Document:

Form of Restricted Stock Agreement

 Exhibit 10.3 
 THE HAIN CELESTIAL GROUP, INC. 
 RESTRICTED STOCK AGREEMENT 

The Hain Celestial Group, Inc. has granted to the Participant named in the Notice of Grant of Restricted Stock (the
“Notice”) to which this Restricted Stock Agreement (this “Agreement”) is attached an Award of Shares subject to the terms and conditions set forth in the Notice and this
Agreement. This Award shall constitute a Restricted Share award under the Plan. The Company granted the Award pursuant to the Company’s Amended and Restated 2002 Long Term Incentive and Stock Award Plan (the
“Plan”), as amended to the Date of Grant, the provisions of which are incorporated herein by reference. By signing the Notice, the Participant: (a) acknowledges receipt of and represents that the
Participant has read and is familiar with the Notice, this Agreement, and the Plan, (b) accepts the Award subject to all of the terms and conditions of the Notice, this Agreement and the Plan and (c) agrees to accept as binding, conclusive
and final all decisions or interpretations of the Committee upon any questions arising under the Notice, this Agreement or the Plan. 
  

	 	1.	DEFINITIONS AND CONSTRUCTION. 

1.1 Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the
Notice or the Plan. 
 1.2 Construction. Captions and titles contained herein are for convenience only and
shall not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not
intended to be exclusive, unless the context clearly requires otherwise. 
  

	 	2.	ADMINISTRATION. 

 All questions of interpretation concerning the Notice and this Agreement shall be determined by the Committee. All determinations by the Committee shall be final and binding upon all persons having an
interest in the Award. The Chief Executive Officer or Chief Financial Officer shall have the authority to act on behalf of the Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to
the Company herein. 
  

	 	3.	THE AWARD. 

 3.1 Grant and Issuance of Shares. Upon the later of (a) the Date of Grant and (b) the date the Notice shall have been fully executed, the Participant shall acquire and the Company shall
issue, subject to the provisions of this Agreement, a number of Shares equal to the Total Number of Shares set forth in the Notice. As a condition to the issuance of the Shares, the Participant shall execute and deliver to the Company along with the
Notice the Assignment 

 
Separate from Certificate duly endorsed (with date and number of shares blank) in the form attached to the Notice. 
 3.2 No Monetary Payment Required. The Participant is not required to make any monetary payment (other than to satisfy applicable tax withholding, if any, with respect to the issuance or vesting of
the Shares) as a condition to receiving the Shares, the consideration for which shall be past services actually rendered or future services to be rendered to the Company or for its benefit. Notwithstanding the foregoing, if required by applicable
law, the Participant shall furnish consideration in the form of cash or past services rendered to the Company or for its benefit having a value not less than the par value of the Shares issued pursuant to the Award. 

3.3 Beneficial Ownership of Shares; Certificate Registration. The Participant hereby authorizes the Company, in its
sole discretion, to deposit the Shares with the Company’s transfer agent, including any successor transfer agent, to be held in book entry form during the term of the Escrow pursuant to Section 6. Furthermore, the Participant hereby
authorizes the Company, in its sole discretion, to deposit, following the term of such Escrow, for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice any or all
Shares which are no longer subject to such Escrow. Except as provided by the foregoing, a certificate for the Shares shall be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant. 

3.4 Issuance of Shares in Compliance with Law. The issuance of the Shares shall be subject to compliance with all
applicable requirements of federal, state or foreign law with respect to such securities. No Shares shall be issued hereunder if their issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or
regulations or the requirements of any stock exchange or market system upon which the Shares may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s
legal counsel to be necessary to the lawful issuance of any Shares shall relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority shall not have been obtained. As a condition to the
issuance of the Shares, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect
thereto as may be requested by the Company. 
  

	 	4.	VESTING OF SHARES. 

4.1 Normal Vesting. Except as provided by Sections 4.2 or 4.3, the Shares shall vest and become Vested Shares as provided in
the Notice. 
 4.2 Acceleration of Vesting in Connection with a Change in Control. In the event that: one or more of the
following events occurs (a) any merger, consolidation, recapitalization, reorganization, acquisition or other business combination involving the Company, other than (i) any transaction in which the Company is the surviving entity and the
holders of the outstanding voting securities of the Company immediately prior to the transaction receive or retain securities representing more than 50% of the voting power of all of the 

  
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securities of the Company outstanding immediately after the transaction (with each holder’s voting power relative to other holders remaining substantially unchanged) or (ii) any
transaction the purpose of which is to change the jurisdiction of organization of the Company and in which outstanding Awards under the Plan are assumed by the surviving entity, as determined by the Committee; (b) any person, group or entity is
or becomes the beneficial owner, directly or indirectly, of 50% or more of the voting power of all of the then-outstanding securities of the Company; or (c) the sale, transfer or other disposition of all or substantially all of the assets of
the Company, or the approval by the stockholders of the Company of a plan of complete liquidation, then any Shares which are not Vested Shares (“Unvested Shares”) shall, immediately prior to the record date for distribution
with respect to such event, or if there is no such record date, then immediately prior to such event, become immediately vested and all restrictions shall lapse. 
  

	 	4.3	Acceleration of Vesting Upon Certain Terminations. 

 (a) Time-Based Shares. In the event that the Participant’s service is terminated as a result of Participant’s death, Disability or Retirement, then any Time-Based Shares which are not
Vested Shares shall become immediately vested and all restrictions shall lapse. For this purpose, “Disability” shall mean the permanent and total disability of the Participant within the meaning of Section 22(e)(3) of
the Code, and “Retirement” shall mean if such Participant terminates his or her service on or after the earliest date upon which such Participant is eligible for Social Security retirement benefits. 

(b) Performance-Based Shares. In the event that the Participant’s service is terminated as a result of
Participant’s death, Disability or Retirement during the Performance Period (as defined below) then the Performance-Based Shares will be eligible to vest on November 18, 2012 on a pro-rated basis, subject to the terms and conditions of The
Hain Celestial Group, Inc. 2010-2014 Executive Incentive Plan, including the calculation of the Long-Term Incentive Award thereunder. For purposes of this Agreement, the “Performance Period” shall mean July 1, 2010
through June 30, 2012. 
  

	 	5.	COMPANY REACQUISITION RIGHT. 

5.1 Grant of Company Reacquisition Right. Except as otherwise provided in an employment agreement or other agreement concerning the
terms of a Participant’s employment with the Company, in the event that (a) the Participant’s service terminates for any reason other than as provided in Section 4.3, or (b) the Participant, or other holder of the Shares,
attempts to sell, exchange, transfer, pledge, or otherwise dispose of (other than pursuant to a transaction approved by the Company), including, without limitation, any transfer to a nominee or agent of the Participant, any Unvested Shares, the
Company shall automatically reacquire any Unvested Shares, and the Participant shall not be entitled to any payment therefor (the “Company Reacquisition Right”). 

