Dolby Laboratories, Inc. — Director's Dealing 2015

May 29, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2015-05-26

Reporting Person: Forshay Steven E (SVP, Advanced Technology Group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-26	Class A Common Stock	M	11548	$17.24	Acquired	60984.826	Direct
2015-05-26	Class A Common Stock	S	11548	$39.1947	Disposed	49436.826	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-26	Employee Stock Option (right to buy)	$17.24	M	11548	Disposed	2015-06-16	Class A Common Stock (11548)	Direct

Footnotes

F1: Shares held following the reported transactions include 22,943 restricted stock units, which are subject to forfeiture until they vest.

F2: This transaction was executed in multiple trades at prices ranging from $38.96 to $39.62. 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: This option was granted for a total of 44,548 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vested on each anniversary of June 16, 2005, the vesting commencement date.