X0306 4 2016-12-15 0 0001308547 Dolby Laboratories, Inc. DLB 0001200469 YEAMAN KEVIN J C/O DOLBY LABORATORIES, INC. 1275 MARKET STREET SAN FRANCISCO CA 94103 1 1 0 0 President and CEO Class A Common Stock 2016-12-15 4 A 0 46551 0.00 A 168710 D Class A Common Stock 2016-12-15 4 F 0 12146 45.50 D 145435 D Class A Common Stock 128250 I By the Kevin and Rachel Yeaman Family Trust dated May 14, 2009 Class A Common Stock 2016-12-16 4 F 0 7049 45.86 D 131926 D Class A Common Stock 134710 I By the Kevin and Rachel Yeaman Family Trust dated May 14, 2009 Class A Common Stock 2016-12-16 4 S 0 2504 45.7069 D 132206 I By the Kevin and Rachel Yeaman Family Trust dated May 14, 2009 Class A Common Stock 2016-12-19 4 S 0 2907 45.944 D 129299 I By the Kevin and Rachel Yeaman Family Trust dated May 14, 2009 Performance-Based Stock Option (Right to Buy) 45.50 2016-12-15 4 A 0 97199 0.00 A 2023-12-15 Class A Common Stock 97199 97199 D Employee Stock Option (Right to Buy) 45.50 2016-12-15 4 A 0 194399 0.00 A 2026-12-15 Class A Common Stock 194399 194399 D Award represents a total of 46,551 restricted stock units granted under the terms of the Issuer's 2005 Stock Plan. Under the terms of the restricted stock unit grant agreement, 1/4 of the total number of units shall vest on each anniversary of December 15, 2016. Each unit represents a contingent right to receive one share of the Issuer's Class A Common Stock upon vesting. Shares held following the reported transactions include 168,710 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest. 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. Shares held following the reported transactions include 145,435 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest. Shares held following the reported transactions include 131,926 shares of Class A common stock underlying restricted stock units, which are subject to forfeiture until they vest. This transaction was executed in multiple trades at prices ranging from $45.50 to $45.92. 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. This transaction was executed in multiple trades at prices ranging from $45.75 to $46.23. 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. The vesting of this performance-based stock option ("PSO") award is dependent upon achievement of performance criteria measured during a three-year performance period beginning on December 15, 2016 and ending December 15, 2019. The number of shares reported is at the target award amount. The reporting person may potentially earn from 0% to 125% of the target award amount based on total shareholder return at the end of the three-year performance period. The actual PSO award earned shall vest immediately upon certification by the Company's Compensation Committee of the achievement of the performance criteria, following the end of the three-year performance period. This option was granted for a total of 194,399 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on the first anniversary of December 15, 2016, the vesting commencement date, and the balance of the shares in equal monthly installments over the next 36 months thereafter. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan. /s/ Daniel Rodriguez, Attorney-in-Fact for Kevin Yeaman 2016-12-19