Document:

Employee Stock Purchase Plan, as amended and restated

 Exhibit 10.2 
 DOLBY LABORATORIES, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 
 Adopted Effective February 16, 2005 
 Amended and Restated on October 13, 2005 
 Amended and Restated on February 5, 2008 
 Amended and Restated on November 4, 2008; Effective May 18, 2009 
 1. Purpose. The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries and Designated Affiliates with an
opportunity to purchase Common Stock of the Company. This Plan includes two components: a Code Section 423 Component (the “423 Component”) and a non-Code Section 423 Component (the “Non-423 Component”). It is the
intention of the Company to have the 423 Component qualify as an “Employee Stock Purchase Plan” under Section 423 of the Code. The provisions of the 423 Component, accordingly, shall be construed so as to extend and limit
participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423 of the Code. In addition, this Plan authorizes the grant of options under the Non-423 Component which do not qualify under Section 423
of the Code pursuant to rules, procedures or subplans adopted by the Administrator designed to achieve tax, securities laws or other objectives for Eligible Employees and the Company. Except as otherwise indicated, the Non-423 Component will operate
and be administered in the same manner as the 423 Component. 
 2. Definitions. 
 (a) “Administrator” shall mean the Board or any Committee designated by the Board to administer the Plan pursuant to Section 14.

 (b) “Affiliate” shall mean any corporation or other entity affiliated with the Company or in which the Company has an
interest. 
 (c) “Board” shall mean the Board of Directors of the Company. 
 (d) “Change in Control” means the occurrence of any of the following events: 
 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a Permitted Transferee (as defined in the
Company’s Amended and Restated Certificate of Incorporation) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the total voting power represented by the Company’s then outstanding voting securities; or 
 (ii) The consummation of
the sale or disposition by the Company of all or substantially all of the Company’s assets; or 
 (iii) A change in the composition of
the Board occurring within a one-year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” means directors who either (A) are Directors as of the effective date of the

 
Plan, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Directors at the time of such
election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); or 
 (iv) The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in
the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent
(50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. 
 (e) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (f) “Committee” means a committee of the Board appointed by the Board in accordance with Section 14 hereof. 
 (g) “Common Stock” shall mean the Class A Common Stock of the Company. 
 (h) “Company” shall mean Dolby Laboratories, Inc., a Delaware corporation. 
 (i) “Compensation” shall mean all base straight time gross earnings, commissions, overtime and shift premium, but exclusive of payments
for incentive compensation, bonuses and other compensation. The Administrator shall have the discretion to determine the application of this definition to participants outside the United States. 
 (j) “Designated Affiliate” shall mean any Affiliate selected by the Administrator as eligible to participate in the Non-423 Component.

 (k) “Designated Subsidiary” shall mean any Subsidiary selected by the Administrator as eligible to participate in the 423
Component. 
 (l) “Director” shall mean a member of the Board. 
 (m) “Eligible Employee” shall mean (i) any individual who is treated as an active employee in the records of the Company or any
Designated Subsidiary or (ii) any individual who is treated as an active employee in the records of any Designated Affiliate other than an individual who, as of the Offering Date, resides in a country that has been specifically excluded from
participation in the Non-423 Component at the discretion of the Administrator. For the 423 Component, Eligible Employees shall include only those employees whose customary employment with the Company or Designated Subsidiary is at least fifteen
(15) hours per week and more than five (5) months in any calendar year. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by
the Company. Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by statute, legal precedent or by contract, the employment relationship shall be deemed to have terminated
on the day which is three (3) months and one (1) day after the beginning of such leave. The employment relationship shall be treated as continuing intact 

 
where an Eligible Employee transfers employment between a Designated Subsidiary and a Designated Affiliate, and vice-versa, provided, however, that a
participant who is not employed by a Designated Subsidiary on the Offering Date and through a date that is no more than three (3) months prior to the Exercise Date will participate only in the Non-423 Component. The Administrator shall
establish rules to govern other such transfers consistent with the applicable requirements of Section 423 of the Code. 
 (n)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (o) “Exercise Date” shall
mean the first Trading Day on or after May 15 and November 15 of each year. 
 (p) “Fair Market Value” shall mean,
as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows: 
 (i) If the Common Stock
is listed on any established stock exchange or a national market system, including without limitation the New York Stock Exchange, the Nasdaq Global Market, the Nasdaq Global Select or the Nasdaq Capital Market, its Fair Market Value shall be the
closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the date of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable;

