Dolby Laboratories, Inc.
Dolby Laboratories, Inc. (Form: 4, Received: 04/08/2011 17:08:58)
FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

YEAMAN KEVIN J
2. Issuer Name and Ticker or Trading Symbol

Dolby Laboratories, Inc. [ DLB ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
President and CEO
(Last)          (First)          (Middle)

C/O DOLBY LABORATORIES, INC., 100 POTRERO AVENUE
3. Date of Earliest Transaction (MM/DD/YYYY)

4/7/2011
(Street)

SAN FRANCISCO, CA 94103
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock   4/7/2011     M    14000   A $28.13   24550   I   By the Kevin and Rachel Yeaman Family Trust dated May 14, 2009  
Class A Common Stock   4/7/2011     S    13150   D $50.7745   (2) 11400   I   By the Kevin and Rachel Yeaman Family Trust dated May 14, 2009  
Class A Common Stock   4/7/2011     S    850   D $51.0553   (3) 10550   I   By the Kevin and Rachel Yeaman Family Trust dated May 14, 2009  
Class A Common Stock                  67474   (1) D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to Buy)   $28.13   4/7/2011     M         14000      (4) 11/14/2016   Class A Common Stock   14000   $0   46000   I   By the Kevin and Rachel Yeaman Family Trust dated May 14, 2009  

Explanation of Responses:
( 1)  Shares held following the reported transactions include 66,350 restricted stock units, which are subject to forfeiture until they vest.
( 2)  This transaction was executed in multiple trades at prices ranging from $50.00 to $51.00. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC 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.
( 3)  This transaction was executed in multiple trades at prices ranging from $51.0267 to $51.17. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC 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.
( 4)  This option was granted for a total of 60,000 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on each anniversary of November 14, 2006, the vesting commencement date.

Remarks:
***All of the sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.***

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
YEAMAN KEVIN J
C/O DOLBY LABORATORIES, INC.
100 POTRERO AVENUE
SAN FRANCISCO, CA 94103
X
President and CEO

Signatures
/s/ Alan G. Smith, Attorney-in-fact 4/8/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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