# EDGAR Filing Document

**Accession Number:** 0001308547
**File Stem:** 0001308547-25-000007
**Filing Date:** 2025-11
**Character Count:** 1062639
**Document Hash:** 1e195bfc86b6459606d8c8e695bbec80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001308547-25-000007.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001308547-25-000007

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 361

**CONFORMED PERIOD OF REPORT**: 20250926

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dolby Laboratories, Inc.
- **CENTRAL INDEX KEY:** 0001308547
- **STANDARD INDUSTRIAL CLASSIFICATION:** PATENT OWNERS & LESSORS [6794]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 900199783
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0927

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32431
- **FILM NUMBER:** 251495656

**BUSINESS ADDRESS:**
- **STREET 1:** 1275 MARKET STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94103
- **BUSINESS PHONE:** 415 558 0200

**MAIL ADDRESS:**
- **STREET 1:** 1275 MARKET STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94103

?xml version='1.0' encoding='ASCII'? dlb-20250926

<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the Fiscal Year Ended September 26, 2025

OR

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the Transition Period From &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Commission File Number: 001-32431

![dlb_corp-newlogo.jpg](dlb-20250926_g1.jpg)

**DOLBY LABORATORIES, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | | | **90-0199783** |
| (State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) |
| **1275 Market Street** | **San Francisco** | **California** | **94103-1410** |
| (Address of principal executive offices) | | | (Zip Code) |

---

**(415) 558-0200** 

Registrant's telephone number, including area code

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Class A common stock, $0.001 par value** | **DLB** | **The New York Stock Exchange** |

---

---

| |
|:---|
| Securities registered pursuant to Section 12(g) of the Act: |
| Title of each class |
| **Class B common stock, $0.001 par value** |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes 🗷&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ◻&nbsp;&nbsp;&nbsp;&nbsp;No 🗷

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 🗷&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes 🗷&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ |

---

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements

of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

The aggregate market value of the voting common equity held by non-affiliates of the registrant as of March 28, 2025 was $3.0 billion. This calculation excludes the shares of Class A and Class B common stock held by executive officers, directors and stockholders whose combined

ownership of Class A and Class B common stock exceeds 5% of the shares of Class A common stock outstanding as of March 28, 2025. This calculation does not reflect a determination that such persons are affiliates for any other purposes.

On October 24, 2025, the registrant had 60,845,846 shares of Class A common stock, par value $0.001 per share, and 34,660,045 shares of Class B common stock, par value $0.001 per share, outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of the registrant's Definitive Proxy Statement to be filed with the Commission pursuant to Regulation 14A in connection with the registrant's 2026 Annual Meeting of Stockholders, to be filed subsequent to the date hereof, are incorporated by reference into Part III of this Report. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days after the conclusion of the registrant's fiscal year ended September 26, 2025. Except with respect to information specifically incorporated by reference in this Form 10-K, the Definitive Proxy Statement is not deemed to be filed as part of this Form 10-K.

------

<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**DOLBY LABORATORIES, INC.**

**FORM 10-K**

**For the Fiscal Year Ended September 26, 2025** 

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **PART I** | **PART I** | **PART I** |
| Item 1 | <u>[Business](#id12ccee08b4f4bbab881d037bdffcfd3_19)</u> | <u>[4](#id12ccee08b4f4bbab881d037bdffcfd3_19)</u> |
| Item 1A | <u>[Risk Factors](#id12ccee08b4f4bbab881d037bdffcfd3_22)</u> | <u>[13](#id12ccee08b4f4bbab881d037bdffcfd3_22)</u> |
| Item 1B | <u>[Unresolved Staff Comments](#id12ccee08b4f4bbab881d037bdffcfd3_25)</u> | <u>[28](#id12ccee08b4f4bbab881d037bdffcfd3_25)</u> |
| Item 1C | <u>[Cybersecurity](#id12ccee08b4f4bbab881d037bdffcfd3_28)</u> | <u>[28](#id12ccee08b4f4bbab881d037bdffcfd3_28)</u> |
| Item 2 | <u>[Properties](#id12ccee08b4f4bbab881d037bdffcfd3_31)</u> | <u>[29](#id12ccee08b4f4bbab881d037bdffcfd3_31)</u> |
| Item 3 | <u>[Legal Proceedings](#id12ccee08b4f4bbab881d037bdffcfd3_34)</u> | <u>[29](#id12ccee08b4f4bbab881d037bdffcfd3_34)</u> |
| Item 4 | <u>[Mine Safety Disclosures](#id12ccee08b4f4bbab881d037bdffcfd3_37)</u> | <u>[30](#id12ccee08b4f4bbab881d037bdffcfd3_37)</u> |
| **PART II** | **PART II** | **PART II** |
| Item 5 | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#id12ccee08b4f4bbab881d037bdffcfd3_43)</u> | <u>[31](#id12ccee08b4f4bbab881d037bdffcfd3_43)</u> |
| Item 6 | <u>[\[Reserved\]](#id12ccee08b4f4bbab881d037bdffcfd3_46)</u> | <u>[32](#id12ccee08b4f4bbab881d037bdffcfd3_46)</u> |
| Item 7 | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#id12ccee08b4f4bbab881d037bdffcfd3_49)</u> | <u>[33](#id12ccee08b4f4bbab881d037bdffcfd3_49)</u> |
| Item 7A | <u>[Quantitative and Qualitative Disclosures About Market Risk](#id12ccee08b4f4bbab881d037bdffcfd3_67)</u> | <u>[46](#id12ccee08b4f4bbab881d037bdffcfd3_67)</u> |
| Item 8 | <u>Consolidated [Financial Statements](#id12ccee08b4f4bbab881d037bdffcfd3_70)</u> | <u>[48](#id12ccee08b4f4bbab881d037bdffcfd3_70)</u> |
| Item 9 | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#id12ccee08b4f4bbab881d037bdffcfd3_163)</u> | <u>[94](#id12ccee08b4f4bbab881d037bdffcfd3_163)</u> |
| Item 9A | <u>[Controls and Procedures](#id12ccee08b4f4bbab881d037bdffcfd3_166)</u> | <u>[94](#id12ccee08b4f4bbab881d037bdffcfd3_166)</u> |
| Item 9B | <u>[Other Information](#id12ccee08b4f4bbab881d037bdffcfd3_169)</u> | <u>[94](#id12ccee08b4f4bbab881d037bdffcfd3_169)</u> |
| Item 9C | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#id12ccee08b4f4bbab881d037bdffcfd3_175)</u> | <u>[95](#id12ccee08b4f4bbab881d037bdffcfd3_175)</u> |
| **PART III** | **PART III** | **PART III** |
| Item 10 | <u>[Directors, Executive Officers and Corporate Governance](#id12ccee08b4f4bbab881d037bdffcfd3_181)</u> | <u>[96](#id12ccee08b4f4bbab881d037bdffcfd3_181)</u> |
| Item 11 | <u>[Executive Compensation](#id12ccee08b4f4bbab881d037bdffcfd3_184)</u> | <u>[96](#id12ccee08b4f4bbab881d037bdffcfd3_184)</u> |
| Item 12 | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#id12ccee08b4f4bbab881d037bdffcfd3_187)</u> | <u>[96](#id12ccee08b4f4bbab881d037bdffcfd3_187)</u> |
| Item 13 | <u>[Certain Relationships and Related Transactions, and Director Independence](#id12ccee08b4f4bbab881d037bdffcfd3_190)</u> | <u>[96](#id12ccee08b4f4bbab881d037bdffcfd3_190)</u> |
| Item 14 | <u>[Principal Accounting Fees and Services](#id12ccee08b4f4bbab881d037bdffcfd3_193)</u> | <u>[96](#id12ccee08b4f4bbab881d037bdffcfd3_193)</u> |
| **PART IV** | **PART IV** | **PART IV** |
| Item 15 | <u>[Exhibits, Financial Statement Schedules](#id12ccee08b4f4bbab881d037bdffcfd3_199)</u> | <u>[97](#id12ccee08b4f4bbab881d037bdffcfd3_199)</u> |
| Item 16 | <u>[Form 10-K Summary](#id12ccee08b4f4bbab881d037bdffcfd3_205)</u> | <u>[99](#id12ccee08b4f4bbab881d037bdffcfd3_205)</u> |
| <u>[Signatures](#id12ccee08b4f4bbab881d037bdffcfd3_208)</u> | <u>[Signatures](#id12ccee08b4f4bbab881d037bdffcfd3_208)</u> | <u>[99](#id12ccee08b4f4bbab881d037bdffcfd3_208)</u> |

---

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<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**GLOSSARY OF TERMS**

The following table summarizes certain terms and abbreviations that may be used within the text of this report:

---

| | |
|:---|:---|
| **Abbreviation** | **Term** |
| AAC | Advanced Audio Coding |
| AFS | Available-For-Sale (Securities) |
| AOCI | Accumulated Other Comprehensive Income (Loss) |
| API | Application Programming Interface |
| APIC | Additional Paid In-Capital |
| ARPU | Average Revenue Per Unit |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| AVC | Advanced Video Coding |
| AVR | Audio/Video Receiver |
| CE | Consumer Electronics |
| CODM | Chief Operating Decision Maker |
| COSO | Committee of Sponsoring Organizations (of the Treadway Commission) |
| DD | Dolby Digital® |
| DD+ | Dolby Digital Plus™ |
| DMA | Digital Media Adapter |
| DTV | Digital Television |
| DVD | Digital Versatile Disc |
| EPS | Earnings Per Share |
| ESP | Estimated Selling Price |
| ESPP | Employee Stock Purchase Plan |
| FASB | Financial Accounting Standards Board |
| FCPA | Foreign Corrupt Practices Act |
| G&A | General and Administrative |
| HDR | High-Dynamic Range |
| HE-AAC | High Efficiency Advanced Audio Coding |
| HEVC | High Efficiency Video Coding |
| IC | Integrated Circuit |
| IBR | Incremental Borrowing Rate |
| IP | Intellectual Property |
| LP | Limited Partner/Partnership |
| NOL | Net Operating Loss |
| OECD | Organization For Economic Co-Operation and Development |
| OEM | Original Equipment Manufacturer |
| OTT | Over-The-Top |
| PC | Personal Computer |
| PCS | Post-Contract Support |
| PLF | Premium Large Format |
| PP&E | Property, Plant, and Equipment |
| PSO | Performance-Based Stock Option |
| PSU | Performance-Based Restricted Stock Unit |
| R&D | Research and Development |
| ROU | Right-Of-Use |
| RSU | Restricted Stock Unit |
| S&M | Sales and Marketing |
| SEC | U.S. Securities and Exchange Commission |
| SERP | Supplemental Executive Retirement Plan |
| STB | Set-Top Box |
| TSR | Total Stockholder Return |
| U.S. GAAP | Generally Accepted Accounting Principles in the United States |
| VVC | Versatile Video Coding |

---

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<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**FORWARD LOOKING STATEMENTS**

*This Annual Report on Form 10-K contains forward-looking statements reflecting our current expectations that are subject to risks and uncertainties, including, but not limited to statements regarding: operating results and underlying measures and the effect of acquisitions; demand and acceptance for our technologies and products; the effect of macroeconomic factors on our business; market growth opportunities and trends, including artificial intelligence and new technologies; the development and launch of new products, features, and platforms; our ability to maintain key partnership relationships; our plans, strategies and expected opportunities, including for our licensing business; future competition; our stock repurchase plan; and our dividend policy. Use of words such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," "intend," "could," "can," "would," "target," "goal," "outlook," "project," "contemplate," "future," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions indicates a forward-looking statement. Such forward-looking statements are based on management's reasonable and current assumptions and expectations, but such statements inherently involve substantial risks and uncertainties. Actual results may differ materially from those discussed in these forward-looking statements due to a number of factors, including but not limited to the risks set forth in Part I, Item 1A, "Risk Factors" and key challenges set forth in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.* 

*In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Annual Report on Form 10-K, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. We disclaim any duty to update any of the forward-looking statements after the date of this Annual Report on Form 10-K to conform our prior statements to actual results.*

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<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**PART I**

**ITEM 1. BUSINESS**

**OVERVIEW**

Founded in 1965, we are in the business of improving entertainment experiences by inventing and innovating technologies that advance audio and video capture, transmission, and playback. We enable highly compelling experiences in movies and TV shows, music, sports and more by meeting the needs of content creators, distributors, and consumer electronics manufacturers. We have been at the forefront of multiple audio and video revolutions over the last sixty years including the transitions from mono to stereo then surround, analog to digital, and terrestrial broadcasting to streaming. Our strength and durability stem from our ability to combine our expertise in signal processing with our close relationships with artists and other industry experts to continually bring to the creative community technology that allows them to express themselves in new and compelling ways.

Dolby is synonymous with high-quality entertainment from a consumer perspective and has become critical to makers of consumer electronic devices as our technology is an important component in the creation and delivery of audio and video content. While some of our technology represents relatively elemental functions like audio signal compression that enable playback, we also offer technology that is innovating in emerging categories including spatial audio and high contrast video. We derive the majority of our revenue from licensing audio and video technology to electronics manufacturers, and a lesser portion of our revenue by offering premium audio and video technologies to cinema exhibitors.

**STRATEGY**

Key elements of our strategy include:

*Advancing the Science of Sight and Sound.* We apply our understanding of the human senses, audio, and imaging engineering by collaborating with music, TV and movie creators, and innovating in emerging categories like user-generated content, sports and podcasts, to develop and update technologies aimed at enabling and improving how people experience and interact with entertainment content.

*Delivering Superior Creative Experiences.* We promote the use of our solutions as creative tools that allow filmmakers, musical artists, sound mixers, and other content creators and providers to fully express their creative intent to their audiences. Our technologies and solutions significantly improve delivery and playback so that consumers may enjoy richer, clearer, and immersive sound and sight experiences.

*Building Ecosystems that Benefit from and Sustain Demand for our Solutions.* We work closely with content creators, content distributors, and device makers to enable them to deliver great experiences to their audiences, creating a virtuous cycle of product development, improved experiences, and sustained demand for our solutions. We also work closely with technology developers to create and promote standardized technologies that enable content to be enjoyed any place, any time on a broad range of devices.

*Expanding the Reach of our Technologies*. We look for new and innovative ways to apply our expertise in the science of sight and sound to expand the reach of our technologies to new content, media, devices and audiences.

**PRODUCTS AND REVENUE GENERATION**

We generate most of our revenue by licensing technology, our brand, and patents to device manufacturers, and selling cinema hardware and services to movie exhibitors.

The following table presents a summary of the composition of our revenue for all periods presented. Refer to Note 2 "*Summary of Significant Accounting Policies*" and Note 3 "*Revenue Recognition*" for further detail.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
|<br>**Revenue** | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;Licensing | 93% | 93% | 92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Products and services | 7% | 7% | 8% |
| **Total** | **100%** | **100%** | **100%** |

---

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<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**Licensing**

The two primary components of our licensing business are Branded Technologies which include Branded Audio Codecs, Dolby Atmos, and Dolby Vision, and Patents, which include Audio Patents and Imaging Patents.

We generated over 90% of our revenue in fiscal 2025 from agreements to license branded technology and patents that enable approximately 1,000 electronic device manufacturers to enable and enhance the audio and visual capabilities of their products by incorporating our technology.

***Branded Technology Licensing***

Dolby branded technologies enable compelling audio and video experiences for consumers and offer seamless integration and reliability in devices in which they are incorporated. Dolby branded technologies enjoy widespread adoption, are occasionally mandated as standards, and are frequently considered fundamental to a wide variety of devices and types of entertainment content, including movies, TV shows, sports and music.

Our branded technology solutions are complete solutions. We provide licensees with software, patent rights, and know how to enable content creation, delivery, and playback. Our branded offerings are distinguished by a focus on ease of adoption and deployment. Additionally, our device partners derive value from the use of the Dolby brand, which is synonymous with high quality entertainment.

Dolby branded technologies are part of a unique and broad ecosystem that includes content creators, distributors (such as streaming media companies and broadcasters), and device manufacturers. Initial ecosystem adoption of these technologies yields a virtuous cycle. The more content made available using our branded technologies, the higher the likelihood that more devices embed our technology to facilitate the playback of that content. The more device manufacturers include our technology, the more content creators and distributors want to make content available in Dolby formats.

*Branded Audio Codecs*

A significant portion of our branded licensing is centered on audio codecs: compression and decompression technologies for audio. The most important of these are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *DD+.* DD+ is an advanced surround sound audio codec technology that enables the Dolby audio experience across home theaters, smartphones, operating systems, and browsers. A versatile, bandwidth efficient and scalable home theater grade audio codec for A/V content, DD+ is designed to deliver up to 7.1 channels of surround sound across multiple platforms and content types.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dolby AC-4.* Dolby AC-4 is an audio codec that uses cutting edge compression to deliver equivalent experiences at half the bitrate of DD+, its predecessor. Dolby AC-4 matches the delivery method with the optimal configuration, enabling encodes tailored for broadcast or streaming and catering to headphone or speaker playback. It is also capable of delivering enhanced, user-configurable, and accessible experiences. The Dolby AC-4 coding system utilizes new aspects of object audio for features like dialogue enhancement or commentator substitution.

*Dolby Atmos and Dolby Vision*

Dolby Atmos and Dolby Vision are Dolby's next generation of branded licensing products. They represent significant innovations, and enable consumers to enjoy increasingly immersive audio and video experiences. Dolby Atmos and Dolby Vision include encoding technologies that artists use to create more compelling and immersive audio and video experiences, as well as a set of decoding technologies that device manufacturers include on their devices to decode the content the artists have created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dolby Atmos.* Dolby Atmos is the evolution of surround sound technology that creates a three-dimensional audio experience with object-based sound technology with up to 128 audio objects that can be positioned anywhere to allow for precise placement and movement of sound in a three-dimensional space. This is achieved by adding height channels and spatially encoded digital signals. Dolby Atmos can adapt to varied playback environments and devices, including stereo headphones, speakers, receivers, TVs, soundbars, AVRs, and automotive systems.

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<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dolby Vision.* Dolby Vision is a visual technology that uses HDR to improve the quality of images in movies, TV shows, sports, and games. Dolby Vision is designed to make images appear more realistic by enhancing details in both dark and bright areas, and by increasing brightness, increasing the range of colors, and depicting deep blacks. It includes dynamic metadata that adjusts the picture based on a display's capabilities on a per-frame or per-shot basis.

A device must support Dolby Atmos and Dolby Vision to fully experience content in Dolby Atmos and Dolby Vision. Ecosystems for these products flourish because creatives appreciate that creating content using Dolby Atmos and Dolby Vision tools enables them to express their creativity in unique and compelling ways. Distributors see value in distributing this differentiated content. Device manufacturers understand that consumers want to enjoy content in the highest quality possible and will express a preference for devices with Dolby Atmos and Dolby Vision playback.

The amount of content created in Dolby Atmos and Dolby Vision is large and growing. In addition to strong momentum in music, TV shows and movies, we are also seeing strong global momentum in user-generated content, audio books, and live sports. We believe that this growing body of Dolby Atmos and Dolby Vision content provides device manufacturers with an incentive to license our technology in order to make it available to their customers.

*Revenue Generation*

We license our branded technologies via a direct sales force that works with approximately 1,000 consumer electronics manufacturers all over the globe. Licensing usually occurs in two stages. First, we license to semiconductor manufacturers who incorporate our technologies in ICs that they sell to OEMs of consumer entertainment devices. These semiconductor licensees pay us a nominal initial fee for use of our technology and the services that we provide in their implementation process. Second, we license OEMs, who are then authorized to purchase chips from the chip makers, and incorporate those chips into Dolby-approved products. In addition to the two-stage model, we also license directly to integrated chip and device makers.

Our branded licensing customers typically enter into a per unit royalty arrangement whereby they pay us for each unit they sell. In accordance with U.S. GAAP, we estimate the number of units each customer sells every quarter and record it as revenue, and then true up that estimate when we get the actual unit sales data, typically one quarter in arrears. This method can lead to variability in revenue in any given quarter.

Some of our customers choose to enter into a minimum volume commitment where they commit to a certain minimum number of devices in exchange for a lower price per unit. If the customer sells more than the number of units they committed to, they pay a set per unit royalty for each incremental unit. These are annual and sometimes multiyear deals, where the value of the committed volume is generally recognized as revenue up front. These contract structures, as well as the occasional fixed fee contract whereby a licensee pays for unlimited units, are often selected by large customers and can also lead to variability in quarterly revenue.

We price our products based on value and volume, among other factors.

With respect to value, the advanced features of Dolby Atmos and Dolby Vision enhance the audio and video capabilities of our consumer electronics OEM partners' products and many of those partners can charge a premium for devices that include these technologies. Branded audio codecs can be implemented standalone but are necessary components for an effective Dolby Atmos implementation. Generally, the more technologies a customer licenses, the higher the total royalty per device.

Higher volumes generally equate to lower prices. This dynamic manifests at a market level for device families that represent significant volume. For example, in 2024, there were over one billion mobile devices, approximately 200 million TVs and, according to Wards Intelligence, an Auto Research firm, approximately 90 million cars sold. Accordingly, ARPU for cars is higher than ARPU for TVs, which is higher than ARPU for mobile phones.

***Patent Licensing***

We generate patent licensing revenue primarily from licensing Dolby-owned patents essential to standardized audio and video technologies. These technologies are fundamental to the capture, storage, transmission and playback of audio and video, and are embodied in billions of products sold each year throughout the world, including streaming devices, televisions, gaming consoles, automotive media consoles and security cameras.

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*Technology Standards*

The standardized technologies at the core of our patent licenses are generally developed in an open, collaborative process under the auspices of international standard-setting organizations like ETSI, ISO, IEC and/or ITU. Active participants are leaders in the field, and often include businesses (large and small), research institutes, and universities. Participants, including Dolby, contribute specialized expertise and/or technology with the goal of creating common industry solutions to address technical challenges. Given the collaborative and meritocratic nature of the standardization process, the resulting technology solution is both state-of-the-art and designed to meet the requirements of the market, increasing the likelihood of industry adoption.

For audio and video codecs, the standardization process is centered on creating interoperable solutions that work in a uniform manner despite increasingly complex device requirements. The resulting standardized technologies are intended to connect billions of disparate devices worldwide in a way that allows for seamless communication. These technology standards have played an essential role in advancing the technology of media capture, storage, transmission and playback through multiple generations of technological development. For example, the AVC codec helped enable standard-definition streaming over the internet, while the next-generation HEVC codec optimized streaming for higher-definition formats like 4K.

Looking forward, Dolby intends to continue to actively participate (both in standards bodies and independently) in the development of next-generation standardized audio and video technologies and, in particular, we are exploring the use of artificial intelligence in the development and use of audio and video codecs.

*Key Current Programs*

The majority of revenue from Dolby's patent licensing comes from licensing standard essential patents associated with standardized AAC, AVC and HEVC codecs, each of which is described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *AAC, HE-AAC and Extended HE-AAC.* The AAC family of audio codecs comprises some of the most efficient audio coding technologies available today. These codecs are designed to provide high quality audio at lower bitrates than prior coding formats. The AAC family of codecs is widely deployed across most consumer media playback devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *AVC.* The AVC digital video codec is highly efficient and is widely implemented in video playback devices including STBs, mobile devices, cameras, and broadcast television services and other products. AVC is the most widely deployed video codec used by broadcasters and video streaming companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *HEVC.* HEVC is a next-generation digital video codec that compresses video more efficiently than AVC, leading to an average bitrate reduction of up to 50%. HEVC enables the distribution of higher-quality video, such as 4K streaming. HEVC is especially useful for streaming video on mobile devices, where data usage and processing power are often limited.

In addition, we also license patents essential to other audio, video, and communications codec technologies, such as AV1, MPEG H, Opus, and VVC. These technologies and licensing programs are in earlier phases of technology adoption and licensing program maturity.

*Revenue Generation*

Given the collaborative nature of the standardization process, Dolby generally owns only a portion of the patent rights in the resulting standard. As such, patent licensing solutions are not Dolby-branded, and we can directly offer licensees only a portion of the rights necessary to practice the relevant standard.

Our preferred solution to these ownership dynamics is the patent pool.

A patent pool is a collaborative structure administered by a patent pool administrator and comprised of multiple patent owners (referred to as licensors) who agree to jointly license their patents relevant to a particular technology. There can be dozens of licensors contributing IP to a patent pool for a standardized technology.

By bringing together multiple patent owners to offer a combined solution, pools offer a number of advantages over direct licensing, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pools dramatically decrease transaction costs for most licensees and, to a lesser extent, for most licensors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pools offer licensees relatively simple access to fundamental technology in a simplified 'one-stop shop,' enabling licensees to focus their resources on developing their own products and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pools enable widespread, rapid adoption of a technology, which accelerates research into subsequent technologies and catalyzes downstream competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pools allow licensors like Dolby to focus on innovation rather than sales, marketing, and licensing activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The pool structure naturally leads to more transparent and consistent licensing terms.

Patent pools employ a variety of licensing revenue models, including per-unit and fixed-fee royalties, and sometimes include royalty caps or committed volume arrangements in exchange for a lower price per unit. The fees charged for licensing pooled patents are initially determined by market forces - a careful balance of the need to compensate innovators with the desire to develop an active licensee base. This balance of licensor and licensee interests is also a core consideration in the development of non-fee licensing terms.

Licensing fees collected from companies implementing the technology are distributed to the licensors by the patent pool administrator after deducting an administration fee. Royalty share among the pool licensors is determined based on the value of the patents each licensor contributes to the pool, as governed by allocation rules negotiated among the pool licensors.

We operate as licensors in patent pools administered by several patent pool administrators including Access Advance LLC ("Access Advance"), Sisvel, Via Licensing Alliance LLC ("Via LA") and Vectis. We are a majority stockholder and licensor in Via LA, which we co-own with Philips and Mitsubishi. We hold a minority ownership interest in Access Advance. Patent pool administration fees are paid as a percentage of royalties collected for services rendered by the pool administrator such as royalty collection, allocation and compliance, financial reporting, and tax planning and preparation.

The vast majority of our patent licensing revenue comes from patent pools in the form of royalties, and a minority of our patent licensing revenue is generated from bilateral licensing agreements between Dolby and licensees, with licensing fees negotiated directly with the licensee. We also generate revenue from Via LA administration fees.

***Recoveries***

We also generate licensing revenue via recoveries, which is revenue attributable to unlicensed or under-reported distribution of products incorporating our technologies in prior periods. Recoveries arise in the context of both branded technology licensing and patent licensing, and usually result from a settlement following a licensee audit under an existing license agreement, or as part of back-royalties paid in connection with a license agreement with a new licensee. Within the Results of Operations section of Part II, Item 7 "*Management's Discussion and Analysis of Financial Condition and Results of Operations*", revenue attributable to previous periods' usage including settlements are collectively referred to as "recoveries." Recoveries are a recurring element of our business and are subject to fluctuation and unpredictability.

***Dolby Cinema***

We leverage our universe of creative talent to bring the highest quality experiences to our exhibitor partners. Dolby Cinemas are PLF cinemas that deliver a Dolby branded premium cinema offering with Dolby Vision, Dolby Atmos, and a proprietary Dolby theater design. We typically provide Dolby Cinema exhibitors with the requisite Dolby technology at minimal or no upfront cost and generate revenue from these sites through a share of box office receipts, which we recognize as licensing revenue. Dolby Cinemas deliver a unique, high-end theatre experience, that is different from competing PLFs as well as our exhibitor partner's other theaters that use Dolby manufactured and distributed cinema hardware, including those that may utilize Dolby Atmos and/or Dolby Vision.

**Products and Services**

***Cinema Products and Services***

We design and manufacture audio, imaging, accessibility, and other hardware and software solutions primarily for the cinema, with occasional applications in the television, broadcast, and live entertainment industries.

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Cinema Imaging Products include digital cinema servers used to load, store, decrypt, decode, watermark and playback digital film files for presentation on cinema projectors. It also includes software used to encrypt, encode, and package digital media files for distribution.

Cinema Audio Products include cinema processors, amplifiers and loudspeakers used to decode, render and optimally play back digital cinema soundtracks, including those using Dolby Atmos.

In addition, we offer various services to support theatrical and television production for cinema, broadcast, and home entertainment, including equipment training and maintenance, mixing room alignment, equalization, as well as audio, color, and light image calibration. We also provide PCS for products sold and equipment installed at Dolby Cinema theaters operated by exhibitor partners, and we support the implementation of our technologies into products manufactured by our licensees.

*Revenue Generation*

We generate revenue from Dolby Cinema Products by selling and leasing products to exhibitors, excluding Dolby Cinemas, and offering PCS to exhibitors.

***Dolby OptiView***

Dolby OptiView (previously named Dolby.io) is powering immersive, interactive, and social experiences with real-time engagement for live events, especially sports. Dolby OptiView leverages Dolby's six decades of experience in the science of sight and sound to deliver video with clarity, depth and detail via our unique content delivery system which ensures a high quality, synchronized viewer experience across the globe. This enables our customers to engage viewers effectively with near real time interaction tools that will strengthen connections and drive participation.

*Revenue Generation*

Dolby OptiView is a software as a service (SaaS) product licensed directly to enterprises via a consumption-based revenue model.

**SALES AND MARKETING**

Our marketing efforts focus on cultivating strong relationships with consumers, creators and our partners in an effort to share how Dolby's innovations in product and services transform entertainment experiences. We sell our solutions primarily using an internal sales organization to various customers in the markets where we operate. We also license our technologies and IP indirectly through patent pools, where owners of IP covering technology standards aggregate their patents and offer the pooled patents to implementers through patent pool licensing administrators who are responsible for the sales and marketing of the pooled patents. We maintain more than 20 sales offices in key regions around the globe.

We promote our solutions and our brand through industry events such as tradeshows, film festivals, movie premieres, product launches, as well as through our website, public relations, direct marketing, co-marketing programs, and social media. In addition, we hold the naming rights to the Dolby Theatre, home to the Academy Awards® in Hollywood, California, where we showcase our technology and host high-profile events. We also hold the naming rights to Dolby Live at the Park MGM in Las Vegas, Nevada. Dolby Live is a fully integrated performance venue offering live concerts in Dolby Atmos.

**END MARKETS**

We generated 93% of our revenues in fiscal 2025 by licensing technology, brand, and patents, primarily to device manufacturers. The following table presents the end market composition of revenue from our licensing business for all periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | |
|<br>**Market** | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** | **Main Components of Each Category** |
| Broadcast | 34% | 35% | 38% | Televisions and STBs |
| Mobile | 22% | 20% | 20% | Smartphones and Tablets |
| CE | 12% | 14% | 14% | DMAs, Blu-ray Disc devices, AVRs, Soundbars, and DVDs |
| PC | 12% | 12% | 10% | Windows and macOS operating systems and devices |
| Other | 20% | 19% | 18% | Dolby Cinema, Gaming consoles, Automotive, and Patent pool administrative fees |
| **Total** | **100%** | **100%** | **100%** |  |

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**INTELLECTUAL PROPERTY**

Our base of IP assets includes patents, trademarks, copyrights, and trade secrets developed based on our technical expertise.

As of September 26, 2025, we had approximately 28,400 issued and effective patents and approximately 6,100 pending patent applications in more than 200 jurisdictions throughout the world. In fiscal 2025, we were issued 4,179 new patents.

We pursue a general practice of filing patent applications for our technologies in the United States and foreign countries where our customers manufacture, distribute, or sell licensed products. We actively pursue new applications to expand our patent portfolio to address new technological innovations, and we also make strategic acquisitions of technology and patents from time to time. We have multiple patents covering aspects and improvements for many of our technologies.

Our issued patents expire at various times, ranging from 2025 through 2047. For a discussion of certain risks related to patent expiration, please refer to Part I, Item 1A *"Risk Factors"* in this annual report on Form 10-K, under the heading "*Our revenue could decline if we are unable to maintain patent coverage for our technologies.*"

We have approximately 1,500 trademark registrations throughout the world for a variety of wordmarks, logos, and slogans. Our trademarks cover our various products, technologies, improvements, and features, as well as the services that we provide. These trademarks are an integral part of our technology licensing program, and licensees typically elect to place our trademarks on their products to inform consumers that their products incorporate our technology and meet our quality specifications.

We protect our IP rights both domestically and internationally. From time to time, OEMs have failed to report or have underreported shipments of their products that incorporate our technologies. We anticipate that such issues will continue to occur. Accordingly, we have taken steps in the past to enforce our IP rights and expect to continue doing so in the future.

**RESEARCH AND DEVELOPMENT**

We conduct R&D activities at numerous locations in the U.S. and internationally. Dolby's history of innovation has resulted in many forms of IP. This IP generates licensing revenue that enables us to fund and pursue further innovation.

Most of our R&D resources are focused on audio and video technologies for consumer entertainment. A significant portion of the R&D budget is dedicated to forward looking research because innovation is a core and critical function at Dolby. The goal of our research teams is to maintain leadership in all our current markets while simultaneously inventing new experiences. Our researchers work on every stage in the product development cycle because the end markets we serve are constantly evolving to take advantage of the latest innovations, and keeping our offerings on the cutting edge helps us keep our partnerships strong and productive.

**PRODUCT MANUFACTURING**

Our hardware product quality is enabled through the use of well-established, and in some cases, highly automated, assembly processes along with rigorous testing of our products. We rely primarily upon contract manufacturers for the majority of our production capacity. We purchase components and fabricated parts from multiple suppliers; however, we rely on sole source suppliers for certain components used to manufacture our products. We source components and fabricated parts both domestically and internationally.

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**COMPETITION**

The entertainment industry is highly competitive, and we face aggressive competition in all areas of our business. Some of our current and future competitors may have significantly greater financial, technical, marketing, and other resources than we do, or may have more experience or advantages in the markets in which they compete. In addition, some of our current or potential competitors may be able to offer integrated systems in certain markets for entertainment technologies, including audio and imaging, which could make competing technologies that we develop or acquire obsolete. By offering an integrated system solution, these potential competitors may also be able to offer competing technologies at lower prices than we can, which could adversely affect our operating results.

Many end products that include our audio and video technologies also include technologies developed by our competitors. We believe that the principal competitive factors in our markets include some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Degree of access and inclusion in industry standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technological performance, flexibility, and range of application;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brand recognition and reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timeliness and relevance of new product introductions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quality and reliability of products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Relationships with producers, directors, and distributors in the film and television industry, with television broadcast industry leaders, with OTT industry leaders, and with the management of semiconductor and CE OEMs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Availability of compatible high quality audio and video content; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price.

Certain foreign governments and industry participants have advanced arguments under competition laws that exert downward pressure on royalties for IP, which can impact the licensing fees that we are able to collect. The regulatory enforcement activities in such jurisdictions can be unpredictable.

Our technologies, products, and services span the audio and imaging sectors of several distinct and diverse industries, including the broadcast, mobile, consumer entertainment, PC, gaming, automotive, cinema, and other industries. The lack of a clear definition of the markets in which our products, services, and technologies are sold or licensed, the nature of our technologies, their potential use for various commercial applications, and the diverse nature of and lack of detailed reporting by our competitors, make it impracticable to quantify our position.

**HUMAN CAPITAL**

At Dolby, we strive to act as a good partner to our customers, employees, shareholders, and communities. We are committed to fostering a workplace environment in which every employee can contribute their fullest potential and make a positive impact through their roles.

Details of this work, along with our sustainability, social impact, employee wellbeing, and inclusion and belonging initiatives, are included in our Sustainability Report, and we encourage you to read it on our website to learn more. Nothing in our Sustainability Report shall be deemed incorporated by reference into this Annual Report on Form 10-K.

As of September 26, 2025, we had 2,051 employees worldwide, of whom 1,020 employees were based outside of the U.S. None of our employees are subject to a collective bargaining agreement.

**Compensation and Benefits**

We offer competitive compensation (including salary, incentive bonus, and equity) and benefits packages in each of our locations around the globe. In addition to comprehensive health benefits and the ESPP, depending on the location, employees may also enjoy free or subsidized fitness programs, commuter benefits, wellness credits, tuition reimbursement opportunities, and personal development courses, among other benefits.

**Board Oversight of Human Capital Management** 

Through our Compensation Committee, our Board of Directors provides oversight of human capital matters. Our Nominating and Governance Committee works with the Board of Directors on management succession planning. The

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Board and Board committees are supported in these efforts by our management team and People, Legal and Compliance teams.

**CORPORATE AND AVAILABLE INFORMATION**

We were founded in London, England in 1965 and incorporated in the State of New York in 1967. We reincorporated in California in 1976 and reincorporated in Delaware in September 2004. Our principal corporate offices are located at 1275 Market Street, San Francisco, California 94103. Our telephone number is (415) 558-0200.

Our website is www.dolby.com. We make available on our website our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Our SEC reports can be accessed through the Investor Relations section of our website at www.investor.dolby.com. The information found on our website is not part of this or any other report we file with or furnish to the SEC. The SEC also maintains a website that contains our SEC filings at www.sec.gov.

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**ITEM 1A. RISK FACTORS**

*The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not currently known to us or that we currently deem less significant may also affect our business operations or financial results. If any of the following risks actually occur, our stock price, business, operating results and financial condition could be materially adversely affected.*

**REVENUE GENERATION**

**Markets We Target**

*Changing trends in content distribution and consumption may negatively impact our business*. Changing trends in the way that content is distributed and consumed may impact our existing business and future opportunities for growth. One such trend has been the shift by consumers in certain markets away from subscription-based cable and satellite television providers toward streaming services, commonly referred to as "cord-cutting." While cable and satellite television often require a STB, consumers can also access streaming media through smart TVs or DMA devices. As consumers have trended toward canceling subscriptions to these traditional cable and satellite providers in favor of streaming media, we have observed declines in demand for STBs in certain regions. Other changes to the way content is distributed and consumed may impact our licensing and other businesses in a similar fashion, and we may not be able to anticipate and respond effectively to such future changes.

*The mobile device market is concentrated and susceptible to competition and rapid change, which may negatively affect our penetration and pricing in that market*. Successful penetration of the mobile device market is important to our future growth. The mobile device market, particularly smartphones and tablets, is characterized by rapidly changing market conditions, frequent product introductions and intense competition based on features and price. Our technologies usually are not mandated as an industry standard for mobile devices. We must continually convince mobile device OEMs and end users of mobile devices of the value of our technologies. With shorter product lifecycles, it is easier for mobile device OEMs to add or remove our technologies from mobile devices than it is for TV OEMs and other hardware OEMs. In addition, because the mobile industry is concentrated, we rely on a small number of partnerships with key participants in the mobile market. If we are unable to maintain these key relationships, we may experience a decline in mobile devices incorporating our technologies.

In order to increase the value of our technologies in the mobile market and increase OEM and software vendor demand for our decoding technologies, we have worked with online and mobile media content service providers to encode their content with our technologies. However, the online and mobile media content services markets are also characterized by intense competition, evolving industry standards and business and distribution models, disruptive software and hardware technology developments, frequent product and service introductions and short life cycles, and price sensitivity on the part of consumers, all of which may result in downward pressure on pricing or the removal of our technologies by these providers and may result in decreased revenue from our mobile market. Further, macroeconomic conditions such as inflation, trade barriers, geopolitical instability, global health risks, and other factors may adversely impact the ability of our partners to manufacture and distribute mobile devices and consumer demand for mobile devices.

*Our revenue from the PC market is reliant on key partnerships and is vulnerable to macroeconomic risks*. Our revenue from the PC market depends on several factors, including underlying PC unit shipments, the extent to which our technologies are included on computers, including through operating systems and various subsystems, and the terms of any royalties or other payments we receive. For example, beginning with PCs shipping with the 24H2 version of Windows 11, Microsoft changed the way Dolby's DD and DD+ decoders are provided to third party PC OEMs. For such devices, Dolby now distributes those codecs directly to PC OEMs instead of through Microsoft's Windows operating system. To the extent that PC manufacturers do not incorporate our technologies in current and future products, our revenue could be impacted. Further, we rely on a small number of partnerships with key participants in the PC market. If we are unable to maintain these key relationships, we may experience a decline in PCs incorporating our technologies. Demand for PCs has also fluctuated significantly in recent years. Macroeconomic conditions may also adversely impact PC manufacturing, supply chain and distribution, the timing of the adoption of our technologies into products by partners and licensees, and the timing of launches for new products.

*The success of Dolby Cinema and cinema product sales are subject to a number of factors beyond our control, such as the production of films in Dolby formats and broader cinema industry conditions.* Revenue from Dolby Cinema and cinema product sales is subject to our ability to develop and implement new technologies, the pace of construction or upgrade of screens, the financial stability of exhibitors, the advent of new or competing technologies,

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and the willingness of movie studios to produce films in our Dolby Atmos and Dolby Vision formats. Although we have invested a substantial amount of time and resources developing Dolby Cinema, and expect to continue to invest and build partnerships in connection with the launch of Dolby Cinema locations, we may not continue to recognize a meaningful amount of revenue from these efforts in the near future. Additionally, we collaborate with multiple exhibitors in foreign markets, including Asia, Europe, and the Middle East, and we may face a number of risks in expanding Dolby Cinema in these and other new international markets. The revenue we receive from Dolby Cinema exhibitors is based on a portion of box-office receipts from the installed theaters, and the timing of such theater installations is dependent upon a number of factors beyond our control. In addition, the success of our Dolby Cinema offering will be tied to the pipeline and success of motion pictures available at Dolby Cinema locations generally. The success of Dolby Cinema and cinema products depends in large part on our ability to differentiate our offering, deploy new sites and installations in accordance with plans, provide a compelling experience, and attract and retain a viewing audience. A decrease in our ability to develop and introduce new cinema products and services successfully could affect licensing of our consumer technologies, because the strength of our brand and our ability to leverage professional product developments to introduce new consumer technologies could be negatively impacted. To the extent that we do not make progress in these areas or are faced with pricing pressures or competing technologies, our revenue may be adversely impacted.

Our revenue and associated demand for Dolby Cinema and cinema products are affected by cinema industry and macroeconomic conditions, which are subject to risks including consumer trends and box office performance in general, delays in cinematic releases, the seasonality of film releases and associated moviegoing attendance, potential tariffs and other trade barriers, and other events or conditions in the cinema industry. For example, restrictions related to the COVID-19 pandemic and certain entertainment industry labor strikes resulted in reduced cinema attendance and box office receipts in the past. Such disruptions impacted, and potential similar disruptions in the future could potentially impact, revenue generated by Dolby Cinema theaters and exhibitors' willingness and ability to invest in Dolby Cinema and cinema products. Also, a portion of our opportunity lies in the China market, which is subject to unique economic and geopolitical risks. Furthermore, future growth of our cinema products offerings also depends upon new theater construction and entering into an equipment replacement cycle whereby previously purchased cinema products are upgraded or replaced. To the extent that such cinema industry and macroeconomic challenges constrain the growth of our Dolby Cinema and cinema products offerings, our revenue may be adversely impacted.

**Customers**

*Our licensing business depends on the incorporation of our technologies into products and the sales of such products, which are, in large part, not within our control*. Our licensing businesses depend on OEMs and other licensees to incorporate our technologies into their products. Our license agreements are typically non-exclusive, and frequently do not mandate use of our technologies. Our revenue will decline if our licensees choose not to incorporate our technologies into their products or if they sell fewer products incorporating our technologies.

*The loss of a key licensee or customer may materially impact our revenue*. A small number of our licensees or other customers may represent a significant percentage of our Licensing, Products, or Services revenue. Customer demand for our technologies and products can shift quickly as many of our markets are rapidly evolving. In consumer electronic device markets, our technologies are not mandated and are subject to significant competition, so there is a risk that a large consumer electronic device licensee may reduce or eliminate its use of our technologies.

*Our licensing business depends, in part, on semiconductor manufacturers and the availability of semiconductor components*. Our licensing revenue from OEM system licensees depends in large part upon the availability of ICs that implement our technologies. IC manufacturers incorporate our technologies into these ICs, which are then incorporated in consumer entertainment products. We do not manufacture these ICs, but rather depend on IC manufacturers to develop, produce, and then sell them to system licensees in accordance with their agreements. We do not control the IC manufacturers' decisions on whether or not to incorporate our technologies into their ICs, and we do not control their product development or commercialization efforts. Further, demand levels may result in shortages of semiconductor components and other key materials that may adversely impact the ability of our implementation and system licensees and other customers to meet product demand in a timely fashion.

*Consumer spending weakness may impact our licensees and licensing revenue generally*. Weakness in general economic conditions due to inflation, elevated interest rates, lower consumer confidence, tariffs and non-tariff trade barriers, a potential recession, pandemic or other adverse economic conditions, may suppress consumer demand in our markets and consumers going to the movies. Many of the products in which our technologies are incorporated are discretionary goods, such as PCs, TVs, STBs, video game consoles, AV Receivers, mobile devices, in-car

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entertainment systems, and home-theater systems, which makes revenue generated by such technologies vulnerable to weakness in consumer spending. Prolonged weakness in consumer spending may also lead to licensees and other customers becoming delinquent on their obligations to us or being unable to pay, resulting in a higher level of write-offs. Weakness in consumer spending may also increase underreporting and non-reporting of royalty-bearing revenue by our licensees as well as increase the unauthorized use of our technologies.

**Marketing and Branding**

*If we fail to promote and maintain the Dolby brand, our business will suffer.* Maintaining and strengthening the Dolby brand is critical to maintaining and expanding our licensing, products, and services business, as well as our ability to offer technologies for new markets. Our continued success depends on our reputation for providing high quality technologies, products, and services across a wide range of entertainment markets, including the consumer electronics, PC, broadcast, and gaming markets. If we fail to promote and maintain the Dolby brand successfully in licensing, products or services, our business will suffer. Furthermore, we believe that the strength of our brand may affect the likelihood that our technologies are adopted as industry standards in various markets and for various applications. Our ability to maintain and strengthen our brand will depend heavily on our ability to develop innovative technologies for the entertainment industry, to enter into new markets successfully, and to provide high quality products and services in these new markets. In addition, our practices and public disclosures related to environmental, social and governance (ESG) matters could impact our brand and reputation. If our ESG practices do not meet evolving investor or other stakeholder expectations and societal and regulatory standards, or if we are unable to make progress on or achieve our goals and objectives in this area, then our reputation, our ability to attract or retain employees, and our attractiveness as an investment or business partner could be negatively impacted, which could adversely affect our operating results.

**Technology Standards**

*Certain parts of our business are dependent on the inclusion of our technologies in technology standards, the adoption and development of which are not fully within our control.* Standards-setting organizations establish technology standards for use in a wide range of products and solutions. The entertainment industry in particular has historically depended upon technology standards to ensure compatibility and interoperability across delivery platforms and a wide variety of consumer entertainment products. We make significant efforts to design our products and technologies to address capability, quality, and cost considerations so that they either meet or, more importantly, are adopted as industry standards across the broad range of entertainment industry markets in which we participate, as well as the markets in which we plan to compete in the future. We are also active in standards development where many contributing members work together to come up with next-generation technology standards in media, entertainment, and communications technologies. Nonetheless, it can be difficult to have our technologies and products adopted as technology standards. To do so, we must convince a broad spectrum of standards-setting organizations throughout the world, as well as our major customers and licensees who are members of such organizations, to adopt them as such. Multiple companies, including ones that typically compete against one another, are involved in the development of new technology standards for use in consumer products. Furthermore, some standards-setting organizations choose to adopt a set of optional standards or a combination of mandatory and optional standards; in such cases, our technologies may be adopted only as an optional standard and not a mandatory standard. Standards may also change in ways that are unfavorable to Dolby.

The market for broadcast technologies in particular has traditionally been heavily based on technology standards, in some cases mandated by governments choosing from among alternative standards. The continued advancement of OTT media delivery and consumption is altering the landscape for broadcast standards. The importance of broadcast standards in the entertainment technology ecosystem has been gradually diminishing over the recent years. This trend is reducing the importance of the inclusion of our technology in certain broadcast standards while increasing the importance of inclusion within internet and mobile technology standards. We cannot predict the extent to which this trend may impact our revenue.

*Participants may choose alternative technologies within standards*. Even when a standards-setting organization incorporates our technologies in an technology standard for a particular market or geographic region, our technologies may not be the sole technologies adopted for that market. Furthermore, different standards may be adopted within a single market or region, and across different markets and regions. Our operating results depend upon participants in that market choosing to adopt our technologies instead of competitive technologies that also may be acceptable under such standard. For example, the continued growth of our revenue from the broadcast market will depend upon both the continued global adoption of DTV generally, including in emerging markets, and the choice to use our

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technologies where it is one of several accepted industry standards.

*Being part of a standard may limit our licensing practices*. When a standards-setting organization mandates our technologies, we generally must agree to license such technologies on a fair, reasonable, and non-discriminatory basis, which could limit our control over the use of these technologies. In these situations, we must often limit the royalty rates we charge for these technologies, and we may be unable to limit to whom we license such technologies or to restrict many terms of the license. We have in the past, and may in the future, be subject to claims that our licensing of industry standard technologies may not conform to the requirements of the standards-setting organization. Allegations such as these could be asserted in private actions seeking monetary damages and injunctive relief, or in regulatory actions. Claimants in such cases could seek to restrict or change our licensing practices or our ability to license our technologies. Additionally, where our technologies are incorporated into a standard, our licensing practices may become subject to additional regulatory requirements.

**Royalty Reporting**

*Reporting practices and uncertainty may result in fluctuations in our royalty revenue from period to period.* Our operating results fluctuate based on the risks set forth in this section, as well as, among other factors, on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Royalty reports including positive or negative corrective adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retroactive royalties that cover extended periods of time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timing of revenue recognition under licensing agreements and other contractual arrangements, including recognition of unusually large amounts of revenue in any given quarter.

We recognize a material portion of our licensing revenue based on our estimate of sales of royalty-bearing products. Upon receipt of actual reporting of sales-based royalties, we record a favorable or unfavorable adjustment based on the difference, if any, between estimated and actual sales. Our sales estimates may be based on reports or studies from third parties may turn out to be inaccurate or incomplete, and that risk may increase when macroeconomic conditions are highly dynamic, which could result in significant variation in the amount of revenue we recognize in a quarter. Additionally, our results of operations could be impacted to the extent that we are required to accelerate recognition of revenue under certain arrangements, potentially causing the amount of revenue we recognize to vary materially from quarter to quarter. While our reporting practices do not change the cash flows or total revenue we ultimately receive from our contracts with customers, they could result in changes to the timing of our reported revenue and income, which in turn could cause volatility in the price of our Class A common stock.

*Royalty reporting by our licensees may be inaccurate or understated*. We generate licensing revenue primarily from OEMs who license our technologies and incorporate those technologies into their products. Our license agreements generally obligate our licensees to pay us a specified royalty for every product they ship that incorporates our technologies, and we rely on our licensees to report their shipments accurately. However, it is inherently difficult to independently determine whether our licensees are reporting shipments accurately, particularly with respect to software incorporating our technologies because unauthorized copies of such software can be made relatively easily. A licensee may disagree with our interpretation of the terms of a license agreement or, as a result of an audit, a licensee could challenge the accuracy of our calculation. We are regularly involved in discussions with licensees regarding license terms. Most of our license agreements permit us to audit our licensees' records, and we routinely exercise these rights, typically by using an independent third party auditor. Such audits are generally expensive, time-consuming, and potentially detrimental to our ongoing business relationships with our licensees. In the past, some licensees have understated or failed to report the number of products incorporating our technologies that they shipped, and we have not been able to collect and recognize revenue to which we were entitled. We expect that we will continue to experience understatement and non-reporting of royalties by our licensees. We have been able to obtain certain recovery payments from licensees (either in the form of back payments or settlements), and such recoveries have become a recurring element of our business; however, we are unable to predict with certainty the revenue that we may recover in the future or our ability to continue to obtain such recoveries at all.

*The amount of royalties we owe others may be disputed*. In some cases, the products we sell and the technologies we license include IP that we have licensed from third parties. Our agreements with these third parties generally require us to pay them royalties for that use, and to give the third parties the right to audit our calculation of those royalties. A third party may disagree with our interpretation of the terms of a license agreement or, as a result of an audit, a third party could challenge the accuracy of our calculation. A successful challenge by a third party could result in the termination of a license agreement or an increase in the amount of royalties we have to pay to the third party.

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**TECHNOLOGY TRENDS AND DEVELOPMENTS**

*Developing new and enhanced technologies is inherently difficult and our revenue growth may be impacted if we are unsuccessful in our efforts*. Our revenue growth will depend upon our success in new and existing markets for our technologies, such as digital broadcast, mobile devices, online and mobile media distribution, cinema, and cloud services. The markets for our technologies and products are influenced by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rapid technological change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New and improved technology and frequent product introductions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changing consumer and licensee demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evolving industry standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technology and product obsolescence.

Our future success depends on our ability to enhance our technologies and products and to develop new technologies and products that address market needs in a timely manner, including the development of technologies and products that incorporate rapidly developing generative artificial intelligence and other artificial intelligence and machine learning technologies ("AI/ML"). Technology development is a complex, uncertain process requiring high levels of innovation, highly-skilled engineering and development personnel, and the accurate anticipation of technological and market trends. We may not be able to identify, develop, acquire, market, or support new or enhanced technologies or products on a timely basis, if at all. If we are unable to develop technologies and related intellectual property that are accepted into technology standards, or are unable to do so at the same rate as other technology developers, our royalty share within patent pools that we participate in may decline.

*Our efforts to expand into new markets may not be successful*. Our future growth will depend, in part, upon our continued expansion into areas beyond our audio licensing business. As we enter into new markets, we will face new sources of competition, new business models, and new customer relationships. In order to be successful in these markets, we will need to cultivate new industry relationships and strengthen existing relationships to bring our products, services, and technologies to market. Our limited experience in new markets could limit our ability to successfully execute on our growth strategy.

*The success of our existing products and newer initiatives is dependent on the use of Dolby formats in, and commercial success of, products and content*. The success of many of our initiatives, such as Dolby Atmos, Dolby Vision, and Dolby Cinema, is dependent upon the availability and success of (i) products that incorporate Dolby formats and (ii) content produced in Dolby formats. However, there is no guarantee that device makers will continue to incorporate Dolby formats into their products, that content creators will continue to release content in Dolby formats, or that either those products or that content will be commercially successful.

For instance, to broaden adoption of Dolby Vision and Dolby Atmos, we will need to continue to expand the array of products and consumer devices that incorporate Dolby Atmos and Dolby Vision, expand the pipeline of Dolby Atmos and Dolby Vision content available from content creators, and encourage consumer adoption in the face of competing products and technologies. Similarly, the success of Dolby Cinema and cinema products is dependent on our ability to partner with movie theater exhibitors to launch new Dolby Cinema locations and screens using our cinema products and to deploy new sites in accordance with plans, and on the continued release and box-office success of new films in the Dolby Vision and Dolby Atmos formats.

Further, the commercial success of products incorporating Dolby formats, content released in Dolby formats, and Dolby Cinemas generally, depends upon a number of factors outside of our control, including, but not limited to, consumer preferences, critical reception, timing of release, marketing efforts of third parties, and general market conditions. Moreover, release and distribution of such products and content can be subject to delays in production or changes in release schedule, which can negatively impact the quantity, timing and quality of such products and content released in Dolby formats and available at Dolby Cinema theaters.

**INTELLECTUAL PROPERTY**

*Our business is dependent on protecting our intellectual property rights.* Our business is dependent upon protecting our patents, trademarks, trade secrets, copyrights, and other IP rights, the loss or expiration of which may significantly impact our results of operations and financial condition. Effective IP rights protection, however, may not be available under the laws of every country in which our products and those of our licensees are distributed. The efforts we have taken to protect our proprietary rights may not be sufficient or effective. We also seek to maintain

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select IP as trade secrets, and third parties or our employees could intentionally or accidentally compromise the IP that we maintain as trade secrets. In addition, protecting our IP rights is costly and time consuming. We have taken steps in the past to enforce our IP rights and expect to do so in the future. However, it may not be practicable or cost effective for us to enforce our IP rights fully, particularly in some countries or where the initiation of a claim might harm our business relationships.

We generally seek patent protection for our innovations. However, our patent program faces a number of challenges, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Possibility that innovations may not be protectable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to protect innovations that later turn out to be important;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insufficient patent protection to prevent third parties from designing around our patent claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our pending patent applications may not be approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Possibility that an issued patent may later be found to be invalid or unenforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Patents eventually expire.

*Our revenue could decline if we are unable to maintain patent coverage for our technologies*. Many of the technologies that we license to our system licensees are covered by patents, and the licensing revenue that we receive from those licenses depends in part upon the life of such patents. In general, our agreements with our licensees require them to pay us a full royalty with respect to a particular technology only until there are no patents or, in some cases, no patent applications covering that technology in countries where applicable products are made and sold. As of September 26, 2025, we had approximately 28,400 issued patents in addition to approximately 6,100 pending patent applications in more than 200 jurisdictions throughout the world. Our currently issued patents expire at various times ranging from 2025 through 2047. If we are unable to refresh our technology with new patented inventions or expand our patent portfolio, our revenue could decline. In addition to patents covering technology we license directly, if patents we license through patent pool arrangements expire or we are otherwise unable to maintain our share of pool royalties, then our revenue could be impacted. Additionally, if the patents licensed through a patent pool arrangement are deemed not to be valuable in the aggregate by the licensees of such patent pool, they may not renew their licenses, which could impact our revenue.

We seek to mitigate this risk in a variety of ways. We regularly look for opportunities to expand our patent portfolio through organic development and acquisitions. We develop technologies to replace licensing revenue from technologies covered by expiring patents with licensing revenue supported by patents with a longer remaining life. And we develop and license our intellectual property in a manner designed to promote the continued use and licensing of our technology. The continued success of these risk mitigation strategies is not guaranteed, including the risk that such technologies will not achieve widespread adoption or be licensed at a rate sufficient to replace licensing revenue from technologies covered by expiring patents.

In the case of our patent coverage related to DD and DD+ audio codec technologies, some of our relevant patents have expired and will expire in the coming years, but others will continue to apply. We have continued to innovate and develop IP to support these standardized technologies and their various implementations, including generating patents associated with different or new features of the technologies and obtaining patents that generally expire later than those incorporated into the original standards. Our customers use our DD and DD+ implementation for quality, reliability, and performance and to take advantage of other elements of these offerings such as Dolby branding, even in locations where we have not had or no longer have applicable patent coverage. Nevertheless, revenue attributed to DD and DD+ technologies has declined and is expected to continue to decline due, in part, to expiration of relevant patents. Many of our partners have adopted newer generations of our offerings such as Dolby AC-4 technologies, the associated patents of which generally expire later than those associated with DD and DD+. We will continue to work to transition our DD and DD+ licensees to our newer technologies, but the success of such efforts is not guaranteed.

Some of our patents incorporated into the AAC audio coding standard and the AVC digital video coding standard, from which we derive a significant portion of our licensing revenue, have expired and others will expire over the next several years. While there are alternative versions of these standards that offer different features and that incorporate patents that have later expirations, licensees may see less value in those alternative versions, resulting in a decrease in royalty revenue. A decrease in royalty revenue may also result in decreased revenue from patent pool administration fees. Our patents are incorporated into newer coding standards that represent successive generations

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of technology, such as, in the case of AAC, Extended HE-AAC and, in the case of AVC, HEVC whose patents generally expire later than the AAC and AVC patents and to which many of the AAC and AVC licensees have, are in the process of, or may in the future transition. However it is not certain that all or most licensees will transition to such newer technologies.

*Unauthorized use of our intellectual property has occurred and will likely continue to occur*. We have often experienced, and expect to continue to experience, problems with non-licensee OEMs and software vendors, particularly in certain emerging economies, incorporating our technologies and trademarks into their products without authorization and without paying licensing fees. Unauthorized IP use occurs in the context of both branded products and technology offered through open standards. Manufacturers of ICs containing our technologies occasionally sell these ICs to third parties who are not our system licensees. These sales, and the failure of such manufacturers to report the sales, facilitate the unauthorized use of our IP. As emerging economies have transitioned from analog to digital content, such as the transition from analog to digital broadcast, we have observed an increase in problems with this form of piracy.

*Our business may be negatively impacted by intellectual property litigation*. Companies in the technology and entertainment industries frequently engage in litigation based on allegations of infringement or other violations of IP rights. We have faced such claims in the past, and we expect to face similar claims in the future. Any IP claims, with or without merit, could be time-consuming, expensive to litigate or settle, and could divert management resources and attention. In the past, we have settled claims relating to infringement allegations and agreed to make payments in connection with such settlements. An adverse determination in any IP claim could require that we pay damages or stop using technologies found to be in violation of a third party's rights and could prevent us from offering our products and services to others. In order to avoid these restrictions, we may have to seek a license for the technology, which may not be available on reasonable terms or at all. Licensors could also require us to pay significant royalties. As a result, we may be required to develop alternative non-infringing technologies, which could require significant effort and expense. If we cannot license or develop technologies for any aspects of our business found to be infringing, we may be forced to limit our product and service offerings and may be unable to compete effectively.

In some instances, we have contractually agreed to provide indemnifications to licensees relating to our IP. Additionally, at times we have chosen to defend our licensees from third party IP infringement claims even where such defense was not contractually required, and we may choose to take on such defense in the future.

*Our business may be negatively impacted by disputes involving the licensing of our IP*. At times, we are engaged in disputes regarding the licensing of our IP rights, including matters related to our royalty rates, whether products are royalty-bearing, and other terms of our licensing arrangements. These types of disputes can be asserted by our customers or prospective customers or by other third parties as part of negotiations with us or in private actions seeking monetary damages or injunctive relief, or in regulatory actions. In the past, licensees have threatened to initiate litigation against us based on potential antitrust claims or regarding our licensing royalty rate practices. Damages and requests for injunctive relief asserted in claims like these could be significant, and could be disruptive to our business.

*Maintaining and enforcing our IP rights in the U.S. and abroad presents challenges to our business*. Our licensing business depends in part on the uniform and consistent treatment of patent rights in the U.S. and abroad. Changes to the patent and intellectual property laws and regulations in the U.S. and abroad may limit our ability to obtain, license, and enforce our rights. Additionally, court and administrative rulings may interpret existing patent laws and regulations in ways that hurt our ability to obtain, license, and enforce our patents. We face challenges protecting our IP in foreign jurisdictions, including that our ability to enforce our contractual and IP rights, especially in countries that do not recognize and enforce IP rights to the same extent as the U.S., Japan, Korea, and European countries do, which increases the risk of unauthorized use of our technologies. Also, because of limitations in the legal systems in many countries, our ability to obtain and enforce patents in many countries is uncertain, and we must strengthen and develop relationships with entertainment industry participants worldwide to increase our ability to enforce our IP and contractual rights without relying solely on the legal systems in the countries in which we operate.

**OPERATIONS**

*Production processes for our products and reliance on key suppliers present certain risks to our business, many of which are beyond our control*. We rely on contract manufacturers to manufacture our products and such reliance involves risks, including limited control over timely delivery and quality of such products. We may be unable to quickly adapt manufacturing capacity to rapidly changing market conditions, such as fluctuations in customer demand. Supply chain disruptions, production interruptions, and shortages of manufacturing capacity could each lead to an

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inability to manufacture and deliver our products on a timely basis, which could negatively impact our operating results and damage our customer relationships.

Our reliance on suppliers for some of the key materials and components we use in manufacturing our products involves risks, including limited control over the price, timely delivery, and quality of such components, as well as delays caused by military conflicts, including those between Russia and Ukraine and in the Middle East, and other potential interruptions to the supply chain. Due to the relatively small volume of components we purchase for use in manufacturing, we purchase such components primarily through distributors. As such, we have relatively limited influence over the suppliers of such components to, for example, ensure continuity of supply. Although we have identified alternate suppliers for most of our key materials and components, any required changes in our suppliers could cause delays in our operations and increase our production costs. In addition, our suppliers may not be able to meet our production demands as to volume, quality, or timeliness. Avoiding the potential inclusion of "conflict minerals" in the materials used in our products could also affect the sourcing, availability and pricing of such materials as well as the companies we use to manufacture our products.

Due to the bespoke nature of some of the components and products we purchase and relatively low quantities needed, sourcing multiple suppliers for every item we purchase is not practicable. Some of the components that we use to manufacture our products are sole-sourced, including specific charged coupled devices, light emitting diodes, and digital signal processors. Also, the projectors offered as part of our cinema offerings are provided by a single supplier. These sole source suppliers may become unable or unwilling to deliver their products to us at an acceptable cost or at all, which could force us to redesign certain products or locate alternative suppliers. Our inability to obtain timely delivery of key components or projectors of acceptable quality, any significant increases in the prices of such products, or the redesign of our products could result in production delays, increased costs, and reductions in shipments of our offerings.

*Ensuring the quality of our products and the products in which our technology is incorporated is inherently difficult, and product quality failures can be costly*. While we conduct security testing prior to releasing new products or new versions of existing products, there are sometimes errors or vulnerabilities that are not detected during development or testing. We have limited control over manufacturing performed by contract manufacturers, which could result in quality problems. Furthermore, our products and technologies are sometimes combined with or incorporated into products from other vendors, sometimes making it difficult to identify the source of a problem or, in certain instances, making the quality of our implementation dependent in part upon the quality of such other vendors' products. While we have processes to remediate errors and vulnerabilities, we cannot guarantee that we will detect all issues or develop successful patches. If our products or technologies contain errors, we could be required to replace or reengineer them and, as with security vulnerabilities, we may rely upon parties who have incorporated our technologies into their products to implement updates to address such issues, which could leave any such errors or vulnerabilities unresolved. As an example of these types of risks, in October 2025, a team of security researchers announced a vulnerability related to a specific Dolby software module. We have developed a corrective software patch and made the patch, as well as other assistance, available to potentially impacted partners. While many of our partners have deployed the patch across their devices, the application of the patch across all affected devices will require the effort of our partners and, in some cases, the end users and other third parties, which we cannot guarantee. While there are technical impediments to exploiting unpatched devices, we cannot guarantee that malicious actors will not exploit unpatched vulnerabilities and damage or gain unauthorized access to affected products. Negative publicity or impact related to errors or vulnerabilities could affect the perception of our brand and market acceptance of our products or technologies. Moreover, if any errors or vulnerabilities cause unintended consequences, we could incur substantial costs in investigating and remediating those consequences, including defending and settling product liability claims. Although we generally attempt to contractually limit our liability, if these contract provisions are not enforced, or are unenforceable for any reason, or if liabilities arise that are not effectively limited, we could incur substantial costs in defending and settling product liability claims.

*We face threats to the confidentiality, integrity, and availability of our information systems, which could result in the misappropriation of sensitive information, disruption of our business, reputational damage, legal exposure, and financial losses.* We rely on information technology systems in the conduct of our business, including systems designed and managed by third parties. Many of these systems contain sensitive and confidential information, including our trade secrets and proprietary business information, and personal data, as well as content and information owned by or pertaining to our customers, suppliers and business partners. Protecting this information is important to our operations and business strategy. Increasingly, companies are subject to a wide variety of attacks on their networks and systems on an ongoing basis. Our information technology systems, applications and infrastructure may be vulnerable to attacks by malicious actors including, but not limited to, nation-states and cyber criminals,

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malware, software defects or other technical malfunctions, ransomware attacks, or other disruptions. This sensitive, confidential or proprietary information may be misappropriated by third-party service providers or others who may inappropriately access or exfiltrate that information from a third-party service provider's system.

The number and sophistication of cyber attacks and disruptions that companies have experienced has increased in recent years, including computer viruses, malware, ransomware, cyber extortion, social engineering, denial of service, supply chain attacks, and other similar attacks and disruptions. These risks could be elevated in connection with geopolitical conflicts. Measures we have undertaken to protect our information systems may be unsuccessful in deterring or repelling malicious actors. Since techniques used by malicious actors (many of whom are highly sophisticated and well-funded) to access or sabotage networks and computer systems change frequently and often are not recognized until after they are used, we may be unable to anticipate or immediately detect these techniques. This could delay our detection and response, or impede the effectiveness of our response, our operations and ability to limit our exposure to third-party claims and other potential liability. Attacks on our systems have occurred in the past and may occur, and be successful, in the future. Such risks are also faced by our third-party service providers and others, which forms another vector for malicious attacks on our systems.

We also may suffer data security breaches and the unauthorized access to, misuse or acquisition of, personal data or other sensitive and confidential information as the result of intentional or inadvertent breaches or other compromises, including by our employees or service providers. Any data security breach or other incident, whether external or internal in origin, could compromise our networks and systems, create system disruptions or slowdowns and exploit security vulnerabilities of our products. Furthermore, any such breach or other incident can result in the information stored on our networks and systems, or our vendors' networks and systems, being improperly accessed or acquired, publicly disclosed, lost, stolen, modified, made unavailable, or otherwise processed without authorization, and any such breach or other incident, or the perception any has occurred, could subject us to demands, litigation, and liability to our customers, suppliers, business partners and others, as well as regulatory investigations and other proceedings, fines, penalties, and other liabilities, and brand and reputational damage. We make efforts to detect and investigate such attempts and incidents and to prevent their recurrence where practicable through changes to our internal processes and tools, but in some cases preventive and remedial action might not be sufficient or successful. Disruptions to our information technology systems, due to outages, security breaches or other causes, could also have severe consequences to our business, including financial loss and reputational damage.

*We must comply with a variety of data privacy regulations. Compliance with such regulations can be costly and failure to comply may affect our operations, financial performance, and business.* A variety of provincial, state, national, and international laws and regulations apply to the collection, use, retention, protection, disclosure, transfer and other processing of personal data. These laws and regulations are evolving, including with respect to the development and use of AI/ML technologies, and may result in ever-increasing obligations and regulatory and public scrutiny and escalating levels of enforcement and sanctions. For example, the California Privacy Rights Act (CPRA), as well as obligations under other recently-enacted and forthcoming privacy laws, including those in other states, may require us to further modify certain of our information practices and could subject us to additional compliance costs and expenses. Our actual or perceived failure to adequately comply with applicable laws and regulations relating to privacy and data protection (including regimes such as the California Consumer Privacy Act, as amended and supplemented by the CPRA, and continuing developments in the European Union, U.K., and U.S. data privacy frameworks that are rapidly evolving) could result in regulatory fines, investigations and other proceedings, penalties and other liabilities, claims for damages by affected individuals, and damage to our reputation, any of which could have a material adverse effect on our operations, financial performance, and business. Our commercial and cybersecurity insurance policies may be insufficient to insure us against these risks, and future escalations in premiums and deductibles under these policies may render them uneconomical.

**COMPETITION**

*The markets for our technologies are highly competitive*. The markets for our technologies are highly competitive, and we face competitive threats and pricing pressure in our markets. Consumers may perceive the quality of the visual and audio experiences produced by some of our competitors' technologies to be equivalent or superior to the sight and sound experiences produced by our technologies. Some of our current or future competitors may have significantly greater financial, technical, marketing, and other resources than we do, or may have more experience or advantages in the markets in which they compete. These competitors may also be able to offer integrated systems in markets for entertainment technologies on a royalty-free basis or at a lower price than our technologies, including audio, imaging, and other technologies, which could make competing technologies that we develop less attractive. These competitors may also be able to develop and market new technologies that render our

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existing or future products less competitive. For example, disruptive technologies such as AI/ML may significantly alter the market for our products in unpredictable ways and reduce customer demand.

*Many of the markets for our products and for products in which our technologies are incorporated are price sensitive*. The markets for the consumer entertainment products in which our technologies are incorporated are intensely competitive and price sensitive. We expect to face increased royalty pricing pressure for our technologies as we seek to increase the adoption of our technologies in online content and portable devices, such as tablets and smartphones. Such pricing pressures may be exacerbated by elevated rates of inflation, tariffs and other trade barriers, which may cause device manufacturers to take additional steps to limit costs. Retail prices for consumer entertainment products that include our audio technologies, such as home theater systems, have decreased significantly, and we expect prices to decrease for the foreseeable future. In response, OEMs have sought to reduce their product costs, which can result in additional downward pressure on the licensing fees we charge. Further, Dolby OptiView faces pricing pressure from other platforms offering similar solutions that may be able to offer competing services at lower prices.

*We face competitive risks in situations where our customers are also current or potential competitors*. We face competitive risks in situations where our customers are also current or potential competitors. For example, Samsung is a significant customer, but some of its technologies are competitive with some of our consumer and cinema technologies. Our customers may choose to use competing technologies they have developed or in which they have an interest rather than use our technologies. The existence of important customer relationships may influence which strategic opportunities we pursue, as we may forgo some opportunities in the interests of preserving a critical customer relationship.

*We face competition from other audio formats, imaging solutions, and integrated system offerings*. We believe that the success we have had licensing our audio and imaging technologies is due, in part, to the high quality of the solutions that our technologies provide, our success in fostering content and device ecosystems, and to the strength of our brand. However, both free and proprietary sound and imaging technologies are becoming increasingly prevalent, and we expect competitors to continue to enter these fields with other offerings. Furthermore, to the extent that customers perceive our competitors' products as providing the same or similar advantages as our technologies at a lower or comparable price, there is a risk that these customers may treat sound and video encoding technologies as commodities, resulting in loss of status of our technologies, decline in their use, and significant pricing pressure. For example, we face competition with respect to our HDR imaging technology, Dolby Vision, and there can be no assurance that additional consumers will adopt Dolby Vision in the near future, or at all, or that we will maintain our existing customers.

In addition, some of our current or potential competitors may be able to offer integrated systems in certain markets for entertainment technologies, including audio and imaging, which could make competing technologies that we develop or acquire obsolete. By offering an integrated system solution, these potential competitors may also be able to offer competing technologies at lower prices than we can, which could adversely affect our operating results.

**STRATEGIC ACTIVITIES**

*The success of our business depends on strong industry relationships*. To be successful, we must maintain and grow our relationships with a broad range of industry participants, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Content creators, such as film directors, studios, mobile and online content producers, and music producers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Content distributors, such as studios, film exhibitors, broadcasters, operators, streaming providers, and OTT video service providers and video game publishers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Companies building real-time digital experiences that increase audience engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Device manufacturers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Standards-setting organizations and other participants in the development of industry standards.

Industry relationships have historically played an important role in the markets that we serve, particularly in the entertainment market. For example, sales of our products and services are particularly dependent upon our relationships with major film studios and broadcasters, and licensing of our technologies is particularly dependent upon our relationships with system licensees and IC manufacturers. Industry relationships also play an important role in other markets we serve; for instance, our relationships with companies building real-time digital experiences support the adoption of Dolby OptiView solutions. If we fail to maintain and strengthen our industry relationships,

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industry participants may be less likely to purchase and use our technologies, products, and services, create content incorporating our technologies, or develop standards that incorporate our technologies.

*Our M&A activity is subject to certain risks, including risks associated with integrating acquired businesses*. We evaluate a wide array of possible strategic transactions, including acquisitions. We consider these types of transactions in connection with, among other things, our efforts to strengthen our audio and cinema businesses and expand beyond audio technologies. Although we cannot predict whether or not we will complete any such acquisitions or other transactions in the future, any of these transactions could be significant in relation to our market capitalization, financial condition, or results of operations. Foreign acquisitions involve unique risks in addition to those mentioned above, including those related to integration of operations across different geographies, cultures, and languages; currency risks; and risks associated with the economic, political, and regulatory environment in specific countries. Future acquisitions could result in potentially dilutive issuances of our equity securities, the incurrence of debt, contingent liabilities, amortization expenses, and write-offs of goodwill. Future acquisitions may also require us to obtain additional equity or debt financing, which may not be available on favorable terms or at all, particularly during times of market volatility, elevated interest rates, and general economic instability. Also, the anticipated benefits of our acquisitions may not materialize.

The process of integrating an acquired company, business, or technology into our organization may create challenges to our business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diversion of management time and focus from operating our business to acquisition integration challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cultural and logistical challenges associated with integrating employees from acquired businesses into our organization and integrating acquired businesses' accounting, human resources, and other administrative systems with existing systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retaining employees, suppliers and customers from businesses we acquire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The need to implement or improve internal controls, procedures, and policies appropriate for a public company at businesses that prior to the acquisition may have lacked effective controls, procedures, and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Possible write-offs or impairment charges resulting from acquisitions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unanticipated or unknown liabilities relating to acquired businesses.

**LEGAL AND REGULATORY COMPLIANCE**

*Conducting business internationally presents a number of risks to our business, including trade restrictions and changing, unpredictable, and/or inconsistent laws in the jurisdictions in which we operate.* We are dependent on international sales for a substantial amount of our total revenue. Approximately 63%, 65% and 64% of our revenue was derived outside of the U.S. in fiscal year 2025, 2024, and 2023, respectively. We are subject to a number of risks related to conducting business internationally, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. and foreign government trade restrictions or sanctions, including those which may impose restrictions on the importation or exportation of products, equipment, materials, software, technologies, services, on technology transfers, or on the receipt or collection of payments and distribution of royalties, and any political or economic responses or counter-responses to such restrictions or sanctions, including any such restrictions, sanctions, responses, or counter-responses related to global military conflicts, a trade war or changes in US export controls related to China and other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in global trade or trade relationships, including new and retaliatory tariffs, trade protection measures, import or export licensing requirements, trade agreements, trade embargoes and other trade barriers imposed by the U.S., China, or by other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable international laws and regulations, including antitrust and other competition laws and laws and regulations that relate to environmental, social, and governance matters, that may change unexpectedly, differ, or conflict with laws in other countries where we conduct business, or are otherwise not harmonized with one another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign government taxes, regulations, and permit requirements, including foreign taxes that we may not be able to offset against taxes imposed upon us in the U.S., and other laws limiting our ability to repatriate funds to the U.S.;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential adverse changes in the political, social, and/or economic stability of or conflicts within the regions in which we operate or in diplomatic relations between governments, including policy changes, turmoil or disruptions resulting from elections or other leadership changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Difficulty in establishing, staffing, and managing foreign operations, including but not limited to restrictions on the ability to obtain or retain licenses required for operation, relationships with local labor unions and works councils, investment restrictions and/or requirements, and restrictions on foreign ownership of subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse fluctuations in foreign currency exchange rates and interest rates, including risks related to any interest rate swap or other hedging activities we undertake;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Poor recognition and enforcement of IP rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Difficulties in enforcing contractual rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-jurisdictional data protection and privacy laws, including, for example, the European Union's General Data Protection Regulation and restrictions on transferring personal data outside of a jurisdiction and potential legislation such as the Artificial Intelligence Act under consideration in the EU potentially impacting our development of products incorporating AI/ML or the use of AI/ML tools in our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The global macroeconomic environment and potential slowing of key markets we serve.

Any or all of these factors, and the uncertainties associated with them, may impact our ability to operate in foreign countries and our ability to develop, the demand for, and profitability of, our technologies and products, as well as our customers' products that incorporate our technologies.

Certain foreign governments and industry participants have advanced arguments under competition laws that exert downward pressure on royalties for IP. The regulatory enforcement activities in such jurisdictions can be unpredictable, in some cases because these jurisdictions have only recently implemented competition laws. From time to time, we are the subject of requests for information, market conduct examinations, inquiries or investigations by industry groups and/or regulatory agencies in these jurisdictions. In the event that we are involved in significant disputes or are the subject of a formal action by a regulatory agency, our results could be negatively impacted and we could be exposed to costly and time-consuming legal proceedings.

In many foreign countries, particularly in those with developing economies, it is common to engage in business practices that are prohibited by U.S. regulations applicable to us such as the FCPA and U.S. export controls. Although we implement policies and procedures designed to ensure compliance with the FCPA and U.S. export controls, such measures can not guarantee that all of our employees, distributors, dealers, and agents will not take actions in violation of our policies or these regulations, which could subject us to criminal or civil penalties as well as potential stockholder litigation.

*Environmental laws and regulations may pose additional costs on and otherwise impact our products and operations*. Our products and operations may be regulated under federal, state, local, and international laws governing the environment, including those governing the discharge of pollutants into the air and water, the management, disposal, and labeling of hazardous substances and wastes, the achievement of certain energy performance criteria, and the cleanup of contaminated sites. In addition, future environmental laws and regulations have the potential to affect our operations, increase our costs, decrease our revenue, or change the way we design or manufacture our products. We face increasing complexity in our product design as we adjust to requirements relating to the materials composition of our products. In some products, the use or avoidance of particular components that contain regulated hazardous substances may be more difficult or costly, and additional redesign efforts could result in production delays. We could incur costs, fines, and civil or criminal sanctions, third party property damage or personal injury claims, or could be required to incur substantial investigation or remediation costs, if we were to violate or become liable under environmental laws.

*We are subject to complex and changing tax laws which may impact our financial results*. We are a U.S. multi-national company that is subject to tax in multiple U.S. and foreign jurisdictions. We must use judgment to determine our worldwide tax provision. We earn a significant amount of our income outside the U.S. and receive tax benefits from a portion of these foreign sales. Realizability of these benefits are contingent upon existing current tax laws and regulations in the U.S. and countries where we operate. The following could materially affect our effective tax rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in geographic mix of earnings, where earnings are lower than anticipated in countries with lower tax rates and higher than anticipated in countries with higher tax rates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the valuation of our deferred tax assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in transfer pricing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outcomes of tax audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in tax laws and regulations in the countries in which we operate, including an increase in tax rates, or an adverse change in the treatment of an item of income or expense; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to effectively implement changes to our corporate structure in response to changes in applicable tax laws and regulations in the countries in which we operate.

Changes in U.S. tax law may affect our business. For example, in July 2025 budget reconciliation bill H.R. 1, referred to as the One Big Beautiful Bill Act (the "OBBBA"), was signed into law. The OBBBA contains several changes to corporate taxation rules which may affect our business. These provisions, their interpretations, and other proposed changes to law could further impact our corporate trading structure and adversely affect our tax rate and cash flow in future years.

In addition, the Organization of Economic Cooperation and Development ("OECD"), an international association of many countries including the U.S., has made changes to many long-standing transfer pricing and cross-border taxation rules that affect our operations. The OECD has introduced a framework to implement a 15% global minimum corporate tax, referred to as Pillar 2 or the minimum tax directive. The minimum tax directive has been adopted by the EU for implementation by its Member States into national legislation, several foreign jurisdictions, and may be adopted by other jurisdictions. Further, the OECD, European Commission, EU Member States and other individual countries have made and could make additional competing jurisdictional claims over the taxes owed on earnings of multinational companies in their respective countries or regions. Recently, the G7 and the U.S. Treasury Department announced an agreement that impacts U.S.-parented group companies whereby the Pillar 2 rules and the U.S. international tax regime will operate in parallel. To the extent these developments impact actions by tax jurisdictions in the countries that we operate, it is possible that these and future law changes and efforts may increase uncertainty and have an adverse impact on our effective tax rates or operations.

We are subject to the periodic examination of our income tax returns by tax authorities. We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and to consider potential responsive actions, but an adverse decision by tax authorities exceeding our reserves could significantly impact our financial results.

**STOCK-RELATED ISSUES**

*The Dolby family has control over stockholder decisions as a result of the control of a majority of the voting power of our outstanding common stock by them and their affiliates*. As of September 26, 2025, the Dolby family and their affiliates owned 246,295 shares of our Class A common stock and 34,587,733 shares of our Class B common stock. As of September 26, 2025, the Dolby family and their affiliates had voting power of 99.8% of our outstanding Class B common stock, which combined with their shares of our Class A common stock, represented 85.0% of the combined voting power of our outstanding Class A and Class B common stock. Under our certificate of incorporation, holders of Class B common stock are entitled to ten votes per share while holders of Class A common stock are entitled to one vote per share. Generally, shares of Class B common stock automatically convert into shares of Class A common stock upon transfer of such Class B common stock, other than transfers to certain specified persons and entities, including the spouse and descendants of Ray Dolby and the spouses and domestic partners of such descendants.

As a result of this dual class structure, the Dolby family and their affiliates will, for the foreseeable future, have significant influence over our management and affairs, and will be able to control virtually all matters requiring stockholder approval, including the election of directors and significant corporate transactions such as mergers or other sales of our company or assets, even if they come to own considerably less than 50% of the total number of outstanding shares of our Class A and Class B common stock. Absent a transfer of Class B common stock that would trigger an automatic conversion as described above, there is no threshold or time deadline at which the shares of Class B common stock will automatically convert into shares of Class A common stock.