 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value
shall be the mean of the closing bid and asked prices for the Common Stock on the date of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; or 
 (iii) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Board.

 (q) “Offering Date” shall mean the first Trading Day of each Offering Period. 
 (r) “Offering Periods” shall mean the periods of approximately six (6) months during which an option granted pursuant to the Plan
may be exercised, commencing on the first Trading Day after the prior Offering Period’s Exercise Date and terminating on the first Trading Day on or after May 15 or November 15 of each year, as applicable, approximately six months
later. For example, the May 2009 Offering Period will commence on May 18, 2009, which is the first Trading Day after the prior Offering Period’s Exercise Date which will take place on May 15, 2009. The duration and timing of Offering
Periods may be changed pursuant to Section 4 of this Plan. 
 (s) “Plan” shall mean this Employee Stock Purchase Plan
including both the 423 and Non-423 Components. 
 (t) “Purchase Price” shall mean an amount equal to eighty-five percent
(85%) of the Fair Market Value of a share of Common Stock on the Exercise Date; provided however, that the Purchase Price may be determined for subsequent Offering Periods by the Administrator in any manner or method it determines, pursuant to
Section 20, and subject to (i) with respect to the 423 Component, compliance with Section 423 of the Code (or any successor rule or provision or any 

 
other applicable law, regulation or stock exchange rule) or (ii) with respect to the Non-423 Component, pursuant to such manner or method as determined
by the Administrator to comply with non-U.S. requirements. 
 (u) “Subsidiary” shall mean a “subsidiary
corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 (v) “Trading Day”
shall mean a day on which the national stock exchange upon which the Company Common Stock is listed is open for trading. 
 3.
Eligibility. Any Eligible Employee on a given Offering Date shall be eligible to participate in the Plan. Any provisions of the Plan to the contrary notwithstanding, no Eligible Employee shall be granted an option under the Plan (i) to
the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold
outstanding options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary, or (ii) to the extent that his or her
rights to purchase stock under all employee stock purchase plans of the Company and its subsidiaries accrues at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the time
such option is granted) for each calendar year in which such option is outstanding at any time. 
 4. Offering Periods. The Plan shall
be implemented by consecutive Offering Periods with a new Offering Period commencing on the first Trading Day after the prior Offering Period’s Exercise Date, or on such other date as the Board shall determine. The Board shall have the power to
change the duration of Offering Periods (including the commencement dates thereof) with respect to future offerings without stockholder approval if such change is announced prior to the scheduled beginning of the first Offering Period to be affected
thereafter. 
 5. Participation. An Eligible Employee may become a participant in the Plan by completing a subscription agreement in a
form determined by the Administrator (which may be similar to the form attached hereto as Exhibit A) and filing it with the Company’s designated Plan administrator prior to the applicable Offering Date. 
 6. Payroll Deductions or Contributions. 
 (a) At the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions made on each pay day during the Offering Period in an amount not exceeding 10% of the Compensation which he or she
receives on each pay day during the Offering Period, provided, however, that should a pay day occur on an Exercise Date, a participant shall have the payroll deductions made on such day applied to his or her account under the new Offering Period.
Eligible Employees participating in the Non-423 Component may contribute funds to participate in the Plan through other means specified by the Administrator to comply with non-U.S. requirements, provided, however, that such contributions shall not
exceed 10% of the Compensation received each pay day during the Offering Period. A participant’s subscription agreement shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof. 