5.2 Dividends, Distributions and Adjustments. Upon the occurrence of a dividend or distribution to the stockholders
of the Company paid in Shares or other property, or any other adjustment upon a change in the capital structure of the Company as described in Section 8, any and all new, substituted or additional securities or other property (other than

  
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regular, periodic dividends paid on Shares pursuant to the Company’s dividend policy) to which the Participant is entitled by reason of the Participant’s ownership of Unvested Shares
shall be immediately subject to the Company Reacquisition Right and included in the terms “Shares,” and “Unvested Shares” for all purposes of the Company Reacquisition Right with the same force and effect as such Unvested Shares
immediately prior to the dividend, distribution or adjustment, as the case may be. 
  

	 	6.	ESCROW. 

 6.1 Appointment of Agent. To ensure that Shares subject to the Company Reacquisition Right will be available for reacquisition, the Participant and the Company hereby appoint the Secretary of the
Company, or any other person designated by the Company, as their agent and as attorney-in-fact for the Participant (the “Agent”) to hold any and all Unvested Shares and to sell, assign and transfer to the
Company any such Unvested Shares reacquired by the Company pursuant to the Company Reacquisition Right. The Participant understands that appointment of the Agent is a material inducement to make this Agreement and that such appointment is coupled
with an interest and is irrevocable. The Agent shall not be personally liable for any act the Agent may do or omit to do hereunder as escrow agent, agent for the Company, or attorney in fact for the Participant while acting in good faith and in the
exercise of the Agent’s own good judgment, and any act done or omitted by the Agent pursuant to the advice of the Agent’s own attorneys shall be conclusive evidence of such good faith. The Agent may rely upon any letter, notice or other
document executed by any signature purporting to be genuine and may resign at any time. 
 6.2 Establishment of
Escrow. The Participant authorizes the Company to deposit the Unvested Shares with the Company’s transfer agent to be held in book entry form, as provided in Section 3.3, and the Participant agrees to deliver to and
deposit with the Agent each certificate, if any, evidencing the Shares and an Assignment Separate from Certificate with respect to such book entry shares and each such certificate duly endorsed (with date and number of Shares blank) in the form
attached to the Notice, to be held by the Agent under the terms and conditions of this Section 6 (the “Escrow”). Upon the occurrence of a change in the capital structure of the Company, as described in
Section 8, in the character or amount of any outstanding stock of the corporation the stock of which is subject to the provisions of this Agreement, any and all new, substituted or additional securities or other property to which the
Participant is entitled by reason of his or her ownership of the Shares that remain subject to the Company Reacquisition Right shall be immediately subject to the Escrow to the same extent as the Shares immediately before such event. The Company
shall bear the expenses of the Escrow. 
 6.3 Delivery of Shares to Participant. The Escrow shall continue
with respect to any Shares for so long as such Shares remain subject to the Company Reacquisition Right. Upon termination of the Company Reacquisition Right with respect to Shares, the Company shall so notify the Agent and direct the Agent to
deliver such number of Shares to the Participant. As soon as practicable after receipt of such notice, the Agent shall cause to be delivered to the Participant the Shares specified by such notice, and the Escrow shall terminate with respect to such
Shares. 

  
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	 	7.	TAX MATTERS. 

  

	 	7.1	Tax Withholding. 

 (a)
In General. The Company shall have no obligation to deliver the Shares or to release any Shares from the Escrow established pursuant to Section 6 until the federal, state, local and foreign tax withholding obligations of the Company, if
any, which arise in connection with the Award, including, without limitation, obligations arising upon (a) the transfer of Shares to the Participant, (b) the lapsing of any restriction with respect to any Shares, (c) the filing of an
election to recognize tax liability, or (d) the transfer by the Participant of any Shares have been satisfied by the Participant. In general, withholding obligations will apply to any Eligible Person who is an Employee of the Company or a
Subsidiary on the Date of Grant. 
 (b) Withholding in Shares. The Participant shall satisfy all such withholding
obligations by the Company withholding a sufficient number of whole Vested Shares otherwise deliverable to the Participant with a fair market value in an amount of such tax withholding obligations determined utilizing the applicable minimum
statutory withholding rates. 
  

	 	7.2	Election Under Section 83(b) of the Code. 

 (a) The Participant understands that Section 83 of the Code taxes as ordinary income the difference between the amount paid for the Shares, if anything, and the fair market value of the Shares as of
the date on which the Shares are “substantially vested,” within the meaning of Section 83. In this context, “substantially vested” means that the right of the Company to reacquire the Shares pursuant to the Company
Reacquisition Right has lapsed. The Participant understands that he or she may elect to have his or her taxable income determined at the time he or she acquires the Shares rather than when and as the Company Reacquisition Right lapses by filing an
election under Section 83(b) of the Code with the Internal Revenue Service no later than thirty (30) days after the date of acquisition of the Shares. The Participant understands that failure to make a timely filing under
Section 83(b) will result in his or her recognition of ordinary income, as the Company Reacquisition Right lapses, on the difference between the purchase price, if anything, and the fair market value of the Shares at the time such restrictions
lapse. The Participant further understands, however, that if Shares with respect to which an election under Section 83(b) has been made are forfeited to the Company pursuant to its Company Reacquisition Right, such forfeiture will be treated as
a sale on which there is realized a loss equal to the excess (if any) of the amount paid (if any) by the Participant for the forfeited Shares over the amount realized (if any) upon their forfeiture. If the Participant has paid nothing for the
forfeited Shares and has received no payment upon their forfeiture, the Participant understands that he or she will be unable to recognize any loss on the forfeiture of the Shares even though the Participant incurred a tax liability by making an
election under Section 83(b). 
 (b) The Participant understands that he or she should consult with his or her tax advisor
regarding the advisability of filing with the Internal Revenue Service an election under Section 83(b) of the Code, which must be filed no later than thirty (30) days after the date of the acquisition of the Shares pursuant to this
Agreement. Failure to file an election under Section 83(b), if appropriate, may result in adverse tax consequences to the Participant. 

  
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The Participant acknowledges that he or she has been advised to consult with a tax advisor regarding the tax consequences to the Participant of the acquisition of Shares hereunder. ANY ELECTION
UNDER SECTION 83(b) THE PARTICIPANT WISHES TO MAKE MUST BE FILED NO LATER THAN 30 DAYS AFTER THE DATE ON WHICH THE PARTICIPANT ACQUIRES THE SHARES. THIS TIME PERIOD CANNOT BE EXTENDED. THE PARTICIPANT ACKNOWLEDGES THAT TIMELY FILING OF A
SECTION 83(b) ELECTION IS THE PARTICIPANT’S SOLE RESPONSIBILITY, EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO FILE SUCH ELECTION ON HIS OR HER BEHALF. 

(c) The Participant will notify the Company in writing if the Participant files an election pursuant to Section 83(b) of the Code.
The Company intends, in the event it does not receive from the Participant evidence of such filing, to claim a tax deduction for any amount which would otherwise be taxable to the Participant in the absence of such an election. 

 

	 	8.	ADJUSTMENTS FOR CHANGES IN CAPITAL STRUCTURE.

 Subject to any required action by the stockholders of the Company, in the event of any change in the Shares
effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off,
combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than Shares (excepting normal cash
dividends) that has a material effect on the fair market value of Shares, appropriate adjustments shall be made in the number and kind of shares subject to the Award, in order to prevent dilution or enlargement of the Participant’s rights under
the Award. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected without receipt of consideration by the Company.” Any fractional share resulting from an adjustment
pursuant to this Section shall be rounded down to the nearest whole number. Such adjustments shall be determined by the Committee, and its determination shall be final, binding and conclusive. 

