Document:

Offer letter by and between Andy Sherman and Dolby Laboratories, Inc.

 Exhibit 10.2 
 October 8, 2010 
 Andrew Sherman 
 Dear Andrew, 
 It is my distinct pleasure to confirm to you our offer to join Dolby Laboratories,
Inc. (“Dolby”) as 
 Executive Vice President and General Counsel, reporting to me. Your annualized starting base salary will be
$380,000.00, payable bi-weekly (in accordance with our 9/80 work schedule) and subject to applicable tax withholdings. Your first day of employment will be January 15, 2011. 
 Subject to the commencement of your employment, you will be granted, effective January 18, 2011, a one-time new hire stock option and restricted stock unit (RSU) award under the Dolby Laboratories,
Inc. 2005 Stock Plan (the “Plan”) as follows: (i) an option to purchase 69,000 shares of Dolby’s Class A common stock and (ii) a grant of 17,400 restricted stock units. The options will have an exercise price equal to
the fair market value of the Class A common stock as of the close of the market on January 18, 2011. The options and RSUs are also subject to the standard terms and conditions of the Plan and the execution of the award agreement.

 You are eligible to participate in the Executive Dolby Annual Incentive Plan (“EDAIP”) for the fiscal year ending September 2011,
subject to the adoption of the EDAIP by the Compensation Committee of Dolby’s Board of Directors. When the EDAIP is adopted, you will be eligible to receive an EDAIP target award of sixty five percent (65%) of your annual base salary at
the end of the fiscal year. This target award is based on the successful completion of company performance objectives and your individual performance. Subject to your continued employment with Dolby, your first incentive target payout (if any) of
the EDAIP would be in December 2011 for the fiscal year ended September 2011, prorated to your date of hire. 
 Performance and Development
Evaluations are completed annually by December. You will first be eligible for a merit increase in January 2011 after your focal review. 
 As a
full-time employee of Dolby, you will be eligible to participate in our comprehensive benefits package. As part of your benefits package, you will initially accrue Personal Time Off (PTO) at a rate of 4.62 hours per full pay period (120 hours per
year). Additionally, you will receive 40 hours per year, up to a maximum of 120 hours, in a Reserve Illness Account (RIA) on each January 1st (a pro-rated number of hours will be added for calendar 2011 upon hire). You will also be eligible for
Dolby’s designated paid holidays. You will be eligible to enroll in Dolby’s health plan(s) on the first day of your employment. In addition to Dolby’s health plan(s) benefits, you will also be eligible to participate in our 401(k)
Plan (the “Dolby Laboratories, Inc. Retirement Plan”) as soon as administratively feasible. Enclosed with this letter is our general benefits information packet but more specific plan information will be reviewed with you during the
orientation on your first day of employment. 
 The employment relationship between you and Dolby is one of employment “at-will” with
either party having the right to terminate the relationship at any time, with or without cause. Our employment at-will relationship can only be modified by a written agreement signed by me. 
 By signing this offer of employment as set forth below you acknowledge that this offer of employment is contingent upon the satisfaction of the following conditions: 

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

  

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

 

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

  

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

  

	 	5.	That you complete, sign and return an Executive Officer Candidate Questionnaire, which has responses satisfactory to Dolby. 

 

	 	6.	That a background check is completed to Dolby’s satisfaction. 

 Please note that this offer letter will become effective and binding only upon approval of the terms of this offer letter by Dolby’s Board of Directors on or before its next regular scheduled
meeting. 
 This offer of employment supersedes all prior offers, both verbal and written and is the complete understanding of our offer of
employment to you. To acknowledge your acceptance, please sign below and fax the document in its entirety to my attention at 415.357.7521 no later than 5 p.m. (PST) on Friday, October 15. In addition, please bring this original, signed letter
to your first day’s orientation with the signed Confidential Information and Invention Assignment Agreement and retain the other original for your records. 
 We feel that you can make a significant contribution to the growth and future of Dolby and we look forward to welcoming you to our team! 
 Sincerely, 
 /s/ Kevin Yeaman /AD 
 Kevin Yeaman 
 President and Chief Executive Officer 

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

							
	 /s/ Andrew Sherman
	  		  	 October 19, 2010
	  	
	Andrew Sherman	  		  	DateConsulting Agreement by and between David Dolby and Dolby Laboratories, Inc.