 (b) Payroll deductions or contributions, as applicable, for a participant shall commence on the first pay
day following the Offering Date and shall end on the last pay day in the Offering Period to which such authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof. 
 (c) All payroll deductions or contributions made by a participant shall be credited to his or her account under the Plan in whole percentages only. A
participant may not make any additional payments into such account. 
 (d) A participant may discontinue his or her participation in the Plan
as provided in Section 10 hereof, or may increase or decrease the rate of his or her payroll deductions or contributions during the Offering Period by completing or filing with the Company a new subscription agreement authorizing a change in
payroll deduction rate or contribution. The Administrator may, in its discretion, limit the nature and/or number of participation rate changes during any Offering Period. The change in rate shall be effective with the first full payroll period
following five (5) business days after the Company’s receipt of the new subscription agreement unless the Company elects to process a given change in participation more quickly. 
 (e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(c) hereof, a
participant’s payroll deductions or contributions may be decreased to zero percent (0%) at any time during an Offering Period. Payroll deductions or contributions shall recommence at the rate provided in such participant’s subscription
agreement at the beginning of the first Offering Period which is scheduled to end in the following calendar year, unless terminated by the participant as provided in Section 10 hereof. 
 (f) At the time the option is exercised, in whole or in part, or at the time some or all of the Company’s Common Stock issued under the Plan is
disposed of, the participant must make adequate provision for the Company’s or its Subsidiary’s or Affiliate’s federal, state, or any other tax liability payable to any authority, national insurance, social security, payment on
account or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock including, for the avoidance of doubt, any liability of the participant to pay an employer tax or social
contribution obligation, which liability has been shifted to the participant as a matter of law or contract. At any time, the Company or its Subsidiary or Affiliate, as applicable, may, but shall not be obligated to, withhold from the
participant’s compensation the amount necessary for the Company or its Subsidiary or Affiliate, as applicable, to meet applicable withholding obligations, including any withholding required to make available to the Company or its Subsidiary or
Affiliate, as applicable, any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Eligible Employee. 
 7. Grant of Option. On the Offering Date of each Offering Period, each Eligible Employee participating in such Offering Period shall be granted an option to purchase on each Exercise Date during such Offering Period (at the
applicable Purchase Price) up to a number of shares of the Company’s Common Stock determined by dividing such Eligible Employee’s payroll deductions or contributions accumulated prior to such Exercise Date by the applicable Purchase Price;
provided that in no event shall an Eligible Employee be permitted to purchase during each Offering Period more than 1,000 shares of the Company’s Common Stock (subject to any adjustment pursuant to Section 19), and provided further that
such purchase shall be subject to the 

 
limitations set forth in Sections 3(c) and 13 hereof. The Eligible Employee may accept the grant of such option by turning in a completed Subscription
Agreement (attached hereto as Exhibit A) to the Company on or prior to an Offering Date. The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of the Company’s
Common Stock an Eligible Employee may purchase during each Offering Period. Exercise of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof. The option shall expire on
the last day of the Offering Period. 
 8. Exercise of Option. 
 (a) Unless a participant withdraws from the Plan as provided in Section 10 hereof, his or her option for the purchase of shares shall be exercised
automatically on the Exercise Date, and the maximum number of full shares subject to option shall be purchased for such participant at the applicable Purchase Price with the accumulated payroll deductions or contributions in his or her account. No
fractional shares shall be purchased; any payroll deductions or contributions accumulated in a participant’s account which are not sufficient to purchase a full share shall be retained in the participant’s account for the subsequent
Offering Period, subject to earlier withdrawal by the participant as provided in Section 10 hereof. Any other funds left over in a participant’s account after the Exercise Date shall be returned to the participant. During a
participant’s lifetime, a participant’s option to purchase shares hereunder is exercisable only by him or her. 
 (b) If the
Administrator determines that, on a given Exercise Date, the number of shares with respect to which options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Offering Date
of the applicable Offering Period, or (ii) the number of shares available for sale under the Plan on such Exercise Date, the Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the shares of
Common Stock available for purchase on such Exercise Date in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such
Exercise Date. The Company may make a pro rata allocation of the shares available on the Offering Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for issuance under
the Plan by the Company’s stockholders subsequent to such Offering Date. 
 9. Delivery. As soon as reasonably practicable after
each Exercise Date on which a purchase of shares occurs, the Company shall arrange the delivery to each participant the shares purchased upon exercise of his or her option in a form determined by the Administrator. 
 10. Withdrawal. 
 (a) A participant
may withdraw all but not less than all the payroll deductions or contributions credited to his or her account and not yet used to exercise his or her option under the Plan at any time by giving written notice to the Company in the form determined by
the Administrator (which may be similar to the form attached as Exhibit B to this Plan). All of the participant’s payroll deductions or contributions credited to his or her account shall be paid to such participant promptly after receipt
of notice of withdrawal and such participant’s option for the 