 

	 	9.	RIGHTS AS A STOCKHOLDER, DIRECTOR, EMPLOYEE OR
CONSULTANT. 

 The Participant shall have no rights as a stockholder with
respect to any Shares subject to the Award until the date of the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for
dividends, distributions or other rights for which the record date is prior to the date the Shares are issued, except as provided in Section 8. Subject to the provisions of this Agreement, the Participant shall exercise all rights and
privileges of a stockholder of the Company with respect to Shares deposited in the Escrow pursuant to Section 6. If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate,
written employment agreement between the Company and the Participant, the Participant’s employment is “at will” and is for no specified term. Nothing in this Agreement shall confer upon the Participant any right to continue in the
service of the Company or any Subsidiary or interfere in any way with any right of such entities to terminate the Participant’s 

  
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service at any time. 
  

	 	10.	LEGENDS. 

 The Company may at any time place legends referencing the Company Reacquisition Right and any applicable federal, state or foreign securities law restrictions on all certificates representing the Shares.
The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing the Shares in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise
specified by the Company, legends placed on such certificates may include, but shall not be limited to, the following: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS SET FORTH IN AN AGREEMENT BETWEEN THIS CORPORATION AND
THE REGISTERED HOLDER, OR HIS PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION.” 
  

	 	11.	COVENANTS NOT TO DISCLOSE, COMPETE OR SOLICIT.

 (a) The Participant acknowledges that (i) the Company is engaged in a continuous program of research,
development, production, marketing, sales and production regarding natural and organic products throughout the United States and internationally (the foregoing, together with any other businesses in which the Company engages from the date hereof to
the date of the termination of the Participant’s employment with the Company and its Subsidiaries is referred to herein as the “Company Business”); (ii) the Participant’s work for and position with the Company
and/or one of its Subsidiaries has allowed the Participant, and will continue to allow the Participant, access to trade secrets of, and Confidential Information (as defined below) concerning the Company Business; (iii) the Company Business is
national and international in scope; (iv) the Company would not have agreed to grant the Participant this Award but for the agreements and covenants contained in this Agreement; and (v) the agreements and covenants contained in this
Agreement are necessary and essential to protect the business, goodwill, and customer relationships that the Company and its Subsidiaries have expended significant resources to develop. The Company agrees and acknowledges that, on or following the
date hereof, it will provide the Participant with one or more of the following: (a) authorization to access Confidential Information through a computer password or by other means, (b) authorization to represent the Company in
communications with customers and other third parties to promote the goodwill of the business in accordance with generally applicable Company policies and (c) access to participate in certain restricted access meetings, conferences or training
relating to the Participant’s position with the Company. 
 (b) For purposes of this Agreement, “Confidential
Information” shall mean all business records, trade secrets, know-how, customer lists or compilations, terms of customer agreements, supplier or service information, pricing or cost information, marketing information, future products
and strategies, business opportunities, inventions, creations, enhancements, business operation information, financial information or personnel data, any formula, pattern, device and/or compilation of information which is used in the Company’s
Business and which 

  
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gives the Company an advantage over its competitors, and other confidential or proprietary information created, used and/or obtained by the Participant in the course of the Participant’s
employment with the Company or any Subsidiary. The Participant agrees not to engage in unauthorized use or disclosure of Confidential Information, and agrees that upon termination of the Participant’s employment (or earlier if so requested) the
Participant will preserve and return to the Company any and all records in the Participant’s possession or control, tangible and intangible, developed or obtained during and as a result of Participant’s employment (excluding documents
relating to compensation and employee benefits). The Participant further agrees not to keep or retain any copies of such records without written authorization from a duly authorized officer of the Company covering the specific item retained.

 (c) Ancillary to the foregoing and this Award, the Participant hereby agrees that, during the term of the Participant’s
employment with the Company or any Subsidiary and for a period of [         year(s)] after the termination of Participant’s employment with the Company or any Subsidiary for any reason, whether it
be voluntary or involuntary, with or without cause (the “Restricted Period”), the Participant will not, directly or indirectly, individually or on behalf of any person or entity other than the Company or any of its
Subsidiaries: 
 (i) Provide Competing Services (as defined below) to any company or business (other than the Company or any
Subsidiary) engaged in the manufacture, distribution, sale or marketing of any of the Relevant Products (as defined below) in the Relevant Market Area (as defined below); 
 (ii) Approach, consult, solicit or accept business from, or contact or otherwise communicate, directly or indirectly, in any way with any Customer (as defined below) in an attempt to (1) divert
business from, or interfere with any business relationship of the Company or any of its Subsidiaries, or (2) convince any Customer to change or alter any of such Customer’s existing or prospective contractual terms and conditions with the
Company or any Subsidiary; or 
 (iii) Solicit, induce, recruit or encourage, either directly or indirectly, any employee of
the Company or any Subsidiary, with whom Participant had contact with during Participant’s employment or about whom Participant obtained Confidential Information, to leave his or her employment with the Company or any Subsidiary or employ or
offer to employ any employee of the Company or any Subsidiary. For the purposes of this section, an employee of the Company or any Subsidiary shall be deemed to be an employee of the Company or any Subsidiary while employed by the Company and for a
period of sixty (60) days thereafter. 
 (d) For purposes of this Agreement, the following terms shall have the meanings
indicated: 
 (i) To provide “Competing Services” means to provide, manage, supervise, or consult about
(whether as an employee, owner, partner, stockholder, investor, joint venturer, lender, director, manager, officer, employee, consultant, independent contractor, representative or agent, or otherwise) any services that (A) are similar in
purpose or function to 

  
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services the Participant provided to the Company or any Subsidiary in the two year period preceding the termination of the Participant’s employment, (B) might involve the use of
Confidential Information, or (C) involve business opportunities related to Relevant Products. For purposes of this Agreement, nothing contained herein shall be deemed to prohibit a Participant from providing legal services to a competing
company to the extent that applicable disciplinary rules permit. 
 (ii) “Customer” means any and all
persons or entities who purchased any Relevant Product from the Company or any Subsidiary during the term of the Participant’s employment with the Company or any Subsidiary with whom Participant had contact during Participant’s employment
or about whom Participant obtained Confidential Information. 
 (iii) “Relevant Products” means any
natural or organic product that was developed or sold by the Company or any Subsidiary within the course of the last two (2) years of the Participant’s employment with the Company or any Subsidiary. 

(iv) “Relevant Market Area” means the counties (or county equivalents) of any country where the Company does
business that the Participant assists in providing services to and/or receives Confidential Information about in the two (2) year period preceding the termination of the Participant’s employment so long as the Company continues to do
business in that geographic market area during the Restricted Period. 
 (e) Notwithstanding the foregoing, (1) the
restrictions of subsection 11(b) and 11(c) above shall not prohibit the Participant’s employment with a non-competing, independently operated subsidiary, division, or unit of a diversified company (even if other separately operated portions of
the diversified company are involved in Relevant Products) if in advance of the Participant’s providing any services, the Participant and the diversified company that is going to employ or retain the Participant both provide the Company with
written assurances that are satisfactory to the Company establishing that (a) the entity, subsidiary, division or unit of the diversified business that the Participant is going to be employed in or retained by is not involved in Relevant
Products or preparing to become involved in Relevant Products, and (b) the Participant’s position will not involve Competing Services of any kind, and (2) the Participant is not prohibited from owning either of record or beneficially,
not more than five percent (5%) of the shares or other equity of any publicly traded company. The Participant’s obligations under this Section 11 shall survive the vesting or forfeiture of the underlying Shares. 

