Offer Letter



 Exhibit 10.1 
 April 21, 2009 
 Murray Demo 
 Dear Murray,

 It is my distinct pleasure to make this offer to you to join Dolby Laboratories, Inc. (“Dolby”) as Executive Vice President and Chief Financial
Officer, reporting to me. Your annualized starting base salary will be $400,000.00, payable bi-weekly (in accordance with our 9/80 work schedule) and subject to applicable tax withholdings. Your first day of employment will be Monday, May 4,
2009. 
 Subject to the commencement of your employment and its continuation through May 15, 2009, the Compensation Committee of Dolby’s Board of
Directors has granted to you, effective May 15, 2009, a one-time new hire stock option and restricted stock unit (RSU) award under the Dolby Laboratories, Inc. 2005 Stock Plan (the “Plan”) as follows: (i) an option to purchase
120,000 shares of Dolby’s Class A common stock and (ii) a grant of 30,000 restricted stock units. The options will have an exercise price equal to the fair market value of the Class A common stock as of the close of the market on
May 15, 2009. The options and RSUs are also subject to the standard terms and conditions of the Plan and the execution of the award agreement. 
 You
are eligible to participate in the Executive Dolby Annual Incentive Plan (“EDAIP”) for the fiscal year ending September 2009. You are eligible to receive an EDAIP target award of sixty five percent (65%) of your annual base salary at
the end of the fiscal year. This target award is based on the successful completion of company performance objectives and your individual performance. Subject to your continued employment with Dolby, your first incentive target payout (if any) of
the EDAIP would be in January 2010 for the fiscal year ended September 2009, prorated to your date of hire. 
 Performance and Development Evaluations are
completed annually by December. You will first be eligible for a merit increase in January 2010 after your focal review. 
 This offer also includes a
sign-on bonus of $75,000.00, payable with your first paycheck from Dolby. This will be repayable to Dolby should you voluntarily end your employment within twelve (12) months from your first day of employment. Also, please be advised that your
sign-on bonus will be subject to federal and state taxation. For specific tax information, please refer to the IRS website or contact your tax advisor. 
 As
a full-time employee of Dolby, you will be eligible to participate in our comprehensive benefits package. As part of your benefits package, you will initially accrue Personal Time Off (PTO) at a rate of 4.62 hours per full pay period (120 hours per
year). Additionally, you will receive 40 hours per year, up to a maximum of 120 hours, in a Reserve Illness Account (RIA) on each January 1st (a pro-rated number of hours will be added for calendar 2009 upon hire). You will also be eligible for
Dolby’s designated paid holidays. 
 You will be eligible to enroll in Dolby’s health plan(s) on the first day of your employment. In addition to
Dolby’s health plan(s) benefits, you will also be eligible to participate in our 401(k) Plan (the “Dolby Laboratories, Inc. Retirement Plan”) on the first day of the quarter following your date of hire. Enclosed with this letter is
our general benefits information packet but more specific plan information will be reviewed with you during the orientation on your first day of employment. 







 The employment relationship between you and Dolby is one of employment “at-will” with either party having the
right to terminate the relationship at any time, with or without cause. Our employment at-will relationship can only be modified by a written agreement signed by Dolby’s President. 
 By signing this offer of employment as set forth below you acknowledge that this offer of employment is contingent upon the satisfaction of the following conditions: 
  

	1.	That you execute a Confidential Information and Invention Assignment Agreement upon acceptance of our offer of employment (please bring an executed copy of the enclosed Agreement
with you on your first day of employment). 

  

	2.	That you sign and return the Acknowledgement of Receipt of Code of Business Conduct and Ethics policy. 

  

	3.	That you sign and return the Acknowledgement and Agreement Regarding Dolby Laboratories, Inc. Policy Regarding Reporting of Financial and Accounting Concerns.


  

	4.	That you produce documentation that verifies your eligibility to be legally employed in the United States. This documentation generally consists of any combination of documents
listed on the enclosed Employment Eligibility Verification (I-9) Form. This documentation must be presented to us on your first working day. 

 This offer of employment supersedes all prior offers, both verbal and written and is the complete understanding of our offer of employment to you. To acknowledge your acceptance, please sign below and fax the document in its entirety to my
attention at 415.645.4175 no later than 5 p.m. (PST) on Wednesday, April 22, 2009. In addition, please bring this original, signed letter to your first day’s orientation with the signed Confidential Information and Invention Assignment
Agreement and retain the other original for your records. 
 We feel that you can make a significant contribution to the growth and future of Dolby and we
look forward to welcoming you to our team! 
  

	
	Sincerely,
	
	 /s/    Kevin Yeaman

	Kevin Yeaman
	President and Chief Executive Officer

 ************************************************************************ 
 I have read, understand, and accept the offer of employment as stated above: 
  

							
	 /s/    Murray Demo
	 		  	 4/21/09
	  	
	Murray Demo	 		  	Date