Moreover, the Dolby family and their affiliates may take actions in their own interests that our other stockholders do not view as beneficial.

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*Sales of substantial amounts of our Class A common stock in the public markets could reduce the price of our Class A common stock*. If our large shareholders, officers, directors or employees sell, or indicate an intention to sell, substantial amounts of our Class A common stock in the public market, including shares of Class A common stock issuable upon conversion of shares of Class B common stock, the trading price of our Class A common stock could decline.

*There are risks associated with our stock repurchase program*. Our stock repurchase program may reduce the public float of shares available for trading on a daily basis. Such purchases may be limited, suspended, or terminated at any time without prior notice. There can be no assurance that we will buy additional shares of our Class A common stock under our stock repurchase program or that any future repurchases will have a positive impact on our stock price or EPS. Important factors that could cause us to discontinue or decrease our share repurchases include, among others, unfavorable market conditions, the market price of our Class A common stock, the nature of other investment or strategic opportunities presented to us, the rate of dilution of our equity compensation programs, our ability to make appropriate, timely, and beneficial decisions as to when, how, and whether to purchase shares under the stock repurchase program, the tax consequences of any repurchases (including the potential impact of the 1% excise tax on certain stock repurchases), and the availability of funds necessary to continue purchasing stock. If we curtail our repurchase program, our stock price may be negatively affected.

*There are risks associated with our dividend program*. In October 2014, we announced a quarterly cash dividend program for our stockholders that was initiated by our Board of Directors. Although we anticipate paying regular quarterly dividends for the foreseeable future, we are not obligated to, and cannot provide assurance that we will, continue to pay dividends. Dividend declarations are subject to the Board of Directors' continuing determination that the dividend policy is in the best interests of our stockholders. The dividend policy may be changed or canceled at the discretion of the Board of Directors at any time. If we do not pay dividends, the market price of our Class A common stock must appreciate for investors to realize a gain on their investment. This appreciation may not occur and our Class A common stock may in fact depreciate in value.

**GENERAL RISK FACTORS**

*Macroeconomic conditions, including inflation, elevated interest rates, and supply chain constraints have impacted and may continue to impact the markets we serve and our business and results of operations.* Our revenue and operations and the markets we serve have been, and may continue to be, impacted by macroeconomic conditions, including but not limited to, inflation, elevated interest rates, supply chain constraints, increased shipping costs, tariffs and changes in international trade relations, international conflicts, reduced discretionary consumer spending, and reduced new product investment by our customers caused by elevated interest rates and lower demand. The current macroeconomic environment has negatively impacted, and may continue to negatively impact, many of our licensees and that directly impacts, and may continue to impact, our financial results. The impacts of the current macroeconomic environment on our partners have resulted in, and may continue to cause, the disruption of consumer products' supply chains, shortages of certain semiconductor components, and delays in shipments, product development, and product launches. The macroeconomic conditions also impart substantial uncertainty into our operating environment, which presents additional challenges for our business. These factors and the related uncertainty may cause delays or a decrease in the adoption or implementation of our technologies into new products by partners and licensees. These conditions may impact consumer demand for devices and services and our partners' ability to manufacture devices. Further, we may be negatively impacted by delays in transaction cycles and our recoveries efforts due to the noted macroeconomic conditions and related uncertainty. The future implications of these macroeconomic conditions on our business, the markets we serve, results of operations and overall financial position remain uncertain.

*Adverse changes to tariffs, trade agreements, and trade policies may have a negative effect on our business and results of operations.* The United States and other countries in our supply chain or in which we have sales have imposed and may impose additional tariffs and other trade regulations, or may adversely adjust prevailing tariff levels and other trade restrictions. We rely on contract manufacturers and component suppliers, some of which are located outside of the United States, and we export our products to and license our technology in foreign countries. As such, newly implemented tariffs and potential future tariffs or other trade barriers could, directly or indirectly, increase the cost or time required to produce or deliver our products and may increase the costs associated with licensing our technology. Our results may also be impacted indirectly by the imposition of tariffs and other trade barriers on our customers and licensees. If the cost to manufacture products that incorporate our technology, such as consumer electronics or cars, is increased as a result of tariffs, it may exert general pricing pressure which could lead manufacturers to discontinue including our technology in their products or to seek price reductions. If the costs or lead

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times associated with exporting licensees' products or the components thereof result in higher prices or longer lead times for end consumers, sales of those products may decrease and thus royalty payments to us based on unit shipments may decrease. More generally, the imposition of tariffs and the outbreak of a trade war may lead to general negative economic effects, such as decreased consumer demand, recession or the elevated risk of recession, or higher inflationary pressures, which could adversely impact our business and results of operations.

*Our results may be impacted by fluctuations in foreign currency exchange rates*. We earn revenue, pay expenses, own assets and incur liabilities in foreign countries using several currencies other than the U.S. dollar. As a result, we face exposure to adverse movements in currency exchange rates as the financial results of our international operations are translated from local currency into U.S. dollars upon consolidation. The majority of our revenue generated from international markets is denominated in U.S. dollars, while the operating expenses of our foreign subsidiaries are predominantly denominated in local currencies. Therefore, our operating expenses will increase when the U.S. dollar weakens against the local currency and decrease when the U.S. dollar strengthens against the local currency. Additionally, foreign exchange rate fluctuations on transactions denominated in currencies other than the functional currency result in gains or losses that are reflected in our consolidated statements of operations. Further, our hedging programs may not be effective to offset any, or more than a portion, of the adverse impact of currency exchange rate movements. Additional risks related to fluctuations in foreign currency exchange rates are described in the Foreign Currency Exchange Risk section of Part II, Item 7A *"Quantitative and Qualitative Disclosures About Market Risk."*

*Maintaining a credit facility and future debt obligations could adversely affect our business and financial condition.* We maintain a revolving credit facility (the "Credit Facility") with Bank of America, N.A. which is currently undrawn. The Credit Facility provides us with an additional source of capital and liquidity, but maintaining a debt facility inevitably presents certain risks. We are subject to certain covenants and other obligations under the Credit Facility, such as maintaining a required gross leverage ratio, avoiding certain liens and paying commitment fees. Our failure to comply with these covenants could result in the declaration of an event of default and cause us to be unable to borrow under the Credit Facility or result in the acceleration of the maturity of any indebtedness thereunder. In the event we draw on the Credit Facility, our debt obligations could adversely impact us by, for example, requiring us to use a large portion of our cash flow to service the debt, which would reduce the amount of cash flow available to fund working capital, capital expenditures, and other business activities. Borrowing under the Credit Facility would also increase our exposure to interest rate risk from variable rate indebtedness.

*Business interruptions by natural disasters and other events beyond our control could adversely impact our business*. Although we maintain crisis management plans, our business operations are subject to interruption by natural disasters and catastrophic events beyond our control, including, but not limited to, earthquakes, hurricanes, typhoons, tropical storms, floods, tsunamis, fires, droughts, tornadoes, public health issues and pandemics, severe changes in climate, war, terrorism, and geopolitical unrest and uncertainties. Further, outbreaks of pandemic diseases, or the fear of such events, could provoke (and, in the case of COVID-19, did provoke) responses, including government-imposed travel restrictions and limits on access to entertainment venues. These responses could negatively affect consumer demand and our business, particularly in international markets. War, including the military conflicts between Russia and Ukraine and in the Middle East, as well as any related political or economic responses and counter-responses or otherwise by various global actors or the general effect on the global economy and supply chain, could also affect our business. For example, we have R&D facilities and a large number of employees in Eastern Europe, and any business interruptions or other spillover effects from the Russia-Ukraine conflict could adversely impact our business.

Additionally, several of our offices, including our corporate headquarters in San Francisco, are located in seismically active regions. Because we do not carry earthquake insurance for earthquake–related losses and significant recovery time could be required to resume operations, our financial condition and operating results could be materially adversely affected in the event of a major earthquake or catastrophic event.

*We face intense competition for employees*. In order to be successful, we must attract, develop, and retain employees, including employees to work on our growth initiatives where our current employees may lack experience with the business models and markets we are pursuing. Competition for experienced employees in our markets can be intense. In order to attract and retain employees, we must provide competitive compensation packages, including cash and equity compensation. Our equity awards include stock options, RSUs and performance-based RSUs. The future value of these awards is uncertain and depends on our stock price performance over time. In order for our compensation packages to be viewed as competitive, prospective employees must perceive our equity awards to be a valuable benefit.

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**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY**

**Risk Management and Strategy**

Our approach to cybersecurity risk is based on processes that monitor threats, adapt our capabilities and services, and align our practices with business goals in order to provide security controls that reduce information security risk to the organization and customers.

We implement and maintain controls and capabilities for identifying, assessing, and managing risk from cybersecurity threats to the confidentiality, integrity, or availability of our information systems or any information residing therein. We also carry out broad-scope initiatives and project-specific initiatives aimed at continuously improving our cybersecurity posture. Our risk assessments and initiatives include identification of reasonably foreseeable internal and external risks, assessing the likelihood and potential impact that could result from such risks, and planning and implementing risk management controls as applicable. As a result, we adapt safeguards and processes in order to reduce identified risks in our security posture. Our cybersecurity processes form a part of our overall risk management practices and inform our annual enterprise risk assessment conducted by our internal audit team.

We devote resources and designate high-level personnel, including our Chief Information Security Officer ("CISO") who reports to our Chief Information Officer ("CIO") who in turn reports to our Chief Executive Officer, to manage cybersecurity risk. Our CISO and information security team also develop and implement policies and best practices related to product security. We received ISO 27001 certification for our cybersecurity function and functionality for streaming media through Dolby OptiView in 2024 and are subject to annual ISO 27001 standard compliance monitoring audits in connection with that certification. In fiscal 2025, Dolby Atmos for cars achieved TISAX certification, a global information security standard for the automotive industry. We also take part in periodic security audits by our clients and partners.

As part of our overall risk management processes, our employees at all levels are trained on foundational cybersecurity practices annually, and periodically participate in various activities aimed at increasing their awareness of cybersecurity threats and reinforcing their understanding of our security policies.

Periodically, we engage consultants and other third party service providers in connection with our cybersecurity practices. These service providers assist us in event monitoring, conduct testing and provide feedback on our readiness and compliance, conduct tabletop exercises, and are "on-call" in the event of a significant event. We have implemented a third-party risk management process that we use to evaluate the capabilities and security posture of third-party service providers. As part of that process, we review third-party service providers to ensure that they have implemented appropriate security measures in connection with their work with us.

We have not encountered any cybersecurity incident that had a material impact on our operations or financial standing.

For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition, please refer to Part I, Item 1A *"Risk Factors"* in this annual report on Form 10-K, under the heading *"Operations."*

**Governance**

One of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our officers are responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as through the Audit Committee, which has responsibility for overseeing the adequacy and effectiveness of our cybersecurity and information security programs and policies according to its charter.

Our CISO is primarily responsible for assessing and managing our risks from cybersecurity threats. Our CISO manages a team of cybersecurity professionals with broad experience and expertise, including in cybersecurity strategy and operations, incident response, cybersecurity education and awareness, threat management, insider

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threats and regulatory compliance. Our CISO has over 25 years of experience in technology, with more than 15 years in information security, holding multiple roles including five years as a CISO for a health insurance company. Our CISO reports on cybersecurity risk management and other matters to our CIO, who in turn reports to our Chief Executive Officer.

Along with our CISO our security, privacy, audit, risk and compliance council ("SPARC Council"), which is a collection of stakeholders from various functions including cybersecurity, legal, IT, engineering, finance, procurement and audit, oversees our cybersecurity policies and processes, including those described in "Risk Management and Strategy" above. Our CISO and our SPARC Council review the results of assessments, including security simulations and tabletop exercises, and discuss and recommend improvements to our policies and processes. In addition to the general reporting structure applicable to our CISO, the other members of the SPARC Council report on those activities through the reporting lines applicable to them, as needed.

Our CISO along with our CIO typically provide quarterly briefings to the Audit Committee regarding our company's cybersecurity risks and activities, including recent cybersecurity incidents and strategy development. The findings from our annual enterprise risk assessment are also presented to the Audit Committee by our internal audit team. Our Audit Committee provides regular updates to the Board of Directors on such reports. In addition, our CISO along with our CIO typically provide annual briefings directly to the Board of Directors on cybersecurity risks and activities.

**ITEM 2. PROPERTIES**

**Headquarters**

Our principal corporate office and worldwide headquarters, which we own, is at 1275 Market Street, San Francisco, California.

**Other Properties**

We also own a commercial office building located in Sunnyvale, California, and lease additional R&D, sales, product testing, and administrative facilities from third parties in California, New York, Maryland, Indiana, Pennsylvania, Missouri, Colorado, and internationally, including in Asia, Europe, Australia, the Middle East, and South America. We believe that our current facilities are adequate to meet our needs for the near future, and that suitable additional or alternative space will be available on commercially reasonable terms to accommodate our foreseeable future operations.

Dolby Wootton Bassett, LLC, of which Dagmar Dolby as Trustee of the Dagmar Dolby Trust under the Dolby Family Trust Instrument dated May 7, 1999 (the "Dagmar Dolby Trust") is the sole member, and the Dagmar Dolby Trust, own a majority financial interest in real estate entities that own and from whom we may lease certain facilities located in Burbank, California and in Wootton Bassett, England. We own the remaining financial interests in these real estate entities. Specifically, we hold a 49.0% minority ownership interest in Dolby Properties Burbank, LLC, which owns a 22,000 square feet facility in Burbank that we are leasing until 2030. We also hold a 10.0% minority ownership interest in Dolby Properties, LP, which owns an approximately 34,000 square foot facility in Wootton Bassett. We are no longer leasing the Wootton Bassett facility.

***100 Potrero Avenue, San Francisco, California***

We ceased occupancy of the leased space at 100 Potrero Avenue, and do not intend to re-occupy this location. We remained responsible for operating expenses, taxes, and the condition, operation, repair, maintenance, security, and management of the premises through October 31, 2024, the expiration date of our lease. We also agreed to indemnify and hold the Dolby family trusts, as landlord, harmless from and against certain liabilities, damages, claims, costs, penalties, and expenses arising from our conduct related to the premises through such expiration date. We also had a sublease with a subtenant through such expiration date, pursuant to which the subtenant was required to reimburse us with respect to the foregoing expenses and taxes with respect to the subleased premises and to indemnify and hold us harmless with respect to the subleased premises in the same manner described above.

**ITEM 3. LEGAL PROCEEDINGS**

We are involved in various legal proceedings that occasionally arise in the normal course of business activities, including claims of alleged infringement of IP rights, commercial, employment, and other matters. In our opinion, resolution of these proceedings is not expected to have a material adverse impact on our operating results or financial

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condition. Given the unpredictable nature of legal proceedings, it is possible that an unfavorable resolution of one or more such proceedings could materially affect our future operating results or financial condition in a particular period; however, based on the information known by us as of the date of this filing and the rules and regulations applicable to the preparation of our consolidated financial statements, any such amounts are either immaterial, or it is not probable that a potential loss has been incurred or the amount of loss cannot be reasonably estimated.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

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**PART II**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**Market Information**

Our Class A common stock is traded on the New York Stock Exchange ("NYSE") under the symbol "DLB." Our Class B common stock is neither listed nor publicly traded. As of October 24, 2025, there were 109 holders of record of our Class A common stock and 32 holders of record of our Class B common stock. The number of Class A beneficial stockholders is substantially greater than the number of holders of record since a large portion of our common stock is held through brokerage firms.

**Dividend Policy**

In October 2014, we announced a quarterly cash dividend program for our stockholders that was initiated by our Board of Directors. Since the program was initiated, a quarterly dividend has been declared and paid to all eligible stockholders of Class A and Class B common stock. Most recently, on November 18, 2025, we announced a dividend in the amount of $0.36 per share, payable on December 10, 2025, to stockholders of record as of the close of business on December 2, 2025.

Dividend declarations and the establishment of future record and payment dates are subject to the Board of Directors' continuing determination that the dividend policy is in the best interests of our stockholders. The dividend policy may be changed or canceled at the discretion of the Board of Directors at any time. For additional information related to our quarterly dividend, see Note 9 "*Stockholders' Equity and Stock-Based Compensation*" to our consolidated financial statements and *Shareholder Return* in Part II, Item 7 "*Management's Discussion and Analysis of Financial Condition and Results of Operations.*"

**Sales of Unregistered Securities**

None.

**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

In November 2009, we announced a stock repurchase program ("program"), providing for the repurchase of our Class A common stock. Stock repurchases under the program may be made through open market transactions, negotiated purchases, or otherwise, at times and in amounts that we consider appropriate. The timing of repurchases and the number of shares repurchased depend upon a variety of factors, including price, regulatory requirements, the rate of dilution from our equity compensation plans, and other market conditions. The program does not have a specified expiration date, and can be limited, suspended, or terminated at our discretion at any time without prior notice. Shares repurchased under the program will be returned to the status of authorized but unissued shares of Class A common stock.

The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors as of September 26, 2025 (in thousands):

---

| | |
|:---|:---|
| **Date of Authorization** | **Authorization Amount** |
| &nbsp;&nbsp;&nbsp;Fiscal 2010: November 2009 | $250000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2010: July 2010 | 300000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2011: July 2011 | 250000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2012: February 2012 | 100000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2015: October 2014 | 200000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2017: January 2017 | 200000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2018: July 2018 | 350000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2019: July 2019 | 350000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2021: July 2021 | 350000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2022: February 2022 | 250000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2022: August 2022 | 350000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2024: August 2024 | 350000 |
| **Total** | $**3300000** |

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The following table provides information regarding our share repurchases made under this program during the fourth quarter of fiscal 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Activity** | **Total Shares Purchased** | **Average Price**<br>**Paid Per Share** <sup>(1)</sup> | **Total Shares Purchased As Part Of Publicly Announced Programs** | **Remaining Authorized Share Repurchases** <sup>(2)</sup> | **Remaining Authorized Share Repurchases** <sup>(2)</sup> |
| June 28, 2025 - July 25, 2025 |  | $— |  | $311.6 | million |
| July 26, 2025 - August 22, 2025 | 421933 | 72.89 | 421933 | $280.8 | million |
| August 23, 2025 - September 26, 2025 | 57428 | 73.95 | 57428 | $276.6 | million |
| **Total** | **479361** |  | **479361** |  |  |

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(1)Average price paid per share excludes commission costs.

(2)Amounts represent the approximate dollar value of the maximum remaining number of shares that may yet be purchased under the stock repurchase program as of the end of the applicable period and excludes commission costs.

**Stock Price Performance Graph**

The following graph compares the total cumulative return of our Class A common stock with the total cumulative return for the New York Stock Exchange Composite Index ("NYSE Composite") and the S&P MidCap 400 Index ("S&P 400") for the five fiscal years ended September 26, 2025. The figures represented below assume an investment of $100 in our Class A common stock at the closing price of $64.99 on September 25, 2020, and in the NYSE Composite and S&P 400 on the same date and the reinvestment of dividends into shares of common stock. The comparisons in the table are required by the SEC and are not intended to forecast or be indicative of possible future performance of our Class A common stock. This graph shall not be deemed "filed" for purposes of Section 18 of Securities Exchange Act of 1934, as amended ("Exchange Act") or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act or the Exchange Act.

![4046](dlb-20250926_g2.jpg)

**ITEM 6. [RESERVED]**

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**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those referred to herein due to a number of factors, including but not limited to key challenges listed below and risks described in Part I, Item 1A "Risk Factors" and elsewhere in this Annual Report on Form 10-K. We disclaim any duty to update any of the forward-looking statements after the date of this Annual Report on Form 10-K to conform our prior statements to actual results.*

*Investors and others should note that we disseminate information to the public about our company, our products, services, and other matters through various channels, including our website (www.dolby.com), our investor relations website (http://investor.dolby.com), SEC filings, press releases, public conference calls, and webcasts, in order to achieve broad, non-exclusionary distribution of information to the public. We encourage investors and others to review the information we make public through these channels, as such information could be deemed to be material information.*

**MACROECONOMIC CONDITIONS**

Our revenue can be negatively impacted by macroeconomic conditions, including but not limited to, the financial health of our licensees, inflation, heightened interest rates, foreign exchange rates, rising costs of material, increased shipping costs, tariffs and trade barriers, international conflicts, labor disputes, reduced discretionary consumer spending, and reduced new product investment by our customers. In particular, the U.S. has recently implemented tariffs on certain imports and some U.S. trading partners have implemented or announced retaliatory tariffs or other trade barriers. The situation is highly dynamic and the potential impacts are impossible to predict with certainty. For example, any increases in tariffs or other trade barriers may, directly or indirectly, increase the cost of producing or delivering our products, increase the costs to our licensees of licensing our technology, and may decrease demand for our products and services. If the costs or lead times required for our licensees to manufacture and export their products, such as consumer electronics products and cars, result in higher prices or longer lead times for end consumers, sales of those products may decrease and thus royalty payments payable to Dolby that are based on unit shipments may decrease. Any of the foregoing impacts could negatively impact our revenue from licensing and product sales.

Macroeconomic conditions also impart substantial uncertainty into our operating environment and may lead to follow-on negative economic effects like recession or heightened inflation, each of which presents additional challenges for our business. Uncertainty or an adverse economic climate may cause delays or a decrease in the adoption of our technologies into new products by partners and licensees, or lead manufacturers to discontinue including our technology in their products or to seek price reductions. These conditions may impact consumer demand for our licensees' products that incorporate our technology and for our own products and services. Further, the noted macroeconomic conditions and related uncertainty may negatively impact transaction cycles and our recovery of revenue associated with past unauthorized or unreported usage.

The future implications of these macroeconomic conditions on our business, results of operations and overall financial position remain uncertain. We continue to monitor the evolving macroeconomic environment, including the imposition of tariffs and other trade barriers, and the impact on our business. Further discussion of the potential impacts of these macroeconomic effects on our business can be found in Part I, Item 1A "*Risk Factors.*"

**LICENSING**

The majority of our revenue is derived from two licensing models, Branded Technology Licensing and Patent Licensing, each of which individually comprises a substantial portion of our revenue. While each has had successes, they share certain challenges. In particular, factors such as global supply constraints or device lifecycles may impact licensing revenue. Further, in certain countries, we and other IP owners face difficulties enforcing contractual and IP rights, including instances in which our licensees fail to accurately report the shipment of products using our technologies. Finally, we face geopolitical challenges including changes in diplomatic and trade relationships, trade protection measures including the imposition of tariffs, and import or export licensing requirements. Further discussion of the potential impacts of the key challenges on our business can be found in Part I, Item 1A "*Risk Factors.*"

**Branded Technology Licensing**

Dolby's branded technology licensing offers complete technology solutions to our licensees, primarily device manufacturers. Licenses include rights to software, patent rights, know-how, and the relevant Dolby brand. Our

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branded technologies are primarily comprised of Branded Audio Codecs (DD+ and AC-4) and Dolby Atmos and Dolby Vision (Dolby Atmos for audio, and Dolby Vision for imaging). Licensing revenue is primarily driven by the adoption of our technologies on devices and the number of devices shipped by licensees. Our branded audio codecs have broad penetration across a diverse set of devices and end markets. Revenue from these technologies is primarily driven by device shipments from licensees, and as such, is impacted by consumer spending. The remaining portion of our branded licensing revenue is derived from Dolby Vision and Dolby Atmos. Dolby Vision and Dolby Atmos have not been in the market as long as our branded audio codecs, thus revenue growth is driven by device shipments, increased adoption and the addition of new licensees.

We are focused on expanding our leadership in audio and imaging solutions for premium entertainment content by increasing the number of Dolby experiences that people can enjoy, which will drive revenue growth across the markets we serve. We work across our ecosystem of partners including creators, distributors and device manufacturers to increase the number of Dolby experiences that people can enjoy by enhancing content, including movies and TV, music and live sports, using Dolby branded technologies. Increased content in these areas increases our value proposition across our end markets. In movies and TV, thousands of movie titles and tens of thousands of TV episodes have been created and released in Dolby Atmos and/or Dolby Vision. Major streaming partners and services such as Netflix, Disney+, Apple TV, Amazon, HBO Max, Paramount+, and other streaming partners and services internationally, continue to enhance content in Dolby Vision and Dolby Atmos. In sports, the Super Bowl, March Madness, FIFA Club World Cup soccer, the Stanley Cup Finals, the French Open, the Indian Premier League playoffs and finals, and the World Test Cricket Championship Final were available in Dolby. Also, Peacock currently streams its NFL Sunday Night Football games and NBA games in Dolby Atmos.

**Patent Licensing**

Our patents are incorporated into the AAC, HE-AAC, and Extended HE-AAC standards for audio, and the AVC and HEVC standards for imaging. The licensing of these patents forms the core of our patent licensing. Revenue generated through our patent licensing model is driven primarily by our royalty share within patent pools, licensee penetration, device shipments, and the introduction of new standardized technologies and patent programs.

In fiscal 2025, we expanded our imaging program footprint by participating as a licensor in the launch of the new Video Distribution Program administered by Access Advance. This patent pool expands the growth opportunity for imaging patents beyond device makers to content distributors. While still in the early phase of development, the pool has already secured 33 licensors, including notable licensors like Mitsubishi, Philips, Hyundai, Alibaba and Oppo, and five licensees, including ByteDance, Kuaishou, NTT Docomo and Tencent. We expect to start generating revenue from the program in fiscal 2026 and, as streaming continues to grow in popularity, we expect this new patent pool will be an important growth driver for Dolby.

In fiscal 2024, we acquired GE Licensing (as defined below), which strengthened our position in existing programs, most notably in modern video codecs like HEVC. In fiscal 2025 we completed the integration of GE Licensing by incorporating people, processes, and core assets into Dolby while divesting non-core programs and other assets.

In fiscal 2025, we, together with our patent pool partners, renewed existing licensees and increased licensee penetration in established imaging programs across multiple end markets. Access Advance entered into 32 new licenses for its HEVC program, including licenses with HP, TCL and Adobe. In October 2025, Microsoft and Google joined Via LA's HEVC/VVC patent pool as licensees.

Via LA continued to make progress adding new licensees to its AAC patent pool, in which we are a licensor. Vectis added Panasonic, Ford, Epson, and ALPS Alpine as new licensees to their OPUS Patent Pool, in which we are a licensor.

Revenue from our patent licensing is driven, in part, by the adoption and use of the standardized technologies in which we participate by device manufacturers. As in any technology licensing business, it is possible that changing partner preferences, consumer preferences, or other market dynamics could lead to increased or decreased adoption, or the use of alternative technologies.

Revenue derived from our patent licensing programs is also driven by the success of the patent pools in which we participate, which is driven by licensee, licensor, and program renewals. The revenue we derive from patent pools also depends significantly on the patent pool administrators' success in negotiating licenses with companies already using the relevant standard (i.e. licensee penetration). Additionally, our licensing revenue from patent pools is driven,

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in part, by the royalty share among pool licensors, which is determined based on the value of the patents each licensor contributes to the pool, as governed by allocation rules negotiated among the pool licensors.

The standardized technologies at the core of our patent licensing are intended for broad use across all device categories that play back audio and visual content. Device manufacturers typically negotiate and acquire the patent rights for these technologies for implementation across all their device categories and product lines in their applicable end markets.

For a discussion of certain risks related to our patent licensing model, please refer to Part I, Item 1A "*Risk Factors*" in this annual report on Form 10-K, in particular the sections under the headings "*Technology Standards*" and "*Intellectual Property.*"

**Licensing End Markets**

The following are highlights and key challenges related to Dolby's licensing businesses, by market.

***Broadcast***

*Highlights*

We have an established global presence and broad adoption of our branded audio and patent licensing technologies in broadcast services and devices, which primarily include TVs and STBs. We work with many TV OEMs and strategic partners to enable and promote Dolby Vision and Dolby Atmos experiences within their TV lineups. We have strong attach rates for Dolby Atmos and Dolby Vision with high end TVs and continue to grow adoption on mid-range TVs. Many partners continue to expand their support of the combined Dolby Vision and Dolby Atmos experience. In fiscal 2025, we announced Dolby Vision 2, which is expected to improve picture quality and unleash the full capabilities of modern TVs, by automatically adjusting contrast via ambient light detection, optimizing motion control for sports and gaming content, and tone mapping that enables creators to take full advantage of the latest advancements in higher end TV displays. Hisense and TCL announced that they will release TVs that support Dolby Vision 2.

*Key Challenges*

Our pursuit of new licensees and further adoption of our technologies by existing licensees may be impacted by a number of factors. We must continue to present compelling reasons for consumers to demand our audio and video technologies, including ensuring that there is a breadth of available content in our formats and such content is being widely distributed. To the extent that OEMs do not incorporate our technologies in current and future products or our technology is not included in future broadcast industry standards, our revenue could be negatively impacted. Changing trends in the way that video content is distributed and consumed may impact our business and future growth in the broadcast market, such as the trend away from subscription-based cable and satellite television providers toward streaming services.

***Mobile***

*Highlights*

We continue to promote adoption of our technologies across major mobile ecosystems, including Apple and Android. Our patent licensing technologies are adopted broadly throughout the mobile device ecosystem. Dolby Atmos and Dolby Vision are included throughout the Apple device line-up and in Apple TV, and Dolby Atmos is included in Apple Music. Dolby Vision Capture has been supported on all iPhones since the iPhone 12. We have strong adoption of Dolby Atmos and our branded audio codecs across high-end Android mobile devices and are focused on growing our presence on low and mid-tier phones. An increasing number of Android device manufacturers have adopted Dolby Vision and Dolby Vision Capture on high end devices and we are focused on the opportunity to significantly increase our adoption. The breadth of mobile devices supporting Dolby technologies continues to increase globally. In fiscal 2025, device manufacturers such as OPPO, Motorola, and Xiaomi released new mobile devices supporting Dolby technologies such as Dolby Vision, Dolby Vision Capture, and Dolby Atmos.

Additionally, Douyin, known in many parts of the world as TikTok, has made Dolby Vision available to it users in China and has offered their users the ability to capture, share and edit content in Dolby Vision. Instagram for iOS is now the first Meta app to support Dolby Vision.

*Key Challenges*

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Growth in this market is dependent on several factors. Due to short product life cycles, mobile device OEMs can readily add or remove certain of our technologies from their devices. Our success depends on our ability to address the rapid pace of change in mobile devices, and we must continuously collaborate with mobile device OEMs to incorporate our technologies. We rely on a small number of partnerships with key participants in this market. If we are unable to maintain these key relationships, we may experience a decline in mobile devices incorporating our technologies. To the extent that OEMs do not incorporate our technologies in current and future products or our technology is not included in future mobile industry standards, our revenue could be impacted. We must also continue to support the development and distribution of Dolby-enabled content via various ecosystems.

***Consumer Electronics***

*Highlights*

We have an established presence in the home entertainment market across devices such as wireless and smart speakers, soundbars, DMAs (devices that connect a home media system to the internet), and AVRs, through the inclusion of our branded audio codecs, and increasingly through the inclusion of Dolby Atmos and Dolby Vision. Our patent licensing technologies also have broad adoption in the home entertainment market. We continue to focus on expanding the availability of Dolby technologies to new devices. In fiscal 2025, several new soundbars featuring Dolby technologies such as Dolby Atmos were introduced from various manufacturers including Harman Kardon, Samsung, LG, and Sonos.

*Key Challenges*

We must continue to present compelling reasons for consumers to demand our technologies wherever they enjoy entertainment content, while promoting creation and broad availability of content in our formats. With relatively short product life cycles for many consumer electronics, OEMs can add or remove certain of our technologies from their products which could impact our revenue. In addition, to the extent that our technology is not included in future industry standards, our revenue could be impacted.

***Personal Computers***

*Highlights*

DD+ enhances audio playback in Mac computers through the operating system with native support in the Safari browser, and Windows-based PCs through PC OEM implementations and native support in the Microsoft Edge browser. Dolby's presence in these browsers enables us to reach more users through various types of content, including streaming video entertainment. A number of PCs from partners such as Apple, Lenovo, Dell, Samsung, Microsoft, and ASUS also support Dolby Vision and/or Dolby Atmos, with continued expansion of applications through music, streaming, and gaming.

*Key Challenges*

Demand for PCs has fluctuated significantly in recent years. We must continuously collaborate and maintain our key partnerships with PC manufacturers to incorporate our technologies, and we must continue to support the development and distribution of Dolby-enabled content via various ecosystems. To the extent that PC manufacturers do not incorporate our technologies in current and future products, our revenue could be impacted.

***Other Markets***

*Highlights*

We generate revenue from the automotive industry primarily through the adoption of Dolby Atmos in cars. In fiscal 2025, many car manufacturers announced or launched new models that support Dolby Atmos, such as Porsche, Cadillac, Volvo, Xiaomi, Hyundai, and Audi. NIO, ZEEKR, and Li Auto announced new car models that support Dolby Vision. Also, Pioneer, the biggest manufacturer of after-market car audio systems, demonstrated how Dolby Atmos could be used in an aftermarket solution using a 4-channel speaker system, expanding the market opportunity for Dolby Atmos in the car. Samsung Display is working with Dolby to pre tune its OLED displays for autos to ease manufacturers' adoption of Dolby Vision, and Texas Instruments launched its new family of chips for automakers which support Dolby Atmos.

Gaming consoles such as the Sony PlayStation and the Microsoft Xbox use DD+ to support gaming content and streaming for movie and television content. The PlayStation 5 supports compatible Dolby Atmos-enabled living room

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devices. The Xbox Series X and Series S gaming consoles support Dolby Vision and Dolby Atmos for streaming and gaming content. Additionally, our technologies continue to be incorporated into the latest headphones by various OEMs.

*Key Challenges*

Our automotive-related revenue growth will be impacted if OEMs do not incorporate our technologies in their latest products. The long development cycle of the automotive industry reduces the frequency of our opportunities to be incorporated into additional products. Additionally, the automotive industry is cyclical, so our revenue from the auto market is affected by the broader cycles of the industry. Consumer demand for gaming devices is impacted by anticipation of console refresh cycles, which could result in fluctuations in our revenue. In addition, the gaming console market has competition from mobile devices and gaming PCs, which have faster refresh cycles and appeal to a broader consumer base.

Included within Other Markets is also licensing revenue from audio and video technologies used to create Dolby experiences through Dolby Cinema.

*Dolby Cinema*

*Highlights:* We continue to expand our global presence for Dolby Cinema, with sites located in the U.S. and internationally. In fiscal 2025, we announced with AMC that we will add an additional 40 Dolby Cinemas at AMC locations in the U.S. through the end of calendar year 2027. We also announced that we are launching Dolby Cinema in India this year, beginning with six exhibitors that are expected to be open by the end of fiscal 2026. We increased the number of Dolby Atmos and Dolby Vision theaters or exhibitors in South Korea, Taiwan, and Europe.

*Key Challenges:* Although the PLF market for the cinema industry has been growing, Dolby Cinema competes with other existing offerings. Our success depends on our partners and their success, and our ability to differentiate our offering and deploy new sites. In addition, the success of our Dolby Cinema offering is tied to global movie production and box office performance generally.

**PRODUCTS AND SERVICES**

A majority of our Products and Services revenue is derived from the sale of audio and imaging products for the cinema industry. Revenue from Dolby OptiView is also included in products and services.

**Cinema Products and Services**

*Highlights*

To help enable the playback of content in Dolby formats, we offer a range of servers, which include the IMS3000 (an integrated imaging and audio server with Dolby Atmos), and audio processors, such as the CP950, to cinema exhibitors globally. Dolby Atmos has been adopted broadly across studios, content creators, post-production facilities, and exhibitors. As of the end of fiscal 2025, there are over 8,500 Dolby Atmos screens installed or committed and over 4,300 Dolby Atmos theatrical titles have been announced or released.

We also offer a variety of other cinema products, such as the Dolby Multichannel Amplifier and our high-power flexible line of speakers. These products allow us to offer exhibitors a more complete Dolby Atmos solution that is often more cost effective than other commercially available options.

*Key Challenges*

Demand for our cinema products is dependent upon our partners and their success in the market, industry and economic cycles, box office performance, and our ability to develop and introduce new technologies, further our relationships with content creators, and promote new cinematic audio and video experiences. A significant portion of our growth opportunity lies in international markets, which are subject to geopolitical risks. Additionally, weakness in general economic conditions due to inflation, recession, the imposition of tariffs and other trade barriers, or other unfavorable economic conditions could have a negative impact on our cinema-related revenue due to reduced consumer discretionary spending. We may also be faced with pricing pressures or competing technologies, which would affect our revenue. In addition, supply chain constraints may impact our ability to provide cinema products and services to our customers. Long lead times and increased cost of materials due to the macroeconomic conditions, including higher interest rates have also negatively impacted the financial health of our cinema customers and partners, leading to reduced new product investment and lower demand.

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**Dolby OptiView**

*Highlights*

Our strategy for Dolby OptiView is to bring Dolby's audio and video technologies to a broader range of media content and digital experiences. We are expanding our addressable market by offering solutions to companies building real-time digital experiences that increase audience engagement. For instance, our solution can provide the capability to stream high quality audiovisual content with ultra-low latency that reduces the delay between the action and the viewer.

Content being delivered with almost no delay enables our customers to create real-time interaction in their apps and services. This near instantaneous interaction is essential to the experiences companies, particularly in sports and entertainment, are creating.

Over time, we believe this way of delivering and engaging with content will be used more broadly, thereby increasing their business opportunity.

*Key Challenges*

Dolby OptiView is an early-stage business, and it is uncertain when or if it will be a material revenue driver. Our success in this market will depend on adoption by companies building real-time digital experiences that increase audience engagement, the volume of usage of the services and our ability to monetize our services. In addition, the development and maintenance needed to provide a reliable and scalable platform may require us to incur additional costs to develop new skills within our existing employee base or hire external specialized talent. Although the market for real-time experiences has been growing, Dolby OptiView competes with other offerings from third parties.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

Our consolidated financial statements and accompanying notes are prepared in accordance with U.S. GAAP, pursuant to SEC rules and regulations. The preparation of these financial statements requires us to establish accounting policies and make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses. The SEC considers an accounting policy and estimate to be critical if it is both important to a company's financial condition or results of operations and requires significant judgment by management in its application. On a regular basis, we evaluate our assumptions, judgments, and estimates, and historically, actual results have not differed significantly from them. If actual results or events differ materially from our judgments and estimates, our reported financial condition and results of operation for future periods could be materially affected. We have reviewed the selection and development of the critical accounting policies and estimates discussed below with the Audit Committee of our Board of Directors.

**Revenue Recognition**

We derive our revenue primarily from the licensing of our technologies and patents. In determining how revenue should be recognized, a five-step process is used, which requires judgment and estimates within the revenue recognition process. Generally, revenue is recognized upon transfer of control of promised products, services or IP rights to customers in an amount that reflects the consideration that we expect to receive in exchange for those products, services or licensing of the IP rights. The primary judgments include estimating sales-based revenue in advance of receiving statements from our licensees, estimating variable consideration, identifying the performance obligations in the contract, and determining whether the performance obligations are distinct, and allocating consideration accordingly.

Most of our licensing arrangements are structured as sales-based whereby we are paid a unit-based royalty. The unit-based sales data that triggers the royalty obligation is generally reported to us in the quarter after triggering the royalty obligation. We apply the royalty exception to these arrangements, which requires that we recognize sales-based royalties when the sales occur based on our estimates. Our estimates of royalty-based revenue take into consideration the macroeconomic effect of global events, such as inflation, elevated interest rates, economic impacts related to industry challenges, or other economic conditions, which may impact supply chain activities as well as demand for shipments. These estimates also involve the use of historical data and judgment for several key attributes including industry estimates of expected shipments, the percentage of markets using our technologies, and average sale prices. Generally, our estimates represent the current period's shipments for which we expect our licensees to submit royalty statements in the following quarter. Upon receipt of royalty statements from the licensees with the

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actual reporting of sales-based royalties that we previously estimated, we record a favorable or unfavorable adjustment based on the difference, if any, between estimated and actual sales.

We also enter into fixed and guaranteed licensing fee arrangements, that require the licensee to pay a fixed, non-refundable fee. In these cases, control is transferred and the transaction price - the amount we expect to be entitled to in exchange for the license right - is recognized upon the later of contract execution or the effective date. Transaction price is determined at contract execution and, to the extent variable consideration applies, is updated each subsequent reporting period until the completion of the contract. We evaluate whether other distinct performance obligations exist, such as PCS, and determine the stand-alone selling price. We do so by considering actual stand-alone sales in addition to market conditions such as competitor pricing strategies, customer specific information and industry technology lifecycles, internal conditions such as cost and pricing practices, or applying the residual approach method when the selling price of the good, most commonly a license, is highly variable or uncertain. In addition, we evaluate whether a significant financing component exists when we recognize revenue in advance of customer payments that occur over time and extend beyond one year. In general, if the payment arrangements extend beyond the first year of the contract, we treat a portion of the payments as a financing component. The discount rate used for each arrangement reflects the rate that would be used in a separate financing transaction between us and the licensee at contract inception and takes into account the credit characteristics of the licensee and market interest rates as of the date of the agreement. If we assess the financing component to be significant to the contract, the amount of fixed fee revenue recognized at the beginning of the license term will be reduced by the calculated financing component. The portion related to the financing component is recorded as interest income, and is not material to our consolidated financial statements.

For additional information, see Note 3 "*Revenue Recognition*" to our consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.

**IMPACT OF NEW ACCOUNTING STANDARDS NOT YET ADOPTED**

For information on recent accounting standards that have not been adopted yet and the impact of these standards on our consolidated financial statements, refer to Note 2 "*Summary of Significant Accounting Policies*" to our consolidated financial statements in this Annual Report on Form 10-K.

**RESULTS OF OPERATIONS**

For each line item included on our consolidated statements of operations described and analyzed below, the significant factors identified as the leading drivers contributing to the overall fluctuation are presented in descending order of their impact on the overall change (from an absolute value perspective). This discussion and analysis highlights comparisons of material changes in the consolidated financial statements for the years ended September 26, 2025 and September 27, 2024. For the discussion and analysis highlighting comparisons of material changes in the consolidated financial statements for the years ended September 27, 2024 and September 29, 2023, refer to Part II, Item 7 "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" included in our Annual Report on Form 10-K for the year ended September 27, 2024, which is incorporated herein by reference. Note that adjustments related to sales-based royalties that were misreported by licensees as well as unlicensed settlement activity, are collectively referred to as "recoveries." Amounts displayed, except percentages, are in thousands.

**Revenue and Gross Margin**

***Licensing***

Licensing revenue consists of fees earned from licensing our technologies to customers who incorporate them into their products and services to enable and enhance audio and imaging capabilities. The technologies that we license are either internally developed, acquired, or licensed from third parties. We also generate administrative fees for managing patent pools on behalf of third party patent owners through our subsidiary, Via LA. A significant portion of our licensing revenue pertains to customer-shipment royalties that we recognize based on estimates of our licensees' shipments. To the extent that shipment data reported by licensees differs from estimates we made and recorded, we recognize an adjustment to revenue for such difference in the period we receive the reported shipment data.

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Our cost of licensing consists mainly of amortization of certain purchased intangible assets and intangible assets acquired in business combinations, depreciation, third party royalty obligations, and patent pool fees.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Change** |
| **Licensing** | **September 26,<br>2025** | **September 27,<br>2024** | $**%** |
| Revenue | $1248017 | $1181794 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Percentage of total revenue* | *93 %* | *93 %* |  |
| Cost of licensing | 83619 | 67204 | 24% |
| Gross profit | 1164398 | 1114590 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Gross margin* | *93 %* | *94 %* |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| ***Licensing Revenue By Market*** | **September 26, 2025** | **September 26, 2025** | **September 27, 2024** | **September 27, 2024** |
| Broadcast | $428471 | 34% | $409105 | 35% |
| Mobile | 268568 | 22% | 235774 | 20% |
| CE | 150704 | 12% | 165817 | 14% |
| PC | 151894 | 12% | 141300 | 12% |
| Other | 248380 | 20% | 229798 | 19% |
| **Total licensing revenue** | $**1248017** | **100%** | $**1181794** | **100%** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Factor** | **Licensing Revenue** | **Licensing Revenue** | **Gross Margin** | **Gross Margin** |
| Mobile | 🡩 | *Higher revenue from our imaging patent programs due to the GE Licensing acquisition and timing of our audio patent minimum volume commitments* | 🡩 | *Higher licensing revenue, partially offset by higher intangible asset amortization expense from recent business combinations* |
| Broadcast | 🡩 | *Higher revenue from timing of minimum volume commitments, adoption of Dolby Vision and Dolby Atmos, and higher revenue from our imaging patent programs* | 🡩 | *Higher licensing revenue, partially offset by higher intangible asset amortization expense from recent business combinations* |
| Other | 🡩 | *Higher automotive revenue due to adoption of Dolby Atmos and Dolby Vision and higher Dolby Cinema revenue due to better box office receipts and additional Dolby Cinema sites, partially offset by lower gaming revenue due to timing of minimum volume commitments* | 🡩 | *Higher licensing revenue, partially offset by higher intangible asset amortization expense from recent business combinations* |
| CE | 🡫 | *Lower revenue from audio patent minimum volume commitments, lower recoveries, and lower unit shipments* | 🡩 | *Higher licensing revenue, partially offset by higher intangible asset amortization expense from recent business combinations* |
| PC | 🡩 | *Higher revenue from our imaging patent programs and higher recoveries, partially offset by lower revenue from our foundational audio technologies* | 🡩 | *Higher licensing revenue, partially offset by higher intangible asset amortization expense from recent business combinations* |

---

***Products and Services***

Products revenue is generated from the sale of audio and imaging hardware and software products for the cinema, television, broadcast and entertainment industries. Also included in Products revenue are amounts relating to certain Dolby Cinema arrangements that are considered sales-type leases that involve fixed or minimum fees. Cost of products includes materials, labor, manufacturing overhead, amortization of certain intangible assets, and certain third party royalty obligations.

Services revenue consists of fees charged to support theatrical and television production for cinema exhibition, broadcast, and home entertainment, including equipment training and maintenance, mixing room alignment, equalization, as well as audio, color, and light image calibration. Services revenue also includes PCS for products sold and equipment installed at Dolby Cinema theaters operated by exhibitor partners and support for the implementation of our technologies into products manufactured by our licensees. Also included in Services revenue are amounts generated through Dolby OptiView. Cost of services consists of personnel and personnel-related costs for providing our professional services, software maintenance and support, external contractors, and other direct expenses incurred on behalf of customers.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Change** |
| **Products and Services** | **September 26,<br>2025** | **September 27,<br>2024** | $**%** |
| Revenue | $101113 | $91927 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Percentage of total revenue* | *7 %* | *7 %* |  |
| Cost of products and services | 76513 | 73292 | 4% |
| Gross profit | 24600 | 18635 | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Gross margin* | *24 %* | *20 %* |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Factor** | **Products and Services Revenue** | **Products and Services Revenue** | **Gross Margin** | **Gross Margin** |
| Products | ßà | *No significant fluctuations* | ßà | *No significant fluctuations* |
| Services | 🡩 | *Higher Dolby OptiView revenue as compared to the prior year* | 🡩 | *Higher gross margin due to higher Services revenue* |

---

**Operating Expenses**

***Research and Development***

R&D expenses consist primarily of employee compensation and benefits expenses, stock-based compensation, external contractor costs, depreciation and amortization, facilities costs, costs for outside materials, and information technology expenses.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Change** |
| | **September 26,<br>2025** | **September 27,<br>2024** | $**%** |
| Research and development | $261792 | $263663 | (1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Percentage of total revenue* | *19%* | *21%* |  |

---

---

| | | |
|:---|:---|:---|
| **Category** | **Key Drivers** | **Key Drivers** |
| Research and Development | ßà | *No significant fluctuations* |

---

***Sales and Marketing***

S&M expenses consist primarily of employee compensation and benefits expenses, stock-based compensation, marketing and promotional expenses for events such as trade shows and conferences, marketing campaigns, travel-related expenses, contractor fees, facilities costs, depreciation and amortization, information technology expenses, and legal costs associated with unreported and underreported use of our IP.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Change** |
| | **September 26,<br>2025** | **September 27,<br>2024** | $**%** |
| Sales and marketing | $360711 | $334460 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Percentage of total revenue* | *27%* | *26%* |  |

---

---

| | | |
|:---|:---|:---|
| **Category** | **Key Drivers** | **Key Drivers** |
| Legal, Professional, and Contractors | 🡩 | *Higher costs of $14.3 million primarily due to litigation activities* |
| Compensation & Benefits | 🡩 | *Higher costs of $11.7 million due to bonus achievement, benefits and wage taxes, and higher salaries expense* |
| Marketing | 🡫 | *Lower costs of $7.4 million primarily due to non-repeating marketing activities in the prior year* |
| Stock-based compensation | 🡩 | *Higher costs of $4.4 million primarily due to increase in RSU share count and lower benefit from forfeitures due to restructuring activities in the prior year* |

---

***General and Administrative***

G&A expenses consist primarily of employee compensation and benefits expenses, stock-based compensation, depreciation and amortization, facilities and information technology costs, as well as professional fees and other costs associated with external contractors.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Change** |
| | **September 26,<br>2025** | **September 27,<br>2024** | $**%** |
| General and administrative | $286529 | $270392 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Percentage of total revenue* | *21%* | *21%* |  |

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| | | |
|:---|:---|:---|
| **Category** | **Key Drivers** | **Key Drivers** |
| Credit Loss Expense | 🡩 | *Higher costs of $4.7 million due to an increase in aged receivables* |
| Other | 🡩 | *Higher stock-based compensation, salaries expense, and bonus achievement* |

---

***Restructuring Charges***

Restructuring charges recorded as operating expenses in our consolidated statements of operations represent costs associated with separate individual restructuring plans implemented in various fiscal periods. The extent of our costs arising as a result of these actions, including fluctuations in related balances between fiscal periods, is based on the nature of activities under the various plans.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Change** |
| | **September 26,<br>2025** | **September 27,<br>2024** | $**%** |
| Restructuring charges | $15007 | $6384 | 135% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Percentage of total revenue* | *1%* | *1%* |  |

---

*Fiscal 2025 Restructuring Events* 

In September 2025, we initiated restructuring actions in order to centralize teams into fewer locations to provide better access to talent pools, encourage multi-disciplinary collaboration, and simplify operations. In connection with this plan, we recorded expense in fiscal 2025 of $6.1 million in severance and other related benefits. The remaining components of this plan are expected to be completed by the end of the second quarter of fiscal 2026, resulting in an additional charge of approximately $10 million in severance and other termination benefits. Cash payment of the severance and other termination benefits are expected to be substantially completed by the end of the first quarter of fiscal 2026. These activities are expected to result in estimated gross pre-tax operating income savings of approximately $20 million in fiscal 2026, due to estimated savings in compensation and benefits of impacted employees. The impact of these estimated savings on our operating expenses will be mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

In November 2024, we initiated restructuring actions with the purpose of aligning our R&D resources, and to a lesser extent our S&M resources, with our highest strategic priorities. In connection with this plan, we recorded expense in fiscal 2025 of $9.2 million in severance and other related benefits. The remaining components of this plan were substantially completed by the end of fiscal 2025. Cash payment of the severance and other termination benefits were substantially completed by the end of fiscal 2025. These activities resulted in estimated gross pre-tax operating income savings of approximately $20 million in fiscal 2025, due to estimated savings in compensation and benefits of impacted employees, which was consistent with our expectations. The impact of these estimated savings on our operating expenses was mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

*Fiscal 2024 Restructuring Events*

In April 2024, we initiated restructuring actions with the purpose of focusing our resources on our highest strategic priorities. In connection with this plan, we recorded an expense in fiscal 2024 of $4.6 million in severance and other related benefits. Cash payment of the severance and other termination benefits were substantially completed by the end of fiscal 2024. These activities resulted in gross pre-tax operating income savings of approximately $3 million in fiscal 2024 and resulted in savings of approximately $11 million within fiscal 2025, which was consistent with our expectations. The impact of these estimated savings on our operating expenses was mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

*Fiscal 2023 Restructuring Events*

In September 2023, we initiated a restructuring plan with the purpose of focusing our resources on our highest strategic priorities. In continuation with this plan, we recorded an expense in fiscal 2024 of $7.4 million in severance and other related benefits. Cash payment of the severance and other termination benefits were substantially completed by the end of fiscal 2024. These activities resulted in gross pre-tax operating income savings of approximately $40 million within fiscal 2024, which was consistent with our expectations. The impact of these savings on our operating expenses was offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

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In June 2023, we implemented a focused restructuring plan, primarily consisting of workforce reductions and facility consolidations to improve execution in alignment with our strategy and to reduce our cost structure through improved utilization of our global infrastructure. Actions and expenses related to this plan were substantially completed by the end of fiscal 2024. These activities resulted in gross pre-tax operating income savings of approximately $20 million in fiscal 2024, which was consistent with our expectations. The impact of these savings on our operating expenses was mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

For additional information on our Restructuring programs, see Note 13 "*Restructuring*" to our consolidated financial statements.

**Other Income/Expense**

Other income/expense primarily consists of interest income earned on cash and investments and the net gains or losses from foreign currency transactions, derivative instruments, our proportionate share of net income or losses from our equity method investments, and gains and losses on the sales of marketable securities from our investment portfolio.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Change** |
| **Other income/(expense)** | **September 26,<br>2025** | **September 27,<br>2024** | $**%** |
| &nbsp;&nbsp;&nbsp;Interest income/(expense), net | $15376 | $34077 | (55)% |
| &nbsp;&nbsp;&nbsp;Other income, net | 23150 | 20076 | 15% |
| **Total** | **$38526** | **$54153** | **(29)%** |

---

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| | | |
|:---|:---|:---|
| **Category** | **Key Drivers** | **Key Drivers** |
| Interest Income | 🡫 | *Lower yields on invested cash balances* |
| Other Income | 🡩 | *Higher income from our equity method investments in the current year* |

---

**Income Taxes**

Our effective tax rate is based on our fiscal year results and is affected each period end by several factors. These include differences from projected fiscal year results, changes to tax rates, the relative mix of income earned in our domestic and foreign jurisdictions, as well as discrete items such as changes to our uncertain tax benefits that may occur but are not necessarily consistent between periods. For additional information related to effective tax rates, see Note 12 "*Income Taxes"* to our consolidated financial statements.

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| | | |
|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** |
| Provision for income taxes (in thousands) | $(46993) | $(48163) |
| &nbsp;&nbsp;&nbsp;&nbsp;*Effective tax rate* | 15% | 15% |

---

---

| | | |
|:---|:---|:---|
| **Factor** | **Impact On Effective Tax Rate** | **Impact On Effective Tax Rate** |
| Tax Contingencies | 🡫 | *Higher benefit from the expiration of the statute of limitations* |
| Research and Development | 🡫 | *Higher benefit from R&D tax credits* |
| Foreign Operations | 🡩 | *Lower benefit from foreign earned income* |
| Stock-based Compensation | 🡩 | *Lower benefit related to the settlement of stock-based awards.* |
| Tax Cuts and Jobs Act of 2017 | 🡩 | *Prior year benefit related to lower Transition Tax liability under the Tax Cuts and Jobs Act of 2017 ("Transition Tax") resulting from recent Tax Court opinion in Varian Medical Systems, Inc. v. Commissioner* |

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**LIQUIDITY, CAPITAL RESOURCES, AND FINANCIAL CONDITION**

Our principal sources of liquidity are cash, cash equivalents, and investments, as well as cash flows from operations. We also have additional access to liquidity under a revolving credit facility, as noted in our Current Report on Form 8-K filed with the SEC on November 19, 2024. We believe that these sources will be sufficient to satisfy our currently anticipated cash requirements through at least the next twelve months.

As of September 26, 2025, we had cash and cash equivalents of $701.9 million, which consisted of cash and highly liquid money market funds. In addition, we had short and long-term investments of $80.9 million, which primarily consisted of equity method investments and equity securities without a readily determinable value.

The following table presents selected financial information as of September 26, 2025 and September 27, 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | **September 26,<br>2025** | **September 27,<br>2024** |
| Cash and cash equivalents | $701893 | $482047 |
| Short-term investments | 703 |  |
| Long-term investments | 80205 | 89267 |
| Accounts receivable, net | 331096 | 315465 |
| Accounts payable and accrued liabilities | 387096 | 364909 |
| Working capital | 950471 | 776581 |

---

**Capital Expenditures and Uses of Capital**

Our capital expenditures consist of purchases of land, building, building fixtures, laboratory equipment, office equipment, computer hardware and software, leasehold improvements, and production and test equipment. Additionally, included in capital expenditures are amounts associated with Dolby Cinema locations. We continue to invest in S&M and R&D to promote the overall growth of our business and technological innovation.

We continue to retain sufficient cash holdings to support our operations and we also have historically purchased investment-grade securities diversified among security types, industries, and issuers. We have used cash generated from our operations to fund a variety of activities related to our business in addition to our ongoing operations, including business expansion and growth, acquisitions, and repurchases of our Class A common stock. We have historically generated significant cash from operations. However, these cash flows and the value of our investment portfolio could be affected by various risks and uncertainties, as described in Part I, Item 1A "*Risk Factors.*"

**Shareholder Return**

We have returned cash to stockholders through both repurchases of Class A common stock under our repurchase program initiated in fiscal 2010 and our quarterly dividend program initiated in fiscal 2015. Refer to Note 9 "*Stockholders' Equity and Stock-Based Compensation*" to our consolidated financial statements for a summary of dividend payments made under the program during fiscal 2025 and additional information regarding our stock repurchase program.

*Stock Repurchase Program.* Our stock repurchase program was originally approved in fiscal 2010, and since then we have completed approximately $3.0 billion of stock repurchases under the program.

*Quarterly Dividend Program.* During fiscal 2015, we initiated a recurring quarterly cash dividend program for our stockholders. For fiscal 2025, quarterly dividends of $0.33 per share were paid on our Class A and Class B common stock to eligible stockholders of record. On November 18, 2025, we announced a dividend in the amount of $0.36 per share, payable on December 10, 2025, to stockholders of record as of the close of business on December 2, 2025.

**Cash Flows Analysis**

For the following comparative analysis performed for each of the sections of the consolidated statements of cash flows, the significant factors identified as the leading drivers contributing to the fluctuation are presented in descending order of their impact relative to the overall change (in thousands).

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***Operating Activities***

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| | | |
|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** |
| Net cash provided by operating activities | $472198 | $327252 |

---

Net cash provided by operating activities increased $144.9 million in fiscal 2025 compared to fiscal 2024, primarily due to the following:

---

| | | |
|:---|:---|:---|
| **Factor** | **Impact On Cash Flows** | **Impact On Cash Flows** |
| Operating assets and liabilities | 🡩 | *Higher inflows due to higher accounts payable and accrued liabilities, lower contract assets, and lower prepaids and other assets, offset by lower income taxes payable* |

---

***Investing Activities***

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| | | |
|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** |
| Net cash used in investing activities | $(10586) | $(286292) |

---

Net cash used in investing activities was $275.7 million lower in fiscal 2025 compared to fiscal 2024, primarily due to the following:

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| | | |
|:---|:---|:---|
| **Factor** | **Impact On Cash Flows** | **Impact On Cash Flows** |
| Business Combinations | 🡩 | *Lower outflows due to business combinations in the prior year* |
| Proceeds from Investments | 🡫 | *Lower inflows from the sale and maturity of marketable investment securities* |
| Purchase of Investments | 🡩 | *Lower outflows for the purchase of marketable investment securities* |

---

***Financing Activities***

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| | | |
|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** |
| Net cash used in financing activities | $(247238) | $(287814) |

---

Net cash used in financing activities was $40.6 million lower in fiscal 2025 compared to fiscal 2024, primarily due to the following:

---

| | | |
|:---|:---|:---|
| **Factor** | **Impact On Cash Flows** | **Impact On Cash Flows** |
| Share Repurchases | 🡩 | *Lower outflows due to lower common stock repurchases* |
| Dividend Payments | 🡫 | *Higher outflows for the payment of our quarterly cash dividend to common stockholders primarily as a result of a $0.03 per share increase compared to the prior fiscal year* |
| Purchase of non-controlling interest in business combination | 🡩 | *Lower outflows related to acquiring a portion of the noncontrolling interest in our consolidated subsidiary in the prior fiscal year* |

---

**Contractual Obligations and Commitments**

***Naming Rights***

We are party to agreements for naming rights of certain facilities, most significantly for naming rights and related benefits with respect to the Dolby Theatre in Hollywood, California, the location of the Academy Awards®. The term of the agreement is 20 years, over which we will make payments on a semi-annual basis until fiscal 2032. We also hold the naming rights to Dolby Live at the Park MGM in Las Vegas, Nevada. Dolby Live is a fully integrated performance venue offering live concerts in Dolby Atmos. As of September 26, 2025, we had $66.3 million remaining to be paid under agreements, with $13.5 million due during fiscal 2026. For additional details regarding our naming rights commitments, see Note 14 "*Commitments and Contingencies*" to our consolidated financial statements.

***Operating Leases***

Operating lease payments represent our commitments for future minimum rent made under non-cancelable leases for office space, including those payable to our principal stockholder and portions attributable to the noncontrolling interests in our wholly-owned and majority-owned subsidiaries. For additional details regarding our leases, see Note 7 "*Leases*" to our consolidated financial statements.

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***Purchase Obligations***

Purchase obligations primarily consist of our non-cancelable commitments made under agreements to purchase goods and services related to Dolby Cinema and related to information technology and telecommunications, marketing and professional services, and manufacturing and other R&D activities. As of September 26, 2025, we had $126.7 million remaining on these commitments, with $36.9 million due during fiscal 2026.

***Donation Commitments***

Our donation commitments relate to non-cancelable obligations that consist of maintenance services and installation of audio and imaging products in exchange for various marketing, branding, and publicity benefits. As of September 26, 2025, we had $1.2 million remaining under these commitments, with $0.2 million due during fiscal 2026. For additional details regarding our donation commitments, see Note 14 "*Commitments and Contingencies*" to our consolidated financial statements.

***Unrecognized Tax Benefits***

As of September 26, 2025, we had an accrued liability for unrecognized tax benefits without interest, penalties, and related deferred tax assets, totaling $83.7 million. We are unable to estimate when any cash settlement with a taxing authority might occur.

***Indemnification Clauses***

We are party to certain contractual agreements under which we have agreed to provide indemnification of varying scope and duration to the other party relating to our licensed IP. Since the terms and conditions of the indemnification clauses do not explicitly specify our obligations, we are unable to reasonably estimate the maximum potential exposure for which we could be liable. In addition, we have entered into indemnification agreements with our officers, directors, and certain employees, and our certificate of incorporation and bylaws contain similar indemnification obligations. For additional details regarding indemnification clauses within our contractual agreements, see Note 14 "*Commitments and Contingencies*" to our consolidated financial statements.

In fiscal 2025, there have been no material changes in either our off-balance sheet financing arrangements or contractual obligations outside the ordinary course of business, and we did not enter into any off-balance sheet arrangements that are expected to have a material effect on Dolby's liquidity or the availability of capital resources.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Interest Rate Sensitivity**

As of September 26, 2025, we had cash and cash equivalents of $701.9 million, which consisted of cash and highly-liquid money market funds. In addition, we had short-term and long-term investments of $80.9 million, which primarily consisted of equity method investments and equity securities without a readily determinable value. Our investment policy is focused on the preservation of capital and support for our liquidity requirements. Under the policy, we invest in highly rated securities with a minimum credit rating of A- while limiting the amount of credit exposure to any one issuer other than the U.S. government. We do not invest in financial instruments for trading or speculative purposes, nor do we use leveraged financial instruments. We utilize external investment managers who adhere to the guidelines of our investment policy. The investments within our fixed-income portfolio are subject to fluctuations in interest rates, which could affect our financial position, and to a lesser extent, results of operations.

**Foreign Currency Exchange Risk**

We maintain business operations in foreign countries, most significantly in Australia, China, Germany, Ireland, Poland, and the United Kingdom ("U.K."). Additionally, a portion of our business is conducted outside of the U.S. through subsidiaries with functional currencies other than the U.S. dollar, most notably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Australian Dollar

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• British Pound

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chinese Yuan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Euro

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Polish Zloty

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As a result, we face exposure to adverse movements in currency exchange rates as the financial results of our international operations are translated from local currency into U.S. dollars upon consolidation. The majority of our revenue generated from international markets is denominated in U.S. dollars, while the operating expenses of our foreign subsidiaries are predominantly denominated in local currencies. Therefore, our operating expenses will increase when the U.S. dollar weakens against the local currency and decrease when the U.S. dollar strengthens against the local currency. Additionally, foreign exchange rate fluctuations on transactions denominated in currencies other than the functional currency result in gains or losses that are reflected in our consolidated statements of operations. Our foreign operations are subject to the same risks present when conducting business internationally, including, but not limited to, changes in economic conditions and geopolitical climate, differing tax structures, foreign exchange rate volatility and other regulations and restrictions.

We also enter into forward currency contracts exclusively designated as cash flow hedges, which have a maturity of thirteen months or less, to reduce the impact of currency volatility on U.S. dollar operating expenses. The gains and losses from the effective portions of cash flow hedges are recorded at fair value as a component of AOCI, until the hedged transaction affects earnings. In the period when the hedged transaction affects earnings, the corresponding gains or losses of the cash flow hedge are recognized in the same line item in our consolidated statements of operations.

The pre-tax gain attributed to the effective portion of cash flow hedges recognized in AOCI was $1.0 million in fiscal 2025. The pre-tax loss attributed to the effective portion of cash flow hedges recognized in AOCI was $1.6 million in fiscal 2024.

The pre-tax effective portion of the gain reclassified to the consolidated statements of operations in fiscal 2025 was not material, and the pre-tax effective portion of the gain reclassified to the consolidated statements of operations was $2.1 million in fiscal 2024.

We also enter into foreign currency forward contracts to hedge against assets and liabilities for which we have foreign currency exchange rate exposure and selected anticipated expenses. The contracts hedging receivables and payables are carried at fair value with changes in the fair value recorded to other income, net, in our consolidated statements of operations.

As of September 26, 2025 and September 27, 2024, the total notional amounts of outstanding contracts were $195.9 million and $111.7 million, respectively.

For additional information related to our foreign currency forward contracts, see Note 2 "*Summary of Significant Accounting Policies*" to our consolidated financial statements.

A sensitivity analysis was performed on all of our foreign currency forward contracts as of September 26, 2025. This sensitivity analysis was based on a modeling technique that measures the hypothetical market value resulting from a 10% shift in the value of exchange rates relative to the U.S. dollar. For these forward contracts, duration modeling was used where hypothetical changes were made to the spot rates of the currency. A 10% increase in the value of the U.S. dollar would lead to a decrease in the fair value of our financial instruments by $4.3 million. Conversely, a 10% decrease in the value of the U.S. dollar would result in an increase in the fair value of these financial instruments by $4.3 million.

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**ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS**

**DOLBY LABORATORIES, INC.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| <u>[Report of Independent Registered Public Accounting Firm](#id12ccee08b4f4bbab881d037bdffcfd3_76)</u> (PCAOB ID: 185) | <u>[49](#id12ccee08b4f4bbab881d037bdffcfd3_76)</u> |
| <u>[Consolidated Balance Sheets](#id12ccee08b4f4bbab881d037bdffcfd3_79)</u> | <u>[51](#id12ccee08b4f4bbab881d037bdffcfd3_79)</u> |
| <u>[Consolidated Statements of Operations](#id12ccee08b4f4bbab881d037bdffcfd3_82)</u> | <u>[52](#id12ccee08b4f4bbab881d037bdffcfd3_82)</u> |
| <u>[Consolidated Statements of Comprehensive Income](#id12ccee08b4f4bbab881d037bdffcfd3_85)</u> | <u>[53](#id12ccee08b4f4bbab881d037bdffcfd3_85)</u> |
| <u>[Consolidated Statements of Stockholders' Equity](#id12ccee08b4f4bbab881d037bdffcfd3_88)</u> | <u>[54](#id12ccee08b4f4bbab881d037bdffcfd3_88)</u> |
| <u>[Consolidated Statements of Cash Flows](#id12ccee08b4f4bbab881d037bdffcfd3_91)</u> | <u>[55](#id12ccee08b4f4bbab881d037bdffcfd3_91)</u> |
| <u>[Notes to Consolidated Financial Statements](#id12ccee08b4f4bbab881d037bdffcfd3_94)</u> | <u>[57](#id12ccee08b4f4bbab881d037bdffcfd3_94)</u> |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholders and Board of Directors

Dolby Laboratories, Inc.:

*Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting*

We have audited the accompanying consolidated balance sheets of Dolby Laboratories, Inc. and subsidiaries (the Company) as of September 26, 2025 and September 27, 2024, the related consolidated statements of operations, comprehensive income, stockholders' equity, and cash flows for each of the fiscal years in the three-year period ended September 26, 2025, and the related notes (collectively, the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of September 26, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September 26, 2025 and September 27, 2024, and the results of its operations and its cash flows for each of the fiscal years in the three-year period ended September 26, 2025, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 26, 2025 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

*Basis for Opinions*

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable

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assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Assessment of revenue estimate related to sales-based licensing arrangements* 

As discussed in Note 3 to the consolidated financial statements, revenue is derived principally from the licensing of technologies and patents to various types of licensees. The Company recognized total licensing revenue of $1.2 billion for the fiscal year ended September 26, 2025. The Company estimates and records sales-based licensing revenue from its licensees' shipments in the same period in which those shipments occur. After receiving the royalty statements from the licensees, which is generally in the quarter after those shipments have occurred, the Company will record an adjustment based on the difference between the estimated and actual sales-based licensing revenue.

We identified the assessment of the revenue estimates related to the Company's sales-based licensing arrangements as a critical audit matter. Auditor judgment was required to evaluate the Company's estimation of sales-based licensing revenue, which included the use of historical data, industry estimates of expected shipments, market penetration, and average sales prices.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's sales-based licensing revenue estimation process. This included controls related to the review of (1) historical data, (2) third-party industry expectations for shipments of units, (3) the estimated percentage of market penetration, and (4) estimated average sales prices. We tested the Company's process to develop the sales-based licensing revenue estimate. Specifically, we evaluated the sources of the historical data and assumptions that the Company used by considering their relevance and reliability. We performed sensitivity analyses over certain assumptions to assess the impact on the sales-based licensing revenue estimate of reasonably possible changes to the assumptions. In addition, we compared the Company's historical sales-based licensing revenue estimates to actual sales-based licensing royalties received from licensees during the year, to assess the Company's ability to accurately estimate.

/s/ KPMG LLP

We have served as the Company's auditor since 2002.

San Francisco, California

November 18, 2025

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<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**DOLBY LABORATORIES, INC.**

**CONSOLIDATED BALANCE SHEETS**

(*in thousands, except share and per share amounts*)

---

| | | |
|:---|:---|:---|
| | **September 26,<br>2025** | **September 27,<br>2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $701893 | $482047 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 91468 | 95705 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 703 |  |
| &nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $7,221 and $5,361 | 331096 | 315465 |
| &nbsp;&nbsp;Contract assets, net of allowance for credit losses of $101 and $106 | 180804 | 197478 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 30424 | 33728 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 51873 | 69994 |
| Total current assets | 1388261 | 1194417 |
| &nbsp;&nbsp;&nbsp;Long-term investments | 80205 | 89267 |
| &nbsp;&nbsp;&nbsp;Property, plant, and equipment, net | 470608 | 479109 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 33204 | 39046 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 397057 | 434514 |
| &nbsp;&nbsp;&nbsp;Goodwill | 529900 | 533208 |
| &nbsp;&nbsp;&nbsp;Deferred taxes | 214361 | 219758 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 114164 | 120609 |
| **Total assets** | $**3227760** | $**3109928** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $17840 | $17380 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 369256 | 347529 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 8928 | 9045 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 31382 | 31644 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 10384 | 12238 |
| Total current liabilities | 437790 | 417836 |
| &nbsp;&nbsp;&nbsp;Non-current contract liabilities | 29687 | 34593 |
| &nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | 28494 | 34754 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 99843 | 135852 |
| Total liabilities | 595814 | 623035 |
| Commitments and Contingencies (See Note 14) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Class A, $0.001 par value, one vote per share, 500,000,000 shares authorized: 60,802,616 shares issued and outstanding as of September 26, 2025 and 59,722,442 as of September 27, 2024 | 54 | 53 |
| &nbsp;&nbsp;Class B, $0.001 par value, ten votes per share, 500,000,000 shares authorized: 34,660,045 shares issued and outstanding as of September 26, 2025 and 35,670,779 as of September 27, 2024 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2634980 | 2496255 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (12517) | (19187) |
| Total stockholders' equity – Dolby Laboratories, Inc. | 2622557 | 2477162 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 9389 | 9731 |
| Total stockholders' equity | 2631946 | 2486893 |
| **Total liabilities and stockholders' equity** | $**3227760** | $**3109928** |

---

*See accompanying notes to consolidated financial statements*

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<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**DOLBY LABORATORIES, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(*in thousands, except per share amounts*)

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| **Revenue:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Licensing | $1248017 | $1181794 | $1197930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Products and services | 101113 | 91927 | 101814 |
| &nbsp;&nbsp;&nbsp;Total revenue | 1349130 | 1273721 | 1299744 |
| **Cost of revenue:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of licensing | 83619 | 67204 | 64890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of products and services | 76513 | 73292 | 87676 |
| &nbsp;&nbsp;&nbsp;Total cost of revenue | 160132 | 140496 | 152566 |
| **Gross profit** | 1188998 | 1133225 | 1147178 |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 261792 | 263663 | 271523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 360711 | 334460 | 354364 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 286529 | 270392 | 258477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 15007 | 6384 | 47061 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 924039 | 874899 | 931425 |
| **Operating income** | 264959 | 258326 | 215753 |
| **Other income/(expense):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income/(expense), net | 15376 | 34077 | 28086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 23150 | 20076 | 6214 |
| &nbsp;&nbsp;&nbsp;Total other income | 38526 | 54153 | 34300 |
| Income before income taxes | 303485 | 312479 | 250053 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | (46993) | (48163) | (48409) |
| Net income including noncontrolling interest | 256492 | 264316 | 201644 |
| &nbsp;&nbsp;&nbsp;Less: net income attributable to noncontrolling interest | (1474) | (2491) | (988) |
| **Net income attributable to Dolby Laboratories, Inc.** | $**255018** | $**261825** | $**200656** |
| Net income per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $2.66 | $2.74 | $2.10 |
| &nbsp;&nbsp;&nbsp;Diluted | $2.62 | $2.69 | $2.05 |
| Weighted-average shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 95868 | 95544 | 95771 |
| &nbsp;&nbsp;&nbsp;Diluted | 97479 | 97325 | 97733 |
| Related party rent expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;Included in net income attributable to noncontrolling interest | $283 | $283 | $292 |
| Cash dividend declared per common share | $1.32 | $1.23 | $1.11 |
| Cash dividend paid per common share | $1.32 | $1.20 | $1.08 |

---

*See accompanying notes to consolidated financial statements*

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<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**DOLBY LABORATORIES, INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

(*in thousands)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Net income including noncontrolling interest | $256492 | $264316 | $201644 |
| Other comprehensive income: |  |  |  |
| &nbsp;&nbsp;Currency translation adjustments gains, net of tax benefit/(expense) of ($200), $65, and $73 | 5367 | 15098 | 7574 |
| &nbsp;&nbsp;Unrealized gains on investments, net of tax benefit/(expense) of $0, ($21), and $54 | 83 | 2775 | 3128 |
| &nbsp;&nbsp;Unrealized gains on cash flow hedges, net of tax benefit/(expense) of ($106), ($344), and $85 | 1251 | 197 | 4286 |
| Total other comprehensive income, net of tax | 6701 | 18070 | 14988 |
| Total comprehensive income | 263193 | 282386 | 216632 |
| &nbsp;&nbsp;&nbsp;Less: comprehensive income attributable to noncontrolling interest | (1505) | (2764) | (1319) |
| **Comprehensive income attributable to Dolby Laboratories, Inc.** | $**261688** | $**279622** | $**215313** |

---

*See accompanying notes to consolidated financial statements*

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<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**DOLBY LABORATORIES, INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

(*in thousands*)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Dolby Laboratories, Inc.** | **Dolby Laboratories, Inc.** | **Dolby Laboratories, Inc.** | **Dolby Laboratories, Inc.** | **Dolby Laboratories, Inc.** | **Dolby Laboratories, Inc.** | **Dolby Laboratories, Inc.** | **Dolby Laboratories, Inc.** | | |
| | **Class A** | **Class A** | **Class B** | **Class B** | **APIC** | **Retained<br>Earnings** | **AOCI** | **Total Stockholders' Equity** | **Noncontrolling<br>Interest** | **Total** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **APIC** | **Retained<br>Earnings** | **AOCI** | **Total Stockholders' Equity** | **Noncontrolling<br>Interest** | **Total** |
| **Balance as of September 30, 2022** | **59799** | $**53** | **36086** | $**41** | $**—** | $**2297730** | $**(51641)** | $**2246183** | $**4837** | $**2251020** |
| &nbsp;&nbsp;Net income |  |  |  |  |  | 200656 |  | 200656 | 988 | 201644 |
| &nbsp;&nbsp;Other comprehensive income, net of tax |  |  |  |  |  |  | 14657 | 14657 | 331 | 14988 |
| &nbsp;&nbsp;Distributions to noncontrolling interest |  |  |  |  |  |  |  |  | (266) | (266) |
| &nbsp;&nbsp;Stock-based compensation expense |  |  |  |  | 118486 |  |  | 118486 |  | 118486 |
| &nbsp;&nbsp;Capitalized stock-based compensation expense |  |  |  |  | 1160 |  |  | 1160 |  | 1160 |
| &nbsp;&nbsp;Repurchase of common stock | (1892) | (2) |  |  | (146285) | (2989) |  | (149276) |  | (149276) |
| &nbsp;&nbsp;Cash dividends declared and paid on common stock |  |  |  |  |  | (103407) |  | (103407) |  | (103407) |
| &nbsp;&nbsp;Common stock issued under employee stock plans | 2189 | 2 |  |  | 47779 |  |  | 47781 |  | 47781 |
| &nbsp;&nbsp;Tax withholdings on vesting of restricted stock | (422) |  |  |  | (31144) |  |  | (31144) |  | (31144) |
| &nbsp;&nbsp;Equity issued in connection with business combination |  |  |  |  | 10004 |  |  | 10004 | 11194 | 21198 |
| **Balance as of September 29, 2023** | **59674** | $**53** | **36086** | $**41** | $**—** | $**2391990** | $**(36984)** | $**2355100** | $**17084** | $**2372184** |
| &nbsp;&nbsp;Net income |  |  |  |  |  | 261825 |  | 261825 | 2491 | 264316 |
| &nbsp;&nbsp;Other comprehensive income, net of tax |  |  |  |  |  |  | 17797 | 17797 | 273 | 18070 |
| &nbsp;&nbsp;Distributions to noncontrolling interest |  |  |  |  |  |  |  |  | (5164) | (5164) |
| &nbsp;&nbsp;Stock-based compensation expense |  |  |  |  | 119825 |  |  | 119825 |  | 119825 |
| &nbsp;&nbsp;Capitalized stock-based compensation expense |  |  |  |  | 573 |  |  | 573 |  | 573 |
| &nbsp;&nbsp;Repurchase of common stock | (1936) | (2) |  |  | (116341) | (43658) |  | (160001) |  | (160001) |
| &nbsp;&nbsp;Excise tax on common stock repurchases |  |  |  |  | (261) |  |  | (261) |  | (261) |
| &nbsp;&nbsp;Cash dividends declared and paid on common stock |  |  |  |  |  | (114579) |  | (114579) |  | (114579) |
| &nbsp;&nbsp;Common stock issued under employee stock plans | 2019 | 2 |  |  | 40201 |  |  | 40203 |  | 40203 |
| &nbsp;&nbsp;Tax withholdings on vesting of restricted stock | (450) |  |  |  | (39075) |  |  | (39075) |  | (39075) |
| &nbsp;&nbsp;Common stock transfers - Class B to Class A | 415 |  | (415) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Purchase of non-controlling interest in business combinations |  |  |  |  | (5282) |  |  | (5282) | (4638) | (9920) |
| &nbsp;&nbsp;Deconsolidation of subsidiary |  |  |  |  |  | 677 |  | 677 | (677) |  |
| &nbsp;&nbsp;Equity issued in connection with business combination |  |  |  |  | 360 |  |  | 360 | 362 | 722 |
| **Balance as of September 27, 2024** | **59722** | **53** | **35671** | **41** | **—** | **2496255** | **(19187)** | **2477162** | **9731** | **2486893** |
| &nbsp;&nbsp;Net income |  |  |  |  |  | 255018 |  | 255018 | 1474 | 256492 |
| &nbsp;&nbsp;Other comprehensive income, net of tax |  |  |  |  |  |  | 6670 | 6670 | 31 | 6701 |
| &nbsp;&nbsp;Distributions to noncontrolling interest |  |  |  |  |  |  |  |  | (1847) | (1847) |
| &nbsp;&nbsp;Stock-based compensation expense |  |  |  |  | 128514 |  |  | 128514 |  | 128514 |
| &nbsp;&nbsp;Capitalized stock-based compensation expense |  |  |  |  | 323 |  |  | 323 |  | 323 |
| &nbsp;&nbsp;Repurchase of common stock | (1620) | (2) |  |  | (135296) | 10306 |  | (124992) |  | (124992) |
| &nbsp;&nbsp;Cash dividends declared and paid on common stock |  |  |  |  |  | (126599) |  | (126599) |  | (126599) |
| &nbsp;&nbsp;Common stock issued under employee stock plans | 2163 | 2 |  |  | 43695 |  |  | 43697 |  | 43697 |
| &nbsp;&nbsp;Tax withholdings on vesting of restricted stock | (473) |  |  |  | (37236) |  |  | (37236) |  | (37236) |
| &nbsp;&nbsp;Common stock transfers - Class B to Class A | 1011 | 1 | (1011) | (1) |  |  |  |  |  |  |
| **Balance as of September 26, 2025** | **60803** | $**54** | **34660** | $**40** | $**—** | $**2634980** | $**(12517)** | $**2622557** | $**9389** | $**2631946** |

---

*See accompanying notes to consolidated financial statements*

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<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**DOLBY LABORATORIES, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(*in thousands*)

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| **Operating activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income including noncontrolling interest | $256492 | $264316 | $201644 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 87827 | 75559 | 82558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 128514 | 119825 | 118486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use assets | 10770 | 11768 | 12956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium on investments |  | (2919) | (860) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for/(benefit from) credit losses | 2434 | (2256) | (793) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 4988 | (21612) | (18337) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss on internally developed software |  |  | 16225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of net income of equity method investees, net of cash distributions | (707) | (2023) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items affecting net income | (1108) | 3305 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (18463) | (28967) | 47779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets, net | 16680 | (8707) | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 8019 | (2654) | (13226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | (4505) | (8420) | (8817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 15223 | (2013) | (1218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 22851 | (34554) | (52315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net | (42829) | (4501) | (8722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | (5079) | (9738) | (8379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (8503) | (5263) | (5818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | (406) | (13894) | 3285 |
| Net cash provided by operating activities | 472198 | 327252 | 367081 |
| **Investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of marketable securities |  | (160198) | (172955) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of marketable securities | 15911 | 234061 | 54964 |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities of marketable securities |  | 157729 | 176833 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of assets held for sale | 16881 |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant, and equipment | (36348) | (30007) | (30339) |
| &nbsp;&nbsp;&nbsp;Business combinations, net of cash and restricted cash acquired, and other related payments | (1362) | (487877) | 25703 |
| &nbsp;&nbsp;&nbsp;Purchases of intangible assets | (5593) |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of other investments | (75) |  |  |
| Net cash provided by/(used in) investing activities | (10586) | (286292) | 54206 |
| **Financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 43697 | 40203 | 47781 |
| &nbsp;&nbsp;&nbsp;Repurchase of common stock | (124992) | (160001) | (149276) |
| &nbsp;&nbsp;&nbsp;Payment of cash dividend | (126599) | (114579) | (103407) |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interest | (1847) | (5164) | (266) |
| &nbsp;&nbsp;&nbsp;Payment of excise tax on repurchase of common stock | (261) |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of noncontrolling interest in business combinations |  | (9920) |  |
| &nbsp;&nbsp;&nbsp;Equity issued in connection with business combination |  | 722 |  |
| &nbsp;&nbsp;&nbsp;Shares repurchased for tax withholdings on vesting of restricted stock | (37236) | (39075) | (31144) |
| &nbsp;&nbsp;&nbsp;Payment of deferred consideration for prior business combinations |  |  | (500) |
| Net cash used in financing activities | (247238) | (287814) | (236812) |
| &nbsp;&nbsp;&nbsp;Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 1235 | 6640 | 5120 |
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | 215609 | (240214) | 189595 |
| Cash, cash equivalents, and restricted cash at beginning of period | 577752 | 817966 | 628371 |
| Cash, cash equivalents, and restricted cash at end of period | $**793361** | $**577752** | $**817966** |
| Supplemental disclosure: |  |  |  |
| Cash paid for income taxes, net of refunds received | $73737 | $63217 | $61481 |
| Non-cash investing and financing activities: |  |  |  |
| Change in property, plant, and equipment purchased, unpaid at period-end | $(2830) | $8711 | $3882 |
| Accrual of unpaid stock repurchase excise tax |  | 261 |  |
| Equity issued in connection with business combination |  |  | 21198 |

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*See accompanying notes to consolidated financial statements*

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**DOLBY LABORATORIES, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. Basis of Presentation** 

***Principles of Consolidation***

The consolidated financial statements include the accounts of Dolby Laboratories, Inc. and our wholly-owned and majority-owned subsidiaries. In addition, we have consolidated the financial results of jointly owned affiliated companies in which our principal stockholder or other entities have a noncontrolling interest. We report these noncontrolling interests as a separate line in our consolidated statements of operations as net income attributable to noncontrolling interest and in our consolidated balance sheets as a noncontrolling interest. We eliminate all intercompany accounts and transactions upon consolidation.