(f) Any breach of any provision of this Section 11 will result in immediate and complete forfeiture of the Participant’s
unvested Shares and the Participant hereby agrees that the Participant shall return to the Company any Shares that were previously issued to the Participant or, if the Participant no longer owns the Shares, an amount in cash equal to the fair market
value of any such Shares on the date they were issued to the Participant (less any taxes paid by the Participant). In addition, the Participant hereby agrees that if the Participant violates any provision of this Section 11, the Company will be
entitled to injunctive relief, specific performance, or such other legal and equitable relief as is needed to prevent or enjoin any violation of the provisions of this Agreement in addition to and not to the exclusion of any other

  
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remedy that may be allowed by law for damages experienced prior to the issuance of injunctive relief. The Participant also agrees that, if the Participant is found to have breached any of the
time-limited covenants in this Section 11, the time period during which the Participant is subject to such covenant shall be extended by one day for each day the Participant is found to have violated such restriction. If Participant is found to
have breached any obligation in this Agreement, Participant will pay the Company, in addition to any damages that may be awarded by the Court, reasonable attorneys’ fees incurred by the Company to establish that breach or otherwise to enforce
this Agreement. 
 (g) The Participant acknowledges that the Participant has given careful consideration to the restraints
imposed by this Agreement, and the Participant fully agrees that they are necessary for the reasonable and proper protection of the business of the Company and its Subsidiaries. The restrictions set forth herein shall be construed as a series of
separate and severable covenants. The Participant agrees that each and every restraint imposed by this Agreement is reasonable with respect to subject matter, time period, and geographical area. Except as expressly set forth herein, the restraints
imposed by this Agreement shall continue during their full time periods and throughout the geographical area set forth in this Agreement. 
 (h) The Participant also stipulates and agrees that (a) the Restrictive Covenants and (b) the Company’s agreement herein to provide the Participant with this Restricted Stock Award are
mutually dependent clauses and obligations without which this Agreement would not be made by the parties. Accordingly, the Participant agrees not to sue or otherwise pursue a legal claim to set aside or avoid enforcement of the Restrictive
Covenants. In the event that the Participant or any other party pursues a legal challenge to the enforceability of any material provision of the restrictions in Section 11 of this Agreement and a material provision is found unenforceable by a
court of law or other legally binding authority such that the Participant is no longer bound by a material provision of Section 11, then (1) the Participant’s unvested Shares shall be forfeited and (2) the Participant hereby
agrees that the Participant shall return to the Company any Shares that were previously issued to the Participant or, if the Participant no longer owns the Shares, an amount in cash equal to the fair market value of any such Shares on the date they
were issued to the Participant (less any taxes paid by the Participant). The foregoing is not intended as a liquidated damage remedy but is instead a return-of-gains and contractual rescission remedy due to the mutually dependent nature of the
subject provisions in the Agreement. 
 (i) If any of the Restrictive Covenants are deemed unenforceable as written, the
Participant and the Company expressly authorize the court to revise, delete or add to the restrictions contained in this Section 11 to the extent necessary to enforce the intent of the parties and to provide the goodwill, Confidential
Information, and other business interests of the Company and its Subsidiaries with effective protection to the maximum extent permitted by law. In the event that such reformation of the restriction is acceptable to the Company, then the forfeiture
and rescission (return of gain) remedies provided for in subsection 11(h) above shall not apply. 
 (j) The provisions of this
Section 11 are not intended to override, supersede, reduce, modify or affect in any manner any other non-competition, non-solicitation or 

  
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confidentiality agreement between the Participant and the Company or any Subsidiary, and instead are intended to supplement any such agreements. 

(k) No waiver by the Participant or the Company of any breach of, or lack of compliance with, any condition or provision of this
Agreement by the other party shall be considered a waiver of any other condition or provision or the same condition or provision at another time. 
 (l) The parties expressly acknowledge and agree that the right and opportunity to receive the benefits of this Agreement in exchange for compliance with the restrictions set forth herein is full and
sufficient consideration for the obligations imposed by this Agreement. In the event of a forfeiture of any of the benefits of this Agreement pursuant to Section 11(f) or 11(h), it is the intent of the parties that the restrictions set
forth herein shall remain in effect to the fullest extent permitted by law and shall not be void for lack of consideration. If a court determines, despite the parties’ expressed intent set forth herein, that any of the restrictions in
Section 11 would be unenforceable due to lack of consideration after a forfeiture, Participant shall retain the minimum amount of unvested shares necessary to preserve the full enforceability of the restrictions agreed to herein. 

 

	 	12.	TRANSFERS IN VIOLATION OF AGREEMENT. 

No Shares may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in
any manner which violates any of the provisions of this Agreement until the date on which such shares become Vested Shares, and any such attempted disposition shall be void. The Company shall not be required (a) to transfer on its books any
Shares which will have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such Shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such
Shares will have been so transferred. In order to enforce its rights under this Section, the Company shall be authorized to give a stop transfer instruction with respect to the Shares to the Company’s transfer agent. 

 

	 	13.	MISCELLANEOUS PROVISIONS. 

13.1 Termination or Amendment. The Board may terminate or amend the Plan or this Agreement at any time; provided, however, that no
such termination or amendment may adversely affect the Participant’s rights under this Agreement without the consent of the Participant unless such termination or amendment is necessary to comply with applicable law or government regulation. No
amendment or addition to this Agreement shall be effective unless in writing. 
 13.2 Nontransferability of the Award.
The right to acquire Shares pursuant to the Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s
beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to the Award shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal
representative. 

  
 11 

 13.3 Further Instruments. The parties hereto agree to execute such further
instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. 
 13.4
Binding Effect. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors,
administrators, successors and assigns. Participant expressly acknowledges and agrees that the Company may assign this Agreement in its discretion. 
 13.5 Delivery of Documents and Notices. Any document relating to participation in the Plan or any notice required or permitted hereunder shall be given in writing and shall be deemed effectively
given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by the Company, or upon
deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address shown below that
party’s signature to the Notice or at such other address as such party may designate in writing from time to time to the other party. 
 (a) Description of Electronic Delivery. The Plan documents, which may include but do not necessarily include: the Plan, the Notice, this Agreement, the Plan’s prospectus, and any
reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant electronically. In addition, the parties may deliver electronically any notices called for in connection with the Escrow and the
Participant may deliver electronically the Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not necessarily include
the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. 

(b) Consent to Electronic Delivery. The Participant acknowledges that the Participant has read Section 13.5(a) of this
Agreement and consents to the electronic delivery of the Plan documents, the Notice and notices in connection with the Escrow, as described in Section 13.5(a). The Participant acknowledges that he or she may receive from the Company a paper
copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the
attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic
delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in Section 13.5(a) or may change the electronic mail address to which such documents are to be delivered (if
Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, the Participant understands that he or she is not
required to consent to electronic delivery of documents described in Section 13.5(a). 