 Exhibit 10.3 
 DOLBY LABORATORIES, INC. 
 CONSULTING SERVICES AGREEMENT

 This Services Agreement (“Agreement”) is entered into as of February 2, 2011, by and between
Dolby Laboratories, Inc., a Delaware corporation (the “Company”) and David Dolby (“Consultant”). 
 WHEREAS, the Company desires to retain Consultant as an independent contractor to perform consulting services, and Consultant is willing to perform such services, on the terms described below. In
consideration of the mutual promises contained herein, the parties agree as follows: 
 1. Services. As of
February 2, 2011 (the “Effective Date”), Consultant will serve as a consultant to advise the ad hoc Technology Strategy Committee (the “TSC”) of the Board of Directors of the Company (the
“Board”) on technologies and other related matters as the TSC may request. The services to be performed by Consultant hereunder shall be referred to herein as the “Services.” The period of the consultancy under this
Agreement is referred to herein as the “Consultancy Term.” During the Consultancy Term, Consultant will perform his duties faithfully and to the best of his ability. In no event will Consultant have the authority to bind the Company
or represent the Company to any third party or to provide direction to members of management, except through a recommendation made by the TSC to the Board of Directors. 
 Specifically, Consultant will perform research and analyses and work on projects supporting the work of the TSC, as set forth in its charter. The scope and requirements of the Services will be determined
by the Chairman of the TSC in consultation with other members of the TSC and Consultant. The Consultant’s work will be overseen by the Chairman of the Technology Strategy Committee and the Chairman of the Board of Directors. 

2. Support. The Company will make available information and access to Consultant necessary to analyze and evaluate the issues
being explored by the Technology Strategy Committee 
  

	 	•	 	 Consultant may participate in internal and external meetings, seminars, and trade shows, where technology-related subjects are reviewed or discussed,
to the extent that such attendance is consistent with the current agenda of the TSC and with the prior agreement of the Chairman of the TSC or the Chairman of the Board. 

 

	 	•	 	 Consultant will be provided with adequate administrative support as necessary to perform the Services. 

3. Compensation. The Company will pay Consultant $8,333 per month ($100,000 annually) for the Services performed under this
Agreement. 
 4. Withholding. Consultant shall have full responsibility for applicable withholding taxes for all
compensation paid to Consultant under this Agreement, and for compliance with all applicable labor and employment requirements with respect to Consultant’s self-employment, sole proprietorship or other form of business organization. 

5. Confidentiality/Corporate Opportunity. Consultant will maintain in confidence and will not, directly or indirectly,
disclose or use, either during or after the term of this Agreement, any proprietary information, confidential information, know-how or trade secrets belonging to Company, whether or not it is in written or permanent form, except to the extent
necessary to perform the Services and to perform Consultant’s duties as a member of the board of directors of the Company. Upon the written request of Company, Consultant shall return to Company all Company proprietary information, confidential
information, know-how or trade secrets in Consultant’s possession. Consultant shall not appropriate any corporate opportunity rightfully belonging to the Company. 
 6. Conflicting Obligations. Consultant certifies that Consultant has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement or that would
preclude Consultant from complying with the provisions of this Agreement. Consultant will not enter into any such conflicting agreement during the term of this Agreement. 
 7. Independent Contractor; Benefits. It is the express intention of the Company and Consultant that Consultant performs the Services as an independent contractor. Nothing in this Agreement
shall in any way be construed to constitute Consultant as an employee or entitling Consultant to any of benefits otherwise provided to employees of the Company. Consultant acknowledges and agrees that Consultant is obligated to report as income all
compensation received by Consultant pursuant to this Agreement. Consultant agrees to and acknowledges the obligation to pay all self-employment and other taxes on such income. 
 8. Termination and Survival. 