 
Offering Period shall be automatically terminated, and no further payroll deductions or contributions for the purchase of shares shall be made for such
Offering Period. If a participant withdraws from an Offering Period, payroll deductions or contributions shall not resume at the beginning of the succeeding Offering Period unless the participant delivers to the Company a new subscription agreement.

 (b) A participant’s withdrawal from an Offering Period shall not have any effect upon his or her eligibility to participate in any
similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the participant withdraws. 
 11. Termination of Employment. Upon a participant’s ceasing to be an Eligible Employee, for any reason, he or she shall be deemed to
have elected to withdraw from the Plan and the payroll deductions or contributions credited to such participant’s account during the Offering Period but not yet used to purchase shares of Common Stock under the Plan shall be returned to such
participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15, and such participant’s option shall be automatically terminated. 
 12. Interest. No interest shall accrue on the payroll deductions or contributions of a participant in the Plan. Notwithstanding the foregoing, if
the Administrator determines that interest is required to be accrued on the payroll deductions or contributions for participants in the Non-423 Component, then the Administrator shall cause such interest to accrue to the extent required by
applicable non-U.S. requirements. 
 13. Stock. 
 (a) Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of shares of the Company’s Common Stock which shall be made available for sale
under the Plan shall be 1,000,000 shares. For avoidance of doubt, the maximum number of share limitation set forth in this section may be used to satisfy exercises of options under either the 423 or the Non-423 Components. 
 (b) Until the shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the
Company), a participant shall only have the rights of an unsecured creditor with respect to such shares, and no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such shares. 
 (c) Shares to be delivered to a participant under the Plan shall be registered in the name of the participant or in the name of the participant and his
or her spouse. 
 14. Administration. The Administrator shall administer the Plan and shall have full and exclusive discretionary
authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims filed under the Plan, including whether eligible Employees shall participate in the 423 Component or the Non-423
Component and which entities shall be Designated Subsidiaries or Designated Affiliates. Every finding, decision and determination made by the Administrator shall, to the full extent permitted by law, be final and binding upon all parties.
Notwithstanding any provision to the contrary in this Plan, the Administrator may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the 

 
specific requirements of local laws and procedures for jurisdictions outside of the United States. Without limiting the generality of the foregoing, the
Administrator is specifically authorized to adopt rules, procedures and subplans, which for purposes of the Non-423 Component may be outside the scope of Section 423 of the Code, regarding, but not limited to, eligibility to participate, the
definition of Compensation, handling of payroll deductions, making of contributions to the Plan (including, without limitation, in forms other than payroll deductions), establishment of bank or trust accounts to hold payroll deductions, payment of
interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of stock certificates which vary with local requirements. 
 15. Designation of Beneficiary. 
 (a)
Unless otherwise provided in the subscription agreement, and at the discretion of the Administrator prior to the beginning of an Offering Period, a participant in the 423 Component may file a designation of a beneficiary who is to receive any shares
and cash, if any, from the participant’s account under the Plan in the event of such participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares and cash. In
addition, at the discretion of the Administrator prior to the beginning of an Offering Period, a participant in the 423 Component may file a designation of a beneficiary who is to receive any cash from the participant’s account under the Plan
in the event of such participant’s death prior to exercise of the option. If a participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 
 (b) Such designation of beneficiary may be changed by the participant at any time by notice in a form determined by the Administrator. In the event of
the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant’s death, the Company shall deliver such shares and/or cash to the executor or administrator of the
estate of the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives
of the participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 
 (c) All beneficiary designations shall be in such form and manner as the Administrator may designate from time to time. 
 16.
Transferability. Neither payroll deductions nor contributions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged or
otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect,
except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof. 
 17. Use of Funds. All payroll deductions or contributions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll
deductions or contributions except for deductions or 