***Use of Estimates***

The preparation of our financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported and disclosed in our consolidated financial statements and accompanying notes.

Significant items subject to such estimates and assumptions include estimated shipments by our licensees for which we are owed a sales-based royalty. These estimates involve the use of historical data and judgment for several key attributes including industry estimates of expected shipments, the percentage of markets using our technologies, and average sale prices. Our estimates of royalty-based revenue also take into consideration the macroeconomic effect of global events that may impact our licensees' supply chain activities as well as demand for shipments.

Additional significant items subject to such estimates and assumptions include ESPs for performance obligations within revenue arrangements; allowance for credit losses for accounts receivable; carrying values of inventories and certain PP&E, goodwill and intangible assets; fair values of investments; accrued liabilities including unrecognized tax benefits, deferred income tax assets and liabilities, and contingent liabilities; and stock-based compensation. Actual results could differ from our estimates.

***Change in Presentation***

During fiscal 2025, we changed the presentation of our share of net income from equity method investees and cash distributions from equity method investees within the consolidated statements of cash flows. Our share of net income from equity method investees, previously presented in "other non-cash items affecting net income," and cash distributions from our equity method investees, previously presented within "changes in operating assets and liabilities," are now presented in "share of net income of equity method investees, net of cash distributions." As such, prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no impact of total net cash provided by operating activities.

***Fiscal Year***

Our fiscal year is a 52 or 53 week period ending on the last Friday in September. The fiscal years presented herein include the 52 week period ended September 26, 2025 (fiscal 2025), September 27, 2024 (fiscal 2024), and September 29, 2023 (fiscal 2023). Our fiscal year ending September 25, 2026 (fiscal 2026) will consist of 52 weeks.

**2. Summary of Significant Accounting Policies** 

***Concentration of Credit Risk***

Our financial instruments that are exposed to concentrations of credit risk principally consist of cash, cash equivalents, restricted cash, investments, accounts receivable, and contract assets. We maintain cash, cash equivalents, and investments with multiple financial institutions that have high credit standing, and that we believe are financially sound and have minimal credit risk exposure, although at times our balances may exceed the applicable insurance coverage limits. We monitor and manage the overall counterparty credit risk exposure of our cash balances to individual financial institutions on an ongoing basis. Our investment portfolio may consist of investment-grade securities diversified amongst security types, industries, and issuers. All of our securities are held in custody by large national financial institutions. Our investment policy limits the amount of credit exposure to a maximum of 5% of our total portfolio to any one issuer, except for the U.S. Treasury, and we believe no significant concentration risk exists

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with respect to these investments. We also mitigate counterparty risk through entering into derivative contracts with high-credit-quality financial institutions. Actual or potential defaults of one or more financial institutions could impact our results of operations or financial position, and make it challenging to find alternative qualified counterparties.

The majority of our licensing revenue is generated from customers outside of the United States ("U.S."). We manage the credit risk posed by non-U.S. customers by performing regular evaluations of the creditworthiness of our licensing customers and recognize revenue in accordance with U.S. GAAP.

In fiscal 2025, 2024 and 2023, we did not have any individual customers that accounted for 10% of our total revenue.

***Cash and Cash Equivalents***

We consider all short-term highly liquid investments with original maturities of 90 days or less from the date of purchase to be cash equivalents. Cash and cash equivalents primarily consist of funds held in general checking accounts and money market accounts.

***Restricted Cash***

Restricted cash on our consolidated balance sheets consists of royalties payable to third-party licensors through certain Via LA-administered patent pools. Restricted cash also consists of cash contributed by Dolby and third-party licensors to Via LA, our subsidiary, that may only be used for licensor enforcement actions or licensee compliance activities related to certain Via LA-administered patent pools, as well as to disperse costs associated with any audit of Via LA for the Wideband Code Division Multiple Access (W-CDMA) patent pool. Restricted cash may also consist of other amounts for which contractual conditions restrict the use of the cash for general operations.

***Investments***

Our investments primarily consist of our equity securities and our mutual fund investments held in our SERP, which are classified as trading securities. Investments that have an original maturity of 91 days or more at the date of purchase and a current maturity of less than one year are classified as short-term investments, while investments with a current maturity of more than one year are classified as long-term investments. AFS securities, if any, and trading securities held in our SERP are recorded at fair value in our consolidated balance sheets. Unrealized gains and losses on AFS securities are reported as a component of AOCI, while realized gains and losses and credit losses are reported as a component of net income. Upon sale, gains and losses are reclassified from AOCI into earnings, and are determined based on specific identification of securities sold.

We evaluate our investment portfolio for impairment by comparing the fair value with the cost basis for each of our investment securities. If the fair value of the AFS securities, if any, is less than amortized cost, such securities are considered impaired. If we have the intent to sell the debt security, or if it is more likely than not that we will be required to sell the debt security before recovery of its amortized cost, the difference between the amortized cost (net of allowance, if any) and the fair value of the securities is reported as an impairment loss in net income. Impaired debt securities that we intend to hold are evaluated to determine whether we need to recognize an allowance for credit losses, limited to the difference between the fair value and amortized cost of the security.

*Equity Securities*

Equity securities for which we possess the ability to exercise significant influence, but not control, over operating and financing decisions are accounted for under the equity method. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the investee's net earnings or losses. We record dividends or other equity distributions as reductions in the carrying value of the investment. Our share of the equity method investee's net income or loss is included in other income/(expense), net in the consolidated statements of operations. Our equity method investments are included within long-term investments in our consolidated balance sheets.

We also hold several investments in equity securities of privately-held companies without a readily determinable fair value, and equity securities of publicly traded companies with a readily determinable fair value. The equity securities without a readily determinable fair value are accounted for using the measurement alternative, which is cost, less any impairment, adjusted for changes in fair value resulting from observable transactions for identical or similar investments of the same issuer. We perform a qualitative assessment at each reporting date to determine whether there are triggering events for impairment. The equity securities with a readily determinable fair value are

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measured at fair value, with any gains or losses recognized in other income, net on the consolidated statements of operations. These equity securities are included within short-term and long-term investments in our consolidated balance sheets.

***Allowance for Credit Losses***

We maintain a provision for estimated credit losses on receivables resulting from our customers' inability to make required payments. In determining the provision, we pool receivables with similar risk characteristics to evaluate the collectability of our receivables. Risk characteristics considered in creating these risk pools include assessing historical or expected loss patterns, credit ratings, current macroeconomic conditions that could impact collectability of cash flows, and structure of customer agreements. In cases where circumstances have changed such that specific customers no longer share similar risk characteristics, customers are excluded from their current pool and their risk profiles are evaluated separately. We recognize allowances for credit losses based on our actual historical loss information, the current business environment, and reasonable and supportable forecasts. Actual future losses from uncollectible accounts may differ from our estimates.

***Inventories***

Inventories are accounted for using the first-in, first-out method, and are valued at the lower of cost and net realizable value. We evaluate our ending inventories for estimated excess quantities and obsolescence. Our evaluation includes the analysis of future sales demand by product within specific time horizons. Inventories in excess of projected future demand are written down to their net realizable value. In addition, we assess the impact of changing technology on our inventory balances and write-off inventories that are considered obsolete. Write-downs and write-offs of inventory are recorded as a cost of products in our consolidated statements of operations. We classify inventory that we do not expect to sell within twelve months as other non-current assets in our consolidated balance sheets.

***Property, Plant, and Equipment***

PP&E is stated at cost less accumulated depreciation. Depreciation expense is recognized on a straight-line basis according to estimated useful lives assigned to each of our different categories of PP&E as summarized within the following table:&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **PP&E Category** | **Useful Life** |
| Computer equipment and software | 3 to 5 years |
| Machinery and equipment | 3 to 8 years |
| Furniture and fixtures | 5 to 8 years |
| Leasehold improvements | Lesser of useful life or related lease term |
| Equipment provided under operating leases | 15 years |
| Buildings and building improvements | 20 to 40 years |

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We may encounter scenarios where assets we acquire may deviate from the established standard useful life provided above. Such occurrences are evaluated on a case by case basis, and are assigned a useful life commensurate with the facts and circumstances associated with the specific PP&E being acquired. We capitalize certain costs incurred during the construction phase of a project or asset into construction-in-progress until the construction process is complete. Once the related asset is placed into service, we transfer its carrying value into the appropriate fixed asset category and begin depreciating the value over its useful life.

*Equipment Provided Under Operating Leases.* In arrangements that we assess as operating leases, we recognize our equipment installed at third-party sites as PP&E and depreciate the asset on a straight-line basis.

*Internal-use Software.* We capitalize qualifying internal-use software development costs, consisting primarily of external and internal labor, including stock based compensation, incurred during the application development stage. Costs incurred during the preliminary project and post-implementation stages are charged to expense. Capitalized costs are included in PP&E, net of accumulated amortization in our consolidated balance sheets. Our capitalized internal-use software costs are amortized on a straight-line basis over estimated useful lives of three years, unless another systematic and rational basis is more representative of the software's useful life.

***Business Combinations***

For business combinations, we recognize the identifiable assets acquired, the liabilities assumed and any non-controlling interests in an acquiree, which are measured based on the acquisition date fair value. Goodwill is

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measured as the excess of consideration transferred over the net amounts of the identifiable tangible and intangible assets acquired and the liabilities assumed at the acquisition date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use significant estimates and assumptions to determine the fair value of assets acquired and liabilities assumed, any contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, and the related useful lives of the acquired assets, when applicable, as of the acquisition date. These estimates and assumptions are inherently uncertain and may be subject to change as additional information is received and certain tax returns are finalized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. After the measurement period, any subsequent adjustments are recorded in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs are recorded in general and administrative and sales and marketing expenses on the consolidated statements of operations, and are recognized as incurred.

***Goodwill, Intangible Assets, and Long-Lived Assets***

We perform an assessment of goodwill for potential impairment annually during our third fiscal quarter or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. For our annual goodwill test as of the fiscal quarter ended June 27, 2025, a qualitative assessment was performed and we concluded that it was more likely than not that its fair value was in excess of its carrying amount. Accordingly, no quantitative assessment was performed and no impairment was recorded. We did not incur any goodwill impairment losses in any of the periods presented.

Intangible assets are stated at their original cost less accumulated amortization, and those with definite lives are amortized over their estimated useful lives. Our intangible assets principally consist of acquired technology, patents, customer relationships and contracts, the majority of which are amortized on a straight-line basis over their useful lives using a range from three to eighteen years.

We review long-lived assets, including intangible assets, for impairment whenever events or a change in circumstances indicate an asset or asset group's carrying value may not be recoverable. Recoverability of an asset or asset group is measured by comparing its carrying amount to the total future undiscounted cash flows that it is expected to generate. If it is determined that an asset or asset group is not recoverable, an impairment loss is recorded in the amount by which the carrying amount exceeds its estimated fair value.

***Revenue Recognition***

We enter into revenue arrangements with our customers to license technologies, trademarks and patents for sound and imaging solutions, and to sell products and services. We recognize revenue when we satisfy a performance obligation by transferring control over the use of a license, product, or service to a customer.

For additional financial information and a summary of our accounting policy, refer to Note 3 *"Revenue Recognition"* to our consolidated financial statements.

***Cost of Revenue***

*Cost of licensing.* Cost of licensing primarily consists of amortization expenses associated with purchased intangible assets and intangible assets acquired in business combinations. Cost of licensing also includes IP royalty obligations to third parties, depreciation of our Dolby Cinema equipment provided under operating leases in collaborative arrangements, and direct fees incurred.

*Cost of products and services.* Cost of products primarily consists of the cost of materials related to products sold, applied labor, and manufacturing overhead. Our cost of products also includes third party royalty obligations paid to license IP that we include in our products. Cost of services primarily consists of the personnel and personnel-related costs of employees performing our professional services, and those of outside consultants, and reimbursable expenses incurred on behalf of customers.

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***Stock-Based Compensation***

We measure expenses associated with all employee stock-based compensation awards using a fair-value method and record such expense in our consolidated financial statements on a straight-line basis over the requisite service period.

***Advertising and Promotional Costs***

Advertising and promotional costs are charged primarily to S&M expense as incurred. Our advertising and promotional costs were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Advertising and promotional costs | $51021 | $57338 | $59821 |

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***Foreign Currency Activities***

*Foreign Currency Translation.* We maintain business operations in foreign countries. We translate the assets and liabilities of our international subsidiaries, the majority of which are denominated in non-U.S. dollar functional currencies, into U.S. dollars using exchange rates in effect at the end of each period. Revenue and expenses of these subsidiaries are translated using the average rates for the period. Gains and losses from these translations are included in AOCI within stockholders' equity.

*Foreign Currency Transactions.* Certain of our foreign subsidiaries transact in currencies other than their functional currency. Therefore, we re-measure non-functional currency assets and liabilities of these subsidiaries using exchange rates at the end of each period. As a result, we recognize foreign currency transaction and re-measurement gains and losses, which are recorded within other income, net in our consolidated statements of operations. These gains and losses were as follows (in thousands):&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Foreign currency transaction gains | $1252 | $1800 | $536 |

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*Non-designated Hedges.* In an effort to reduce the risk that our earnings will be adversely affected by foreign currency exchange rate fluctuations, we enter into foreign currency forward contracts exclusively to hedge against assets and liabilities for which we have foreign currency exchange rate exposure. These derivative instruments are carried at fair value with changes in the fair value recorded to other income/(expense), net, in our consolidated statements of operations. While not designated as hedging instruments, these foreign currency forward contracts are used to reduce the exchange rate risk associated primarily with intercompany receivables and payables. These contracts do not subject us to material balance sheet risk due to exchange rate movements as gains and losses on these derivatives are intended to offset gains and losses on the related receivables and payables for which we have foreign currency exchange rate exposure. As of September 26, 2025 and September 27, 2024, the outstanding derivative instruments had maturities of equal to or less than 31 days, respectively, and the total notional amounts of outstanding contracts were $110.1 million and $106.3 million, respectively. The fair values of these contracts are included within accrued liabilities in our consolidated balance sheets.

*Cash Flow Hedges.* We also enter into forward currency contracts exclusively designated as cash flow hedges, which have a maturity of thirteen months or less, to reduce the impact of currency volatility on U.S. dollar operating expenses. As of September 26, 2025 and September 27, 2024, the outstanding derivative instruments had maturities of equal to or less than 12 months, and the total notional amounts of outstanding contracts were $85.8 million and $5.5 million, respectively. The gains and losses from the effective portions of cash flow hedges are recorded at fair value as a component of AOCI, until the hedged item is subsequently reclassified into earnings in the same period in which the hedged transaction affects earnings, with the corresponding hedged item. Amounts reclassified are recorded to the same line item in the consolidated statements of operations as the impact of the hedge transaction, concurrently with the hedged costs.

The pre-tax gain attributed to the effective portion of cash flow hedges recognized in AOCI was $1.0 million in fiscal 2025. The pre-tax loss attributed to the effective portion of cash flow hedges recognized in AOCI was $1.6 million in fiscal 2024. The pre-tax effective portion of the gains reclassified to the consolidated statements of

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operations in fiscal 2025 was not material. The pre-tax effective portion of the gains reclassified to the consolidated statements of operations was $2.1 million in fiscal 2024.

***Income Taxes***

We use the asset and liability method, under which deferred income tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax bases of assets and liabilities, and NOL carryforwards are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is additionally dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities and projected future taxable income in making this assessment, and we record a valuation allowance to reduce our deferred tax assets when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

We record an unrecognized tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the tax authorities. We include interest and penalties related to gross unrecognized tax benefits within our provision for income taxes. To the extent accrued interest and penalties do not ultimately become payable, amounts accrued are reversed in the period that such determination is made and are reflected as a reduction of the overall income tax provision.

***Recently Issued Accounting Standards***

We continually assess any ASUs or other new accounting pronouncements issued by the FASB to determine their applicability and impact on us. Where it is determined that a new accounting pronouncement will result in a change to our financial reporting, we take the appropriate steps to ensure that such changes are properly reflected in our consolidated financial statements or notes thereto.

*Adopted Standards*

*Segment Reporting.* In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* which enhances the disclosures required for operating segments by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, among other expanded disclosures. We adopted this standard during the fourth quarter of fiscal 2025 on a retrospective basis. The adoption did not have a material impact on consolidated financial statements. See Note 16, "*Operating Segments and Geographic Information*," for more information.

*Standards Not Yet Effective*

*Income Taxes.* In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which requires further enhancement of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This standard is effective for Dolby beginning September 27, 2025 on a prospective basis. We are currently in the process of evaluating the impact of the standard's adoption on our consolidated financial statements and related disclosures.

*Income Statement.* In November 2024, the FASB issued ASU 2024-03, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*, which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in notes to financial statements, including purchases of inventory, employee compensation, depreciation, amortization of intangible assets, and selling expenses. In January 2025, the FASB issued ASU 2025-01, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date*, which clarified the effective date of ASU 2024-03. This standard will be effective for Dolby's annual period beginning September 25, 2027 and interim periods beginning September 30, 2028, with early adoption permitted. We are currently in the process of evaluating the impact of the standard's adoption on our consolidated financial statements and related disclosures.

*Intangibles.* In September 2025, the FASB issued ASU 2025-06, *Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,* which eliminates references to the previous stage-based model, and requires capitalization of software costs when

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management has committed to the software project and it is probable the software will be completed and perform its intended use. This standard is effective for Dolby beginning September 30, 2028, and may be applied prospectively, retrospectively, or using a modified transition approach, with early adoption permitted. We are currently in the process of evaluating the impact of the standard's adoption on our consolidated financial statements and related disclosures.

**3. Revenue Recognition**

We enter into revenue arrangements with our customers to license technologies, trademarks and patents for sound and imaging solutions, and to sell products and services. We recognize revenue when we satisfy a performance obligation by transferring control over the use of a license, product, or service to a customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. *Identification of the Contract or Contracts with Customers***

We generally determine that a contract with a customer exists upon the execution of an agreement and after consideration of collectability, which could include an evaluation of the customer's payment history, the existence of a standby letter of credit between the customer's financial institution and our financial institution, public financial information, and other factors. At contract inception, we also evaluate whether two or more non-standard agreements with a customer should be combined and accounted for as a single contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. *Identification of Performance Obligations in a Contract***

We generate revenue principally from the following sources, which represent performance obligations in our contracts with customers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Licensing.* We license our technologies, including patents, to a range of customers who incorporate them into their products for enhanced audio and imaging functionality across broadcast, mobile, CE, PC, gaming, and other markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Product Sales.* We design and provide audio and imaging products for the cinema, television, broadcast, and entertainment industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Services.* We provide various services to support theatrical and television production for cinema exhibition, broadcast, and home entertainment, including equipment training, mixing room alignment, equalization, as well as audio, color and light image calibration. We also offer solutions through our platform Dolby OptiView (previously named Dolby.io) to companies building real-time digital experiences that increase audience engagement. Our solution provides the capability to stream high quality audiovisual content in ultra-low latency which reduces the delay between the action and the viewer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *PCS.* We provide PCS for products sold and for equipment leased, and we support the implementation of our licensing technologies in our licensees' products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Equipment Leases.* We collaborate with established cinema exhibitors to offer Dolby Cinema, a branded premium cinema offering for movie audiences by leasing equipment and licensing our IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** *Licensing Administration Fees.* We generate administrative fees for managing patent pools on behalf of third party patent owners through our subsidiary, Via LA.

Some of our revenue arrangements include multiple performance obligations, such as hardware, software, support and maintenance, and extended warranty services. We evaluate whether promised products and services are distinct performance obligations.

The majority of our arrangements with multiple performance obligations pertain to our digital cinema server and processor sales that include the following distinct performance obligations to which we allocate portions of the transaction price based on their stand-alone selling price:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Digital cinema server hardware and embedded software, which is dependent on and interrelated with the hardware. Accordingly, the hardware and embedded software represent a single performance obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The right to support and maintenance, which is included with the purchase of the digital cinema server hardware, is a distinct performance obligation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The right to receive commissioning services is a distinct performance obligation within the sale of the Dolby Atmos Cinema Processor. These services consist of the review of venue designs specifying proposed speaker placement as well as calibration services performed for installed speakers to ensure optimal playback.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. *Determination of Transaction Price for Performance Obligations in a Contract***

After identifying the distinct performance obligations, we determine the transaction price in accordance with the terms of the underlying executed contract which may include variable consideration such as discounts, rebates, refunds, rights of returns, and incentives. We assess and update, if necessary, the amount of variable consideration to which we are entitled for each reporting period. At the end of each reporting period, we estimate and accrue a liability for returns and adjustments as a reduction to revenue based on several factors, including past return history.

With the exception of our sales-based royalties, we evaluate whether a significant financing component exists when we recognize revenue in advance of customer payments that occur over time. For example, some of our licensing arrangements include payment terms greater than one year from when we transfer control of our IP to a licensee and the receipt of the final payment for that IP. If a significant financing component exists, we classify a portion of the transaction price as interest income, instead of recognizing all of the transaction price as revenue. We do not adjust the transaction price for the effects of financing if, at contract inception, the period between the transfer of control to a customer and final payment is expected to be one year or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. *Allocation of Transaction Price to Distinct Performance Obligations in a Contract***

For our sales-based royalties where the license is the predominant item to which the royalties relate, we present all revenue as licensing.

For revenue arrangements that include multiple performance obligations, we determine the stand-alone selling price for each distinct performance obligation based on the actual selling prices made to customers. If the performance obligation is not sold separately, we estimate the stand-alone selling price. We do so by considering market conditions such as competitor pricing strategies, customer specific information and industry technology lifecycles, internal conditions such as cost and pricing practices, or applying the residual approach method when the selling price of the good, most commonly a license, is highly variable or uncertain.

Once the transaction price, including any variable consideration, has been determined, we allocate the transaction price to the performance obligations identified in the contract and recognize revenue as or when control is transferred for each distinct performance obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. *Revenue Recognition as Control is Transferred to a Customer***

We generate our licensing revenue by licensing our technologies and patents to various types of licensees, such as chip manufacturers ("implementation licensees"), consumer product manufacturers, software vendors, and communications service providers. Our revenue recognition policies for each of these arrangements are summarized below.

*Initial fees from implementation licensees.* Implementation licensees incorporate our technologies into their chipsets that, once approved by Dolby, are available for purchase by OEMs for use in end-user products. Implementation licensees only pay us a nominal initial fee on contract execution as consideration for the ongoing services that we provide to assist in their implementation process. Revenue from these initial fees is recognized ratably over the contractual term as a component of licensing revenue.

*Sales-based licensing fees.* In our royalty bearing licensing agreements with OEMs, control is transferred upon the later of contract execution or the contract's effective date. We apply the royalty exception, which requires that we recognize sales-based royalties when the sales occur based on our estimates. These estimates involve the use of historical data and judgment for several key attributes including industry estimates of expected shipments, the percentage of markets using our technologies, and average sale prices. Generally, our estimates represent the current period's shipments to which we expect our licensees to submit royalty statements within the following two quarters. Upon receipt of royalty statements from the licensees with the actual reporting of sales-based royalties that we estimated previously, we record a favorable or unfavorable adjustment based on the difference, if any, between estimated and actual sales. In the first and second quarters of fiscal 2025, we recorded favorable adjustments of approximately $17 million and $1 million, respectively. In the third and fourth quarters of fiscal 2025, we recorded unfavorable adjustments of approximately $4 million and $1 million, respectively. Each of these adjustments is

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primarily related to shipments that occurred in the prior two quarters, and is largely based on actual royalty statements received from licensees that differed from our estimates.

*Fixed and guaranteed licensing fees.* In certain cases, our arrangements require the licensee to pay fixed, non-refundable fees. In these cases, control is transferred and fees are recognized upon the later of contract execution or the effective date. Additionally and separate from initial fees from implementation licensees, our sales- and usage-based licensing agreements include a nominal fee, which is also recognized at a point in time in which control of the IP has been transferred. Revenue from these arrangements is included as a component of licensing revenue.

*Recoveries.* Through compliance efforts, we identify misreported licensed activity related to non-current periods. We may record a favorable or unfavorable revenue adjustment in connection with the findings from these compliance efforts generally upon resolution with the licensee through agreement of the findings, or upon receipt of the licensee's correction statement. Revenue from these arrangements is included as a component of licensing revenue.

We undertake activities aimed at identifying potential unauthorized uses of our technologies, which, when successful, result in the recognition of revenue. Recoveries stem from third parties who agree to remit payments to us based on past use of our technology. In these scenarios, a legally binding contract did not exist at the time of use of our technology, and therefore, we recognize revenue recoveries upon execution of the agreement as that is the point in time at which a contract exists and control is transferred. This revenue is classified as licensing revenue.

In general, we classify legal costs associated with activities aimed at identifying potential unauthorized uses of our technologies, auditing existing licensees, and on occasion, pursuing litigation as S&M in our consolidated statements of operations.

We recognize licensing revenue gross of withholding taxes, which our licensees remit directly to their local tax authorities, and for which we receive a partial foreign tax credit in our income tax provision.

In addition to our licensing arrangements, we also enter into arrangements to deliver products and services.

*Product Sales.* Revenue from the sale of products is recognized when the customer obtains control of the promised good or service, which is generally upon shipment. Payments are generally made within 90 days of sale.

*Services.* We provide various services, such as engineering services related to movie soundtrack print mastering, equipment training and maintenance, mixing room alignment, equalization, and image calibration, which we bill on a fixed fee and time and materials basis. Most of these services are of a short duration and are recognized as control of the performance obligations are transferred which is when the related services are performed.

*Cloud Services.* We offer solutions through our Dolby OptiView platform as well as cloud encoding services, generally, on either a consumption or subscription basis. Revenue related to cloud services provided on a consumption basis is recognized when the customer utilizes the services, based on the quantity of services consumed. Revenue related to cloud services provided on a subscription basis is recognized ratably over the contract term as the customer receives and consumes the benefits of the cloud services.

*Collaborative Arrangements.* We collaborate with established cinema exhibitors to offer Dolby Cinema, a branded premium cinema offering for movie audiences. Under such collaborations, Dolby and the exhibitor are both active participants, and share the risks and rewards associated with the business. Accordingly, these collaborations are governed by revenue sharing arrangements under which Dolby receives revenue based on box office receipts, in exchange for our proprietary designs and trademarks as well as for the use of our equipment at the exhibitor's venue. The use of our product solution meets the definition of a lease, and for the related portion of Dolby's share of revenue, we apply ASC 842, *Leases*, and recognize revenue based on monthly, or quarterly, box office reports from exhibitors. Our revenue share is recognized as licensing revenue in our consolidated statements of operations.

In addition, we also enter into hybrid agreements where a portion of our revenue share involves guaranteed payments, which in some cases result in classifying the arrangement as a sales-type lease. In such arrangements, we consider control to transfer at the point in time to which we have installed and tested the equipment, at which point we record such guaranteed payments as product revenue.

*Licensing Administration Fee.* We generate administrative fees for managing patent pools on behalf of third party patent owners through our subsidiary, Via LA. As an agent to licensors in the patent pool, Via LA receives a

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share of the sales-based royalty that the patent pool licensors earn from licensees. As such, we apply the sales-based royalty exception as the service provided is directly related to the patent pool licensors' provision of IP, which results in recognition based on estimates of the licensee's quarter shipments that use the pool's patents. In addition to sales-based royalties, Via LA also has contracts where the fees are fixed. The revenue share Via LA receives from licensors on fixed fee contracts is recognized over the term in which we are providing services associated with the fixed fee contract. We recognize our administrative fees net of the consideration paid to the patent licensors in the pool as licensing revenue.

Deferred revenue, which is a component of contract liabilities, represents amounts that are ultimately expected to be recognized as revenue, but for which we have yet to satisfy the performance obligation. As of September 26, 2025, we had $61.1 million of remaining performance obligations, 53% of which we expect to recognize as revenue in fiscal 2026, 20% in fiscal 2027, and the balance of 27% in fiscal years beyond 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. *Disaggregation of Revenue***

The following table presents a summary of the composition of our revenue for all periods presented (in thousands, except percentage amounts):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| ***Revenue*** | **September 26, 2025** | **September 26, 2025** | **September 27, 2024** | **September 27, 2024** | **September 29, 2023** | **September 29, 2023** |
| Licensing | $1248017 | 93% | $1181794 | 93% | $1197930 | 92% |
| Products and services | 101113 | 7% | 91927 | 7% | 101814 | 8% |
| **Total revenue** | $**1349130** | **100%** | $**1273721** | **100%** | $**1299744** | **100%** |

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The following table presents the composition of our licensing revenue for all periods presented (in thousands, except percentage amounts):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| ***Market*** | **September 26, 2025** | **September 26, 2025** | **September 27, 2024** | **September 27, 2024** | **September 29, 2023** | **September 29, 2023** |
| Broadcast | $428471 | 34% | $409105 | 35% | $451719 | 38% |
| Mobile | 268568 | 22% | 235774 | 20% | 243897 | 20% |
| CE | 150704 | 12% | 165817 | 14% | 170197 | 14% |
| PC | 151894 | 12% | 141300 | 12% | 124362 | 10% |
| Other | 248380 | 20% | 229798 | 19% | 207755 | 18% |
| **Total licensing revenue** | $**1248017** | **100%** | $**1181794** | **100%** | $**1197930** | **100%** |

---

We license our technologies in approximately 60 countries, and our licensees distribute products that incorporate our technologies throughout the world. We generate the majority of our revenue from outside the U.S. Geographic data for our Licensing revenue is based on the location of our licensees' headquarters, Products revenue is based on the destination to which we ship our products, and Services revenue is based on the location where services are performed. The following table presents the composition of our revenue by geographic location for all periods presented (in thousands, except percentage amounts):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| ***Geographic Location*** | **September 26, 2025** | **September 26, 2025** | **September 27, 2024** | **September 27, 2024** | **September 29, 2023** | **September 29, 2023** |
| United States | $496990 | 37% | $450265 | 35% | $466030 | 36% |
| International | 852140 | 63% | 823456 | 65% | 833714 | 64% |
| **Total revenue** | $**1349130** | **100%** | $**1273721** | **100%** | $**1299744** | **100%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. *Contract Balances***

Our contract assets represent rights to consideration from licensees for the use of our IP that we have estimated in a given period in the absence of receiving actual royalty statements from licensees. These estimates reflect our best judgment at that time, and are developed using a number of inputs, including historical data, industry estimates of expected shipments, anticipated sales price and performance, and third party data supporting the percentage of markets using our technologies. In the event that our estimates differ from actual amounts reported, we record an adjustment in the quarter in which the royalty statement is received, which is typically the quarter following our estimate. Actual amounts reported are typically paid within 60 days following the end of the quarter of shipment. The main drivers for change in the contract assets account are variances in quarterly estimates, and to a lesser degree, timing of receipt of actual royalty statements.

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Our contract liabilities consist of advance payments and billings in advance of performance, typically satisfied within one year. The non-current portion of contract liabilities is separately disclosed in our consolidated balance sheets. We present the net contract asset or liability when we have both contract assets and contract liabilities for a single contract. In fiscal 2025, we recognized $31.2 million from prior period deferred revenue.

The following table presents a summary of the balances to which contract assets and liabilities related to revenue are recorded for all periods presented (in thousands, except percentage amounts):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 26, 2025** | **September 27, 2024** | **Change ($)** | **Change (%)** |
| Accounts receivable, net | $331096 | $315465 | $15631 | 5% |
| Contract assets, net | 180804 | 197478 | (16674) | (8)% |
| Contract liabilities - current | 31382 | 31644 | (262) | (1)% |
| Contract liabilities - non-current | 29687 | 34593 | (4906) | (14)% |

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**4. Composition of Certain Financial Statement Captions** 

The following tables present detailed information from our consolidated balance sheets as of September 26, 2025 and September 27, 2024 (in thousands).

***Accounts Receivable and Contract Assets***

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| | | |
|:---|:---|:---|
| **Accounts Receivable and Contract Assets, net** | **September 26,<br>2025** | **September 27,<br>2024** |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable | $186221 | $170574 |
| &nbsp;&nbsp;&nbsp;Accounts receivable from patent administration program licensees | 152096 | 150252 |
| &nbsp;&nbsp;Contract assets | 180905 | 197584 |
| Accounts receivable and contract assets, gross | 519222 | 518410 |
| &nbsp;&nbsp;&nbsp;Less: allowance for credit losses on accounts receivable and contract assets | (7322) | (5467) |
| **Total accounts receivable and contract assets, net** | $**511900** | $**512943** |

---

Accounts receivable as of September 26, 2025 and September 27, 2024, respectively, includes unbilled accounts receivable balances of $173.5 million and $173.8 million, related to amounts that are contractually owed. The unbilled balance represents our unconditional right to consideration related to fixed fee contracts which we are entitled to as a result of satisfying, or partially satisfying, performance obligations, as well as Via LA's unconditional right to consideration related to its patent administration programs.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Allowance for Credit Losses** | **Beginning Balance** | **Charges/(Credits) <br>to S&M and G&A** | **Deductions** | **Ending Balance** |
| For fiscal year ended: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;September 29, 2023 | $14405 | $(793) | $(2643) | $10969 |
| &nbsp;&nbsp;&nbsp;September 27, 2024 | 10969 | (2256) | (1877) | 6836 |
| &nbsp;&nbsp;&nbsp;September 26, 2025 | 6836 | 2434 | (988) | 8282 |

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Allowance for credit losses includes the provision for estimated credit losses on our sales-type leases, which was not material as of September 26, 2025 and September 27, 2024.

***Inventories***

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| | | |
|:---|:---|:---|
| | **September 26,<br>2025** | **September 27,<br>2024** |
| &nbsp;&nbsp;&nbsp;Raw materials | $4254 | $3079 |
| &nbsp;&nbsp;&nbsp;Work in process | 4187 | 4791 |
| &nbsp;&nbsp;&nbsp;Finished goods | 21983 | 25858 |
| **Total inventories** | $**30424** | $**33728** |

---

Inventories are stated at the lower of cost and net realizable value. Inventory with a consumption period expected to exceed twelve months is recorded within other non-current assets in our consolidated balance sheets. We have included $7.5 million and $10.4 million of inventory within non-current assets as of September 26, 2025 and September 27, 2024, respectively. Based on anticipated inventory consumption rates, and aside from existing write-downs due to excess inventory, we do not believe that material risk of obsolescence exists prior to ultimate sale.

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***Prepaid Expenses and Other Current Assets***

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| | | |
|:---|:---|:---|
| | **September 26,<br>2025** | **September 27,<br>2024** |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | $28006 | $29745 |
| &nbsp;&nbsp;&nbsp;Other current assets | 23867 | 40249 |
| **Total prepaid expenses and other current assets** | $**51873** | $**69994** |

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Other current assets included certain assets held for sale initially valued at $18.2 million as of September 27, 2024, and the estimated fair value of the assets was subsequently increased by $6.3 million for a total value of $24.5 million. During fiscal 2025, we sold $15.8 million of the assets classified as held for sale, and the remaining assets no longer met the criteria for held for sale, and as such, we reclassified $8.7 million in assets held for sale to short-term and long-term investments. Refer to Note 15 "*Business Combinations*" for more information.

***Accrued Liabilities***

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| | | |
|:---|:---|:---|
| | **September 26,<br>2025** | **September 27,<br>2024** |
| &nbsp;&nbsp;&nbsp;Amounts payable to patent administration program partners | $166315 | $156472 |
| &nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 106579 | 97179 |
| &nbsp;&nbsp;&nbsp;Accrued professional fees | 21165 | 16568 |
| &nbsp;&nbsp;&nbsp;Unpaid property, plant, and equipment additions | 3439 | 17055 |
| &nbsp;&nbsp;&nbsp;Accrued customer refunds | 4218 | 2988 |
| &nbsp;&nbsp;Accrued market development funds | 2578 | 2522 |
| &nbsp;&nbsp;&nbsp;Other accrued liabilities | 64962 | 54745 |
| **Total accrued liabilities** | $**369256** | $**347529** |

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***Other Non-Current Liabilities***

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| | | |
|:---|:---|:---|
| | **September 26,<br>2025** | **September 27,<br>2024** |
| &nbsp;&nbsp;&nbsp;Supplemental retirement plan obligations | $5315 | $4946 |
| &nbsp;&nbsp;Non-current tax liabilities <sup>(1)</sup> | 46159 | 78355 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 48369 | 52551 |
| **Total other non-current liabilities** | $**99843** | $**135852** |

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(1) &nbsp;&nbsp;&nbsp;&nbsp;Refer to Note 12 "*Income Taxes"* for additional information related to our tax liabilities.

**5. Investments and Fair Value Measurements** 

In general, we use cash holdings to purchase investment-grade securities diversified among security types, industries, and issuers. Our cash equivalents consist of highly-liquid money market funds. Our mutual fund investments held in our SERP are classified as trading securities. Derivative contracts are used to hedge currency risk, and these are carried at fair value and classified as other current assets, other non-current assets, and accrued liabilities in the consolidated balance sheets.

Our cash and investment portfolio consisted of the following (in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** |
| | **Cost** | **Unrealized** | **Unrealized** | | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** |
| | **Cost** | **Gains** | **Losses** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Cash and cash equivalents: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $529422 | $— | $— | $529422 | $529422 | $— | $— |
| &nbsp;&nbsp;&nbsp;Cash equivalents: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | 172471 |  |  | 172471 | 172471 |  |  |
| Cash and cash equivalents | 701893 |  |  | 701893 | 701893 |  |  |
| Short-term investments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Marketable equity securities | 703 |  |  | 703 | 703 |  |  |
| Short-term investments | 703 |  |  | 703 | 703 |  |  |
| Long-term investments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other investments | 80205 |  |  | 80205 |  |  |  |
| Long-term investments | 80205 |  |  | 80205 |  |  |  |
| **Total cash, cash equivalents, and investments** | $**782801** | $**—** | $**—** | $**782801** | $**702596** | $**—** | $**—** |
| Investments held in supplemental retirement plan: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $5413 | $— | $— | $5413 | $5413 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;*Included in prepaid expenses and other current assets and other non-current assets* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in prepaid expenses and other current assets and other non-current assets* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in prepaid expenses and other current assets and other non-current assets* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in prepaid expenses and other current assets and other non-current assets* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities | $5413 | $— | $— | $5413 | $5413 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;*Included in accrued liabilities and other non-current liabilities* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in accrued liabilities and other non-current liabilities* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in accrued liabilities and other non-current liabilities* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in accrued liabilities and other non-current liabilities* |  |  |  |  |
| Currency derivatives as hedge instruments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: Included in other current assets | $— | $1442 | $— | $1442 | $— | $1442 | $— |
| &nbsp;&nbsp;&nbsp;Assets: included in other non-current assets |  | 111 |  | 111 |  | 111 |  |
| &nbsp;&nbsp;&nbsp;Liabilities: Included in other accrued liabilities |  |  | (48) | (48) |  | (48) |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** |
| | **Cost** | **Unrealized** | **Unrealized** | | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** |
| | **Cost** | **Gains** | **Losses** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Cash and cash equivalents: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $482047 | $— | $— | $482047 | $482047 | $— | $— |
| Cash and cash equivalents | 482047 |  |  | 482047 | 482047 |  |  |
| Long-term investments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other investments | 89267 |  |  | 89267 |  |  | 76000 |
| Long-term investments | 89267 |  |  | 89267 |  |  | 76000 |
| **Total cash, cash equivalents, and investments** | $**571314** | $**—** | $**—** | $**571314** | $**482047** | $**—** | $**76000** |
| Investments held in supplemental retirement plan: | Investments held in supplemental retirement plan: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $5044 | $— | $— | $5044 | $5044 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;*Included in prepaid expenses and other current assets and other non-current assets* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in prepaid expenses and other current assets and other non-current assets* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in prepaid expenses and other current assets and other non-current assets* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in prepaid expenses and other current assets and other non-current assets* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities | $5044 | $— | $— | $5044 | $5044 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;*Included in accrued liabilities and other non-current liabilities* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in accrued liabilities and other non-current liabilities* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in accrued liabilities and other non-current liabilities* | &nbsp;&nbsp;&nbsp;&nbsp;*Included in accrued liabilities and other non-current liabilities* |  |  |  |  |
| Currency derivatives as hedge instruments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: Included in other current assets | $— | $299 | $— | $299 | $— | $299 | $— |

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***Equity Securities***

Our equity securities primarily consist of our equity method investments, including our equity method investment in Access Advance, of $68.5 million and $84.3 million as of September 26, 2025 and September 27, 2024,

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respectively, and equity securities without a readily determinable fair value, valued at $11.8 million and $5.0 million as of September 26, 2025 and September 27, 2024, respectively. The equity method investment and equity securities without a readily determinable value are recorded within long-term investments in our consolidated balance sheets.

The equity method investments are regularly assessed for impairment, and in the case of an impairment, we adjust the carrying value of our investment. Our share of the equity method investee's net income or loss is included in other income/(expense), net on the consolidated statements of operations. Our share of the equity method investee's net income was $24.1 million, $14.2 million, and $5.1 million in fiscal 2025, fiscal 2024, and fiscal 2023, respectively.

During fiscal 2025, we reclassified $8.7 million in assets held for sale to short-term and long-term investments. Refer to Note 15, "*Business Combinations*" for more information.

***Fair Value Hierarchy***

Fair value is the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. We minimize the use of unobservable inputs and use observable market data, if available, when determining fair value. We classify our inputs to measure fair value using the following three-level hierarchy:

Level 1: Quoted prices in active markets at the measurement date for identical assets and liabilities. We base the fair value of our Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments.

Level 2: Prices may be based upon quoted prices in active markets or inputs not quoted on active markets but are corroborated by market data. We obtain the fair value of our Level 2 financial instruments from a professional pricing service, which may use quoted market prices for identical or comparable instruments, or model driven valuations using observable market data or inputs corroborated by observable market data. To validate the fair value determination provided by our primary pricing service, we perform quality controls over values received which include comparing our pricing service provider's assessment of the fair values of our investment securities against the fair values of our investment securities obtained from another independent source, reviewing the pricing movement in the context of overall market trends, and reviewing trading information from our investment managers. In addition, we assess the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The fair value of the currency derivatives are calculated from market spot rates, forward rates, interest rates, and credit ratings at the end of the period.

Level 3: Unobservable inputs are used when little or no market data is available and reflect management's estimates of assumptions that market participants would use in pricing the asset or liability.

The following table describes the valuation techniques and inputs applicable to each class of security held within our investment portfolio:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type**<br>**Level 1** | **Primary Source** | **Update Frequency** | **Fair Value Methodology** | **Secondary Source** |
| Money Market Funds | Not Applicable | Daily | $1 per share | Not Applicable |

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As a part of the acquisition of GE Licensing in fiscal 2024, we acquired GE Licensing's ownership interest in Access Advance, which increased our equity method investment by $76 million. This increase in our investment was classified as Level 3 within the fair value hierarchy, and measured using the discounted cash flows method, whereby the cash flows expected to be generated by the business are discounted to their present value using a rate of return that reflects the relative risk of the investment and the time value of money. Inputs used in the valuation were the prospective financial information, including projected revenue associated with the investment, and discount rate to reflect the risk of the equity investment compared to the main operating business of GE Licensing. In determining the discount rate, a risk assessment was performed, where revenue growth was assessed, among other factors, and as such, revenue growth and the discount rate are considered interrelated unobservable inputs.

***Securities In Gross Unrealized Loss Position***

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We periodically evaluate our investments for impairment by comparing the fair value with the cost basis for each of our investment securities. We had no securities that were in an unrealized loss position as of September 26, 2025 and September 27, 2024, respectively.

***Cash Equivalents Maturities***

The following table summarizes the amortized cost and estimated fair value of our cash equivalents as of September 26, 2025, which are recorded within cash and cash equivalents in our consolidated balance sheets (in thousands):

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| | | |
|:---|:---|:---|
| **Range of maturity** | **Amortized Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;Due within 1 year | $172471 | $172471 |
| &nbsp;&nbsp;&nbsp;Due in 1 to 2 years |  |  |
| &nbsp;&nbsp;&nbsp;Due in 2 to 5 years |  |  |
| **Total** | $**172471** | $**172471** |

---

**6. Property, Plant, and Equipment&nbsp;&nbsp;&nbsp;&nbsp;**

PP&E are recorded at cost, with depreciation expense included in cost of licensing, cost of products and services, R&D, S&M, and G&A expenses in our consolidated statements of operations. Depreciation expense was $42.5 million, $42.4 million, and $54.0 million in fiscal 2025, 2024, and 2023, respectively.

As of September 26, 2025 and September 27, 2024, PP&E consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
| **Property, Plant, and Equipment** | **September 26,<br>2025** | **September 27,<br>2024** |
| &nbsp;&nbsp;&nbsp;Land | $42021 | $42010 |
| &nbsp;&nbsp;&nbsp;Buildings and building improvements | 290920 | 288908 |
| &nbsp;&nbsp;&nbsp;Leasehold improvements | 84605 | 86613 |
| &nbsp;&nbsp;&nbsp;Machinery and equipment | 163382 | 138425 |
| &nbsp;&nbsp;&nbsp;Computer equipment and software | 195521 | 240930 |
| &nbsp;&nbsp;&nbsp;Furniture and fixtures | 31476 | 31581 |
| &nbsp;&nbsp;&nbsp;Equipment provided under operating leases | 234426 | 244327 |
| &nbsp;&nbsp;&nbsp;Construction-in-progress | 36181 | 25091 |
| Property, plant, and equipment, gross | 1078532 | 1097885 |
| &nbsp;&nbsp;&nbsp;Less: accumulated depreciation | (607924) | (618776) |
| **Property, plant, and equipment, net** | $**470608** | $**479109** |

---

**7. Leases**

***As Lessee***

As a lessee, we enter into contracts to access and utilize office space, including those payable to our principal stockholder and portions attributable to the noncontrolling interests in our consolidated subsidiaries. We determine if a contract contains a lease based on whether we have the right to obtain substantially all of the economic benefits from the use of an identified asset and whether we have the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which we do not own. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets are recognized as the lease liability, adjusted for lease incentives received. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is our IBR, because the interest rate implicit in our leases is not readily determinable. The IBR is a hypothetical rate based on our understanding of what our credit rating would be and resulting interest we would pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. Lease payments may be fixed or variable, however, only fixed payments are included in our lease liability calculation. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments is incurred.

The lease term of operating leases vary from less than one year to 10 years. We have leases that include one or more options to extend the lease term for up to 5 years as well as options to terminate the lease within one year. Our

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lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise such options.

The components of lease expense were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| **Lease cost** | | | |
| Operating lease cost | $13075 | $14275 | $14860 |
| Variable lease cost | 2015 | 1947 | 1424 |
| **Total lease cost** | $**15090** | $**16222** | $**16284** |

---

Supplemental cash flow information related to leases was as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| **Other information** | | | |
| Cash paid for amounts included in the measurement of operating lease liabilities | $14862 | $15602 | $16589 |
| Right-of-use assets obtained in exchange for operating lease obligations | 4731 | 21087 | 16259 |

---

Supplemental balance sheet information related to leases was as follows:

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| | | |
|:---|:---|:---|
| | **September 26,<br>2025** | **September 27,<br>2024** |
| **Operating Leases** | | |
| Weighted-average remaining lease term | 4.8 years | 5.3 years |
| Weighted-average discount rate | 6.0% | 5.4% |

---

The following table presents the maturity analysis of lease liabilities (in thousands):

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| | |
|:---|:---|
| | **September 26, 2025** |
| | **Operating Leases** |
| Fiscal 2026 | $12306 |
| Fiscal 2027 | 9299 |
| Fiscal 2028 | 8071 |
| Fiscal 2029 | 6114 |
| Fiscal 2030 | 3400 |
| Thereafter | 5595 |
| Total undiscounted lease payments | 44785 |
| Less: imputed interest | (5907) |
| **Total lease liabilities** | $**38878** |

---

***As Lessor***

As a lessor, we lease our Dolby Cinema product solution to exhibitors. The terms of these leases are typically 10 years. Lease components consist of fixed payments and/or variable lease payments based on contracted percentages of revenue. Generally, leases do not grant any right to the lessee to purchase the underlying asset at the end of the lease term. Dolby Cinema lease arrangements have options to extend the lease term at expiration by increments ranging from 1 to 5 years.

Assets provided under an operating lease are carried at cost within property, plant, and equipment, net on the consolidated balance sheets, and depreciated over the useful life of the asset using the straight-line method. Fixed operating lease payments are recognized on a straight-line basis over the lease term to revenue. Variable lease payments received under our Dolby Cinema operating leases are computed as shares of lessees' box office revenue and recognized to revenue in the period that box office sales occur. Lease incentive payments we make to lessees are amortized as a reduction in revenue over the lease term. The components of lease income were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| **Operating Lease Income** | | | |
| Variable operating lease income | $36828 | $31794 | $33921 |
| Fixed operating lease income | 4294 | 3570 | 3253 |

---

If a lease is classified as a sales-type lease, the carrying amount of the asset is derecognized from property, plant, and equipment, net, and a net investment in the lease is recorded. The net investment in the lease is measured at commencement date as the sum of the lease receivable and the estimated residual value of the equipment. The unguaranteed residual value of the equipment is determined as the estimated carrying value of the asset at the end of the lease term had the asset been depreciated on a straight-line basis. The unguaranteed residual value of sales-type leases was $0.5 million and $0.9 million as of September 26, 2025 and September 27, 2024, respectively. Selling profit or loss arising from a sales-type lease is recorded at lease commencement and presented on a gross basis. Over the term of the lease, we recognize interest income on the net investment in the lease, and variable lease payments, which are not included in the net investment in the lease. The variable lease payments are not material.

The following table presents the maturity analysis of fixed lease payments due to Dolby (in thousands):

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| | | |
|:---|:---|:---|
| | **September 26, 2025** | **September 26, 2025** |
| | **Operating Leases** | **Sales-Type Leases** |
| Fiscal 2026 | $932 | $220 |
| Fiscal 2027 |  | 220 |
| Fiscal 2028 and thereafter |  | 220 |
| Total undiscounted cash flows | $932 | 660 |
| Less: Carrying value of lease receivables |  |  |
| **Difference** |  | $**660** |

---

**8. Goodwill and Intangible Assets** 

***Goodwill***

The following table outlines changes to the carrying amount of goodwill (in thousands):

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| | |
|:---|:---|
| | **Goodwill** |
| **Balance as of September 29, 2023** | $**408409** |
| &nbsp;&nbsp;Acquired goodwill <sup>(1)</sup> | 120667 |
| &nbsp;&nbsp;Translation adjustments | 4132 |
| **Balance as of September 27, 2024** | $**533208** |
| &nbsp;&nbsp;Translation adjustments | 1757 |
| &nbsp;&nbsp;Measurement period adjustments | (5065) |
| **Balance as of September 26, 2025** | $**529900** |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Refer to Note 15 "*Business Combinations*" for additional information related to our acquired goodwill.

***Intangible Assets***

Intangible assets are stated at their original cost less accumulated amortization, and principally consist of acquired patents, technology, and customer relationships and contracts. Intangible assets subject to amortization consisted of the following (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** |
| **Intangible Assets, Net** | **Cost** | **Accumulated<br>Amortization** | **Net** | **Cost** | **Accumulated<br>Amortization** | **Net** |
| &nbsp;&nbsp;Acquired patents and technology | $587743 | $(324507) | $263236 | $579768 | $(293389) | $286379 |
| &nbsp;&nbsp;Customer relationships | 221007 | (87401) | 133606 | 220200 | (72374) | 147826 |
| &nbsp;&nbsp;Other intangible assets | 23171 | (22956) | 215 | 23125 | (22816) | 309 |
| **Total** | $**831921** | $**(434864)** | $**397057** | $**823093** | $**(388579)** | $**434514** |

---

During fiscal 2025, we purchased various patents for purchase consideration of $5.6 million and upon acquisition, these intangible assets had a weighted-average useful life of 14 years. During fiscal 2024, we acquired $274.2 million and $24.6 million of identifiable intangible assets in connection with the acquisitions of GE Licensing and THEO, respectively. Refer to Note 15 "*Business Combinations*" for additional information.

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Amortization expense for our intangible assets is included in cost of licensing, cost of products and services, R&D, S&M, and G&A expenses in our consolidated statements of operations. Amortization expense was $45.3 million, $33.2 million, and $28.6 million in fiscal 2025, fiscal 2024, and fiscal 2023, respectively. As of September 26, 2025, expected amortization expense of our intangible assets in future fiscal periods was as follows (in thousands):

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| | |
|:---|:---|
| **Fiscal Year** | **Amortization Expense** |
| &nbsp;&nbsp;&nbsp;2026 | $44751 |
| &nbsp;&nbsp;&nbsp;2027 | 44051 |
| &nbsp;&nbsp;&nbsp;2028 | 42014 |
| &nbsp;&nbsp;&nbsp;2029 | 41889 |
| &nbsp;&nbsp;&nbsp;2030 | 40567 |
| &nbsp;&nbsp;&nbsp;Thereafter | 183785 |
| **Total** | $**397057** |

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**9. Stockholders' Equity and Stock-Based Compensation** 

We provide stock-based awards as a form of compensation for employees, officers, and directors. We issue stock-based awards in the form of stock options and RSUs under our equity incentive plans, as well as shares under our ESPP.

***Common Stock - Class A and Class B***

Our Board of Directors has authorized two classes of common stock, Class A and Class B. As of September 26, 2025, we had authorized 500,000,000 Class A shares and 500,000,000 Class B shares. As of September 26, 2025, we had 60,802,616 shares of Class A common stock and 34,660,045 shares of Class B common stock issued and outstanding. Holders of our Class A and Class B common stock have identical rights, except that holders of our Class A common stock are entitled to one vote per share and holders of our Class B common stock are entitled to ten votes per share. Shares of Class B common stock can be converted to shares of Class A common stock at any time at the option of the stockholder and automatically convert upon sale or transfer, except for certain transfers specified in our amended and restated certificate of incorporation.

***Stock Incentive Plans***

Our 2020 Stock Plan originally was adopted by our Board of Directors and shareholders in 2005 (when the 2020 Stock Plan was called the 2005 Stock Plan). Our stockholders last approved amendments to the 2020 Stock Plan at our 2023 annual meeting of stockholders. Our 2020 Stock Plan, as amended and restated, provides for the ability to grant incentive stock options, non-qualified stock options, restricted stock, RSUs, stock appreciation rights, deferred stock units, performance units, performance bonus awards, and performance shares. A total of 64.0 million shares of our Class A common stock have been authorized for issuance under the 2020 Stock Plan in total since inception of the plan. Any shares subject to an award with a per share price less than the fair market value of our Class A common stock on the date of grant and any shares subject to an outstanding RSU award will be counted against the authorized share reserve as 1.6 shares for every one share subject to the award, and if returned to the 2020 Stock Plan, such shares will be counted as 1.6 shares for every one share returned.

*Stock Options.&nbsp;&nbsp;&nbsp;&nbsp;*Stock options are granted at fair market value on the date of grant. Options generally vest over four years, with 25% of the options becoming exercisable on the one-year anniversary of the date of grant and the balance of the shares vesting in equal monthly installments over the following 36 months. These options expire on the earlier of ten years after the date of grant or three months after termination of service. All options granted vest over the requisite service period and upon the exercise of stock options, we issue new shares of Class A common stock under the 2020 Stock Plan. Our 2020 Stock Plan also allows us to grant stock awards which vest based on the satisfaction of specific performance criteria.

*Performance-Based Stock Options.&nbsp;&nbsp;&nbsp;&nbsp;*From fiscal 2016 through fiscal 2019, we granted PSOs to certain officers with shares of our Class A common stock underlying such options. The contractual term for the PSOs was seven years, with vesting contingent upon market-based performance conditions, representing the achievement of specified Dolby annualized TSR targets at the end of a three-year measurement period following the date of grant. Anywhere from 0% to 125% of the shares subject to a PSO vested based on achievement of the performance conditions at the end of the three-year performance period.

In valuing the PSOs, which are recognized as compensation cost, we used a Monte Carlo valuation model. Aside from the use of an expected term for the PSOs commensurate with their shorter contractual term, the nature of

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the valuation inputs used in the Monte Carlo valuation model were consistent with those used to value our non-performance based options granted under the 2020 Stock Plan. Compensation cost is being amortized on a straight-line basis over the requisite service period.

As of September 26, 2025, an aggregate of 58,701 shares of PSOs were exercisable and outstanding.

The following table summarizes information about stock options, including PSOs, issued under our 2020 Stock Plan:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares** | **Weighted-Average Exercise Price** | **Weighted-Average Remaining Contractual Life** | **Aggregate Intrinsic** <br>**Value** <sup>(1)</sup> |
|  | *(in thousands)* |  | *(in years)* | *(in thousands)* |
| **Options outstanding as of September 27, 2024** | **3470** | $69.04 |  |  |
| Grants | 327 | 77.91 |  |  |
| Exercises | (538) | 52.70 |  |  |
| **Options outstanding as of September 26, 2025** | **3259** | 72.71 | 5.10 | $15355 |
| Options vested and expected to vest as of September 26, 2025 | 3129 | 72.60 | 5.03 | 15353 |
| Options exercisable as of September 26, 2025 | 2553 | 71.02 | 4.25 | 15228 |

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(1)Aggregate intrinsic value is based on the closing stock price of our Class A common stock on September 26, 2025 of $72.39 and excludes the impact of options that were not in-the-money.

*Restricted Stock Units.&nbsp;&nbsp;&nbsp;&nbsp;*In fiscal 2008, we began granting RSUs to certain directors, officers and employees. RSU awards granted to employees and officers generally vest over four years, with cliff-vesting. Awards granted to ongoing non-employee directors generally vest over approximately one year. Awards granted to new non-employee directors from fiscal 2014 onward vest on the earlier of the first anniversary of the award's date of grant, or the day immediately preceding the date of the next annual meeting of stockholders that occurs after the award's date of grant. At each vesting date, the holder of the award is issued shares of our Class A common stock. Compensation expense from these awards is equal to the adjusted fair market value of our Class A common stock on the date of grant, discounted to account for dividend payments forgone during the vesting period, and is recognized on a straight-line basis over the requisite service period. Certain grants may have other vesting conditions or other award terms as approved by the Compensation Committee of our Board of Directors. Our 2020 Stock Plan also allows us to grant RSUs that vest based on the satisfaction of specific performance criteria.

*Performance-Based Restricted Stock Units.&nbsp;&nbsp;&nbsp;&nbsp;*In fiscal 2020, we began granting PSUs to certain officers with shares of our Class A common stock underlying such awards. The terms of the PSU Agreement adopted in the first quarter fiscal 2020 provide for the grant of PSUs to certain officers contingent on Dolby's achievement of annualized TSR targets measured against a comparator index over a three-year performance period following the date of grant. Anywhere from 0% to 200% of eligible restricted stock units may vest based on achievement of the performance conditions at the end of the three-year performance period. The value of the PSUs, which is recognized as compensation cost, is calculated using a Monte Carlo valuation model. Compensation cost is being amortized on a straight-line basis over the requisite service period. Certain grants may have other vesting conditions or other award terms as approved by the Compensation Committee of our Board of Directors.

The following table summarizes information on PSUs granted to our officers that have not vested as of September 26, 2025:

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| | | |
|:---|:---|:---|
| | **Aggregate Shares Granted** | **Potential Shares at Vest Date (at 200% of Target)** |
| &nbsp;&nbsp;&nbsp;December 15, 2022 | 90613 | 181226 |
| &nbsp;&nbsp;&nbsp;December 15, 2023 | 77283 | 154566 |
| &nbsp;&nbsp;&nbsp;December 16, 2024 | 92971 | 185942 |

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On December 16, 2019, we granted PSUs to our executive officers for an aggregate of 62,000 shares, which vested in December 2022 at 81% of the target award amount. On December 15, 2020, we granted PSUs to our executive officers for an aggregate of 66,138 shares, which vested in December 2023 at 80% of the target award amount. On December 15, 2021, we granted PSUs to our executive officers for an aggregate of 60,301 shares, which vested in December 2024 at 70% of the target award amount. As of September 26, 2025, PSUs which would vest for an aggregate of 255,589 shares at the target award amount (511,178 shares at 200% of the target award amount) were outstanding.

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The following table summarizes information about RSUs, including PSUs, issued under our 2020 Stock Plan:

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| | | |
|:---|:---|:---|
| | **Shares** | **Weighted-Average<br>Grant Date Fair Value** |
|  | *(in thousands)* |  |
| **Non-vested as of September 27, 2024** | **3846** | $**80.33** |
| &nbsp;&nbsp;&nbsp;Granted | 1937 | 74.56 |
| &nbsp;&nbsp;&nbsp;Vested | (1373) | 82.14 |
| &nbsp;&nbsp;&nbsp;Forfeitures | (280) | 79.60 |
| **Non-vested as of September 26, 2025** | **4130** | $**77.07** |

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The fair value of vested RSUs (measured as of the vesting date) was as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26, 2025** | **September 27, 2024** | **September 29, 2023** |
| Restricted stock units - vest date fair value | $108069 | $113909 | $92843 |

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*Employee Stock Purchase Plan*. Our ESPP originally was adopted by our Board of Directors and shareholders in 2005. Our stockholders last approved amendments to the ESPP at our 2023 annual meeting of stockholders. The ESPP allows eligible employees to have up to 10 percent of their eligible compensation withheld and used to purchase Class A common stock, subject to a maximum of $25,000 worth of stock purchased in a calendar year or no more than 1,000 shares in an offering period, whichever is less. An offering period consists of successive six-month purchase periods, with a look back feature to our stock price at the commencement of a one-year offering period. The plan provides for a discount equal to 15 percent of the lower of the closing price of our Class A common stock on the NYSE on the first day of the offering period and the last day of the purchase period. The plan also includes an automatic reset feature that provides for an offering period to be reset and recommenced to a new lower-priced offering if the offering price of a new offering period is less than that of the immediately preceding offering period. A total of 5.5 million shares of our Class A common stock have been authorized for issuance under the ESPP since inception of the plan.

***Stock Option Valuation Assumptions***

We use the Black-Scholes option pricing model to determine the estimated fair value of employee stock options at the date of the grant. The Black-Scholes model includes inputs that require us to make certain estimates and assumptions regarding the expected term of the award, as well as the future risk-free interest rate, and the volatility of our stock price over the expected term of the award.

*Expected Term.&nbsp;&nbsp;&nbsp;&nbsp;*The expected term of an award represents the estimated period of time that options granted will remain outstanding, and is measured from the grant date to the date at which the option is either exercised or canceled. Our determination of the expected term involves an evaluation of historical terms and other factors such as the exercise and termination patterns of our employees who hold options to acquire our Class A common stock, and is based on certain assumptions made regarding the future exercise and termination behavior.

*Risk-Free Interest Rate.&nbsp;&nbsp;&nbsp;&nbsp;*The risk-free interest rate is based on the yield curve of U.S. Treasury instruments in effect on the date of grant. In determining an estimate for the risk-free interest rate, we use average interest rates based on these instruments' constant maturities with a term that approximates and corresponds with the expected term of our awards.

*Expected Stock Price Volatility.&nbsp;&nbsp;&nbsp;&nbsp;*The expected volatility represents the estimated volatility in the price of our Class A common stock over a time period that approximates the expected term of the awards. The expected volatility has historically been determined using a blended combination of historical and implied volatility, but is currently being determined using historical volatility only. Historical volatility is representative of the historical trends in our stock price for periods preceding the measurement date for a period that is commensurate with the expected term. Implied volatility is based upon externally traded option contracts of our Class A common stock.

*Dividend Yield.&nbsp;&nbsp;&nbsp;&nbsp;*The dividend yield is based on our anticipated dividend payout over the expected term of our option awards. Dividend declarations and the establishment of future record and payment dates are subject to the Board of Directors' continuing determination that the dividend policy is in the best interests of our stockholders. The dividend policy may be changed or canceled at the discretion of the Board of Directors at any time.

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The weighted-average assumptions used in the determination of the fair value of our stock options were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Expected term (in years) | 4.89 | 4.86 | 4.82 |
| Risk-free interest rate | 4.3% | 3.9% | 3.6% |
| Expected stock price volatility | 29.5% | 29.3% | 29.4% |
| Dividend yield | 1.7% | 1.4% | 1.6% |

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Stock options granted - weighted-average grant date fair value | $21.61 | $24.12 | $19.15 |
| Stock options exercised - intrinsic value | 13129 | 14224 | 22736 |

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***Stock-Based Compensation Expense***

Stock-based compensation expense for equity awards granted to employees is determined by estimating their fair value on the date of grant, and recognizing that value as an expense on a straight-line basis over the requisite service period in which our employees earn the awards. Compensation expense related to these equity awards is recognized net of estimated forfeitures, which reduce the expense recorded in the consolidated statements of operations. The selection of applicable estimated forfeiture rates is based on an evaluation of trends in our historical forfeiture data with consideration for other potential driving factors. If in subsequent periods actual forfeitures significantly differ from our initial estimates, we will revise such estimates accordingly. The estimated annual forfeiture rates used for awards granted were 8.62%, 8.53%, and 8.62% in fiscal 2025, 2024, and 2023, respectively.

The following two tables separately present stock-based compensation expense both by award type and classification in our consolidated statements of operations (in thousands):

*Expense - By Award Type*

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Compensation expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options | $6841 | $6726 | $8486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock units <sup>(1) (2)</sup> | 117803 | 109031 | 105915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee stock purchase plan | 3870 | 4068 | 4085 |
| Total stock-based compensation | 128514 | 119825 | 118486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Estimated benefit from income taxes | (19847) | (17290) | (17844) |
| **Total stock-based compensation, net of tax** | $**108667** | $**102535** | $**100642** |

---

(1)Stock-based compensation expense incurred by restricted stock units includes expense from PSUs.

(2)Excludes $0.3 million, $0.6 million and $1.2 million of capitalized stock-based compensation related to internal-use software in fiscal 2025, fiscal 2024, and fiscal 2023, respectively.

*Expense - By Income Statement Line Item Classification*

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Compensation expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of products and services | $1747 | $1501 | $1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 38500 | 38214 | 39472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 44480 | 40128 | 40038 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 43787 | 39982 | 37279 |
| Total stock-based compensation | 128514 | 119825 | 118486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Estimated benefit from income taxes | (19847) | (17290) | (17844) |
| **Total stock-based compensation, net of tax** | $**108667** | $**102535** | $**100642** |

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The tax benefit that we recognize from shares issued under our ESPP is excluded from the tables above. The tax benefit recognized was not material in fiscal 2025, fiscal 2024, and fiscal 2023.

*Unrecognized Compensation Expense.&nbsp;&nbsp;&nbsp;&nbsp;*As of September 26, 2025, total unrecognized compensation expense associated with employee stock options expected to vest was approximately $11.3 million, which is expected to be recognized over a weighted-average period of 2.5 years. As of September 26, 2025, total unrecognized compensation expense associated with RSUs expected to vest was approximately $200.7 million, which is expected to be recognized over a weighted-average period of 2.3 years.

***Common Stock Repurchase Program***

In November 2009, we announced a stock repurchase program, providing for the repurchase of our Class A common stock. The following table summarizes the initial amount of authorized repurchases as well as additional repurchases approved by our Board of Directors as of September 26, 2025 (in thousands):

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| | |
|:---|:---|
| **Date of Authorization** | **Authorization Amount** |
| &nbsp;&nbsp;&nbsp;Fiscal 2010: November 2009 | $250000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2010: July 2010 | 300000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2011: July 2011 | 250000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2012: February 2012 | 100000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2015: October 2014 | 200000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2017: January 2017 | 200000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2018: July 2018 | 350000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2019: July 2019 | 350000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2021: July 2021 | 350000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2022: February 2022 | 250000 |
| &nbsp;&nbsp;&nbsp;Fiscal 2022: August 2022 | 350000 |
| &nbsp;&nbsp;Fiscal 2024: August 2024 | 350000 |
| **Total** | $**3300000** |

---

Stock repurchases under the program may be made through open market transactions, negotiated purchases, or otherwise, at times and in amounts that we consider appropriate. The timing of repurchases and the number of shares repurchased depend upon a variety of factors, including price, regulatory requirements, the rate of dilution from our equity compensation plans, and other market conditions. The program does not have a specified expiration date, and can be limited, suspended, or terminated at our discretion at any time without prior notice. Shares repurchased under the program will be retired and returned to the status of authorized but unissued shares of Class A common stock. As of September 26, 2025, the remaining authorization to purchase additional shares was $276.6 million.

The following table provides information regarding share repurchase activity under the program during fiscal 2025:

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| | | | |
|:---|:---|:---|:---|
| **Quarterly Repurchase Activity** | **Shares<br>Repurchased** | **Cost** <sup>(1)</sup> | **Average Price Paid Per Share** <sup>(2)</sup> |
|  |  | *(in thousands)* |  |
| &nbsp;&nbsp;&nbsp;Q1 - Quarter ended December 27, 2024 | 186322 | $15000 | $80.51 |
| &nbsp;&nbsp;&nbsp;Q2 - Quarter ended March 28, 2025 | 428565 | 34999 | 81.67 |
| &nbsp;&nbsp;&nbsp;Q3 - Quarter ended June 27, 2025 | 526033 | 39991 | 76.02 |
| &nbsp;&nbsp;&nbsp;Q4 - Quarter ended September 26, 2025 | 479361 | 35002 | 73.01 |
| **Total** | **1620281** | $**124992** |  |

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(1)Cost of share repurchases includes the price paid per share, and excludes commission costs.

(2)Average price paid per share excludes commission costs.

***Dividend Program***

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The following table summarizes dividends declared under the program during fiscal 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fiscal Period** | **Announcement Date** | **Record Date** | **Payment Date** | **Cash Dividend Per Common Share** | **Dividend Payment** |
| &nbsp;&nbsp;&nbsp;Q1 - Quarter ended December 27, 2024 | November 19, 2024 | December 3, 2024 | December 10, 2024 | $0.33 | $31.5 million |
| &nbsp;&nbsp;&nbsp;Q2 - Quarter ended March 28, 2025 | January 29, 2025 | February 11, 2025 | February 19, 2025 | $0.33 | $31.8 million |
| &nbsp;&nbsp;&nbsp;Q3 - Quarter ended June 27, 2025 | May 1, 2025 | May 13, 2025 | May 21, 2025 | $0.33 | $31.6 million |
| &nbsp;&nbsp;&nbsp;Q4 - Quarter ended September 26, 2025 | July 31, 2025 | August 12, 2025 | August 20, 2025 | $0.33 | $31.6 million |

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On November 18, 2025, Dolby announced a cash dividend of $0.36 per share of Class A and Class B common stock, payable on December 10, 2025, to stockholders of record as of the close of business on December 2, 2025. The estimated dividend payment of $34.4 million related to this cash dividend is based on the number of shares of our Class A and Class B common stock that we estimate will be outstanding as of the Record Date.

**10. Accumulated Other Comprehensive Loss**

Other comprehensive income/loss consists of three components: unrealized gains or losses on our AFS marketable investment securities, gains and losses on derivatives in cash flow hedge relationships not yet recognized in earnings, and the gains and losses from the translation of assets and liabilities denominated in non-U.S. dollar functional currencies. Until realized and reported as a component of net income, these comprehensive income items accumulate and are included within accumulated other comprehensive loss, a subsection within stockholders' equity in our consolidated balance sheets. Unrealized gains and losses on our investment securities are reclassified from AOCI into earnings when realized upon sale, and are determined based on specific identification of securities sold. Unrealized gains and losses on our cash flow hedges are reclassified from AOCI into earnings when the hedged operating expenses are recognized, which is also when the gains and losses are realized.

The following table summarizes the changes in the accumulated balances during the period, and includes information regarding the manner in which the reclassifications out of AOCI into earnings affect our consolidated statements of operations (in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** |
| | **Investment Securities** | **Cash Flow Hedges** | **Currency Translation Adjustments** | **Total** | **Investment Securities** | **Cash Flow Hedges** | **Currency Translation Adjustments** | **Total** |
| **Beginning Balance** | $**(83)** | $**—** | $**(19104)** | $**(19187)** | $**(2858)** | $**(197)** | $**(33929)** | $**(36984)** |
| Other comprehensive income before reclassifications: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains/(losses) | (55) | 952 |  | 897 | 2602 | (1567) |  | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation gains<sup>(1)</sup> |  |  | 5536 | 5536 |  |  | 14760 | 14760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effect - benefit/(expense) |  |  | (200) | (200) |  |  | 65 | 65 |
| &nbsp;&nbsp;&nbsp;Net of tax | (55) | 952 | 5336 | 6233 | 2602 | (1567) | 14825 | 15860 |
| Amounts reclassified from AOCI into earnings: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains<sup>(2)</sup> | 138 | 405 |  | 543 | 194 | 2108 |  | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effect - expense<sup>(3)</sup> |  | (106) |  | (106) | (21) | (344) |  | (365) |
| &nbsp;&nbsp;&nbsp;Net of tax | 138 | 299 |  | 437 | 173 | 1764 |  | 1937 |
| **Net current-period other comprehensive income** | **83** | **1251** | **5336** | **6670** | **2775** | **197** | **14825** | **17797** |
| **Ending Balance** | $**—** | $**1251** | $**(13768)** | $**(12517)** | $**(83)** | $**—** | $**(19104)** | $**(19187)** |

---

(1)The foreign currency translation gains during fiscal 2025 and fiscal 2024 were primarily due to the strengthening of other foreign currencies as compared to the U.S. dollar.

(2)Realized gains or losses, if any, from the sale of our AFS investment securities or from foreign currency translation adjustments are included within other income/(expense), net in our consolidated statements of operations. Realized gains or losses on foreign currency contracts designated as cash flow hedges are included in operating expenses in the consolidated statements of operations.

(3)The income tax expense is included within provision for income taxes in our consolidated statements of operations.

**11. Earnings Per Share** 

Basic EPS is computed by dividing net income attributable to Dolby Laboratories, Inc. by the number of weighted-average shares of Class A and Class B common stock outstanding during the period. Through application of the treasury stock method, diluted EPS is computed in the same manner, except that the number of weighted-average

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shares outstanding is increased by the number of potentially dilutive shares from employee incentive plans during the period.

Basic and diluted EPS are computed independently for each fiscal quarter and year-to-date period, which involves the use of different weighted-average share count figures relating to quarterly and annual periods. As a result, and after factoring the effect of rounding to the nearest cent per share, the sum of all four quarter-to-date EPS figures may not equal year-to-date EPS.

Potentially dilutive shares represent the hypothetical number of incremental shares issuable under the assumed exercise of outstanding stock options (both vested and unvested) and vesting of outstanding RSUs. The calculation of dilutive shares outstanding excludes securities that would have an antidilutive effect on EPS.

The following table sets forth the computation of basic and diluted EPS attributable to Dolby Laboratories, Inc. (in thousands, except per share amounts):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| **Numerator:** | | | |
| &nbsp;&nbsp;&nbsp;Net income attributable to Dolby Laboratories, Inc. | $255018 | $261825 | $200656 |
| **Denominator:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average shares outstanding—basic | 95868 | 95544 | 95771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Potential common shares from options to purchase common stock | 358 | 586 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Potential common shares from restricted stock units | 1213 | 1158 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Potential common shares from employee stock purchase plan | 40 | 37 | 60 |
| &nbsp;&nbsp;&nbsp;Weighted-average shares outstanding—diluted | 97479 | 97325 | 97733 |
| Net income per share attributable to Dolby Laboratories, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $2.66 | $2.74 | $2.10 |
| &nbsp;&nbsp;&nbsp;Diluted | $2.62 | $2.69 | $2.05 |
| Antidilutive awards excluded from calculation: |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock options | 1448 | 1152 | 930 |
| &nbsp;&nbsp;&nbsp;Restricted stock units | 1 | 10 | 7 |
| &nbsp;&nbsp;&nbsp;Employee stock purchase plan | 1 | 3 | 2 |

---

**12. Income Taxes**

Our income tax expense, deferred tax assets and liabilities, and unrecognized tax benefits reflect management's best assessment of estimated current and future liabilities. We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense.

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***Income Tax Provision***

The following two tables present the components of our income before provision for income taxes by geographic region and the portion of our provision for income taxes classified as current and deferred (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| United States | $102907 | $89505 | $44136 |
| Foreign | 200578 | 222974 | 205917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total income before income taxes** | $**303485** | $**312479** | $**250053** |

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Current: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $(35095) | $702 | $(1053) |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 581 | 1124 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | 76520 | 68013 | 66776 |
| Total current | 42006 | 69839 | 66746 |
| Deferred: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | 4369 | (21357) | (16949) |
| &nbsp;&nbsp;&nbsp;&nbsp;State | (25) | 43 | (356) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | 643 | (362) | (1032) |
| Total deferred | 4987 | (21676) | (18337) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Provision for income taxes** | $**46993** | $**48163** | $**48409** |

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***Repatriation of Undistributed Foreign Earnings***

As a result of the Tax Cuts and Jobs Act ("Tax Act"), foreign accumulated earnings that were subject to the mandatory Transition Tax as of December 31, 2017, can be repatriated to the U.S. without incurring further U.S. federal tax. The Tax Act changed to a modified territorial tax system through the provision of a 100% dividend received deduction for the foreign-source portions of dividends received from controlled foreign subsidiaries. As a result, we have reevaluated our historical assertion and determined that we no longer consider a vast majority of these earnings to be indefinitely reinvested. During fiscal 2025, we repatriated $160 million of foreign subsidiary earnings which were exempt from foreign withholding tax. As of September 26, 2025, the total undistributed earnings of our foreign subsidiaries were approximately $420 million. The Company does not record any deferred tax liability on the portion of these foreign undistributed earnings considered indefinitely reinvested.

***Deferred Income Taxes***

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, using enacted tax rates in effect for the year in which the differences are expected to reverse. A summary of the tax effects of the temporary differences were as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** |
| Deferred income tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $5435 | $7410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 3195 | 5359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss | 1426 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 14427 | 13245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 17483 | 17223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue recognition | 3000 | 4394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 142408 | 139228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 7675 | 15657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development credits | 42488 | 47830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax credits | 20565 | 28777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deemed repatriated earnings tax benefit | 14587 | 9881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3648 | 6067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross deferred income tax assets | 276337 | 297365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: valuation allowance | (51015) | (56922) |
| Total deferred income tax assets | 225322 | 240443 |
| Deferred income tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use asset | (4981) | (15889) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | (5980) | (4796) |
| **Deferred income tax assets, net** | $**214361** | $**219758** |

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***Net Operating Losses and Tax Credit Carryforwards***

As of September 26, 2025, the NOL carryforwards for U.S. federal and California were $0.9 million and $1.3 million, respectively, and will start to expire in fiscal 2034 and 2029, respectively. Additionally, we had foreign NOL carryforwards of $5.0 million as of September 26, 2025, which will carry forward indefinitely. As of September 26, 2025, we had foreign tax credit and federal R&D tax credit carryforwards of $20.7 million and $28.8 million, respectively, which will start to expire in fiscal 2029 and fiscal 2035, respectively. We had California R&D tax credits of $48.6 million and foreign R&D tax credits of $7.7 million, which will carry forward indefinitely.

*Valuation Allowance.* As of September 26, 2025, a $36.2 million valuation allowance was recorded against California deferred tax assets, a $3.7 million valuation allowance was recorded against federal tax credit deferred tax assets, and a $11.1 million valuation allowance was recorded against foreign deferred tax assets for which ultimate realization of its future benefits is uncertain.

***Effective Tax Rate***

Each period, the combination of multiple different factors can impact our effective tax rate. These factors include both recurring items such as tax rates and the relative amount of income earned in foreign jurisdictions, as well as discrete items that may occur in, but are not necessarily consistent between periods. A reconciliation of the federal statutory tax rate to our effective tax rate on income from continuing operations was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Federal statutory rate | 21.0% | 21.0% | 21.0% |
| &nbsp;&nbsp;&nbsp;State income taxes, net of federal effect | 0.2 | 0.2 | 0.3 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 3.5 | 1.1 | 1.2 |
| &nbsp;&nbsp;&nbsp;Research and development tax credits | (5.1) | (2.7) | (2.7) |
| &nbsp;&nbsp;&nbsp;Foreign-derived intangible income deduction | (1.4) | (1.3) | (2.3) |
| &nbsp;&nbsp;&nbsp;U.S. tax on foreign entities | 1.3 | 1.3 | 1.3 |
| &nbsp;&nbsp;&nbsp;Foreign rate differential | (1.2) | (2.1) | (1.9) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) unrecognized tax benefit | (2.7) | 0.6 | 1.9 |
| &nbsp;&nbsp;&nbsp;Tax Act of 2017 |  | (3.2) |  |
| &nbsp;&nbsp;&nbsp;Other | (0.1) | 0.5 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Effective tax rate** | **15.5%** | **15.4%** | **19.4%** |

---

Our effective tax rate was 15.5% in fiscal 2025, compared with our federal statutory rate of 21.0%, and with our effective tax rate in fiscal 2024 of 15.4%. The increase in our effective tax rate was primarily due to lower tax benefits

related to settlement of stock-based awards and a non-recurring benefit related to the Transition Tax liability under the Tax Act recognized in fiscal 2024, partially offset by the recognition of tax benefits from previously unrecognized tax benefits due to the expiration of the statute of limitations and higher tax credits.

Our effective tax rate was 15.4% in fiscal 2024, compared with our effective tax rate in fiscal 2023 of 19.4%. The decrease in our effective tax rate was primarily due to a tax benefit related to the Transition Tax liability under the Tax Act. Additionally, we recognized tax benefits from previously unrecognized tax benefits due to a lapse in the statute of limitations and reduced benefit from foreign operations.

