Dolby Laboratories, Inc. — Director's Dealing 2011

Dec 19, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2011-12-15

Reporting Person: SHERMAN MARK ANDREW (EVP, GEN. COUN. & SECRTY)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-15	Class A Common Stock	A	19600	—	Acquired	37000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-15	Employee Stock Option (Right to Buy)	$31.45	A	84600	Acquired	2021-12-15	Class A Common Stock (84600)	Direct

Footnotes

F1: Shares held following the reported transactions, but none of the shares reported as sold, include 37,000 restricted stock units, which are subject to forfeiture until they vest.

F2: Award represents a total of 19,600 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 December 15, 2011. Each unit represents a contingent right to receive one share of the Issuer's Class A Common Stock upon vesting.

F3: This option was granted for a total of 84,600 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on each anniversary of December 15, 2011, the vesting commencement date and the balance of the shares in equal monthly installments over the next 36 months thereafter.

F4: Not Applicable.