F1: Shares held following the reported transactions include 16,638 restricted stock units, which are subject to forfeiture until they vest.

F2: Each share of Class A Common Stock issued upon conversion of one share of Class B Common Stock at the election of the reporting person.

F3: This transaction was executed in multiple trades at prices ranging from $51.53 to $51.89. 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 100,000 shares of Class B Common Stock. 1/3 of the total number of shares issuable under the option vests on each anniversary of July 15, 2004, the vesting commencement date.

F5: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.