X0306 4 2012-08-10 0 0001308547 Dolby Laboratories, Inc. DLB 0001256708 SHERMAN MARK ANDREW C/O DOLBY LABORATORIES, INC. 100 POTRERO AVENUE SAN FRANCISCO CA 94103 0 1 0 0 EVP, GEN. COUN. & SECRTY Class A Common Stock 2012-08-10 4 A 0 19714 0 A 52364 D Employee Stock Option (Right to Buy) 60.69 2012-08-10 4 D 0 69000 D 2021-01-18 Class A Common Stock 69000 0 D Shares held following the reported transactions, include 52,364 restricted stock units, which are subject to forfeiture until they vest. On August 10, 2012, the Issuer cancelled, pursuant to the Issuer's option exchange program, an option granted to the reporting person on January 18, 2011. In exchange for the option, the reporting person received 19,714 restricted stock units. Award represents a total of 19,714 restricted stock units granted under the terms of the Issuer's 2005 Stock Plan. Under the terms of the restricted stock unit grant agreement, 1/2 of the total number of units shall vest three years from August 10, 2012, the grant date, and the remaining 1/2 of the total number of units shall vest on the date that is four years from the grant date. Each unit represents a contingent right to receive one share of the Issuer's Class A Common Stock upon vesting. This option was granted for a total of 69,000 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on the first anniversary of January 18, 2011, the vesting commencement date, and the balance of the shares in equal monthly installments over the next 36 months thereafter. On August 10, 2012, the Issuer cancelled, pursuant to the Issuer's option exchange program, this option and in exchange for this option, the reporting person received 19,714 restricted stock units. /s/ Daniel Rodriguez, Wilson Sonsini Goodrich Rosati, Attorney-in-fact For: Mark Andrew Sherman 2012-08-14