 
contributions made to a Non-423 Component where, as determined by the Administrator, non-U.S. law requires segregation of such amounts. Until shares are
issued, participants shall only have the rights of an unsecured creditor, although participants in the Non-423 Component may have additional rights where required under local law, as determined by the Administrator. 
 18. Reports. Individual accounts shall be maintained for each participant in the Plan. Statements of account shall be given to participating
Eligible Employees at least annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any. 
 19. Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Change in Control. 
 (a) Changes in Capitalization. Subject to any required action by the stockholders of the Company, the maximum number of shares of the
Company’s Common Stock which shall be made available for sale under the Plan, the maximum number of shares each participant may purchase each Offering Period (pursuant to Section 7), as well as the price per share and the number of shares
of Common Stock covered by each option under the Plan which has not yet been exercised shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split,
stock dividend, combination or reclassification of the Common Stock, or any other change in the number of shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible
securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator, whose determination in that respect shall be final, binding and conclusive. Except
as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or
price of shares of Common Stock subject to an option. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, the Offering Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the consummation of such proposed dissolution or
liquidation, unless provided otherwise by the Administrator. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each participant in writing, at least ten
(10) business days prior to the New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised automatically on the New Exercise
Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in Section 10 hereof. 
 (c)
Merger or Change in Control. In the event of a merger or Change in Control, each outstanding option shall be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In
the event that the successor corporation refuses to assume or substitute for the option, the Offering Period then in progress shall be shortened by setting a New Exercise Date and shall end on the New Exercise Date. The New Exercise Date shall be
before the date of the Company’s proposed merger or Change in Control. The Administrator shall notify each participant in writing, at least ten (10) business days prior to the 

 
New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option
shall be exercised automatically on the New Exercise Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in Section 10 hereof. 
 20. Amendment or Termination. 
 (a)
The Administrator may at any time and for any reason terminate or amend the Plan. Except as provided in Section 19 and this Section 20 hereof, no amendment may make any change in any option theretofore granted which adversely affects the
rights of any participant unless their consent is obtained. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange rule), the Company shall
obtain stockholder approval of any amendment in such a manner and to such a degree as required. 
 (b) Without stockholder approval and
without regard to whether any participant rights may be considered to have been “adversely affected,” the Administrator shall be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld
during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant in order to adjust for delays or mistakes in
the Company’s processing of properly completed subscription agreements, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each
participant properly correspond with amounts withheld from the participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable which are consistent with the Plan.

 (c) Without regard to whether any participant’s rights may be considered to have been “adversely affected”, in the event
the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Board may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or
eliminate such accounting consequence including: 
 (i) increasing the Purchase Price for any Offering Period including an Offering Period
underway at the time of the change in Purchase Price; 
 (ii) shortening any Offering Period so that Offering Period ends on a new Exercise
Date, including an Offering Period underway at the time of the Board action; and 
 (iii) reducing the number of shares that may be
purchased upon exercise of outstanding options. 
 Such modifications or amendments shall not require stockholder approval or the consent of any Plan
participants. 
 21. Notices. All notices or other communications by a participant to the Company under or in connection with the Plan
shall be deemed to have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