  
 12 

 13.6 Integrated Agreement. The Notice, this Agreement and the Plan shall constitute
the entire understanding and agreement of the Participant and the Company with respect to the subject matter contained herein or therein and supersedes any prior agreements, understandings, restrictions, representations, or warranties between the
Participant and the Company with respect to such subject matter other than those as set forth or provided for herein or therein. To the extent contemplated herein or therein, the provisions of the Notice and the Agreement shall survive any
settlement of the Award and shall remain in full force and effect. 
 13.7 Applicable Law. This Agreement shall be
governed by the laws of the State of New York as such laws are applied to agreements between New York residents entered into and to be performed entirely within the State of New York. 

13.8 Severability. If any term or provision of this Agreement or the application thereof to any Participant or circumstance shall
to any extent be invalid or unenforceable, such provision will be modified, rewritten or interpreted to include as much of its nature and scope as will render it enforceable. If it cannot be so modified, rewritten or interpreted to be enforceable in
any respect, it will not be given effect and the remainder of this Agreement, or the application of such term or provision to Participants or circumstances other than those held invalid or unenforceable, shall not be affected thereby, and each term
and provision of this Agreement shall be valid and be enforced to the fullest extent permitted by law. 
 13.9
Counterparts. The Notice may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
 13Separation Agreement - Mark S. Anderson

 Exhibit 10.1 
 SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and Release
(“Agreement”) is made by and between Mark S. Anderson (“Executive”) and Dolby Laboratories, Inc., a Delaware corporation, and its direct and indirect subsidiaries (together, the “Company”) (collectively referred to as
the “Parties” or individually referred to as a “Party”). 
 RECITALS 

WHEREAS, Executive was employed by the Company pursuant to terms of an Offer Letter dated October 23, 2003 (the “Offer
Letter”); 
 WHEREAS, Executive previously signed an Employee Proprietary Rights and Non-Disclosure Agreement and Conflict
of Interest Policy with the Company (the “Confidentiality Agreement”); 
 WHEREAS, Executive signed a Policy Regarding
Reporting of Financial and Accounting Concerns, an Acknowledgement of Receipt of Code of Business Conduct and Ethics, and an Employee Handbook (the “Business Policies”); 

WHEREAS, the Company and Executive have entered into stock option and restricted stock unit agreements on file with the Company, pursuant
to the Company’s 2000 and/or 2005 Stock Plans (collectively the “Stock Agreements”); 
 WHEREAS, Executive will
continue to perform the duties Executive has been assigned as the Executive Vice President, General Counsel and Secretary of the Company, and such other duties consistent with his historical duties, work schedule and as the Company will assign
through and including January 14, 2011 (the “Transition Date”), after which Executive will discontinue being, and resign as, the (i) Executive Vice President, General Counsel, Secretary and any officer of the Company;
(ii) as a member of the board of directors of each direct and indirect subsidiary of the Company; and (iii) as any officer of each direct and indirect subsidiary of the Company (collectively, the “Anderson Positions”);

 WHEREAS, following the Transition Date through and including June 30, 2011 (the “Separation Date”), Executive
will provide certain, primarily off-site, transitional services as an employee of the Company and as needed (the “Transitional Services”); 
 WHEREAS, Executive will voluntarily resign as an employee of the Company effective on the Separation Date; and 
 WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Executive may have against the Company and any of the Releasees
as defined below, including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment with or separation from the Company; 
 NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Executive hereby agree as follows: 
 COVENANTS 
 1. Consideration. 

a. Payment. The Company agrees to pay Executive a lump sum equivalent of twelve (12) months of Executive’s base salary,
for a total of Three Hundred Seventy Thousand Eight Hundred Dollars ($370,800.00), less applicable withholding. This payment will be made to Executive promptly following the Separation Date, but in no event later than eight (8) days after
Executive signs and returns a Supplemental Release (as defined below), conditioned upon Executive not first revoking such Supplemental Release (as defined below). 

 b. Stock Option and Restricted Stock Unit Vesting Acceleration. The Company agrees
to accelerate the vesting under the Stock Agreements so that the stock options and restricted stock units granted to Executive will be fully-vested and exercisable, promptly following the Transition Date, but in no event later than eight
(8) days after Executive signs and returns a Supplemental Release (as defined below), conditioned upon (i) Executive not first revoking such Supplemental Release (as defined below) and (ii) Executive’s resignation from the
Anderson Positions effective on the Transition Date. 
 c. 2010 Executive Annual Incentive Plan Payment. The Company
agrees to pay Executive a cash incentive bonus pursuant to the Company’s 2010 Executive Annual Incentive Plan based on a combination of criteria applied to that of other similar executive officers and the Company’s approved corporate
financial performance formula that determines award funding levels based on varying combinations of the Company’s achievement of revenue and pre-tax income goals and resulting pre-tax net income amounts (“Executive’s EAIP
Payment”). The Company agrees to determine Executive’s EAIP Payment consistent with its normal determination practice pertaining to all executive officers. Executive’s EAIP Payment will be made to Executive on the same date as
payments are made to the Company’s other executive officers. The Parties agree that Executive is not eligible to participate in the Company’s 2011 Executive Annual Incentive Plan or any other future cash incentive bonus plan of the
Company. 
 d. Outplacement Services. The Company agrees that for a period of not more than two (2) years after the
Effective Date of this Agreement, to pay up to an aggregate total of Twenty Five Thousand Dollars ($25,000.00) to (i) Right Management Inc. and/or (ii) Executive Edge (together, the “Outplacement Providers”) in relation to
Executive’s personal use of the Outplacement Providers’ transition, coaching, and/or outplacement services (the “Outplacement Services”). Payment for Outplacement Services shall be made by the Company directly to the Outplacement
Providers. 
 e. Professional Fees. The Company agrees to reimburse up to an aggregate total of Ten Thousand Dollars
($10,000.00) of Executive’s costs, attorneys’ fees, tax accountants’ fees and other professional fees incurred in connection with the preparation of this Agreement within two (2) weeks of final invoice(s), provided all such
invoices are submitted to the Company not later than November 30, 2011. 
 f. COBRA Reimbursement. The Company
agrees to reimburse Executive for COBRA payments incurred by the Executive through June 30, 2012. 
 g. Payments in the
Event of Certain Terminations. The Separation Date shall accelerate and Executive or his estate shall receive all of the consideration and benefits to which Executive is entitled under this Agreement upon the occurrence of any of the following
before the Separation Date: (1) the Company terminates Executive’s employment for any reason other than Cause (as defined below), (2) the Executive’s death; (3) the Executive develops a Disability (as defined below) and, as
a result, is unable to perform the essential functions of his job and/or the Transitional Services. For purposes of this Section, the obligations of Section 4 shall be satisfied upon execution and effectiveness of the Supplemental Releases as
described therein by Executive, or in the event of his death or incapacity due to Disability, by his estate or legal representative. 
 For purposes of this Agreement, “Cause” means the following occurrences which cause detriment to the Company, Executive’s (i) performance of any act, or failure to perform any
act, in bad faith, (ii) dishonesty, intentional misconduct or material breach of any agreement with the Company, or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person. For
purposes of this Agreement, “Disability” means a qualified disability under the California Fair Employment and Housing Act. 
 2. Resignation. Executive voluntarily resigns as Executive Vice President, General Counsel and Secretary of the Company effective January 14, 2011, and Executive voluntarily resigns as an
employee of the Company effective June 30, 2011. Through the Transition Date, the Company will continue to pay Executive his base salary, and Executive will remain eligible for such standard Company-sponsored benefits as made generally
available to employees of the Company and shall be entitled to reimbursement 

 
of reasonable and documented business-related expenses incurred by Executive for services performed on behalf of the Company. 

