Dolby Laboratories, Inc. — Director's Dealing 2016

May 19, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2016-05-16

Reporting Person: BERGERON MICHAEL (SVP, WW Sales and Field Oper.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-16	Class A Common Stock	F	1961	$45.56	Disposed	67162	Direct
2016-05-17	Class A Common Stock	M	40000	$37.35	Acquired	107162	Direct
2016-05-17	Class A Common Stock	S	40000	$45.0167	Disposed	67162	Direct
2016-05-17	Class A Common Stock	M	10000	$30.49	Acquired	77162	Direct
2016-05-17	Class A Common Stock	S	10000	$45.0167	Disposed	67162	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-17	Employee Stock Option (right to buy)	$37.35	M	40000	Disposed	2023-12-16	Class A Common Stock (40000)	Direct
2016-05-17	Employee Stock Option (right to buy)	$30.49	M	10000	Disposed	2022-12-21	Class A Common Stock (10000)	Direct

Footnotes

F1: In accordance with Rule 16b-3, shares reported as disposed of were withheld by the Issuer and not issued to the reporting person in order to cover withholding taxes incident to the vesting of restricted stock units.

F2: Shares held following the reported transactions include 34,940 restricted stock units, which are subject to forfeiture until they vest.

F3: Shares include 575 shares acquired under the Issuer's Employee Stock Purchase Plan on May 16, 2016.

F4: This transaction was executed in multiple trades at prices ranging from $44.63 to $45.435. 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.

F5: This option was granted for a total of 103,652 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vested on the first anniversary of December 16, 2013, the vesting commencement date, and the balance of the shares vest in equal monthly installments over the next 36 months thereafter.

F6: This option was granted for a total of 86,400 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vested on the first anniversary of December 21, 2012, the vesting commencement date, and the balance of the shares vest in equal monthly installments over the next 36 months thereafter.