Dolby Laboratories, Inc. — Director's Dealing 2012

Feb 9, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2012-02-08

Reporting Person: Haidamus Ramzi (EVP, Sales and Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-08	Class A Common Stock	M	11250	$31.91	Acquired	67450	Direct
2012-02-08	Class A Common Stock	S	11250	$38.3954	Disposed	56200	Direct
2012-02-08	Class A Common Stock	F	1472	$38.41	Disposed	54728	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-08	Employee Stock Option (Right to Buy)	$31.91	M	11250	Disposed	2019-03-16	Class A Common Stock (11250)	Direct

Footnotes

F1: Shares held following the reported transactions include 52,200 restricted stock units, which are subject to forfeiture until they vest.

F2: This transaction was executed in multiple trades at prices ranging from $38.17 to $38.68. 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: 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.

F4: This option was granted for a total of 45,000 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on the first anniversary of March 16, 2009, the vesting commencement date, and the balance of the shares in equal monthly installments over the next 36 months thereafter.