3. Transitional Services. The Parties agree that Executive shall remain employed by the Company (but shall no longer be the
General Counsel or any officer of the Company) between the Transition Date and the Separation Date, for the limited purpose of transitioning Executive’s duties, subject to Executive remaining materially compliant with the terms of this
Agreement, the Confidentiality Agreement, and the Business Policies (the “Transitional Period”). During the Transitional Period, the Company will continue to pay Executive his base salary, and Executive will remain eligible for such
standard Company-sponsored benefits as made generally available to employees of the Company and shall be entitled to reimbursement of reasonable and documented business-related expenses incurred by Executive for services performed on behalf of the
Company. Executive agrees during the Transitional Period to provide assistance with respect to the Company’s transition to new management as reasonably requested by the Company. Executive is not required or expected to provide on-site services
during the Transitional Period, except as reasonably requested by the Company in advance, but Executive agrees to remain generally accessible to the Company by phone, personal email, or other standard communication means, and to cooperate with the
Company to the extent reasonably requested. During the Transitional Period, Executive acknowledges and agrees that he is not authorized to act as an agent of the Company in any way outside the scope of Transitional Services requested by the Company.

 4. Supplemental Releases. Executive agrees, on each of the Transition Date and the Separation Date, to sign a
Supplemental Release attached hereto as Exhibit A (each, a “Supplemental Release” and collectively, the “Supplemental Releases”). Executive acknowledges and agrees that any payments or benefits provided for under Sections 1(a)
and 1(b) of this Agreement are expressly conditioned upon his signing and not revoking the Supplemental Releases as required by this Section or Section 1(g) if applicable. 

5. Stock. Executive should consult with the grant documents on file with the Company regarding the number of stock options and
restricted stock units held by Executive. The terms and conditions, including specifically the period of post-termination exercise for the stock options, shall continue to be governed by the terms and conditions of the Stock Agreements, except as
provided in Section 1(b) and except that (i) the Company acknowledges and agrees Executive shall remain a Service Provider (as defined for purposes of the Stock Agreements) through his Separation Date and notwithstanding, for example, any
earlier change in his duties, responsibilities or hours of service, (ii) any restricted stock units which vest pursuant to Section 1(b) above should be timely delivered without regard to Section 10 of the Executive’s applicable
restricted stock unit agreements, and (iii) Executive shall be entitled to cashless exercise opportunities and procedures concerning tax withholding consistent with the Company’s historical practices. 

From the Transition Date through June 30, 2011, the Company may restrict Executive’s ability to trade his securities of the
Company only if the Company reasonably believes that Executive is in possession of material, non-public information regarding the Company, provided that (i) the Company shall confer with Executive prior to providing the Executive, after the
Transition Date, any material non-public information regarding the Company and prior to imposing such restriction and (ii) the Company shall have an absolute right to impose, and no obligation to confer with Executive about, a restriction
relating to either (a) the period from the Effective Date through the second business day following the Company’s release of earnings for the first quarter of fiscal 2011 or (b) any material, non-public information about which
Executive becomes aware prior to the Transition Date which is not otherwise publicly disclosed on or before the Company’s release of earnings for the first quarter fiscal 2011.

6. Benefits. Executive’s health insurance benefits shall cease on the Separation Date, subject to Executive’s right to
continue his health insurance under COBRA, CAL-COBRA (if applicable) and entitlement to COBRA reimbursement under Section 1(f). Executive’s participation in all benefits and incidents of employment, including, but not limited to, the
accrual of bonuses, vacation, and paid time off, will cease as of the Separation Date. 
 7. Payment of Salary and Receipt of
All Benefits Through Date of Signing. Executive acknowledges and represents that, other than the consideration set forth in this Agreement, as of the date Executive 

 
executes this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off (any unused portion of which shall be paid upon the Separation Date), leave,
housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, restricted stock units, vesting, and any and all other benefits and compensation due to Executive.
Executive further acknowledges and represents that he has received any leave to which he was entitled or which he requested, if any, under the California Family Rights Act and/or the Family Medical Leave Act, and that he did not sustain any
workplace injury, during his employment with the Company. 
 8. Release of Claims. Executive agrees that the foregoing
consideration represents settlement in full of all outstanding obligations owed to Executive by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit
plans, plan administrators, insurers, divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively, the “Releasees”). Executive, on his own behalf and on behalf of his respective heirs, family members,
executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any
matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective
Date of this Agreement, including, without limitation: 
 a. any and all claims relating to or arising from Executive’s
employment relationship with the Company and the termination of that relationship, except for those claims arising in connection with the enforcement of this Agreement; 
 b. any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud,
misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law, except for those claims relating to, or arising from Executive’s right to purchase, or actual
purchase of shares of stock of the Company arising under this Agreement; 
 c. any and all claims for wrongful discharge of
employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent
or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander;
negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 

d. any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil
Rights Act of 1964; Sections 1981 through 1988 of Title 42 of the United States Code, as amended; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards
Act, except as prohibited by law; the Fair Credit Reporting Act; the Immigration Reform and Control Act, as amended; the Occupational Safety and Health Act, as amended; the California Occupational Safety and Health Act, as amended; the Age
Discrimination in Employment Act of 1967 (the “ADEA”); the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act,
except as prohibited by law; the Sarbanes-Oxley Act of 2002; the Uniformed Services Employment and Reemployment Rights Act; the California Family Rights Act; the California Labor Code, except as prohibited by law; the California Workers’
Compensation Act, except as prohibited by law; and the California Fair Employment and Housing Act; 
 e. any and all claims for
violation of the federal or any state constitution; 
 f. any and all claims arising out of any other laws and regulations
relating to employment or employment discrimination; 

 g. any claim for any loss, cost, damage, or expense arising out of any dispute over the
non-withholding or other tax treatment of any of the proceeds received by Executive, except for those proceeds that shall be received by Executive as a result of this Agreement; and 

h. any and all claims for attorneys’ fees and costs, except as set forth in this Agreement. 