***Uncertain Tax Positions***

As of September 26, 2025, the total amount of gross unrecognized tax benefits was $83.7 million, of which $28.1 million, if recognized, would reduce our effective tax rate. Our liability decreased from fiscal 2024 primarily due to releases from the expiration of the statute of limitations, partially offset by additional accruals in fiscal 2025. Our liability for unrecognized tax benefits is classified within other non-current liabilities in our consolidated balance sheet. Over the next twelve months, we estimate that this amount could be reduced by $1.5 million as a result of the expiration of certain statutes of limitations. Aggregate changes in the balance of gross unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| **Beginning Balance** | $**81615** | $**76304** | $**69682** |
| &nbsp;&nbsp;&nbsp;Gross increases - tax positions taken during prior years | 15687 | 2346 | 219 |
| &nbsp;&nbsp;&nbsp;Gross decreases - tax positions taken during prior years | (1946) |  | (1143) |
| &nbsp;&nbsp;&nbsp;Gross increases - tax positions taken during current year | 7514 | 10626 | 7546 |
| &nbsp;&nbsp;&nbsp;Gross decreases - settlements with tax authorities during current year | (116) | (343) |  |
| &nbsp;&nbsp;&nbsp;Lapse of statute of limitations | (19088) | (7318) |  |
| **Ending Balance** | $**83666** | $**81615** | $**76304** |

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*Classification of Interest and Penalties*

We include interest and penalties related to gross unrecognized tax benefits within our provision for income taxes. To the extent accrued interest and penalties do not ultimately become payable, amounts accrued are reduced in the period that such determination is made and are reflected as a reduction of the overall income tax provision. In fiscal 2025, our current tax provision was decreased by the release of accrued interest expense of $12.2 million, while in fiscal year 2024, our current tax provision was increased by interest expense of $3.3 million. Accrued interest and penalties are included within the related tax liability line item in our consolidated balance sheets. Our accrued interest and penalties on unrecognized tax benefits as of September 26, 2025 and September 27, 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** |
| Accrued interest | $1428 | $13597 |
| Accrued penalties | 98 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**1526** | $**13822** |

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We continue to monitor the progress of ongoing income tax controversies and the impact, if any, of the expected tolling of the statute of limitations in various taxing jurisdictions. We file income tax returns in the U.S. federal, states, and foreign jurisdictions. Our major tax jurisdictions are the U.S. federal, California, and Ireland.

Our operations in certain jurisdictions remain subject to examination for fiscal 2013 to 2023, some of which are currently under audit or review. We are currently under audit by the IRS for our fiscal 2018 U.S. federal tax year. The resolution of these audits could have a material impact to our consolidated financial statements. We believe that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If resolution of any tax issues addressed in our current audits are inconsistent with management's expectations, we may be required to adjust our tax provision for income taxes in the period such resolution occurs.

The final U.S. foreign tax credit regulations, issued on January 4, 2022, introduced significant changes to foreign tax credit utilization. However, temporary relief was granted and extended to delay the effective date of the final regulations until further notice. These provisions may have a material adverse effect on our future tax provisions unless modified or withdrawn.

The OECD published its model rules "Tax Challenges Arising From the Digitalisation of the Economy - Global Anti-Base Erosion Model Rules (Pillar Two)" which established a global minimum corporate tax rate of 15% for certain multinational enterprises. Many countries have implemented or are in the process of implementing the Pillar Two legislation, became applicable to Dolby beginning in fiscal 2025. Dolby recorded an immaterial amount in our fiscal 2025 consolidated financial statements. We continue to monitor the impact as countries implement legislation and the OECD provides additional guidance.

In July 2025, the OBBBA was signed into law in the U.S. OBBBA contains several corporate income tax provisions, including the extension of many expiring provisions from the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework, and restores the ability to elect immediate expensing of domestic research and experimental expenditures under Section 174 and 100% bonus depreciation for qualified property placed in service on or after January 20, 2025. These provisions are generally effective beginning in fiscal 2026. OBBBA did not have a material impact on our income tax expense or financial statements for fiscal 2025. Dolby will continue to evaluate the effects of these provisions in future periods.

**13. Restructuring** 

Restructuring charges recorded as operating expenses in our consolidated statements of operations represent costs associated with separate individual restructuring plans implemented in various fiscal periods. The extent of our costs arising as a result of these actions, including fluctuations in related balances between fiscal periods, is based on the nature of activities under the various plans.

***Fiscal 2025 Restructuring Events***

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In September 2025, we initiated restructuring actions in order to centralize teams into fewer locations to provide better access to talent pools, encourage multi-disciplinary collaboration, and simplify operations. In connection with this plan, we recorded expense in fiscal 2025 of $6.1 million in severance and other related benefits. The remaining components of this plan are expected to be completed by the end of the second quarter of fiscal 2026, resulting in an additional charge of approximately $10 million in severance and other termination benefits. Cash payment of the severance and other termination benefits are expected to be substantially completed by the end of the first quarter of fiscal 2026. These activities are expected to result in estimated gross pre-tax operating income savings of approximately $20 million in fiscal 2026, due to estimated savings in compensation and benefits of impacted employees. The impact of these estimated savings on our operating expenses will be mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

In November 2024, we initiated restructuring actions with the purpose of aligning our R&D resources, and to a lesser extent our S&M resources, with our highest strategic priorities. In connection with this plan, we recorded expense in fiscal 2025 of $9.2 million in severance and other related benefits. The remaining components of this plan were substantially completed by the end of fiscal 2025. Cash payment of the severance and other termination benefits were substantially completed by the end of fiscal 2025. These activities resulted in estimated gross pre-tax operating income savings of approximately $20 million in fiscal 2025, due to estimated savings in compensation and benefits of impacted employees, which was consistent with our expectations. The impact of these estimated savings on our operating expenses was mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

***Fiscal 2024 Restructuring Events***

In April 2024, we initiated restructuring actions with the purpose of focusing our resources on our highest strategic priorities. In connection with this plan, we recorded an expense in fiscal 2024 of $4.6 million in severance and other related benefits. Cash payment of the severance and other termination benefits were substantially completed by the end of fiscal 2024. These activities resulted in gross pre-tax operating income savings of approximately $3 million in fiscal 2024 and resulted in savings of approximately $11 million within fiscal 2025, which was consistent with our expectations. The impact of these estimated savings on our operating expenses was mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

***Fiscal 2023 Restructuring Events***

In September 2023, we initiated a restructuring plan with the purpose of focusing our resources on our highest strategic priorities. In continuation with this plan, we recorded an expense in fiscal 2024 of $7.4 million in severance and other related benefits. Cash payment of the severance and other termination benefits were substantially completed by the end of fiscal 2024. These activities resulted in gross pre-tax operating income savings of approximately $40 million within fiscal 2024, which was consistent with our expectations. The impact of these savings on our operating expenses was offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

In June 2023, we implemented a focused restructuring plan, primarily consisting of workforce reductions and facility consolidations to improve execution in alignment with our strategy and to reduce our cost structure through improved utilization of our global infrastructure. Actions and expenses related to this plan were substantially completed by the end of fiscal 2024. These activities resulted in gross pre-tax operating income savings of approximately $20 million in fiscal 2024, which was consistent with our expectations. The impact of these savings on our operating expenses was mostly offset by increased investment in our strategic priorities and the effects of inflation on our remaining expenses.

The table presented below summarizes the changes in our restructuring accruals (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Severance** | **Leased facility exit costs and other costs** | **Total** |
| **Balance at September 29, 2023** | $**20352** | $**—** | $**20352** |
| Restructuring charges | 6413 | (29) | 6384 |
| Cash payments and adjustments | (24000) | 29 | (23971) |
| **Balance at September 27, 2024** | **2765** | **—** | **2765** |
| Restructuring charges | 11624 | 3383 | 15007 |
| Cash payments and adjustments | (9724) | (3383) | (13107) |
| **Balance at September 26, 2025** | $**4665** | $**—** | $**4665** |

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Accruals for restructuring charges/(credits) incurred for the restructuring plans described above are included within accrued liabilities in our consolidated balance sheets, while restructuring charges are included within restructuring charges in our consolidated statements of operations.

**14. Commitments and Contingencies** 

In the ordinary course of business, we enter into contractual agreements with third parties that include non-cancelable payment obligations, for which we are liable in future periods. These arrangements can include terms binding us to minimum payments and/or penalties if we terminate the agreement for any reason other than an event of default as described by the agreement. The following table presents a summary of our contractual obligations and commitments as of September 26, 2025 (in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Payments Due By Fiscal Period** | **Payments Due By Fiscal Period** | **Payments Due By Fiscal Period** | **Payments Due By Fiscal Period** | **Payments Due By Fiscal Period** | **Payments Due By Fiscal Period** | **Payments Due By Fiscal Period** |
| | **Fiscal<br>2026** | **Fiscal<br>2027** | **Fiscal<br>2028** | **Fiscal<br>2029** | **Fiscal<br>2030** | **Thereafter** | **Total** |
| Naming rights | $13472 | $8534 | $8642 | $8751 | $8862 | $18060 | $66321 |
| Purchase obligations | 36917 | 31663 | 19681 | 19208 | 19208 |  | 126677 |
| Donation commitments | 183 | 153 | 153 | 153 | 153 | 431 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**50572** | $**40350** | $**28476** | $**28112** | $**28223** | $**18491** | $**194224** |

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***Naming Rights***

We are party to agreements for naming rights of certain facilities, most significantly for naming rights and related benefits with respect to the Dolby Theatre in Hollywood, California, the location of the Academy Awards®. The term of this agreement is 20 years, over which we will make payments on a semi-annual basis until fiscal 2032. Our ongoing annual payment obligations are conditioned in part on the Academy Awards being held and broadcast from the Dolby Theatre. Our payment obligations may be suspended or reduced in certain circumstances, including the protracted closure of the Dolby Theatre. We also hold the naming rights to Dolby Live at the Park MGM in Las Vegas, Nevada. Dolby Live is a fully integrated performance venue offering live concerts in Dolby Atmos.

***Purchase Obligations***

Purchase obligations primarily consist of our commitments made under agreements to purchase goods and services related to Dolby Cinema and for purposes that include information technology and telecommunications, marketing and professional services, and manufacturing and other R&D activities. Also included in purchase obligations are non-cancelable commitments to contract manufacturers, including potentially variable obligations related to inventory based on demand forecasts we provide to the contract manufacturers.

***Donation Commitments***

Our donation commitments relate to non-cancelable obligations that consist of maintenance services and installation of imaging and audio products in exchange for various marketing, branding, and publicity benefits. These donation agreements either transfer title of our audio and imaging products to the donees or offer use of the products free of charge for a specified period of time via a leasing arrangement. The recipients of these donations participate in or promote the cinema and entertainment industry and our commitments vary in length, lasting up to 15 years.

***Indemnification Clauses***

On a limited basis, our contractual agreements contain a clause under which we agree to provide indemnification to the counterparty, most commonly to licensees in connection with licensing arrangements that include our IP. We have also entered into indemnification agreements with our officers, directors, and certain

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employees, and our certificate of incorporation and bylaws contain similar indemnification obligations. Additionally, and although not a contractual requirement, we have at times elected to defend our licensees from third party IP infringement claims. Since the terms and conditions of our contractual indemnification clauses do not explicitly specify our obligations, we are unable to reasonably estimate the maximum potential exposure for which we could be liable.

**15. Business Combinations** 

***Fiscal 2025***

There were no business combinations entered into during fiscal 2025.

***Fiscal 2024***

*GE Licensing*

On August 19, 2024, we acquired 100% of the issued and outstanding equity interests of GE Intellectual Property Licensing, LLC and GE Technology Development, Inc., which, collectively with each of their subsidiaries, comprised General Electric's intellectual property licensing business that primarily targeted the consumer digital media and electronics sectors ("GE Licensing" or the "acquiree"). The acquisition is an extension of our existing licensing businesses and is expected to strengthen and expand the scale of our intellectual property portfolio. The total consideration for the acquisition is comprised as the following (in thousands):

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| | |
|:---|:---|
| | **Amount** |
| Total amount paid for consideration | $444882 |
| Less: Noncontrolling interest in Via LA | (9921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of pre-existing relationship | (750) |
| Total consideration transferred for acquisition of GE Licensing | 434211 |
| Less: Cash acquired | (2232) |
| **Total consideration, net of cash acquired** | $**431979** |

---

Prior to the acquisition, GE Licensing held a noncontrolling interest in the Company's majority owned subsidiary Via LA. The indirect acquisition of this noncontrolling interest was accounted for as a separate transaction under ASC 810. The difference between the fair value of the consideration paid of $9.9 million and the carrying amount of the noncontrolling interest acquired of $4.6 million was recognized as a $5.3 million adjustment to equity on the Company's consolidated financial statements.

We have accounted for the taxable transaction under the acquisition method of accounting for business combinations, and the results of operations of GE Licensing have been included in our consolidated statements of operations from the date of acquisition. Additionally, we have estimated the fair values of the net tangible and intangible assets acquired, and liabilities assumed as of the acquisition date, with any amounts paid in excess of the net assets recorded as goodwill. The fair values assigned to assets acquired and liabilities assumed were based on management's estimates and assumptions.

It is impracticable to provide historical supplemental pro forma financial information along with earnings during the period subsequent to the acquisition due to the lack of access to historical information.

The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed (in thousands):

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| | |
|:---|:---|
| **Recognized Identifiable Assets Acquired and Liabilities Assumed** | **Purchase Price Allocation** |
| &nbsp;&nbsp;Cash and cash equivalents | $2232 |
| &nbsp;&nbsp;Accounts receivable | 20171 |
| &nbsp;&nbsp;Other current assets | 9636 |
| &nbsp;&nbsp;Assets held for sale, current | 24494 |
| &nbsp;&nbsp;Long-term investments | 76000 |
| &nbsp;&nbsp;Intangible assets | 274197 |
| &nbsp;&nbsp;Goodwill | 75387 |
| &nbsp;&nbsp;Other non-current assets | 3503 |
| &nbsp;&nbsp;Other current liabilities | (15370) |
| &nbsp;&nbsp;Contingent liabilities | (14199) |
| &nbsp;&nbsp;Other non-current liabilities | (21840) |
| **Purchase Consideration** | $**434211** |

---

We initially acquired certain assets valued at $18.2 million and increased the estimated fair value of the assets held for sale by $6.3 million for a total value of $24.5 million. These assets were classified as held for sale within prepaid expenses and other current assets on the consolidated balance sheets and are measured at fair value less cost to sell. During fiscal 2025, we sold $15.8 million of the assets classified as held for sale, and the remaining assets no longer met the criteria for held for sale, and as such, we reclassified $8.7 million in assets held for sale to short-term and long-term investments.

Acquired contingencies relate to contingent payments due under an assumed agreement. The payments are contingent on the Company achieving certain revenue targets in the future and are based on a percentage of revenue that exceeds such targets. The Company determined that it is probable at the acquisition date that a liability has been incurred and the amount of the liability can be reasonably estimated in accordance with ASC 450. The Company recognized a contingent liability of $14.2 million on the acquisition date based on a discounted cash flow valuation technique.

Goodwill is representative of our expectation of the benefits and synergies from the integration of GE Licensing operations and the associated assembled workforce, which does not qualify for separate recognition as an intangible asset. All of the goodwill recognized is expected to be deductible for income tax purposes.

The following table summarizes the fair values allocated to the various intangible assets acquired and the weighted-average useful lives over which they will be amortized using the straight-line method:

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| | | |
|:---|:---|:---|
| | **Purchase Price Allocation** | **Weighted-Average Useful Life** |
| **Intangible Assets Acquired** | *(in thousands)* | *(in years)* |
| Patents and technology – HEVC Codecs | $261697 | 11 |
| Patents and technology – non-HEVC Codecs | 12500 | 11 |
| **Total** | $**274197** | **11** |

---

The value of acquired intangibles was determined based on the present value of estimated future cash flows using the multi-period excess earnings method with inputs such as projected revenue attributable to licensors in the patent pools, revenue retention rate, maintenance sales and marketing expenses, income tax rate, post-tax returns for contributory assets, and discount rate.

Acquisition-related costs of $6.4 million were incurred during fiscal 2024. These acquisition-related costs were included in G&A expenses for $4.3 million and in S&M expenses for $2.1 million in the consolidated statements of operations.

*THEO Technologies*

On July 24, 2024, we completed the acquisition of all outstanding equity interests of THEO, a privately held company. THEO's products enable high-quality online video experiences for customers across sports and entertainment. This acquisition expands on our suite of cloud solutions to provide seamless, synchronized viewer experiences in sports and entertainment. We have included the financial results of THEO in our consolidated financial statements from the date of acquisition, and these results were not material. Additionally, the transaction costs associated with the acquisition were not material.

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The total purchase consideration of the acquisition was $58.7 million. We allocated $24.6 million in purchase consideration to identifiable intangible assets, which primarily consisted of customer relationships and developed technology, with estimated useful lives of 3 years to 13 years. We also recorded $39.9 million of goodwill, which is representative of our expectation of benefits and synergies from the integration of THEO technology with our existing technology and the assembled workforce of THEO.

***Fiscal 2023***

*MPEG LA*

On April 28, 2023, our wholly-owned subsidiary Via Licensing Corporation ("Via Corp") acquired 100% of MPEG LA, L.L.C. ("MPEG LA"), a privately held patent pool administrator that managed several collaborative licensing programs in video imaging and other technologies. In connection with the transaction, Via Corp changed its structure and name to Via LA and became a majority owned subsidiary of Dolby. The acquisition is expected to strengthen Via LA's licensing capabilities, particularly in video, diversify its revenues, and reinforce its ability to develop new patent licensing programs. The total consideration for the acquisition was as follows (in thousands):

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| | |
|:---|:---|
| | **Amount** |
| Cash | $135739 |
| Noncontrolling interest in Via LA (24.8 million common equity units) | 24815 |
| Total amount paid to sellers | $160554 |
| Less: amount deemed post-acquisition expense | (2174) |
| Total consideration paid to sellers | $158380 |
| Assumed settlement of pre-existing relationships due to Dolby | 61313 |
| Total consideration | $219693 |
| Less: unrestricted cash acquired | (80633) |
| **Total consideration, net of unrestricted cash acquired** | $**139060** |

---

The noncontrolling interest in Via LA includes $3.6 million of cash held in escrow that was remitted to Dolby in exchange for Via LA common equity units 18 months after the transaction close date. The fair value of the noncontrolling interest was determined through the issuance of equity in lieu of cash. The assumed settlement of pre-existing relationships was determined based on the contractual amounts of payables and receivables between the parties as such amounts approximate fair value.

We accounted for the taxable transaction under the acquisition method of accounting for business combinations, and the results of operations of MPEG LA have been included in the Company's consolidated statements of operations from the date of acquisition and were not material. Additionally, we estimated the fair values of the net tangible and intangible assets acquired, and liabilities assumed as of the acquisition date, with any amounts paid in excess of the net assets recorded as goodwill. The fair values assigned to assets acquired and liabilities assumed were based on management's estimates and assumptions, and any changes to these fair values were not material. As this acquisition was not significant to our reported operating results, pro forma results of operations are not provided.

The following table summarizes the acquisition date fair values allocated to the net assets acquired (in thousands):

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| | |
|:---|:---|
| **Recognized Identifiable Assets Acquired and Liabilities Assumed** | **Purchase Price Allocation** |
| &nbsp;&nbsp;Cash and cash equivalents | $80633 |
| &nbsp;&nbsp;Restricted cash | 143564 |
| &nbsp;&nbsp;Other current assets | 73556 |
| &nbsp;&nbsp;Intangible assets | 86000 |
| &nbsp;&nbsp;Goodwill | 40579 |
| &nbsp;&nbsp;Other non-current assets | 34298 |
| &nbsp;&nbsp;Amounts payable to patent administrative program partners | (179616) |
| &nbsp;&nbsp;Other current liabilities | (21709) |
| &nbsp;&nbsp;Non-current liabilities | (37612) |
| **Purchase Consideration** | $**219693** |

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In connection with the preparation of our consolidated financial statements, we identified an immaterial error related to the acquisition date fair values allocated to net assets acquired, whereby we overstated certain accounts payable to patent administrative program partners and, as a consequence, correspondingly overstated goodwill as of the quarter ended June 30, 2023. We evaluated the error quantitatively and qualitatively, and determined that the related impact was not material to our condensed consolidated financial statements for the third quarter of fiscal 2023. Accordingly, we have revised the previously reported financial information for such immaterial error in the above table. The correction of this error resulted in a decrease to amounts payable to patent administrative program partners and a corresponding decrease to goodwill of $20.3 million, with no impact to total purchase consideration.

Goodwill is representative of our expectation of the benefits and synergies from the integration of MPEG LA operations and the assembled workforce of MPEG LA, which does not qualify for separate recognition as an intangible asset. All of the goodwill recognized is expected to be deductible for income tax purposes.

The following table summarizes the fair values allocated to the various intangible assets acquired and the weighted-average useful lives over which they will be amortized using the straight-line method:

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| | | |
|:---|:---|:---|
| | **Purchase Price Allocation** | **Weighted-Average Useful Life** |
| **Intangible Assets Acquired** | *(in thousands)* | *(in years)* |
| Licensor Relationships – AVC and Other | $36000 | 13 |
| Licensor Relationships - HEVC | 31000 | 10 |
| Implementer Relationships – AVC and Other | 12000 | 13 |
| Implementer Relationships - HEVC | 7000 | 10 |
| **Total** | $**86000** | **12** |

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The value of acquired intangibles was determined based on the present value of estimated future cash flows using the following methodologies and inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Licensor Relationships - the multi-period excess earnings method using inputs such as projected revenue attributable to licensors in the patent pools, revenue retention rate, maintenance sales and marketing expenses, income tax rate, post-tax returns for contributory assets, and discount rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementer Relationships - the distributor method using inputs such as projected revenue attributable to the existing implementers in the patent pools, distributor margin, income tax rate, and discount rate.

Acquisition-related costs of $3.8 million were incurred during fiscal 2023. These acquisition-related costs were included in G&A expenses in the consolidated statements of operations.

**16. Operating Segments and Geographic Information** 

***Operating Segments***

We operate as a single reportable segment. We derive the majority of our revenue from licensing audio and video technology to electronics manufacturers, and a lesser portion of our revenue by offering premium audio and video technologies to cinema exhibitors. Our CODM is our Chief Executive Officer, who reviews financial information presented on a consolidated basis to assess performance and allocate resources. Our CODM uses consolidated net income, as reported on the consolidated statements of operations, as the primary measure of segment profit or loss by comparing actual results to the prior year comparative results and any internally and externally set expectations. Our CODM does not assess segment performance or make operating decisions using asset or liability information.

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The following table presents selected financial information and significant segment expenses for the periods presented (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Total revenue | $1349130 | $1273721 | $1299744 |
| Less: |  |  |  |
| &nbsp;&nbsp;Cost of licensing <sup>(1)</sup> | 56907 | 64314 | 64642 |
| &nbsp;&nbsp;Cost of products and services <sup>(1) (2)</sup> | 71681 | 69441 | 82731 |
| &nbsp;&nbsp;Research and development expense <sup>(1) (2)</sup> | 223292 | 225449 | 231798 |
| &nbsp;&nbsp;Sales and marketing expense <sup>(1) (2)</sup> | 314466 | 291508 | 311189 |
| &nbsp;&nbsp;General and administrative expense <sup>(1) (2)</sup> | 235254 | 222922 | 218028 |
| &nbsp;&nbsp;&nbsp;Restructuring charges | 15007 | 6384 | 47061 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 128514 | 119825 | 118486 |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition-related intangibles | 40856 | 15552 | 10056 |
| &nbsp;&nbsp;&nbsp;Interest (income)/expense, net | (15376) | (34077) | (28086) |
| &nbsp;&nbsp;&nbsp;Equity method investees' net income | (24065) | (14212) | (5145) |
| &nbsp;&nbsp;Other income, net <sup>(1) (3)</sup> | (891) | (5864) | (1069) |
| &nbsp;&nbsp;&nbsp;Income tax expense | 46993 | 48163 | 48409 |
| Net income including noncontrolling interest | 256492 | 264316 | 201644 |
| &nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interest | (1474) | (2491) | (988) |
| **Net income attributable to Dolby Laboratories, Inc.** | $**255018** | $**261825** | $**200656** |

---

(1)Excludes amortization of acquisition-related intangibles presented separately.

(2)Excludes stock-based compensation expense presented separately.

(3)Excludes our proportional share of net income in our equity method investees presented separately.

***Geographic Information***

The methods to determine revenue by geographic region for each of the three categories included within total revenue in our consolidated statements of operations are described within the table presented below.&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Revenue Category** | **Basis For Determining Geographic Location** |
| &nbsp;&nbsp;&nbsp;&nbsp;Licensing | Region in which our licensees' headquarters are located |
| &nbsp;&nbsp;&nbsp;&nbsp;Products | Destination to which our products are shipped |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | Location in which the relevant services are performed |

---

The following tables present selected information regarding total revenue by geographic location (amounts presented in thousands).

*Revenue Composition—U.S*. *and International*

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| **Location** | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| &nbsp;&nbsp;&nbsp;United States | $496990 | $450265 | $466030 |
| &nbsp;&nbsp;&nbsp;International | 852140 | 823456 | 833714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | $**1349130** | $**1273721** | $**1299744** |

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*Revenue Concentration—Significant Individual Geographic Regions*

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| **Location** | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| &nbsp;&nbsp;&nbsp;United States | 37% | 35% | 36% |
| &nbsp;&nbsp;&nbsp;South Korea | 12% | 13% | 14% |
| &nbsp;&nbsp;&nbsp;China | 26% | 22% | 22% |
| &nbsp;&nbsp;&nbsp;Japan | 7% | 8% | 9% |
| &nbsp;&nbsp;&nbsp;Europe | 9% | 12% | 10% |
| &nbsp;&nbsp;&nbsp;Other | 9% | 10% | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100%** | **100%** | **100%** |

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Long-lived tangible assets, net of accumulated depreciation, by geographic region were as follows (in thousands):

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| | | |
|:---|:---|:---|
| **Location** | **September 26,<br>2025** | **September 27,<br>2024** |
| &nbsp;&nbsp;&nbsp;United States | $374683 | $385155 |
| &nbsp;&nbsp;&nbsp;International | 95925 | 93954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total long-lived tangible assets, net of accumulated depreciation** | $**470608** | $**479109** |

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**17. Legal Matters** 

We are involved in various legal proceedings that occasionally arise in the normal course of business. These can include claims of alleged infringement of IP rights, commercial, employment, and other matters. In our opinion, resolution of these proceedings is not expected to have a material adverse impact on our operating results or financial condition. On a quarterly basis, we evaluate based on the known facts and circumstances whether a potential loss or range of losses is considered probable and reasonably estimable in accordance with U.S. GAAP. We record a provision for a liability relating to these legal proceedings when a loss is both probable and the amount of the loss can be reasonably estimated. Legal costs associated with these legal proceedings are expensed as incurred.

Given the unpredictable nature of legal proceedings, it is possible that an unfavorable resolution of one or more such proceedings could materially affect our future operating results or financial condition in a particular period, including as a result of required changes to our licensing terms, monetary penalties, and other potential consequences. However, based on the information known by us as of the date of this filing and the rules and regulations applicable to the preparation of our consolidated financial statements, any such amounts are either immaterial, or it is not probable that a potential loss has been incurred or the amount of loss cannot be reasonably estimated.

**18. Related Parties** 

We maintain contractual agreements relating to certain entities affiliated with the Dolby family, who is considered a related party as our principal stockholder. These jointly-owned entities were established for the purpose of acquiring and leasing commercial property in the U.S. and U.K. primarily for our operational use. Although the entities affiliated with the Dolby family hold a majority economic interest in such jointly-owned entities, they have a noncontrolling interest since they are the limited member or LP in each of these entities. Therefore, we have consolidated the entities' assets and liabilities and results of operations in our consolidated financial statements. The share of earnings and net assets of the entities attributable to the limited member or LP, as the case may be, is reflected as noncontrolling interest in our consolidated financial statements.

As of September 26, 2025, we hold a 49.0% minority ownership interest in Dolby Properties Burbank, LLC, which owns a facility in Burbank that we are leasing until 2030. We also own 10.0% minority ownership interest in Dolby Properties, LP, which owns a facility in Wootton Bassett, England. We are no longer leasing the Wootton Bassett facility.

We also leased from our principal stockholder a commercial office building located at 100 Potrero Avenue in San Francisco, California under a term that expired on October 31, 2024.

***Distributions***

Distributions made by the jointly-owned real estate entities to our principal stockholder were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Distributions to principal stockholder | $(250) | $(262) | $(266) |

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**19. Retirement Plans** 

We maintain a tax-qualified Section 401(k) retirement plan for employees in the U.S. and similar plans in foreign jurisdictions. Under the plan, employees are eligible to receive matching contributions and profit-sharing contributions. We also maintain a SERP, a non-qualified, employer-funded defined contribution retirement plan which was terminated in fiscal 2005.

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Retirement plan expenses, which are included in cost of products and services, R&D, S&M, and G&A expense in our consolidated statements of operations, were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **September 26,<br>2025** | **September 27,<br>2024** | **September 29,<br>2023** |
| Retirement plan expenses | $24739 | $24558 | $24925 |

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**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

We maintain "disclosure controls and procedures," as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act"), that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Subject to the limitations noted above, our management, with the participation of our CEO and CFO, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the fiscal year covered by this Annual Report on Form 10-K. Based on that evaluation, the CEO and CFO have concluded that, as of such date, our disclosure controls and procedures were effective to meet the objective for which they were designed and operate at the reasonable assurance level.

**Management's Report on Internal Control over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company as defined in Rule 13a-15(f) or 15d-15(f) of the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP, and includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our management assessed the effectiveness of the Company's internal control over financial reporting as of September 26, 2025 using the criteria established in *Internal Control - Integrated Framework (2013)* issued by the COSO. Based on this assessment and those criteria, management concluded that our internal control over financial reporting was effective as of September 26, 2025. Our internal control over financial reporting has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report, which appears in Part II, Item 8 of this Annual Report on Form 10-K.

**Changes in Internal Control Over Financial Reporting**

There were no changes in our internal control over financial reporting during the fiscal quarter ended September 26, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION**

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**Securities Trading Plans of Directors and Executive Officers**

During the fiscal quarter ending September 26, 2025, the following directors and officers, as defined in Rule 16a-1(f), adopted a "Rule 10b5-1 trading arrangement" as defined in Regulation S-K Item 408, as follows:

On August 4, 2025, Tony Prophet, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 3,300 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until August 4, 2026, or earlier if all transactions under the trading arrangement are completed.

On August 22, 2025, Shriram Revankar, our Senior Vice President, Advanced Technology Group, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 12,000 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until August 19, 2026, or earlier if all transactions under the trading arrangement are completed.

On August 26, 2025, Robert Park, our Senior Vice President and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 4,895 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until August 27, 2026, or earlier if all transactions under the trading arrangement are completed.

No other officers or directors, as defined in Rule 16a-1(f), adopted and/or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," each as defined in Regulation S-K Item 408, during the fiscal quarter ending September 26, 2025.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

------

<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

The information required by this item is incorporated by reference from the information set forth in the sections under the headings "Election of Directors," "Corporate Governance Matters," "Executive Officers," "Compensation Discussion and Analysis—Insider Trading Policies and Procedures," and "Delinquent Section 16(a) Reports" in our Definitive Proxy Statement to be filed with the SEC in connection with the Annual Meeting of Stockholders to be held in 2026 ("2026 Proxy Statement").

**ITEM 11. EXECUTIVE COMPENSATION**

The information required by this item is incorporated by reference from the information in the 2026 Proxy Statement under the headings "Compensation Discussion and Analysis," "Report of the Compensation Committee of the Board of Directors," "Executive Compensation Tables and Related Matters," "Compensation of Directors," and "Corporate Governance Matters—Compensation Committee Interlocks and Insider Participation."

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The information required by this item concerning securities authorized for issuance under equity compensation plans and security ownership of certain beneficial owners and management is incorporated by reference from the information in the 2026 Proxy Statement under the headings "Executive Compensation Tables and Related Matters—Equity Compensation Plan Information" and "Security Ownership of Certain Beneficial Owners and Management."

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

The information required by this item concerning transactions with related persons and director independence is incorporated by reference from the information in the 2026 Proxy Statement under the headings "Certain Relationships and Related Transactions" and "Corporate Governance Matters."

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

The information required by this item is incorporated by reference from the information in the 2026 Proxy Statement under the heading "Ratification of Independent Registered Public Accounting Firm."

------

<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**PART IV**

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

1. Financial Statements: See "Index to Consolidated Financial Statements" in Part II, Item 8 of this Annual Report on Form 10-K.

2. Financial Statement Schedules: Financial statement schedules have been omitted as the information required is inapplicable or the information is presented in the consolidated financial statements and related notes.

3. Exhibits: The exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of this Annual Report on Form 10-K.

------

<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**INDEX TO EXHIBITS**

---

| | | | |
|:---|:---|:---|:---|
| **Exhibit**<br>**Number** | **Description** | **Incorporated by Reference Herein** | **Incorporated by Reference Herein** |
| **Exhibit**<br>**Number** | **Description** | **Form** | **Date** |
| 2.1\* | <u>[Asset Contribution Agreement dated November 19, 2004, by and between the Registrant, Dolby Laboratories Licensing Corporation, Ray Dolby individually, Ray Dolby as Trustee for the Ray Dolby Trust under the Dolby Family Trust instrument dated May 7, 1999, and Ray and Dagmar Dolby Investments L.P.](https://www.sec.gov/Archives/edgar/data/1308547/000119312504221162/dex21.htm)</u> | Registration Statement on Form S-1<br>(No. 333-120614), Amendment No. 1 | December 30, 2004 |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation](https://www.sec.gov/Archives/edgar/data/1308547/000119312505008019/dex31.htm)</u> | Registration Statement on Form S-1 (No. 333-120614), Amendment No. 2 | January 19, 2005 |
| 3.2 | <u>[Certificate of Amendment to Amended and Restated Certificate of Incorporation](https://www.sec.gov/Archives/edgar/data/1308547/000119312525022734/d919365dex31.htm)</u> | Current Report on Form 8-K | February 7, 2025 |
| 3.3 | <u>[Amended and Restated Bylaws](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001308547/000119312524030031/d676593d8k.htm)</u> | Current Report on Form 8-K | February 9, 2024 |
| 4.1 | <u>[Form of Registrant's Class A Common Stock Certificate](https://www.sec.gov/Archives/edgar/data/1308547/000119312504221162/dex41.htm)</u> | Registration Statement on Form S-1<br>(No. 333-120614), Amendment No. 1 | December 30, 2004 |
| 4.2 | <u>[Form of Registrant's Class B Common Stock Certificate](https://www.sec.gov/Archives/edgar/data/1308547/000119312506011877/dex41.htm)</u> | Registration Statement on Form 8-A | January 25, 2006 |
| 4.3 | <u>[Description of Capital Stock](https://www.sec.gov/Archives/edgar/data/0001308547/000162828019014472/exhibit43-fy19q4.htm)</u> | Annual Report on Form 10-K | November 25, 2019 |
| 10.1\* | <u>[2020 Stock Plan, as amended and restated on February 7, 2023 ("2020 Stock Plan")](https://www.sec.gov/Archives/edgar/data/1308547/000119312523032624/d645316dex101.htm)</u> | Current Report on Form 8-K | February 10, 2023 |
| 10.2\*+ | <u>[Form of Global Stock Option Agreement under the 2020 Stock Plan](a102formofglobalstockopt.htm)</u> |  |  |
| 10.3\*+ | <u>[Form of Executive Global Stock Option Agreement under the 2020 Stock Plan](a103eltformofstockoption.htm)</u> |  |  |
| 10.4\*+ | <u>[Form of Global Restricted Stock Unit Agreement under the 2020 Stock Plan](a104standardformofrsuagr.htm)</u> |  |  |
| 10.5\*+ | <u>[Form of Executive Global Restricted Stock Unit Agreement under the 2020 Stock Plan](a105eltformofrsuagreemen.htm)</u> |  |  |
| 10.6\* | <u>[Form of Executive Performance-Based Stock Option Agreement](https://www.sec.gov/Archives/edgar/data/1308547/000119312515401472/d102497dex992.htm)</u> | Current Report on Form 8-K | December 11, 2015 |
| 10.7\*+ | <u>[Form of Executive Performance-Based Restricted Stock Units](a107formofpsuagreement.htm)</u> |  |  |
| 10.8\* | <u>[French Sub-Plan to the 2020 Stock Plan](https://www.sec.gov/Archives/edgar/data/0001308547/000162828021014929/ex101frsub-plan20stockxq321.htm)</u> | Quarterly Report on Form 10-Q | July 29, 2021 |
| 10.9\*+ | <u>[Form of Restricted Stock Unit Agreement - France](a109frenchrsuagreementan.htm)</u> |  |  |
| 10.10\* | <u>[Employee Stock Purchase Plan ("ESPP"), as amended and restated on February 7, 2023](https://www.sec.gov/Archives/edgar/data/1308547/000119312523032624/d645316dex102.htm)</u> | Current Report on Form 8-K | February 10, 2023 |
| 10.11\*+ | <u>[Form of Subscription Agreement under the ESPP](a1011esppsubscriptionagr.htm)</u> |  |  |
| 10.12\* | <u>[2025 Dolby Executive Bonus Plan](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001308547/000119312524259854/d882394d8k.htm)</u> | Current Report on Form 8-K | November 15, 2024 |
| 10.13\* | <u>[Form of Indemnification Agreement entered into between the Registrant and its Directors & Officers](https://www.sec.gov/Archives/edgar/data/1308547/000119312504200308/dex101.htm)</u> | Registration Statement on Form S-1 (No. 333-120614) | November 19, 2004 |
| 10.14\* | <u>[Employment Agreement dated February 24, 2009, by and between Dolby Laboratories, Inc. & Kevin Yeaman](https://www.sec.gov/Archives/edgar/data/1308547/000119312509094445/dex102.htm)</u> | Quarterly Report on Form 10-Q | April 30, 2009 |
| 10.15\* | <u>[Amendment, dated as of December 19, 2012, to Employment Agreement dated as of February 24, 2009, by and between Dolby Laboratories, Inc. and Kevin Yeaman](https://www.sec.gov/Archives/edgar/data/1308547/000130854713000003/exhibit101-amendmenttokevi.htm)</u> | Quarterly Report on Form 10-Q | February 6, 2013 |
| 10.16\* | <u>[Offer Letter dated September 23, 2021 by and between Robert Park and Dolby Laboratories, Inc.](https://www.sec.gov/Archives/edgar/data/1308547/000162828022001812/ex101ol-robertpark_cfo.htm)</u> | Quarterly Report on Form 10-Q | February 4, 2022 |
| 10.17\* | <u>[Offer Letter by and between Andy Sherman & Dolby Laboratories, Inc.](https://www.sec.gov/Archives/edgar/data/1308547/000119312511134043/dex102.htm)</u> | Quarterly Report on Form 10-Q | May 10, 2011 |
| 10.18\* | <u>[Offer Letter dated April 6, 2022 by and between Shriram Revankar and Dolby Laboratories, Inc.](https://www.sec.gov/Archives/edgar/data/1308547/000162828022021971/exhibit101-shriramrevank.htm)</u> | Quarterly Report on Form 10-Q | August 9, 2022 |
| 10.19\* | <u>[Offer Letter dated June 26, 2018 by and between Todd Pendleton and Dolby Laboratories, Inc.](https://www.sec.gov/Archives/edgar/data/1308547/000162828018010219/exhibit101offerlettertot.htm)</u> | Quarterly Report on Form 10-Q | August 1, 2018 |
| 10.20 | <u>[Credit Agreement dated as of November 14, 2024 among Dolby Laboratories, Inc., certain subsidiaries thereof, and Bank of America, N.A.](https://www.sec.gov/Archives/edgar/data/1308547/000119312524261743/d653097dex101.htm)</u> | Current Report on Form 8-K | November 19, 2024 |
| 14.1+ | <u>[Dolby Laboratories, Inc. Code of Business Conduct and Ethics](a141dolby_cebcexextx0206.htm)</u> |  |  |
| 19.1+ | <u>[Dolby Laboratories, Inc. Insider Trading Policy](exhibit191-fy25q4.htm)</u> |  |  |
| 19.2 | <u>[Rule 10b5-1 Trading Plan Policy](https://www.sec.gov/Archives/edgar/data/1308547/000162828024048519/rule10b5-1tradingplanpol.htm)</u> | Annual Report on Form 10-K | November 19, 2024 |
| 21.1+ | <u>[List of significant subsidiaries of the Registrant](exhibit211-fy25q4.htm)</u> |  |  |
| 23.1+ | <u>[Consent of KPMG LLP, Independent Registered Public Accounting Firm](exhibit231-fy25q4.htm)</u> |  |  |
| 24.1 | <u>[Power of Attorney (incorporated by reference from the signature page of this Annual Report on Form 10-K)](#id12ccee08b4f4bbab881d037bdffcfd3_208)</u> | <u>[Power of Attorney (incorporated by reference from the signature page of this Annual Report on Form 10-K)](#id12ccee08b4f4bbab881d037bdffcfd3_208)</u> | <u>[Power of Attorney (incorporated by reference from the signature page of this Annual Report on Form 10-K)](#id12ccee08b4f4bbab881d037bdffcfd3_208)</u> |
| 31.1+ | <u>[Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act](exhibit311-fy25q4.htm)</u> | <u>[Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act](exhibit311-fy25q4.htm)</u> | <u>[Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act](exhibit311-fy25q4.htm)</u> |
| 31.2+ | <u>[Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act](exhibit312-fy25q4.htm)</u> | <u>[Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act](exhibit312-fy25q4.htm)</u> | <u>[Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act](exhibit312-fy25q4.htm)</u> |
| 32.1‡ | <u>[Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act](exhibit321-fy25q4.htm)</u> | <u>[Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act](exhibit321-fy25q4.htm)</u> | <u>[Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act](exhibit321-fy25q4.htm)</u> |
| 97.1 | <u>[Dolby Laboratories, Inc. Amended and Restated Policy on Recoupment of Compensation](https://www.sec.gov/Archives/edgar/data/1308547/000162828024048519/exhibit971-fy24q4.htm)</u> | Annual Report on Form 10-K | November 19, 2024 |
| 101.INS‡ XBRL Instance Document | 101.INS‡ XBRL Instance Document | 101.INS‡ XBRL Instance Document | 101.INS‡ XBRL Instance Document |
| 101.SCH‡ XBRL Taxonomy Extension Schema Document | 101.SCH‡ XBRL Taxonomy Extension Schema Document | 101.SCH‡ XBRL Taxonomy Extension Schema Document | 101.SCH‡ XBRL Taxonomy Extension Schema Document |
| 101.CAL‡ XBRL Taxonomy Extension Calculation Linkbase Document | 101.CAL‡ XBRL Taxonomy Extension Calculation Linkbase Document | 101.CAL‡ XBRL Taxonomy Extension Calculation Linkbase Document | 101.CAL‡ XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF‡ XBRL Extension Definition | 101.DEF‡ XBRL Extension Definition | 101.DEF‡ XBRL Extension Definition | 101.DEF‡ XBRL Extension Definition |
| 101.LAB‡ XBRL Taxonomy Extension Label Linkbase Document | 101.LAB‡ XBRL Taxonomy Extension Label Linkbase Document | 101.LAB‡ XBRL Taxonomy Extension Label Linkbase Document | 101.LAB‡ XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE‡ XBRL Taxonomy Extension Presentation Linkbase Document | 101.PRE‡ XBRL Taxonomy Extension Presentation Linkbase Document | 101.PRE‡ XBRL Taxonomy Extension Presentation Linkbase Document | 101.PRE‡ XBRL Taxonomy Extension Presentation Linkbase Document |

---

+&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

\*&nbsp;&nbsp;&nbsp;&nbsp;Denotes a management contract or compensatory plan or arrangement.

‡&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

------

<u>[**Table of Contents**](#id12ccee08b4f4bbab881d037bdffcfd3_7)</u>

**ITEM 16. FORM 10-K SUMMARY**

None.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 18, 2025

---

| | |
|:---|:---|
| DOLBY LABORATORIES, INC. | DOLBY LABORATORIES, INC. |
| By: | <u>/S/ ROBERT PARK</u> |
|  | **Robert Park** |
|  | **Senior Vice President and Chief Financial Officer** |
|  | **(Principal Financial Officer)** |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Kevin J. Yeaman and Robert Park, and each of them, his or her attorney-in-fact, each with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitutes, may do or cause to be done by virtue of hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>SIGNATURE</u>** | **<u>TITLE</u>** | **<u>DATE</u>** |
| /S/&nbsp;&nbsp;&nbsp;&nbsp;PETER GOTCHER | Chairman of the Board of Directors | November 18, 2025 |
| **Peter Gotcher** |  |  |
| /S/&nbsp;&nbsp;&nbsp;&nbsp;KEVIN J. YEAMAN | President, Chief Executive Officer and Director<br>(Principal Executive Officer) | November 18, 2025 |
| **Kevin J. Yeaman** | President, Chief Executive Officer and Director<br>(Principal Executive Officer) |  |
| /S/ ROBERT PARK | Senior Vice President and Chief Financial Officer<br>(Principal Financial Officer) | November 18, 2025 |
| **Robert Park** | Senior Vice President and Chief Financial Officer<br>(Principal Financial Officer) |  |
| /S/&nbsp;&nbsp;&nbsp;&nbsp;RYAN NICHOLSON | Vice President, Chief Accounting Officer<br>(Principal Accounting Officer) | November 18, 2025 |
| **Ryan Nicholson** | Vice President, Chief Accounting Officer<br>(Principal Accounting Officer) |  |
| /S/&nbsp;&nbsp;&nbsp;&nbsp;DAVID DOLBY | Director | November 18, 2025 |
| **David Dolby** |  |  |
| /S/&nbsp;&nbsp;&nbsp;&nbsp;TONY PROPHET | Director | November 18, 2025 |
| **Tony Prophet** |  |  |
| /S/&nbsp;&nbsp;&nbsp;&nbsp;EMILY ROLLINS | Director | November 18, 2025 |
| **Emily Rollins** |  |  |
| /S/&nbsp;&nbsp;&nbsp;&nbsp;SIMON SEGARS | Director | November 18, 2025 |
| **Simon Segars** |  |  |
| /S/&nbsp;&nbsp;&nbsp;&nbsp;ANJALI SUD | Director | November 18, 2025 |
| **Anjali Sud** |  |  |
| /S/&nbsp;&nbsp;&nbsp;&nbsp;AVADIS TEVANIAN, JR. | Director | November 18, 2025 |
| **Avadis Tevanian, Jr.** |  |  |

---

## Exhibit 10.2

![](a102formofglobalstockopt001.jpg)

1 DOLBY LABORATORIES, INC. 2020 STOCK PLAN GLOBAL STOCK OPTION AGREEMENT Unless otherwise defined herein, the terms defined in the Dolby Laboratories, Inc. 2020 Stock Plan as amended from time to time (the "Plan") shall have the same defined meanings in this Global Stock Option Agreement (the "Option Agreement") , including any terms and conditions for participants outside the U.S. in Appendix A. I. NOTICE OF STOCK OPTION GRANT Participant: [ ] Participant ID: [ ] Participant has been granted an Option, subject to the terms and conditions of the Plan and this Option Agreement, as follows: Grant Number: [ ] Date of Grant: [ ] Vesting Commencement Date: [ ] Exercise Price per Share: [ ] Total Number of Shares Granted: [ ] Total Exercise Price: [ ] Type of Option: [ ] Term/Expiration Date: [ ] Vesting Schedule: Subject to Participant continuing to be a Service Provider and other limitations set forth in the Plan, this Option Agreement and country-specific provisions for Non-U.S. Participants as set forth in Appendix A to this Option Agreement becomes exercisable with respect to the first 25% of the Shares subject to this Option on the first anniversary of the Date of Grant. Thereafter, this Option becomes exercisable monthly with respect to an additional 1/36th of the remaining Shares subject to this Option. To the extent the foregoing schedule would result in the vesting of fractional Shares, Shares will be rounded down to the nearest whole Share.

------

![](a102formofglobalstockopt002.jpg)

2 Termination Period: This Option will be exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due to Participant's death or Disability, in which case this Option will be exercisable for one (1) year after Participant ceases to be Service Provider. Notwithstanding the foregoing, in no event may this Option be exercised after the Term/Expiration Date as provided above. II. AGREEMENT A. Grant of Option. Dolby Laboratories, Inc. (the "Company") hereby grants to Participant named in the Notice of Stock Option Grant (the "Notice of Grant") an Option to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the "Exercise Price"), subject to the terms and conditions of the Plan, which is incorporated herein by reference, and this Option Agreement and country-specific provisions for Non-U.S. Participants as set forth in Appendix A to this Option Agreement (collectively, the "Option Agreement"). Subject to Section 20(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail. If designated in the Notice of Grant as an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d), or otherwise does not qualify as an Incentive Stock Option, it shall be treated as a Nonstatutory Stock Option. Further, if for any reason this Option (or portion thereof) will not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a Nonstatutory Stock Option granted under the Plan. In no event will the Administrator, Company or a Relaed Entity of the Company, or any of their respective employees or directors, have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an Incentive Stock Option. B. Exercise of Option. 1. Right to Exercise. This Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Grant and the applicable provisions of the Plan and this Option Agreement. 2. Method of Exercise. This Option is exercisable by (i) delivery of an exercise notice, in the form and manner determined by the Administrator, or (ii) following an electronic or other exercise procedure prescribed by the Administrator, which in either case shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. Participant shall provide

------

![](a102formofglobalstockopt003.jpg)

3 payment of the aggregate Exercise Price as to all Exercised Shares at the time of exercise, together with any applicable Tax-Related Items (as defined in section II.F below) withholding arising in connection with such exercise. This Option shall be deemed exercised upon receipt by the Company of a fully executed exercise notice or completion of such exercise procedure, as the Administrator may determine in its sole discretion, accompanied by such aggregate Exercise Price and any applicable Tax-Related Items withholding. No Shares shall be issued pursuant to the exercise of this Option unless such issuance and exercise complies with Applicable Laws. Assuming such compliance, for income tax purposes, the Exercised Shares shall be considered transferred to Participant on the date the Option is exercised with respect to such Exercised Shares. C. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of Participant: 1. to the extent permitted by Applicable Law, by cash, check or cash equivalent; 2. consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; 3. for United States taxpayers only, other Shares which meet the conditions established by the Administrator to avoid adverse accounting consequences (as determined by the Administrator); or 4. any other methods approved by the Administrator and permitted by Applicable Laws. D. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Participant. E. Term of Option. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement. F. Tax Obligations. 1. Withholding Taxes. Regardless of any action the Company or the Related Entity that is Participant's employer (the "Employer") takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding items related to Participant's participation in the Plan and legally applicable to Participant, or deemed by the

------

![](a102formofglobalstockopt004.jpg)

4 Company or the Employer to be an appropriate charge to Participant even if technically due by the Company or the Employer ("Tax-Related Items"), Participant hereby acknowledges that the ultimate liability for all Tax-Related Items is and remains Participant's responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option grant, including, but not limited to, the grant, vesting or exercise of the Option, the issuance of Shares pursuant to such exercise, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Option to reduce or eliminate Participant's liability for Tax-Related Items or achieve a particular tax result. Further, if Participant is subject to tax in more than one jurisdiction, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. In connection with any relevant taxable or tax withholding event, Participant shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes and directs the Company and/or the Employer or their respective agents, in their sole discretion and without any notice or authorization by Participant, to satisfy any applicable withholding obligations, if any, with regard to all Tax- Related Items by one or a combination of the following: (1) withholding from Participant's wages or other cash compensation paid to Participant by the Company and/or the Employer; or (2) withholding from proceeds of the sale of Shares acquired upon exercise of the Option, either through a voluntary sale or through a mandatory sale arranged by the Company (on Participant's behalf pursuant to this authorization without further consent); or (3) withholding in Shares to be issued upon exercise of the Option. Depending upon the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates in Participant's jurisdiction(s), including maximum applicable rates. If the Company and/or the Employer withhold more than the amount necessary to satisfy the liability for Tax-Related Items, Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent Shares or, if not refunded, Participant may be able to seek a refund from the applicable tax authorities. If the Company and/or the Employer withhold less than the amount necessary to satisfy the liability for Tax-Related Items, Participant may be required to pay additional Tax-Related Items directly to the applicable tax authorities or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes Participant is deemed to have been issued the full number of Exercised Shares, notwithstanding that a number of the Exercised Shares is held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of Participant's participation in the Plan. No fractional Shares will be withheld or issued pursuant to the exercise of an Option and the issuance of Shares thereunder.

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![](a102formofglobalstockopt005.jpg)

5 Finally, Participant shall pay to the Company or the Employer any amount of Tax- Related Items that the Company or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan or Participant's purchase of Shares that cannot be satisfied by the means previously described. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares or the proceeds from the sale of Shares if Participant fails to comply with Participant's obligations in connection with the Tax-Related Items as described in this section F. Participant shall have no further rights with respect to any Shares that are retained by the Company pursuant to this provision, and under no circumstances will the Company be required to issue any fractional Shares. 2. Notice of Disqualifying Disposition of Incentive Stock Option Shares. If Participant is a United States taxpayer and the Option granted to Participant herein is an Incentive Stock Option, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the Incentive Stock Option on or before the later of (1) the date two years after the date the Option is granted, or (2) the date one year after the date of exercise, Participant will immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant. G. Acknowledgements. 1. Participant acknowledges receipt of a copy of the Plan (including any applicable appendixes or sub-plans thereunder) and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan (including any applicable appendixes or sub-plans thereunder) and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of this Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Option Agreement. Participant further agrees to notify the Company upon any change in the residence address in the Notice of Grant. 2. The Company (and not the Employer) is granting the Option. The Company will administer the Plan from outside Participant's country of residence. 3. The Plan is established voluntarily by the Company, is wholly discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time. 4. The grant of the Option is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of Options, or benefits in lieu of Options, even if Options have been granted in the past. 5. All decisions with respect to future Option grants, if any, will be at the sole discretion of the Company. 6. Participant is voluntarily participating in the Plan.

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6 7. The Option and the Shares subject to the Option, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of Participant's employment or service contract, if any. 8. Unless otherwise agreed with the Company, the Option and the Shares subject to the Option, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Related Entity. 9. The Option and the Shares subject to the Option, and the income and value of same, are not intended to replace any pension rights or compensation. 10. Although provided by the Company, the Option and the Shares subject to the Option, and the income and value of same, are not part of Participant's normal or expected salary or compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, holiday pay, long-service awards, leave-related pay, pension, retirement or welfare benefits, or any other similar payments. 11. The Option grant and Participant's participation in the Plan will not be interpreted to form an employment contract or relationship with the Company or any Related Entity and the Company will not incur any liability of any kind to Participant as a result of any change or amendment, or any cancellation, of the Plan at any time. 12. The future value of the underlying Shares is unknown and cannot be predicted with certainty. 13. If the underlying Shares do not increase in value, the Option will have no value. 14. If Participant exercises his or her Option and obtains Shares, the value of those Shares acquired upon exercise may increase or decrease in value, even below the Exercise Price. 15. Participant has received the terms and conditions of this Option Agreement and any other related communications in English, and Participant consents to having received these documents in English. Participant acknowledges that he or she is sufficiently proficient in English, or, alternatively, Participant acknowledges that he or she will seek appropriate assistance, to understand the terms and conditions in this Option Agreement. Furthermore, if Participant has received this Option Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 16. In the event of termination of Participant's status as a Service Provider (whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid), Participant's right to vest in the Option under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of "garden leave" or similar period pursuant to local law). Further, in the event of termination of Participant's status as a Service Provider (whether or not in breach of local labor

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7 laws), Participant's right to exercise the Option after termination of status as a Service Provider will be measured by the date of termination of Participant's active employment and will not be extended by any notice period mandated under local law. The Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of his or her Option grant (including whether Participant may still be considered actively employed while on an approved leave of absence). 17. Unless otherwise provided in the Plan or by the Company in its discretion, the Option and the benefits under the Plan, if any, do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares. 18. The Option and the Shares subject to the Option are not part of Participant's normal or expected compensation or salary for any purpose. 19. Neither the Company, the Employer nor any other Related Entity of shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise. 20. No claim or entitlement to compensation or damages shall arise from forfeiture of the Option resulting from termination of Participant's status as a Service Provider by the Company or the Employer (for any reason whatsoever and whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid). H. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares. Participant acknowledges and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan. I. DATA PRIVACY. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant's personal data as described in this Agreement and any other Option materials by and among, as applicable, the Employer, the Company, and its Related Entities for the exclusive purpose of implementing, administering and managing Participant's participation in the Plan. Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant's name, home address and telephone number, e-mail address, date of birth, social insurance number, passport number or other identification number, salary, nationality, residency status, job title, any Shares or directorships held in the Company or any Related Entity, details of all Options or any other

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8 entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("Data"), for the purpose of implementing, administering and managing the Plan. Participant understands that Data may be transferred to the E\*TRADE, or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company in the implementation, administration and management of the Plan. Participant understands that the recipients may be located in the United States, or elsewhere, and that the recipient's country (e.g., the United States) may have different data privacy laws and protections than Participant's country. Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting Participant's local human resources representative. Participant authorizes the Company, E\*TRADE and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of Shares on Participant's behalf, to a broker or third party with whom the Shares acquired on exercise may be deposited. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant's participation in the Plan. Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case, without cost, by contacting in writing Participant's local human resources representative, or if there is no local human resources representative, the human resources department of the Company. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her employment status or service with the Employer will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant Options or other equity awards or administer or maintain such awards. Participant understands, however, that refusal or withdrawal of consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative, or if there is no local human resources representative, the human resources department of the Company. J. Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to Participant's interest except by means of a writing signed by the Company and Participant.

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9 This Option Agreement is governed by the internal substantive laws, but not the choice of law rules, of California. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant or the Option Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed. K. NO GUARANTEE OF CONTINUED SERVICE. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUED ENGAGEMENT AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER). PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH IN THE NOTICE OF GRANT DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. L. Severability. The provisions of this Option Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. M. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to Participant's current or future participation in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. By Participant's electronic signature and the electronic signature of the Company's representative, Participant and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan and this Option Agreement. Participant has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of the Plan and Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Option Agreement.

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10 N. Appendix. Notwithstanding any provisions in this Option Agreement, the Option grant shall be subject to any terms and conditions set forth in any Appendix to this Option Agreement for Participant's country. Moreover, if Participant relocates to one of the countries included in the Appendix, the terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or facilitate the administration of the Plan. The Appendix constitutes part of this Option Agreement. O. Imposition of Other Requirements. The Company reserves the right to impose other requirements on Participant's participation in the Plan, on the Option and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or to facilitate the administration of the Plan, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. P. Insider Trading/Market Abuse Restrictions. Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to, directly or indirectly, accept, acquire, sell, attempt to sell or otherwise dispose of Shares, rights to Shares (e.g., Options), or rights linked to the value of Shares (e.g., phantom awards, futures) during such times as Participant is considered to have "inside information" regarding the Company as defined by the laws or regulations in the applicable jurisdiction or Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant placed before Participant possessed insider information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Company's Insider Trading Policy. Participant is responsible for ensuring compliance with any applicable restrictions and should consult his or her personal legal advisor on this matter. Q. Exchange Control, Tax and/or Foreign Asset/Account Reporting. Participant acknowledges that there may be exchange control, tax, foreign asset and/or account reporting requirements which may affect Participant's ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on Shares acquired under the Plan) in a brokerage, bank account or legal entity outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in Participant's country. Participant also may be required to repatriate sale proceeds or other funds received as a result of participation in the Plan to Participant's country through a designated bank or broker within a certain time after receipt.

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11 Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and should consult his or her personal legal advisor for any details. R. Waiver. Participant acknowledges that a waiver by the Company of breach of any provision of this Option Agreement shall not operate or be construed as a waiver of any other provision of this Option Agreement, or of any subsequent breach by Participant or any other participant. You acknowledge and agree that this Option Agreement and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a Service Provider for the vesting period, for any period, or at all, and shall not interfere with your right or the right of the Company or Related Entity that is your employer to terminate your relationship as a Service Provider at any time, with or without cause. You hereby agree to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and this Option Agreement. By Participant's electronic signature and the electronic signature of the Company's representative, Participant and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan and this Option Agreement. Participant has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of the Plan and Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Option Agreement. You must execute and deliver or electronically accept the terms set forth in this Option Agreement, in the manner specified by the Administrator prior to the date you first exercise any portion of the Option.

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12 GLOBAL STOCK OPTION AGREEMENT APPENDIX A FOR NON-U.S. PARTICIPANTS DOLBY LABORATORIES, INC. 2020 STOCK PLAN Terms and Conditions for Participants Outside the U.S. This Appendix includes additional country-specific terms and conditions that apply to Participants resident in countries listed below. This Appendix is part of the Option Agreement and contains terms and conditions material to participation in the Plan. Unless otherwise provided below, capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Option Agreement. The information is based on the securities, exchange control, income tax and other laws in effect in the respective countries as of December 2021. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the information in this Appendix as the only source of information relating to the consequences of Participant's participation in the Plan because the information may be out of date when the Option is exercised or when Participant sells Shares acquired upon exercise of the Option. In addition, the information contained herein is general in nature and may not apply to Participant's particular situation, and the Company is not in a position to assure Participant of a particular result. Accordingly, Participant should seek appropriate professional advice as to how the relevant laws in Participant's country may apply to his or her situation. Finally, if Participant is a citizen or resident of a country other than the one in which he or she is currently working or Participant transfers employment or residency after the Date of Grant, or if Participant is considered resident of another country for local law purposes, then the provisions contained herein may not be applicable to Participant. The Company shall, in its sole discretion, determine to what extent the terms and conditions included herein will apply under these circumstances. Countries Within the European Economic Area and the United Kingdom Data Privacy: The Dolby Employee Privacy Notice supersedes and replaces replaces section II.I of the Option Agreement. The Dolby Employee Privacy Notice for each respective country in the European Union and European Economic Area can be found at [REDACTED]. Australia Securities Law Notice.

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13 If Participant exercises the Option and subsequently offers the Shares purchased upon exercise for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law and Participant should obtain legal advice regarding any applicable disclosure obligations prior to making any such offer. Tax Notice. The Plan is a plan to which subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to conditions in the Act). Exchange Control Notice. Exchange control reporting is required for cash transactions exceeding AUD 10,000 and for international fund transfers. Participant understands that if an Australian bank is assisting with the transaction, the bank will file the report on Participant's behalf. Participant understands that if there is no Australian bank involved in the transfer, Participant will have to file the exchange control report on his or her own behalf. Brazil Compliance with Law. By accepting the Option, Participant acknowledges that he or she agrees to comply with applicable Brazilian laws and to pay any and all applicable taxes associated with Participant's participation in the Plan, including the exercise of the Option, the receipt of any dividends, and the sale of Shares acquired under the Plan. Nature of Option Grants. By accepting the Option, Participant agrees that (1) he or she is making an investment decision, (2) the Shares will be issued to Participant only if the vesting conditions are met and any necessary services are rendered by Participant over the vesting period and (3) the value of the underlying Shares is not fixed and may increase or decrease in value over time without compensation to Participant. Exchange Control Notice. Individuals who are resident or domiciled in Brazil are generally required to submit an annual declaration of assets and rights held outside Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights is greater than US$1,000,000. If such amount is equal to or greater than US$100,000,000, the referenced declaration must be submitted quarterly, in the month following the end of each quarter. Assets and rights to be included in this annual declaration include Shares acquired under the Plan. Tax on Financial Transaction (IOF).

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14 Payments to foreign countries (including the payment of the Exercise Price) and repatriation of funds into Brazil and the conversion between BRL and US$ associated with such fund transfers may be subject to the Tax on Financial Transactions. It is Participant's responsibility to comply with any applicable Tax on Financial Transactions arising from Participant's participation in the Plan. Participant should consult with his or her personal tax advisor for additional details. Canada Method of Payment. Notwithstanding section 7(d) of the Plan, Participant acknowledges that due to regulatory requirements, Participant is prohibited from surrendering Shares that Participant owns and from attesting to the ownership of Shares to pay the Exercise Price and any Tax-Related Items under the Option. Termination of Service Provider Relationship. The following provision replaces section II.G.16 of the Option Agreement: For purposes of the Option, Participant's status as a Service Provider will be considered terminated, vesting will terminate and the period remaining to exercise the Option will be measured effective as of the date that is the earliest of: (i) the date Participant's employment with the Company or Related Entity is terminated; or (ii) the date Participant receives notice of termination of employment or service from the Company or Related Entity; regardless of the reason for such termination and whether or not later found to be invalid or in breach of any applicable law, including Canadian provincial employment law (including but not limited to statutory law, regulatory law and/or common law) or the terms of Participant'semployment or service agreement, if any. The Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed or providing services for purposes of his or her Option grant (including whether Participant may still be considered actively providing services while on an approved leave of absence). Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued entitlement to vesting during a statutory notice period, Participant's right to vest in the Option under the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period. Participant will not earn or be entitled to pro-rated vesting for that portion of time before the date on which Participant's right to vest terminates or if the vesting date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting. Sale of Shares. Participant acknowledges that he or she is permitted to sell the Shares acquired under the Plan through E\*TRADE or such other broker as may be selected by the Company in the future,

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15 provided the sale of the Shares takes place outside of Canada through facilities of a stock exchange on which the Shares are listed. The Shares are currently listed on the New York Stock Exchange. Consent to Receive Information in English for Quebec Service Providers. Participant acknowledges that it is the express wish of the parties that this Option Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be written in English. Le participant reconnaît que c'est son souhait exprès d'avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents exécutés, avis donnés et procédures judiciaries intentées, directement ou indirectement, relativement à ou suite à la présente convention. Authorization to Release and Transfer Necessary Personal Information for Quebec Service Providers. The following provision supplements section II.I of the Option Agreement: Participant hereby authorizes the Company and the Company's representatives, including the broker(s) designated by the Company, to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. Participant further authorizes the Company, any Related Entity and the Administrator of the Plan to disclose and discuss the Plan with their advisors. Participant further authorizes the Company and any Related Entity to record such information and to keep such information in Participant's employee file. Foreign Asset/Account Reporting Notice. Canadian residents may be required to report foreign specified property on Form T1135 (Foreign Income Verification Statement) if the total cost of the foreign specified property exceeds CAD 100,000 at any time in the year. Foreign specified property includes Shares acquired under the Plan and may include the Option. The Option must be reported - generally at a nil cost - if the CAD 100,000 cost threshold is exceeded because of other foreign specified property Participant holds. The cost of the Shares generally is the adjusted cost base ("ACB") of the Shares. The ACB ordinarily would equal the fair market value of the Shares at the time of acquisition, but if the Canadian resident owns other Shares of the Company, this ACB may have to be leveraged with the ACB of the other Shares. The Form T1135 generally must be filed by April 30 of the following year. Canadian residents should consult with a personal advisor to ensure compliance with the applicable reporting requirements. China Method of Payment. Notwithstanding anything in section II.C of the Option Agreement to the contrary, Participant agrees to pay the Exercise Price and any Tax-Related Items solely by means of a

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16 cashless sell-all method of exercise. To complete a cashless sell-all exercise, Participant must provide irrevocable instructions to the broker to: (i) sell all of the Shares to be issued upon exercise; (ii) use the proceeds to pay the Exercise Price, brokerage fees and any applicable Tax-Related Items; and (iii) remit the balance in cash to Participant. Such delivery of the sales proceeds shall be subject to any obligation to satisfy Tax-Related Items. Participant acknowledges that E\*TRADE or such other broker as may be selected by the Company in the future is under no obligation to arrange for the sale of the Shares at any particular price. To the extent that regulatory requirements in China change, the Company reserves the right to permit Participant to exercise the Option and pay the Exercise Price with cash, check, cash equivalent or cashless sell-to-cover exercise. In the event Participant is permitted to hold Shares upon exercise, the Company may force the sale of the Shares within any time frame as the company determines to be necessary or advisable for legal or administrative reasons. Participant agrees that he or she must maintain any Shares acquired under the Plan in an account maintained by E\*TRADE or such other stock plan service provider as may be selected by the Company. Exchange Control Acknowledgment. Participant understands and agrees that participation in the Plan is subject to the Company or the Employer obtaining any required approval from the China State Administration of Foreign Exchange ("SAFE"), as determined by the Company in its sole and absolute discretion. If the Company or the Employer is unable to obtain such approval, Participant may not be entitled to receive any benefit in connection with the Plan without any liability to the Company, the Employer or any Related Entity. Participant understands and agrees that, pursuant to local exchange control requirements, Participant will be required to repatriate the cash proceeds from the immediate sale of Shares issued upon exercise to China. Participant further understands that, under local law, such repatriation of the cash proceeds may need to be effectuated through a special exchange control account established by the Company, or one of its Related Entities, and Participant hereby consents and agrees that any cash proceeds received in connection with the Participant's participation in the Plan may be transferred to such special account prior to being delivered to Participant. If the proceeds from the sale of Participant's Shares are converted to local currency, Participant acknowledges that the Company is under no obligation to secure any exchange conversion rate, and the Company may face delays in converting the proceeds to local currency due to exchange control restrictions in China. Participant agrees to bear the risk of any exchange conversion rate fluctuation between the time the Shares are purchased and the time the cash proceeds are distributed to Participant. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. Foreign Asset/Account Reporting Notice. Chinese residents are required to report to the SAFE all details of his or her foreign financial assets and liabilities, as well as details of any economic transactions conducted with non- Chinese residents, either directly or through financial institutions.

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17 France Consent to Receive Information in English. By signing and returning this document providing for the terms and conditions of Participant's Option grant, Participant confirms having read and understood the documents relating to this grant (the Plan and this Option Agreement) which were provided in English language. Participant accepts the terms of those documents accordingly. En signant et renvoyant le présent document décrivant les termes et conditions de l'attribution d'options, le participant confirme ainsi avoir lu et compris les documents relatifs à cette attribution (le Plan U.S. et ce contrat d'options) qui ont été communiqués en langue anglaise. Le participant accepte les termes en connaissance de cause. Foreign Asset/Account Reporting Notice. French residents may hold Shares outside France, provided that they declare all foreign accounts, whether open, current or closed, on their annual income tax return. Failure to comply could trigger significant penalties. Germany Exchange Control Notice. Cross-border payments in excess of EUR 12,500 must be reported monthly to the German Federal Bank (Bundesbank). In case of payments in connection with securities (including proceeds realized upon the sale of Shares or the receipt of dividends), the report must be made by the fifth (5th) day of the month following the month in which the payment is received. The report must be filed electronically. The form of report ("Allgemeine Meldeportal Statistik") can be accessed via the Bundesbank's website (www.bundesbank.de) and is available in both German and English. Foreign Asset/Account Reporting Information. German residents holding Shares must notify their local tax office if the acquisition of Shares under the Plan leads to a so-called qualified participation at any point during the calendar year. A qualified participation is attained only in the unlikely event (i) Participant owns at least 1% of the Company and the value of the Shares acquired exceeds €150,000, or (ii) Participant holds Shares exceeding 10% of the total capital of the Company. Hong Kong Sale Restriction. Any Shares acquired at exercise are accepted as a personal investment. In the event that the Option is exercised and Shares are issued to Participant (or Participant's heirs) within six months of the Date of Grant, Participant (or Participant's heirs) agrees that the Shares will not be

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18 offered to the public or otherwise disposed of prior to the six-month anniversary of the date of grant. Securities Law Notice. Warning: None of the documents related to the Plan have been reviewed by any regulatory authority in Hong Kong. If Participant is in any doubt about any of the contents of the Option Agreement, including this Appendix A, the Plan, or any other communication materials, Participant should obtain independent professional advice. The Option and Shares issued at exercise do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Company and its Related Entities. The Option Agreement, including this Appendix, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Option is intended only for the personal use of each eligible employee of the Employer, the Company or any Related Entity and may not be distributed to any other person. India Method of Payment. Notwithstanding section 7(d) of the Plan or sections II.B and II.C of the Option Agreement, due to legal restrictions in India, Participant will not be permitted to pay the Exercise Price and any Tax-Related Items by a partial cashless exercise (also called a "sell to cover" exercise) such that a certain number of Shares subject to the exercised Options are sold immediately upon exercise to cover the aggregate Exercise Price, brokers' fees and any Tax-Related Items and the remaining Shares are delivered to Participant. The Company reserves the right to provide Participant with this method of payment depending on the development of local law. Exchange Control Notice. If Participant remits funds out of India to exercise this Option, it is Participant's responsibility to comply with applicable exchange control requirements of the Reserve Bank of India. Regardless of the method of exercise used to purchase the Shares, Participant understands that he or she must repatriate any proceeds from the sale of Shares and any dividends received acquired under the Plan within such period of time as required under applicable regulations. Participant must obtain a foreign inward remittance certificate ("FIRC") from the bank where Participant deposits the funds and must maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation. Foreign Asset/Account Reporting Notice. Indian residents are required to declare the following items in their annual tax return: (i) any foreign assets held by them (including Shares acquired under the Plan), and (ii) any foreign bank accounts for which they have signing authority. Indian residents should consult with their personal tax advisor to ensure that they are properly reporting foreign assets and bank accounts.

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19 Japan Exchange Control Notice. Japanese residents acquiring Shares valued at more than ¥100,000,000 in a single transaction, must file a Securities Acquisition Report with the Ministry of Finance through the Bank of Japan within twenty (20) days of the acquisition of the Shares. In addition, if Participant is a Japanese resident and pays more than ¥30,000,000 in a single transaction for the purchase of Shares upon the exercise of the Option, Participant must file a Payment Report with the Ministry of Finance through the Bank of Japan by the 20th day of the month following the month in which the payment was made. The precise reporting requirements vary depending on whether or not the relevant payment is made through a bank in Japan. A Payment Report is required independently from a Securities Acquisition Report. Therefore, if the total amount that Participant pays upon a one-time transaction for exercising the Option and purchasing Shares exceeds ¥100,000,000, then Participant must file both a Payment Report and a Securities Acquisition Report. Foreign Asset/Account Reporting Notice. Japanese residents are required to report details of any assets held outside of Japan as of December 31, including Shares acquired under the Plan, to the extent such assets have a total net fair market value exceeding ¥50,000,000. Such report will be due by March 15 each year. Japanese residents are responsible for complying with this reporting obligation. Korea Exchange Control Notice. If Participant remits funds out of Korea to pay the Exercise Price, the remittance of funds must be confirmed by a foreign exchange bank in Korea. This confirmation is not necessary if Participant pays the Exercise Price through an arrangement with a broker approved by the Company whereby payment of the Exercise Price is accomplished with the proceeds of the sale of Shares, because in this case there is no remittance of funds out of Korea. Foreign Asset/Account Reporting Notice. Korean residents must declare all foreign financial accounts (i.e., non-Korean bank accounts, brokerage accounts, etc.) to the Korean tax authority and file a report with respect to such accounts if the value of such accounts exceeds KRW 500 million (or an equivalent amount in foreign currency). Korea residents should consult with their personal tax advisor for additional information about this reporting obligation. Netherlands

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20 No country-specific provisions. Poland Exchange Control Notice. Transfers of funds into and out of Poland in excess of €15,000 (or PLN 15,000 if such transfer of funds is connected with the business activity of an entrepreneur) must be made via a bank account held at a bank in Poland. Additionally, Polish residents are required to store all documents connected with any foreign exchange transactions that Polish residents are engaged in for a period of five years, as measured from the end of the year in which such transaction occurred. Foreign Asset/Account Reporting Notice. If Participant maintains bank or brokerage accounts holding cash and foreign securities (including Shares) outside of Poland, Participant will be required to report information to the National Bank of Poland on transactions and balances in such accounts if the value of such cash and securities exceeds certain thresholds. If required, such reports must be filed on special forms available on the website of the National Bank of Poland. Participant should consult with their personal legal advisor to determine whether Participant will be required to submit reports to the National Bank of Poland. Russia Securities Law Notice. This Option Agreement, the Plan and all other materials that Participant may receive concerning the grant of the Option and Participant's participation in the Plan do not constitute advertising or an offering of securities in Russia. The Shares to be issued upon exercise of the Option have not and will not be registered in Russia and, therefore, the Shares described in any Plan documents may not be offered or placed in public circulation in Russia. In no event will Shares to be issued upon exercise of the Option be delivered to Participant in Russia. All Shares acquired under the Plan will be maintained on Participant's behalf outside of Russia. Participant will not be permitted to sell Shares directly to a Russian legal entity or resident. Authorization to Release and Transfer Necessary Personal Information The following provision supplements section II.I of the Option Agreement: Participant hereby acknowledges that Participant has read and understood the terms regarding collection, processing and transfer of Data contained in the Data Privacy section of the Option Agreement and, by participating in the Plan, Participant agrees to such terms. In this regard, upon request of the Company or the Employer, Participant agrees to provide an executed data privacy consent form to the Employer or the Company (or any other agreements or consents that may be required by the Employer or the Company) that the Company and/or the Employer may deem necessary to obtain under the data privacy laws in Russia, either now

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21 or in the future. Participant understands that Participant will not be able to participate in the Plan if Participant fails to execute any such consent or agreement. Exchange Control Notice. Participant may be required to repatriate certain cash amounts received with respect to the Option to Russia as soon as Participant intends to use those cash amounts for any purpose, including reinvestment. If the repatriation requirement applies, such funds must initially be credited to Participant through a foreign currency account at an authorized bank in Russia. After the funds are initially received in Russia, they may be further remitted to foreign banks in accordance with Russian exchange control laws. Under the Directive N 5371-U of the Russian Central Bank (the "CBR"), the repatriation requirement may not apply in certain cases with respect to cash amounts received in an account that is considered by the CBR to be a foreign brokerage account. Statutory exceptions to the repatriation requirement also may apply. Participant should contact their personal advisor to ensure compliance with the applicable exchange control requirements prior to exercising the Option and/or selling Shares. Foreign Asset/Account Reporting Notice. Russian residents are required to report the opening, closing or change of details of any foreign brokerage account to the Russian tax authorities within one (1) month of opening, closing or change of details of such account. Russian residents also required to submit an annual cash flow report for any such foreign brokerage account on or before June 1 of the following year. Reporting requirements were further revised effective August 11, 2020 to expand the reporting requirement to include financial asset (including Shares) transactions in offshore accounts. Russian residents should consult with their personal tax advisor for additional information about these reporting obligations. Anti-Corruption Notice. Anti-corruption laws prohibit certain public servants, their spouses, and their dependent children from owning any foreign source financial instruments (e.g. shares of foreign corporations such as the Company). Accordingly, Particpant should inform the Company if he or she is covered by these laws because Participant should not hold Shares acquired under the Plan. Labor Law Notice. If Participant continues to hold Shares acquired at exercise of the Option after an involuntary termination of Participant's employment, Participant may not be eligible to receive unemployment benefits in Russia. Singapore Sale Restriction.

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22 Participant agrees that any Shares acquired pursuant to the Option will not be offered for sale in Singapore prior to the six-month anniversary of the Date of Grant unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("SFA"), or pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA. Securities Law Notice. The grant of the Options is being made to Participant in reliance on the "Qualifying Person" exemption under section 273(1)(f) of the SFA under which it is exempt from the prospectus and registration requirements and is not made with a view to the underlying Shares being subsequently offered for sale to any other party. The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Director Reporting Notice. If Participant is a director, associate director or shadow director of a Singapore Related Entity of the Company, as the terms are used in the Singapore Companies Act (the "SCA"), Participant agrees to comply with notification requirements under the SCA. Among these requirements is an obligation to notify the Singapore Related Entity in writing when Participant receives an interest (e.g., Options, Shares) in the Company or any related companies (including when Participant sells Shares acquired through exercise of the Option). In addition, Participant must notify the Singapore Related Entity when Participant sells or receives Shares of the Company or any related company (including when Participant sells or receives Shares acquired under the Plan). These notifications must be made within two (2) business days of acquiring or disposing of any interest in the Company or any related company. In addition, a notification must be made of Participant's interests in the Company or any related company within two (2) business days of becoming a director, associate director or shadow director. Participant should consult with his or her personal legal advisor regarding his or her notification obligations under the SCA. Spain No Entitlement for Claims or Compensation. The following provisions supplement section II.G of the Option Agreement: By accepting the Option, Participant consents to participation in the Plan and acknowledges that Participant has received a copy of the Plan document. Participant understands and agrees that, as a condition of the grant of the Option, termination of Participant's status as a Service Provider for any reason (including for the reasons listed below) prior to the vesting date will automatically result in the loss of the unvested Options that may have been granted to Participant. In particular, Participant understands and agrees that any unvested Options shall be forfeited without entitlement to the underlying Shares or to any amount as indemnification in the event of a termination of status as a Service Provider, including, but not limited to: resignation, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without cause (i.e., subject to a "despido improcedente"),

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23 individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the Workers' Statute, relocation under Article 40 of the Workers' Statute, Article 50 of the Workers' Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985. Participant understands that the Company has unilaterally, gratuitously and in its sole discretion decided to grant Options under the Plan to individuals who may be Employees, Directors or Consultants throughout the world. The decision is limited and entered into based upon the express assumption and condition that any Options will not economically or otherwise bind the Company or any Related Entity, including the Employer, on an ongoing basis, other than as expressly set forth in the Option Agreement. Consequently, Participant understands that the Options are granted on the assumption and condition that the Option shall not become part of any employment contract (whether with the Company or any Related Entity, including the Employer) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Furthermore, Participant understands and freely accepts that there is no guarantee that any benefit whatsoever shall arise from the grant of the Option, which is gratuitous and discretionary, since the future value of the Option and the underlying Shares is unknown and unpredictable. Participant also understands that the grant of the Option would not be made but for the assumptions and conditions set forth hereinabove; thus, Participant understands, acknowledges and freely accepts that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the Option and any right to the underlying Shares shall be null and void. Securities Law Notice. No "offer of securities to the public," as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the grant of the Option. The Option Agreement, the Appendix and the Plan have not been registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission) and do not constitute a public offering prospectus. Exchange Control Notice. Spanish taxpayers must declare the acquisition, ownership and disposition of Shares in a foreign company (including Shares acquired under the Plan) to the Spanish Dirección General de Comercio e Inversiones (the "DGCI"), which is a department of the Ministry of Economy and Competitiveness. Generally, the declaration must be filed in January for Shares acquired or disposed of during the prior year and/or for Shares owned as of December 31 of the prior year; however, if the value of the Shares acquired under the Plan and/or the amount of the sale proceeds exceeds the applicable threshold (currently €1,502,530), the declaration must be filed within one month of the acquisition or disposition, as applicable. In addition, Spanish taxpayers may be required to declare electronically to the Bank of Spain any foreign accounts (including brokerage accounts held abroad), any foreign instruments (including any Shares acquired under the Plan) and any transactions with non-Spanish residents (including any payments of Shares made by the Company) depending on the value of such

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24 accounts and instruments and the amount of the transactions during the relevant year as of December 31 of the relevant year. This reporting requirement will apply if the balances in such accounts together with the value of such instruments as of December 31, or the volume of transactions with non-Spanish residents during the prior or current year, exceed €1,000,000. Once the €1,000,000 threshold has been surpassed in either respect, a report is required on all foreign accounts, foreign instruments and transactions with non-Spanish residents, even if the relevant threshold has not been crossed for an individual item. Generally, the report is required on an annual basis (by January 20 of each year). Foreign Asset/Account Reporting Notice. Spanish residents are required to report rights or assets deposited or held outside of Spain (including Shares acquired under the Plan or cash proceeds from the sale of such Shares) as of December 31 of each year, if the value of such rights or assets exceeds EUR 50,000 per type of right or asset. After such rights and/or assets are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported rights or assets increases by more than EUR 20,000. If reporting is required, the report must be filed on Form 720 by March 31 following the end of the relevant year. Sweden Tax Withholding Obligations. The following supplements section II.F of the Option Agreement: Without limiting the Company's and the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in section II.F of the Option Agreement, by accepting the Option, Participant authorizes the Company and/or the Employer to withhold Shares or to sell Shares otherwise deliverable to Participant upon exercise to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items. Taiwan Securities Law Notice. The offer of participation in the Plan is available only for Service Providers of the Company and Related Entities. The offer of participation in the Plan is not a public offer of securities by a Taiwanese company. Data Privacy Acknowledgement. Participant hereby acknowledges that he or she has read and understood the terms regarding collection, processing and transfer of Data contained in section II.I of the Option Agreement and by participating in the Plan, Participant agrees to such terms. In this regard, upon request of the Company or the Employer, Participant agrees to provide an executed data privacy consent form to the Employer or the Company (or any other agreements or consents that may be required by the

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25 Employer or the Company) that the Company and/or the Employer may deem necessary to obtain under the data privacy laws in Participant's country, either now or in the future. Participant understands he or she will not be able to participate in the Plan if Participant fails to execute any such consent or agreement. Exchange Control Notice. Taiwanese residents may acquire and remit foreign currency (including proceeds from the sale of Shares or the receipt of any dividends paid on such Shares) into Taiwan up to US$5,000,000 per year. If the transaction amount is TWD500,000 or more in a single transaction, residents must submit a Foreign Exchange Transaction Form and also provide supporting documentation to the satisfaction of the remitting bank. If the transaction amount is US$500,000 or more, Taiwanese residents may be required to provide additional supporting documentation to the satisfaction of the remitting bank. Taiwanese residents should consult their personal legal advisor to ensure compliance with applicable exchange control laws in Taiwan. Turkey Securities Law Notice. Pursuant to Turkish securities law, selling shares acquired under the Plan is not permitted within Turkey. The Shares are currently traded on the New York Stock Exchange, which is located outside of Turkey, under the ticker symbol "DLB" and the Shares may be sold through this exchange. Financial Intermediary Requirement Notice. The purchase and sale of securities traded in foreign financial markets (e.g., the purchase and sale of Shares) are permitted. However, transactions in foreign securities must be conducted through the local banks and financial intermediary institutions licensed by the Turkish Capital Markets Board in accordance with relevant regulations and Central Bank communiqués. Participants should contact a personal legal advisor for further information regarding these requirements. United Arab Emirates ("UAE") Securities Law Notice. The offer of participation in the Plan is available only for select employees of the Company and Related Entities and is in the nature of providing employee incentives in the UAE. This Option Agreement, the Appendix, the Plan and other incidental communication materials are intended for distribution only to Service Providers for the purposes of an employee compensation or reward scheme, and must not be delivered to, or relied on, by any other person. The Emirates Securities and Commodities Authority has no responsibility for reviewing or verifying any documents in connection with the Option or this Option Agreement. Further, neither the Ministry of Economy nor the Dubai Department of Economic Development has approved this

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26 Option Agreement nor taken steps to verify the information set out in it, and have no responsibility for it. The securities to which this Option Agreement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. Residents of the UAE who do not understand or have questions regarding this Option Agreement, the Appendix or the Plan should consult an authorized financial adviser. United Kingdom Joint Election. As a condition of the purchase of Shares under the Plan, Participant agrees to accept any liability for secondary Class 1 NICs ("Employer NICs") which may be payable by the Company or the Employer with respect to the purchase of the Shares or otherwise payable in connection with the Option and the right to acquire Shares. Without prejudice to the foregoing, Participant agrees to execute a joint election with the Company and/or the Employer (the "Election"), the form of such Election being formally approved by HM Revenue and Customs ("HMRC"), and any other consent or elections required to accomplish the transfer of the Employer NICs to Participant. Participant further agrees to execute such other joint elections as may be required between Participant and any successor to the Company and/or the Employer. Participant agrees to enter into an Election prior to the exercise of any Options. Participant further agrees that the Company and/or the Employer may collect the Employer NICs by any of the means set forth in Section II.F of the Option Agreement. Tax Withholding Obligations. The following supplements section II.F of the Option Agreement: Without limitation to section II.F of the Option Agreement, Participant agrees that he or she is liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by HMRC (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC on Participant's behalf (or any other tax authority or any other relevant authority). If Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant within ninety (90) days of the U.K. tax year in which an event giving rise to the indemnification described above occurs, the amount of any income tax due but not collected from or paid by Participant within ninety (90) days of the end of the U.K. tax year in which an event giving rise to the Tax-Related Items occurs may constitute an additional benefit to

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27 Participant on which additional income tax and National Insurance Contributions ("NICs") may be payable. Participant will be responsible for reporting and paying any income tax due on this additional benefit directly to Her Majesty's Revenue and Customs under the self-assessment regime and for paying the Company and/or the Employer the amount of any employee NICs due on this additional benefit, which the Company and/or the Employer may recover at any time thereafter by any of the means referred to in this Option Agreement.