 22. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option
unless the exercise of such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, U.S. and non-U.S. and state and local provisions, including, without limitation, the Securities Act
of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company
with respect to such compliance. 
 As a condition to the exercise of an option, the Company may require the person exercising such option to
represent and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation
is required by any of the aforementioned applicable provisions of law. 
 23. Term of Plan. The Plan shall become effective upon the
earlier to occur of its adoption by the Board of Directors or its approval by the stockholders of the Company. It shall continue in effect until terminated under Section 20 hereof. 
 24. Stockholder Approval. The Plan will be subject to the approval by stockholders of the Company within twelve (12) months after the date
the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under applicable law.Amendment No. 2 to the License Agreement effective January 1, 1992

 Exhibit 10.3 
 VERIZON PROPRIETARY AND CONFIDENTIAL 
 AMENDMENT NO. 2 
 TO LICENSE AGREEMENT 
 THIS AMENDMENT NO. 2,
dated December 19, 2008, to a License Agreement, having an effective date of January 1, 1992, as previously amended, is entered into by and between GTE LABORATORIES INCORPORATED (now known as Verizon Corporate Services Corp.)
(“Verizon” or “GTEL”) and DOLBY LABORATORIES LICENSING CORPORATION (“Dolby” or “LICENSEE”). Verizon and Dolby are collectively referred to herein as the “Parties” or individually as a
“Party.” 
 WHEREAS, the Parties, having entered into the above described License Agreement, as previously amended, (“License
Agreement”), had a dispute regarding the payment of certain royalties by Dolby to Verizon pursuant to the License Agreement; and 
 WHEREAS, the
Parties, having reached an amicable resolution of such dispute, now seek to amend the License Agreement upon the terms and conditions set forth herein to reflect such resolution. 
  
  
 NOW, THEREFORE, for good and valuable consideration as set forth in this Amendment No. 2 and in consideration of the covenants and promises set forth herein, the Parties hereby agree to amend the License
Agreement as follows: 
  

	 	1.	Any capitalized term in this Amendment No. 2 not defined herein shall have the definition set forth in the License Agreement. As used herein, the term “Affiliate”
shall mean with respect to any Party, any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such Party. “Control” for this purpose means the
possession, directly or indirectly, of (a) ownership of fifty percent (50%) or more of the outstanding shares or securities entitled to vote for the election of directors or similar managing authority for such person; or (b) if such
person does not have voting shares or other securities, ownership of fifty percent (50%) or more of the equity or other assets that represents the right to make decisions for such person. 

  

	 	2.	This Amendment No. 2 shall become effective on the date that Verizon receives from Dolby, in the form of a wire transfer to the account set forth in Exhibit A hereof, the
Buy-Out Fee (as defined below) (“Effective Date”). Dolby’s failure to wire transfer the Buy-Out Fee or Verizon’s receipt thereof by December 31, 2008 shall cause all the terms of this Amendment No. 2 to be deemed null
and void, ab initio, and the License Agreement, and all obligations arising thereunder, past, present and future, shall be unaffected, and the License Agreement shall have the terms as set forth therein without any effect by this Amendment
No. 2. 

  

	 	3.	Article II, Paragraph A is deleted in its entirety and replaced by the following: 

  

	 	A.	GTEL hereby grants and agrees to grant to LICENSEE and Affiliated Companies of LICENSEE, and LICENSEE accepts and agrees to accept from GTEL, subject to the terms of this Agreement,
nonexclusive (except as provided in Paragraph B of this Article), worldwide, royalty-free, fully paid-up, nonassignable, and nonsublicensable (except as is permitted under Paragraph C of this Article) rights and licenses under the Licensed Patents
to make, have made, use, sell, lease, rent, or otherwise dispose of Licensed Products during the term of this Agreement. 

