Dolby Laboratories, Inc. — Director's Dealing 2016

May 18, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2016-05-13

Reporting Person: CHEW LEWIS (EVP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-13	Class A Common Stock	M	20000	$30.49	Acquired	100273	Direct
2016-05-13	Class A Common Stock	S	20000	$45.4909	Disposed	80273	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-13	Employee Stock Option (right to buy)	$30.49	M	20000	Disposed	2022-12-21	Class A Common Stock (20000)	Direct

Footnotes

F1: Shares held following the reported transactions include 53,236 restricted stock units, which are subject to forfeiture until they vest.

F2: This transaction was executed in multiple trades at prices ranging from $45.335 to $45.60. 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 98,700 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.