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## Exhibit 10.3

![](a103eltformofstockoption001.jpg)

1 DOLBY LABORATORIES, INC. 2020 STOCK PLAN EXECUTIVE GLOBAL STOCK OPTION AGREEMENT Unless otherwise defined herein, the terms defined in the Dolby Laboratories, Inc. 2020 Stock Plan as amended from time to time (the "Plan") shall have the same defined meanings in this Global Stock Option Agreement (the "Option Agreement") , including any terms and conditions for participants outside the U.S. in Appendix A. I. NOTICE OF STOCK OPTION GRANT Participant: [ ] Participant ID: [ ] Participant has been granted an Option, subject to the terms and conditions of the Plan and this Option Agreement, as follows: Grant Number: [ ] Date of Grant: [ ] Vesting Commencement Date: [ ] Exercise Price per Share: [ ] Total Number of Shares Granted: [ ] Total Exercise Price: [ ] Type of Option: [ ] Term/Expiration Date: [ ] Vesting Schedule: Subject to Participant continuing to be a Service Provider and other limitations set forth in the Plan, this Option Agreement and country-specific provisions for Non-U.S. Participants as set forth in Appendix A to this Option Agreement becomes exercisable with respect to the first 25% of the Shares subject to this Option on the first anniversary of the Date of Grant. Thereafter, this Option becomes exercisable monthly with respect to an additional 1/36th of the remaining Shares subject to this Option. To the extent the foregoing schedule would result in the vesting of fractional Shares, Shares will be rounded down to the nearest whole Share.

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2 Termination Period: This Option will be exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due to Participant's death or Disability, in which case this Option will be exercisable for one (1) year after Participant ceases to be Service Provider. Notwithstanding the foregoing, in no event may this Option be exercised after the Term/Expiration Date as provided above. II. AGREEMENT A. Grant of Option. Dolby Laboratories, Inc. (the "Company") hereby grants to Participant named in the Notice of Stock Option Grant (the "Notice of Grant") an Option to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the "Exercise Price"), subject to the terms and conditions of the Plan, which is incorporated herein by reference, and this Option Agreement and country-specific provisions for Non-U.S. Participants as set forth in Appendix A to this Option Agreement (collectively, the "Option Agreement"). Subject to Section 20(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail. If designated in the Notice of Grant as an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d), or otherwise does not qualify as an Incentive Stock Option, it shall be treated as a Nonstatutory Stock Option. Further, if for any reason this Option (or portion thereof) will not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a Nonstatutory Stock Option granted under the Plan. In no event will the Administrator, Company or a Relaed Entity of the Company, or any of their respective employees or directors, have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an Incentive Stock Option. B. Exercise of Option. 1. Right to Exercise. This Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Grant and the applicable provisions of the Plan and this Option Agreement. 2. Method of Exercise. This Option is exercisable by (i) delivery of an exercise notice, in the form and manner determined by the Administrator, or (ii) following an electronic or other exercise procedure prescribed by the Administrator, which in either case shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. Participant shall provide payment of the aggregate Exercise Price as to all Exercised Shares at the time of exercise, together with any applicable Tax-Related Items (as defined in section II.F below) withholding arising in

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3 connection with such exercise. This Option shall be deemed exercised upon receipt by the Company of a fully executed exercise notice or completion of such exercise procedure, as the Administrator may determine in its sole discretion, accompanied by such aggregate Exercise Price and any applicable Tax-Related Items withholding. No Shares shall be issued pursuant to the exercise of this Option unless such issuance and exercise complies with Applicable Laws. Assuming such compliance, for income tax purposes, the Exercised Shares shall be considered transferred to Participant on the date the Option is exercised with respect to such Exercised Shares. C. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of Participant: 1. to the extent permitted by Applicable Law, by cash, check or cash equivalent; 2. consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; 3. for United States taxpayers only, other Shares which meet the conditions established by the Administrator to avoid adverse accounting consequences (as determined by the Administrator); or 4. any other methods approved by the Administrator and permitted by Applicable Laws. D. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Participant. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of the person to whom the Incentive Stock Option is granted only by such person. A Nonstatutory Stock Option shall not be transferable in any manner (including without limitation, sale, alienation, anticipation, pledge, encumbrance, or assignment) other than, (i) by will or by the laws of descent and distribution, (ii) by written designation of a beneficiary, in a form acceptable to the Company, with such designation taking effect upon the death of the Participant, (iii) by delivering written notice to the Company, in a form acceptable to the Company (including such representations, warranties and indemnifications as the Company shall require the Participant to make to protect the Company's interests and ensure that this Nonstatutory Stock Option has been transferred under the circumstances approved by the Company), by gift to a Participant's spouse, former spouse, children, stepchildren, grandchildren, parent, stepparent, grandparent, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, persons having one of the foregoing types of relationship with the Participant due to adoption, any

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4 person sharing the Participant's household (other than a tenant or employee), a foundation in which these persons or the Participant control the management of assets, and any other entity in which these persons (or the Participant) own more than fifty percent of the voting interests. A transfer to an entity in which more than fifty percent of the voting interests are owned by these persons (or the Participant) in exchange for an interest in that entity is specifically included as a permissible type of transfer. In addition, a transfer to a trust created solely for the benefit (i.e., the Participant and/or any or all of the foregoing persons hold more than 50 percent of the beneficial interest in the trust) of the Participant and/or any or all of the foregoing persons is also a permissible transferee, or (iv) such other transferees as may be authorized by the Board in its sole and absolute discretion. During the Participant's life this Nonstatutory Stock Option is exercisable only by the Participant or a transferee satisfying the above conditions. Except in the event of the Participant's death, upon transfer of a Nonstatutory Stock Option to any or all of the foregoing persons, the Participant is liable for any and all taxes due upon exercise of those transferred Nonstatutory Stock Options. At no time will a transferee who is considered an affiliate under Rule 144(a)(1) be able to sell any or all such Stock without complying with Rule 144. The right of a transferee to exercise the transferred portion of this Nonstatutory Stock Option shall terminate in accordance with the Participant's right of exercise under this Nonstatutory Stock Option and is further subject to such representations, warranties and indemnifications from the transferee that the Company requires the transferee to make to protect the Company's interests and ensure that this Nonstatutory Stock Option has been transferred under the circumstances approved by the Company. Once a portion of a Nonstatutory Stock Option is transferred, no further transfer may be made of that portion of the Nonstatutory Stock Option. E. Term of Option. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement. F. Tax Obligations. 1. Withholding Taxes. Regardless of any action the Company or the Related Entity that is Participant's employer (the "Employer") takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding items related to Participant's participation in the Plan and legally applicable to Participant, or deemed by the Company or the Employer to be an appropriate charge to Participant even if technically due by the Company or the Employer ("Tax-Related Items"), Participant hereby acknowledges that the ultimate liability for all Tax-Related Items is and remains Participant's responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option grant, including, but not limited to, the grant, vesting or exercise of the Option, the issuance of Shares pursuant to such exercise, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Option to reduce or eliminate Participant's liability for Tax-Related Items or achieve a particular tax result. Further, if Participant is subject to tax in more than one jurisdiction, Participant acknowledges that the Company and/or the Employer (or

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5 former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. In connection with any relevant taxable or tax withholding event, Participant shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes and directs the Company and/or the Employer or their respective agents, in their sole discretion and without any notice or authorization by Participant, to satisfy any applicable withholding obligations, if any, with regard to all Tax- Related Items by one or a combination of the following: (1) withholding from Participant's wages or other cash compensation paid to Participant by the Company and/or the Employer; or (2) withholding from proceeds of the sale of Shares acquired upon exercise of the Option, either through a voluntary sale or through a mandatory sale arranged by the Company (on Participant's behalf pursuant to this authorization without further consent); or (3) withholding in Shares to be issued upon exercise of the Option. Depending upon the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates in Participant's jurisdiction(s), including maximum applicable rates. If the Company and/or the Employer withhold more than the amount necessary to satisfy the liability for Tax-Related Items, Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent Shares or, if not refunded, Participant may be able to seek a refund from the applicable tax authorities. If the Company and/or the Employer withhold less than the amount necessary to satisfy the liability for Tax-Related Items, Participant may be required to pay additional Tax-Related Items directly to the applicable tax authorities or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes Participant is deemed to have been issued the full number of Exercised Shares, notwithstanding that a number of the Exercised Shares is held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of Participant's participation in the Plan. No fractional Shares will be withheld or issued pursuant to the exercise of an Option and the issuance of Shares thereunder. Finally, Participant shall pay to the Company or the Employer any amount of Tax- Related Items that the Company or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan or Participant's purchase of Shares that cannot be satisfied by the means previously described. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares or the proceeds from the sale of Shares if Participant fails to comply with Participant's obligations in connection with the Tax-Related Items as described in this section F. Participant shall have no further rights with respect to any Shares that are retained by the Company pursuant to this provision, and under no circumstances will the Company be required to issue any fractional Shares. 2. Notice of Disqualifying Disposition of Incentive Stock Option Shares. If Participant is a United States taxpayer and the Option granted to Participant herein is an Incentive

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6 Stock Option, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the Incentive Stock Option on or before the later of (1) the date two years after the date the Option is granted, or (2) the date one year after the date of exercise, Participant will immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant. G. Acknowledgements. 1. Participant acknowledges receipt of a copy of the Plan (including any applicable appendixes or sub-plans thereunder) and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan (including any applicable appendixes or sub-plans thereunder), the Recoupment Policy (as defined in section S) and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of this Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, the Recoupment Policy or this Option Agreement. Participant further agrees to notify the Company upon any change in the residence address in the Notice of Grant. 2. The Company (and not the Employer) is granting the Option; accordingly, any rights Participant has under this Agreement may be raised only against the Company but not any Related Entity (including, but not limited to, the Employer). The Company will administer the Plan from outside Participant's country of residence. 3. No Related Entity (including, but not limited to, the Employer) has any obligation to make any payment of any kind under this Agreement; 4. The Plan is established voluntarily by the Company, is wholly discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time. 5. The grant of the Option is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of Options, or benefits in lieu of Options, even if Options have been granted in the past. 6. All decisions with respect to future Option grants, if any, will be at the sole discretion of the Company. 7. Participant is voluntarily participating in the Plan. 8. The Option and the Shares subject to the Option, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of Participant's employment or service contract, if any.

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7 9. Unless otherwise agreed with the Company, the Option and the Shares subject to the Option, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Related Entity. 10. The Option and the Shares subject to the Option, and the income and value of same, are not intended to replace any pension rights or compensation. 11. Although provided by the Company, the Option and the Shares subject to the Option, and the income and value of same, are not part of Participant's normal or expected salary or compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, holiday pay, long-service awards, leave-related pay, pension, retirement or welfare benefits, or any other similar payments and in no event should be considered as compensation for or relating in any way to past services for the Company, the Employer, or any other Related Entity. 12. The Option grant and Participant's participation in the Plan will not be interpreted to form an employment contract or relationship with the Company or any Related Entity and the Company will not incur any liability of any kind to Participant as a result of any change or amendment, or any cancellation, of the Plan at any time. 13. The future value of the underlying Shares is unknown and cannot be predicted with certainty. 14. If the underlying Shares do not increase in value, the Option will have no value. 15. If Participant exercises his or her Option and obtains Shares, the value of those Shares acquired upon exercise may increase or decrease in value, even below the Exercise Price. 16. Participant has received the terms and conditions of this Option Agreement and any other related communications in English, and Participant consents to having received these documents in English. Participant acknowledges that he or she is sufficiently proficient in English, or, alternatively, Participant acknowledges that he or she will seek appropriate assistance, to understand the terms and conditions in this Option Agreement. Furthermore, if Participant has received this Option Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable laws. 17. In the event of termination of Participant's status as a Service Provider (whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid), Participant's right to vest in the Option under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of "garden leave" or similar period pursuant to local law). Further, in the event of termination of Participant's status as a Service Provider (whether or not in breach of local labor laws), Participant's right to exercise the Option after termination of status as a Service Provider will be measured by the date of termination of Participant's active employment and will not be extended by any notice period mandated under local law. The Administrator shall have the

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8 exclusive discretion to determine when Participant is no longer actively employed for purposes of his or her Option grant (including whether Participant may still be considered actively employed while on an approved leave of absence). 18. Unless otherwise provided in the Plan or by the Company in its discretion, the Option and the benefits under the Plan, if any, do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares. 19. The Option and the Shares subject to the Option are not part of Participant's normal or expected compensation or salary for any purpose. 20. Neither the Company, the Employer nor any other Related Entity of shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise. 21. No claim or entitlement to compensation or damages shall arise from forfeiture of the Option or recoupment of any Shares acquired under the Plan resulting from termination of Participant's status as a Service Provider by the Company or the Employer (for any reason whatsoever and whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid). H. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares. Participant acknowledges and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan. I. DATA PRIVACY. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant's personal data as described in this Agreement and any other Option materials by and among, as applicable, the Employer, the Company, and its Related Entities for the exclusive purpose of implementing, administering and managing Participant's participation in the Plan. Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant's name, home address and telephone number, e-mail address, date of birth, social insurance number, passport number or other identification number, salary, nationality, residency status, job title, any Shares or directorships held in the Company or any Related Entity, details of all Options or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in

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9 Participant's favor ("Data"), for the purpose of implementing, administering and managing the Plan. Participant understands that Data may be transferred to Morgan Stanley Smith Barney LLC and its affiliated company, E\*TRADE Financial Corporate Services, Inc. (collectively, "E\*TRADE"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company in the implementation, administration and management of the Plan. Participant understands that the recipients may be located in the United States, or elsewhere, and that the recipient's country (e.g., the United States) may have different data privacy laws and protections than Participant's country. Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting Participant's local human resources representative. Participant authorizes the Company, E\*TRADE and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of Shares on Participant's behalf, to a broker or third party with whom the Shares acquired on exercise may be deposited. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant's participation in the Plan. Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case, without cost, by contacting in writing Participant's local human resources representative, or if there is no local human resources representative, the human resources department of the Company. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her employment status or service with the Employer will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant Options or other equity awards or administer or maintain such awards. Participant understands, however, that refusal or withdrawal of consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative, or if there is no local human resources representative, the human resources department of the Company. J. Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to Participant's interest except by means of a writing signed by the Company and Participant.

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10 This Option Agreement is governed by the internal substantive laws, but not the choice of law rules, of California. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant or the Option Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed. K. NO GUARANTEE OF CONTINUED SERVICE. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUED ENGAGEMENT AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER). PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH IN THE NOTICE OF GRANT DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. L. Severability. The provisions of this Option Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. M. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to Participant's current or future participation in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. By Participant's electronic signature and the electronic signature of the Company's representative, Participant and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan and this Option Agreement. Participant has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of the Plan and Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Option Agreement.

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11 N. Appendix. Notwithstanding any provisions in this Option Agreement, the Option grant shall be subject to any terms and conditions set forth in any Appendix to this Option Agreement for Participant's country. Moreover, if Participant relocates to one of the countries included in the Appendix, the terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or facilitate the administration of the Plan. The Appendix constitutes part of this Option Agreement. O. Imposition of Other Requirements. The Company reserves the right to impose other requirements on Participant's participation in the Plan, on the Option and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or to facilitate the administration of the Plan, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. P. Insider Trading/Market Abuse Restrictions. Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to, directly or indirectly, accept, acquire, sell, attempt to sell or otherwise dispose of Shares, rights to Shares (e.g., Options), or rights linked to the value of Shares (e.g., phantom awards, futures) during such times as Participant is considered to have "inside information" regarding the Company as defined by the laws or regulations in the applicable jurisdiction or Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant placed before Participant possessed insider information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Company's Insider Trading Policy. Participant is responsible for ensuring compliance with any applicable restrictions and should consult his or her personal legal advisor on this matter. Q. Exchange Control, Tax and/or Foreign Asset/Account Reporting. Participant acknowledges that there may be exchange control, tax, foreign asset and/or account reporting requirements which may affect Participant's ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on Shares acquired under the Plan) in a brokerage, bank account or legal entity outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in Participant's country. Participant also may be required to repatriate sale proceeds or other funds received as a result of participation in the Plan to Participant's country through a designated bank or broker within a certain time after receipt.

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12 Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and should consult his or her personal legal advisor for any details. R. Waiver. Participant acknowledges that a waiver by the Company of breach of any provision of this Option Agreement shall not operate or be construed as a waiver of any other provision of this Option Agreement, or of any subsequent breach by Participant or any other participant. S. Reduction, Cancellation, Forfeiture or Recoupment. The Option, any Shares issued in payment for exercised Options pursuant to this award and any other rights, payments and benefits with respect to the Option shall be subject to reduction, cancellation, forfeiture or recoupment pursuant to (i) the Company's Policy on Recoupment of Incentive Compensation (the "Recoupment Policy"). (ii) any other recovery, recoupment, "clawback" or similar policy adopted by the Company after the Date of Grant, and (iii) as required for the Participant or the Company to comply with any requirements imposed under applicable laws and/or the rules and regulations of the securities exchange or inter-dealer quotation system on which the Shares are listed or quoted, in each case for clauses (i), (ii) and (iii), as may be amended from time to time (with the provisions contained in such policies and the relevant provisions of such laws, rules and regulations deemed incorporated into this Option Agreement without the Participant's additional or separate consent). For purposes of the foregoing, the Participant expressly and explicitly authorizes the Company to issue instructions, on the Participant's behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold any Shares and other amounts acquired pursuant to the Option to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company upon the Company's enforcement of this section S. You acknowledge and agree that this Option Agreement and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a Service Provider for the vesting period, for any period, or at all, and shall not interfere with your right or the right of the Company or Related Entity that is your employer to terminate your relationship as a Service Provider at any time, with or without cause. You hereby agree to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating to the Plan, the Recoupment Policy and this Option Agreement. By Participant's electronic signature and the electronic signature of the Company's representative, Participant and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan, the Recoupment Policy and this Option Agreement. Participant has reviewed the Plan, the Recoupment Policy and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of the Plan, the Recoupment Policy and Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or

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13 interpretations of the Administrator upon any questions relating to the Plan, the Recoupment Policy and Option Agreement. You must execute and deliver or electronically accept the terms set forth in this Option Agreement, in the manner specified by the Administrator prior to the date you first exercise any portion of the Option.

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14 GLOBAL STOCK OPTION AGREEMENT APPENDIX A FOR NON-U.S. PARTICIPANTS DOLBY LABORATORIES, INC. 2020 STOCK PLAN Terms and Conditions for Participants Outside the U.S. This Appendix includes additional country-specific terms and conditions that apply to Participants resident in countries listed below. This Appendix is part of the Option Agreement and contains terms and conditions material to participation in the Plan. Unless otherwise provided below, capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Option Agreement. The information is based on the securities, exchange control, income tax and other laws in effect in the respective countries as of October 2025. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the information in this Appendix as the only source of information relating to the consequences of Participant's participation in the Plan because the information may be out of date when the Option is exercised or when Participant sells Shares acquired upon exercise of the Option. In addition, the information contained herein is general in nature and may not apply to Participant's particular situation, and the Company is not in a position to assure Participant of a particular result. Accordingly, Participant should seek appropriate professional advice as to how the relevant laws in Participant's country may apply to his or her situation. Finally, if Participant is a citizen or resident of a country other than the one in which he or she is currently working or Participant transfers employment or residency after the Date of Grant, or if Participant is considered resident of another country for local law purposes, then the provisions contained herein may not be applicable to Participant. The Company shall, in its sole discretion, determine to what extent the terms and conditions included herein will apply under these circumstances. Countries Within the European Economic Area and the United Kingdom Data Privacy: The Dolby Employee Privacy Notice supersedes and replaces replaces section II.I of the Option Agreement. The Dolby Employee Privacy Notice for each respective country in the European Union and European Economic Area can be found at [REDACTED]. Australia Securities Law Notice. If Participant exercises the Option and subsequently offers the Shares purchased upon exercise for sale to a person or entity resident in Australia, the offer may be subject to disclosure

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15 requirements under Australian law and Participant should obtain legal advice regarding any applicable disclosure obligations prior to making any such offer. Tax Notice. The Plan is a plan to which subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to conditions in the Act). Exchange Control Notice. Exchange control reporting is required for cash transactions exceeding AUD 10,000 and for international fund transfers. Participant understands that if an Australian bank is assisting with the transaction, the bank will file the report on Participant's behalf. Participant understands that if there is no Australian bank involved in the transfer, Participant will have to file the exchange control report on his or her own behalf. Brazil Compliance with Law. By accepting the Option, Participant acknowledges that he or she agrees to comply with applicable Brazilian laws and to pay any and all applicable taxes associated with Participant's participation in the Plan, including the exercise of the Option, the receipt of any dividends, and the sale of Shares acquired under the Plan. Nature of Option Grants. By accepting the Option, Participant agrees that (1) he or she is making an investment decision, (2) the Shares will be issued to Participant only if the vesting conditions are met and any necessary services are rendered by Participant over the vesting period and (3) the value of the underlying Shares is not fixed and may increase or decrease in value over time without compensation to Participant. Exchange Control Notice. Individuals who are resident or domiciled in Brazil are generally required to submit an annual declaration of assets and rights held outside Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights is greater than US$1,000,000. If such amount is equal to or greater than US$100,000,000, the referenced declaration must be submitted quarterly, in the month following the end of each quarter. Assets and rights to be included in this annual declaration include Shares acquired under the Plan. Tax on Financial Transaction (IOF). Payments to foreign countries (including the payment of the Exercise Price) and repatriation of funds into Brazil and the conversion between BRL and US$ associated with such

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16 fund transfers may be subject to the Tax on Financial Transactions. It is Participant's responsibility to comply with any applicable Tax on Financial Transactions arising from Participant's participation in the Plan. Participant should consult with his or her personal tax advisor for additional details. Canada Method of Payment. Notwithstanding section 7(d) of the Plan, Participant acknowledges that due to regulatory requirements, Participant is prohibited from surrendering Shares that Participant owns and from attesting to the ownership of Shares to pay the Exercise Price and any Tax-Related Items under the Option. Acknowledgments. The following provision replaces section II.G.3 of the Option Agreement: Except as explicitly and minimally required under applicable legislation, Related Entity (including, but not limited to, the Employer) has any obligation to make any payment of any kind under this Agreement. The following provision replaces section II.G.8 of the Option Agreement: except as explicitly and minimally required under applicable legislation, the Option and the Shares subject to the Option, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of Participant's employment or service contract, if any. The following provision replaces section II.G.21 of the Option Agreement: except as explicitly and minimally required under applicable legislation, no claim or entitlement to compensation or damages shall arise from forfeiture of the Option or recoupment of any Shares acquired under the Plan resulting from termination of Participant's status as a Service Provider by the Company or the Employer (for any reason whatsoever and whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid). Termination of Service Provider Relationship. The following provision replaces section II.G.17 of the Option Agreement: For purposes of the Option, except as explicitly and minimally required under applicable legislation: (i) Participant's period of service for purposes of the Option and Participant's status as an eligible Service Provider will cease; (ii) the period remaining to exercise the Option will be measured; and (iii) Participant's right, if any, to vest in the Option under the Plan, seek damages

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17 in lieu, or otherwise benefit from or participate in the Plan will be measured by and immediately terminate; as of the date Participant ceases to provide services to the Company or a Related Entity, regardless of the reason for termination and whether or not later to be found invalid or in breach of applicable laws in the jurisdiction where Participant is employed or providing services or the terms of Participant's employment or service agreement, if any (the "Termination Date"). Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under statute, contract, common/civil law or otherwise. Participant shall not earn or be entitled to any pro-rated vesting or other participation for that portion of time before the Termination Date, nor shall Participant be entitled to any compensation for lost vesting or other participation. If, notwithstanding the foregoing, applicable employment legislation explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Option, exercise the Option or otherwise participate in or benefit from the Plan, if any, shall terminate effective as of the last date of the minimum statutory notice period. For clarity, Participant shall not earn or be entitled to pro-rated vesting or other participation if the vesting date falls after the end of Participant's statutory notice period, nor shall Participant be entitled to any compensation for lost vesting. Any reference to termination as a Service Provider or cessation or termination of employment or service in this Agreement or the Plan shall be interpreted to mean the Termination Date as defined above. Subject to applicable legislation, the Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed or providing services for purposes of the Option (including whether Participant may still be considered actively providing services while on an approved leave of absence). Sale of Shares. Participant acknowledges that he or she is permitted to sell the Shares acquired under the Plan through E\*TRADE or such other broker as may be selected by the Company in the future, provided the sale of the Shares takes place outside of Canada through facilities of a stock exchange on which the Shares are listed. The Shares are currently listed on the New York Stock Exchange. French Language Documents for Quebec Service Providers. A French translation of the Option Agreement and the Plan will be made available to Participant as soon as reasonably practicable. Notwithstanding anything to the contrary in the Agreement, and unless Participant indicates otherwise, the French translation of the Option Agreement and the Plan will govern Participant's participation in the Plan. Une traduction française de l'Accord et du Plan sera mise à la disposition du Participant dès que raisonnablement possible. Nonobstant toute disposition contraire de l'Accord, et sauf indication contraire du Participant, la traduction française de l'Accord et du Plan régira la participation du Participant au Plan.

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18 Authorization to Release and Transfer Necessary Personal Information for Quebec Service Providers. The following provision supplements section II.I of the Option Agreement: Participant hereby authorizes the Company and the Company's representatives, including the broker(s) designated by the Company, to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. Participant further authorizes the Company, any Related Entity and the Administrator of the Plan to disclose and discuss the Plan with their advisors. Participant further authorizes the Company and any Related Entity to record such information and to keep such information in Participant's employee file. Participant acknowledges and agrees that Participant's personal information, including any sensitive personal information, may be transferred or disclosed outside the province of Quebec, including to the U.S. If applicable, Participant also acknowledges and authorizes the Company, any Related Entity, the Administrator and any third party brokers/administrators that are assisting the Company with the operation and administration of the Plan to use technology for profiling purposes and to make automated decisions that may have an impact on Participant or the administration of the Plan. Foreign Asset/Account Reporting Notice. Canadian residents may be required to report foreign specified property on Form T1135 (Foreign Income Verification Statement) if the total cost of the foreign specified property exceeds CAD 100,000 at any time in the year. Foreign specified property includes Shares acquired under the Plan and may include the Option. The Option must be reported - generally at a nil cost - if the CAD 100,000 cost threshold is exceeded because of other foreign specified property Participant holds. The cost of the Shares generally is the adjusted cost base ("ACB") of the Shares. The ACB ordinarily would equal the fair market value of the Shares at the time of acquisition, but if the Canadian resident owns other Shares of the Company, this ACB may have to be leveraged with the ACB of the other Shares. The Form T1135 generally must be filed by April 30 of the following year. Canadian residents should consult with a personal advisor to ensure compliance with the applicable reporting requirements. China Method of Payment. Notwithstanding anything in section II.C of the Option Agreement to the contrary, Participant agrees to pay the Exercise Price and any Tax-Related Items solely by means of a cashless sell-all method of exercise. To complete a cashless sell-all exercise, Participant must provide irrevocable instructions to the broker to: (i) sell all of the Shares to be issued upon exercise; (ii) use the proceeds to pay the Exercise Price, brokerage fees and any applicable Tax-Related Items; and (iii) remit the balance in cash to Participant. Such delivery of the sales proceeds shall be subject to any obligation to satisfy Tax-Related Items. Participant acknowledges that E\*TRADE or such other broker as may be selected by the Company in the future is under no

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19 obligation to arrange for the sale of the Shares at any particular price. To the extent that regulatory requirements in China change, the Company reserves the right to permit Participant to exercise the Option and pay the Exercise Price with cash, check, cash equivalent or cashless sell-to-cover exercise. In the event Participant is permitted to hold Shares upon exercise, the Company may force the sale of the Shares within any time frame as the company determines to be necessary or advisable for legal or administrative reasons. Participant agrees that he or she must maintain any Shares acquired under the Plan in an account maintained by E\*TRADE or such other stock plan service provider as may be selected by the Company. Exchange Control Acknowledgment. Participant understands and agrees that participation in the Plan is subject to the Company or the Employer obtaining any required approval from the China State Administration of Foreign Exchange ("SAFE"), as determined by the Company in its sole and absolute discretion. If the Company or the Employer is unable to obtain such approval, Participant may not be entitled to receive any benefit in connection with the Plan without any liability to the Company, the Employer or any Related Entity. Participant understands and agrees that, pursuant to local exchange control requirements, Participant will be required to repatriate the cash proceeds from the immediate sale of Shares issued upon exercise to China. Participant further understands that, under local law, such repatriation of the cash proceeds may need to be effectuated through a special exchange control account established by the Company, or one of its Related Entities, and Participant hereby consents and agrees that any cash proceeds received in connection with the Participant's participation in the Plan may be transferred to such special account prior to being delivered to Participant. If the proceeds from the sale of Participant's Shares are converted to local currency, Participant acknowledges that the Company is under no obligation to secure any exchange conversion rate, and the Company may face delays in converting the proceeds to local currency due to exchange control restrictions in China. Participant agrees to bear the risk of any exchange conversion rate fluctuation between the time the Shares are purchased and the time the cash proceeds are distributed to Participant. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. Foreign Asset/Account Reporting Notice. Chinese residents are required to report to the SAFE all details of his or her foreign financial assets and liabilities, as well as details of any economic transactions conducted with non- Chinese residents, either directly or through financial institutions.

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20 France Consent to Receive Information in English. By signing and returning this document providing for the terms and conditions of Participant's Option grant, Participant confirms having read and understood the documents relating to this grant (the Plan and this Option Agreement) which were provided in English language. Participant accepts the terms of those documents accordingly. En signant et renvoyant le présent document décrivant les termes et conditions de l'attribution d'options, le participant confirme ainsi avoir lu et compris les documents relatifs à cette attribution (le Plan U.S. et ce contrat d'options) qui ont été communiqués en langue anglaise. Le participant accepte les termes en connaissance de cause. Foreign Asset/Account Reporting Notice. French residents must report annually any shares and bank accounts held outside France, including the accounts that were opened, used and/or closed during the tax year, to the French tax authorities, on an annual basis on a special Form N° 3916, together with Participant's personal income tax return. Failure to report triggers a significant penalty. Exchange Control Information. The value of any cash or securities imported to or exported from France without the use of a financial institution must be reported to the customs and excise authorities when the value of such cash or securities is equal to or greater than a certain amount (currently €10,000). Germany Exchange Control Notice. Cross-border payments (including proceeds realized upon the sale of Shares or from the receipt of any dividends paid on such Shares) and certain other transactions with a value in excess of €50,000 must be reported to the German Federal Bank (Bundesbank). In addition, Participant may be required to report (i) the acquisition of Shares, and (ii) the withholding or the sale of Shares to cover withholding obligations or rights for Tax-Related Items, in either case if the value of the Shares exceeds €50,000. The report must be filed either electronically using the "General Statistics Reporting Portal" ("Allgemeines Meldeportal Statistik") available via the Bundesbank's website (www.bundesbank.de) or via such other method (e.g., by email or telephone) as is permitted or required by the Bundesbank. The report must be submitted monthly or within such timing as is

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21 permitted or required by the Bundesbank. Participant should consult with their personal tax advisor for details regarding this requirement. Foreign Asset/Account Reporting Information. German residents holding Shares must notify their local tax office if the acquisition of Shares under the Plan leads to a so-called qualified participation at any point during the calendar year. A qualified participation is attained only in the unlikely event (i) Participant owns at least 1% of the Company and the value of the Shares acquired exceeds €150,000, or (ii) Participant holds Shares exceeding 10% of the total capital of the Company. Hong Kong Sale Restriction. Any Shares acquired at exercise are accepted as a personal investment. In the event that the Option is exercised and Shares are issued to Participant (or Participant's heirs) within six months of the Date of Grant, Participant (or Participant's heirs) agrees that the Shares will not be offered to the public or otherwise disposed of prior to the six-month anniversary of the date of grant. Securities Law Notice. Warning: None of the documents related to the Plan have been reviewed by any regulatory authority in Hong Kong. If Participant is in any doubt about any of the contents of the Option Agreement, including this Appendix A, the Plan, or any other communication materials, Participant should obtain independent professional advice. The Option and Shares issued at exercise do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Company and its Related Entities. The Option Agreement, including this Appendix, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Option is intended only for the personal use of each eligible employee of the Employer, the Company or any Related Entity and may not be distributed to any other person. India Method of Payment. Notwithstanding section 7(d) of the Plan or sections II.B and II.C of the Option Agreement, due to legal restrictions in India, Participant will not be permitted to pay the Exercise Price and any Tax-Related Items by a partial cashless exercise (also called a "sell to cover" exercise) such that a certain number of Shares subject to the exercised Options are sold immediately upon exercise to cover the aggregate Exercise Price, brokers' fees and any Tax-Related Items and the remaining Shares are delivered to Participant. The Company reserves the right to provide Participant with this method of payment depending on the development of local law. Tax Collection at Source.

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22 Particpant understands that Tax Collection At Source ("TCS") may apply to funds remitted out of India if the funds exceed a certain amount (currently INR 700,000). Therefore, Participant's annual remittances out of India, including cash proceeds to exercise the Option, may be subject to TCS. Participant understands that, depending on the procedures established by the Employer and the bank remitting funds out of India, the Employer or the bank may collect any applicable TCS and remit the applicable TCS to the tax authorities. Participant understands and agrees that the Company or the Employer may deduct any applicable TCS via any withholding method set forth in section F, the "Tax Obligations" section of the Option Agreement. Participant may be required to provide a declaration to Participant's Employer or the bank remitting the funds regarding whether the TCS threshold has been reached based on all remittances out of India, and Participant agrees to provide such declaration upon request. Exchange Control Notice. If Participant remits funds out of India to exercise this Option, it is Participant's responsibility to comply with applicable exchange control requirements of the Reserve Bank of India. Regardless of the method of exercise used to purchase the Shares, Participant understands that he or she must repatriate any proceeds from the sale of Shares and any dividends received acquired under the Plan within such period of time as required under applicable regulations. Participant must obtain a foreign inward remittance certificate ("FIRC") from the bank where Participant deposits the funds and must maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation. Participant may be required to provide information regarding funds received from participation in the Plan to the Company and/or the Employer to enable them to comply with their filing requirements under exchange control laws in India. Participant is personally responsible for complying with exchange control laws in India, and neither the Company nor the Employer will be liable for any fines or penalties resulting from Participant's failure to comply with applicable laws. Foreign Asset/Account Reporting Notice. Indian residents are required to declare the following items in their annual tax return: (i) any foreign assets held by them (including Shares acquired under the Plan), and (ii) any foreign bank accounts for which they have signing authority. Indian residents should consult with their personal tax advisor to ensure that they are properly reporting foreign assets and bank accounts. Ireland Director Notification Requirement. If Participant is a director, shadow director, or secretary of an Irish subsidiary, pursuant to the Companies Act 2014, Participant must notify that subsidiary in writing if Participant receives or disposes of an interest exceeding 1% of the share capital of the Company (e.g., Options, Shares), if Participant becomes aware of the event giving rise to the notification requirement, or if Participant becomes a director or secretary if such an interest exceeding 1% of the share capital of the Company exists at the time. This notification requirement also applies with respect to the interests of a spouse, civil partner, or minor children (whose interests will be attributed to the

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23 director, shadow director, or secretary). Participant should consult his or her personal legal advisor to ensure compliance with the applicable requirements. Japan Exchange Control Notice. Japanese residents acquiring Shares valued at more than ¥100,000,000 in a single transaction, must file a Securities Acquisition Report with the Ministry of Finance through the Bank of Japan within twenty (20) days of the acquisition of the Shares. In addition, if Participant is a Japanese resident and pays more than ¥30,000,000 in a single transaction for the purchase of Shares upon the exercise of the Option, Participant must file a Payment Report with the Ministry of Finance through the Bank of Japan by the 20th day of the month following the month in which the payment was made. The precise reporting requirements vary depending on whether or not the relevant payment is made through a bank in Japan. A Payment Report is required independently from a Securities Acquisition Report. Therefore, if the total amount that Participant pays upon a one-time transaction for exercising the Option and purchasing Shares exceeds ¥100,000,000, then Participant must file both a Payment Report and a Securities Acquisition Report. Foreign Asset/Account Reporting Notice. Japanese residents are required to report details of any assets held outside of Japan as of December 31, including Shares acquired under the Plan, to the extent such assets have a total net fair market value exceeding ¥50,000,000. Such report will be due by March 15 each year. Japanese residents are responsible for complying with this reporting obligation. Korea Sale of Shares. Korean residents are not permitted to sell foreign securities (e.g., Shares) through non- Korean brokers or deposit funds resulting from the sale of Shares in an account with an overseas financial institution. If a Korean resident wishes to sell Shares acquired under the Plan, the Korean resident may be required to transfer the Shares to a domestic investment broker in Korea and to effect the sale through such broker. The Korean resident is solely responsible for engaging the domestic broker. Non-compliance with the requirement to sell Shares through a domestic broker can result in significant penalties. Because regulations may change without notice, Korean residents should consult with a legal advisor to ensure compliance with any regulations applicable to any aspect of participation in the Plan. Foreign Asset/Account Reporting Notice.

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24 Korean residents must declare all foreign financial accounts (i.e., non-Korean bank accounts, brokerage accounts, etc.) to the Korean tax authority and file a report with respect to such accounts if the value of such accounts exceeds KRW 500 million (or an equivalent amount in foreign currency). Korea residents should consult with their personal tax advisor for additional information about this reporting obligation. Exchange Control Notice. If a Korean resident sells Shares and deposits sale proceeds in excess of a certain threshold (currently, US$5,000 per transaction) into a non-Korean bank account, the Korean resident must file a report with a Korean foreign exchange bank. This reporting is not required if sale proceeds are instead deposited into a non-Korean brokerage account. Participant should consult their personal legal advisor to ensure compliance with the applicable requirements. Netherlands No country-specific provisions. Poland Exchange Control Notice. Transfers of funds into and out of Poland in excess of €15,000 (or PLN 15,000 if such transfer of funds is connected with the business activity of an entrepreneur) must be made via a bank account held at a bank in Poland. Additionally, Polish residents are required to store all documents connected with any foreign exchange transactions that Polish residents are engaged in for a period of five years, as measured from the end of the year in which such transaction occurred. Foreign Asset/Account Reporting Notice. If Participant maintains bank or brokerage accounts holding cash and foreign securities (including Shares) outside of Poland, Participant will be required to report information to the National Bank of Poland on transactions and balances in such accounts if the value of such cash and securities exceeds certain thresholds. If required, such reports must be filed on special forms available on the website of the National Bank of Poland. Participant should consult with their personal legal advisor to determine whether Participant will be required to submit reports to the National Bank of Poland. Singapore Sale Restriction. Participant agrees that any Shares acquired pursuant to the Option will not be offered for sale in Singapore prior to the six-month anniversary of the Date of Grant unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section

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25 280) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("SFA"), or pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA. Securities Law Notice. The grant of the Options is being made to Participant in reliance on the "Qualifying Person" exemption under section 273(1)(f) of the SFA under which it is exempt from the prospectus and registration requirements and is not made with a view to the underlying Shares being subsequently offered for sale to any other party. The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore, and hence, statutory liability under the SFA in relation to the content of prospectuses will not apply. Director Reporting Notice. If Participant is a director, associate director or shadow director of a Singapore Related Entity of the Company, as the terms are used in the Singapore Companies Act (the "SCA"), Participant agrees to comply with notification requirements under the SCA. Among these requirements is an obligation to notify the Singapore Related Entity in writing when Participant receives an interest (e.g., Options, Shares) in the Company or any related companies (including when Participant sells Shares acquired through exercise of the Option). In addition, Participant must notify the Singapore Related Entity when Participant sells or receives Shares of the Company or any related company (including when Participant sells or receives Shares acquired under the Plan). These notifications must be made within two (2) business days of acquiring or disposing of any interest in the Company or any related company. In addition, a notification must be made of Participant's interests in the Company or any related company within two (2) business days of becoming a director, associate director or shadow director. Participant should consult with his or her personal legal advisor regarding his or her notification obligations under the SCA. Spain No Entitlement for Claims or Compensation. The following provisions supplement section II.G of the Option Agreement: By accepting the Option, Participant consents to participation in the Plan and acknowledges that Participant has received a copy of the Plan document. Participant understands and agrees that, as a condition of the grant of the Option, termination of Participant's status as a Service Provider for any reason (including for the reasons listed below) prior to the vesting date will automatically result in the loss of the unvested Options that may have been granted to Participant. In particular, Participant understands and agrees that any unvested Options shall be forfeited without entitlement to the underlying Shares or to any amount as indemnification in the event of a termination of status as a Service Provider, including, but not limited to: resignation, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without cause (i.e., subject to a "despido improcedente"), individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment

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26 under Article 41 of the Workers' Statute, relocation under Article 40 of the Workers' Statute, Article 50 of the Workers' Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985. Participant understands that the Company has unilaterally, gratuitously and in its sole discretion decided to grant Options under the Plan to individuals who may be Employees, Directors or Consultants throughout the world. The decision is limited and entered into based upon the express assumption and condition that: (i) any Options will not economically or otherwise bind the Company or any Related Entity, including the Employer, presently or in the future, other than as expressly set forth in the Option Agreement; (ii) the Option and any Shares acquired upon exercise of the Option are not part of any employment contract (whether with the Company or a Related Entity, including the Employer) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation), or any other right whatsoever; and (iii) unless otherwise expressly provided for by the Company in the Agreement or in this Appendix, participation in the Plan will cease as of the date Participant's employment is terminated. Furthermore, Participant understands and freely accepts that there is no guarantee that any benefit whatsoever shall arise from the grant of the Option, which is gratuitous and discretionary, since the future value of the Option and the underlying Shares is unknown and unpredictable. Participant also understands that the grant of the Option would not be made but for the assumptions and conditions set forth hereinabove; thus, Participant understands, acknowledges and freely accepts that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the Option and any right to the underlying Shares shall be null and void. Securities Law Notice. No "offer of securities to the public," as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the grant of the Option. The Option Agreement, the Appendix and the Plan have not been registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission) and do not constitute a public offering prospectus. Exchange Control Notice. Participant may be required to declare electronically to the Bank of Spain any foreign accounts (including brokerage accounts held abroad), as well as any foreign instruments (including any Shares acquired under the Plan) held in such accounts if the value of the transactions for all such accounts during the prior year or the balances of such accounts as of December 31 of the prior year exceeds €1,000,000. Different thresholds and deadlines to file the declaration apply. However, if neither such transactions during the immediately preceding year nor the balances or positions as of December 31 exceed €1,000,000, no such declaration must be filed unless expressly

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27 required by the Bank of Spain. If any of such thresholds were exceeded during the current year, Participant understands that they may be required to file the relevant declaration corresponding to the prior year; however, a summarized form of declaration may be available. Participant should consult their personal legal advisor to ensure compliance with the applicable requirements. Foreign Asset/Account Reporting Notice. Spanish residents are required to report rights or assets deposited or held outside of Spain (including Shares acquired under the Plan or cash proceeds from the sale of such Shares) as of December 31 of each year, if the value of such rights or assets exceeds EUR 50,000 per type of right or asset. After such rights and/or assets are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported rights or assets increases by more than EUR 20,000 per type of right or asset as of December 31 of each year, or if Participant sells Shares or cancel bank accounts that were previously reported. If reporting is required, the report must be filed on Form 720 by March 31 following the end of the relevant year. Sweden Tax Withholding Obligations. The following supplements section II.F of the Option Agreement: Without limiting the Company's and the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in section II.F of the Option Agreement, by accepting the Option, Participant authorizes the Company and/or the Employer to withhold Shares or to sell Shares otherwise deliverable to Participant upon exercise to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items. Taiwan Securities Law Notice. The offer of participation in the Plan is available only for Service Providers of the Company and Related Entities. The offer of participation in the Plan is not a public offer of securities by a Taiwanese company. Data Privacy Acknowledgement. Participant hereby acknowledges that he or she has read and understood the terms regarding collection, processing and transfer of Data contained in section II.I of the Option Agreement and by participating in the Plan, Participant agrees to such terms. In this regard, upon request of the Company or the Employer, Participant agrees to provide an executed data privacy consent form to the Employer or the Company (or any other agreements or consents that may be required by the Employer or the Company) that the Company and/or the Employer may deem necessary to obtain under the data privacy laws in Participant's country, either now or in the future. Participant

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28 understands he or she will not be able to participate in the Plan if Participant fails to execute any such consent or agreement. Exchange Control Notice. Taiwanese residents may acquire and remit foreign currency (including proceeds from the sale of Shares or the receipt of any dividends paid on such Shares) into Taiwan up to US$10,000,000 per year. If the transaction amount is TWD500,000 or more in a single transaction, residents must submit a Foreign Exchange Transaction Form and also provide supporting documentation to the satisfaction of the remitting bank. If the transaction amount is US$500,000 or more, Taiwanese residents may be required to provide additional supporting documentation to the satisfaction of the remitting bank. Taiwanese residents should consult their personal legal advisor to ensure compliance with applicable exchange control laws in Taiwan. Türkiye Securities Law Notice. Pursuant to Turkish securities law, selling shares acquired under the Plan is not permitted within Turkey. The Shares are currently traded on the New York Stock Exchange, which is located outside of Turkey, under the ticker symbol "DLB" and the Shares may be sold through this exchange. Financial Intermediary Requirement Notice. The purchase and sale of securities traded in foreign financial markets (e.g., the purchase and sale of Shares) are permitted. However, transactions in foreign securities must be conducted through the local banks and financial intermediary institutions licensed by the Turkish Capital Markets Board in accordance with relevant regulations and Central Bank communiqués. Participant acknowledges that Participant is solely responsible for engaging such Turkish financial intermediary. Participants should contact a personal legal advisor for further information regarding these requirements. United Arab Emirates ("UAE") Securities Law Notice. The offer of participation in the Plan is available only for select employees of the Company and Related Entities and is in the nature of providing employee incentives in the UAE. This Option Agreement, the Appendix, the Plan and other incidental communication materials are intended for distribution only to Service Providers for the purposes of an employee compensation or reward scheme, and must not be delivered to, or relied on, by any other person. The Emirates Securities and Commodities Authority has no responsibility for reviewing or verifying any documents in connection with the Option or this Option Agreement. Further, neither the Ministry of Economy nor the Dubai Department of Economic Development has approved this

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29 Option Agreement nor taken steps to verify the information set out in it, and have no responsibility for it. The securities to which this Option Agreement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. Residents of the UAE who do not understand or have questions regarding this Option Agreement, the Appendix or the Plan should consult an authorized financial adviser. United Kingdom Joint Election. As a condition of the purchase of Shares under the Plan, Participant agrees to accept any liability for secondary Class 1 NICs ("Employer NICs") which may be payable by the Company or the Employer with respect to the purchase of the Shares or otherwise payable in connection with the Option and the right to acquire Shares. Without prejudice to the foregoing, Participant agrees to execute a joint election with the Company and/or the Employer (the "Election"), the form of such Election being formally approved by HM Revenue and Customs ("HMRC"), and any other consent or elections required to accomplish the transfer of the Employer NICs to Participant. Participant further agrees to execute such other joint elections as may be required between Participant and any successor to the Company and/or the Employer. Participant agrees to enter into an Election prior to the exercise of any Options. Participant further agrees that the Company and/or the Employer may collect the Employer NICs by any of the means set forth in Section II.F of the Option Agreement. Tax Withholding Obligations. The following supplements section II.F of the Option Agreement: Without limitation to section II.F of the Option Agreement, Participant agrees that he or she is liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by HMRC (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC on Participant's behalf (or any other tax authority or any other relevant authority). If Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any income tax due but not collected from or paid by Participant may constitute an additional benefit to Participant on which additional income tax and National Insurance Contributions ("NICs") may be payable. Participant will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under

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30 the self-assessment regime and for paying the Company and/or the Employer the amount of any employee NICs due on this additional benefit, which the Company and/or the Employer may recover at any time thereafter by any of the means referred to in this Option Agreement.

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## Exhibit 10.4

![](a104standardformofrsuagr001.jpg)

1 DOLBY LABORATORIES, INC. 2020 STOCK PLAN NOTICE OF GRANT OF RESTRICTED STOCK UNITS Unless otherwise defined herein, the terms defined in the Dolby Laboratories, Inc. 2020 Stock Plan, as amended from time to time (the "Plan") shall have the same defined meanings in this Notice of Grant of Restricted Stock Units (the "Notice of Grant") and the Global Restricted Stock Unit Agreement attached hereto as Exhibit A (collectively, the "Restricted Stock Unit Agreement" or the "Agreement"), including any terms and conditions for participants outside the U.S. in the Appendix. Participant: [ ] You have been granted an award of Restricted Stock Units (the "Award"). Each such Restricted Stock Unit is equivalent to one share of the Company's Class A Common Stock for purposes of determining the number of Shares subject to this Award. None of the Restricted Stock Units will be issued (nor will you have the rights of a stockholder with respect to the underlying Shares) until the vesting conditions described below are satisfied. Additional terms of this grant are as follows: Total Award Shares Granted: [ ] Date of Grant: [ ] Vesting Schedule: [ ] Subject to your continuing to be a Service Provider and other limitations set forth in the Plan and the Global Restricted Stock Unit Agreement and country-specific provisions for Non-U.S. participants as set forth in the Appendix to the Global Restricted Stock Unit Agreement, the Award will vest annually for four (4) years at the rate of 25% per year on each anniversary of the Date of Grant. To the extent the amount vesting would result in the vesting of fractional Shares, Shares will be rounded down to the nearest whole Share. You acknowledge and agree that the Agreement and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a Service Provider for the vesting period, for any period, or at all, and shall not interfere with your right or the right of the Company or the Related Entity that is your employer to terminate your relationship as a Service Provider at any time, with or without cause. You hereby agree to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and this Agreement.

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2 By your electronic signature and the electronic signature of the Company's representative, you and the Company agree that the Award is granted under and governed by the terms and conditions of the Plan and the Agreement. You have reviewed the Plan and the Agreement in their entirety, have had an opportunity to obtain the advice of counsel prior to executing the Agreement and fully understand all provisions of the Plan and the Agreement. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and the Agreement. You must execute and deliver or electronically accept the terms set forth in the Agreement, in the manner specified by the Administrator. The Administrator may, in its sole discretion, cancel the Award if you fail to execute and deliver or electronically accept the Agreement and related documents by the first scheduled vesting date.

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3 EXHIBIT A DOLBY LABORATORIES, INC. 2020 STOCK PLAN GLOBAL RESTRICTED STOCK UNIT AGREEMENT 1. Grant. Dolby Laboratories, Inc. (the "Company") hereby grants to the individual set forth in the Notice of Grant of Restricted Stock Units ("Participant") an award of Restricted Stock Units ("RSUs") pursuant to Section 8 of the Dolby Laboratories, Inc. 2020 Stock Plan, as set forth in the Notice of Grant of Restricted Stock Units (the "Notice of Grant") and subject to the terms and conditions in this Global Restricted Stock Unit Agreement, including any special terms and conditions for participants outside the U.S. in the attached Appendix (collectively, the "Agreement"), and the Dolby Laboratories, Inc. 2020 Stock Plan as may be amended from time to time (the "Plan"). Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Agreement. 2. Company's Obligation. Each RSU represents the right to receive a Share after satisfying the applicable vesting conditions set forth in the Notice of Grant. Unless and until the RSUs vest, Participant will have no right to receive Shares under such RSUs. Prior to actual distribution of any Shares pursuant to the vesting of any RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. 3. Vesting Schedule. Subject to paragraph 4, and to relevant Plan provisions, the RSUs awarded by this Agreement will vest in Participant according to the vesting schedule specified in the Notice of Grant. 4. Forfeiture upon Termination of Service. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if Participant ceases to be a Service Provider, for any or no reason prior to vesting, the unvested RSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company. 5. Payment after Vesting. Any RSUs that vest in accordance with this Agreement will be paid to Participant (or in the event of Participant's death, to his or her estate) in Shares. Payment upon vesting will be subject to Participant (or his or her estate) satisfying the applicable Tax- Related Items (defined below) withholding obligations set forth in paragraph 11. 6. Payments after Death. Any distribution or delivery to be made to Participant under this Agreement will, if Participant is then deceased, be made to the administrator or executor of Participant's estate. Any such administrator or executor must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 7. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in

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4 respect of any Shares deliverable hereunder unless and until Shares (in certificated or uncertificated form in the Company's sole discretion) have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant or Participant's broker. 8. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF RSUS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUED ENGAGEMENT AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 9. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company at 1275 Market Street, San Francisco, CA 94103, U.S.A., Attn: Stock Administration, or at such other address as the Company may hereafter designate in writing or electronically. 10. Code Section 409A. Notwithstanding anything in this Agreement to the contrary, if any Participant would be considered a "specified employee" within the meaning of Section 409A of the Code and the regulations thereunder at the time of such Participant's ceases to be a Service Provider, the RSUs (and/or at the election of Participant the cash received from the sale of the Shares underlying the vested RSUs) will not be paid to Participant until the date that is six (6) months and one (1) day following the date of Participant's ceases to be a Service Provider. 11. Withholding Taxes. Regardless of any action the Company or the Related Entity that is Participant's employer (the "Employer") takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding items related to Participant's participation in the Plan and legally applicable to Participant, or deemed by the Company or the Employer to be an appropriate charge to Participant even if technically due by the Company or the Employer ("Tax- Related Items"), Participant hereby acknowledges that the ultimate liability for all Tax-Related Items is and remains Participant's responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the issuance of Shares in settlement of the RSUs, the subsequent sale of Shares acquired at vesting and the receipt of any dividends and/or any dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the

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5 Award or any aspect of the RSUs to reduce or eliminate Participant's liability for Tax-Related Items or achieve a particular tax result. Further, if Participant is subject to tax in more than one jurisdiction, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. In connection with any relevant taxable or tax withholding event, Participant shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax- Related Items. In this regard, Participant authorizes and directs the Company and/or the Employer or their respective agents, in their sole discretion and without any notice or authorization by Participant, to satisfy any applicable withholding obligations, if any, with regard to all Tax-Related Items by withholding in Shares to be issued upon settlement of the RSUs. In the event that such withholding in Shares is problematic under applicable tax or securities law or has materially adverse accounting consequences, by Participant's acceptance of the RSUs, Participant authorizes the Company and any brokerage firm to satisfy the obligations with regard to all Tax-Related Items by withholding from Participant's wages or other cash compensation paid to Participant by the Company and/or the Employer; or to sell on Participant's behalf a whole number of Shares from those Shares issued to Participant as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the obligation for Tax-Related Items. Depending upon the withholding method, the Company may withhold or account for Tax- Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates in Participant's jurisdiction(s), including maximum applicable rates. If the Company and/or the Employer withhold more than the amount necessary to satisfy the liability for Tax-Related Items, Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent Shares or, if not refunded, Participant may be able to seek a refund from the applicable tax authorities. If the Company and/or the Employer withhold less than the amount necessary to satisfy the liability for Tax-Related Items, Participant may be required to pay additional Tax-Related Items directly to the applicable tax authorities or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of Participant's participation in the Plan. No fractional Shares will be withheld or issued pursuant to the grant of RSUs and the issuance of Shares thereunder. Finally, Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if Participant fails to comply with Participant's obligations in connection with the Tax-Related Items. Participant shall have no further rights with respect to any Shares that are retained by the Company pursuant to this provision, and under no circumstances will the Company be required to issue any fractional Shares. 12. Acknowledgements. In accepting the RSUs, Participant acknowledges, understands and agrees that:

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6 (a) Participant acknowledges receipt of a copy of the Plan (including any applicable appendixes or sub-plans thereunder) and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan (including any applicable appendixes or sub- plans thereunder) and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Agreement. Participant further agrees to notify the Company upon any change in the residence address in the Notice of Grant; (b) the Company (and not the Employer) is granting the RSU; accordingly, any rights Participant has under this Agreement may be raised only against the Company but not any Related Entity (including, but not limited to, the Employer). The Company will administer the Plan from outside Participant's country of residence; (c) no Related Entity (including, but not limited to, the Employer) has any obligation to make any payment of any kind under this Agreement; (d) the Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time; (e) the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; (f) all decisions with respect to future awards of RSUs, if any, will be at the sole discretion of the Company; (g) Participant is voluntarily participating in the Plan; (h) the RSUs and the Shares subject to the RSUs, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of Participant's employment or service contract, if any; (i) unless otherwise agreed with the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Related Entity; (j) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not intended to replace any pension rights or compensation; (k) although provided by the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of Participant's normal or expected salary or compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, holiday pay, long-service awards, leave-related pay, pension, retirement or welfare benefits or any other similar payments and in no event should be

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7 considered as compensation for or relating in any way to past services for the Company, the Employer, or any other Related Entity; (l) the RSU grant and Participant's participation in the Plan will not be interpreted to form an employment contract or relationship with the Company or any Related Entity and the Company will not incur any liability of any kind to Participant as a result of any change or amendment, or any cancellation, of the Plan at any time; (m) the future value of the underlying Shares is unknown and cannot be predicted with certainty; (n) in the event of termination of Participant's status as a Service Provider (whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid), Participant's right to vest in the RSUs under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of "garden leave" or similar period pursuant to local law); the Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of the Award (including whether Participant may still be considered actively employed while on an approved leave of absence); (o) unless otherwise provided in the Plan or by the Company in its discretion, the RSUs and the benefits under the Plan, if any, do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; (p) the RSUs and the Shares subject to the RSUs are not part of Participant's normal or expected compensation or salary for any purpose; (q) neither the Company, the Employer nor any other Related Entity shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to Participant pursuant to the settlement of the RSUs or the subsequent sale of any Shares acquired upon settlement; and (r) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs or recoupment of any Shares acquired under the Plan resulting from termination of Participant's status as a Service Provider by the Company or the Employer (for any reason whatsoever and whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid). 13. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares. Participant acknowledges and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan

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8 14. Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant's personal data as described in this Agreement and any other RSU materials by and among, as applicable, the Employer, the Company, and its Related Entities for the exclusive purpose of implementing, administering and managing Participant's participation in the Plan. Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant's name, home address and telephone number, e-mail address, date of birth, social insurance number, passport number or other identification number, salary, nationality, residency status, job title, any Shares or directorships held in the Company or any Related Entity, details of all RSUs or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("Data"), for the purpose of implementing, administering and managing the Plan. Participant understands that Data may be transferred to Morgan Stanley Smith Barney LLC and its affiliated company, E\*TRADE Financial Corporate Services, Inc. (collectively, "E\*TRADE"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company in the implementation, administration and management of the Plan. Participant understands that the recipients may be located in the United States, or elsewhere, and that the recipient's country (e.g., the United States) may have different data privacy laws and protections than Participant's country. Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting Participant's local human resources representative. Participant authorizes the Company, E\*TRADE and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of Shares on Participant's behalf, to a broker or third party with whom the Shares acquired on exercise may be deposited. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant's participation in the Plan. Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case, without cost, by contacting in writing Participant's local human resources representative, or if there is no local human resources representative, the human resources department of the Company. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her employment status or service with the Employer will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant RSUs or other equity awards or administer or maintain such awards. Participant understands, however, that refusal or withdrawal of consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources

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9 representative, or if there is no local human resources representative, the human resources department of the Company. 15. Grant is Not Transferable. Except to the limited extent provided in paragraph 6, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment, or similar process. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment, or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void. 16. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors, and assigns of the parties hereto. 17. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration, or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent, or approval will have been effected or obtained free of any conditions not acceptable to the Company. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. 18. Plan Governs. This Agreement and the Notice of Grant are subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement or the Notice of Grant and one or more provisions of the Plan, the provisions of the Plan will govern. 19. Governing Law and Venue. The Award will be governed by the internal substantive laws, but not the choice of law rules, of the State of California, U.S.A. without regard to principles of conflict of laws. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by the Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed. 20. Language. Participant has received the terms and conditions of this Agreement and any other related communications in English. Participant acknowledges that he or she is sufficiently proficient in English to understand the terms and conditions of this RSU Agreement, or, alternatively, Participant acknowledges that he or she will seek appropriate assistance. Furthermore, if Participant consents to having received these documents in English. If Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable laws..

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10 21. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. By Participant's electronic signature and the electronic signature of the Company's representative, Participant and the Company agree that this RSU is granted under and governed by the terms and conditions of the Plan and this Agreement. 22. Administrator Authority. The Administrator will have the power to interpret the Plan Policy and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any RSUs have vested and whether Participant is actively employed). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company, and all other interested persons. No member of the Administrator will be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Agreement. 23. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 24. Appendix. Notwithstanding any provisions in this Agreement, the Award shall be subject to any terms and conditions set forth in any Appendix to this Agreement for Participant's country. Moreover, if Participant relocates to one of the countries included in the Appendix, the terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or facilitate the administration of the Plan. The Appendix constitutes part of this Agreement. 25. Imposition of Other Requirements. The Company reserves the right to impose other requirements on Participant's participation in the Plan, on the Award and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or to facilitate the administration of the Plan, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 26. Insider Trading/Market Abuse Restrictions. Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to, directly or indirectly, accept, acquire, sell, attempt to sell or otherwise dispose of Shares, rights to Shares (e.g., RSUs), or rights linked to the value of Shares (e.g., phantom awards, futures) during such times as Participant is considered to have "inside information" regarding the Company as defined by the laws or regulations in the applicable jurisdiction or Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant placed before Participant possessed insider information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to

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11 know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Company's Insider Trading Policy. Participant is responsible for ensuring compliance with any applicable restrictions and should consult his or her personal legal advisor on this matter. 27. Exchange Control, Tax and/or Foreign Asset/Account Reporting. Participant acknowledges that there may be exchange control, tax, foreign asset and/or account reporting requirements which may affect Participant's ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on Shares acquired under the Plan) in a brokerage, bank account or legal entity outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in Participant's country. Participant also may be required to repatriate sale proceeds or other funds received as a result of participation in the Plan to Participant's country through a designated bank or broker within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and should consult his or her personal legal advisor for any details. 28. Waiver. Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Participant or any other participant.

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12 APPENDIX TO DOLBY LABORATORIES, INC. 2020 STOCK PLAN GLOBAL RESTRICTED STOCK UNIT AGREEMENT Terms and Conditions for Participants Outside the U.S. This Appendix includes additional country-specific terms and conditions that apply to Participants resident in countries listed below. This Appendix is part of the Agreement and contains terms and conditions material to participation in the Plan. Unless otherwise provided below, capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Agreement. The information is based on the securities, exchange control, income tax and other laws in effect in the respective countries as of October 2025. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the information in this Appendix as the only source of information relating to the consequences of Participant's participation in the Plan because the information may be out of date when Participant vests in the RSUs or Shares acquired under the Plan are sold. In addition, the information contained herein is general in nature and may not apply to Participant's particular situation, and the Company is not in a position to assure Participant of a particular result. Accordingly, Participant should seek appropriate professional advice as to how the relevant laws in Participant's country may apply to his or her situation. Finally, if Participant is a citizen or resident of a country other than the one in which he or she is currently working or Participant transfers employment or residency after the Date of Grant, or if Participant is considered resident of another country for local law purposes, then the provisions contained herein may not be applicable to Participant. The Company shall, in its sole discretion, determine to what extent the terms and conditions included herein will apply under these circumstances. Countries Within the European Economic Area and the United Kingdom Data Privacy: The Dolby Employee Privacy Notice supersedes and replaces paragraph 14 of the Agreement. The Dolby Employee Privacy Notice for each respective country in the European Union and European Economic Area can be found at [REDACTED]. Australia Securities Law Notice. The grant of the RSUs is being made pursuant to Division 1A, Part 7.12 of the Corporations Act 2001 (Cth). If Participant acquires Shares under the Plan and offers such Shares for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under

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13 Australian law. Participant should obtain legal advice on disclosure obligations prior to making any such offer. Tax Notice. The Plan is a plan to which subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to conditions in the Act). Exchange Control Notice. Exchange control reporting is required for cash transactions exceeding AUD 10,000 and for international fund transfers. Participant understands that if an Australian bank is assisting with the transaction, the bank will file the report on Participant's behalf. Participant understands that if there is no Australian bank involved in the transfer, Participant will have to file the exchange control report on his or her own behalf. Belgium Foreign Asset/Account Reporting Information. Belgian residents are required to report any Shares acquired under the Plan or bank account established outside of Belgium on their personal annual tax return. In a separate report, Belgian residents also are required to provide a central contact point of the National Bank of Belgium with the account number of those foreign bank accounts, the name of the bank with which the accounts were opened and the country in which they were opened in a separate report. This report, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under the Kredietcentrales / Centrales des credits caption. Stock Exchange Tax Information. A stock exchange tax applies to transactions executed by Belgian residents through a non- Belgian financial intermediary, such as a U.S. broker. The stock exchange tax will apply when Shares acquired pursuant to the Plan are sold. Annual Securities Account Tax. An annual securities accounts tax may be payable if the total average value of securities held in a Belgian or foreign securities account (e.g., Shares acquired under the Plan) exceeds a certain threshold on four reference dates within the relevant reporting period (i.e., December 31, March 31, June 30 and September 30). In such case, the tax will be due on the value of the qualifying securities held in such account. Brazil Compliance with Law.

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14 By accepting the RSUs, Participant acknowledges that he or she agrees to comply with applicable Brazilian laws and to pay any and all applicable taxes associated with Participant's participation in the Plan, including the vesting of the RSUs, the receipt of any dividends, and the sale of Shares acquired under the Plan. Nature of Award Grants. By accepting the RSUs, Participant agrees that (1) he or she is making an investment decision, (2) the Shares will be issued to Participant only if the vesting conditions are met and any necessary services are rendered by Participant over the vesting period and (3) the value of the underlying Shares is not fixed and may increase or decrease in value over time without compensation to Participant. Exchange Control Notice. Individuals who are resident or domiciled in Brazil are generally required to submit an annual declaration of assets and rights held outside Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights is greater than US$1,000,000. If such amount is equal to or greater than US$100,000,000, the referenced declaration must be submitted quarterly, in the month following the end of each quarter. Assets and rights to be included in this annual declaration include Shares acquired under the Plan. Tax on Financial Transaction (IOF). Payments to foreign countries and repatriation of funds into Brazil and the conversion between BRL and US$ associated with such fund transfers may be subject to the Tax on Financial Transactions. It is Participant's responsibility to comply with any applicable Tax on Financial Transactions arising from Participant's participation in the Plan. Participant should consult with his or her personal tax advisor for additional details. Canada Form of Settlement. RSUs granted to employees resident in Canada shall be paid in Shares only. Acknowledgments. The following provision replaces Section 12(c) of the Agreement: except as explicitly and minimally required under applicable legislation, no Related Entity (including, but not limited to, the Employer) has any obligation to make any payment of any kind under this Agreement; The following provision replaces Section 12(h) of the Agreement: except as explicitly and minimally required under applicable legislation, the RSUs and the

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15 Shares subject to the RSUs, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of Participant's employment or service contract, if any; The following provision replaces Section 12(r) of the Agreement: except as explicitly and minimally required under applicable legislation, no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs or recoupment of any Shares acquired under the Plan resulting from termination of Participant's status as a Service Provider by the Company or the Employer (for any reason whatsoever and whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid). Termination of Service Provider Relationship. The following provision replaces paragraph 12(n) of the Agreement: For purposes of the Award, except as explicitly and minimally required under applicable legislation: (i) Participant's period of service for purposes of the Award and Participant's status as an eligible Service Provider will cease; and (ii) Participant's right, if any, to vest in any RSUs under the Plan, seek damages in lieu, or otherwise benefit from or participate in the Plan will be measured by and immediately terminate, as of the date Participant ceases to provide services to the Company or a Related Entity, regardless of the reason for termination and whether or not later to be found invalid or in breach of applicable laws in the jurisdiction where Participant is employed or providing services or the terms of Participant's employment or service agreement, if any (the "Termination Date"). Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under statute, contract, common/civil law or otherwise. Participant shall not earn or be entitled to any pro-rated vesting or other participation for that portion of time before the Termination Date, nor shall Participant be entitled to any compensation for lost vesting or other participation. If, notwithstanding the foregoing, applicable employment legislation explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the RSUs or otherwise participate in or benefit from the Plan, if any, shall terminate effective as of the last date of the minimum statutory notice period. For clarity, Participant shall not earn or be entitled to pro-rated vesting or other participation if the vesting date falls after the end of Participant's statutory notice period, nor shall Participant be entitled to any compensation for lost vesting. Any reference to termination as a Service Provider or cessation or termination of employment or service in this Agreement or the Plan shall be interpreted to mean the Termination Date as defined above. Subject to applicable legislation, the Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed or providing services for purposes of

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16 the Award (including whether Participant may still be considered actively providing services while on an approved leave of absence). Sale of Shares. Participant acknowledges that he or she is permitted to sell the Shares acquired under the Plan through E\*TRADE or such other broker as may be selected by the Company in the future, provided the sale of the Shares takes place outside of Canada through facilities of a stock exchange on which the Shares are listed. The Shares are currently listed on the New York Stock Exchange. French Language Documents for Quebec Service Providers. A French translation of the Agreement and the Plan will be made available to Participant as soon as reasonably practicable. Notwithstanding anything to the contrary in the Agreement, and unless Participant indicates otherwise, the French translation of the Agreement and the Plan will govern Participant's participation in the Plan. Une traduction française de l'Accord et du Plan sera mise à la disposition du Participant dès que raisonnablement possible. Nonobstant toute disposition contraire de l'Accord, et sauf indication contraire du Participant, la traduction française de l'Accord et du Plan régira la participation du Participant au Plan. Authorization to Release and Transfer Necessary Personal Information for Quebec Service Providers. The following provision supplements paragraph 14 of the Agreement: Participant hereby authorizes the Company and the Company's representatives, including the broker(s) designated by the Company, to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. Participant further authorizes the Company, any Related Entity and the Administrator of the Plan to disclose and discuss the Plan with their advisors. Participant further authorizes the Company and any Related Entity to record such information and to keep such information in Participant's employee file. Participant acknowledges and agrees that Participant's personal information, including any sensitive personal information, may be transferred or disclosed outside the province of Quebec, including to the U.S. If applicable, Participant also acknowledges and authorizes the Company, any Related Entity, the Administrator and any third party brokers/administrators that are assisting the Company with the operation and administration of the Plan to use technology for profiling purposes and to make automated decisions that may have an impact on Participant or the administration of the Plan. Foreign Asset/Account Reporting Notice. Canadian residents may be required to report foreign specified property on Form T1135 (Foreign Income Verification Statement) if the total cost of the foreign specified property exceeds CAD 100,000 at any time in the year. Foreign specified property includes Shares acquired under

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17 the Plan and may include RSUs. The RSUs must be reported - generally at a nil cost - if the CAD 100,000 cost threshold is exceeded because of other foreign specified property Participant holds. The cost of RSUs generally is the adjusted cost base ("ACB") of the Shares. The ACB ordinarily would equal the fair market value of the Shares at the time of acquisition, but if the Canadian resident owns other Shares of the Company, this ACB may have to be leveraged with the ACB of the other Shares. The Form T1135 generally must be filed by April 30 of the following year. Canadian residents should consult with a personal advisor to ensure compliance with the applicable reporting requirements. China Settlement of RSUs and Sale of Shares. The following provision supplements paragraph 5 of the Agreement: Due to local regulatory requirements, Participant agrees that the Company may force the sale of any Shares to be issued upon settlement of the Award. The sale may occur (i) immediately upon vesting, (ii) following Participant's termination as a Service Provider, or (iii) or within any other time frame as the Company determines to be necessary or advisable for legal or administrative reasons. Participant agrees that he or she must maintain any Shares acquired under the Plan in an account maintained by E\*TRADE or such other stock plan service provider as may be selected by the Company. Participant further agrees that the Company is authorized to instruct E\*TRADE or such other stock plan service provider as may be selected by the Company in the future to assist with the mandatory sale of such Shares (on Participant's behalf pursuant to this authorization) and Participant expressly authorizes E\*TRADE or such other stock plan service provider as may be selected by the Company in the future to complete the sale of such Shares. Participant acknowledges that E\*TRADE or such other stock plan service provider as may be selected by the Company in the future is under no obligation to arrange for the sale of the Shares at any particular price. Upon the sale of the Shares, the Company agrees to pay Participant the cash proceeds from the sale of the Shares, less any brokerage fees or commissions and subject to any obligation to satisfy Tax-Related Items. Exchange Control Acknowledgement. Participant understands and agrees that participation in the Plan is subject to the Company or the Employer obtaining any required approval from the China State Administration of Foreign Exchange ("SAFE"), as determined by the Company in its sole and absolute discretion. If the Company or the Employer is unable to obtain such approval, Participant may not be entitled to receive any benefit in connection with the Plan without any liability to the Company, the Employer or any Related Entity. Participant understands and agrees that, pursuant to local exchange control requirements, Participant will be required to repatriate the cash proceeds from the sale of Shares issued upon the vesting of the RSUs as well as any cash dividends paid on such Shares to China. Participant further understands that, under local law, such repatriation of the cash proceeds may need to be effectuated

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18 through a special exchange control account established by the Company, or one of its Related Entities, and Participant hereby consents and agrees that any proceeds from the sale of any Shares issued upon the vesting of the RSUs as well as any cash dividends paid on such Shares may be transferred to such special account prior to being delivered to Participant. If the proceeds from the sale of Participant's Shares or cash dividends are converted to local currency, Participant acknowledges that the Company is under no obligation to secure any exchange conversion rate, and the Company may face delays in converting the proceeds to local currency due to exchange control restrictions in China. Participant agrees to bear the risk of any exchange conversion rate fluctuation between the date the RSUs vest and the date of conversion of the proceeds from the sale of the Shares issued upon vesting to local currency. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. Foreign Asset/Account Reporting Notice. Chinese residents are required to report to the SAFE all details of his or her foreign financial assets and liabilities, as well as details of any economic transactions conducted with non- Chinese residents, either directly or through financial institutions. France Consent to Receive Information in English. By accepting the grant of the RSUs, Participant confirms having read and understood the Plan and the Agreement, which were provided in English language. Participant accepts the terms of those documents accordingly. En acceptant cette attribution gratuite d'actions, le Participant confirme avoir lu et compris le Plan et ce Contrat, incluant tous leurs termes et conditions, qui ont été transmis en langue anglaise. Le Participant accepte les dispositions de ces documents en connaissance de cause. Foreign Asset/Account Reporting Notice. French residents must report annually any shares and bank accounts held outside France, including the accounts that were opened, used and/or closed during the tax year, to the French tax authorities, on an annual basis on a special Form N° 3916, together with Participant's personal income tax return. Failure to report triggers a significant penalty. Exchange Control Information. The value of any cash or securities imported to or exported from France without the use of a financial institution must be reported to the customs and excise authorities when the value of such cash or securities is equal to or greater than a certain amount (currently €10,000). Germany

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19 Exchange Control Notice. Cross-border payments (including proceeds realized upon the sale of Shares or from the receipt of any dividends paid on such Shares) and certain other transactions with a value in excess of €50,000 must be reported to the German Federal Bank (Bundesbank). In addition, Participant may be required to report (i) the acquisition of Shares, and (ii) the withholding or the sale of Shares to cover withholding obligations or rights for Tax-Related Items, in either case if the value of the Shares exceeds €50,000. The report must be filed either electronically using the "General Statistics Reporting Portal" ("Allgemeines Meldeportal Statistik") available via the Bundesbank's website (www.bundesbank.de) or via such other method (e.g., by email or telephone) as is permitted or required by the Bundesbank. The report must be submitted monthly or within such timing as is permitted or required by the Bundesbank. Participant should consult with their personal tax advisor for details regarding this requirement. Foreign Asset/Account Reporting Information. German residents holding Shares must notify their local tax office if the acquisition of Shares under the Plan leads to a so-called qualified participation at any point during the calendar year. A qualified participation is attained only in the unlikely event (i) Participant owns at least 1% of the Company and the value of the Shares acquired exceeds €150,000, or (ii) Participant holds Shares exceeding 10% of the total capital of the Company. Hong Kong Form of Settlement. RSUs granted to Participants resident in Hong Kong shall be paid in Shares only. Sale of Shares. Any Shares acquired under the Plan are accepted as a personal investment. In the event that the Award vests and Shares are issued to Participant (or Participant's heirs) within six months of the Date of Grant, Participant (or Participant's heirs) agrees that the Shares will not be offered to the public or otherwise disposed of prior to the six-month anniversary of the date of grant. Securities Law Notice. Warning: None of the documents related to the Plan have been reviewed by any regulatory authority in Hong Kong. If Participant is in any doubt about any of the contents of the Agreement, including this Appendix, the Plan, or any other communication materials, Participant should obtain independent professional advice. The RSUs and Shares issued at vesting do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Company and its Related Entities. The Agreement, including this Appendix, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The RSUs are intended only for the personal use of each eligible employee of the Employer, the Company or any Related Entity and may not be distributed to any other person.

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20 India Exchange Control Notice. Participant understands that the RSUs are subject to compliance with the exchange control requirements of the Reserve Bank of India. Participant understands that he or she must repatriate any proceeds from the sale of Shares and any dividends received acquired under the Plan within such period of time as required under applicable regulations. Participant must obtain a foreign inward remittance certificate ("FIRC") from the bank where Participant deposits the funds and must maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation. Participant may be required to provide information regarding funds received from participation in the Plan to the Company and/or the Employer to enable them to comply with their filing requirements under exchange control laws in India. Participant is personally responsible for complying with exchange control laws in India, and neither the Company nor the Employer will be liable for any fines or penalties resulting from Participant's failure to comply with applicable laws. Foreign Asset/Account Reporting Notice. Indian residents are required to declare the following items in their annual tax return: (i) any foreign assets held by them (including Shares acquired under the Plan), and (ii) any foreign bank accounts for which they have signing authority. Indian residents should consult with their personal tax advisor to ensure that they are properly reporting foreign assets and bank accounts. Ireland Director Notification Requirement. If Participant is a director, shadow director, or secretary of an Irish subsidiary, pursuant to the Companies Act 2014, Participant must notify that subsidiary in writing if Participant receives or disposes of an interest exceeding 1% of the share capital of the Company (e.g., RSUs, Shares), if Participant becomes aware of the event giving rise to the notification requirement, or if Participant becomes a director or secretary if such an interest exceeding 1% of the share capital of the Company exists at the time. This notification requirement also applies with respect to the interests of a spouse, civil partner, or minor children (whose interests will be attributed to the director, shadow director, or secretary). Participant should consult his or her personal legal advisor to ensure compliance with the applicable requirements. Japan Exchange Control Notice. Japanese residents acquiring Shares valued at more than ¥100,000,000 in a single transaction, must file a Securities Acquisition Report with the Ministry of Finance through the Bank of Japan within twenty (20) days of the acquisition of the Shares. Foreign Asset/Account Reporting Notice.

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21 Japanese residents are required to report details of any assets held outside of Japan as of December 31, including Shares acquired under the Plan, to the extent such assets have a total net fair market value exceeding ¥50,000,000. Such report will be due by March 15 each year. Japanese residents are responsible for complying with this reporting obligation. Korea Sale of Shares. Korean residents are not permitted to sell foreign securities (e.g., Shares) through non- Korean brokers or deposit funds resulting from the sale of Shares in an account with an overseas financial institution. If a Korean resident wishes to sell Shares acquired under the Plan, the Korean resident may be required to transfer the Shares to a domestic investment broker in Korea and to effect the sale through such broker. The Korean resident is solely responsible for engaging the domestic broker. Non-compliance with the requirement to sell Shares through a domestic broker can result in significant penalties. Because regulations may change without notice, Korean residents should consult with a legal advisor to ensure compliance with any regulations applicable to any aspect of participation in the Plan. Foreign Asset/Account Reporting Notice. Korean residents must declare all foreign financial accounts (i.e., non-Korean bank accounts, brokerage accounts, etc.) to the Korean tax authority and file a report with respect to such accounts if the value of such accounts exceeds KRW 500 million (or an equivalent amount in foreign currency). Korea residents should consult with their personal tax advisor for additional information about this reporting obligation. Exchange Control Notice. If a Korean resident sells Shares and deposits sale proceeds in excess of a certain threshold (currently, US$5,000 per transaction) into a non-Korean bank account, the Korean resident must file a report with a Korean foreign exchange bank. This reporting is not required if sale proceeds are instead deposited into a non-Korean brokerage account. Participant should consult their personal legal advisor to ensure compliance with the applicable requirements. Netherlands No country-specific provisions. Poland Exchange Control Notice.