  
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 A. Consultancy Term and Termination. The Consultancy Term shall be one year from
the Effective Date. The Company may terminate this Agreement for “Cause”. “Cause” means, the Consultant’s: (i) refusal or failure to act in accordance with any specific, lawful direction or order of the TSC;
(ii) unfitness or unavailability for service or unsatisfactory performance (other than as a result of disability); (iii) performance of any act or failure to perform any act in bad faith and to the detriment of the Company;
(iv) dishonesty, intentional misconduct or material breach of any agreement with the Company; or (v) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person. At least 30 days prior to the
termination of the Agreement pursuant to (i) or (ii) above, the Company shall provide the Consultant with notice of the Company’s intent to terminate, the reason therefore, and an opportunity for the Consultant to cure such defects in
his service to the Company’s satisfaction. 
 The Agreement will terminate immediately upon the death or disability of
Consultant, or at such time as Consultant is no longer a member of the Board of Directors of the Company. 

B. Survival. Upon any termination, all rights and duties of the Company and Consultant toward each other under this Agreement
shall cease except: 
 (1) The Company will pay, within thirty (30) days after the effective date of termination, all
amounts owing to Consultant for Services completed and accepted by the Company prior to the termination date and related reimbursable expenses, if any, submitted in accordance with the Company’s policies; and 

(2) All Sections of this Agreement other than Section 1 (Services), Section 2 (Support), and
Section 3 (Compensation) will survive termination of this Agreement. 
 9. Miscellaneous. 

A. Governing Law; Consent to Personal Jurisdiction. This Agreement shall be governed by the laws of California without regard to
California’s conflicts of law rules. To the extent that any lawsuit is permitted under this Agreement, the parties hereby expressly consent to the personal and exclusive jurisdiction and venue of the state and federal courts located in
California. 
 B. Assignability. This Agreement will be binding upon Consultant’s heirs, executors, assigns,
administrators, and other legal representatives, and will be for the benefit of the Company, its successors, and its assigns. There are no intended third-party beneficiaries to this Agreement, except as expressly stated. Except as otherwise provided
in this Agreement, Consultant may not sell, assign, or delegate any rights or obligations under this Agreement. Notwithstanding anything to the contrary herein, Company may assign this Agreement and its rights and obligations under this Agreement to
any successor to all or substantially all of Company’s relevant assets, whether by merger, consolidation, sale of assets or stock, or otherwise. 
 C. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior written and oral agreements
between the parties regarding the subject matter of this Agreement. Consultant represents and warrants that he is not relying on any statement or representation not contained in this Agreement. 

D. Headings. Headings are used in this Agreement for reference only and shall not be considered when interpreting this Agreement.

 E. Notices. Any notice or other communication required or permitted by this Agreement to be given to a party shall be
in writing and shall be deemed given (i) if delivered personally or by commercial messenger or courier service, (ii) when sent by confirmed facsimile; or (iii) mailed by U.S. registered or certified mail (return receipt requested), to
the party at the party’s address written below or at such other address as the party may have previously specified by like notice. If sent by mail, delivery shall be deemed effective three business days after mailing in accordance with this
Section. 
 (1) If to the Company, to: 
 Dolby Laboratories, Inc. 
 100 Potrero Avenue 

San Francisco, CA 94103 
 Attention: General Counsel 
 (2) If to Consultant, to the last address of
Consultant provided by Consultant to the Company. 

  
 Page 2 of 4

 F. Severability. If any provision of this Agreement is found to be illegal or
unenforceable, the other provisions shall remain effective and enforceable to the greatest extent permitted by law. 
 (signature
page follows) 

  
 Page 3 of 4

 IN WITNESS WHEREOF, the parties hereto have executed this Services Agreement as of the date
first written above. 
  

							
	CONSULTANT	 		 	DOLBY LABORATORIES, INC.
				
	 /s/ David Dolby
	 		 	By:	 	 /s/ Andy Sherman

	David Dolby	 		 	Name:	 	 Andy Sherman

		 		 	Title:	 	 February 2, 2011

  
 Page 4 of 4

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