 VERIZON PROPRIETARY AND CONFIDENTIAL 
  

 4. Article III, including Paragraphs A through G, is deleted in its entirety and the following
substituted therefor: 
 ARTICLE III 
 PAYMENTS AND RELEASES 
  

	 	A.	In consideration of the rights and licenses granted to Dolby pursuant to the License Agreement, as amended by this Amendment No. 2, Dolby agrees to make payment to Verizon, in
the form of a wire transfer to the account set forth in Exhibit A hereof to be received by Verizon no later than December 31, 2008, the amount of Seventeen Million Five Hundred Thousand United States Dollars (USD $17,500,000) (“Buy-Out
Fee”), and agrees that all prior payments made to Verizon, including to its predecessor companies, are nonrefundable and incontestable. The Parties further agree that, upon the receipt by Verizon of the payment of the amount set forth in this
Paragraph A, no further payments shall be required to be made by Dolby pursuant to the License Agreement (including previous amendments thereto) and this Amendment No. 2. 

  

	 	B.	Dolby, on behalf of itself and the Dolby Affiliates and their respective officers, and directors (“Dolby Releasors”), hereby releases Verizon and the Verizon Affiliates
and their respective officers, directors, managing members, employees, and attorneys (“Verizon Releasees”) from any and all claims, actions, causes of actions, past, present and future, and hereby disclaims all remedies any of the Dolby
Releasors may have against any of the Verizon Releasees: (1) related to the License Agreement (including previous amendments thereto) and this Amendment No. 2, including the rights, terms and obligations arising under the License Agreement
(including previous amendments thereto) and this Amendment No. 2; (2) arising from the exercise of rights, performance or failure to perform under the License Agreement (including previous amendments thereto) and this Amendment No. 2;
and (3) arising from all discussions and negotiations regarding any dispute between the Parties related to the License Agreement (including previous amendments thereto), including leading up to and regarding this Amendment No. 2
(collectively, the “Dolby Released Matters”). 

 VERIZON PROPRIETARY AND CONFIDENTIAL 
  

	 	C.	Verizon, on behalf of itself and the Verizon Affiliates and their respective officers, and directors (“Verizon Releasors”), hereby releases Dolby and the Dolby Affiliates
and their respective officers, directors, managing members, employees, and attorneys (“Dolby Releasees”) from any and all claims, actions, causes of actions, past, present and future, and hereby disclaims all remedies Verizon Releasors may
have against any of the Dolby Releasees: (1) related to the License Agreement (including previous amendments thereto) and this Amendment No. 2, including the rights, terms and obligations arising under the License Agreement (including
previous amendments thereto) and this Amendment No. 2; (2) arising from the exercise of rights, performance or failure to perform under the License Agreement (including previous amendments thereto) and this Amendment No. 2; and
(3) arising from all discussions and negotiations regarding any dispute between the Parties related to the License Agreement (including previous amendments thereto), including leading up to and regarding this Amendment No. 2 (collectively,
the “Verizon Released Matters”). 

  

	 	D.	The releases in this Amendment No. 2 include an express, informed, knowing and voluntary waiver and relinquishment to the fullest extent permitted by law. In this connection,
the Parties acknowledge that they may have sustained damages, losses, costs or expenses which are presently unknown and unsuspected and that such damages, losses, costs or expenses as may have been sustained may give rise to additional damages,
losses, costs or expenses in the future. The Parties hereto further acknowledge that they have negotiated this Amendment No. 2 taking into account presently unsuspected and unknown claims, counterclaims, causes of action, damages, losses, costs
and expenses, and the Parties hereto voluntarily and with full knowledge of its significance, expressly waive and relinquish any and all rights they may have under any state or federal statute, rule or common law principle, in law or equity,
relating to limitations on general releases. The Parties voluntarily and with full knowledge of its significance, expressly waive and relinquish any and all rights they may have under any state or federal statute, rule or common law principle, in
law or equity, relating to limitations on releases. Specifically, each Party, for itself and its Affiliates, hereby expressly waives any rights it may have under California Civil Code Section 1542 which provides that: “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.”