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22 Transfers of funds into and out of Poland in excess of €15,000 (or PLN 15,000 if such transfer of funds is connected with the business activity of an entrepreneur) must be made via a bank account held at a bank in Poland. Additionally, Polish residents are required to store all documents connected with any foreign exchange transactions that Polish residents are engaged in for a period of five years, as measured from the end of the year in which such transaction occurred. Foreign Asset/Account Reporting Notice. If Participant maintains bank or brokerage accounts holding cash and foreign securities (including Shares) outside of Poland, Participant will be required to report information to the National Bank of Poland on transactions and balances in such accounts if the value of such cash and securities exceeds certain thresholds. If required, such reports must be filed on special forms available on the website of the National Bank of Poland. Participant should consult with their personal legal advisor to determine whether Participant will be required to submit reports to the National Bank of Poland. Singapore Sale Restriction. Participant agrees that any Shares acquired pursuant to the RSUs will not be offered for sale in Singapore prior to the six-month anniversary of the Date of Grant unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("SFA"), or pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA. Securities Law Notice. The grant of the RSUs is being made to Participant in reliance on the "Qualifying Person" exemption under section 273(1)(f) of the SFA under which it is exempt from the prospectus and registration requirements and is not made with a view to the underlying Shares being subsequently offered for sale to any other party. The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore, and hence, statutory liability under the SFA in relation to the content of prospectuses will not apply. Director Reporting Notice. If Participant is a director, associate director or shadow director of a Singapore Related Entity of the Company, as the terms are used in the Singapore Companies Act (the "SCA"), Participant agrees to comply with notification requirements under the SCA. Among these requirements is an obligation to notify the Singapore Related Entity in writing when Participant receives an interest (e.g., RSUs, Shares) in the Company or any related companies (including when Participant sells Shares acquired under the Plan). In addition, Participant must notify the Singapore Related Entity when Participant sells or receives Shares of the Company or any related company (including when Participant sells or receives Shares acquired under the Plan). These notifications must be made within two (2) business days of acquiring or disposing of any interest in the Company or any related company. In addition, a notification must be made of Participant's

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23 interests in the Company or any related company within two (2) business days of becoming a director, associate director or shadow director. Participant should consult with his or her personal legal advisor regarding his or her notification obligations under the SCA. Spain No Entitlement for Claims or Compensation. The following provisions supplement paragraphs 4 and 12 of the Agreement: By accepting the RSUs, Participant consents to participation in the Plan and acknowledges that Participant has received a copy of the Plan document. Participant understands and agrees that, as a condition of the grant of the RSUs, the termination of Participant's status as a Service Provider for any reason (including for the reasons listed below) prior to the vesting date will automatically result in the loss of the unvested RSUs that may have been granted to Participant. In particular, Participant understands and agrees that any unvested RSUs shall be forfeited without entitlement to the underlying Shares or to any amount as indemnification in the event of a termination of status as a Service Provider, including, but not limited to: resignation, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without good cause (i.e., subject to a "despido improcedente"), individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the Workers' Statute, relocation under Article 40 of the Workers' Statute, Article 50 of the Workers' Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985. Participant understands that the Company has unilaterally, gratuitously and in its sole discretion decided to grant RSUs under the Plan to individuals who may be Employees, Directors or Consultants throughout the world. The decision is limited and entered into based upon the express assumption and condition that: (i) any RSU grant will not economically or otherwise bind the Company or any Related Entity, including the Employer, presently or in the future, other than as expressly set forth in the Agreement; (ii) the RSUs and any Shares acquired upon settlement of the RSUs are not part of any employment contract (whether with the Company or a Related Entity) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation), or any other right whatsoever; and (iii) unless otherwise expressly provided for by the Company in the Agreement or in this Appendix, your participation in the Plan will cease as of the date Participant's employment is terminated.

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24 Furthermore, Participant understands and freely accepts that there is no guarantee that any benefit whatsoever shall arise from the grant of RSUs, which is gratuitous and discretionary, since the future value of the RSUs and the underlying Shares is unknown and unpredictable. Participant also understands that the grant of RSUs would not be made but for the assumptions and conditions set forth hereinabove; thus, Participant understands, acknowledges and freely accepts that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the RSUs and any right to the underlying Shares shall be null and void. Securities Law Notice. No "offer of securities to the public," as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the grant of RSUs. The Agreement, this Appendix and the Plan have not been registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission) and do not constitute a public offering prospectus. Exchange Control Notice. Participant may be required to declare electronically to the Bank of Spain any foreign accounts (including brokerage accounts held abroad), as well as any foreign instruments (including any Shares acquired under the Plan) held in such accounts if the value of the transactions for all such accounts during the prior year or the balances of such accounts as of December 31 of the prior year exceeds €1,000,000. Different thresholds and deadlines to file the declaration apply. However, if neither such transactions during the immediately preceding year nor the balances or positions as of December 31 exceed €1,000,000, no such declaration must be filed unless expressly required by the Bank of Spain. If any of such thresholds were exceeded during the current year, Participant understands that they may be required to file the relevant declaration corresponding to the prior year; however, a summarized form of declaration may be available. Participant should consult their personal legal advisor to ensure compliance with the applicable requirements. Foreign Asset/Account Reporting Notice. Spanish residents are required to report rights or assets deposited or held outside of Spain (including Shares acquired under the Plan or cash proceeds from the sale of such Shares) as of December 31 of each year, if the value of such rights or assets exceeds EUR 50,000 per type of right or asset. After such rights and/or assets are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported rights or assets increases by more than EUR 20,000 per type of right or asset as of December 31 of each year, or if Participant sells Shares or cancel bank accounts that were previously reported. If reporting is required, the report must be filed on Form 720 by March 31 following the end of the relevant year.

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25 Sweden Tax Withholding Obligations. The following supplements paragraph 11 of the Agreement: Without limiting the Company's and the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in paragraph 11 of the Agreement, by accepting the RSUs, Participant authorizes the Company and/or the Employer to withhold Shares or to sell Shares otherwise deliverable to Participant upon exercise to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items. Taiwan Securities Law Notice. The offer of participation in the Plan is available only for Service Providers of the Company and Related Entities. The offer of participation in the Plan is not a public offer of securities by a Taiwanese company. Data Privacy Acknowledgement. Participant hereby acknowledges that he or she has read and understood the terms regarding collection, processing and transfer of Data contained in paragraph 14 of the Agreement and by participating in the Plan, Participant agrees to such terms. In this regard, upon request of the Company or the Employer, Participant agrees to provide an executed data privacy consent form to the Employer or the Company (or any other agreements or consents that may be required by the Employer or the Company) that the Company and/or the Employer may deem necessary to obtain under the data privacy laws in Participant's country, either now or in the future. Participant understands he or she will not be able to participate in the Plan if Participant fails to execute any such consent or agreement. Exchange Control Notice. Taiwanese residents may acquire and remit foreign currency (including proceeds from the sale of Shares or the receipt of any dividends paid on such Shares) into Taiwan up to US$10,000,000 per year. If the transaction amount is TWD 500,000 or more in a single transaction, residents must submit a Foreign Exchange Transaction Form and also provide supporting documentation to the satisfaction of the remitting bank. If the transaction amount is US$500,000 or more, Taiwanese residents may be required to provide additional supporting documentation to the satisfaction of the remitting bank. Taiwanese residents should consult their personal legal advisor to ensure compliance with applicable exchange control laws in Taiwan.

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26 Türkiye Securities Law Notice. Pursuant to Turkish securities law, selling shares acquired under the Plan is not permitted within Turkey. The Shares are currently traded on the New York Stock Exchange, which is located outside of Turkey, under the ticker symbol "DLB" and the Shares may be sold through this exchange. Financial Intermediary Requirement Notice. The purchase and sale of securities traded in foreign financial markets (e.g., the purchase and sale of Shares) are permitted. However, transactions in foreign securities must be conducted through the local banks and financial intermediary institutions licensed by the Turkish Capital Markets Board in accordance with relevant regulations and Central Bank communiqués. Participant acknowledges that Participant is solely responsible for engaging such Turkish financial intermediary. Participants should contact a personal legal advisor for further information regarding these requirements. United Arab Emirates ("UAE") Securities Law Notice. The offer of participation in the Plan is available only for select employees of the Company and Related Entities and is in the nature of providing employee incentives in the UAE. The Agreement, this Appendix, the Plan and other incidental communication materials are intended for distribution only to Service Providers for the purposes of an employee compensation or reward scheme, and must not be delivered to, or relied on, by any other person. The Emirates Securities and Commodities Authority has no responsibility for reviewing or verifying any documents in connection with the RSUs or the Agreement. Further, neither the Ministry of Economy nor the Dubai Department of Economic Development has approved the Agreement nor taken steps to verify the information set out in it, and have no responsibility for it. The securities to which the Agreement relates may be illiquid and/or subject to restrictions on their resale. Individuals should conduct their own due diligence on the securities. Residents of the UAE who do not understand or have questions regarding the Agreement, this Appendix or the Plan should consult an authorized financial adviser. United Kingdom Form of Settlement. RSUs granted to Service Providers resident in the United Kingdom shall be paid in Shares only.

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27 Joint Election. As a condition of the vesting of the RSUs under the Plan, Participant agrees to accept any liability for secondary Class 1 NICs ("Employer NICs") which may be payable by the Company or the Employer with respect to the vesting of the RSUs or otherwise payable in connection with the RSUs and the issuance of Shares. Without prejudice to the foregoing, Participant agrees to execute a joint election with the Company and/or the Employer (the "Election"), the form of such Election being formally approved by HM Revenue and Customs ("HMRC"), and any other consent or elections required to accomplish the transfer of the Employer NICs to Participant. Participant further agrees to execute such other joint elections as may be required between Participant and any successor to the Company and/or the Employer. Participant agrees to enter into an Election prior to the vesting of the RSUs. Participant further agrees that the Company and/or the Employer may collect the Employer NICs by any of the means set forth in paragraph 11 of the Agreement. Tax Withholding Obligations. The following supplements paragraph 11 of the Agreement: Without limitation to paragraph 11 of the Agreement, Participant agrees that he or she is liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by HMRC (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC on Participant's behalf (or any other tax authority or any other relevant authority). If Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any income tax due but not collected from or paid by Participant may constitute an additional benefit to Participant on which additional income tax and National Insurance Contributions ("NICs") may be payable. Participant will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying the Company and/or the Employer the amount of any employee NICs due on this additional benefit, which the Company and/or the Employer may recover at any time thereafter by any of the means referred to in this Agreement.

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## Exhibit 10.5

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1 DOLBY LABORATORIES, INC. 2020 STOCK PLAN NOTICE OF GRANT OF RESTRICTED STOCK UNITS Unless otherwise defined herein, the terms defined in the Dolby Laboratories, Inc. 2020 Stock Plan, as amended from time to time (the "Plan") shall have the same defined meanings in this Notice of Grant of Restricted Stock Units (the "Notice of Grant") and the Global Restricted Stock Unit Agreement attached hereto as Exhibit A (collectively, the "Restricted Stock Unit Agreement" or the "Agreement"), including any terms and conditions for participants outside the U.S. in the Appendix. Participant: [ ] You have been granted an award of Restricted Stock Units (the "Award"). Each such Restricted Stock Unit is equivalent to one share of the Company's Class A Common Stock for purposes of determining the number of Shares subject to this Award. None of the Restricted Stock Units will be issued (nor will you have the rights of a stockholder with respect to the underlying Shares) until the vesting conditions described below are satisfied. Additional terms of this grant are as follows: Total Award Shares Granted: [ ] Date of Grant: [ ] Vesting Schedule: [ ] Subject to your continuing to be a Service Provider and other limitations set forth in the Plan and the Global Restricted Stock Unit Agreement and country-specific provisions for Non-U.S. participants as set forth in the Appendix to the Global Restricted Stock Unit Agreement, the Award will vest annually for four (4) years at the rate of 25% per year on each anniversary of the Date of Grant. To the extent the amount vesting would result in the vesting of fractional Shares, Shares will be rounded down to the nearest whole Share. You acknowledge and agree that the Agreement and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a Service Provider for the vesting period, for any period, or at all, and shall not interfere with your right or the right of the Company or the Related Entity that is your employer to terminate your relationship as a Service Provider at any time, with or without cause. You hereby agree to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating to the Plan, the Recoupment Policy (as defined in Exhibit A hereto) and this Agreement.

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2 By your electronic signature and the electronic signature of the Company's representative, you and the Company agree that the Award is granted under and governed by the terms and conditions of the Plan, the Recoupment Policy and the Agreement. You have reviewed the Plan, the Recoupment Policy and the Agreement in their entirety, have had an opportunity to obtain the advice of counsel prior to executing the Agreement and fully understand all provisions of the Plan, the Recoupment Policy and the Agreement. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and the Recoupment Policy and Agreement. You must execute and deliver or electronically accept the terms set forth in the Agreement, in the manner specified by the Administrator. The Administrator may, in its sole discretion, cancel the Award if you fail to execute and deliver or electronically accept the Agreement and related documents by the first scheduled vesting date.

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3 EXHIBIT A DOLBY LABORATORIES, INC. 2020 STOCK PLAN GLOBAL RESTRICTED STOCK UNIT AGREEMENT 1. Grant. Dolby Laboratories, Inc. (the "Company") hereby grants to the individual set forth in the Notice of Grant of Restricted Stock Units ("Participant") an award of Restricted Stock Units ("RSUs") pursuant to Section 8 of the Dolby Laboratories, Inc. 2020 Stock Plan, as set forth in the Notice of Grant of Restricted Stock Units (the "Notice of Grant") and subject to the terms and conditions in this Global Restricted Stock Unit Agreement, including any special terms and conditions for participants outside the U.S. in the attached Appendix (collectively, the "Agreement"), and the Dolby Laboratories, Inc. 2020 Stock Plan as may be amended from time to time (the "Plan"). Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Agreement. 2. Company's Obligation. Each RSU represents the right to receive a Share after satisfying the applicable vesting conditions set forth in the Notice of Grant. Unless and until the RSUs vest, Participant will have no right to receive Shares under such RSUs. Prior to actual distribution of any Shares pursuant to the vesting of any RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. 3. Vesting Schedule. Subject to paragraph 4, and to relevant Plan provisions, the RSUs awarded by this Agreement will vest in Participant according to the vesting schedule specified in the Notice of Grant. 4. Forfeiture upon Termination of Service. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if Participant ceases to be a Service Provider, for any or no reason prior to vesting, the unvested RSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company. 5. Payment after Vesting. Any RSUs that vest in accordance with this Agreement will be paid to Participant (or in the event of Participant's death, to his or her estate) in Shares. Payment upon vesting will be subject to Participant (or his or her estate) satisfying the applicable Tax- Related Items (defined below) withholding obligations set forth in paragraph 11. 6. Payments after Death. Any distribution or delivery to be made to Participant under this Agreement will, if Participant is then deceased, be made to the administrator or executor of Participant's estate. Any such administrator or executor must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 7. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in

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4 respect of any Shares deliverable hereunder unless and until Shares (in certificated or uncertificated form in the Company's sole discretion) have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant or Participant's broker. 8. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF RSUS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUED ENGAGEMENT AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 9. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company at 1275 Market Street, San Francisco, CA 94103, U.S.A., Attn: Stock Administration, or at such other address as the Company may hereafter designate in writing or electronically. 10. Code Section 409A. Notwithstanding anything in this Agreement to the contrary, if any Participant would be considered a "specified employee" within the meaning of Section 409A of the Code and the regulations thereunder at the time of such Participant's ceases to be a Service Provider, the RSUs (and/or at the election of Participant the cash received from the sale of the Shares underlying the vested RSUs) will not be paid to Participant until the date that is six (6) months and one (1) day following the date of Participant's ceases to be a Service Provider. 11. Withholding Taxes. Regardless of any action the Company or the Related Entity that is Participant's employer (the "Employer") takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding items related to Participant's participation in the Plan and legally applicable to Participant, or deemed by the Company or the Employer to be an appropriate charge to Participant even if technically due by the Company or the Employer ("Tax- Related Items"), Participant hereby acknowledges that the ultimate liability for all Tax-Related Items is and remains Participant's responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the issuance of Shares in settlement of the RSUs, the subsequent sale of Shares acquired at vesting and the receipt of any dividends and/or any dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the

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5 Award or any aspect of the RSUs to reduce or eliminate Participant's liability for Tax-Related Items or achieve a particular tax result. Further, if Participant is subject to tax in more than one jurisdiction, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. In connection with any relevant taxable or tax withholding event, Participant shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax- Related Items. In this regard, Participant authorizes and directs the Company and/or the Employer or their respective agents, in their sole discretion and without any notice or authorization by Participant, to satisfy any applicable withholding obligations, if any, with regard to all Tax-Related Items by withholding in Shares to be issued upon settlement of the RSUs. In the event that such withholding in Shares is problematic under applicable tax or securities law or has materially adverse accounting consequences, by Participant's acceptance of the RSUs, Participant authorizes the Company and any brokerage firm to satisfy the obligations with regard to all Tax-Related Items by withholding from Participant's wages or other cash compensation paid to Participant by the Company and/or the Employer; or to sell on Participant's behalf a whole number of Shares from those Shares issued to Participant as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the obligation for Tax-Related Items. Depending upon the withholding method, the Company may withhold or account for Tax- Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates in Participant's jurisdiction(s), including maximum applicable rates. If the Company and/or the Employer withhold more than the amount necessary to satisfy the liability for Tax-Related Items, Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent Shares or, if not refunded, Participant may be able to seek a refund from the applicable tax authorities. If the Company and/or the Employer withhold less than the amount necessary to satisfy the liability for Tax-Related Items, Participant may be required to pay additional Tax-Related Items directly to the applicable tax authorities or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of Participant's participation in the Plan. No fractional Shares will be withheld or issued pursuant to the grant of RSUs and the issuance of Shares thereunder. Finally, Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if Participant fails to comply with Participant's obligations in connection with the Tax-Related Items. Participant shall have no further rights with respect to any Shares that are retained by the Company pursuant to this provision, and under no circumstances will the Company be required to issue any fractional Shares. 12. Acknowledgements. In accepting the RSUs, Participant acknowledges, understands and agrees that:

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6 (a) Participant acknowledges receipt of a copy of the Plan (including any applicable appendixes or sub-plans thereunder) and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan (including any applicable appendixes or sub- plans thereunder), the Recoupment Policy and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, the Recoupment Policy or this Agreement. Participant further agrees to notify the Company upon any change in the residence address in the Notice of Grant; (b) the Company (and not the Employer) is granting the RSU; accordingly, any rights Participant has under this Agreement may be raised only against the Company but not any Related Entity (including, but not limited to, the Employer). The Company will administer the Plan from outside Participant's country of residence; (c) no Related Entity (including, but not limited to, the Employer) has any obligation to make any payment of any kind under this Agreement; (d) the Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time; (e) the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; (f) all decisions with respect to future awards of RSUs, if any, will be at the sole discretion of the Company; (g) Participant is voluntarily participating in the Plan; (h) the RSUs and the Shares subject to the RSUs, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of Participant's employment or service contract, if any; (i) unless otherwise agreed with the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Related Entity; (j) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not intended to replace any pension rights or compensation; (k) although provided by the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of Participant's normal or expected salary or compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, holiday pay, long-service awards, leave-related pay, pension, retirement or welfare benefits or any other similar payments and in no event should be

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7 considered as compensation for or relating in any way to past services for the Company, the Employer, or any other Related Entity; (l) the RSU grant and Participant's participation in the Plan will not be interpreted to form an employment contract or relationship with the Company or any Related Entity and the Company will not incur any liability of any kind to Participant as a result of any change or amendment, or any cancellation, of the Plan at any time; (m) the future value of the underlying Shares is unknown and cannot be predicted with certainty; (n) in the event of termination of Participant's status as a Service Provider (whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid), Participant's right to vest in the RSUs under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of "garden leave" or similar period pursuant to local law); the Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of the Award (including whether Participant may still be considered actively employed while on an approved leave of absence); (o) unless otherwise provided in the Plan or by the Company in its discretion, the RSUs and the benefits under the Plan, if any, do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; (p) the RSUs and the Shares subject to the RSUs are not part of Participant's normal or expected compensation or salary for any purpose; (q) neither the Company, the Employer nor any other Related Entity shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to Participant pursuant to the settlement of the RSUs or the subsequent sale of any Shares acquired upon settlement; and (r) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs or recoupment of any Shares acquired under the Plan resulting from termination of Participant's status as a Service Provider by the Company or the Employer (for any reason whatsoever and whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid). 13. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares. Participant acknowledges and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan

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8 14. Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant's personal data as described in this Agreement and any other RSU materials by and among, as applicable, the Employer, the Company, and its Related Entities for the exclusive purpose of implementing, administering and managing Participant's participation in the Plan. Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant's name, home address and telephone number, e-mail address, date of birth, social insurance number, passport number or other identification number, salary, nationality, residency status, job title, any Shares or directorships held in the Company or any Related Entity, details of all RSUs or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("Data"), for the purpose of implementing, administering and managing the Plan. Participant understands that Data may be transferred to Morgan Stanley Smith Barney LLC and its affiliated company, E\*TRADE Financial Corporate Services, Inc. (collectively, "E\*TRADE"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company in the implementation, administration and management of the Plan. Participant understands that the recipients may be located in the United States, or elsewhere, and that the recipient's country (e.g., the United States) may have different data privacy laws and protections than Participant's country. Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting Participant's local human resources representative. Participant authorizes the Company, E\*TRADE and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of Shares on Participant's behalf, to a broker or third party with whom the Shares acquired on exercise may be deposited. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant's participation in the Plan. Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case, without cost, by contacting in writing Participant's local human resources representative, or if there is no local human resources representative, the human resources department of the Company. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her employment status or service with the Employer will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant RSUs or other equity awards or administer or maintain such awards. Participant understands, however, that refusal or withdrawal of consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources

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9 representative, or if there is no local human resources representative, the human resources department of the Company. 15. Grant is Not Transferable. Except to the limited extent provided in paragraph 6, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment, or similar process. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment, or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void. 16. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors, and assigns of the parties hereto. 17. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration, or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent, or approval will have been effected or obtained free of any conditions not acceptable to the Company. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. 18. Plan Governs. This Agreement and the Notice of Grant are subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement or the Notice of Grant and one or more provisions of the Plan, the provisions of the Plan will govern. 19. Governing Law and Venue. The Award will be governed by the internal substantive laws, but not the choice of law rules, of the State of California, U.S.A. without regard to principles of conflict of laws. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by the Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed. 20. Language. Participant has received the terms and conditions of this Agreement and any other related communications in English. Participant acknowledges that he or she is sufficiently proficient in English to understand the terms and conditions of this RSU Agreement, or, alternatively, Participant acknowledges that he or she will seek appropriate assistance. Furthermore, if Participant consents to having received these documents in English. If Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable laws.

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10 21. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. By Participant's electronic signature and the electronic signature of the Company's representative, Participant and the Company agree that this RSU is granted under and governed by the terms and conditions of the Plan and this Agreement. 22. Administrator Authority. The Administrator will have the power to interpret the Plan, the Recoupment Policy and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any RSUs have vested and whether Participant is actively employed). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company, and all other interested persons. No member of the Administrator will be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, the Recoupment Policy or this Agreement. 23. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 24. Appendix. Notwithstanding any provisions in this Agreement, the Award shall be subject to any terms and conditions set forth in any Appendix to this Agreement for Participant's country. Moreover, if Participant relocates to one of the countries included in the Appendix, the terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or facilitate the administration of the Plan. The Appendix constitutes part of this Agreement. 25. Imposition of Other Requirements. The Company reserves the right to impose other requirements on Participant's participation in the Plan, on the Award and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or to facilitate the administration of the Plan, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 26. Insider Trading/Market Abuse Restrictions. Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to, directly or indirectly, accept, acquire, sell, attempt to sell or otherwise dispose of Shares, rights to Shares (e.g., RSUs), or rights linked to the value of Shares (e.g., phantom awards, futures) during such times as Participant is considered to have "inside information" regarding the Company as defined by the laws or regulations in the applicable jurisdiction or Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant placed before Participant possessed insider information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to

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11 know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Company's Insider Trading Policy. Participant is responsible for ensuring compliance with any applicable restrictions and should consult his or her personal legal advisor on this matter. 27. Exchange Control, Tax and/or Foreign Asset/Account Reporting. Participant acknowledges that there may be exchange control, tax, foreign asset and/or account reporting requirements which may affect Participant's ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on Shares acquired under the Plan) in a brokerage, bank account or legal entity outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in Participant's country. Participant also may be required to repatriate sale proceeds or other funds received as a result of participation in the Plan to Participant's country through a designated bank or broker within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and should consult his or her personal legal advisor for any details. 28. Waiver. Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Participant or any other participant. 29. Reduction, Cancellation, Forfeiture or Recoupment. This Award, any Shares issued in payment for vested RSUs pursuant to this Award and any other rights, payments and benefits with respect to this Award shall be subject to reduction, cancellation, forfeiture or recoupment pursuant to (i) the Company's Policy on Recoupment of Incentive Compensation (the "Recoupment Policy"), (ii) any other recovery, recoupment, "clawback" or similar policy adopted by the Company after the Date of Grant, and (iii) as required for the Participant or the Company to comply with any requirements imposed under applicable laws and/or the rules and regulations of the securities exchange or inter-dealer quotation system on which the Shares are listed or quoted, in each case for clauses (i), (ii) and (iii), as may be amended from time to time (with the provisions contained in such policies and the relevant provisions of such laws, rules and regulations deemed incorporated into this Agreement without the Participant's additional or separate consent). For purposes of the foregoing, the Participant expressly and explicitly authorizes the Company to issue instructions, on the Participant's behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold any Shares and other amounts acquired pursuant to the Award to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company upon the Company's enforcement of this paragraph 29.

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12 APPENDIX TO DOLBY LABORATORIES, INC. 2020 STOCK PLAN GLOBAL RESTRICTED STOCK UNIT AGREEMENT Terms and Conditions for Participants Outside the U.S. This Appendix includes additional country-specific terms and conditions that apply to Participants resident in countries listed below. This Appendix is part of the Agreement and contains terms and conditions material to participation in the Plan. Unless otherwise provided below, capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Agreement. The information is based on the securities, exchange control, income tax and other laws in effect in the respective countries as of October 2025. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the information in this Appendix as the only source of information relating to the consequences of Participant's participation in the Plan because the information may be out of date when Participant vests in the RSUs or Shares acquired under the Plan are sold. In addition, the information contained herein is general in nature and may not apply to Participant's particular situation, and the Company is not in a position to assure Participant of a particular result. Accordingly, Participant should seek appropriate professional advice as to how the relevant laws in Participant's country may apply to his or her situation. Finally, if Participant is a citizen or resident of a country other than the one in which he or she is currently working or Participant transfers employment or residency after the Date of Grant, or if Participant is considered resident of another country for local law purposes, then the provisions contained herein may not be applicable to Participant. The Company shall, in its sole discretion, determine to what extent the terms and conditions included herein will apply under these circumstances. Countries Within the European Economic Area and the United Kingdom Data Privacy: The Dolby Employee Privacy Notice supersedes and replaces paragraph 14 of the Agreement. The Dolby Employee Privacy Notice for each respective country in the European Union and European Economic Area can be found at [REDACTED]. Australia Securities Law Notice. The grant of the RSUs is being made pursuant to Division 1A, Part 7.12 of the Corporations Act 2001 (Cth). If Participant acquires Shares under the Plan and offers such Shares for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under

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13 Australian law. Participant should obtain legal advice on disclosure obligations prior to making any such offer. Tax Notice. The Plan is a plan to which subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to conditions in the Act). Exchange Control Notice. Exchange control reporting is required for cash transactions exceeding AUD 10,000 and for international fund transfers. Participant understands that if an Australian bank is assisting with the transaction, the bank will file the report on Participant's behalf. Participant understands that if there is no Australian bank involved in the transfer, Participant will have to file the exchange control report on his or her own behalf. Belgium Foreign Asset/Account Reporting Information. Belgian residents are required to report any Shares acquired under the Plan or bank account established outside of Belgium on their personal annual tax return. In a separate report, Belgian residents also are required to provide a central contact point of the National Bank of Belgium with the account number of those foreign bank accounts, the name of the bank with which the accounts were opened and the country in which they were opened in a separate report. This report, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under the Kredietcentrales / Centrales des credits caption. Stock Exchange Tax Information. A stock exchange tax applies to transactions executed by Belgian residents through a non- Belgian financial intermediary, such as a U.S. broker. The stock exchange tax will apply when Shares acquired pursuant to the Plan are sold. Annual Securities Account Tax. An annual securities accounts tax may be payable if the total average value of securities held in a Belgian or foreign securities account (e.g., Shares acquired under the Plan) exceeds a certain threshold on four reference dates within the relevant reporting period (i.e., December 31, March 31, June 30 and September 30). In such case, the tax will be due on the value of the qualifying securities held in such account. Brazil Compliance with Law.

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14 By accepting the RSUs, Participant acknowledges that he or she agrees to comply with applicable Brazilian laws and to pay any and all applicable taxes associated with Participant's participation in the Plan, including the vesting of the RSUs, the receipt of any dividends, and the sale of Shares acquired under the Plan. Nature of Award Grants. By accepting the RSUs, Participant agrees that (1) he or she is making an investment decision, (2) the Shares will be issued to Participant only if the vesting conditions are met and any necessary services are rendered by Participant over the vesting period and (3) the value of the underlying Shares is not fixed and may increase or decrease in value over time without compensation to Participant. Exchange Control Notice. Individuals who are resident or domiciled in Brazil are generally required to submit an annual declaration of assets and rights held outside Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights is greater than US$1,000,000. If such amount is equal to or greater than US$100,000,000, the referenced declaration must be submitted quarterly, in the month following the end of each quarter. Assets and rights to be included in this annual declaration include Shares acquired under the Plan. Tax on Financial Transaction (IOF). Payments to foreign countries and repatriation of funds into Brazil and the conversion between BRL and US$ associated with such fund transfers may be subject to the Tax on Financial Transactions. It is Participant's responsibility to comply with any applicable Tax on Financial Transactions arising from Participant's participation in the Plan. Participant should consult with his or her personal tax advisor for additional details. Canada Form of Settlement. RSUs granted to employees resident in Canada shall be paid in Shares only. Acknowledgments. The following provision replaces Section 12(c) of the Agreement: except as explicitly and minimally required under applicable legislation, no Related Entity (including, but not limited to, the Employer) has any obligation to make any payment of any kind under this Agreement; The following provision replaces Section 12(h) of the Agreement: except as explicitly and minimally required under applicable legislation, the RSUs and the

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15 Shares subject to the RSUs, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of Participant's employment or service contract, if any; The following provision replaces Section 12(r) of the Agreement: except as explicitly and minimally required under applicable legislation, no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs or recoupment of any Shares acquired under the Plan resulting from termination of Participant's status as a Service Provider by the Company or the Employer (for any reason whatsoever and whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid). Termination of Service Provider Relationship. The following provision replaces paragraph 12(n) of the Agreement: For purposes of the Award, except as explicitly and minimally required under applicable legislation: (i) Participant's period of service for purposes of the Award and Participant's status as an eligible Service Provider will cease; and (ii) Participant's right, if any, to vest in any RSUs under the Plan, seek damages in lieu, or otherwise benefit from or participate in the Plan will be measured by and immediately terminate, as of the date Participant ceases to provide services to the Company or a Related Entity, regardless of the reason for termination and whether or not later to be found invalid or in breach of applicable laws in the jurisdiction where Participant is employed or providing services or the terms of Participant's employment or service agreement, if any (the "Termination Date"). Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under statute, contract, common/civil law or otherwise. Participant shall not earn or be entitled to any pro-rated vesting or other participation for that portion of time before the Termination Date, nor shall Participant be entitled to any compensation for lost vesting or other participation. If, notwithstanding the foregoing, applicable employment legislation explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the RSUs or otherwise participate in or benefit from the Plan, if any, shall terminate effective as of the last date of the minimum statutory notice period. For clarity, Participant shall not earn or be entitled to pro-rated vesting or other participation if the vesting date falls after the end of Participant's statutory notice period, nor shall Participant be entitled to any compensation for lost vesting. Any reference to termination as a Service Provider or cessation or termination of employment or service in this Agreement or the Plan shall be interpreted to mean the Termination Date as defined above.

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16 Subject to applicable legislation, the Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed or providing services for purposes of the Award (including whether Participant may still be considered actively providing services while on an approved leave of absence). Sale of Shares. Participant acknowledges that he or she is permitted to sell the Shares acquired under the Plan through E\*TRADE or such other broker as may be selected by the Company in the future, provided the sale of the Shares takes place outside of Canada through facilities of a stock exchange on which the Shares are listed. The Shares are currently listed on the New York Stock Exchange. French Language Documents for Quebec Service Providers. A French translation of the Agreement and the Plan will be made available to Participant as soon as reasonably practicable. Notwithstanding anything to the contrary in the Agreement, and unless Participant indicates otherwise, the French translation of the Agreement and the Plan will govern Participant's participation in the Plan. Une traduction française de l'Accord et du Plan sera mise à la disposition du Participant dès que raisonnablement possible. Nonobstant toute disposition contraire de l'Accord, et sauf indication contraire du Participant, la traduction française de l'Accord et du Plan régira la participation du Participant au Plan. Authorization to Release and Transfer Necessary Personal Information for Quebec Service Providers. The following provision supplements paragraph 14 of the Agreement: Participant hereby authorizes the Company and the Company's representatives, including the broker(s) designated by the Company, to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. Participant further authorizes the Company, any Related Entity and the Administrator of the Plan to disclose and discuss the Plan with their advisors. Participant further authorizes the Company and any Related Entity to record such information and to keep such information in Participant's employee file. Participant acknowledges and agrees that Participant's personal information, including any sensitive personal information, may be transferred or disclosed outside the province of Quebec, including to the U.S. If applicable, Participant also acknowledges and authorizes the Company, any Related Entity, the Administrator and any third party brokers/administrators that are assisting the Company with the operation and administration of the Plan to use technology for profiling purposes and to make automated decisions that may have an impact on Participant or the administration of the Plan. Foreign Asset/Account Reporting Notice.

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17 Canadian residents may be required to report foreign specified property on Form T1135 (Foreign Income Verification Statement) if the total cost of the foreign specified property exceeds CAD 100,000 at any time in the year. Foreign specified property includes Shares acquired under the Plan and may include RSUs. The RSUs must be reported - generally at a nil cost - if the CAD 100,000 cost threshold is exceeded because of other foreign specified property Participant holds. The cost of RSUs generally is the adjusted cost base ("ACB") of the Shares. The ACB ordinarily would equal the fair market value of the Shares at the time of acquisition, but if the Canadian resident owns other Shares of the Company, this ACB may have to be leveraged with the ACB of the other Shares. The Form T1135 generally must be filed by April 30 of the following year. Canadian residents should consult with a personal advisor to ensure compliance with the applicable reporting requirements. China Settlement of RSUs and Sale of Shares. The following provision supplements paragraph 5 of the Agreement: Due to local regulatory requirements, Participant agrees that the Company may force the sale of any Shares to be issued upon settlement of the Award. The sale may occur (i) immediately upon vesting, (ii) following Participant's termination as a Service Provider, or (iii) or within any other time frame as the Company determines to be necessary or advisable for legal or administrative reasons. Participant agrees that he or she must maintain any Shares acquired under the Plan in an account maintained by E\*TRADE or such other stock plan service provider as may be selected by the Company. Participant further agrees that the Company is authorized to instruct E\*TRADE or such other stock plan service provider as may be selected by the Company in the future to assist with the mandatory sale of such Shares (on Participant's behalf pursuant to this authorization) and Participant expressly authorizes E\*TRADE or such other stock plan service provider as may be selected by the Company in the future to complete the sale of such Shares. Participant acknowledges that E\*TRADE or such other stock plan service provider as may be selected by the Company in the future is under no obligation to arrange for the sale of the Shares at any particular price. Upon the sale of the Shares, the Company agrees to pay Participant the cash proceeds from the sale of the Shares, less any brokerage fees or commissions and subject to any obligation to satisfy Tax-Related Items. Exchange Control Acknowledgement. Participant understands and agrees that participation in the Plan is subject to the Company or the Employer obtaining any required approval from the China State Administration of Foreign Exchange ("SAFE"), as determined by the Company in its sole and absolute discretion. If the Company or the Employer is unable to obtain such approval, Participant may not be entitled to receive any benefit in connection with the Plan without any liability to the Company, the Employer or any Related Entity.

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18 Participant understands and agrees that, pursuant to local exchange control requirements, Participant will be required to repatriate the cash proceeds from the sale of Shares issued upon the vesting of the RSUs as well as any cash dividends paid on such Shares to China. Participant further understands that, under local law, such repatriation of the cash proceeds may need to be effectuated through a special exchange control account established by the Company, or one of its Related Entities, and Participant hereby consents and agrees that any proceeds from the sale of any Shares issued upon the vesting of the RSUs as well as any cash dividends paid on such Shares may be transferred to such special account prior to being delivered to Participant. If the proceeds from the sale of Participant's Shares or cash dividends are converted to local currency, Participant acknowledges that the Company is under no obligation to secure any exchange conversion rate, and the Company may face delays in converting the proceeds to local currency due to exchange control restrictions in China. Participant agrees to bear the risk of any exchange conversion rate fluctuation between the date the RSUs vest and the date of conversion of the proceeds from the sale of the Shares issued upon vesting to local currency. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. Foreign Asset/Account Reporting Notice. Chinese residents are required to report to the SAFE all details of his or her foreign financial assets and liabilities, as well as details of any economic transactions conducted with non- Chinese residents, either directly or through financial institutions. France Consent to Receive Information in English. By accepting the grant of the RSUs, Participant confirms having read and understood the Plan and the Agreement, which were provided in English language. Participant accepts the terms of those documents accordingly. En acceptant cette attribution gratuite d'actions, le Participant confirme avoir lu et compris le Plan et ce Contrat, incluant tous leurs termes et conditions, qui ont été transmis en langue anglaise. Le Participant accepte les dispositions de ces documents en connaissance de cause. Foreign Asset/Account Reporting Notice. French residents must report annually any shares and bank accounts held outside France, including the accounts that were opened, used and/or closed during the tax year, to the French tax authorities, on an annual basis on a special Form N° 3916, together with Participant's personal income tax return. Failure to report triggers a significant penalty. Exchange Control Information.

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19 The value of any cash or securities imported to or exported from France without the use of a financial institution must be reported to the customs and excise authorities when the value of such cash or securities is equal to or greater than a certain amount (currently €10,000). Germany Exchange Control Notice. Cross-border payments (including proceeds realized upon the sale of Shares or from the receipt of any dividends paid on such Shares) and certain other transactions with a value in excess of €50,000 must be reported to the German Federal Bank (Bundesbank). In addition, Participant may be required to report (i) the acquisition of Shares, and (ii) the withholding or the sale of Shares to cover withholding obligations or rights for Tax-Related Items, in either case if the value of the Shares exceeds €50,000. The report must be filed either electronically using the "General Statistics Reporting Portal" ("Allgemeines Meldeportal Statistik") available via the Bundesbank's website (www.bundesbank.de) or via such other method (e.g., by email or telephone) as is permitted or required by the Bundesbank. The report must be submitted monthly or within such timing as is permitted or required by the Bundesbank. Participant should consult with their personal tax advisor for details regarding this requirement. Foreign Asset/Account Reporting Information. German residents holding Shares must notify their local tax office if the acquisition of Shares under the Plan leads to a so-called qualified participation at any point during the calendar year. A qualified participation is attained only in the unlikely event (i) Participant owns at least 1% of the Company and the value of the Shares acquired exceeds €150,000, or (ii) Participant holds Shares exceeding 10% of the total capital of the Company. Hong Kong Form of Settlement. RSUs granted to Participants resident in Hong Kong shall be paid in Shares only. Sale of Shares. Any Shares acquired under the Plan are accepted as a personal investment. In the event that the Award vests and Shares are issued to Participant (or Participant's heirs) within six months of the Date of Grant, Participant (or Participant's heirs) agrees that the Shares will not be offered to the public or otherwise disposed of prior to the six-month anniversary of the date of grant. Securities Law Notice. Warning: None of the documents related to the Plan have been reviewed by any regulatory authority in Hong Kong. If Participant is in any doubt about any of the contents of the Agreement, including this Appendix, the Plan, or any other communication materials, Participant should obtain independent professional advice. The RSUs and Shares issued at vesting do not constitute a public offering of securities under Hong Kong law and are available only to employees of the

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20 Company and its Related Entities. The Agreement, including this Appendix, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The RSUs are intended only for the personal use of each eligible employee of the Employer, the Company or any Related Entity and may not be distributed to any other person. India Exchange Control Notice. Participant understands that the RSUs are subject to compliance with the exchange control requirements of the Reserve Bank of India. Participant understands that he or she must repatriate any proceeds from the sale of Shares and any dividends received acquired under the Plan within such period of time as required under applicable regulations. Participant must obtain a foreign inward remittance certificate ("FIRC") from the bank where Participant deposits the funds and must maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation. Participant may be required to provide information regarding funds received from participation in the Plan to the Company and/or the Employer to enable them to comply with their filing requirements under exchange control laws in India. Participant is personally responsible for complying with exchange control laws in India, and neither the Company nor the Employer will be liable for any fines or penalties resulting from Participant's failure to comply with applicable laws. Foreign Asset/Account Reporting Notice. Indian residents are required to declare the following items in their annual tax return: (i) any foreign assets held by them (including Shares acquired under the Plan), and (ii) any foreign bank accounts for which they have signing authority. Indian residents should consult with their personal tax advisor to ensure that they are properly reporting foreign assets and bank accounts. Ireland Director Notification Requirement. If Participant is a director, shadow director, or secretary of an Irish subsidiary, pursuant to the Companies Act 2014, Participant must notify that subsidiary in writing if Participant receives or disposes of an interest exceeding 1% of the share capital of the Company (e.g., RSUs, Shares), if Participant becomes aware of the event giving rise to the notification requirement, or if Participant becomes a director or secretary if such an interest exceeding 1% of the share capital of the Company exists at the time. This notification requirement also applies with respect to the interests of a spouse, civil partner, or minor children (whose interests will be attributed to the director, shadow director, or secretary). Participant should consult his or her personal legal advisor to ensure compliance with the applicable requirements. Japan

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21 Exchange Control Notice. Japanese residents acquiring Shares valued at more than ¥100,000,000 in a single transaction, must file a Securities Acquisition Report with the Ministry of Finance through the Bank of Japan within twenty (20) days of the acquisition of the Shares. Foreign Asset/Account Reporting Notice. Japanese residents are required to report details of any assets held outside of Japan as of December 31, including Shares acquired under the Plan, to the extent such assets have a total net fair market value exceeding ¥50,000,000. Such report will be due by March 15 each year. Japanese residents are responsible for complying with this reporting obligation. Korea Sale of Shares. Korean residents are not permitted to sell foreign securities (e.g., Shares) through non-Korean brokers or deposit funds resulting from the sale of Shares in an account with an overseas financial institution. If a Korean resident wishes to sell Shares acquired under the Plan, the Korean resident may be required to transfer the Shares to a domestic investment broker in Korea and to effect the sale through such broker. The Korean resident is solely responsible for engaging the domestic broker. Non-compliance with the requirement to sell Shares through a domestic broker can result in significant penalties. Because regulations may change without notice, Korean residents should consult with a legal advisor to ensure compliance with any regulations applicable to any aspect of participation in the Plan. Foreign Asset/Account Reporting Notice. Korean residents must declare all foreign financial accounts (i.e., non-Korean bank accounts, brokerage accounts, etc.) to the Korean tax authority and file a report with respect to such accounts if the value of such accounts exceeds KRW 500 million (or an equivalent amount in foreign currency). Korea residents should consult with their personal tax advisor for additional information about this reporting obligation. Exchange Control Notice. If a Korean resident sells Shares and deposits sale proceeds in excess of a certain threshold (currently, US$5,000 per transaction) into a non-Korean bank account, the Korean resident must file a report with a Korean foreign exchange bank. This reporting is not required if sale proceeds are instead deposited into a non-Korean brokerage account. Participant should consult their personal legal advisor to ensure compliance with the applicable requirements. Netherlands No country-specific provisions. Poland

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22 Exchange Control Notice. Transfers of funds into and out of Poland in excess of €15,000 (or PLN 15,000 if such transfer of funds is connected with the business activity of an entrepreneur) must be made via a bank account held at a bank in Poland. Additionally, Polish residents are required to store all documents connected with any foreign exchange transactions that Polish residents are engaged in for a period of five years, as measured from the end of the year in which such transaction occurred. Foreign Asset/Account Reporting Notice. If Participant maintains bank or brokerage accounts holding cash and foreign securities (including Shares) outside of Poland, Participant will be required to report information to the National Bank of Poland on transactions and balances in such accounts if the value of such cash and securities exceeds certain thresholds. If required, such reports must be filed on special forms available on the website of the National Bank of Poland. Participant should consult with their personal legal advisor to determine whether Participant will be required to submit reports to the National Bank of Poland. Singapore Sale Restriction. Participant agrees that any Shares acquired pursuant to the RSUs will not be offered for sale in Singapore prior to the six-month anniversary of the Date of Grant unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("SFA"), or pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA. Securities Law Notice. The grant of the RSUs is being made to Participant in reliance on the "Qualifying Person" exemption under section 273(1)(f) of the SFA under which it is exempt from the prospectus and registration requirements and is not made with a view to the underlying Shares being subsequently offered for sale to any other party. The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore, and hence, statutory liability under the SFA in relation to the content of prospectuses will not apply. Director Reporting Notice. If Participant is a director, associate director or shadow director of a Singapore Related Entity of the Company, as the terms are used in the Singapore Companies Act (the "SCA"), Participant agrees to comply with notification requirements under the SCA. Among these requirements is an obligation to notify the Singapore Related Entity in writing when Participant receives an interest (e.g., RSUs, Shares) in the Company or any related companies (including when Participant sells Shares acquired under the Plan). In addition, Participant must notify the Singapore Related Entity when Participant sells or receives Shares of the Company or any related company

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23 (including when Participant sells or receives Shares acquired under the Plan). These notifications must be made within two (2) business days of acquiring or disposing of any interest in the Company or any related company. In addition, a notification must be made of Participant's interests in the Company or any related company within two (2) business days of becoming a director, associate director or shadow director. Participant should consult with his or her personal legal advisor regarding his or her notification obligations under the SCA. Spain No Entitlement for Claims or Compensation. The following provisions supplement paragraphs 4 and 12 of the Agreement: By accepting the RSUs, Participant consents to participation in the Plan and acknowledges that Participant has received a copy of the Plan document. Participant understands and agrees that, as a condition of the grant of the RSUs, the termination of Participant's status as a Service Provider for any reason (including for the reasons listed below) prior to the vesting date will automatically result in the loss of the unvested RSUs that may have been granted to Participant. In particular, Participant understands and agrees that any unvested RSUs shall be forfeited without entitlement to the underlying Shares or to any amount as indemnification in the event of a termination of status as a Service Provider, including, but not limited to: resignation, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without good cause (i.e., subject to a "despido improcedente"), individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the Workers' Statute, relocation under Article 40 of the Workers' Statute, Article 50 of the Workers' Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985. Participant understands that the Company has unilaterally, gratuitously and in its sole discretion decided to grant RSUs under the Plan to individuals who may be Employees, Directors or Consultants throughout the world. The decision is limited and entered into based upon the express assumption and condition that: (i) any RSU grant will not economically or otherwise bind the Company or any Related Entity, including the Employer, presently or in the future, other than as expressly set forth in the Agreement; (ii) the RSUs and any Shares acquired upon settlement of the RSUs are not part of any employment contract (whether with the Company or a Related Entity) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation), or any other right whatsoever; and (iii) unless otherwise expressly provided for by the Company in the Agreement or in this Appendix, your participation in the Plan will cease as of the date Participant's employment is terminated.

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24 Furthermore, Participant understands and freely accepts that there is no guarantee that any benefit whatsoever shall arise from the grant of RSUs, which is gratuitous and discretionary, since the future value of the RSUs and the underlying Shares is unknown and unpredictable. Participant also understands that the grant of RSUs would not be made but for the assumptions and conditions set forth hereinabove; thus, Participant understands, acknowledges and freely accepts that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the RSUs and any right to the underlying Shares shall be null and void. Securities Law Notice. No "offer of securities to the public," as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the grant of RSUs. The Agreement, this Appendix and the Plan have not been registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission) and do not constitute a public offering prospectus. Exchange Control Notice. Participant may be required to declare electronically to the Bank of Spain any foreign accounts (including brokerage accounts held abroad), as well as any foreign instruments (including any Shares acquired under the Plan) held in such accounts if the value of the transactions for all such accounts during the prior year or the balances of such accounts as of December 31 of the prior year exceeds €1,000,000. Different thresholds and deadlines to file the declaration apply. However, if neither such transactions during the immediately preceding year nor the balances or positions as of December 31 exceed €1,000,000, no such declaration must be filed unless expressly required by the Bank of Spain. If any of such thresholds were exceeded during the current year, Participant understands that they may be required to file the relevant declaration corresponding to the prior year; however, a summarized form of declaration may be available. Participant should consult their personal legal advisor to ensure compliance with the applicable requirements. Foreign Asset/Account Reporting Notice. Spanish residents are required to report rights or assets deposited or held outside of Spain (including Shares acquired under the Plan or cash proceeds from the sale of such Shares) as of December 31 of each year, if the value of such rights or assets exceeds EUR 50,000 per type of right or asset. After such rights and/or assets are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported rights or assets increases by more than EUR 20,000 per type of right or asset as of December 31 of each year, or if Participant sells Shares or cancel bank accounts that were previously reported. If reporting is required, the report must be filed on Form 720 by March 31 following the end of the relevant year. Sweden Tax Withholding Obligations. The following supplements paragraph 11 of the Agreement:

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25 Without limiting the Company's and the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in paragraph 11 of the Agreement, by accepting the RSUs, Participant authorizes the Company and/or the Employer to withhold Shares or to sell Shares otherwise deliverable to Participant upon exercise to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items. Taiwan Securities Law Notice. The offer of participation in the Plan is available only for Service Providers of the Company and Related Entities. The offer of participation in the Plan is not a public offer of securities by a Taiwanese company. Data Privacy Acknowledgement. Participant hereby acknowledges that he or she has read and understood the terms regarding collection, processing and transfer of Data contained in paragraph 14 of the Agreement and by participating in the Plan, Participant agrees to such terms. In this regard, upon request of the Company or the Employer, Participant agrees to provide an executed data privacy consent form to the Employer or the Company (or any other agreements or consents that may be required by the Employer or the Company) that the Company and/or the Employer may deem necessary to obtain under the data privacy laws in Participant's country, either now or in the future. Participant understands he or she will not be able to participate in the Plan if Participant fails to execute any such consent or agreement. Exchange Control Notice. Taiwanese residents may acquire and remit foreign currency (including proceeds from the sale of Shares or the receipt of any dividends paid on such Shares) into Taiwan up to US$10,000,000 per year. If the transaction amount is TWD 500,000 or more in a single transaction, residents must submit a Foreign Exchange Transaction Form and also provide supporting documentation to the satisfaction of the remitting bank. If the transaction amount is US$500,000 or more, Taiwanese residents may be required to provide additional supporting documentation to the satisfaction of the remitting bank. Taiwanese residents should consult their personal legal advisor to ensure compliance with applicable exchange control laws in Taiwan. Türkiye Securities Law Notice. Pursuant to Turkish securities law, selling shares acquired under the Plan is not permitted within Turkey. The Shares are currently traded on the New York Stock Exchange, which is located outside of Turkey, under the ticker symbol "DLB" and the Shares may be sold through this exchange. Financial Intermediary Requirement Notice.

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26 The purchase and sale of securities traded in foreign financial markets (e.g., the purchase and sale of Shares) are permitted. However, transactions in foreign securities must be conducted through the local banks and financial intermediary institutions licensed by the Turkish Capital Markets Board in accordance with relevant regulations and Central Bank communiqués. Participant acknowledges that Participant is solely responsible for engaging such Turkish financial intermediary. Participants should contact a personal legal advisor for further information regarding these requirements. United Arab Emirates ("UAE") Securities Law Notice. The offer of participation in the Plan is available only for select employees of the Company and Related Entities and is in the nature of providing employee incentives in the UAE. The Agreement, this Appendix, the Plan and other incidental communication materials are intended for distribution only to Service Providers for the purposes of an employee compensation or reward scheme, and must not be delivered to, or relied on, by any other person. The Emirates Securities and Commodities Authority has no responsibility for reviewing or verifying any documents in connection with the RSUs or the Agreement. Further, neither the Ministry of Economy nor the Dubai Department of Economic Development has approved the Agreement nor taken steps to verify the information set out in it, and have no responsibility for it. The securities to which the Agreement relates may be illiquid and/or subject to restrictions on their resale. Individuals should conduct their own due diligence on the securities. Residents of the UAE who do not understand or have questions regarding the Agreement, this Appendix or the Plan should consult an authorized financial adviser. United Kingdom Form of Settlement. RSUs granted to Service Providers resident in the United Kingdom shall be paid in Shares only. Joint Election. As a condition of the vesting of the RSUs under the Plan, Participant agrees to accept any liability for secondary Class 1 NICs ("Employer NICs") which may be payable by the Company or the Employer with respect to the vesting of the RSUs or otherwise payable in connection with the RSUs and the issuance of Shares. Without prejudice to the foregoing, Participant agrees to execute a joint election with the Company and/or the Employer (the "Election"), the form of such Election being formally approved by HM Revenue and Customs ("HMRC"), and any other consent or elections required to accomplish the transfer of the Employer NICs to Participant. Participant further agrees to execute such other joint elections as may be required between Participant and any successor to the Company and/or the Employer. Participant agrees to enter into an Election prior

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27 to the vesting of the RSUs. Participant further agrees that the Company and/or the Employer may collect the Employer NICs by any of the means set forth in paragraph 11 of the Agreement. Tax Withholding Obligations. The following supplements paragraph 11 of the Agreement: Without limitation to paragraph 11 of the Agreement, Participant agrees that he or she is liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by HMRC (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC on Participant's behalf (or any other tax authority or any other relevant authority). If Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any income tax due but not collected from or paid by Participant may constitute an additional benefit to Participant on which additional income tax and National Insurance Contributions ("NICs") may be payable. Participant will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying the Company and/or the Employer the amount of any employee NICs due on this additional benefit, which the Company and/or the Employer may recover at any time thereafter by any of the means referred to in this Agreement.

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## Exhibit 10.7

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&nbsp;&nbsp;&nbsp;&nbsp;1 DOLBY LABORATORIES, INC. 2020 STOCK PLAN NOTICE OF GRANT OF EXECUTIVE PERFORMANCE-BASED RESTRICTED STOCK UNITS Unless otherwise defined herein, the terms defined in the Dolby Laboratories, Inc. 2020 Stock Plan, as amended from time to time (the "Plan") shall have the same defined meanings in this Notice of Grant of Executive Performance-Based Restricted Stock Units (the "Notice of Grant") and the Global Restricted Stock Unit Agreement attached hereto as Exhibit A (collectively, the "Executive Performance-Based Restricted Stock Unit Agreement" or the "Agreement"), including any terms and conditions for participants outside the U.S. in the Appendix. Participant: [ ] You have been granted an award of Restricted Stock Units (the "Award"). Each such Restricted Stock Unit is equivalent to one share of the Company's Class A Common Stock for purposes of determining the number of Shares subject to this Award. None of the Restricted Stock Units will be issued (nor will you have the rights of a stockholder with respect to the underlying Shares) until the vesting conditions described below are satisfied. Additional terms of this grant are as follows: Date of Grant: [ ] Performance Period: December 15, 2025 to December 12, 2028 Threshold Number of Restricted Stock Units ("Threshold"): (Target number x 50%) [ ] Target Number of Restricted Stock Units ("Target"): [ ] Maximum Number of Restricted Stock Units ("Maximum"): (Target number x 200%) [ ] Vesting Schedule:

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2 The Restricted Stock Units subject to the Award will vest only upon achievement of both (a) the Performance-Based Vesting Component and (b) the Service-Based Vesting Component, as described below. Performance-Based Vesting Component The actual number of Restricted Stock Units that will be eligible to vest will be determined based on the achievement of annualized total stockholder return of the Company over the Performance Period as compared to the annualized total stockholder return of the Standard and Poor's Midcap 400 Index (ticker symbol MID), or its successor (and in the case of multiple successors, the successor of which the Company is a member, and if the Company is a member of multiple successors, such applicable successor as determined by the Administrator) (the "Index"), as follows (such vesting component, the "Performance-Based Vesting Component", and any Restricted Stock Units that become eligible to vest after satisfaction of the Performance-Based Vesting Component, the "Eligible RSUs"): Relative TSR Eligible RSUs Threshold -16.667% [ ] Target 0% [ ] Maximum 33.333% [ ] "Relative TSR" shall be determined in accordance with the following formula: "Relative TSR" = Annualized TSR - Index TSR. "Annualized TSR" shall be determined in accordance with the following formula: "Annualized TSR" = ((P2 / P1)^(1/N)) – 1. For purposes of the foregoing formula, the following definitions shall apply: "P1" or "Beginning Stock Price" means the thirty (30) trading day average closing price of a share of Class A common stock, $0.001 par value, of the Company as of and including the last trading day immediately preceding the start of the Performance Period, as adjusted to reflect the reinvestment of dividends. "P2" or "Ending Stock Price" means the thirty (30) trading day average closing price of a share of Class A common stock, $0.001 par value, of the Company as of and including the last trading day of the Performance Period, as adjusted to reflect the reinvestment of dividends. "N" shall mean three (3), which is the number of years of the Performance Period, unless the Performance Period is deemed to end earlier due to a merger or Change in Control, in which instance "N" shall equal the product of (i) three (3) multiplied by (ii) the Proration Ratio, as defined below.

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3 This Annualized TSR calculation shall be adjusted to reflect any event described in Section 17 of the Plan, as determined by the Administrator in its sole discretion. "Index TSR" shall be determined in accordance with the following formula: "Index TSR" = ((I2 / I1)^(1/N)) – 1. For purposes of the foregoing formula, the following definitions shall apply: "I1" or "Beginning Index Price" means the thirty (30) trading day average closing price of a share of the Index, as adjusted to reflect the reinvestment of dividends. "I2" or "Ending Index Price" means the thirty (30) trading day average closing price of a share of the Index as of and including the last trading day of the Performance Period, as adjusted to reflect the reinvestment of dividends. No Restricted Stock Units subject to the Award shall become Eligible RSUs for any performance below Threshold. Additionally, the maximum number of Restricted Stock Units subject to the Award that may become Eligible RSUs is capped as indicated in the "Maximum" row of the "Eligible RSUs" column in the table above. Performance results between Threshold and Target performance levels and between Target and Maximum performance levels shall be determined on a straight line interpolation basis based on the above figures. All determinations regarding the Performance-Based Vesting Component (including the calculation of Relative TSR, Annualized TSR and Index TSR) shall be made by the Administrator in its sole discretion and all such determinations shall be final and binding on all parties. Restricted Stock Units, if any, will be deemed to have become Eligible RSUs as of the date on which the Administrator has certified in writing as to the level of achievement of the Performance-Based Vesting Component (the "Certification Date"). The Certification Date shall be made no later than February 13, 2029. To the extent the foregoing schedule would result in fractional Restricted Stock Units becoming Eligible RSUs, Eligible RSUs will be rounded down to the nearest whole Restricted Stock Unit. Any portion of the Restricted Stock Units subject to the Award that fail to qualify as Eligible RSUs as of the Certification Date shall be cancelled, forfeited and of no further effect. Service-Based Vesting Component In order to vest in any Eligible RSUs, you must remain a Service Provider through the later of 3 years from the grant date or the Certification Date (such vesting component, the "Service-Based Vesting Component"), provided that, in the event of your death between the last day of the Performance Period and the date on which the Service-Based Vesting Component is satisfied, you

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4 will be deemed to satisfy the Service-Based Vesting Component on the date of your death, and any Restricted Stock Units that become Eligible RSUs on the date on which the Service-Based Vesting Component is satisfied will vest on such date. Change in Control In the event of a merger or Change in Control of the Company that occurs while you are a Service Provider and before the last day of the Performance Period: 1. Notwithstanding anything to the contrary in this Agreement, the Performance Period shall be deemed to end on the closing date of such merger or Change in Control and the per share value of the consideration of the Company's Class A Common Stock in such transaction shall be used to calculate Annualized TSR instead and in lieu of the Ending Stock Price (it being understood, for the avoidance of doubt, that such calculation will be adjusted to reflect the reinvestment of dividends paid during the Performance Period). The Administrator may determine Annualized TSR pursuant to this clause 1, in its sole discretion, within the ten (10) day period prior to the closing date of such merger or Change in Control; 2. In the event the successor corporation assumes, substitutes or replaces the Award: a. Vested Eligible RSUs (as defined below) will vest on the date of the closing of the merger or Change in Control. "Vested Eligible RSUs" will equal (x) the number of Eligible RSUs subject to the Award, after giving effect to the Administrator's determination of Annualized TSR in clause 1, above, multiplied by (y) a fraction, the numerator of which equals the numbers of days from the Date of Grant to the closing date of such merger or Change in Control and the denominator of which equals the number of days in the Performance Period had such merger or Change in Control not occurred (the "Proration Ratio"). b. Time-Based Eligible RSUs (as defined below) shall vest in equal monthly installments following the closing of the merger or Change in Control through the remainder of the Performance Period based solely on your continuing status as a Service Provider, subject to the terms of any acceleration provision provided for in any applicable written agreement between you and the Company (a "Company Agreement") or any applicable Plan provision. Additionally, unless superseded by an acceleration provision in any Company Agreement, upon your termination by the Company or a Related Entity without Cause or your resignation for Good Reason, in either event, within the twelve (12) month period following the closing date of a merger or Change in Control, a number of your then outstanding Time-Based Eligible RSUs will vest equal to the product of (i) the number of Time-Based Eligible RSUs that would have vested had you remained a Service Provider for one year following your termination date, multiplied by (ii) the number of full years of service you have performed for the Company or a Related Entity as of the date of your termination, provided that in no event will more than 100% of the Time-Based

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5 Eligible RSUs subject to the Award vest pursuant to this provision. "Time-Based Eligible RSUs" will equal the portion of the Eligible RSUs subject to the Award, after giving effect to the Administrator's determination of Annualized TSR in clause 1, above, that would constitute Vested Eligible RSUs but for the Proration Ratio. c. Restricted Stock Units subject to the Award that do not become Eligible RSUs, after giving effect to the Administrator's determination of Annualized TSR in clause 1, above, will, as of the closing date of the merger or Change in Control, be cancelled, forfeited and of no further effect. 3. In the event the successor corporation does not assume, substitute or replace the Award, consistent with and subject to the terms of Section 17(c)(ii) of the Plan, you shall, immediately prior to the merger or Change in Control, fully vest in the Award as to all of the Eligible RSUs subject to the Award, after giving effect to the Administrator's determination of Annualized TSR in clause 1, above. You acknowledge and agree that the Agreement and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a Service Provider for the vesting period, for any period, or at all, and shall not interfere with your right or the right of the Company or the Related Entity that is your employer to terminate your relationship as a Service Provider at any time, with or without cause. You hereby agree to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating to the Plan, the Recoupment Policy (as defined in Exhibit A hereto) and this Agreement. By your electronic signature and the electronic signature of the Company's representative, you and the Company agree that the Award is granted under and governed by the terms and conditions of the Plan, the Recoupment Policy and the Agreement. You have reviewed the Plan, the Recoupment Policy and the Agreement in their entirety, have had an opportunity to obtain the advice of counsel prior to executing the Agreement and fully understand all provisions of the Plan, the Recoupment Policy and the Agreement. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan, the Recoupment Policy and the Agreement. You must execute and deliver or electronically accept the terms set forth in the Agreement, in the manner specified by the Administrator. The Administrator may, in its sole discretion, cancel the Award if you fail to execute and deliver or electronically accept the Agreement and related documents by the first scheduled vesting date.

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6 EXHIBIT A DOLBY LABORATORIES, INC. 2020 STOCK PLAN GLOBAL RESTRICTED STOCK UNIT AGREEMENT 1. Grant. Dolby Laboratories, Inc. (the "Company") hereby grants to the individual set forth in the Notice of Grant of Restricted Stock Units ("Participant") an award of Restricted Stock Units ("RSUs") pursuant to Section 8 of the Dolby Laboratories, Inc. 2020 Stock Plan, as set forth in the Notice of Grant of Executive Performance-Based Restricted Stock Units (the "Notice of Grant") and subject to the terms and conditions in this Global Restricted Stock Unit Agreement, including any special terms and conditions for participants outside the U.S. in the attached Appendix (collectively, the "Agreement"), and the Dolby Laboratories, Inc. 2020 Stock Plan as may be amended from time to time (the "Plan"). Unless otherwise defined herein, the terms defined in the Plan and the Notice of Grant shall have the same defined meanings in this Agreement. 2. Company's Obligation. Each RSU represents the right to receive a Share after satisfying the applicable vesting conditions set forth in the Notice of Grant. Unless and until the RSUs vest, Participant will have no right to receive Shares under such RSUs. Prior to actual distribution of any Shares pursuant to the vesting of any RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. 3. Vesting Schedule. Subject to paragraph 4, and to relevant Plan provisions, the RSUs awarded by this Agreement will vest in Participant according to the vesting schedule specified in the Notice of Grant. 4. Forfeiture upon Termination of Service. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if Participant ceases to be a Service Provider, for any or no reason prior to vesting, the unvested RSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company; provided that, in the event of Participant's death between the last day of the Performance Period and the date on which the Service-Based Vesting Component is satisfied, Participant will be deemed to satisfy the Service-Based Vesting Component specified in the Notice of Grant on the date of Participant's death, and any RSUs that become Eligible RSUs on the date on which the Service-Based Vesting Component is satisfied will vest on such date. 5. Payment after Vesting. Any RSUs that vest in accordance with this Agreement will be paid to Participant (or in the event of Participant's death, to his or her estate) in whole Shares. Subject to the provisions of paragraph 10, such vested RSUs shall be paid in whole Shares as soon as practicable after vesting, but in each such case within sixty (60) days following the vesting date. In no event will Participant be permitted, directly or indirectly, to specify the taxable year of payment of any RSUs payable under this Agreement. Payment upon vesting will be subject to Participant (or his or her estate) satisfying the applicable Tax-Related Items (defined below) withholding obligations set forth in paragraph 11.

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7 6. Payments after Death. Any distribution or delivery to be made to Participant under this Agreement will, if Participant is then deceased, be made to the administrator or executor of Participant's estate. Any such administrator or executor must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 7. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until Shares (in certificated or uncertificated form in the Company's sole discretion) have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant or Participant's broker. 8. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF RSUS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUED ENGAGEMENT AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 9. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company at 1275 Market Street, San Francisco, CA 94103, U.S.A., Attn: Stock Administration, or at such other address as the Company may hereafter designate in writing or electronically. 10. Acceleration. (a) Discretionary Acceleration. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested RSUs at any time, subject to the terms of the Plan. If so accelerated, such RSUs will be considered as having vested as of the date specified by the Administrator. If Participant is a U.S. taxpayer, the payment of Shares vesting pursuant to this Section 10 shall in all cases be paid at a time or in a manner that is exempt from, or complies with, Section 409A of the Code and the Treasury Regulations and guidance thereunder, and any applicable state law equivalent, as each may be promulgated, amended or modified from time to time ("Section 409A"). The prior sentence may be superseded in a future agreement or amendment to this Agreement only by direct and specific reference to such sentence.

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8 (b) Acceleration in Connection with Termination of Service. Notwithstanding anything in the Plan or this Agreement or any other agreement (whether entered into before, on or after the Date of Grant), if the vesting of the balance, or some lesser portion of the balance, of the RSUs is accelerated in connection with Participant's termination as a Service Provider (provided that such termination is a "separation from service" within the meaning of Section 409A, as determined by the Company), other than due to Participant's death, and if (x) Participant is a U.S. taxpayer and a "specified employee" within the meaning of Section 409A at the time of such termination as a Service Provider and (y) the payment of such accelerated RSUs will result in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following Participant's termination as a Service Provider, then the payment of such accelerated RSUs will not be made until the date six (6) months and one (1) day following the date of Participant's termination as a Service Provider, unless Participant dies following his or her termination as a Service Provider, in which case, the RSUs will be paid in Shares to Participant's estate as soon as practicable following his or her death. (c) Section 409A. It is the intent of this Agreement that it and all payments and benefits to U.S. taxpayers hereunder be exempt from, or comply with, the requirements of Section 409A so that none of the RSUs provided under this Agreement or Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply. Each payment payable under this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). However, in no event will the Company reimburse Participant, or be otherwise responsible for, any taxes or costs that may be imposed on Participant as a result of Section 409A or any other tax law or rule. 11. Withholding Taxes. Regardless of any action the Company or the Related Entity that is Participant's employer (the "Employer") takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding items related to Participant's participation in the Plan and legally applicable to Participant, or deemed by the Company or the Employer to be an appropriate charge to Participant even if technically due by the Company or the Employer ("Tax-Related Items"), Participant hereby acknowledges that the ultimate liability for all Tax-Related Items is and remains Participant's responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the issuance of Shares in settlement of the RSUs, the subsequent sale of Shares acquired at vesting and the receipt of any dividends and/or any dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the Award or any aspect of the RSUs to reduce or eliminate Participant's liability for Tax-Related Items or achieve a particular tax result. Further, if Participant is subject to tax in more than one jurisdiction, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax- Related Items in more than one jurisdiction. In connection with any relevant taxable or tax withholding event, Participant shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax- Related Items. In this regard, Participant authorizes and directs the Company and/or the Employer

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9 or their respective agents, in their sole discretion and without any notice or authorization by Participant, to satisfy any applicable withholding obligations, if any, with regard to all Tax-Related Items by withholding in Shares to be issued upon settlement of the RSUs. In the event that such withholding in Shares is problematic under applicable tax or securities law or has materially adverse accounting consequences, by Participant's acceptance of the RSUs, Participant authorizes the Company and any brokerage firm to satisfy the obligations with regard to all Tax-Related Items by withholding from Participant's wages or other cash compensation paid to Participant by the Company and/or the Employer; or to sell on Participant's behalf a whole number of Shares from those Shares issued to Participant as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the obligation for Tax-Related Items. Depending upon the withholding method, the Company may withhold or account for Tax- Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates in Participant's jurisdiction(s), including maximum applicable rates. If the Company and/or the Employer withhold more than the amount necessary to satisfy the liability for Tax-Related Items, Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent Shares or, if not refunded, Participant may be able to seek a refund from the applicable tax authorities. If the Company and/or the Employer withhold less than the amount necessary to satisfy the liability for Tax-Related Items, Participant may be required to pay additional Tax-Related Items directly to the applicable tax authorities or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of Participant's participation in the Plan. No fractional Shares will be withheld or issued pursuant to the grant of RSUs and the issuance of Shares thereunder. Finally, Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if Participant fails to comply with Participant's obligations in connection with the Tax-Related Items. Participant shall have no further rights with respect to any Shares that are retained by the Company pursuant to this provision, and under no circumstances will the Company be required to issue any fractional Shares. 12. Acknowledgements. In accepting the RSUs, Participant acknowledges, understands and agrees that: (a) Participant acknowledges receipt of a copy of the Plan (including any applicable appendixes or sub-plans thereunder) and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan (including any applicable appendixes or sub- plans thereunder), the Recoupment Policy and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan,

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10 the Recoupment Policy or this Agreement. Participant further agrees to notify the Company upon any change in the residence address in the Notice of Grant; (b) the Company (and not the Employer) is granting the RSU; accordingly, any rights Participant has under this Agreement may be raised only against the Company but not any Related Entity (including, but not limited to, the Employer). The Company will administer the Plan from outside Participant's country of residence; (c) no Related Entity (including, but not limited to, the Employer) has any obligation to make any payment of any kind under this Agreement; (d) the Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time; (e) the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; (f) all decisions with respect to future awards of RSUs, if any, will be at the sole discretion of the Company; (g) Participant is voluntarily participating in the Plan; (h) the RSUs and the Shares subject to the RSUs, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of Participant's employment or service contract, if any; (i) unless otherwise agreed with the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Related Entity; (j) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not intended to replace any pension rights or compensation; (k) although provided by the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of Participant's normal or expected salary or compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, holiday pay, long-service awards, leave-related pay, pension, retirement or welfare benefits or any other similar payments and in no event should be considered as compensation for or relating in any way to past services for the Company, the Employer, or any other Related Entity; (l) the RSU grant and Participant's participation in the Plan will not be interpreted to form an employment contract or relationship with the Company or any Related Entity and the Company will not incur any liability of any kind to Participant as a result of any change or amendment, or any cancellation, of the Plan at any time;

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11 (m) the future value of the underlying Shares is unknown and cannot be predicted with certainty; (n) in the event of termination of Participant's status as a Service Provider (whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid), Participant's right to vest in the RSUs under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of "garden leave" or similar period pursuant to local law); the Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of the Award (including whether Participant may still be considered actively employed while on an approved leave of absence); (o) unless otherwise provided in the Plan or by the Company in its discretion, the RSUs and the benefits under the Plan, if any, do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; (p) the RSUs and the Shares subject to the RSUs are not part of Participant's normal or expected compensation or salary for any purpose; (q) neither the Company, the Employer nor any other Related Entity shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to Participant pursuant to the settlement of the RSUs or the subsequent sale of any Shares acquired upon settlement; and (r) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs or recoupment of any Shares acquired under the Plan resulting from termination of Participant's status as a Service Provider by the Company or the Employer (for any reason whatsoever and whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid). 13. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares. Participant acknowledges and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan 14. Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant's personal data as described in this Agreement and any other RSU materials by and among, as applicable, the Employer, the Company, and its Related Entities for the exclusive purpose of implementing, administering and managing Participant's participation in the Plan.

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12 Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant's name, home address and telephone number, e-mail address, date of birth, social insurance number, passport number or other identification number, salary, nationality, residency status, job title, any Shares or directorships held in the Company or any Related Entity, details of all RSUs or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("Data"), for the purpose of implementing, administering and managing the Plan. Participant understands that Data may be transferred to Morgan Stanley Smith Barney LLC and its affiliated company, E\*TRADE Financial Corporate Services, Inc. (collectively, "E\*TRADE"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company in the implementation, administration and management of the Plan. Participant understands that the recipients may be located in the United States, or elsewhere, and that the recipient's country (e.g., the United States) may have different data privacy laws and protections than Participant's country. Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting Participant's local human resources representative. Participant authorizes the Company, E\*TRADE and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of Shares on Participant's behalf, to a broker or third party with whom the Shares acquired on exercise may be deposited. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant's participation in the Plan. Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case, without cost, by contacting in writing Participant's local human resources representative, or if there is no local human resources representative, the human resources department of the Company. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her employment status or service with the Employer will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant RSUs or other equity awards or administer or maintain such awards. Participant understands, however, that refusal or withdrawal of consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative, or if there is no local human resources representative, the human resources department of the Company. 15. Grant is Not Transferable. Except to the limited extent provided in paragraph 6, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment, or similar process. Upon any attempt to transfer, assign, pledge,

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13 hypothecate, or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment, or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void. 16. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors, and assigns of the parties hereto. 17. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration, or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent, or approval will have been effected or obtained free of any conditions not acceptable to the Company. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. 18. Plan Governs. This Agreement and the Notice of Grant are subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement or the Notice of Grant and one or more provisions of the Plan, the provisions of the Plan will govern. 19. Governing Law and Venue. The Award will be governed by the internal substantive laws, but not the choice of law rules, of the State of California, U.S.A. without regard to principles of conflict of laws. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by the Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed. 20. Language. Participant has received the terms and conditions of this Agreement and any other related communications in English. Participant acknowledges that he or she is sufficiently proficient in English to understand the terms and conditions of this RSU Agreement, or, alternatively, Participant acknowledges that he or she will seek appropriate assistance. Furthermore, if Participant consents to having received these documents in English. If Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable laws. 21. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. By Participant's electronic signature and the electronic signature of the Company's representative, Participant and the Company agree

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14 that this RSU is granted under and governed by the terms and conditions of the Plan and this Agreement. 22. Administrator Authority. The Administrator will have the power to interpret the Plan, the Recoupment Policy and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any RSUs have vested and whether Participant is actively employed). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company, and all other interested persons. No member of the Administrator will be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, the Recoupment Policy or this Agreement. 23. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 24. Appendix. Notwithstanding any provisions in this Agreement, the Award shall be subject to any terms and conditions set forth in any Appendix to this Agreement for Participant's country. Moreover, if Participant relocates to one of the countries included in the Appendix, the terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or facilitate the administration of the Plan. The Appendix constitutes part of this Agreement. 25. Imposition of Other Requirements. The Company reserves the right to impose other requirements on Participant's participation in the Plan, on the Award and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or to facilitate the administration of the Plan, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 26. Insider Trading/Market Abuse Restrictions. Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to, directly or indirectly, accept, acquire, sell, attempt to sell or otherwise dispose of Shares, rights to Shares (e.g., RSUs), or rights linked to the value of Shares (e.g., phantom awards, futures) during such times as Participant is considered to have "inside information" regarding the Company as defined by the laws or regulations in the applicable jurisdiction or Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant placed before Participant possessed insider information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Company's Insider Trading Policy. Participant is responsible for ensuring compliance with any applicable restrictions and should consult his or her personal legal advisor on this matter.

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15 27. Exchange Control, Tax and/or Foreign Asset/Account Reporting. Participant acknowledges that there may be exchange control, tax, foreign asset and/or account reporting requirements which may affect Participant's ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on Shares acquired under the Plan) in a brokerage, bank account or legal entity outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in Participant's country. Participant also may be required to repatriate sale proceeds or other funds received as a result of participation in the Plan to Participant's country through a designated bank or broker within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and should consult his or her personal legal advisor for any details. 28. Waiver. Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Participant or any other participant. 29. Reduction, Cancellation, Forfeiture or Recoupment. This Award, any Shares issued in payment for vested RSUs pursuant to this Award and any other rights, payments and benefits with respect to this Award shall be subject to reduction, cancellation, forfeiture or recoupment pursuant to (i) the Company's Policy on Recoupment of Incentive Compensation (the "Recoupment Policy"), (ii) any other recovery, recoupment, "clawback" or similar policy adopted by the Company after the Date of Grant, and (iii) as required for the Participant or the Company to comply with any requirements imposed under applicable laws and/or the rules and regulations of the securities exchange or inter-dealer quotation system on which the Shares are listed or quoted, in each case for clauses (i), (ii) and (iii), as may be amended from time to time (with the provisions contained in such policies and the relevant provisions of such laws, rules and regulations deemed incorporated into this Agreement without the Participant's additional or separate consent). For purposes of the foregoing, the Participant expressly and explicitly authorizes the Company to issue instructions, on the Participant's behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold any Shares and other amounts acquired pursuant to the Award to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company upon the Company's enforcement of this paragraph 29.

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16 APPENDIX TO DOLBY LABORATORIES, INC. 2020 STOCK PLAN GLOBAL RESTRICTED STOCK UNIT AGREEMENT Terms and Conditions for Participants Outside the U.S. This Appendix includes additional country-specific terms and conditions that apply to Participants resident in countries listed below. This Appendix is part of the Agreement and contains terms and conditions material to participation in the Plan. Unless otherwise provided below, capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Agreement. The information is based on the securities, exchange control, income tax and other laws in effect in the respective countries as of October 2025. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the information in this Appendix as the only source of information relating to the consequences of Participant's participation in the Plan because the information may be out of date when Participant vests in the RSUs or Shares acquired under the Plan are sold. In addition, the information contained herein is general in nature and may not apply to Participant's particular situation, and the Company is not in a position to assure Participant of a particular result. Accordingly, Participant should seek appropriate professional advice as to how the relevant laws in Participant's country may apply to his or her situation. Finally, if Participant is a citizen or resident of a country other than the one in which he or she is currently working or Participant transfers employment or residency after the Date of Grant, or if Participant is considered resident of another country for local law purposes, then the provisions contained herein may not be applicable to Participant. The Company shall, in its sole discretion, determine to what extent the terms and conditions included herein will apply under these circumstances. Countries Within the European Economic Area and the United Kingdom Data Privacy: The Dolby Employee Privacy Notice supersedes and replaces paragraph 14 of the Agreement. The Dolby Employee Privacy Notice for each respective country in the European Union and European Economic Area can be found at [REDACTED]. Australia Securities Law Notice. The grant of the RSUs is being made pursuant to Division 1A, Part 7.12 of the Corporations Act 2001 (Cth). If Participant acquires Shares under the Plan and offers such Shares for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under

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17 Australian law. Participant should obtain legal advice on disclosure obligations prior to making any such offer. Tax Notice. The Plan is a plan to which subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to conditions in the Act). Exchange Control Notice. Exchange control reporting is required for cash transactions exceeding AUD 10,000 and for international fund transfers. Participant understands that if an Australian bank is assisting with the transaction, the bank will file the report on Participant's behalf. Participant understands that if there is no Australian bank involved in the transfer, Participant will have to file the exchange control report on his or her own behalf. Belgium Foreign Asset/Account Reporting Information. Belgian residents are required to report any Shares acquired under the Plan or bank account established outside of Belgium on their personal annual tax return. In a separate report, Belgian residents also are required to provide a central contact point of the National Bank of Belgium with the account number of those foreign bank accounts, the name of the bank with which the accounts were opened and the country in which they were opened in a separate report. This report, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under the Kredietcentrales / Centrales des credits caption. Stock Exchange Tax Information. A stock exchange tax applies to transactions executed by Belgian residents through a non- Belgian financial intermediary, such as a U.S. broker. The stock exchange tax will apply when Shares acquired pursuant to the Plan are sold. Annual Securities Account Tax. An annual securities accounts tax may be payable if the total average value of securities held in a Belgian or foreign securities account (e.g., Shares acquired under the Plan) exceeds a certain threshold on four reference dates within the relevant reporting period (i.e., December 31, March 31, June 30 and September 30). In such case, the tax will be due on the value of the qualifying securities held in such account.

