Dolby Laboratories, Inc. — Director's Dealing 2016

May 16, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2016-05-12

Reporting Person: SIBONI ROGER S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-12	Class A Common Stock	M	13921	$29.37	Acquired	29255	Direct
2016-05-12	Class A Common Stock	S	13921	$45.4422	Disposed	15334	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-12	Employee Stock Option (right to buy)	$29.37	M	13921	Disposed	2017-02-06	Class A Common Stock (13921)	Direct

Footnotes

F1: Shares held following the reported transactions include 7,575 restricted stock units, which are subject to forfeiture until they vest.

F2: This transaction was executed in multiple trades at prices ranging from $45.37 to $45.64. 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 13,921 shares of Class A Common Stock and became fully vested on February 6, 2010.