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters
released. This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released as a matter of law, including, but not limited to: (1) Executive’s right to file a charge
with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the
Company (with the understanding that any such filing or participation does not give Executive the right to recover any monetary damages against the Company; Executive’s release of claims herein bars Executive from recovering such monetary
relief from the Company); (2) claims under Division 3, Article 2 of the California Labor Code (which includes California Labor Code section 2802 regarding indemnity for necessary expenditures or losses by Executive); and (3) claims
prohibited from release as set forth in California Labor Code section 206.5 (specifically “any claim or right on account of wages due, or to become due, or made as an advance on wages to be earned, unless payment of such wages has been
made”). This release also does not release claims to indemnification under the Delaware General Corporation Law, the Company’s certificate of incorporation or bylaws, or the indemnification agreement between Executive and the Company dated
February 2, 2005. 
 9. Acknowledgment of Waiver of Claims under ADEA. Executive understands and acknowledges that
he is waiving and releasing any rights he may have under the ADEA, and that this waiver and release is knowing and voluntary. Executive understands and agrees that this waiver and release does not apply to any rights or claims that may arise under
the ADEA after the Effective Date of this Agreement. Executive understands and acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled. Executive further
understands and acknowledges that he has been advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has twenty-one (21) days within which to consider this Agreement;
(c) he has seven (7) days following his execution of this Agreement to revoke this Agreement and agrees that any such revocation must be in a writing by email or federal express received by Andrew Dahlkemper by midnight on the seventh day
following Executive’s execution of this Supplemental Release; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging
or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this
Agreement and returns it to the Company in less than the 21-day period identified above, Executive hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. 

10. California Civil Code Section 1542. Executive acknowledges that he has been advised to consult with legal counsel and is
familiar with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits the release of unknown claims, which provides as follows: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY
AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 Executive, being aware of said code section, agrees to expressly waive any
rights he may have thereunder, as well as under any other statute or common law principles of similar effect. 
 11. No
Pending or Future Lawsuits. Executive represents that he has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Executive also represents that he
does not intend to bring any claims on his own behalf or on behalf of any other person or entity against the Company or any of the other Releasees. 

 12. Trade Secrets and Confidential Information/Company Property. Executive reaffirms
and agrees to observe and abide by the terms of the Confidentiality Agreement, specifically including the provisions therein regarding nondisclosure of the Company’s trade secrets and confidential and proprietary information, and
non-solicitation of Company employees. Executive’s signature below constitutes his certification under penalty of perjury that he has returned all documents and other items provided to Executive by the Company, developed or obtained by
Executive in connection with his employment with the Company, or otherwise belonging to the Company. 
 13. Non-Disparagement
and Communications with Company Employees, Customers and Business Partners. Executive agrees to refrain from any disparagement, defamation, libel, or slander of any of the Releasees, and agrees to refrain from any tortious interference with the
contracts and relationships of any of the Releasees. The Company agrees to refrain from disparaging statements about Executive, and agrees to refrain from any tortious interference with Executive’s contracts and relationships. Notwithstanding,
Executive understands and agrees that the Company’s obligations under the preceding sentence extend only to (i) the Company’s authorized spokesperson, when speaking on behalf of the Company; and (ii) the Company’s current
officers and directors, and only for so long as each is an employee or director of the Company. Executive further agrees that he will refrain from discussing Company confidential business or financial information with third parties, including the
Company’s actual and potential customers or business partners. Executive shall direct any inquiries by potential future employers to the Company’s human resources department, which shall provide only the Executive’s last position and
dates of employment, in accordance with the Company’s policy and practice. 
 14. No Cooperation. Executive further
agrees that he will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the
Releasees, unless under a subpoena or other court order to do so or as related directly to the ADEA waiver in this Agreement. Executive agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish,
within three (3) business days of its receipt, a copy of such subpoena or other court order. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or
complaints against any of the Releasees, Executive shall state no more than that he cannot provide counsel or assistance. If after the Separation Date, Executive is subpoenaed or required by other legal process to assist the Company, or if the
Company requests such assistance, the Company shall reimburse Executive for reasonable travel expenses, (including lodging and meals), upon Executive’s submission of receipts and will negotiate in good faith with Executive to establish a
reasonable per diem rate of compensation payable to Executive in exchange for any such assistance. 
 15. No Admission of
Liability. Executive understands and acknowledges that this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Executive. No action taken by the Company hereto, either previously or in
connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to
Executive or to any third party. 
 16. Costs. Except as provided in Section 1(e) of this Agreement, the Parties
shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the preparation of this Agreement. 
 17. ARBITRATION. THE PARTIES AGREE THAT ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS AGREEMENT (INCLUDING THE SUPPLEMENTAL RELEASE ATTACHED AS EXHIBIT A HERETO), THEIR INTERPRETATION, AND
ANY OF THE MATTERS HEREIN RELEASED, SHALL BE SUBJECT TO ARBITRATION IN SAN FRANCISCO COUNTY, BEFORE JUDICIAL ARBITRATION & MEDIATION SERVICES, INC. (“JAMS”), PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES & PROCEDURES
(“JAMS RULES”). THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF IN SUCH DISPUTES. THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN ACCORDANCE WITH CALIFORNIA LAW, INCLUDING THE CALIFORNIA CODE OF CIVIL PROCEDURE, AND
THE ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL CALIFORNIA LAW TO ANY DISPUTE OR CLAIM, WITHOUT REFERENCE TO ANY CONFLICT-OF-LAW PROVISIONS 

 
OF ANY JURISDICTION. TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH CALIFORNIA LAW, CALIFORNIA LAW SHALL TAKE PRECEDENCE. THE DECISION OF THE ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING
ON THE PARTIES TO THE ARBITRATION. THE PARTIES AGREE THAT THE PREVAILING PARTY IN ANY ARBITRATION SHALL BE ENTITLED TO INJUNCTIVE RELIEF IN ANY COURT OF COMPETENT JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL
EACH PAY AN EQUAL SHARE OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS RESPECTIVE COUNSEL FEES AND EXPENSES; PROVIDED, HOWEVER, THAT THE ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE
PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. NOTWITHSTANDING THE FOREGOING, THIS SECTION WILL NOT PREVENT EITHER PARTY
FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND THE SUBJECT MATTER OF THEIR DISPUTE RELATING TO THIS AGREEMENT AND THE AGREEMENTS INCORPORATED HEREIN BY REFERENCE. SHOULD ANY
PART OF THE ARBITRATION AGREEMENT CONTAINED IN THIS PARAGRAPH CONFLICT WITH ANY OTHER ARBITRATION AGREEMENT BETWEEN THE PARTIES, THE PARTIES AGREE THAT THIS ARBITRATION AGREEMENT SHALL GOVERN. 

18. Tax Consequences. The Company makes no representations or warranties with respect to the tax consequences of the payments and
any other consideration provided to Executive or made on his behalf under the terms of this Agreement. Executive agrees and understands that he is responsible for payment, if any, of local, state, and/or federal taxes on the payments and any other
consideration provided hereunder by the Company and any penalties or assessments thereon. Executive further agrees to indemnify and hold the Company harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions,
judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Executive’s failure to pay, or Executive’s delayed payment of, federal or state taxes, or (b) damages sustained
by the Company by reason of any such claims, including attorneys’ fees and costs. 
 19. Section 409A. The
severance amounts and the provision of the other benefits provided for under this Agreement are intended to satisfy the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations and
will not constitute deferred compensation for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). The foregoing provisions are intended to comply with the requirements of Section 409A so
that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. For the purpose of furthering such intent,
Executive’s Supplemental Releases must be signed, returned and become irrevocable, and any payment of compensation (including the accelerated vesting of restricted stock units and any delivery of stock in connection with satisfaction of such
units) which is contingent upon the effectiveness of such Supplemental Release(s) must then be paid, in any event, no later than March 15 of the calendar year following the calendar year in which Executive otherwise becomes entitled to such
payment (or earlier, if otherwise required by this Agreement). 
 20. Authority. The Company represents and warrants that
it will have secured all necessary approvals to fulfill its obligations under this Agreement prior thereto and that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the
terms and conditions of this Agreement. Executive represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement. Each Party
warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 

21. No Representations. Executive represents that he has had an opportunity to consult with an attorney, and has carefully read
and understands the scope and effect of the provisions of this Agreement. Executive has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement. 