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18 Brazil Compliance with Law. By accepting the RSUs, Participant acknowledges that he or she agrees to comply with applicable Brazilian laws and to pay any and all applicable taxes associated with Participant's participation in the Plan, including the vesting of the RSUs, the receipt of any dividends, and the sale of Shares acquired under the Plan. Nature of Award Grants. By accepting the RSUs, Participant agrees that (1) he or she is making an investment decision, (2) the Shares will be issued to Participant only if the vesting conditions are met and any necessary services are rendered by Participant over the vesting period and (3) the value of the underlying Shares is not fixed and may increase or decrease in value over time without compensation to Participant. Exchange Control Notice. Individuals who are resident or domiciled in Brazil are generally required to submit an annual declaration of assets and rights held outside Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights is greater than US$1,000,000. If such amount is equal to or greater than US$100,000,000, the referenced declaration must be submitted quarterly, in the month following the end of each quarter. Assets and rights to be included in this annual declaration include Shares acquired under the Plan. Tax on Financial Transaction (IOF). Payments to foreign countries and repatriation of funds into Brazil and the conversion between BRL and US$ associated with such fund transfers may be subject to the Tax on Financial Transactions. It is Participant's responsibility to comply with any applicable Tax on Financial Transactions arising from Participant's participation in the Plan. Participant should consult with his or her personal tax advisor for additional details. Canada Form of Settlement. RSUs granted to employees resident in Canada shall be paid in Shares only. Acknowledgments. The following provision replaces Section 12(c) of the Agreement: except as explicitly and minimally required under applicable legislation, no Related Entity (including, but not limited to, the Employer) has any obligation to make any payment of

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19 any kind under this Agreement; The following provision replaces Section 12(h) of the Agreement: except as explicitly and minimally required under applicable legislation, the RSUs and the Shares subject to the RSUs, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of Participant's employment or service contract, if any; The following provision replaces Section 12(r) of the Agreement: except as explicitly and minimally required under applicable legislation, no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs or recoupment of any Shares acquired under the Plan resulting from termination of Participant's status as a Service Provider by the Company or the Employer (for any reason whatsoever and whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid). Termination of Service Provider Relationship. The following provision replaces paragraph 12(n) of the Agreement: For purposes of the Award, except as explicitly and minimally required under applicable legislation: (i) Participant's period of service for purposes of the Award and Participant's status as an eligible Service Provider will cease; and (ii) Participant's right, if any, to vest in any RSUs under the Plan, seek damages in lieu, or otherwise benefit from or participate in the Plan will be measured by and immediately terminate, as of the date Participant ceases to provide services to the Company or a Related Entity, regardless of the reason for termination and whether or not later to be found invalid or in breach of applicable laws in the jurisdiction where Participant is employed or providing services or the terms of Participant's employment or service agreement, if any (the "Termination Date"). Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under statute, contract, common/civil law or otherwise. Participant shall not earn or be entitled to any pro-rated vesting or other participation for that portion of time before the Termination Date, nor shall Participant be entitled to any compensation for lost vesting or other participation. If, notwithstanding the foregoing, applicable employment legislation explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the RSUs or otherwise participate in or benefit from the Plan, if any, shall terminate effective as of the last date of the minimum statutory notice period. For clarity, Participant shall not earn or be entitled to pro-rated vesting or other participation if the vesting date falls after the end of Participant's statutory notice period, nor shall Participant be entitled to any compensation for lost vesting. Any reference to termination as a Service Provider or cessation or

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20 termination of employment or service in this Agreement or the Plan shall be interpreted to mean the Termination Date as defined above. Subject to applicable legislation, the Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed or providing services for purposes of the Award (including whether Participant may still be considered actively providing services while on an approved leave of absence). Sale of Shares. Participant acknowledges that he or she is permitted to sell the Shares acquired under the Plan through E\*TRADE or such other broker as may be selected by the Company in the future, provided the sale of the Shares takes place outside of Canada through facilities of a stock exchange on which the Shares are listed. The Shares are currently listed on the New York Stock Exchange. French Language Documents for Quebec Service Providers. A French translation of the Agreement and the Plan will be made available to Participant as soon as reasonably practicable. Notwithstanding anything to the contrary in the Agreement, and unless Participant indicates otherwise, the French translation of the Agreement and the Plan will govern Participant's participation in the Plan. Une traduction française de l'Accord et du Plan sera mise à la disposition du Participant dès que raisonnablement possible. Nonobstant toute disposition contraire de l'Accord, et sauf indication contraire du Participant, la traduction française de l'Accord et du Plan régira la participation du Participant au Plan. Authorization to Release and Transfer Necessary Personal Information for Quebec Service Providers. The following provision supplements paragraph 14 of the Agreement: Participant hereby authorizes the Company and the Company's representatives, including the broker(s) designated by the Company, to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. Participant further authorizes the Company, any Related Entity and the Administrator of the Plan to disclose and discuss the Plan with their advisors. Participant further authorizes the Company and any Related Entity to record such information and to keep such information in Participant's employee file. Participant acknowledges and agrees that Participant's personal information, including any sensitive personal information, may be transferred or disclosed outside the province of Quebec, including to the U.S. If applicable, Participant also acknowledges and authorizes the Company, any Related Entity, the Administrator and any third party brokers/administrators that are assisting the Company with the operation and administration of the Plan to use technology for profiling purposes and to make automated decisions that may have an impact on Participant or the administration of the Plan.

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21 Foreign Asset/Account Reporting Notice. Canadian residents may be required to report foreign specified property on Form T1135 (Foreign Income Verification Statement) if the total cost of the foreign specified property exceeds CAD 100,000 at any time in the year. Foreign specified property includes Shares acquired under the Plan and may include RSUs. The RSUs must be reported - generally at a nil cost - if the CAD 100,000 cost threshold is exceeded because of other foreign specified property Participant holds. The cost of RSUs generally is the adjusted cost base ("ACB") of the Shares. The ACB ordinarily would equal the fair market value of the Shares at the time of acquisition, but if the Canadian resident owns other Shares of the Company, this ACB may have to be leveraged with the ACB of the other Shares. The Form T1135 generally must be filed by April 30 of the following year. Canadian residents should consult with a personal advisor to ensure compliance with the applicable reporting requirements. China Settlement of RSUs and Sale of Shares. The following provision supplements paragraph 5 of the Agreement: Due to local regulatory requirements, Participant agrees that the Company may force the sale of any Shares to be issued upon settlement of the Award. The sale may occur (i) immediately upon vesting, (ii) following Participant's termination as a Service Provider, or (iii) or within any other time frame as the Company determines to be necessary or advisable for legal or administrative reasons. Participant agrees that he or she must maintain any Shares acquired under the Plan in an account maintained by E\*TRADE or such other stock plan service provider as may be selected by the Company. Participant further agrees that the Company is authorized to instruct E\*TRADE or such other stock plan service provider as may be selected by the Company in the future to assist with the mandatory sale of such Shares (on Participant's behalf pursuant to this authorization) and Participant expressly authorizes E\*TRADE or such other stock plan service provider as may be selected by the Company in the future to complete the sale of such Shares. Participant acknowledges that E\*TRADE or such other stock plan service provider as may be selected by the Company in the future is under no obligation to arrange for the sale of the Shares at any particular price. Upon the sale of the Shares, the Company agrees to pay Participant the cash proceeds from the sale of the Shares, less any brokerage fees or commissions and subject to any obligation to satisfy Tax-Related Items. Exchange Control Acknowledgement. Participant understands and agrees that participation in the Plan is subject to the Company or the Employer obtaining any required approval from the China State Administration of Foreign Exchange ("SAFE"), as determined by the Company in its sole and absolute discretion. If the Company or the Employer is unable to obtain such approval, Participant may not be entitled to

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22 receive any benefit in connection with the Plan without any liability to the Company, the Employer or any Related Entity. Participant understands and agrees that, pursuant to local exchange control requirements, Participant will be required to repatriate the cash proceeds from the sale of Shares issued upon the vesting of the RSUs as well as any cash dividends paid on such Shares to China. Participant further understands that, under local law, such repatriation of the cash proceeds may need to be effectuated through a special exchange control account established by the Company, or one of its Related Entities, and Participant hereby consents and agrees that any proceeds from the sale of any Shares issued upon the vesting of the RSUs as well as any cash dividends paid on such Shares may be transferred to such special account prior to being delivered to Participant. If the proceeds from the sale of Participant's Shares or cash dividends are converted to local currency, Participant acknowledges that the Company is under no obligation to secure any exchange conversion rate, and the Company may face delays in converting the proceeds to local currency due to exchange control restrictions in China. Participant agrees to bear the risk of any exchange conversion rate fluctuation between the date the RSUs vest and the date of conversion of the proceeds from the sale of the Shares issued upon vesting to local currency. Participant further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. Foreign Asset/Account Reporting Notice. Chinese residents are required to report to the SAFE all details of his or her foreign financial assets and liabilities, as well as details of any economic transactions conducted with non- Chinese residents, either directly or through financial institutions. France Consent to Receive Information in English. By accepting the grant of the RSUs, Participant confirms having read and understood the Plan and the Agreement, which were provided in English language. Participant accepts the terms of those documents accordingly. En acceptant cette attribution gratuite d'actions, le Participant confirme avoir lu et compris le Plan et ce Contrat, incluant tous leurs termes et conditions, qui ont été transmis en langue anglaise. Le Participant accepte les dispositions de ces documents en connaissance de cause. Foreign Asset/Account Reporting Notice. French residents must report annually any shares and bank accounts held outside France, including the accounts that were opened, used and/or closed during the tax year, to the French tax authorities, on an annual basis on a special Form N° 3916, together with Participant's personal income tax return. Failure to report triggers a significant penalty. Exchange Control Information.

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23 The value of any cash or securities imported to or exported from France without the use of a financial institution must be reported to the customs and excise authorities when the value of such cash or securities is equal to or greater than a certain amount (currently €10,000). Germany Exchange Control Notice. Cross-border payments (including proceeds realized upon the sale of Shares or from the receipt of any dividends paid on such Shares) and certain other transactions with a value in excess of €50,000 must be reported to the German Federal Bank (Bundesbank). In addition, Participant may be required to report (i) the acquisition of Shares, and (ii) the withholding or the sale of Shares to cover withholding obligations or rights for Tax-Related Items, in either case if the value of the Shares exceeds €50,000. The report must be filed either electronically using the "General Statistics Reporting Portal" ("Allgemeines Meldeportal Statistik") available via the Bundesbank's website (www.bundesbank.de) or via such other method (e.g., by email or telephone) as is permitted or required by the Bundesbank. The report must be submitted monthly or within such timing as is permitted or required by the Bundesbank. Participant should consult with their personal tax advisor for details regarding this requirement. Foreign Asset/Account Reporting Information. German residents holding Shares must notify their local tax office if the acquisition of Shares under the Plan leads to a so-called qualified participation at any point during the calendar year. A qualified participation is attained only in the unlikely event (i) Participant owns at least 1% of the Company and the value of the Shares acquired exceeds €150,000, or (ii) Participant holds Shares exceeding 10% of the total capital of the Company. Hong Kong Form of Settlement. RSUs granted to Participants resident in Hong Kong shall be paid in Shares only. Sale of Shares. Any Shares acquired under the Plan are accepted as a personal investment. In the event that the Award vests and Shares are issued to Participant (or Participant's heirs) within six months of the Date of Grant, Participant (or Participant's heirs) agrees that the Shares will not be offered to the public or otherwise disposed of prior to the six-month anniversary of the date of grant. Securities Law Notice. Warning: None of the documents related to the Plan have been reviewed by any regulatory authority in Hong Kong. If Participant is in any doubt about any of the contents of the Agreement, including this Appendix, the Plan, or any other communication materials, Participant should obtain independent professional advice. The RSUs and Shares issued at vesting do not constitute

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24 a public offering of securities under Hong Kong law and are available only to employees of the Company and its Related Entities. The Agreement, including this Appendix, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The RSUs are intended only for the personal use of each eligible employee of the Employer, the Company or any Related Entity and may not be distributed to any other person. India Exchange Control Notice. Participant understands that the RSUs are subject to compliance with the exchange control requirements of the Reserve Bank of India. Participant understands that he or she must repatriate any proceeds from the sale of Shares and any dividends received acquired under the Plan within such period of time as required under applicable regulations. Participant must obtain a foreign inward remittance certificate ("FIRC") from the bank where Participant deposits the funds and must maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation. Participant may be required to provide information regarding funds received from participation in the Plan to the Company and/or the Employer to enable them to comply with their filing requirements under exchange control laws in India. Participant is personally responsible for complying with exchange control laws in India, and neither the Company nor the Employer will be liable for any fines or penalties resulting from Participant's failure to comply with applicable laws. Foreign Asset/Account Reporting Notice. Indian residents are required to declare the following items in their annual tax return: (i) any foreign assets held by them (including Shares acquired under the Plan), and (ii) any foreign bank accounts for which they have signing authority. Indian residents should consult with their personal tax advisor to ensure that they are properly reporting foreign assets and bank accounts. Ireland Director Notification Requirement. If Participant is a director, shadow director, or secretary of an Irish subsidiary, pursuant to the Companies Act 2014, Participant must notify that subsidiary in writing if Participant receives or disposes of an interest exceeding 1% of the share capital of the Company (e.g., RSUs, Shares), if Participant becomes aware of the event giving rise to the notification requirement, or if Participant becomes a director or secretary if such an interest exceeding 1% of the share capital of the Company exists at the time. This notification requirement also applies with respect to the interests of a spouse, civil partner, or minor children (whose interests will be attributed to the director, shadow director, or secretary). Participant should consult his or her personal legal advisor to ensure compliance with the applicable requirements. Japan

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25 Exchange Control Notice. Japanese residents acquiring Shares valued at more than ¥100,000,000 in a single transaction, must file a Securities Acquisition Report with the Ministry of Finance through the Bank of Japan within twenty (20) days of the acquisition of the Shares. Foreign Asset/Account Reporting Notice. Japanese residents are required to report details of any assets held outside of Japan as of December 31, including Shares acquired under the Plan, to the extent such assets have a total net fair market value exceeding ¥50,000,000. Such report will be due by March 15 each year. Japanese residents are responsible for complying with this reporting obligation. Korea Sale of Shares. Korean residents are not permitted to sell foreign securities (e.g., Shares) through non-Korean brokers or deposit funds resulting from the sale of Shares in an account with an overseas financial institution. If a Korean resident wishes to sell Shares acquired under the Plan, the Korean resident may be required to transfer the Shares to a domestic investment broker in Korea and to effect the sale through such broker. The Korean resident is solely responsible for engaging the domestic broker. Non-compliance with the requirement to sell Shares through a domestic broker can result in significant penalties. Because regulations may change without notice, Korean residents should consult with a legal advisor to ensure compliance with any regulations applicable to any aspect of participation in the Plan. Foreign Asset/Account Reporting Notice. Korean residents must declare all foreign financial accounts (i.e., non-Korean bank accounts, brokerage accounts, etc.) to the Korean tax authority and file a report with respect to such accounts if the value of such accounts exceeds KRW 500 million (or an equivalent amount in foreign currency). Korea residents should consult with their personal tax advisor for additional information about this reporting obligation. Exchange Control Notice. If a Korean resident sells Shares and deposits sale proceeds in excess of a certain threshold (currently, US$5,000 per transaction) into a non-Korean bank account, the Korean resident must file a report with a Korean foreign exchange bank. This reporting is not required if sale proceeds are instead deposited into a non-Korean brokerage account. Participant should consult their personal legal advisor to ensure compliance with the applicable requirements. Netherlands No country-specific provisions. Poland

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26 Exchange Control Notice. Transfers of funds into and out of Poland in excess of €15,000 (or PLN 15,000 if such transfer of funds is connected with the business activity of an entrepreneur) must be made via a bank account held at a bank in Poland. Additionally, Polish residents are required to store all documents connected with any foreign exchange transactions that Polish residents are engaged in for a period of five years, as measured from the end of the year in which such transaction occurred. Foreign Asset/Account Reporting Notice. If Participant maintains bank or brokerage accounts holding cash and foreign securities (including Shares) outside of Poland, Participant will be required to report information to the National Bank of Poland on transactions and balances in such accounts if the value of such cash and securities exceeds certain thresholds. If required, such reports must be filed on special forms available on the website of the National Bank of Poland. Participant should consult with their personal legal advisor to determine whether Participant will be required to submit reports to the National Bank of Poland. Singapore Sale Restriction. Participant agrees that any Shares acquired pursuant to the RSUs will not be offered for sale in Singapore prior to the six-month anniversary of the Date of Grant unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("SFA"), or pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA. Securities Law Notice. The grant of the RSUs is being made to Participant in reliance on the "Qualifying Person" exemption under section 273(1)(f) of the SFA under which it is exempt from the prospectus and registration requirements and is not made with a view to the underlying Shares being subsequently offered for sale to any other party. The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore, and hence, statutory liability under the SFA in relation to the content of prospectuses will not apply. Director Reporting Notice. If Participant is a director, associate director or shadow director of a Singapore Related Entity of the Company, as the terms are used in the Singapore Companies Act (the "SCA"), Participant agrees to comply with notification requirements under the SCA. Among these requirements is an obligation to notify the Singapore Related Entity in writing when Participant receives an interest (e.g., RSUs, Shares) in the Company or any related companies (including when Participant sells Shares acquired under the Plan). In addition, Participant must notify the Singapore Related Entity when Participant sells or receives Shares of the Company or any related company

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27 (including when Participant sells or receives Shares acquired under the Plan). These notifications must be made within two (2) business days of acquiring or disposing of any interest in the Company or any related company. In addition, a notification must be made of Participant's interests in the Company or any related company within two (2) business days of becoming a director, associate director or shadow director. Participant should consult with his or her personal legal advisor regarding his or her notification obligations under the SCA. Spain No Entitlement for Claims or Compensation. The following provisions supplement paragraphs 4 and 12 of the Agreement: By accepting the RSUs, Participant consents to participation in the Plan and acknowledges that Participant has received a copy of the Plan document. Participant understands and agrees that, as a condition of the grant of the RSUs, the termination of Participant's status as a Service Provider for any reason (including for the reasons listed below) prior to the vesting date will automatically result in the loss of the unvested RSUs that may have been granted to Participant. In particular, Participant understands and agrees that any unvested RSUs shall be forfeited without entitlement to the underlying Shares or to any amount as indemnification in the event of a termination of status as a Service Provider, including, but not limited to: resignation, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without good cause (i.e., subject to a "despido improcedente"), individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the Workers' Statute, relocation under Article 40 of the Workers' Statute, Article 50 of the Workers' Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985. Participant understands that the Company has unilaterally, gratuitously and in its sole discretion decided to grant RSUs under the Plan to individuals who may be Employees, Directors or Consultants throughout the world. The decision is limited and entered into based upon the express assumption and condition that: (i) any RSU grant will not economically or otherwise bind the Company or any Related Entity, including the Employer, presently or in the future, other than as expressly set forth in the Agreement; (ii) the RSUs and any Shares acquired upon settlement of the RSUs are not part of any employment contract (whether with the Company or a Related Entity) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation), or any other right whatsoever; and (iii) unless otherwise expressly provided for by the Company in the Agreement or in this Appendix, your participation in the Plan will cease as of the date Participant's employment is terminated.

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28 Furthermore, Participant understands and freely accepts that there is no guarantee that any benefit whatsoever shall arise from the grant of RSUs, which is gratuitous and discretionary, since the future value of the RSUs and the underlying Shares is unknown and unpredictable. Participant also understands that the grant of RSUs would not be made but for the assumptions and conditions set forth hereinabove; thus, Participant understands, acknowledges and freely accepts that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the RSUs and any right to the underlying Shares shall be null and void. Securities Law Notice. No "offer of securities to the public," as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the grant of RSUs. The Agreement, this Appendix and the Plan have not been registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission) and do not constitute a public offering prospectus. Exchange Control Notice. Participant may be required to declare electronically to the Bank of Spain any foreign accounts (including brokerage accounts held abroad), as well as any foreign instruments (including any Shares acquired under the Plan) held in such accounts if the value of the transactions for all such accounts during the prior year or the balances of such accounts as of December 31 of the prior year exceeds €1,000,000. Different thresholds and deadlines to file the declaration apply. However, if neither such transactions during the immediately preceding year nor the balances or positions as of December 31 exceed €1,000,000, no such declaration must be filed unless expressly required by the Bank of Spain. If any of such thresholds were exceeded during the current year, Participant understands that they may be required to file the relevant declaration corresponding to the prior year; however, a summarized form of declaration may be available. Participant should consult their personal legal advisor to ensure compliance with the applicable requirements. Foreign Asset/Account Reporting Notice. Spanish residents are required to report rights or assets deposited or held outside of Spain (including Shares acquired under the Plan or cash proceeds from the sale of such Shares) as of December 31 of each year, if the value of such rights or assets exceeds EUR 50,000 per type of right or asset. After such rights and/or assets are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported rights or assets increases by more than EUR 20,000 per type of right or asset as of December 31 of each year, or if Participant sells Shares or cancel bank accounts that were previously reported. If reporting is required, the report must be filed on Form 720 by March 31 following the end of the relevant year. Sweden Tax Withholding Obligations. The following supplements paragraph 11 of the Agreement:

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29 Without limiting the Company's and the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in paragraph 11 of the Agreement, by accepting the RSUs, Participant authorizes the Company and/or the Employer to withhold Shares or to sell Shares otherwise deliverable to Participant upon exercise to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items. Taiwan Securities Law Notice. The offer of participation in the Plan is available only for Service Providers of the Company and Related Entities. The offer of participation in the Plan is not a public offer of securities by a Taiwanese company. Data Privacy Acknowledgement. Participant hereby acknowledges that he or she has read and understood the terms regarding collection, processing and transfer of Data contained in paragraph 14 of the Agreement and by participating in the Plan, Participant agrees to such terms. In this regard, upon request of the Company or the Employer, Participant agrees to provide an executed data privacy consent form to the Employer or the Company (or any other agreements or consents that may be required by the Employer or the Company) that the Company and/or the Employer may deem necessary to obtain under the data privacy laws in Participant's country, either now or in the future. Participant understands he or she will not be able to participate in the Plan if Participant fails to execute any such consent or agreement. Exchange Control Notice. Taiwanese residents may acquire and remit foreign currency (including proceeds from the sale of Shares or the receipt of any dividends paid on such Shares) into Taiwan up to US$10,000,000 per year. If the transaction amount is TWD 500,000 or more in a single transaction, residents must submit a Foreign Exchange Transaction Form and also provide supporting documentation to the satisfaction of the remitting bank. If the transaction amount is US$500,000 or more, Taiwanese residents may be required to provide additional supporting documentation to the satisfaction of the remitting bank. Taiwanese residents should consult their personal legal advisor to ensure compliance with applicable exchange control laws in Taiwan. Türkiye Securities Law Notice. Pursuant to Turkish securities law, selling shares acquired under the Plan is not permitted within Turkey. The Shares are currently traded on the New York Stock Exchange, which is located outside of Turkey, under the ticker symbol "DLB" and the Shares may be sold through this exchange. Financial Intermediary Requirement Notice.

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30 The purchase and sale of securities traded in foreign financial markets (e.g., the purchase and sale of Shares) are permitted. However, transactions in foreign securities must be conducted through the local banks and financial intermediary institutions licensed by the Turkish Capital Markets Board in accordance with relevant regulations and Central Bank communiqués. Participant acknowledges that Participant is solely responsible for engaging such Turkish financial intermediary. Participants should contact a personal legal advisor for further information regarding these requirements. United Arab Emirates ("UAE") Securities Law Notice. The offer of participation in the Plan is available only for select employees of the Company and Related Entities and is in the nature of providing employee incentives in the UAE. The Agreement, this Appendix, the Plan and other incidental communication materials are intended for distribution only to Service Providers for the purposes of an employee compensation or reward scheme, and must not be delivered to, or relied on, by any other person. The Emirates Securities and Commodities Authority has no responsibility for reviewing or verifying any documents in connection with the RSUs or the Agreement. Further, neither the Ministry of Economy nor the Dubai Department of Economic Development has approved the Agreement nor taken steps to verify the information set out in it, and have no responsibility for it. The securities to which the Agreement relates may be illiquid and/or subject to restrictions on their resale. Individuals should conduct their own due diligence on the securities. Residents of the UAE who do not understand or have questions regarding the Agreement, this Appendix or the Plan should consult an authorized financial adviser. United Kingdom Form of Settlement. RSUs granted to Service Providers resident in the United Kingdom shall be paid in Shares only. Joint Election. As a condition of the vesting of the RSUs under the Plan, Participant agrees to accept any liability for secondary Class 1 NICs ("Employer NICs") which may be payable by the Company or the Employer with respect to the vesting of the RSUs or otherwise payable in connection with the RSUs and the issuance of Shares. Without prejudice to the foregoing, Participant agrees to execute a joint election with the Company and/or the Employer (the "Election"), the form of such Election being formally approved by HM Revenue and Customs ("HMRC"), and any other consent or elections required to accomplish the transfer of the Employer NICs to Participant. Participant further agrees to execute such other joint elections as may be required between Participant and any successor to the Company and/or the Employer. Participant agrees to enter into an Election prior

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31 to the vesting of the RSUs. Participant further agrees that the Company and/or the Employer may collect the Employer NICs by any of the means set forth in paragraph 11 of the Agreement. Tax Withholding Obligations. The following supplements paragraph 11 of the Agreement: Without limitation to paragraph 11 of the Agreement, Participant agrees that he or she is liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by HMRC (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC on Participant's behalf (or any other tax authority or any other relevant authority). If Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any income tax due but not collected from or paid by Participant may constitute an additional benefit to Participant on which additional income tax and National Insurance Contributions ("NICs") may be payable. Participant will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying the Company and/or the Employer the amount of any employee NICs due on this additional benefit, which the Company and/or the Employer may recover at any time thereafter by any of the means referred to in this Agreement.

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## Exhibit 10.9

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DOLBY LABORATORIES, INC. 2020 STOCK PLAN NOTICE OF GRANT OF RESTRICTED STOCK UNITS FOR PARTICIPANTS IN FRANCE Unless otherwise defined herein, the terms defined in the Dolby Laboratories, Inc. 2020 Stock Plan, as amended from time to time (the "U.S. Plan"), the Dolby Laboratories, Inc. 2020 Stock Plan French Sub-Plan for Restricted Stock Units and Performance Stock Units (the "French Sub- Plan" and together with the U.S. Plan, the "Plan") shall have the same defined meanings in this Notice of Grant of Restricted Stock Units for Participants in France (the "Notice of Grant") and the Restricted Stock Unit Agreement for Participants in France attached hereto as Exhibit A (collectively, the "Restricted Stock Unit Agreement" or the "Agreement"). Participant: [ ] You have been granted an award of Restricted Stock Units (the "Award"). Each such Restricted Stock Unit is equivalent to one share of the Company's Class A Common Stock for purposes of determining the number of Shares subject to this Award. None of the Restricted Stock Units will be issued (nor will you have the rights of a stockholder with respect to the underlying Shares) until the vesting conditions described below are satisfied. Additional terms of this grant are as follows: Total Award Shares Granted: [ ] Date of Grant: [ ] Vesting Schedule: [ ] Subject to your continuing to be a Service Provider and other limitations set forth in the Plan and the Restricted Stock Unit Agreement for Participants in France, the Award will vest annually for four (4) years at the rate of 25% per year on each anniversary of the Date of Grant. To the extent the amount vesting would result in the vesting of fractional Shares, Shares will be rounded down to the nearest whole Share. The Award granted pursuant to this Agreement is intended to qualify for the special tax and social security treatment in France applicable to rights to shares granted for no consideration under Sections L. 225-197-1 to L. 225-197-5 and Articles L. 22-10-59 and L. 22-10-60 of the French Commercial Code, as amended. However, certain events may affect the qualified status of the Award and the Company does not make any undertaking or representation to maintain the qualified status of the Award. If the Award does not retain its qualified status, the special tax and social security treatment will not apply and you will be required to pay your portion of social security contributions resulting from the Award, as well as any income and other taxes that may be due pursuant to other rules for non-qualified restricted stock units.

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2 You acknowledge and agree that the Agreement and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a Service Provider for the vesting period, for any period, or at all, and shall not interfere with your right or the right of the Company or the Related Entity that is your employer to terminate your relationship as a Service Provider at any time, with or without cause. You hereby agree to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and the Agreement. By your electronic signature and the electronic signature of the Company's representative, you and the Company agree that the Award is granted under and governed by the terms and conditions of the Plan and the Agreement. You have reviewed the Plan and the Agreement in their entirety, have had an opportunity to obtain the advice of counsel prior to executing the Agreement and fully understand all provisions of the Plan and the Agreement. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and the Agreement. You must execute and deliver or electronically accept the terms set forth in the Agreement, in the manner specified by the Administrator. The Administrator may, in its sole discretion, cancel the Award if you fail to execute and deliver or electronically accept the Agreement and related documents by the first scheduled vesting date.

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT A DOLBY LABORATORIES, INC. 2020 STOCK PLAN RESTRICTED STOCK UNIT AGREEMENT FOR PARTICIPANTS IN FRANCE 1. Grant. Dolby Laboratories, Inc. (the "Company") hereby grants to the individual set forth in the Notice of Grant of Restricted Stock Units ("Participant") an award of Restricted Stock Units ("RSUs") pursuant to Section 8 of the Dolby Laboratories, Inc. 2020 Stock Plan as may be amended from time to time (the "U.S. Plan"), as set forth in the Notice of Grant of Restricted Stock Units for Participants in France (the "Notice of Grant") and subject to the terms and conditions in this Restricted Stock Unit Agreement for Participants in France (collectively, the "Agreement"), the U.S. Plan and the Dolby Laboratories, Inc. 2020 Stock Plan French Sub-Plan for Restricted Stock Units and Performance Stock Units (the "French Sub-Plan" and together with the U.S. Plan, the "Plan"). Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Agreement. 2. Company's Obligation. Each RSU represents the right to receive a Share after satisfying the applicable vesting conditions set forth in the Notice of Grant. Unless and until the RSUs vest, Participant will have no right to receive Shares under such RSUs. Prior to actual distribution of any Shares pursuant to the vesting of any RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. 3. Vesting Schedule. Subject to paragraph 4, and to relevant Plan provisions, the RSUs awarded by this Agreement will vest in Participant according to the vesting schedule specified in the Notice of Grant. In no event shall the RSUs vest prior to the first anniversary of the Date of Grant, or such other period as required to comply with the minimum vesting period under Sections L. 225-197-1 of the French Commercial Code, as amended. Notwithstanding the foregoing or anything in this Agreement to the contrary, in the event Participant ceases to be a Service Provider as a result of Participant's death, the vesting of the RSUs shall accelerate and become immediately transferable to Participant's heirs and Shares will be issued to Participant's heirs upon their request for a period of six months following the date of your death; otherwise, the RSUs will be forfeited at the end of the expiration of the six-month period. 4. French Qualified Status. The RSUs granted pursuant to this Agreement are intended to qualify for the special tax and social security treatment in France applicable to rights to shares granted for no consideration under Sections L. 225-197-1 to L. 225-197-5 and Articles L. 22-10-59 and L. 22-10-60 of the French Commercial Code, as amended. However, certain events may affect the qualified status of the RSUs and the Company does not make any undertaking or representation to maintain the qualified status of the RSUs. If the RSUs do not retain its qualified status, the special tax and social security treatment will not apply and Participant will be required to pay Participant's portion of social security contributions resulting from the

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&nbsp;&nbsp;&nbsp;&nbsp;RSUs, as well as any income and other taxes that may be due pursuant to other rules for non- qualified restricted stock units. 5. Forfeiture upon Termination of Service. If Participant ceases to be a Service Provider prior to vesting for any reason other than Death, the unvested RSUs awarded by this Agreement will thereupon be forfeited at no cost to the Company. In the event of Participant's Death, the RSUs shall accelerate and become immediately transferable subject to the provisions set forth in paragraph 3. 6. Payment after Vesting. Any RSUs that vest in accordance with this Agreement will be paid to Participant (or in the event of Participant's death, to his or her estate) in Shares. Payment upon vesting will be subject to Participant (or his or her estate) satisfying the applicable Tax- Related Items (defined below) withholding obligations set forth in paragraph 11. 7. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until Shares (in certificated or uncertificated form in the Company's sole discretion) have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant or Participant's broker. 8. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF RSUS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUED ENGAGEMENT AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR ANY RELATED ENTITY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 9. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company at 1275 Market Street, San Francisco, CA 94103, U.S.A., Attn: Stock Administration, or at such other address as the Company may hereafter designate in writing or electronically. 10. Code Section 409A. Notwithstanding anything in this Agreement to the contrary, if any Participant would be considered a "specified employee" within the meaning of Section 409A of the Code and the regulations thereunder at the time of such Participant's ceases to be a Service Provider, the RSUs (and/or at the election of Participant the cash received from the sale of the Shares underlying the vested RSUs) will not be paid to Participant until the date that is six (6) months and one (1) day following the date of Participant's ceases to be a Service Provider.

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&nbsp;&nbsp;&nbsp;&nbsp;11. Withholding Taxes. Regardless of any action the Company or the Related Entity that is Participant's employer (the "Employer") takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding items related to Participant's participation in the Plan and legally applicable to Participant, or deemed by the Company or the Employer to be an appropriate charge to Participant even if technically due by the Company or the Employer ("Tax- Related Items"), Participant hereby acknowledges that the ultimate liability for all Tax-Related Items is and remains Participant's responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the issuance of Shares in settlement of the RSUs, the subsequent sale of Shares acquired at vesting and the receipt of any dividends and/or any dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the Award or any aspect of the RSUs to reduce or eliminate Participant's liability for Tax-Related Items or achieve a particular tax result. Further, if Participant is subject to tax in more than one jurisdiction, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. In connection with any relevant taxable or tax withholding event, Participant shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax- Related Items. In this regard, Participant authorizes and directs the Company and/or the Employer or their respective agents, in their sole discretion and without any notice or authorization by Participant, to satisfy any applicable withholding obligations, if any, with regard to all Tax-Related Items by withholding in Shares to be issued upon settlement of the RSUs. In the event that such withholding in Shares is problematic under applicable tax or securities law or has materially adverse accounting consequences, by Participant's acceptance of the RSUs, Participant authorizes the Company and any brokerage firm to satisfy the obligations with regard to all Tax-Related Items by withholding from Participant's wages or other cash compensation paid to Participant by the Company and/or the Employer; or to sell on Participant's behalf a whole number of Shares from those Shares issued to Participant as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the obligation for Tax-Related Items. Depending upon the withholding method, the Company may withhold or account for Tax- Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates in Participant's jurisdiction(s), including maximum applicable rates. If the Company and/or the Employer withhold more than the amount necessary to satisfy the liability for Tax-Related Items, Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent Shares or, if not refunded, Participant may be able to seek a refund from the applicable tax authorities. If the Company and/or the Employer withhold less than the amount necessary to satisfy the liability for Tax-Related Items, Participant may be required to pay additional Tax-Related Items directly to the applicable tax authorities or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back

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&nbsp;&nbsp;&nbsp;&nbsp;solely for the purpose of paying the Tax-Related Items due as a result of any aspect of Participant's participation in the Plan. No fractional Shares will be withheld or issued pursuant to the grant of RSUs and the issuance of Shares thereunder. Finally, Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if Participant fails to comply with Participant's obligations in connection with the Tax-Related Items. Participant shall have no further rights with respect to any Shares that are retained by the Company pursuant to this provision, and under no circumstances will the Company be required to issue any fractional Shares. 12. Acknowledgements. In accepting the RSUs, Participant acknowledges, understands and agrees that: (a) Participant acknowledges receipt of a copy of the Plan (including any applicable appendixes or sub-plans thereunder) and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan (including any applicable appendixes or sub- plans thereunder) and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Agreement. Participant further agrees to notify the Company upon any change in the residence address in the Notice of Grant; (b) the Company (and not the Employer) is granting the RSU; accordingly, any rights Participant has under this Agreement may be raised only against the Company but not any Related Entity (including, but not limited to, the Employer). The Company will administer the Plan from outside Participant's country of residence; (c) no Related Entity (including, but not limited to, the Employer) has any obligation to make any payment of any kind under this Agreement; (d) the Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time; (e) the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; (f) all decisions with respect to future awards of RSUs, if any, will be at the sole discretion of the Company; (g) Participant is voluntarily participating in the Plan;

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&nbsp;&nbsp;&nbsp;&nbsp;(h) the RSUs and the Shares subject to the RSUs, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of Participant's employment or service contract, if any; (i) unless otherwise agreed with the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Related Entity; (j) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not intended to replace any pension rights or compensation; (k) although provided by the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of Participant's normal or expected salary or compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, holiday pay, long-service awards, leave-related pay, pension, retirement or welfare benefits or any other similar payments and in no event should be considered as compensation for or relating in any way to past services for the Company, the Employer, or any other Related Entity; (l) the RSU grant and Participant's participation in the Plan will not be interpreted to form an employment contract or relationship with the Company or any Related Entity and the Company will not incur any liability of any kind to Participant as a result of any change or amendment, or any cancellation, of the Plan at any time; (m) the future value of the underlying Shares is unknown and cannot be predicted with certainty; (n) in the event of termination of Participant's status as a Service Provider (whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid), Participant's right to vest in the RSUs under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of "garden leave" or similar period pursuant to local law); the Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of the Award (including whether Participant may still be considered actively employed while on an approved leave of absence); (o) unless otherwise provided in the Plan or by the Company in its discretion, the RSUs and the benefits under the Plan, if any, do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; (p) the RSUs and the Shares subject to the RSUs are not part of Participant's normal or expected compensation or salary for any purpose;

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&nbsp;&nbsp;&nbsp;&nbsp;(q) neither the Company, the Employer nor any other Related Entity shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to Participant pursuant to the settlement of the RSUs or the subsequent sale of any Shares acquired upon settlement; and (r) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs or recoupment of any Shares acquired under the Plan resulting from termination of Participant's status as a Service Provider by the Company or the Employer (for any reason whatsoever and whether or not in breach of any employment laws in the country where Participant resides, even if otherwise applicable to Participant's employment benefits from the Employer, and/or whether later found to be invalid). 13. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares. Participant acknowledges and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan 14. Restrictions on the Sale of Shares. (a) Minimum Mandatory Holding Period. Participant will not be permitted to sell or transfer any Shares issued upon settlement of the RSUs before the end of a minimum mandatory holding period, to the extent applicable to the Shares underlying the RSUs under Section L. 225-197-1 of the French Commercial Code, as amended, or the French Tax Code or the French Social Security Code, as amended, to benefit from the special tax and social security regime in France; provided, however, that such minimum mandatory holding period, if any, shall not apply to Shares in the case of death or Disability (as defined in the French Sub-Plan). In the case of Participant's death, Participant's heirs are not subject to the minimum holding period described above if they request the issuance of the Shares related to all outstanding RSUs within six months following Participant's death. Similarly, if Participant ceases to be a Service Provider due to Disability (as defined in the French Sub-Plan), Participant is not subject to the minimum holding period described above. (b) Closed Period. The Shares issued following any vesting date may not be sold during a Closed Period, to the extent applicable under French law; provided, however, that such Closed Period restriction shall not apply to Shares subject to the RSUs issued to Participant's heirs in the event of Participant's death pursuant to paragraph 3 hereof or to Shares subject to the RSUs issued after Participant ceases to be a Service Provider due to Disability (as defined under the French Sub-Plan). (c) Holding Period for Managing Corporate Officers. If Participant qualifies as a managing corporate officer of the Company under French law and have been granted RSUs in this capacity ("mandataires sociaux," i.e. Président du Conseil d'Administration, Directeur Général, Directeur Général Délégué, Membre du Directoire, Gérant de Sociétés par actions), Participant may be subject to shareholding restrictions under French law and may not sell 20% of

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&nbsp;&nbsp;&nbsp;&nbsp;the Shares upon settlement until Participant ceases to serve as a managing corporate officer of the Company. (d) Compliance with Transfer Restrictions on Stock. To ensure compliance with restrictions on the transfer of Shares described in this paragraph 14, the Company may require that the Shares be held with a brokerage firm or other agent designated by the Company (or according to any procedure implemented by the Company) until such Shares are sold. 15. Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant's personal data as described in this Agreement and any other RSU materials by and among, as applicable, the Employer, the Company, and its Related Entities for the exclusive purpose of implementing, administering and managing Participant's participation in the Plan. Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant's name, home address and telephone number, e-mail address, date of birth, social insurance number, passport number or other identification number, salary, nationality, residency status, job title, any Shares or directorships held in the Company or any Related Entity, details of all RSUs or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("Data"), for the purpose of implementing, administering and managing the Plan. The collection and transfer of Data under this Agreement is subject to the Dolby Employee Privacy Notice. The Dolby Employee Privacy Notice for France can be found at [REDACTED]. Participant understands that Data may be transferred to the Morgan Stanley Smith Barney LLC and its affiliated company, E\*TRADE Financial Corporate Services, Inc. (collectively, "E\*TRADE"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company in the implementation, administration and management of the Plan. Participant understands that the recipients may be located in the United States, or elsewhere, and that the recipient's country (e.g., the United States) may have different data privacy laws and protections than Participant's country. Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting Participant's local human resources representative. Participant authorizes the Company, E\*TRADE and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of Shares on Participant's behalf, to a broker or third party with whom the Shares acquired on exercise may be deposited. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant's participation in the Plan. Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case, without cost, by contacting in writing Participant's local human resources representative, or if there is no local human resources representative, the human resources department of the Company. Further, Participant understands that he or

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&nbsp;&nbsp;&nbsp;&nbsp;she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her employment status or service with the Employer will not be affected; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant RSUs or other equity awards or administer or maintain such awards. Participant understands, however, that refusal or withdrawal of consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative, or if there is no local human resources representative, the human resources department of the Company. 16. Grant is Not Transferable. Except to the limited extent provided in paragraph 6, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment, or similar process. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment, or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void. 17. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors, and assigns of the parties hereto. 18. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration, or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent, or approval will have been effected or obtained free of any conditions not acceptable to the Company. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. 19. Plan Governs. This Agreement and the Notice of Grant are subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement or the Notice of Grant and one or more provisions of the Plan, the provisions of the Plan will govern. 20. Governing Law and Venue. The Award will be governed by the internal substantive laws, but not the choice of law rules, of the State of California, U.S.A. without regard to principles of conflict of laws. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by the Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed.

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&nbsp;&nbsp;&nbsp;&nbsp;21. Language. By accepting this Award, Participant confirms having read and understood the Plan and the Agreement which were provided in the English language. Participant accepts the terms of those documents accordingly. En acceptant l'attribution, vous confirmez avoir lu et compris le Plan et ce Contrat, qui ont été communiqués en langue anglaise. Vous acceptez les termes de ces documents en connaissance de cause. 22. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. By Participant's electronic signature and the electronic signature of the Company's representative, Participant and the Company agree that this RSU is granted under and governed by the terms and conditions of the Plan and this Agreement. 23. Administrator Authority. The Administrator will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any RSUs have vested and whether Participant is actively employed). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company, and all other interested persons. No member of the Administrator will be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Agreement. 24. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 25. Imposition of Other Requirements. The Company reserves the right to impose other requirements on Participant's participation in the Plan, on the Award and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable under Applicable Laws with regard to the issuance or sale of Shares or to facilitate the administration of the Plan, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 26. Insider Trading/Market Abuse Restrictions. Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to, directly or indirectly, accept, acquire, sell, attempt to sell or otherwise dispose of Shares, rights to Shares (e.g., RSUs), or rights linked to the value of Shares (e.g., phantom awards, futures) during such times as Participant is considered to have "inside information" regarding the Company as defined by the laws or regulations in the applicable jurisdiction or Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant placed before Participant possessed insider information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to

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&nbsp;&nbsp;&nbsp;&nbsp;know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Company's Insider Trading Policy. Participant is responsible for ensuring compliance with any applicable restrictions and should consult his or her personal legal advisor on this matter. 27. Exchange Control, Tax and/or Foreign Asset/Account Reporting. If Participant holds cash or Shares outside of France or maintains a foreign bank or brokerage account (including accounts that were opened and closed during the tax year), Participant is required to report such assets and accounts to the French tax authorities on an annual basis on a specified form together with Participant's income tax return. Failure to complete this reporting can trigger penalties. 28. Waiver. Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Participant or any other participant.

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## Exhibit 10.11

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1 DOLBY LABORATORIES, INC. EMPLOYEE STOCK PURCHASE PLAN SUBSCRIPTION AGREEMENT US Subscription Agreement – pages 2-3 Non-US Subscription Agreement – pages 4-26

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2 DOLBY LABORATORIES, INC. EMPLOYEE STOCK PURCHASE PLAN SUBSCRIPTION AGREEMENT FOR U.S. EMPLOYEES 1. By making an electronic election, I hereby elect to participate in the Dolby Laboratories, Inc. Employee Stock Purchase Plan (the "Employee Stock Purchase Plan") and subscribe to purchase shares of the Company's Common Stock in accordance with this Subscription Agreement and the Employee Stock Purchase Plan. (Capitalized terms used but not defined in this Subscription Agreement have the same meaning set forth in the Employee Stock Purchase Plan.) 2. I hereby authorize payroll deductions from each paycheck on each pay day in the amount I elect electronically of my Compensation (from 0% to 10%) during the Offering Period in accordance with the Employee Stock Purchase Plan. (Please note that no fractional percentages are permitted.) 3. I understand that said payroll deductions shall be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with the Employee Stock Purchase Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option. 4. I have received a copy of the complete Employee Stock Purchase Plan. I understand that my participation in the Employee Stock Purchase Plan is in all respects subject to the terms of the Employee Stock Purchase Plan. 5. Shares purchased for me under the Employee Stock Purchase Plan should be issued in my name. 6. I understand that if I dispose of any shares received by me pursuant to the Employee Stock Purchase Plan within 2 years after the Offering Date (the first day of the Offering Period during which I purchased such shares) or one year after the Exercise Date, I will be treated for federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of the fair market value of the shares at the time such shares were purchased by me over the price which I paid for the shares. I hereby agree to notify the Company in writing within 30 days after the date of any disposition of my shares of Common Stock and I will make adequate provision for Federal, state or other tax withholding obligations, if any, which arise upon the disposition of the shares of Common Stock. The Company may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable withholding obligation including any withholding necessary to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by me. If I dispose of such shares at any time after the expiration of the 2-year and 1-year holding periods, I understand that I will be treated for federal income tax purposes as having received income only at the time of such disposition, and that such income will be taxed as ordinary income only to the extent of an amount equal to the lesser of (1) the excess of the fair market value of the shares at the time of such disposition over the purchase price which I paid for the shares, or (2) 15% of the fair market value of the shares on the first day of the Offering Period. The remainder of the gain, if any, recognized on such disposition will be taxed as capital gain.

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3 7. I acknowledge that the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding my participation in the Employee Stock Purchase Plan or my acquisition or sale of the underlying shares of Common Stock. I understand that I am hereby advised to consult with my own personal tax, legal and financial advisors regarding my participation in the Employee Stock Purchase Plan before taking any action related to the Employee Stock Purchase Plan. 8. The provisions of this Subscription Agreement, the option grant and my participation in the Employee Stock Purchase Plan are governed by, and subject to, the laws of the State of Delaware (without giving effect to the conflict of law principles thereof). For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant or this Subscription Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed. 9. The Company may, in its sole discretion, decide to deliver any documents related to my current or future participation in the Employee Stock Purchase Plan by electronic means. I hereby consent to receive such documents by electronic delivery and agree to participate in the Employee Stock Purchase Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 10. The Company reserves the right to impose other requirements on my participation in the Employee Stock Purchase Plan, on the option and on any shares of Common Stock acquired under the Employee Stock Purchase Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Employee Stock Purchase Plan, and to require me to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 11. I hereby agree to be bound by the terms of the Employee Stock Purchase Plan. The effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the Employee Stock Purchase Plan. I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME. By my electronic election to participate in the Plan (which serves as my electronic signature of this Subscription Agreement), I agree that my participation in the Plan is governed by the terms and conditions of the Plan and this Subscription Agreement. I further understand that my participation in the Employee Stock Purchase Plan in any subsequent Offering Period will be governed by the terms and conditions of the Employee Stock Purchase Plan and the subscription agreement (including any appendix thereto) in effect at that time, subject to my right to withdraw from the Employee Stock Purchase Plan in accordance with the withdrawal procedures in effect at that time.

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4 DOLBY LABORATORIES, INC. EMPLOYEE STOCK PURCHASE PLAN SUBSCRIPTION AGREEMENT FOR NON-U.S. EMPLOYEES 1. By making an electronic election, I hereby elect to participate in the Dolby Laboratories, Inc. Employee Stock Purchase Plan (the "Plan") and subscribe to purchase shares of Dolby Laboratories, Inc. (the "Company") Common Stock in accordance with this Subscription Agreement, including Appendix A, and the Plan. (Capitalized terms used but not defined in this Subscription Agreement have the same meaning set forth in the Plan.) 2. I hereby authorize payroll deductions from each paycheck on each pay day in the amount I elect electronically of my Compensation (from 0% to 10%) during the Offering Period in accordance with the Plan. (Please note that no fractional percentages are permitted.) 3. I understand that said payroll deductions shall be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with the Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option. 4. I have received a copy of the complete Plan. I understand that my participation in the Plan is in all respects subject to the terms of the Plan and this Subscription Agreement. 5. Shares purchased for me under the Plan should be issued in my name. 6. Regardless of any action the Company or my employer (the "Employer") takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to my participation in the Plan and legally applicable to me, or deemed by the Company or the Employer to be an appropriate charge to me even if technically due by the Company or the Employer ("Tax-Related Items"), I acknowledge that the ultimate liability for all Tax-Related Items is and remains my responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. I further acknowledge that the Company and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of my participation in the Plan, including, but not limited to, the grant, assignment, release or cancellation of the option, the purchase of shares, the subsequent sale of shares of Common Stock acquired pursuant to such purchase and the receipt of any dividends; and (b) do not commit to structure the terms of the grant or any aspect of the option to reduce or eliminate my liability for Tax-Related Items or achieve a particular tax result. Further, if I have become subject to tax in more than one jurisdiction during an Offering Period, I acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

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5 In connection with any relevant tax withholding event, I shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, I authorize and direct the Company and/or the Employer or their respective agents, in their sole discretion and without any notice or authorization by me, to satisfy any applicable withholding obligations, if any, with regard to all Tax-Related Items by one or a combination of the following: (a) withholding from my wages or other cash compensation paid to me by the Company and/or the Employer; or (b) withholding from proceeds of the sale of the shares of Common Stock acquired under the Plan, either through a voluntary sale or through a mandatory sale arranged by the Company (on my behalf pursuant to this authorization). Depending upon the withholding method, the Company may withhold or account for Tax- Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates in my jurisdiction(s), including maximum applicable rates. If the Company and/or the Employer withhold more than the amount necessary to satisfy the liability for Tax-Related Items, I may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent shares of Common Stock or, if not refunded, I may be able to seek a refund from the applicable tax authorities. If the Company and/or the Employer withhold less than the amount necessary to satisfy the liability for Tax-Related Items, I may be required to pay additional Tax-Related Items directly to the applicable tax authorities or to the Company and/or the Employer. Finally, I shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of my participation in the Plan or my purchase of shares of Common Stock that cannot be satisfied by the means previously described. I acknowledge and agree that the Company may refuse to honor the exercise and refuse to deliver the shares of Common Stock or the proceeds from the sale of shares of Common Stock if I fail to comply with my obligations in connection with the Tax-Related Items as described in this section. I understand that I have no further rights with respect to any shares of Common Stock that are retained by the Company pursuant to this provision, and under no circumstances will the Company be required to issue any fractional shares of Common Stock. 7. For U.S. taxpayers only: I understand that if I dispose of any shares received by me pursuant to the Plan within 2 years after the Offering Date (the first day of the Offering Period during which I purchased such shares) or one year after the Exercise Date, I will be treated for U.S. Federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of the fair market value of the shares at the time such shares were purchased by me over the price which I paid for the shares. I hereby agree to notify the Company in writing within 30 days after the date of any disposition of my shares of Common Stock and I will make adequate provision for U.S. Federal, state or other tax withholding obligations, if any, which arise upon the disposition of the shares of Common Stock. If I dispose of such shares at any time after the expiration of the 2-year and 1- year holding periods, I understand that I will be treated for U.S. Federal income tax purposes as having received income only at the time of such disposition, and that such income will be taxed as ordinary income only to the extent of an amount equal to the lesser of (1) the excess of the fair market value of the shares at the time of such disposition over the purchase price which I paid for the shares, or (2) 15% of

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6 the fair market value of the shares on the first day of the Offering Period. The remainder of the gain, if any, recognized on such disposition will be taxed as capital gain. 8. By making an electronic election to participate in the Plan (which serves as my agreement to the terms of this Subscription Agreement) and by participating in the Plan, I understand, acknowledge and agree that: (a) I have received a copy of the Plan (including any applicable appendixes or sub- plans thereunder) and represent that I am familiar with the terms and provisions thereof, and hereby accept this Subscription Agreement subject to all of the terms and provisions thereof. I have reviewed the Plan (including any applicable appendixes or sub-plans thereunder), and this Subscription Agreement in their entirety, have had an opportunity to obtain the advice of counsel prior to executing this Subscription Agreement and fully understand all provisions of this Subscription Agreement. I agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Subscription Agreement; (b) the Company (and not the Employer) is granting the option; accordingly, any rights I have under this Subscription Agreement may be raised only against the Company but not any Subsidiary or Affiliate (including, but not limited to, the Employer). The Company may administer the Plan from outside my country of residence; (c) no Subsidiary or Affiliate (including, but not limited to, the Employer) has any obligation to make any payment of any kind under this Subscription Agreement; (d) the Plan is established voluntarily by the Company, it is wholly discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan; (e) the grant of options to purchase shares under the Plan is exceptional, voluntary and occasional and does not create any contractual or other right to receive future options, or benefits in lieu of options, even if options have been granted repeatedly in the past; (f) all decisions with respect to future options, if any, will be at the sole discretion of the Company; (g) my participation in the Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate my employment relationship at any time; (h) I am voluntarily participating in the Plan; (i) the option and the shares of Common Stock subject to the option, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of my employment contract, if any; (j) unless otherwise agreed with the Company, the option and the shares of Common Stock purchased under the Plan, and the income and value of same, are not granted as consideration for, or in connection with, the service I may provide as a director of a Subsidiary or Affiliate;

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7 (k) the option and the shares of Common Stock subject to the option, and the income and value of same, are not intended to replace any pension rights or compensation; (l) the option and the shares of Common Stock subject to the option and the income and value of same, are not a part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, holiday pay, long-service awards, leave-related pay, pension, retirement or welfare benefits or any other similar payments and in no event should be considered as compensation for or relating in any way to past services for the Company, the Employer, or any other Subsidiary or Affiliate; (m) the option grant and my participation in the Plan will not be interpreted to form an employment or service contract or relationship with the Company or any Subsidiary or Affiliate of the Company; (n) the future value of the underlying shares of Common Stock is unknown, indeterminable, and cannot be predicted with certainty; (o) if I exercise my option and obtain shares of Common Stock, the value of those shares of Common Stock acquired upon exercise may increase or decrease in value, even below the Purchase Price; (p) none of the Company, Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between my local currency and the United States Dollar that may affect the value of the options, proceeds transferred in relation to the options or the subsequent sale of any shares of Common Stock acquired under the Plan; (q) no claim or entitlement to compensation or damages shall arise from my inability to continue to participate in the Plan or recoupment of any shares of Common Stock acquired under the Plan resulting from termination of my employment by the Company or the Employer (for any reason whatsoever and whether or not in breach of local labor laws and whether or not later found to be invalid); (r) unless otherwise provided in the Plan or by the Company in its discretion, the options and the benefits under the Plan, if any, do not create any entitlement to have the options or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of Common Stock; and (s) in the event of termination of my employment (whether or not in breach of local labor laws and whether or not later found to be invalid), my right to participate in the Plan and exercise the option will terminate effective as of the date that I am no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of "garden leave" or similar period pursuant to local law); the Board or a Committee delegated such authority shall have the exclusive discretion to determine when I am no longer actively employed for purposes of my option grant. 9. I acknowledge that the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding my participation in the Plan or my acquisition or sale of the underlying shares of Common Stock. I understand that I should consult with my own personal tax, legal and financial advisors regarding my participation in the Plan before taking any action related to the Plan.

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8 10. I hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of my personal data as described in this Subscription Agreement and any other grant materials by and among, as applicable, the Employer, the Company and its Subsidiaries and Affiliates for the exclusive purpose of implementing, administering and managing my participation in the Plan. I understand that the Company and the Employer may hold certain personal information about me, including, but not limited to, my name, home address, email address and telephone number, e-mail address, date of birth, social insurance number, passport number or other identification number, salary, nationality, residency status, job title, any shares of Common Stock or directorships held in the Company or any Subsidiary or Affiliate, details of all options or any other entitlement to shares of Common Stock awarded, canceled, exercised, vested, unvested or outstanding in my favor ("Data"), for the purpose of implementing, administering and managing the Plan. I understand that Data may be transferred to Morgan Stanley Smith Barney LLC and its affiliated company, E\*TRADE Financial Corporate Services, Inc. (collectively, "E\*TRADE"), or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. I understand that Data recipients may be located in the United States or elsewhere and that the recipients' country (e.g., the United States) may have different data privacy laws and protections than my country. I understand that I may request a list with the names and addresses of any potential recipients of the Data by contacting my local human resources representative. I authorize the Company, E\*TRADE, and any other possible recipients which may assist the Company (presently or in the future) in implementing, administering and managing the Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing my participation in the Plan, including any transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of Common Stock on my behalf, to a broker or to third party with whom the shares of Common Stock acquired on exercise may be deposited. I understand that Data will be held only as long as is necessary to implement, administer and manage my participation in the Plan. I understand that I may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing my local human resources representative, or if there is no local human resources representative, the human resources department of the Company. Further, I understand that I am providing the consents herein on a purely voluntary basis. If I do not consent, or if I later seek to revoke my consent, my employment status or service with the Employer will not be affected; the only consequence of refusing or withdrawing my consent is that the Company would not be able to grant me options or other equity awards or administer or maintain such awards. Therefore, I understand that refusing or withdrawing my consent may affect my ability to participate in the Plan. For more information on the consequences of my refusal to consent or withdrawal of consent, I understand that I may contact my local human resources representative, or if there is no local human resources representative, the human resources department of the Company.

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9 11. The provisions of this Subscription Agreement, the option grant and my participation in the Plan are governed by, and subject to, the laws of the State of Delaware (without giving effect to the conflict of law principles thereof). For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant or this Subscription Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed. 12. I have received this Subscription Agreement and any other related communications in English, and I consent to having received these documents in English. I acknowledge that I am sufficiently proficient in English to understand the terms and conditions of this Subscription Agreement or, alternatively, that I will seek appropriate assistance. Furthermore, if I have received this Subscription Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable laws. 13. The Company may, in its sole discretion, decide to deliver any documents related to my current or future participation in the Plan by electronic means. I hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 14. Notwithstanding any provisions in this Subscription Agreement, my participation in the Plan shall be subject to any terms and conditions set forth in Appendix A to this Subscription Agreement for my country. Moreover, if I relocate to one of the countries included in Appendix A, the terms and conditions for such country will apply to my participation in the Plan, to the extent the Company determines that the application of such terms and conditions is necessary or advisable in order to comply with local law or facilitate the administration of the Plan. Appendix A constitutes part of this Subscription Agreement. 15. The Company, at its option, may elect to terminate, suspend or modify the terms of the Plan at any time, to the extent permitted by the Plan. I agree to be bound by such termination, suspension or modification regardless of whether notice is given to me of such event, subject in any case to my right to timely withdraw from the Plan in accordance with the Plan withdrawal procedures then in effect. In addition, the Company reserves the right to impose other requirements on my participation in the Plan, on any shares of Common Stock purchased under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require me to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 16. I acknowledge that I may be subject to insider trading restrictions and/or market abuse laws which may affect my ability to, directly or indirectly, accept, acquire, sell, attempt to sell or otherwise dispose of shares of Common Stock or rights to shares of Common Stock or rights linked to the value of the shares of Common Stock during such times as I am considered to have "inside information" regarding the Company as defined by the laws or regulations in the applicable jurisdiction or in my country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders placed before I possessed insider information. Furthermore, I could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Third parties include fellow

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10 employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. I acknowledge that it is my responsibility to comply with any such restrictions, and I should speak to my personal advisor on this matter. 17. I acknowledge that there may be exchange control, tax, foreign asset and/or account reporting requirements which may affect my ability to acquire or hold shares of Common Stock acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on shares of Common Stock acquired under the Plan) in a brokerage, bank account or legal entity outside my country. I may be required to report such accounts, assets or transactions to the tax or other authorities in my country. I also may be required to repatriate sale proceeds or other funds received as a result of my participation in the Plan to my country through a designated bank or broker within a certain time after receipt. I acknowledge that it is my responsibility to be compliant with such regulations, and I should consult my personal legal advisor for any details. 18. The provisions of this Subscription Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 19. I hereby agree to be bound by the terms of the Plan. I understand that the Company, at its option, may elect to terminate, suspend or modify the terms of the Plan at any time. I agree to be bound by such termination, suspension or modification regardless of whether notice is given to me of such event, subject in any case to my right to timely withdraw from the Plan in accordance with the withdrawal procedures then in effect. In the event of any inconsistency between this Subscription Agreement and the Plan, the Plan will control. 20. I acknowledge that a waiver by the Company of breach of any provision of this Subscription Agreement shall not operate or be construed as a waiver of any other provision of this Subscription Agreement, or of any subsequent breach by me or any other participant. 21. The effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the Plan. I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME. By my electronic election to participate in the Plan (which serves as my electronic signature of this Subscription Agreement), I agree that my participation in the Plan is governed by the terms and conditions of the Plan and this Subscription Agreement. I further understand that my participation in the Employee Stock Purchase Plan in any subsequent Offering Period will be governed by the terms and conditions of the Employee Stock Purchase Plan and the subscription agreement (including any appendix thereto) in effect at that time, subject to my right to withdraw from the Employee Stock Purchase Plan in accordance with the withdrawal procedures in effect at that time.

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11 DOLBY LABORATORIES, INC. EMPLOYEE STOCK PURCHASE PLAN SUBSCRIPTION AGREEMENT FOR NON-U.S. EMPLOYEES APPENDIX A Terms and Conditions for Participants Outside the U.S. This Appendix includes additional country-specific terms and conditions that apply to participants resident in countries listed below. This Appendix is part of the Subscription Agreement and contains terms and conditions material to participation in the Plan. Unless otherwise provided below, capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Subscription Agreement. The information is based on the securities, exchange control, income tax and other laws in effect in the respective countries as of October 2025. Such laws are often complex and change frequently. As a result, the Company strongly recommends that you not rely on the information in this Appendix as the only source of information relating to the consequences of the your participation in the Plan because the information may be out of date at the time of the Exercise Date or when you sell shares of Common Stock acquired upon exercise of the option. In addition, the information contained herein is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of a particular result. Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation. Finally, if you are a citizen or resident of a country other than the one in which you are currently working or you transfer employment or residency after the Offering Date, or if you are considered a resident of another country for local law purposes, then the provisions contained herein may not be applicable to you. The Company shall, in its sole discretion, determine to what extent the terms and conditions included herein will apply under these circumstances. Countries Within the European Economic Area and the United Kingdom Data Privacy: The Dolby Employee Privacy Notice supersedes and replaces Section 10 of the Subscription Agreement for Non-U.S. Employees. The Dolby Employee Privacy Notice for each respective country in the European Union and European Economic Area can be found at [REDACTED]. AUSTRALIA ESS Offer Document The Company is pleased to provide you with this offer to participate in the Plan. This ESS Offer Document sets out information regarding the options granted under the Plan for Australian resident

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12 participants of the Company and its Australian affiliates. This is an offer made by the Company under the Plan to eligible employees in Australia during the enrollment period to purchase shares of Common Stock through the payment of contributions during the Offering Period subject to the terms and conditions described in the Plan. The terms of the offer incorporate the rules of the Subscription Agreement, including Appendix A (collectively, the "Agreement"). This offer is being made under Division 1A of Part 7.12 of the Corporations Act 2001 (Cth). Additional Documents. In addition to the information set out in the Subscription Agreement, you are also being provided with copies of the following documents: • the Plan; • Plan Prospectus describing the terms of the Plan ("Plan Prospectus"); and • the Employee Information Tax Supplement for ESPP for Australia (collectively, the Additional Documents") The Additional Documents provide further information to help you make an informed investment decision about participating in the Plan. Neither the Plan nor the Plan Prospectus is a prospectus for the purposes of the Corporations Act. You should not rely upon any oral statements made in relation to this offer. You should rely only upon the statements contained in the Subscription Agreement and the Additional Documents when considering participation in the Plan. General Information Only. The information herein is general information only. It is not advice or information that takes into account your objectives, financial situation and needs. You should consider obtaining your own financial product advice from a person who is licensed by ASIC to give such advice. Eligibility and Enrollment. The Plan provides for the purchase of shares of Common Stock by eligible employees of the Company or its Subsidiaries or Affiliates. You are eligible to participate in the Plan if you have received this ESS Offer Document and you are an Australian resident who meets the criteria established by the Plan. An option granted pursuant to the Plan allows you to purchase shares of Common Stock, at the end of the Offering Period, for a purchase price as described below. The funds used to acquire the shares of Common Stock are obtained through after-tax contributions made from your compensation. Your completion and / or submission of the Subscription Agreement allows the Company to deduct that percentage of your compensation that you have elected, and to be credited to your account for the purchase of shares of Common Stock pursuant to the Plan offering. Subject to the provisions of the Plan, you may elect to have up to 10% of your compensation deducted. Purchase of Shares of Common Stock. Your contributions will be held "in trust" on your behalf in an account held by the Company with an Australian authorized deposit-taking institution (an "Australian ADI"), pending the purchase of shares of Common Stock. Your account under the Plan will be used solely for depositing contributions made by you and other Australian participants and not for any other

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13 purpose. No interest is payable on the contributions held in your account under the Plan. On the last day of each Offering Period, the amount credited to your account during the applicable Offering Period will be applied to purchase as many whole shares of Common Stock as possible, subject to any limitations set out in the Plan. Purchase Price. The shares of Common Stock will be purchased for you as defined in the Plan. The Purchase Price is denominated in U.S. dollars and must be paid in U.S. dollars. The Australian dollar equivalent of the Purchase Price will change with fluctuations in the USD/AUD exchange rate. The Australian dollar amount required to purchase a share of Common Stock will be that amount which, when converted into U.S. dollars on the Exercise Date, equals the Purchase Price. On each Exercise Date, your accumulated contributions made during the Offering Period will be applied to the purchase of whole shares of Common Stock. The number of shares of Common Stock purchased will be determined by dividing the U.S. dollar equivalent of your contributions by the Purchase Price. No fractional shares of Common Stock will be issued upon purchase. Withdrawal. You may elect to discontinue your participation in the Plan pursuant to a method specified by the Company. Such withdrawal may be elected at any time on or before the Exercise Date by giving electronic notice to the Company. Upon withdrawal from the Plan, any accumulated payroll deductions shall be returned to you, without interest, and your interest in the Plan shall terminate. Risk Factors for Australian Residents. Investment in shares of Common Stock involves a degree of risk. You should monitor you participation in the Plan and consider all risk factors relevant to the vesting or issuance of shares of Common Stock under the Plan as set forth below and in the Additional Documents. You should have regard to risk factors relevant to investment in securities generally and, in particular, to holding shares of Common Stock. For example, the value at which an individual share of Common Stock is quoted on the New York Stock Exchange ("NYSE") may increase or decrease due to a number of factors. There is no guarantee that the value of a share of Common Stock will increase. Factors that may affect the value of an individual shares of Common Stock include fluctuations in the domestic and international market for listed stocks, general economic conditions, including interest rates, inflation rates, commodity and oil prices, changes to government fiscal, monetary or regulatory policies, legislation or regulation, the nature of the markets in which the Company operates and general operational and business risks. More information about potential factors that could affect the Company's business and financial results will be included in the Company's most recent Annual Report on Form 10-K and the Company's Quarterly Report on Form 10-Q. Copies of these reports are available at http://www.sec.gov/, on the Company's "Investor Relations" page at https://investor.dolby.com/ir-home/default.aspx, and upon request to the Company. In addition, you should be aware that the Australian dollar ("AUD") value of any shares of Common Stock acquired under the Plan will be affected by the USD/AUD exchange rate. Participation in the Plan involves certain risks related to fluctuations in this rate of exchange.

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14 Common Stock in a U.S. Corporation. Common stock of a U.S. corporation is analogous to ordinary shares of an Australian corporation. Each holder of a share of Common Stock is entitled to one vote. Further, shares of Common Stock are not liable to any further calls for payment of capital or for other assessment by the Company and have no sinking fund provisions, pre-emptive rights, conversion rights or redemption provisions. Ascertaining the Market Value of shares of Common Stock. You may ascertain the current market value of an individual share of Common Stock as traded on the NYSE under the symbol "DLB" at: https://www.nyse.com/quote/dlb. The AUD equivalent of that value can be obtained at: https://www.rba.gov.au/statistics/frequency/exchange-rates.html. Please note this will not be a prediction of the market value of an individual share of Common Stock when such shares of Common Stock are issued under the Plan or of the applicable exchange rate on the vesting date or the date the shares of Common Stock are issued. Australian Tax Consequences. Please see the Additional Documents entitled "Employee Information Tax Supplement for ESPP for Australia" for information regarding the Australian tax treatment of your award. Australian residents also should seek advice as to the Australian tax consequences of participation from their personal tax advisors. U.S. Tax Consequences. Australian resident eligible employees who are not U.S. citizens or tax residents will not be subject to U.S. tax by reason only of the grant of options, the purchase of shares of Common Stock and/or the sale of shares of Common Stock except with respect to any dividends paid by the Company as described above. However, liability to U.S. taxes may accrue if an Australian resident is otherwise subject to U.S. taxes. The above is an indication only of the likely U.S. tax consequences for Australian resident eligible employees who participate in the Plan. Plan participants should seek their own advice as to the U.S. tax consequences of participation. Statutory Terms and Conditions. This offer is being made under Division 1A of Part 7.12 of the Act. To comply with that Division, the following terms are included: A. Application period A new Offering Period under the Plan begins in each November and May each year. Enrollment Periods for such Offering Periods begin in October and April, respectively (the "Application Period"). You may accept this offer at any time during an Application Period. B. Acquisition of shares Since you may access this ESS Offer Document starting from the first day of each Application Period and each Application Period begins more than 14 days prior to the Enrollment Date for the relevant Offering Period, you cannot acquire any options or any shares of Common Stock until at least 14 days after receiving this ESS Offer Document.

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15 C. ESS contribution plan terms The Plan is an ESS contribution plan for the purposes of Division 1A of Part 7.12 of the Act. Accordingly, the following terms are included: (a) The Plan allows the Australian participants to elect to have regular deductions made from your wages or salary for the purpose of acquiring purchase rights and shares of Common Stock of the Company. (b) Before the Australian participants acquire any purchase rights or shares of Common Stock under this offer, any such deductions will be held on trust in an account with an Australian ADI that is kept solely for that purpose. (c) The Australian participants may to elect to discontinue the deductions at any time. (d) If the Australian participants do so elect: (i) any deductions from his or her wages or salary will cease, and any deductions made after the election will be repaid to the Australian participants, within 45 days of the election; and (ii) the amount of the deductions or payments standing, at the time when the Australian participants' election is made, to the credit of the account for the Australian participant, will be repaid to the Australian participants within 45 days of the election. (e) The Australian participants must agree in writing to the terms of the Plan before participating in the Plan. D. Terms relating to disclosure This offer is also subject to the following terms relating to disclosure: (a) this ESS Offer Document and the terms of the offer: (i) must not include a misleading or deceptive statement; and (ii) must not omit any information that would result in this document or terms of the offer being misleading or deceptive; (b) the Company must provide the Australian participants with an updated ESS offer document as soon as practicable after becoming aware that the document that was provided has become out of date, or is otherwise not correct, in a material respect; (c) each person mentioned in items 2, 3 and 4 of the table below must notify, in writing, the Company as soon as practicable if, during the Application Period, the person becomes aware that: (i) a material statement in the documents mentioned in paragraph (a) is misleading or deceptive; or (ii) information was omitted from any of those documents that has resulted in one or more of those documents being misleading or deceptive; or (iii) a new circumstance has arisen during the Application Period which means

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16 the ESS Offer Document is out of date, or otherwise not correct, in a material respect; and (d) if the Australian Participants suffer loss or damage because of a contravention of a term of the offer covered by paragraph (a), (b) or (c) above, the Australian Participants can recover the amount of loss or damage in accordance with the table below. For the purposes of paragraph (d) above, an ESS Australian participant must be able to recover loss or damage in accordance with the following table: Item The Australian participants may recover loss or damage suffered as a result of a contravention of from these people... 1 a term of the offer covered by any of the following paragraphs: • paragraph (a) (misleading or deceptive statements and omissions); • paragraph (b) (out of date ESS Offer Document) the Company 2 a term of the offer covered by any of the following paragraphs: • paragraph (a) (misleading or deceptive statements and omissions); • paragraph (b) (out of date ESS Offer Document) each director of the Company 3 a term of the offer covered by any of the following paragraphs: • paragraph (a) (misleading or deceptive statements and omissions); • paragraph (b) (out of date ESS Offer Document) a person named, with their consent, in an ESS Offer Document or the terms of the offer as a proposed director of the Company 4 a term of the offer covered by paragraph (a) (misleading or deceptive statements and omissions) a person named, with their consent, in the ESS Offer Document or the terms of the offer as having made: • the misleading or deceptive statement;

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17 or • a statement on which the misleading or deceptive statement is based 5 a term of the offer covered by paragraph (c) (failure to notify the Company of misleading or deceptive statement and omissions or new circumstances) the person mentioned in item 2, 3 or 4 of this table who failed to notify the Company in accordance with the term covered by paragraph (c) E. Exclusions from liability A person mentioned in the table in Section D above is not liable for any loss or damage suffered by the Australian participants because of a contravention of a term of the offer covered by paragraph (a) or (b) of section D above if: (a) the person: (i) made all inquiries (if any) that were reasonable in the circumstances; and (ii) after doing so, believed on reasonable grounds that the statement was not misleading or deceptive; or (b) the person did not know that the statement was misleading or deceptive; or (c) the person placed reasonable reliance on information given to the person by: (i) if the person is a body corporate or a responsible entity of a registered scheme - someone other than a director, employee or agent of the body corporate or responsible entity; or (ii) if the person is an individual—someone other than an employee or agent of the individual; or (d) for a person mentioned in column 2 of item 3 or 4 of the table in section D above - the person proves that they publicly withdrew their consent to being named in the document in that way; or (e) the contravention arose because of a new circumstance that has arisen since the ESS Offer Document was prepared and the person proves that they were not aware of the matter. \* \* \* \* We urge you to carefully review the information contained in this ESS Offer Document and the Additional Documents.

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18 Securities Law Notice If I acquire shares of Common Stock under the Plan and offer such shares of Common Stock for sale to a person or entity resident in Australia, I understand the offer may be subject to disclosure requirements under Australian law. I understand that I should obtain legal advice on my disclosure obligations prior to making any such offer. Tax Notice The Plan is a plan to which subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to conditions in the Act). Exchange Control Notice Exchange control reporting is required for cash transactions exceeding AUD 10,000 and for international fund transfers. I understand that if an Australian bank is assisting with the transaction, the bank will file the report on my behalf. I understand that if there is no Australian bank involved in the transfer, I will have to file the exchange control report myself. BELGIUM Foreign Asset/Account Reporting Information. Belgian residents are required to report any shares of Common Stock acquired under the Plan or bank account established outside of Belgium on their personal annual tax return. In a separate report, Belgian residents also are required to provide a central contact point of the National Bank of Belgium with the account number of those foreign bank accounts, the name of the bank with which the accounts were opened and the country in which they were opened in a separate report. This report, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under the Kredietcentrales / Centrales des credits caption. Stock Exchange Tax Information. A stock exchange tax applies to transactions executed by Belgian residents through a non-Belgian financial intermediary, such as a U.S. broker. The stock exchange tax will apply when shares of Common Stock acquired pursuant to the Plan are sold. Annual Securities Account Tax. An annual securities accounts tax may be payable if the total average value of securities held in a Belgian or foreign securities account (e.g., shares of Common Stock acquired under the Plan) exceeds a certain threshold on four reference dates within the relevant reporting period (i.e., December 31, March 31, June 30 and September 30). In such case, the tax will be due on the value of the qualifying securities held in such account. BRAZIL

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19 Authorization for Plan Participation I hereby authorize the Employer to make payroll deductions from each of my paychecks in the percentage (up to 10%) of my total Compensation that I have specified during the enrollment process and I authorize the Employer or any other Subsidiary or Affiliate to remit such accumulated payroll deductions, on my behalf, to the United States of America to purchase shares of Common Stock under the terms of the Plan. Notwithstanding the foregoing, I understand that due to local legal considerations my payroll deductions cannot exceed 70% of my monthly salary. Upon request of the Company or the Employer, I agree to execute a letter of authorization and any other agreements or consents that may be required to enable the Employer, or any other Subsidiary or Affiliate or any third party designated by the Employer or the Company, to remit my accumulated payroll deductions from Brazil for the purchase of shares of Common Stock. I understand and agree that my ability to participate in the Plan is contingent on my execution of any such consent or agreement. Compliance with Law I agree to comply with all applicable Brazilian laws and pay any and all applicable Tax-Related Items associated with the exercise of my option under the Plan and the sale of the shares of Common Stock obtained pursuant to the exercise of the option. Labor Law Acknowledgement By electing to participate in the Plan, I acknowledge that (i) I am making an investment decision, (ii) I will only be entitled to purchase shares of Common Stock if certain conditions are met, and (iii) the value of the underlying shares of Common Stock is not fixed and may increase or decrease without compensation to me. Exchange Control Notice Individuals who are resident or domiciled in Brazil are generally required to submit an annual declaration of assets and rights held outside Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights is greater than US$1,000,000. If such amount is equal to or greater than US$100,000,000, the referenced declaration must be submitted quarterly, in the month following the end of each quarter. Assets and rights to be included in this annual declaration include shares of Common Stock acquired under the Plan.

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20 Tax on Financial Transaction (IOF) Payments to foreign countries and repatriation of funds into Brazil (including payment of the purchase price and proceeds from the sale) and the conversion of USD into BRL associated with such fund transfers may be subject to the Tax on Financial Transactions. Brazilian residents must comply with any applicable Tax on Financial Transactions arising from the participation in the Plan. Brazilian residents should consult with their personal tax advisor for additional details. CANADA Sale of Shares I acknowledge that I am permitted to sell the shares of Common Stock purchased under the Plan through E\*TRADE or other designated brokers appointed by the Company, provided the resale of the shares takes place outside of Canada through facilities of a stock exchange on which the shares are listed. Acknowledgments. The following provision replaces Section 8(c) of the Subscription Agreement for Non-U.S. Employees: (c) except as explicitly and minimally required under applicable legislation, no Subsidiary or Affiliate (including, but not limited to, the Employer) has any obligation to make any payment of any kind under this Subscription Agreement; The following provision replaces Section 8(i) of the Subscription Agreement for Non-U.S. Employees: (i) except as explicitly and minimally required under applicable legislation, the option and the shares of Common Stock subject to the option, and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of my employment contract, if any; The following provision replaces Section 8(q) of the Subscription Agreement for Non-U.S. Employees: (q) except as explicitly and minimally required under applicable legislation, no claim or entitlement to compensation or damages shall arise from my inability to continue to participate in the Plan or recoupment of any shares of Common Stock acquired under the Plan resulting from termination of my employment by the Company or the Employer (for any reason whatsoever and whether or not in breach of local labor laws and whether or not later found to be invalid); Effect of Termination of Employment This provision replaces in its entirety Section 8(s) of the Subscription Agreement for Non-U.S. Employees: (s) For purposes of the option, except as explicitly and minimally required under applicable legislation: (i) my period of service for purposes of the option and my status as an eligible employee will

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21 cease; and (ii) my right, if any, to purchase and shares of Common Stock under the Plan, seek damages in lieu, or otherwise benefit from or participate in the Plan will be measured by and immediately terminate, as of the date I cease to provide services to the Company or a Subsidiary or Affiliate, regardless of the reason for termination and whether or not later to be found invalid or in breach of applicable laws in the jurisdiction where I am employed or providing services or the terms of my employment or service agreement, if any (the "Termination Date"). Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under statute, contract, common/civil law or otherwise. I shall not earn or be entitled to any pro-rata purchase of shares of Common Stock or other participation for that portion of time before the Termination Date, nor shall I be entitled to any compensation for the lost ability to purchase shares of Common Stock or other participation. If, notwithstanding the foregoing, applicable employment legislation explicitly requires continued entitlement to a continued right to purchase shares of Common Stock or other participation during a statutory notice period, my right to purchase shares of Common Stock or otherwise participate in or benefit from the Plan, if any, shall terminate effective as of the last date of the minimum statutory notice period. For clarity, I shall not earn or be entitled to pro-rata purchase of shares of Common Stock or other participation if the purchase date falls after the end of my statutory notice period, nor shall I be entitled to any compensation for the lost ability to purchase shares of Common Stock. Any reference to termination as an eligible employee or cessation or termination of employment or service in this Subscription Agreement or the Plan shall be interpreted to mean the Termination Date as defined above. Subject to applicable legislation, the Administrator shall have the exclusive discretion to determine when I am no longer actively employed or providing services for purposes of the option (including whether I may still be considered actively providing services while on an approved leave of absence). French Language Documents for Quebec Employees. A French translation of the Subscription Agreement and the Plan will be made available to me as soon as reasonably practicable. Notwithstanding anything to the contrary in the Subscription Agreement, and unless I indicate otherwise, the French translation of the Subscription Agreement and the Plan will govern my participation in the Plan. Une traduction française du Contrat de Souscription et du Plan sera mise à ma disposition dès que raisonnablement possible. Nonobstant toute disposition contraire du Contrat de Souscription, et sauf indication contraire de ma part, la traduction française du Contrat de Souscription et du Plan régira la participation du Participant au Plan. Authorization to Release and Transfer Necessary Personal Information for Quebec Employees The following provision supplements Section 10 of the Subscription Agreement for Non-U.S. Employees:

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22 I hereby authorize the Company and the Company's representatives, including the broker(s) designated by the Company to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. I further authorize the Company, any Subsidiary or Affiliate and the Administrator of the Plan to disclose and discuss the Plan with their advisors. I further authorize the Company and any Subsidiary or Affiliate to record such information and to keep such information in my employee file. I acknowledge and agree that my personal information, including any sensitive personal information, may be transferred or disclosed outside the province of Quebec, including to the U.S. If applicable, I also acknowledge and authorize the Company, any Subsidiary or Affiliate, the Administrator of the Plan and any third party brokers/administrators that are assisting the Company with the operation and administration of the Plan to use technology for profiling purposes and to make automated decisions that may have an impact on me or the administration of the Plan. Foreign Asset/Account Reporting Notice Canadian residents may be required to report foreign property on Form T1135 (Foreign Income Verification Statement) if the total cost of the foreign property exceeds C$100,000 at any time in the year. Foreign property includes shares of Common Stock acquired under the Plan and may include the option, and their cost generally is the adjusted cost base ("ACB") of the Shares. The ACB ordinarily would equal the fair market value of the shares of Common Stock at the time of acquisition, but if the Canadian resident owns other shares of the Company, this ACB may have to be leveraged with the ACB of the other shares. The Form T1135 generally must be filed by April 30 of the following year. Canadian residents should consult with a personal advisor to ensure compliance with the applicable reporting requirements. CHINA Receipt and Sale of Shares Due to local regulatory requirements, I agree that the Company may force the sale of any shares of Common Stock purchased under the Plan. The sale may occur (i) immediately upon purchase, (ii) following my termination of employment, or (iii) or within any other time frame as the Company determines to be necessary or advisable for legal or administrative reasons. I agree that I must maintain any shares of Common Stock acquired under the Plan in an account maintained by E\*TRADE or such other stock plan service provider as may be selected by the Company. I further agree that the Company is authorized to instruct E\*TRADE or such other stock plan service provider as may be selected by the Company in the future to assist with the mandatory sale of such shares of Common Stock (on my behalf pursuant to this authorization) and I expressly authorize E\*TRADE or such other stock plan service provider as may be selected by the Company in the future to complete the sale of such shares of Common Stock. I acknowledge that E\*TRADE or such other stock plan service provider as may be selected by the Company in the future is under no obligation to arrange for the sale of the shares of Common Stock at any particular price. Upon the sale of the shares of Common Stock, the Company agrees to pay me the cash proceeds from the sale of the shares of Common Stock, less any brokerage fees or commissions and subject to any obligation to satisfy Tax-Related Items. Exchange Control Requirements

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23 I understand and agree that my participation in the Plan is subject to the Company or the Employer obtaining any required approval from the China State Administration of Foreign Exchange ("SAFE"), as determined by the Company in its sole and absolute discretion. If the Company or the Employer is unable to obtain such approval, I may not be entitled to receive any benefit in connection with the Plan and any payroll deductions collected in connection with the Plan will be refunded to me as soon as administratively possible, without any liability to the Company, the Employer or any other Subsidiary or Affiliate. I understand and agree that, to facilitate compliance with local exchange control requirements, I will be required to repatriate the cash proceeds from the sale of the shares of Common Stock acquired under the Plan as well as any cash dividends paid on such shares of Common Stock to China. I further understand that, under local law, such repatriation of my cash proceeds may need to be effectuated through a special exchange control account established by the Company, Employer or any other Subsidiary or Affiliate, and I hereby consent and agree that any cash proceeds received in connection with my participation in the Plan as well as any cash dividends paid on shares of Common Stock may be transferred to such special account prior to being delivered to me. If the proceeds from the sale of shares of Common Stock or cash dividends are converted to local currency, I acknowledge that the Company is under no obligation to secure any exchange conversion rate, and the Company may face delays in converting the proceeds to local currency due to exchange control restrictions in China. I agree to bear the risk of any exchange conversion rate fluctuation. I further agree to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China. Exchange Control Notification Chinese residents are required to report to the SAFE all details of his or her foreign financial assets and liabilities, as well as details of any economic transactions conducted with non-Chinese residents, either directly or through financial institutions. FRANCE French Translation The following is a French translation of Sections 2 and 3 of the Subscription Agreement for Non-U.S. Employees: 2. Par les présentes, j'autorise une déduction du montant de mon salaire à l'occasion du versement de chaque salaire pour une fraction du montant de ma Compensation que je déterminerai par voie électronique (de 0 à 10 %) pendant la Période d'Offre conformément au Plan. (NB: les pourcentages comportant des virgules ne sont pas autorisés.) 3. Je reconnais que lesdites déductions de salaire seront cumulées aux fins d'achat des Actions Ordinaires au Prix d'Achat spécifié aux termes du Plan. Je reconnais que si je ne retire pas ma participation au cours d'une Période d'Offre, toutes les déductions de salaires accumulées seront utilisées pour exercer automatiquement mon option.

