Dolby Laboratories, Inc. — Director's Dealing 2014

May 8, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2014-05-06

Reporting Person: SIBONI ROGER S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-06	Class A Common Stock	C	4000	—	Acquired	11411	Direct
2014-05-06	Class A Common Stock	S	4000	$39.1535	Disposed	7411	Direct
2014-05-07	Class A Common Stock	C	4000	—	Acquired	11411	Direct
2014-05-07	Class A Common Stock	S	4000	$39.0280	Disposed	7411	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-06	Stock Option (Right to Buy)	$1.87	M	4000	Disposed	2014-08-03	Class B Common Stock (4000)	Direct
2014-05-06	Class B Common Stock	$	M	4000	Acquired		Class A Common Stock (4000)	Direct
2014-05-06	Class B Common Stock	$	C	4000	Disposed		Class A Common Stock (4000)	Direct
2014-05-07	Stock Option (Right to Buy)	$1.87	M	4000	Disposed	2014-08-30	Class B Common Stock (4000)	Direct
2014-05-07	Class B Common Stock	$	M	4000	Acquired		Class A Common Stock (4000)	Direct
2014-05-07	Class B Common Stock	$	C	4000	Disposed		Class A Common Stock (4000)	Direct

Footnotes

F1: 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.

F2: This transaction was executed in multiple trades at prices ranging from $39 to $39.34. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the Securities and Exchange Commission 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: Shares held following the reported transactions include 7,411 restricted stock units, which are subject to forfeiture until they vest.

F4: 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.

F5: This option was granted for a total of 52,274 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.

F6: This transaction was executed in multiple trades at prices ranging from $39 to $39.33. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the Securities and Exchange Commission 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.