 22. Severability. In the event that any provision or any portion of any provision
hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or
portion of provision. 
 23. Attorneys’ Fees. Except with regard to a legal action challenging or seeking a
determination in good faith of the validity of the waiver herein under the ADEA, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and
expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action. 
 24. Entire Agreement. This Agreement, together with the Supplemental Release attached as Exhibit A hereto, represents the entire agreement and understanding between the Company and Executive
concerning the subject matter of this Agreement and Executive’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings
concerning the subject matter of this Agreement and Executive’s relationship with the Company, with the exception of the Confidentiality Agreement, the Stock Agreements, the indemnification agreement between Executive and the Company dated
February 2, 2005, and any provisions of the Business Policies that inherently survive following a separation from employment. 
 25. No Oral Modification. This Agreement may only be amended in a writing signed by Executive and the Company’s Chief Executive Officer. 

26. Governing Law. This Agreement shall be governed by the laws of the State of California, without regard for choice-of-law
provisions. The Parties consent to personal and exclusive jurisdiction and venue in the State of California. 
 27. Effective
Date. Executive has seven (7) days after he signs this Agreement to revoke it. This Agreement will become effective on the eighth (8th) day after Executive signed this Agreement, so long as it has been signed by the Parties and has not
been revoked by Executive before that date (the “Effective Date”). 
 28. Expiration of Agreement. This
Agreement shall be null and void if the Company has not received an executed copy of the Agreement on or by the twenty-first date after which it is received by Executive (the “Expiration Date”). 

29. Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile shall have
the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 30. Voluntary Execution of Agreement. Executive understands and agrees that he executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any
third party, with the full intent of releasing all of his claims against the Company and any of the other Releasees. Executive acknowledges that: (a) he has read this Agreement; (b) he has been represented in the preparation, negotiation,
and execution of this Agreement by legal counsel of his own choice or has elected not to retain legal counsel; (c) he understands the terms and consequences of this Agreement and of the releases it contains; and (d) he is fully aware of
the legal and binding effect of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.

  

									
		 		 		 	MARK S. ANDERSON, an individual
				
	Dated:	 	 October 4, 2010
	 		 	 /s/ Mark S. Anderson

		 		 		 	Mark S. Anderson
				
		 		 		 	DOLBY LABORATORIES, INC.
					
	Dated:	 	 October 4, 2010
	 		 	By	 	 /s/ Andrew Dahlkemper

		 		 		 		 	Andrew Dahlkemper
		 		 		 		 	SVP, Human Resources

 EXHIBIT A – SUPPLEMENTAL RELEASE 

In consideration for the mutual promises and consideration provided both herein and in the Separation Agreement and Release signed October 4, 2010
(the “Agreement”) between Mark S. Anderson (“Executive”) and Dolby Laboratories, Inc., a Delaware corporation, and its direct and indirect subsidiaries (together, the “Company”) (collectively the “Parties”),
the Parties hereby extend by this Supplemental Release (the “Supplemental Release”) the release and waiver therein to any and all claims that may have arisen between the Effective Date of the Agreement and Executive’s signature date,
below. 
 1. Supplemental Release. The undersigned Parties expressly acknowledge and agree that the terms of Sections
7-27, 29, and 30 of the Agreement shall apply equally to this Supplemental Release and are incorporated herein. Executive agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to Executive by the
Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, divisions, and subsidiaries, and predecessor and successor
corporations and assigns (collectively, the “Releasees”). Executive, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to
sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive
may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Executive signs this Supplemental Release. 

Executive acknowledges and agrees that the consideration provided to him under the Agreement fully satisfies any obligation that the
Company had to pay Executive wages or any other compensation for any of the services that Executive rendered to the Company, that the amount paid is in excess of any disputed wage claim, if any, that Executive may have. To the extent any wage
dispute exists, Executive specifically acknowledges that the consideration paid shall be deemed to be paid first in satisfaction of any disputed wage claim with the remainder sufficient to act as consideration for the release of claims set forth
herein, and that Executive has not earned and is not entitled to receive any additional wages or other form of compensation from the Company. 
 2. California Civil Code Section 1542. Executive acknowledges that he has been advised to consult with legal counsel and is familiar with the provisions of California Civil Code
Section 1542, a statute that otherwise prohibits the release of unknown claims, which provides as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” Executive, being aware of said code section, agrees to expressly waive any rights he may have thereunder, as well as under
any other statute or common law principles of similar effect. 
 3. ADEA Waiver. Executive further expressly understands
and acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands and agrees that this
waiver and release does not apply to any rights or claims that may arise under the ADEA after the date his executes this Supplemental Release. Executive understands and acknowledges that the consideration given for this waiver and release is in
addition to anything of value to which Executive was already entitled. Executive further understands and acknowledges that he has been advised by this writing that: (a) he should consult with an attorney prior to executing this
Supplemental Release; (b) he has twenty-one (21) days within which to consider this Supplemental Release, by which time the Company must receive an executed copy; (c) he has seven (7) days following his execution of this
Supplemental Release to revoke this Supplemental Release, and agrees that any such revocation must be in a writing by email or federal express received by Andrew Dahlkemper by midnight on the seventh day following Executive’s execution of this
Supplemental Release; (d) this Supplemental Release shall not be effective until after the revocation period has expired; and (e) nothing in this Supplemental Release prevents or precludes Executive from challenging or seeking a
determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by 

 
federal law. In the event Executive signs this Supplemental Release and returns it to the Company in less than the 21-day period identified above, Executive hereby acknowledges that he has freely
and voluntarily chosen to waive the time period allotted for considering this Supplemental Release. Executive understands and agrees that he executed this Supplemental Release voluntarily, without any duress or undue influence on the part or behalf
of the Company or any third party, with the full intent of releasing all of his claims against the Releasees. 
 4. Voluntary
Execution of Supplemental Release. Executive understands and agrees that he executed this Supplemental Release voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of
releasing all of his claims against the Company and any of the other Releasees. Executive acknowledges that: (a) he has read this Supplemental Release; (b) he has been represented in the preparation, negotiation, and execution of this
Supplemental Release by legal counsel of his own choice or has elected not to retain legal counsel; (c) he understands the terms and consequences of this Supplemental Release and of the releases it contains; and (d) he is fully aware of
the legal and binding effect of this Supplemental Release. 
 IN WITNESS WHEREOF, the Parties have executed this Supplemental Release on the
respective dates set forth below. 
  

									
	 	 	 	 	 	 	MARK S. ANDERSON, an individual
				
	Dated:	 	  
	 		 	  

		 		 		 	Mark S. Anderson
				
		 		 		 	DOLBY LABORATORIES, INC.
					
	Dated:	 	  
	 		 	By	 	  

		 		 		 		 	Andrew Dahlkemper
		 		 		 		 	SVP, Human Resources

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