 5. Article IV is deleted in its entirety and intentionally left blank. For the avoidance of doubt, Dolby will have no
reporting obligations to Verizon from and after the Effective Date of this Amendment No. 2. 

 VERIZON PROPRIETARY AND CONFIDENTIAL 
  

 6. Article V, Paragraphs B, C, D, E and H are deleted in their entirety, subsections (1),
(2) and (3) of Paragraph F are deleted in their entirety and the first sentence of Paragraph G is deleted in its entirety. 
 7.
Article VI, Paragraph C is deleted in its entirety. 
 8. Article VII is amended by adding the following new Paragraph I: 
 I. From and after the Effective Date of this Amendment No. 2, neither Party shall disclose the terms of the License Agreement (including previous
amendments thereto) or this Amendment No. 2 to any person; provided, however, that each Party may disclose the terms of the License Agreement (including previous amendments thereto) and this Amendment No. 2 in the following limited
circumstances: (a) with the prior written consent of the other Party; (b) to any governmental body having jurisdiction and specifically requiring such disclosure; (c) in response to a valid subpoena or as otherwise may be required by
law, regulation or court order; (d) for the purposes of disclosure in connection with the Securities and Exchange Act of 1934, as amended, the Securities Act of 1933, as amended, and any other reports filed with the Securities and Exchange
Commission, or any other filings, reports or disclosures that may be required under applicable laws or regulations; (e) to each Party’s accountants, legal counsel, tax advisors and other financial and legal advisors, subject to obligations
of confidentiality and/or privilege; (f) as required during the course of litigation and subject to protective order; provided however, that any production under a protective order would be protected under an “Attorneys Eyes Only” or
higher confidentiality designation; and (g) in confidence, in connection with a proposed merger, acquisition, financing or similar transaction; provided, however, that prior to any such disclosure pursuant to items (b) and/or
(c) hereof, the disclosing Party shall promptly notify the other Party and afford it the opportunity to limit such disclosure or to secure an appropriate protective order. 
 9. All other provisions of the License Agreement not specifically amended herein shall remain in effect as originally drafted and previously amended, and
intended by the Parties 
 10. This Amendment No. 2 is the result of a compromise and shall not at any time be considered as an admission
of liability or responsibility on the part of either Party. By entering into this Amendment No. 2, neither Party is conceding that it acted wrongfully in any fashion whatsoever. 
 11. Verizon hereby represents, warrants and covenants that: 
  

	 	a.	From and after the Effective Date, Verizon and its Affiliates have no claims against Dolby arising from or related to the Verizon Released Matters. 

 VERIZON PROPRIETARY AND CONFIDENTIAL 
  

	 	b.	Verizon and its Affiliates have not heretofore voluntarily, by operation of law or otherwise, assigned or transferred or purported to assign or transfer to any person whomsoever any
Verizon Released Matter or any part or portion thereof of any claim, demand or right against Dolby. 

 12. Dolby hereby
represents, warrants and covenants that: 
  

	 	a.	From and after the Effective Date, Dolby and its Affiliates have no claims against Verizon arising from or related to the Dolby Released Matters. 

  

	 	b.	Dolby and its Affiliates have not heretofore voluntarily, by operation of law or otherwise, assigned or transferred or purported to assign or transfer to any person whomsoever any
Dolby Released Matter or any part or portion thereof of any claim, demand or right against Verizon. 

 IN WITNESS WHEREOF, the Parties
have executed this Amendment No. 2 on the dates set forth below: 
  

			
	DOLBY LABORATORIES LICENSING CORPORATION
	
	 /s/ Mark S. Anderson

	Name:	 	Mark S. Anderson
	Title:	 	EVP & General Counsel
	Date: December 19, 2008
	
	VERIZON CORPORATE SERVICES CORP.
	
	 /s/ John Thorne

	Name:	 	John Thorne
	Title:	 	SVP & Deputy General Counsel
	Date: December 19, 2008

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