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24 Consent to Receive Information in English By accepting this document providing for the terms and conditions of my option grant, I confirm having read and understood the documents relating to this grant (the Plan and this Subscription Agreement) which were provided in the English language. I accept the terms of those documents accordingly. En acceptant ce document décrivant les termes et conditions de mon attribution d'options, je confirme ainsi avoir lu et compris les documents relatifs à cette attribution (le Plan et cet Accord de Souscription) qui ont été communiqués en langue anglaise. J'accepte les termes de ces documents en connaissance de cause. Foreign Asset/Account Reporting Notice French residents must report annually any shares and bank accounts held outside France, including the accounts that were opened, used and/or closed during the tax year, to the French tax authorities, on an annual basis on a special Form N° 3916, together with my personal income tax return. Failure to report triggers a significant penalty. Exchange Control Information The value of any cash or securities imported to or exported from France without the use of a financial institution must be reported to the customs and excise authorities when the value of such cash or securities is equal to or greater than a certain amount (currently €10,000). GERMANY Exchange Control Notice Cross-border payments (including proceeds realized upon the sale of shares of Common Stock or from the receipt of any dividends paid on such shares of Common Stock) and certain other transactions with a value in excess of €50,000 must be reported to the German Federal Bank (Bundesbank). In addition, I may be required to report (i) the acquisition of shares of Common Stock, and (ii) the withholding or the sale of shares of Common Stock to cover withholding obligations or rights for Tax-Related Items, in either case if the value of the shares of Common Stock exceeds €50,000. The report must be filed either electronically using the "General Statistics Reporting Portal" ("Allgemeines Meldeportal Statistik") available via the Bundesbank's website (www.bundesbank.de) or via such other method (e.g., by email or telephone) as is permitted or required by the Bundesbank. The report must be submitted monthly or within such timing as is permitted or required by the Bundesbank. I should consult with my personal tax advisor for details regarding this requirement. Foreign Asset/Account Reporting Information German residents holding shares of Common Stock must notify their local tax office if the acquisition of shares of Common Stock under the Plan leads to a so-called qualified participation at any point during the calendar year. A qualified participation is attained only in the unlikely event (i) the resident owns at least

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25 1% of the Company and the value of the shares of Common Stock acquired exceeds €150,000, or (ii) the resident holds shares of Common Stock exceeding 10% of the total capital of the Company. HONG KONG Method of Contribution I understand and acknowledge that due to legal restrictions in Hong Kong, I will not be permitted to contribute a percentage of my Compensation towards the purchase of shares of Common Stock during the Offering Period by payroll deductions. Instead, I understand that any contribution I make for the purchase of shares under the Plan must be made to the Company by personal cheque or bank debit. I acknowledge that such contributions must be completed by me prior to the Exercise Date. Should my payment be in the form of a personal cheque, I understand that the cheque must be cleared and the funds placed in the Company's account prior to the Exercise Date in order to exercise the option on the Exercise Date. I understand that if legal restrictions change, the Company reserves the right to allow payroll deductions for contributions towards the purchase of shares under the Plan. Sale Restriction Any shares of Common Stock acquired at purchase are accepted as a personal investment. In the event that the shares of Common Stock are acquired by me (or my heirs) within six months of the date of grant, I (or my heirs) agree that the shares of Common Stock will not be offered to the public or otherwise disposed of prior to the six-month anniversary of the date of grant. Securities Law Notice WARNING: None of the documents related to the Plan have been reviewed by any regulatory authority in Hong Kong. If I am in any doubt about any of the contents of the Subscription Agreement, including this Appendix A, the Plan, or any other communication materials, I should obtain independent professional advice. I understand that the grant of the option to purchase shares of Common Stock and the issuance of Common Stock upon exercise of my option do not constitute a public offer of securities under Hong Kong law and are available only to employees. The Subscription Agreement, the Plan, this Appendix and other incidental communication materials that I may receive have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under applicable securities laws in Hong Kong. The option and any documentation related thereto are intended solely for my personal use and may not be distributed to any other person. INDIA Tax Collection at Source I understand that Tax Collection At Source ("TCS") may apply to funds remitted out of India if the funds exceed a certain amount (currently INR 1,000,000). Therefore, my annual remittances out of India, including my contributions to purchase shares of Common Stock under the Plan, may be subject to TCS. Depending on the procedures established by the Employer and the bank remitting funds out of India, I

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26 understand that the Employer or the bank may collect any applicable TCS from my contributions, remit the applicable TCS to the tax authorities and remit the remaining contributions to the Company, which may impact the number of shares of Common Stock that I will be able to purchase with my contributions under the Plan. Alternatively, if any applicable TCS is not deducted from my contributions, I understand and agree that the company or the Employer may deduct any applicable TCS via any withholding method set forth in Section 6 of the Subscription Agreement for Non-U.S. Employees. I understand that I may be required to provide a declaration to my Employer or the bank remitting the funds regarding whether the TCS threshold has been reached based on all remittances out of India, including contributions to the Plan, and I agree to provide such declaration upon request. I understand that if I fail to provide such declaration upon request, the TCS may be applied on all of my contributions under the Plan. Exchange Control Notice I understand that I am required to repatriate any cash dividends paid on shares of Common Stock acquired under the Plan and any proceeds from the sale of such shares to India within a certain period of time after receipt of the proceeds. I understand that I will receive a foreign inward remittance certificate ("FIRC") from the bank where I deposit the foreign currency and that I should maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation. I may be required to provide information regarding funds received from participation in the Plan to the Company and/or the Employer to enable them to comply with their filing requirements under exchange control laws in India. Further, I understand and agree that, due to these repatriation requirements, I am not eligible to participate in any automatic dividend reinvestment program. I acknowledge that it is my responsibility to comply with applicable exchange control laws in India, and neither the Company nor the Employer will be liable for any fines or penalties resulting from Participant's failure to comply with applicable laws. Foreign Asset/Account Reporting Notice Indian residents are required to declare the following items in their annual tax return: (i) any foreign assets held by them (including shares of Common Stock acquired under the Plan), and (ii) any foreign bank accounts for which they have signing authority. I understand and agree that it is my responsibility to comply with applicable foreign asset tax laws in India and that I should consult with my personal tax advisor to ensure that I am properly reporting my foreign assets and bank accounts. IRELAND Nature of Grant The nature of the grant for Irish employees will not be by way of an award of an option. Instead, I will be awarded an invitation to participate in the plan by subscribing to purchase shares of Common Stock in accordance with this Subscription Agreement and the Plan at the end of the offering period (the Purchase Date) subject to meeting all eligibility criteria outlined in the Subscription Agreement and the Plan. I hereby authorize payroll deductions from each paycheck on each pay day in the amount I elect electronically of my Compensation (from 0% to 10%) during the Offering Period in accordance with the

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27 Plan and agree that said payroll deductions shall be accumulated for the duration of the Offering Period for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with the Plan. I understand that if I do not withdraw from an Offering Period before the last day of the offering period, any accumulated payroll deductions will be used to automatically to purchase shares at the end of the offering period. For Irish employees, all references to "option" throughout the Subscription Agreement and the Plan shall be replaced by "Award." Award means an invitation to participate in the plan by automatically purchasing Common Stock at the end of the offering Period using the payroll deductions accumulated throughout the Offering Period. All other provisions of the Subscription Agreement and the Plan apply to Irish employees. Director Notification Requirement If I am a director, shadow director, or secretary of an Irish subsidiary, pursuant to the Companies Act 2014, I understand that I must notify that subsidiary in writing if I receive or dispose of an interest exceeding 1% of the share capital of the Company (e.g., options, shares of Common Stock), if I become aware of the event giving rise to the notification requirement, or I become a director or secretary if such an interest exceeding 1% of the share capital of the Company exists at the time. This notification requirement also applies with respect to the interests of a spouse, civil partner, or minor children (whose interests will be attributed to the director, shadow director, or secretary). I should consult my personal legal advisor to ensure compliance with the applicable requirements. Withdrawal I understand that I may elect to withdraw all funds contributed during a purchase period before the purchase date. JAPAN Exchange Control Notice Japanese residents acquiring shares of Common Stock valued at more than ¥100,000,000 in a single transaction, must file a Securities Acquisition Report with the Ministry of Finance through the Bank of Japan within twenty (20) days of the acquisition of the shares of Common Stock. Foreign Asset/Account Reporting Notice Japanese residents are required to report details of any assets held outside of Japan as of December 31, including shares of Common Stock acquired under the Plan, to the extent such assets have a total net fair market value exceeding ¥50,000,000. Such report will be due by March 15 each year. Japanese residents are responsible for complying with this reporting obligation.

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28 KOREA Sale of Shares of Common Stock Korean residents are not permitted to sell foreign securities (e.g., shares of Common Stock) through non- Korean brokers or deposit funds resulting from the sale of shares of Common Stock in an account with an overseas financial institution. If a Korean resident wishes to sell shares of Common Stock acquired under the Plan, the Korean resident may be required to transfer the shares of Common Stock to a domestic investment broker in Korea and to effect the sale through such broker. The Korean resident is solely responsible for engaging the domestic broker. Non-compliance with the requirement to sell shares of Common Stock through a domestic broker can result in significant penalties. Because regulations may change without notice, Korean residents should consult with a legal advisor to ensure compliance with any regulations applicable to any aspect of participation in the Plan. Foreign Asset/Account Reporting Notice Korean residents must declare all foreign financial accounts (i.e., non-Korean bank accounts, brokerage accounts, etc.) to the Korean tax authority and file a report with respect to such accounts if the value of such accounts exceeds KRW 1 billion (or an equivalent amount in foreign currency). Exchange Control Notice If a Korean resident sells shares of Common Stock and deposits sale proceeds in excess of a certain threshold (currently, US$5,000 per transaction) into a non-Korean bank account, the Korean resident must file a report with a Korean foreign exchange bank. This reporting is not required if sale proceeds are instead deposited into a non-Korean brokerage account. I should consult my personal legal advisor to ensure compliance with the applicable requirements. NETHERLANDS Securities Law Notice POLAND Authorization for Payroll Deductions I understand that as a condition of my participation in the Plan, I will be required to execute the attached Consent for Deduction form. I understand that I must print out the form, sign and date the form in the

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29 applicable places, and return a copy to my local human resources representative. Further, I agree to execute other agreements or consents that may be required by the Company or my Employer with respect to payroll deductions under the Plan. I understand that if I fail to execute the Consent for Deduction form or any other form of agreement or consent that is required with respect to payroll deductions under the Plan, I may not be able to participate in the Plan.

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30 DOLBY LABORATORIES, INC. EMPLOYEE STOCK PURCHASE PLAN For Participants in Poland DOLBY LABORATORIES, INC. PRACOWNICZY PLAN NABYWANIA AKCJI Dla Uczestników w Polsce CONSENT FOR DEDUCTION ZGODA NA POTRĄCENIE I, the undersigned, in order to participate in the Dolby Laboratories, Inc. Employee Stock Purchase Plan ("Plan"), authorize my employer [Dolby Poland Sp. z o.o.] to withhold payroll deductions in the amount of ___% of my Compensation, or such other percentage as subsequently selected by me under the Plan. I understand that this amount must not exceed 10% of my Compensation for any Offering Period with the reservation that the deductions are made in accordance with the applicable provisions of the Polish labor law. Ja niżej podpisany, w celu uczestnictwa w Pracowniczym Planie Nabywania Akcji Dolby Laboratories, Inc. ("Plan"), upoważniam mojego pracodawcę [Dolby Poland Sp. z o.o.] do potrącenia kwoty w wysokości ___% z mojego Wynagrodzenia lub inny procent później wskazany przeze mnie w ramach Planu. Przyjmuję do wiadomości, iż ta kwota nie może być większa niż 10% mojego Wynagrodzenia w każdym Okresie Oferty z zastrzeżeniem, że potrącenia będą dokonywane zgodnie z obowiązującymi przepisami polskiego prawa pracy. All the terms written in capital letters shall have the meanings given to them in the Plan. Wszystkie terminy pisane wielkimi literami mają znaczenie przypisane im w ramach Planu. In case of any discrepancies between the Polish language version of this document and its English language version, the Polish language version shall prevail. W przypadku jakichkolwiek rozbieżności pomiędzy polską a angielską wersją językową niniejszego dokumentu, wersja polska ma charakter wiążący. __________________________ _________________ Employee/Pracownik Date/Data

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31 Exchange Control Notice Transfers of funds into and out of Poland in excess of €15,000 (or PLN 15,000 if such transfer of funds is connected with the business activity of an entrepreneur) must be made via a bank account held at a bank in Poland. Additionally, Polish residents are required to store all documents connected with any foreign exchange transactions that Polish residents are engaged in for a period of five years, as measured from the end of the year in which such transaction occurred. Foreign Asset/Account Reporting Notice If I maintain bank or brokerage accounts holding cash and foreign securities (including Shares) outside of Poland, I will be required to report information to the National Bank of Poland on transactions and balances in such accounts if the value of such cash and securities exceeds certain thresholds. If required, such reports must be filed on special forms available on the website of the National Bank of Poland. I should consult with my personal legal advisor to determine whether I will be required to submit reports to the National Bank of Poland. SINGAPORE Sale Restriction I agree that any shares of Common Stock acquired pursuant to the Plan will not be offered for sale in Singapore prior to the six-month anniversary of the grant date unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("SFA"), or pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA. Securities Law Information The offer is being made to me in reliance on the "Qualifying Person" exemption under section 273(1)(f) of the SFA under which it is exempt from the prospectus and registration requirements and is not made with a view to the underlying shares of Common Stock being subsequently offered for sale to any other party. The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore, and hence, statutory liability under the SFA in relation to the content of prospectuses will not apply. Director Reporting Notice If I am a director, associate director or shadow director of a Singapore Subsidiary or Affiliate of the Company, as the terms are used in the Singapore Companies Act (the "SCA"), I agree to comply with notification requirements under the SCA. Among these requirements is an obligation to notify the Singapore Subsidiary or Affiliate in writing when I receive an interest (e.g., options, shares of Common Stock) in the Company or any related companies (including when I sell shares acquired through exercise of the option). In addition, I must notify the Singapore Subsidiary or Affiliate when I sell or receive shares of the Company or any related company (including when I sell or receive shares of Common Stock

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32 acquired under the Plan). These notifications must be made within two (2) business days of acquiring or disposing of any interest in the Company or any related company. In addition, I acknowledge that a notification must be made of my interests in the Company or any related company within two (2) business days of becoming a director, associate director or shadow director. I understand that I should consult with my personal legal advisor regarding my notification obligations under the SCA. SPAIN Nature of Grant This provision supplements Section 8 of the Subscription Agreement for Non-U.S. Employees: By enrolling in the Plan, I consent to participation and acknowledge that I have received a copy of the Plan. I understand that my participation in the Plan is expressly conditioned on my continued and active rendering of service, such that if my employment terminates for any reason whatsoever, my participation in the Plan will cease immediately, effective on the date of my termination of employment (unless otherwise specifically provided in the Subscription Agreement). This will be the case, for example, even if (1) I am considered to be unfairly dismissed without good cause; (2) I am dismissed for disciplinary or objective reasons or due to a collective dismissal; (3) I terminate service due to a change of work location, duties or any other employment or contractual condition; (4) I terminate service due to a unilateral breach of contract by the Company or any of its Subsidiaries or Affiliates; or (5) my employment terminates for any other reason whatsoever. Consequently, upon termination of my employment for any of the above reasons, I will automatically lose any right to participate in the Plan on the date of my termination of employment, as described in the Plan and the Subscription Agreement. I understand that the Company has unilaterally, gratuitously and in its sole discretion decided to grant right to purchase shares of Common Stock under the Plan to individuals who may be employees, throughout the world. The decision is limited and entered into based upon the express assumption and condition that: (i) any grant of a right to purchase shares of Common Stock will not economically or otherwise bind the Company or any of its Subsidiaries or Affiliates, including the Employer, presently or in the future, other than as expressly set forth in the Subscription Agreement; (ii) the right to purchase shares of Common Stock and any shares of Common Stock acquired upon purchase are not part of any employment contract (whether with the Company or a Subsidiary or Affiliate) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation), or any other right whatsoever; and (iii) unless otherwise expressly provided for by the Company in the Subscription Agreement or in this Appendix, my participation in the Plan will cease as of the date my employment is terminated.

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33 Furthermore, I understand and freely accept that there is no guarantee that any benefit whatsoever shall arise from the grant of the right to purchase shares of Common Stock, which is gratuitous and discretionary, since the future value of the right to purchase shares of Common Stock and the underlying Shares is unknown and unpredictable. I also understand that the grant of the right to purchase shares of Common Stock would not be made but for the assumptions and conditions set forth hereinabove; thus, I understand, acknowledge and freely accept that, should any or all of the assumptions be mistaken or any of the conditions not be met for any reason, the right to purchase shares of Common Stock and any right to the underlying shares of Common Stock shall be null and void. Securities Law Notice No "offer of securities to the public," as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the grant of the right to purchase shares of Common Stock under the Plan. The Subscription Agreement has not been nor will it be registered with the Comisión Nacional del Mercado de Valores, and does not constitute a public offering prospectus. Exchange Control Notice Spanish taxpayers may be required to declare electronically to the Bank of Spain any foreign accounts (including brokerage accounts held abroad), any foreign instruments (including any shares of Common Stock acquired under the Plan) and any transactions with non-Spanish residents (including any payments of shares of Common Stock made by the Company) depending on the value of such accounts and instruments and the amount of the transactions during the relevant year as of December 31 of the relevant year. This reporting requirement will apply if the balances in such accounts together with the value of such instruments as of December 31, or the volume of transactions with non-Spanish residents during the prior or current year, exceed €1,000,000. Once the €1,000,000 threshold has been surpassed in either respect, a report is required on all foreign accounts, foreign instruments and transactions with non- Spanish residents, even if the relevant threshold has not been crossed for an individual item. Generally, the report is required on an annual basis (by January 20 of each year). Foreign Asset/Account Reporting Notice Spanish residents are required to report rights or assets deposited or held outside of Spain (including shares of Common Stock acquired under the Plan or cash proceeds from the sale of such shares of Common Stock) as of December 31 of each year, if the value of such rights or assets exceeds €50,000 per type of right or asset. After such rights and/or assets are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported rights or assets increases by more than €20,000. If reporting is required, the report must be filed on form 720 by March 31 following the end of the relevant year. SWEDEN The following supplements Section 6 of the Subscription Agreement for Non-U.S. Employees:

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34 Without limiting the Company's and the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in paragraph 11 of the Subscription Agreement, by participating in the Plan, I authorize the Company and/or the Employer to withhold shares of Common Stock or to sell shares of Common Stock otherwise deliverable to me upon exercise to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items. TAIWAN Securities Law Notice The offer of participation in the Plan is available only for employees of the Company and its Subsidiaries and Affiliates. The offer of participation in the Plan is not a public offer of securities by a Taiwanese company. Data Privacy Acknowledgement I acknowledge that I have read and understand the terms regarding collection, processing and transfer of Data contained in Section 10 of the Subscription Agreement for Non-U.S. Employees and by participating in the Plan, I agree to such terms. In this regard, upon request of the Company or the Employer, I agree to provide an executed data privacy consent form to the Employer or the Company (or any other agreements or consents that may be required by the Employer or the Company) that the Company and/or the Employer may deem necessary to obtain under the data privacy laws in my country, either now or in the future. I understand that I will not be able to participate in the Plan if I fail to execute any such consent or agreement. Exchange Control Notice Taiwanese residents may acquire and remit foreign currency (including proceeds from the sale of shares of Common Stock) into Taiwan up to US$10,000,000 per year. If the transaction amount is TWD$500,000 or more in a single transaction, residents must submit a Foreign Exchange Transaction Form and also provide supporting documentation to the satisfaction of the remitting bank. If the transaction amount is US$500,000 or more, Taiwanese residents may be required to provide additional supporting documentation to the satisfaction of the remitting bank. I understand that I should consult my personal legal advisor to ensure compliance with applicable exchange control laws in Taiwan. TÜRKIYE Securities Law Information By electing to participate in the Plan, I understand and agree that I am not permitted to sell any shares of Common Stock acquired under the Plan in Turkey. The shares of Common Stock are currently traded on the New York Stock Exchange, which is located outside of Turkey, under the ticker symbol "DLB" and the shares may be sold through this exchange. Exchange Control Notice

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35 Turkish residents are permitted to purchase and sell securities or derivatives traded on exchanges abroad only through a financial intermediary licensed in Turkey. Therefore, I understand that I may be required to appoint a Turkish broker to assist with the purchase and the sale of the shares of Common Stock purchased under the Plan. I acknowledge that I am solely responsible for engaging such Turkish financial intermediary. I understand that I should consult my personal legal advisor before selling any shares of Common Stock acquired under the Plan to confirm the applicability of this requirement. UNITED ARAB EMIRATES ("UAE") Payroll Deductions. Notwithstanding Section 2 of the Subscription Agreement, in the event I am subject to the Wage Protection System or otherwise are subject to payroll deduction limitations in the United Arab Emirates, the amount of my payroll deductions may be limited to 10% of my full salary. Securities Law Notice The offer of participation in the Plan is available only for select employees of the Company and its affiliates and is in the nature of providing employee incentives in the UAE. This Subscription Agreement, the Appendix, the Plan and other incidental communication materials are intended for distribution only to such employees, and must not be delivered to, or relied on, by any other person. The Emirates Securities and Commodities Authority has no responsibility for reviewing or verifying any documents in connection with this Subscription Agreement. Further, neither the Ministry of Economy nor the Dubai Department of Economic Development has approved this Subscription Agreement nor taken steps to verify the information set out in it, and have no responsibility for it. The securities to which this Subscription Agreement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. Residents of the UAE who do not understand or have questions regarding this Subscription Agreement, the Appendix or the Plan should consult an authorized financial adviser. UNITED KINGDOM Joint Election As a condition of my participation in the Plan, I agree to accept any liability for secondary Class 1 NICs ("Employer NICs") which may be payable by the Company or the Employer with respect to the purchase of the shares or otherwise payable in connection with my participation in the Plan. Without prejudice to the foregoing, I agree to execute a joint election with the Company and/or the Employer (the "Election"), the form of such Election being formally approved by HM Revenue and Customs ("HMRC"), and any other consent or elections required to accomplish the transfer of the Employer NICs to me. I further agree to execute such other joint elections as may be required between me and any successor to the Company and/or the Employer. I agree to enter into an Election prior to any event giving rise to Employer NICs. I further agree that the Company and/or the Employer may collect the Employer NICs by any of the means set forth in Section 6 of the Subscription Agreement for Non-U.S. Employees as supplemented by this Appendix A.

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36 Tax Withholding Obligations The following supplements Section 6 of the Subscription Agreement for Non-U.S. Employees: Without limitation to Section 6 of the Subscription Agreement for Non-U.S. Employees, I agree that I am liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by HMRC (or any other tax authority or any other relevant authority). I also agree to indemnify and keep indemnified the Company and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC on my behalf (or any other tax authority or any other relevant authority). I understand that if I am a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of the immediately foregoing provision will not apply. In the event that I am a director or executive officer and income tax due is not collected from or paid by me, the amount of any income tax due but not collected from or paid me may constitute an additional benefit to me on which additional income tax and National Insurance Contributions ("NICs") may be payable. I will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying the Company and/or the Employer the amount of any employee NICs due on this additional benefit, which the Company and/or the Employer may recover at any time thereafter by any of the means referred to in this Subscription Agreement.

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## Exhibit 14.1

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The Dolby Difference: Innovating with Purpose OUR CODE OF BUSINESS CONDUCT AND ETHICS

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2Contents Ethics Hotline Resources A MESSAGE FROM KEVIN YEAMAN .. . . . . . . . . . . . 3 GROUNDED IN INTEGRITY .. . . . . . . . . . . . . . . . . . . . 4 What You Need to Know....... 5 What You Need to Do........... 6 Making Good Choices.......... 7 Speaking Up.......................... 8 THE RIGHT COMPONENTS .. . . . . . . . . . . . . . 9 We Respect Each Other........ 10 We Promote Health and Safety............................. 11 We Care About Our Global Communities...... 12 We Are Good Stewards......... 13 Contents HIGH STANDARDS . . . . . . . . . 14 We Avoid Conflicts of Interest.............................. 15 We Are Responsible When Giving or Accepting Gifts, Meals, and Entertainment..... 16 We Safeguard Dolby Assets..17 We Protect Information......... 18 We Preserve and Secure Intellectual Property.............. 20 A CLEAR FOCUS .. . . . . . . . . . . . 21 We Don't Tolerate Bribery or Corruption........................ 22 We Comply with Trade Compliance Laws.................. 23 We Don't Trade on Inside Information................. 24 We Maintain Accurate Records.................. 25 STELLAR PERFORMANCE .. . . . . . . . . . . . . 26 We Value Our Customers...... 27 We Are Good Business Partners.................. 28 We Compete Vigorously, but Fairly............................... 29 We Communicate Appropriately with the Public.............................. 30 HELPFUL RESOURCES .. . . 31

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3Contents Ethics Hotline Resources A Message from Kevin Yeaman For decades, Dolby has raised the bar on the entertainment experience. We enable the most compelling experiences in movies and TV shows, music, sports, user-generated content, and gaming by meeting the needs of content creators, distributors, playback devices, and complex supply chains. Our standing as an innovator and reliable business partner is among our most valuable assets. Employees, customers, partners, investors, and communities trust us to operate fairly, honestly, and ethically. Dolby's reputation and our business practices are fundamental to our success. Dolby's Code of Business Conduct and Ethics ("Code") aids us in adhering to the laws and regulations in the countries where we operate and enhances the trust between Dolby, our stakeholders, and each other. Our Code is intended to offer guidance on managing everyday business and relationship challenges. It delineates the standards for responsible conduct, points you toward resources and policies for additional information, and underscores our dedication to conducting business with integrity. I'm confident that with your support, we'll continue growing and conducting our business in a responsible way and strengthening Dolby's reputation globally. Kevin Yeaman President and Chief Executive Officer

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4Contents Ethics Hotline Resources GROUNDED IN INTEGRITY Be your best

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5Contents Ethics Hotline Resources What You Need to Know THE PURPOSE OF OUR CODE Our Code frames the way Dolby Laboratories, Inc. and its subsidiaries (Dolby) conduct business and articulates our shared values. In our pursuit to create immersive sight and sound experiences, we can encounter ethical dilemmas or gray- area questions that are not easily answered. There can be legal and regulatory requirements that when overlooked — even inadvertently — can keep us from delivering our very best to Dolby constituents. Our Code is designed to guide us in the right direction. Our Code provides an overview of the laws, regulations, and policies that apply to us, and it directs us to additional resources for assistance when the path is not clear. More importantly, our Code reinforces the values on which Dolby was built, helping us honor our past and anticipate our future. This Code is provided for general information purposes and is not intended to constitute legal advice. COMPLIANCE WITH OUR CODE Everyone who works at Dolby, including directors, officers, and employees, has a responsibility to know and follow our Code. We also expect everyone working on our behalf, including our contingent workers, consultants, agents, suppliers, and other third parties (business partners) to comply with our Code and observe the same high standards we do. Our Code is foundational — a reflection of who we are and what we stand for. As a result, violations of our Code, our policies, or the law can result in disciplinary action, up to and including termination of employment. Knowledge of a violation and failure to report it promptly may also result in disciplinary action. Depending on how serious the incident is, there can be legal consequences for the person involved and for Dolby, too. AMENDMENTS OR WAIVERS OF OUR CODE Any amendment or waiver of any provision of our Code must be approved by our Board of Directors, or any committee of our Board of Directors to which such authority has been delegated, and promptly disclosed pursuant to applicable laws and regulations. Any waiver or modification of our Code for a director, executive officer, or any financial or accounting officer at the level of the principal accounting officer or controller or above, may be made only by our Board of Directors or a committee of our Board of Directors and must be promptly disclosed to stockholders if and as required by applicable law and/or the rules of the applicable stock exchange. Waivers with respect to other employees may be made only by the Ethics and Compliance Office. ADMINISTERING OUR CODE Our company's General Counsel is the Chief Ethics and Compliance Officer and leads Dolby's Ethics and Compliance Office, which is responsible for administering the Code in an independent, objective, and consistent manner. The Ethics and Compliance Office periodically reports to our Audit Committee and/or Board of Directors on the implementation and effectiveness of our Code and the policies and procedures developed to ensure compliance with our Code.

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6Contents Ethics Hotline Resources What You Need to Do UNDERSTAND YOUR RESPONSIBILITIES Apply our reputation for high standards to the way you work. • CONDUCT BUSINESS WITH INTEGRITY. Know and follow our Code, our policies, and the laws that apply to your role — regardless of whether you work from one of our facilities, at home, or another remote location. • ASK FOR GUIDANCE. Contact people who can help you any time you're unsure of what to do. • SHARE YOUR CONCERNS. Speak up if you see or suspect anything unethical or illegal and cooperate with any related investigations. If you're a manager, you have some additional responsibilities. • SET THE TONE. Model appropriate behavior and — through your words and actions — demonstrate that you know, respect, and uphold our Code. • BE RESPONSIVE. Create and foster a workplace where employees feel comfortable coming forward with questions or concerns and support them when they raise issues. • ACT. If you see, suspect, or learn of potential misconduct, report it by using appropriate channels. Never retaliate, or allow others to retaliate, against those who raise concerns.

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7Contents Ethics Hotline Resources Making Good Choices NOT SURE? ASK YOURSELF: If you can answer "YES" to all four questions, it's probably safe to move forward. But if the answer is "NO" or "I'M NOT SURE" to any of the questions, that should prompt you to stop, reconsider, or speak up. Keep in mind, it's always appropriate — under any circumstances — to reach out to someone at Dolby for guidance. Is it consistent with our Code and our policies? Am I doing what's right for Dolby, my coworkers, and our customers? Would I feel OK if my actions were made public? Is it legal? THE CODE AND THE LAW If you ever encounter a local law or custom that conflicts with our Code, always follow the stricter requirement. If it's difficult to determine which requirement is stricter, seek guidance from your manager, Human Resources via PeopleCare, the Legal Department, or the Ethics and Compliance Office. WHEN TO SEEK GUIDANCE Our Code is a valuable resource, but it doesn't cover every situation you may encounter, so it's important to always use good judgment and ask for help when you're unsure.

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8Contents Ethics Hotline Resources Speaking Up TRUST IS FRAGILE It requires years of good work to earn trust, but only one unfortunate incident to harm it. If you see or suspect that someone has violated our Code, a policy, or the law, please come forward. There are many resources available to assist you with questions or concerns. • Start with your immediate manager. They are in the best position to listen and understand the issue you're facing and advise on appropriate next steps. • If you're uncomfortable speaking with your manager — or if you have spoken to your manager and no action has been taken — reach out to another member of management, Human Resources via PeopleCare, the Legal Department, or the Ethics and Compliance Office. • You may also contact the Dolby Ethics Hotline online at http://ethics.dolby.com or via phone from the United States or Canada at 1 (844) 518-2351. Outside of the United States and Canada, go to the Ethics Hotline homepage and locate the appropriate international toll-free phone numbers. Accessible by phone or online, the Ethics Hotline allows you (anonymously, where permitted by law) to report a concern 24 hours a day, 7 days a week. Dolby investigates reports of misconduct fairly, objectively, and thoroughly. We disclose information only to those who need to know in order to resolve the issue, and we expect those involved to cooperate fully and honestly in the process. Regardless of who you contact, you can be confident that you're doing the right thing and that your concern will be handled promptly, with sensitivity and discretion. NO RETALIATION As a company, we know it takes courage to come forward and share your concerns. That's why we prohibit retaliation against anyone who makes a good-faith report or assists in an investigation into misconduct. Reporting "in good faith" means you are coming forward honestly with information that you believe to be true, even if, after investigation, it turns out that you were mistaken.

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9Contents Ethics Hotline Resources THE RIGHT COMPONENTS Believe in people

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10Contents Ethics Hotline Resources We Respect Each Other CELEBRATE OUR DIVERSITY At Dolby, our people are our greatest asset. Together, we represent a rich tapestry of experiences, ideas, perspectives, and backgrounds, all focused on innovating and inspiring. Every day, in every way, we work to create the kind of environment where our people can achieve great things. THE DOLBY DIFFERENCE BE CURIOUS AND INCLUSIVE. Diversity of people and viewpoints is essential for innovation. Remember that an open mind and creative problem-solving are at the core of who we are. FOCUS ON FAIRNESS. Hiring, promotion, training, compensation, and other employment-related decisions must be made based on job requirements and an individual's qualifications. We prohibit discrimination on the basis of any characteristic protected by applicable law and/or Dolby policy, including gender, race, ethnicity, nationality, religion, age, military or veteran status, and physical or mental disability. RESPECT OTHERS. People do their best work when they feel safe and are treated with respect. Honor our shared commitment to a workplace free of harassment, including sexual harassment, threats, intimidation, abusive conduct, and bullying. SOUND ADVICE If you believe you may have experienced discrimination or harassment — or suspect that someone else has — take immediate action. Share your concerns with your manager or Human Resources via PeopleCare. Remember, Dolby prohibits retaliation against anyone who comes forward with a good-faith concern. LEARN MORE If you are in the United States, see the Discrimination, Harassment, and Retaliation Prevention Policy. If you are outside the United States, please consult PeopleCare or your local Human Resources representative for applicable local policies. Q&A During a recent business trip, a coworker repeatedly asked me out for drinks and made comments about my appearance that made me uncomfortable. We weren't in the office, and it was after regular working hours, so I wasn't sure how I should have handled this — was that harassment? It could have been. This type of conduct is prohibited, not only during working hours but in all work-related situations including business trips. If you feel comfortable doing so, tell your coworker to stop. If they persist, or if you do not feel comfortable speaking to your coworker directly, report the incident to your manager or Human Resources via PeopleCare or another Dolby resource.

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11Contents Ethics Hotline Resources We Promote Health and Safety KEEP EVERYONE AT DOLBY SAFE AND SECURE We believe promoting safety, security, and well-being is a responsibility we all share. Be alert to potential hazards and threats and work together to maintain a productive workplace and promote the well-being of everyone at Dolby. THE DOLBY DIFFERENCE FOSTER A CULTURE OF SAFETY. Ensure your own safety and the safety of everyone at Dolby by: Observing safe work practices: completing all required trainings, undertaking only the tasks for which you've been trained, and always following posted warning signs and restrictions. Following all physical security policies, especially those that relate to keeping sensitive areas secure and escorting visitors. Being aware of your surroundings and reporting unsafe conditions including inadequate safety procedures, faulty equipment, accidents, near misses, or other workplace hazards to our Global Security Operations Center (GSOC). Reporting any verbal or physical threats, aggressive behavior, property destruction, vandalism, or the possession of weapons on Dolby property immediately to the appropriate resource. BE AT YOUR BEST. Substance abuse puts everyone at risk. Dolby policies prohibit the use, possession, sale, or distribution of drugs or controlled substances. Alcohol cannot be consumed on company property or during working hours unless at an authorized social function approved by a VP or highest-level manager in the office. Any other use of alcohol during working hours or reporting to work under the influence of alcohol is strictly prohibited. In instances where drinking alcoholic beverages while conducting Dolby business is permitted, comply with all laws and company policies, and always exercise both moderation and good judgment. TAKE A HOLISTIC APPROACH TO WELL- BEING. We're at our best when our physical, mental, financial, and emotional needs are met. That's why Dolby offers comprehensive programs to help employees meet fitness goals, build healthy habits, strengthen their financial acumen, and quickly and easily connect with high-quality therapists and mental health coaches. Learn more about the programs in your region by visiting PeopleCare or The Modern Health Portal. SOUND ADVICE We look out for the welfare of one another. If you have questions about any aspect of health, safety, or physical security at Dolby, visit Places or Global Security Operations Center (GSOC).

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12Contents Ethics Hotline Resources We Care About Our Global Communities CONNECT WITH THE COMMUNITIES WHERE YOU LIVE, WORK, AND PLAY Our passion for transforming audio and visual experiences extends beyond the technologies we create; it includes the people for whom they are created. We are dedicated to making a positive difference in the world through volunteer efforts and charitable giving. Be a force for good in your community. THE DOLBY DIFFERENCE GET INVOLVED. Through the Dolby Cares Program, employees have the opportunity to inspire the next generation of innovators, support environmental initiatives, and address the most critical needs in the communities we call home. MAKE A PERSONAL COMMITMENT. Dolby encourages and facilitates employee involvement in the community through company-sponsored volunteer projects and donation drives. Additionally, Dolby provides a company match of employee contributions of money and personal time to eligible nonprofit organizations and schools up to a total of $6,000 USD per employee per year. KEEP CHARITABLE GIVING ETHICAL. We're proud to have a workforce that is passionate about helping their communities, but it's important to follow these best practices to avoid complications: • Do not pressure coworkers or business partners into giving to a personal charitable cause. • Never give or solicit a donation to acquire new business or gain an unfair advantage. • Do not make donations on Dolby's behalf without authorization. • Never use the Dolby name or company resources in support of personal charitable interests and/or activities. LEARN MORE Visit the Dolby Cares Program for information about volunteer opportunities and matching gifts. For information on time off for company- sponsored activities, please review the U.S. Employee Handbook. If you are located outside of the United States, please contact Human Resources via PeopleCare or your local Human Resources representative for local policies.

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13Contents Ethics Hotline Resources THE DOLBY DIFFERENCE SUPPORT SUSTAINABILITY. We're working to embed sustainable practices across our operations. This involves engaging with teams to uncover opportunities that drive greater efficiencies to minimize our environmental footprint. We comply with environmental laws and regulations and encourage others, including our business partners, to do the same. We also: • Monitor our energy use and work to reduce our greenhouse gas emissions. • Prioritize our transition to clean electricity, continuously seeking opportunities to power our business operations with renewable energy sources. • Work to ensure Dolby's electronic equipment and products are free of hazardous materials restricted by the European RoHS Directive and REACH Regulation. • Reduce the end-of-life impact of our products — our products are compliant with the EU WEEE Directive, and our programs reduce the impact of the eventual end-of-life of our products including electronic waste, packaging waste, and battery waste. • Manage our waste through recycling and composting programs that capture waste materials and reduce landfill waste. We Are Good Stewards CONSERVE RESOURCES AND PROTECT THE PLANET We consider the planet a key stakeholder and are committed to creating a sustainable future by conserving resources. We are working to integrate sustainability practices throughout the organization, including decarbonizing our operations and supply chain in alignment with our climate goals. We have a responsibility to preserve the environments where we operate, and we continue to strengthen our initiatives to combat climate change and its impacts on our planet, people, and communities. ONE COMPANY CAN'T END CLIMATE CHANGE ALONE. We aim to work with suppliers and partners who share our commitment to environmental stewardship, reviewing and monitoring their work to ensure they comply with all applicable environmental laws and regulations, as well as policies laid out in our Business Partner Code of Conduct. LEARN MORE We hold ourselves accountable. See how Dolby works toward achieving its environmental goals by reviewing our annual Sustainability Report.

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14Contents Ethics Hotline Resources HIGH STANDARDS Do great things

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15Contents Ethics Hotline Resources We Avoid Conflicts of Interest BE OBJECTIVE WHEN MAKING DECISIONS FOR DOLBY Conflicts of interest can happen when your interests, activities, or relationships (or those of a family member) interfere with the business decisions you make as an employee of Dolby. Conflicts can erode trust and cause others to question our integrity, so be alert to the kinds of situations where they can occur and seek advice on how to navigate them. THE DOLBY DIFFERENCE RECOGNIZE A CONFLICT WHEN YOU SEE ONE. Even though it's not possible to list every conflict scenario, there are certain situations in which conflicts are more likely to occur. Being familiar with these situations is the first step in avoiding them. • A SECOND JOB — Working for a competitor or a company that conducts (or wants to conduct) business with us • A PERSONAL RELATIONSHIP — Supervising or making employment decisions about Dolby employees who are family members or someone with whom you have a romantic relationship. This extends to relationships with vendors, consultants, or other third parties, where you have decision-making authority over their business dealings with Dolby. • SELF-EMPLOYMENT — Competing with Dolby or soliciting business from our competitors or customers • AN OUTSIDE OPPORTUNITY — Taking for yourself an opportunity that you discover through your work at Dolby or that interferes with your duties or responsibilities at Dolby • DOLBY PROPERTY — Using Dolby's confidential or proprietary information, property, or name — or your position — for personal gain • INTELLECTUAL PROPERTY (IP) AND TECHNOLOGY — Using Dolby's IP, technology, or products to develop a competing or complementary product or service • A FINANCIAL INTEREST — Having more than 2% ownership in a company that competes for or conducts business with us • A LOAN — You or any member of your family accepting a personal loan, guarantee, or special financial terms from any organization associated with a Dolby- related business; Dolby prohibits the extension of loans to its directors and/or executive officers • OUTSIDE BOARD MEMBERSHIPS — Accepting a role as director, advisory member, or officer that interferes with your obligations to Dolby DISCLOSE POTENTIAL CONFLICTS. If you suspect an actual or potential conflict, you must disclose it to both the Ethics and Compliance Office and your manager using Dolby's Conflicts of Interest Disclosure form and receive approval from the Ethics and Compliance Office before you engage in the activity. In disclosing, be both honest and transparent — many conflicts can be avoided or managed if they are promptly disclosed. If you are a people manager, you are responsible for ensuring the employees you manage complete the Conflicts of Interest Disclosure form. SOUND ADVICE If you have a question or suspect that you or a family member may have an interest, activity, or relationship that could conflict with Dolby's business, contact the Legal Department or the Ethics and Compliance Office so the situation can be discussed, evaluated, and addressed. LEARN MORE If you are in the United States, see the U.S. Employee Handbook. If you are outside the United States, please consult Human Resources via PeopleCare or your local Human Resources representative for applicable local policies.

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16Contents Ethics Hotline Resources We Are Responsible When Giving or Accepting Gifts, Meals, and Entertainment BE SURE THERE IS NO QUESTION ABOUT YOUR INTENTIONS … OR YOUR INTEGRITY We win business based on the quality of our products, services, and people. An occasional gift, a reasonably priced dinner, a local sporting event you attend with a customer or supplier — all can build goodwill. But they should only be offered to maintain good business relationships, never to influence decisions. Be sure you know what is appropriate to give or accept and that you can distinguish between a business courtesy and a bribe. THE DOLBY DIFFERENCE FOLLOW OUR POLICIES. They will help ensure that nothing given or accepted suggests a conflict of interest or something improper. BE TRANSPARENT. Know our gifts and entertainment thresholds, and obtain approvals where required using Dolby's Gifts and Entertainment Approval form. Keep a record of anything given or received for our documentation. LEARN MORE See the Anticorruption Policy and the Global Travel and Expense Policy. Q&A A grateful customer sent me a very expensive thank-you gift. I know our policies won't allow me to keep it — what should I do? Return the gift and politely explain our policy. If the gift is something perishable, like flowers or a food basket, where return is not really an option, talk to your manager. It may be possible to either leave it in a break room where it can be enjoyed by everyone, or to donate the gift to a local charity. STRICTER RULES APPLY FOR GOVERNMENT OFFICIALS. The rules for what you can give to or accept from a government official are very strict. Even a simple meal can violate our policies and the law. Furthermore, non-U.S. government officials include more than those individuals one would typically expect (such as a ministry official); they also include, for example, employees of state-owned companies or educational institutions. Make sure you know whether you are dealing with a government official, and be sure to review our policies and obtain the necessary approvals before offering anything of value to a government official. GIFTS AND ENTERTAINMENT ARE LIKELY ACCEPTABLE IF THEY: • Are modest in value • Are given infrequently • Serve a legitimate business purpose • Are permitted by law and approved by your manager • Comply with the policies of both the giver and receiver GIFTS AND ENTERTAINMENT ARE NEVER ACCEPTABLE IF THEY: • Are significant in value or excessive in frequency • Are intended to influence a decision or action • Take the form of cash or a cash equivalent like Visa™ or American Express™ gift cards, stocks, bonds, or a loan • Are solicited in return for an improper business advantage • Could embarrass Dolby

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17Contents Ethics Hotline Resources We Safeguard Dolby Assets PROTECT DOLBY ASSETS TO PROTECT OUR COMPETITIVE ADVANTAGE Dolby assets include everything we use to conduct business, from the systems we access to the desks where we sit. They help us bring Dolby products and services to life, so we must take good care of them, use them responsibly, and safeguard them from loss, damage, and theft. All Dolby assets should be used for legitimate business purposes. THE DOLBY DIFFERENCE BE A GOOD STEWARD. Protect all assets that are assigned to you (including equipment, supplies, furniture, hardware, and software). Don't borrow, lend, sell, or give them away unless you have authority to do so. Keep our workplaces and your workstation secure. PROTECT DOLBY DIGITAL ASSETS. Including but not limited to Dolby proprietary technology, sensitive information from our customers/partners, employee data, etc. STAY CYBER SECURE. Dolby's Acceptable Use Policy describes what is permitted in terms of protecting our information resources, during both work hours and non- work hours. Know your obligations and take reasonable steps to protect our information and systems from accidental or unauthorized access. Use only Dolby-approved hardware, software, applications, and storage devices. And stay vigilant against phishing, malware, ransomware, and other types of attacks by following these best practices: • Complete all information-security trainings and keep software and equipment up to date • Protect your login credentials and use strong passwords and multi-factor authentication • Never click on suspicious email links, even if you think you know the source • Familiarize yourself with the latest resources and security threats by actively participating in our annual global Cybersecurity Awareness Month campaigns BE INTELLIGENT ABOUT AI. Rapid developments in artificial intelligence ("AI") tools offer plenty of new opportunities — and risks. If you have been authorized to use or develop AI in your work, make sure your use always complies with your authorization, applicable laws, and our policies and values. Never feed intellectual property, confidential information, or personal information into public AI tools. And remember that AI outputs aren't always reliable or accurate. Check results for bias and to ensure accuracy, and never base important decisions on AI-generated content. For any questions regarding the use of AI tools at work, please contact the Legal Department. USE DOLBY ASSETS FOR DOLBY BUSINESS. Except where explicitly restricted, Dolby Computer Systems may be used for reasonable, occasional, and brief personal use, subject to the restrictions set forth in our Acceptable Use Policy. Be aware that your personal emails, internet use, files, documents, and communications may be subject to monitoring, where permitted by law. You should not have any expectation of privacy when using our systems. LEARN MORE See the Acceptable Use of Information Resources Policy. See the Dolby Data Classification Policy. See Online Safety Basics.

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18Contents Ethics Hotline Resources We Protect Information MAINTAIN CONFIDENTIALITY AND PRIVACY Information is a critical asset. We have a responsibility to respect and protect our confidential information and the confidential information entrusted to us by others, including our customers. Whether it takes the form of proprietary business or personal information, keep confidential information safe and secure and disclose it only to those who have a right or need to know the information. THE DOLBY DIFFERENCE KNOW THE TYPES OF INFORMATION CONSIDERED "CONFIDENTIAL." Following are some examples, but this is not a comprehensive list. If you're not sure if information is confidential, ask, and in the meantime, treat it as though it is confidential. • INTELLECTUAL PROPERTY including our trade secrets, software, patent applications, and technical data (see the We Preserve Intellectual Property section to find out more) • INFORMATION ABOUT OUR BUSINESS, PRODUCTS, OR TECHNOLOGY such as new product research, product specifications and designs, business strategies, customer lists, marketing plans, or other information that may be of use to competitors • NONPUBLIC FINANCIAL INFORMATION such as forecasts, pricing strategies, budget information, or financial information for a completed quarter or period prior to earnings announcements • PERSONAL INFORMATION about customers, employees, or other individuals such as names, contact addresses (including lists of email addresses), phone numbers, credit card information, or any information that alone, or combined with other information, identifies an individual • THIRD-PARTY INFORMATION including information about customers, consultants, agents, suppliers, and other third parties that we have been entrusted to protect

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19Contents Ethics Hotline Resources We Protect Information PROTECTED ACTIVITIES. Nothing in this Code prohibits employees from engaging in activities protected by applicable law. These protected activities include: (i) discussing the terms, wages, and working conditions of employees' employment, (ii) disclosing information pertaining to any unlawful or potentially unlawful conduct, and (iii) filing and pursuing a charge or complaint with, or otherwise communicating or cooperating with, any federal, state, or local government agency or commission, public prosecutor, or law enforcement agency, including disclosing documents or other information as permitted by law, without giving notice to, or receiving authorization from, Dolby. However, in making any such disclosures or communications, employees should take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Dolby confidential information to any parties or in any manner that is not protected by law. USE AND SHARE RESPONSIBLY. Label confidential information appropriately. Use it only for legitimate business purposes, and make sure any business partners have signed nondisclosure agreements in place before you share. Dolby prohibits the unauthorized use of confidential information, including third-party confidential information. WATCH WHAT YOU SAY AND WHERE YOU SAY IT. Don't discuss confidential company business in public places such as elevators, planes, and restaurants where others could hear it. PRESERVE PRIVACY. If you've ever been a victim of a data breach, you will understand the critical need to keep personal information safe. Our coworkers, customers, and business partners trust us with their personal data. Maintain their trust by following our policies and all applicable data privacy laws if you collect, use, process, store, or disclose their information. RESPECT THE RIGHTS OF OTHERS, TOO. Your responsibility to protect confidential information extends to any information shared with us by others (including business partners such as studios, original design manufacturers [ODMs], and others). Seek advice from the Legal Department or the Ethics and Compliance Office before you ask for, accept, or use the confidential information of any business partners or other third parties. SOUND ADVICE Speak up about any misuse, data breach, or unauthorized disclosure of confidential information. If you suspect that confidential information has been compromised in any way, report it immediately to securityresponseteam@ dolby.com. Q&A I've just been hired at Dolby and have information from my previous employer that would be helpful in my new job — is it OK to share it with my team? It depends. You can use the general knowledge, training, and skills that you have developed while working for prior employers, and you can also use any information that is publicly available. But if the information from your former employer is confidential information, you have a responsibility to protect it and not use it or share it with your colleagues at Dolby. And if you should ever leave Dolby, you have an obligation to protect our confidential information. LEARN MORE See the Data Security Classification and Handling Policy.

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20Contents Ethics Hotline Resources We Preserve and Secure Intellectual Property GUARD OUR IDEAS, OUR INVENTIONS, AND OUR INNOVATION The science, the creativity, and the vision of Ray Dolby continue to inspire our work today. We aren't just benefactors, but guardians, with a duty to protect what he built. Our intellectual property (IP) — including patents, technical data, copyrights, trademarks, trade secrets, and the Dolby brand — represents not only a significant investment of time and resources, but also the foundation on which future ideas will be launched. Honor and protect it every day. THE DOLBY DIFFERENCE PREVENT UNAUTHORIZED USE AND DISCLOSURE. We have policies and procedures in place throughout the innovation process to support Dolby's overall IP development and deployment. Remember that IP can also be confidential information, including IP that is under development such as unfiled patents or software source code, so observe the same strict practices in protecting it, subject to employees' right to engage in activities protected by applicable law. RECOGNIZE WHAT'S DOLBY'S. Dolby owns any work product (including an idea, process, invention, or improvement) that you develop or design in connection with your work with us. And Dolby ownership of that work product continues even if you should leave our company. SOUND ADVICE Don't use Dolby's IP or resources for any outside business or personal venture without clearance from the Legal Department or the Ethics and Compliance Office, and be proactive in speaking up about any suspected misuse by others.

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21Contents Ethics Hotline Resources A CLEAR FOCUS Follow the rules

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22Contents Ethics Hotline Resources We Don't Tolerate Bribery or Corruption DO YOUR DUE DILIGENCE. We are responsible for bribes made on our behalf by others, so choose business partners carefully and use related policies and due diligence review procedures developed by the Legal Department and the Ethics and Compliance Office in the process. Ensure consultants, exhibitors, distributors, agents, suppliers, and other partners have a record of reputable business practices and share our commitment to high standards. Keep accurate books and records that honestly describe a payment's purpose. And never ask someone to do something that you aren't permitted to do yourself. SOUND ADVICE In some countries, bribes made to government officials carry an even greater penalty, so be on heightened alert. Furthermore, non-U.S. government officials include more than those individuals one would typically expect (such as a ministry official), and also include, for example, employees of state-owned companies such as a broadcaster. Don't give or accept anything of value to a government official without contacting the Legal Department or the Ethics and Compliance Office for approval, in advance. THE DOLBY DIFFERENCE BE ABLE TO RECOGNIZE A BRIBE. It's not always easy. Anything of value that's given to influence a decision or gain a business advantage could be a bribe, including a payment, a loan, a discount, an offer of entertainment or travel, a charitable contribution, an internship, or a job. KNOW WHAT IS PERMITTED. We are subject to the Foreign Corrupt Practices Act of 1977 (the "FCPA"), the U.K. Bribery Act, and anticorruption and anti-bribery laws of the jurisdictions in which we conduct business, both domestic and abroad. Generally, these laws prohibit employees of Dolby, including employees of its subsidiaries, from paying bribes, from falsifying corporate records, and from circumventing internal policies. The consequences for violating the FCPA, the U.K. Bribery Act, and other applicable anti-bribery laws are serious. Knowing and following our gifts, meals, and entertainment policies is the best way to avoid anything improper. Asking questions or getting clarification from the Legal Department or the Ethics and Compliance Office before offering or accepting is another good strategy for staying aligned with our policies and the law. Q&A An international deal hinges on making a small payment to a local government official to expedite some routine paperwork. I have enough cash to pay the fee — can I go ahead and make the payment? No. This kind of payment to a low-level government employee for taking care of a routine government action is often referred to as a facilitating or "grease" payment. Even if it's small or permitted by local law, don't pay it. Contact the Legal Department or the Ethics and Compliance Office to report the incident and for help in determining next steps. LEARN MORE See the Anticorruption Policy and the Global Travel and Expense Policy. DON'T OFFER OR ACCEPT A BRIBE FROM ANYONE, ANYTIME, ANYWHERE We are committed to winning business based on the superior quality of our technologies, products, and services, never on unethical or illegal practices. Bribing someone to do business with us is not how we operate. It never has been. We win business with integrity, and we do not tolerate acts of bribery or corruption.

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23Contents Ethics Hotline Resources We Comply with Trade Compliance Laws BE METICULOUS. Provide complete and accurate information to our export and import compliance teams. This information may include import and export classifications, value, country of origin, country of destination, the end use, and the end user. Remember, as you conduct business internationally, the laws of more than one country may apply. BE CAUTIOUS. Understand your responsibilities and follow established policies and procedures. Failure to meet Dolby's trade compliance obligations may result in severe penalties to the company and our employees, adverse publicity, delay or seizure of shipments, loss of import and export privileges, and civil and criminal penalties. SOUND ADVICE Questions about embargoed countries and territories or global trade laws and regulations? Please contact exportcompliance@dolby.com. LEARN MORE See the Export Compliance Policy. THE DOLBY DIFFERENCE COMPLY WITH THE LAW. Trade compliance laws and regulations apply to: • Exports of products, services, software, information, or technology that can occur in numerous ways, including via physical shipments, carrying by hand, electronic transmissions (e.g., emails, distribution of source code and software), and verbal communications • Sanctions and embargoes that restrict activities such as exports, monetary payments, travels, and provisions of services and support to certain individuals, companies, and countries • International boycotts not sanctioned by the U.S. government that prohibit business activity with a country, its nationals, or targeted companies • Imports of products that are subject to the importing country's customs laws and regulations, which apply regardless of the mode of transportation, including courier shipments and carrying by hand PRESERVE OUR ABILITY TO DO BUSINESS AROUND THE WORLD Dolby is committed to complying with trade compliance laws and regulations, including export controls, economic sanctions, and import laws and regulations, in all jurisdictions where we do business. If you are someone who helps us conduct business across borders or with foreign nationals in the United States or abroad, know and comply fully with the requirements associated with the countries in which you operate.

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24Contents Ethics Hotline Resources We Don't Trade on Inside Information DON'T TIP. Passing along a tip to family, friends, or others who use the information to transact is also a violation of our Code, our policies, and the law. BE ALERT TO TRADING WINDOWS AND CLEARANCE REQUIREMENTS. Special rules apply for directors, executive officers, and other restricted employees, so make sure you know and comply with our trading policies. If you or someone you work with comes into frequent contact with MNPI, please inform the Legal Department to consider whether the special rules should apply to them. SOUND ADVICE If you're not sure if information is MNPI or have questions about our Insider Trading Policy, ask the Legal Department before trading on information or sharing it with others. LEARN MORE See the Insider Trading Policy. THE DOLBY DIFFERENCE KNOW THE KINDS OF INFORMATION CONSIDERED MNPI. Information is "material" if a reasonable investor would consider it important in deciding whether to transact in securities, and it's "nonpublic" if it hasn't been broadly communicated to the public. Examples include unpublished information about: • Our financial performance or projections • The gain or loss of a large customer or supplier • Potential mergers or acquisitions • Creation of a material financial obligation • Entry into or termination of a material agreement • Introduction of a significant new product or technology • Significant product defects or modifications • Actual or threatened litigation • Changes in executive management • Certain cybersecurity incidents NEVER USE INSIDE INFORMATION TO TRANSACT IN STOCK In the course of your work, you may become aware of material, nonpublic information (MNPI) about Dolby or companies we work with. This constitutes inside information, and buying, selling, or gifting stock — whether Dolby stock or another company's stock — based on that information is not only a breach of trust but against the law. Don't transact on MNPI or tip others so that they may transact.

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25Contents Ethics Hotline Resources We Maintain Accurate Records PRACTICE GOOD RECORDS MANAGEMENT. Follow the rules we have in place for managing, storing, and properly disposing of Dolby records. SPEAK UP. If you see or suspect activity that could compromise the integrity of our accounting systems or business records, contact your manager, the Finance Department, or the Legal Department. Examples of suspicious activity include: • Establishing undisclosed or unrecorded funds, liabilities, or assets • Misreporting, mischaracterizing, or falsifying a transaction • Assigning costs to the wrong project number or contract • Creating "side" or "off-the-books" agreements THE DOLBY DIFFERENCE PROMOTE FINANCIAL INTEGRITY. No matter what job you do — whether you're submitting a timesheet, an invoice, an expense report, a journal entry, or any other "record" — make sure information is complete and accurate. Always follow our internal controls and disclosure controls as well as applicable laws, regulations, and accounting practices. MEET OUR LEGAL AND REGULATORY REQUIREMENTS. If you are responsible for preparing financial reports or disclosures for Dolby, comply with all applicable legal and regulatory requirements and provide full, fair, accurate, timely, and understandable information. Cooperate fully with any audits and investigations. RESPECT THE CONTRACTING PROCESS. Make sure contracts, including non-revenue contracts, reflect an accurate description of the work to be done or the details of the arrangement and be certain to obtain all necessary approvals before the agreement is signed. CULTIVATE TRUST Accurate business records help us meet our obligations to investors, business partners, and regulators. They also help us make smart, strategic business decisions about where to innovate and how to grow our company. But, more important, they send a message to others that they can continue to place their trust in us and the direction we're headed. Q&A It was nearing quarter-end, and our customer still had not signed a contract. When she voiced concerns about the ease of using the new products/technologies, I extended an offer to provide two days of onsite support to her team. That service is not specifically provided for in the contract, but it just seemed like the right thing to do, and it prompted her to sign the deal. Did I do anything wrong? Yes. Service and support are critical aspects in terms of ensuring customer satisfaction, but side agreements like this are prohibited. We must take care to ensure that all terms and conditions related to the sale of our products/ technologies and services are properly documented in the contract and that we abide by those terms and conditions. LEARN MORE Check the following policies: Reporting of Financial and Accounting Concerns Policy Revenue Generating Contract Review and Signature Authority Policy Non-Revenue Generating Contracts Policy

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26Contents Ethics Hotline Resources STELLAR PERFORMANCE Make an impression

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27Contents Ethics Hotline Resources We Value Our Customers THE DOLBY DIFFERENCE INSIST ON QUALITY. Make sure our products and technology meet our high internal standards as well as the standards set by laws, regulations, and our industry. DEAL FAIRLY. Be truthful in all marketing, sales, advertising, and promotional activities. Never make false or misleading claims about what we offer or promise features or functionality that we can't deliver. GIVE OUR CUSTOMERS YOUR VERY BEST Our brand is our promise. When customers see the Dolby name, they expect a world- class level of excellence both in terms of the products we create and the service we provide. Work to exceed expectations and enhance the reputation we've earned. LISTEN TO CUSTOMERS. Be professional, conscientious, and inquisitive in all interactions with customers to better understand their needs and how best to serve them. PROTECT CUSTOMER DATA. Handle customer information with care. Use it only in the way we say we will use it, in accordance with the law and our stated privacy notices and policies.

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28Contents Ethics Hotline Resources We Are Good Business Partners SOUND ADVICE Questions about the procurement process? Direct them to our Corporate Procurement Department. LEARN MORE See the Non-Revenue Generating Contracts Policy, Non-Revenue Transaction Portal and Corporate Procurement Policy. THE DOLBY DIFFERENCE EXERCISE CARE. In selecting business partners, base decisions on objective criteria such as quality, price, service, and delivery record. Check not only the partners' qualifications but also their reputation for conducting business ethically and lawfully. HONOR THE INTEGRITY OF THE PROCUREMENT PROCESS. Partners who participate in the formal bidding process should expect to be treated fairly and to have their bids evaluated objectively against other qualified bidders — follow our policies and processes to the letter. In other less- formal purchasing situations, there is greater flexibility, but no less accountability — you should always negotiate with integrity. MONITOR PERFORMANCE. Once a relationship has been established, oversee all work and use common sense, good judgment, and the highest standards of integrity in your dealings with our partners. Avoid even the appearance of a conflict of interest. And remember, we can be held responsible for the conduct of business partners acting on our behalf, so communicate Dolby's policies regarding anti-bribery and anticorruption clearly and often. PROTECT CONFIDENTIAL INFORMATION. We expect our partners to protect our confidential information (including personal information and trade secrets), and we have an obligation to protect theirs, too. CHOOSE WISELY, PARTNER RESPONSIBLY As a company that stands for quality, we ally ourselves with consultants, agents, suppliers, and other third parties who demand nothing less. If you are responsible for sourcing on behalf of Dolby, select business partners who observe the same exacting standards that we do. Then, work to make sure they meet their obligations and we meet ours.

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29Contents Ethics Hotline Resources We Compete Vigorously, but Fairly GATHER COMPETITIVE INFORMATION ETHICALLY AND LAWFULLY. Seek competitive information through customer feedback and from public sources, such as news stories and trade journal articles, using information that is not restricted. Always be transparent about who you are and for whom you work. BE WARY. Even casual conversations can lead to something illegal. If you are attending a trade or industry show, for example, and a competitor starts to discuss pricing or competitively sensitive information: • Make it clear that you believe the discussion is inappropriate • Leave the room • Report the incident to the Legal Department SOUND ADVICE If you have questions about antitrust and competition laws, please contact the Legal Department. THE DOLBY DIFFERENCE WIN BUSINESS THE RIGHT WAY. Never engage in any conduct that is unfair or anti-competitive, for example: • Using market power to gain an unfair competitive advantage or extract unreasonable terms or prices from customers • Conditioning the sale of a product or service to the sale of a product or service with a high market share • Pricing a good or service below cost to drive out competition • Adopting rules or policies to prohibit or restrict the use of competing products or technologies • Agreeing with competitors on a set price for goods or services • Agreeing with competitors to reduce competition by not competing in certain markets • Sharing competitively sensitive information (e.g., prices, costs, or market distribution) PROMOTE A FREE AND OPEN MARKETPLACE We play fair and do our part to foster a thriving marketplace because we believe, ultimately, that approach yields real benefits for our customers and for us. Comply with antitrust and competition laws wherever you do business, and be careful to avoid any conduct that could be construed to be anti-competitive. Endeavor to deal fairly with our customers, suppliers, competitors, and employees. No one should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practices.

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30Contents Ethics Hotline Resources We Communicate Appropriately with the Public TAKE CARE ONLINE. Social media offers a great platform for networking and sharing of information. Just be sure that you use online tools in a way that is consistent with our policies: • Respect your obligation to protect confidential information about Dolby and the confidential information entrusted to us by individuals, business partners, and customers. • Don't post anything that would constitute unlawful discrimination, a threat, intimidation, unlawful harassment, or bullying. • If you comment online regarding any aspect of Dolby business, identify yourself as an employee and make it clear that the views posted are your own and not those of our company. SOUND ADVICE Refer all media inquiries to Public Relations or the Legal Department. LEARN MORE See Personal Use Social Media Guidelines. THE DOLBY DIFFERENCE REACH OUT TO INTERNAL RESOURCES. Dolby has identified spokespersons who are prepared to speak on our behalf. Their role is to ensure we are communicating clearly, accurately, and consistently. To be sure we comply with all public disclosure laws and regulations and protect the interests of Dolby, statements to the public or media should only be made by those employees specifically authorized to do so. COMMUNICATE RESPONSIBLY Unless you're designated to speak on the company's behalf, all media inquiries should be directed to PR or an approved company spokesperson. The Dolby name is one of our greatest assets, but one misstep on the phone with the media, one error in a presentation to a community group, one online comment meant to set the record straight — even with the best of intentions — can impact our brand and our bottom line.

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31Contents Ethics Hotline Resources Helpful Resources THERE ARE PEOPLE READY TO SUPPORT YOU Have a problem or a concern? Typically, your manager should be your first point of contact. They are likely in the best position to understand your concern and take the appropriate action. If you're uncomfortable speaking with your manager, or if you have already shared a concern and feel it's not being addressed appropriately, reach out to another member of management or one of the following: THE ETHICS HOTLINE is operated by an independent reporting service. You may contact the Ethics Hotline via phone or online to speak up about violations of our Code, our policies, or the law. You may report anonymously, where permitted by law. In certain countries, the Ethics Hotline may only accept reports that relate to specific types of conduct (for example, financial, accounting, auditing, or bribery matters). If you are calling about a matter that should be handled locally in accordance with local legal requirements, the hotline specialists will direct you back to local management. RESOURCE: CONTACT INFORMATION: Human Resources PeopleCare Email: peoplecare@dolby.com or visit the PeopleCare Portal to learn more about local policies, review answers to commonly asked questions, or open a case to request assistance The Legal Department Contact your local legal representative or visit the Legal intranet site The Ethics and Compliance Office Email: eco@dolby.com or visit the Ethics and Compliance Office's (ECO) intranet site Global Security Operations Center Global Security Operations Center Email: GlobalSecurityOperationsCenter@ dolby.com Contact by phone From the United States and Canada: 1 (415) 645-4998 The Ethics Hotline Report by phone From the United States and Canada: 1 (844) 518-2351 From all other locations, click here for local access numbers and dialing locations Report online http://ethics.dolby.com

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## Exhibit 19.1

![image_0.jpg](image_0.jpg)

**DOLBY LABORATORIES, INC.**

**INSIDER TRADING POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.<u>PURPOSE</u>**

Dolby Laboratories, Inc. and its subsidiaries (Dolby) prohibit trading securities of Dolby and other companies based on material, nonpublic information. Information is material if a reasonable investor would consider it important in making an investment decision. Material information may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Financial results and projections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** New product or technology introductions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Pending or proposed merger, acquisition of assets or disposition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Material impairments, write-offs or restructurings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Creation of a material direct or contingent financial obligation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Impending bankruptcy or financial liquidity problems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Gain or loss of a substantial customer or supplier

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Changes in dividend policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Significant product defects or modifications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Significant pricing changes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Stock splits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** New equity or debt offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Significant litigation exposure due to actual or threatened litigation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Major changes in senior management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Entry into or termination of material agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant cybersecurity incidents

Nonpublic information is information that has not been broadly and publicly disclosed. This policy is delivered to all new employees and contractors. Employees are reminded of and trained on the policy periodically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.<u>WHO IS SUBJECT TO THE POLICY?</u>**

This policy applies to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all directors, officers, and other employees of Dolby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contractors to Dolby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• members of their immediate families and households.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.<u>NO TRADING ON BASIS OF MATERIAL, NONPUBLIC INFORMATION</u>**

You may not engage in any transaction involving a purchase, sale, loan, gift or other transfer or disposition of Dolby securities or the securities of other companies, including any offer to engage in the foregoing transactions, as long as you are in possession of material, nonpublic information (other than "Section V: Exceptions"). You may not engage in any transaction involving Dolby securities until the start of the second full trading day following the information's public disclosure or until the information is no longer material. Trading day means a day the New York Stock Exchange (NYSE) is open for trading. For example, if material, nonpublic information is disclosed during market hours on a Thursday, you may not begin trading until the market opens the following Monday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.<u>TRADING WINDOW</u>**

Directors and officers subject to the reporting and liability provisions of Section 16 of the Exchange Act of 1934, as amended (Exchange Act) (Section 16 Individuals) must comply with the trading window requirements described in this policy. All officers and certain other employees (collectively, Other Restricted Employees) must also comply with the trading window requirements described in this policy, as they have, or are likely to have, access to Dolby's internal financial information or other material, nonpublic information. The list of Other Restricted Employees, including the designation of Preclearance OREs (as defined below) will be maintained by the General Counsel (Covered Persons List).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.&nbsp;&nbsp;&nbsp;&nbsp;Open Window**

To ensure compliance with this policy and applicable securities laws, if you are a Section 16 Individual or Other Restricted Employee, your transactions in Dolby securities must occur during an open window or pursuant to an approved Rule 10b5-1 trading plan. An open window begins at the start of the second full trading day following public disclosure of the financial results for the prior period and continues until the start of the third month of the fiscal quarter. The window closes at this time because officers, directors and Other Restricted Employees will become increasingly likely to possess material, nonpublic information about expected financial results as the quarter progresses.

Even if Dolby is in an open window, if you possess material, nonpublic information you may not engage in any transactions in Dolby securities until the start of the second full trading day following public disclosure of that information, or until the information is no longer material. To obtain approval of a proposed Rule 10b5-1 trading plan, contact the General Counsel.

**&nbsp;&nbsp;&nbsp;&nbsp;B. &nbsp;&nbsp;&nbsp;&nbsp;Closed Window**

Section 16 Individuals and Other Restricted Employees may not engage in any transaction involving Dolby securities during the closed window period from the start of the third month of the fiscal quarter to the start of the second full trading day following public disclosure of financial results for the prior period. Dolby may also close the trading window at other times by sending a notice to affected individuals (e.g., during pending merger negotiations). In this event, you may not engage in any transaction involving Dolby securities until the start of the second full

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trading day following public disclosure of that information, or until the information is no longer material. The existence or reason for the trading prohibition may not be disclosed to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.&nbsp;&nbsp;&nbsp;&nbsp;Preclearance of Transactions**

All Section 16 Individuals and certain Other Restricted Employees specified in the Covered Persons List that are subject to preclearance (Preclearance OREs) must not transact in Dolby securities, even during an open window, unless they first comply with Dolby's notice and preclearance process. If you are subject to this process, you must contact Dolby's General Counsel or his or her delegate prior to commencing any transaction in Dolby securities. This preclearance requirement does not apply to transactions made under an approved Rule 10b5-1 trading plan; however, Section 16 Individuals should be aware that trading Dolby securities under an approved Rule 10b5-1 trading plan does not exempt such transactions from the provisions of Section 16, including the reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.&nbsp;&nbsp;&nbsp;&nbsp;Individual Responsibility**

You are responsible for complying with this policy against insider trading, and you should exercise judgment prior to any transactions in Dolby securities. You may have to delay a proposed transaction in Dolby securities even if you planned to make the transaction before learning of material, nonpublic information and even though you believe you may suffer an economic loss or miss a profit by waiting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exceptions</u>**

The restrictions on transacting in Dolby securities contained in this policy do not apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions made under an approved Rule 10b5-1 trading plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercises of stock options for cash under Dolby's equity incentive plans (but not the sale of any such shares),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases of shares under Dolby's employee stock purchase plan (but not the sale of any such shares),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the withholding of shares or sell to cover transactions where shares are sold on your behalf, in each case, when undertaken by Dolby upon vesting of equity awards and undertaken in order to satisfy tax withholding requirements, (a) as required by either the Board of Directors (or a committee thereof) or the award agreement governing such equity award or (b) if permitted by Dolby, at your election so long as the election is irrevocable and made in writing at a time when a trading blackout is not in place and you are not in possession of material nonpublic information; for clarity, this exception does not apply to any other market sale undertaken for the purposes of paying required taxes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfers or distributions of Dolby securities (a) for no value and without the payment or receipt of any funds or other consideration, for tax or estate planning purposes (for example, you may transfer shares to a trust of which you or your immediate family members are the sole beneficiaries during your lifetime) or (b) that result only in a change in form of beneficial ownership without changing a person's pecuniary interest in such securities (such as a transfer of securities into or out of a trust of which such person is the sole beneficiary); provided that

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Section 16 Individuals and Preclearance OREs are required to comply with the notice and preclearance process described in Section IV.C with respect to such transfers or distributions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reinvestment of dividends under an approved automatic dividend reinvestment program, whereby Dolby dividends paid are automatically re-invested, upon receipt, in Dolby securities (but not the sale of any such securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.&nbsp;&nbsp;&nbsp;&nbsp;<u>MATERIAL NONPUBLIC INFORMATION OF OTHER COMPANIES</u>**

If you learn of nonpublic information that could be expected to affect the trading price of the securities of another company, including Dolby's customers, suppliers, and other business partners, through your service with Dolby, you may not (a) use that information to transact, directly or indirectly through others, or (b) provide that information to another person to transact in the securities of that other company. Any such action will be deemed a violation of this policy. You should treat material, nonpublic information about Dolby's business partners with the same care required for Dolby confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.&nbsp;&nbsp;&nbsp;&nbsp;<u>CONFIDENTIAL INFORMATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Confidentiality of Nonpublic Information and Tipping** 

All nonpublic information relating to Dolby is the property of Dolby and should be kept confidential. You may not disclose material, nonpublic information to any other person (including family members) without approval or in the performance of your regular corporate duties. You may not "tip" or make recommendations or express opinions about trading in Dolby securities on the basis of material, nonpublic information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Responding to Outside Inquiries for Information** 

In the event you receive an inquiry from someone outside of Dolby for information regarding Dolby's performance, you should refer the inquiry without comment to Dolby's Investor Relations Department, the Chief Financial Officer or the Chief Executive Officer. Dolby has established procedures for releasing material information in a manner that is designed to broadly and publicly disclose material information immediately upon its release in compliance with federal securities laws.

Expert network firms may approach Dolby employees offering to pay consulting fees in exchange for nonpublic information about Dolby or Dolby's business partners. You are not allowed to disclose nonpublic information or accept fees from an expert network firm without written permission from the General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Prohibition against Internet Disclosure of Nonpublic Information** 

Disclosure of material, nonpublic information may bring significant legal and financial risk to Dolby and is prohibited. You may not disclose nonpublic Dolby information on the Internet, including social media, without prior approval or in the performance of your regular corporate duties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII. <u>MARGIN, PLEDGES, SHORT-SALES AND DERIVATIVES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. &nbsp;&nbsp;&nbsp;&nbsp;Prohibition against Margining or Pledging of Dolby Securities** 

You may not margin or offer to margin any Dolby securities as collateral to purchase Dolby securities or the securities of any other issuer. You may not pledge Dolby securities for any reason, except for such pledge arrangements not otherwise inconsistent with the objectives of this policy, as may be approved in writing by the General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.&nbsp;&nbsp;&nbsp;&nbsp;Prohibition against Short Sales** 

You may not directly or indirectly sell any equity security of Dolby if you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not own the security sold (a "short sale"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if you own the security, fail to deliver it against such sale (a "short sale against the box") within 20 days thereafter, or do not within 5 days after such sale deposit it in the mail or other usual channels of transportation.

Generally, a short sale is a transaction where a gain results from a decline in Dolby's stock price. While employees and contractors are not prohibited by law from engaging in short sales of Dolby securities, this policy prohibits them from doing so. Directors and officers are prohibited by both law and this policy from engaging in short sales of Dolby Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.&nbsp;&nbsp;&nbsp;&nbsp;Prohibition against Trading in Derivative Securities** 

You may not purchase or sell, or make any offer to purchase or sell, derivative securities relating to Dolby securities. This prohibition extends to any hedging or similar transaction designed to decrease the risks associated with holding Dolby securities (including purchasing financial instruments, which include prepaid variable forward contracts, equity swaps, collars and exchange funds). Transactions in derivative securities may reflect a short term and speculative interest in Dolby securities and may create the appearance of impropriety, even where a transaction does not involve trading on material, nonpublic information. Trading in derivatives may also focus attention on short-term performance at the expense of Dolby's long-term objectives. In addition, the application of securities laws to derivatives transactions can be complex, and persons engaging in derivatives transactions run an increased risk of violating securities laws if they are not careful. This paragraph does not affect the ability of Dolby to grant you stock options, restricted stock units (RSUs) or other derivatives under Dolby's equity incentive plans or agreements adopted by the Board of Directors or your ability to dispose of these derivatives, provided that the sale complies with this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.&nbsp;&nbsp;&nbsp;&nbsp;Option Exercises by Section 16 Individuals** 

When exercising options to purchase Dolby's common stock, the funds for the option exercise price may not be loaned or otherwise provided to a Section 16 Individual by Dolby or otherwise arranged for the Section 16 Individual by Dolby to the extent such arrangements are prohibited under Section 402 of the Sarbanes-Oxley Act of 2002 or other applicable law. For the avoidance of doubt, net share withholding and sell to cover transactions as described in Section V in this policy are not considered loans for purposes of this Section VIII(D).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.&nbsp;&nbsp;&nbsp;&nbsp;<u>POTENTIAL CRIMINAL AND CIVIL LIABILITY AND DISCIPLINARY ACTION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.&nbsp;&nbsp;&nbsp;&nbsp;Liability for Insider Trading**

You may be subject to penalties and imprisonment for engaging in securities transactions when you have material, nonpublic information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.&nbsp;&nbsp;&nbsp;&nbsp;Liability for Tipping**

You may be liable for improper transactions by others (commonly referred to as a "tippee") to whom you have disclosed nonpublic information regarding Dolby or Dolby's business partners or to whom you have made recommendations or expressed opinions as to trading in securities based on such information. The SEC has imposed large penalties for tipping even when the disclosing person did not profit from the trading. The SEC, the NYSE and other national stock exchanges, and the Financial Industry Regulatory Authority use sophisticated electronic surveillance techniques to uncover insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.&nbsp;&nbsp;&nbsp;&nbsp;Possible Disciplinary Actions**

You may be subject to disciplinary action by Dolby for violations of this policy, which may include ineligibility for future participation in Dolby's equity incentive plans or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.&nbsp;&nbsp;&nbsp;&nbsp;<u>PROTECTED ACTIVITY NOT PROHIBITED</u>**

Nothing in this policy, or any related guidelines or other documents or information provided in connection with this policy, shall in any way limit or prohibit you from engaging in any of the protected activities set forth in Dolby's Code of Business Conduct and Ethics, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADDITIONAL INFORMATION – SECTION 16 INDIVIDUALS</u>**

Section 16 Individuals must comply with the reporting obligations and limitations on short-swing transactions set forth in Section 16 of the Exchange Act. The practical effect of these provisions is that Section 16 Individuals who purchase and sell Dolby securities within a six-month period may be obligated to return all profits to Dolby whether or not they had knowledge of any material, nonpublic information. Section 16 requirements also apply to any transactions of immediate family members sharing the same household of Section 16 Individuals.

The receipt of an employee stock option under Dolby's equity incentive plans, the exercise of an employee stock option or vesting of an RSU, and the purchase of stock under Dolby's employee stock purchase plan are not deemed purchases under Section 16; however, these transactions must still be reported to comply with Section 16, and the sale of any such shares is a sale for purposes of the short-swing profit rule.

Section 16 Individuals should be aware that trading Dolby securities under an approved Rule 10b5-1 trading plan does not exempt such transactions from the provisions of Section 16,

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including the reporting requirements or the short-swing profit rule. As a result, Section 16 Individuals trading under an approved Rule 10b5-1 trading plan should instruct their securities broker to notify Dolby's General Counsel no later than the date of execution of the transaction. Dolby has provided, or will provide, separate memoranda and other appropriate materials to Section 16 Individuals regarding compliance with Section 16 and its related rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XII.&nbsp;&nbsp;&nbsp;&nbsp;<u>APPLICABILITY OF POLICY FOLLOWING TERMINATION OF SERVICES</u>**

You are expected to comply with this Policy until such time as you are no longer affiliated with Dolby and you no longer possess any material nonpublic information subject to this policy. In addition, if you are subject to a closed window (whether quarterly or special) under this policy at the time you cease to be affiliated with Dolby, you are expected to abide by the applicable trading restrictions until at least the end of such closed window.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIII.&nbsp;&nbsp;&nbsp;&nbsp;<u>Questions</u>**

Please direct any questions you have about this policy to Dolby's General Counsel.

## Exhibit 21.1

**Exhibit 21.1** 

**SIGNIFICANT SUBSIDIARIES OF DOLBY LABORATORIES, INC.** 

As of September 26, 2025

---

| | |
|:---|:---|
| **<u>Name</u>** | **<u>Jurisdiction of Incorporation/Organization</u>** |
| Dolby Laboratories, Inc. | California |
| Dolby Laboratories Licensing Corporation | New York |
| Dolby International AB | Sweden |
| Via Licensing Alliance LLC | Delaware |
| DI Holding BV | Netherlands |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements (No. 333-122908, 333-150804, 333-174319, 333-188602, 333-202012, 333-216058, 333-236622, and 333-270271) on Form S-8 of our report dated November 18, 2025, with respect to the consolidated financial statements of Dolby Laboratories, Inc. and subsidiaries and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

San Francisco, California

November 18, 2025

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION**

I, Kevin J. Yeaman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K of Dolby Laboratories, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 18, 2025

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| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;KEVIN J. YEAMAN |
| Kevin J. Yeaman |
| President and Chief Executive Officer<br>(Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION** 

I, Robert Park, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K of Dolby Laboratories, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 18, 2025

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| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ROBERT PARK |
| Robert Park |
| Senior Vice President and Chief Financial Officer<br>(Principal Financial Officer) |

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## Exhibit 32.1

**Exhibit 32.1** 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Dolby Laboratories, Inc. (the "Company"), on Form 10-K for the fiscal year ended September 26, 2025, as filed with the Securities and Exchange Commission (the "Report"), Kevin J. Yeaman, President and Chief Executive Officer of the Company and Robert Park, Senior Vice President and Chief Financial Officer of the Company, respectively, do each hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The information in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 18, 2025

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| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;KEVIN J. YEAMAN |
| Kevin J. Yeaman<br>President and Chief Executive Officer (Principal Executive Officer) |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;ROBERT PARK |
| Robert Park<br>Senior Vice President and Chief Financial Officer (Principal Financial Officer) |

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