Document:

2000 Stock Incentive Plan, as amended

 Exhibit 10.2 
  
 DOLBY LABORATORIES, INC. 
  
 2000 STOCK INCENTIVE PLAN 
  
 (amended and restated September 9, 2004) 
  
 1. Purposes of the Plan. The purposes of this Stock Incentive Plan are to attract and retain the best available personnel, to provide additional
incentive to Employees, Directors and Consultants and to promote the success of the Company’s business. 
  
 2. Definitions. As used herein, the following definitions shall apply: 
  
 (a) “Administrator” means the Board or any of the Committees appointed to administer the Plan. 

 
 (b) “Applicable Laws” means the legal requirements
relating to the administration of stock incentive plans, if any, under applicable provisions of federal and state securities laws, the corporate laws of California and, to the extent other than California, the corporate law of the state of the
Company’s incorporation, the Code, the rules of any applicable stock exchange or national market system, and the rules of any foreign jurisdiction applicable to Awards granted to residents therein. 
  
 (c) “Award” means the grant of an Option, Restricted Stock,
or other right or benefit under the Plan. 
  
 (d) “Award
Agreement” means the written agreement evidencing the grant of an Award executed by the Company and the Grantee, including any amendments thereto. 
  
 (e) “Board” means the Board of Directors of the Company. 
  
 (f) “Cause” means, with respect to the termination by the Company or a Related Entity of the Grantee’s
Continuous Service, that such termination is for “Cause” as such term is expressly defined in a then-effective written agreement between the Grantee and the Company or such Related Entity, or in the absence of such then-effective written
agreement and definition, is based on, in the determination of the Administrator, the Grantee’s: (i) refusal or failure to act in accordance with any specific, lawful direction or order of the Company or a Related Entity; (ii) unfitness or
unavailability for service or unsatisfactory performance (other than as a result of Disability); (iii) performance of any act or failure to perform any act in bad faith and to the detriment of the Company or a Related Entity; (iv) dishonesty,
intentional misconduct or material breach of any agreement with the Company or a Related Entity; or (v) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person. At least 30 days prior to the
termination of the Grantee’s Continuous Service pursuant to (i) or (ii) above, the Company shall provide the Grantee with notice of the Company’s or such Related Entity’s intent to terminate, the reason therefore, and an opportunity
for the Grantee to cure such defects in his or her service to the Company’s or such Related Entity’s satisfaction. During this 30 day (or longer) period, no Award issued to the Grantee under the Plan may be exercised or purchased. 

  

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 (g) “Code” means the Internal Revenue Code of 1986, as amended. 
  
 (h) “Committee” means any committee appointed by the Board
to administer the Plan. 
  
 (i) “Common Stock”
means the common stock of the Company. 
  
 (j)
“Company” means Dolby Laboratories, Inc., a California corporation. 
  
 (k) “Consultant” means any person (other than an Employee or a Director, solely with respect to rendering services in such person’s capacity as a Director) who is engaged by the Company or any
Related Entity to render consulting or advisory services to the Company or such Related Entity. 
  
 (l) “Continuous Service” means that the provision of services to the Company or a Related Entity in any capacity of Employee, Director or
Consultant, is not interrupted or terminated. Continuous Service shall not be considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entity, or any successor, in any capacity of
Employee, Director or Consultant, or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or Consultant (except as otherwise provided in the Award
Agreement). An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave. For purposes of each Incentive Stock Option granted under the Plan, if such leave exceeds ninety (90) days, and reemployment
upon expiration of such leave is not guaranteed by statute or contract, then the Incentive Stock Option shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following the expiration of such ninety (90) day
period. 
  
 (m) “Corporate Transaction” means any
of the following transactions to which the Company is a party: 
  
 (i) a merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the state in which the Company is incorporated; 
  
 (ii) the sale, transfer or other disposition of all or substantially all of
the assets of the Company (including the capital stock of the Company’s subsidiary corporations); 
  
 (iii) approval by the Company’s shareholders of any plan or proposal for the complete liquidation or dissolution of the Company; 
  
 (iv) any reverse merger in which the Company is the surviving entity but in
which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such
merger; or 

  

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 (v) acquisition by any person or related group of persons (other than the Company or by a
Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding
securities, but excluding any such transaction that the Administrator determines shall not be a Corporate Transaction. 
  
 (n) “Director” means a member of the Board or the board of directors of any Related Entity. 
  
 (o) “Disability” means a Grantee would qualify for benefit
payments under the long-term disability policy of the Company or the Related Entity to which the Grantee provides services regardless of whether the Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee
provides service does not have a long-term disability plan in place, “Disability” means that a Grantee is permanently unable to carry out the responsibilities and functions of the position held by the Grantee by reason of any medically
determinable physical or mental impairment. A Grantee will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion. 
  
 (p) “Employee” means any person, including an Officer or
Director, who is an employee of the Company or any Related Entity. The payment of a director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment” by the Company. 
  
 (q) “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
  
 (r) “Fair Market Value”
means, as of any date, the value of Common Stock determined as follows: 
  
 (i) Where there exists a public market for the Common Stock, the Fair Market Value shall be (A) the closing price for a Share for the last market trading day prior to the time of the determination (or, if no closing
price was reported on that date, on the last trading date on which a closing price was reported) on the stock exchange determined by the Administrator to be the primary market for the Common Stock or the Nasdaq National Market, whichever is
applicable or (B) if the Common Stock is not traded on any such exchange or national market system, the average of the closing bid and asked prices of a Share on the Nasdaq Small Cap Market for the day prior to the time of the determination (or, if
no such prices were reported on that date, on the last date on which such prices were reported), in each case, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 
  
 (ii) In the absence of an established market for the Common Stock of the
type described in (i), above, the Fair Market Value thereof shall be determined by the Administrator in good faith and in a manner consistent with Section 260.140.50 of Title 10 of the California Code of Regulations. 
  

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 (s) “Good Reason” means the occurrence after a Corporate Transaction or Related Entity
Disposition of any of the following events or conditions unless consented to by the Grantee: 
  
 (i) a change in the Grantee’s responsibilities or duties which represents a material and substantial diminution in the Grantee’s responsibilities or duties as in effect immediately preceding the consummation
of a Corporate Transaction or Related Entity Disposition; 
  
 (ii) a reduction in the Grantee’s base salary to a level below that in effect at any time within six (6) months preceding the consummation of a Corporate Transaction or Related Entity Disposition or at any time thereafter; or

  
 (iii) requiring the Grantee to be based at any place outside
a 50-mile radius from the Grantee’s job location or residence prior to the Corporate Transaction or Related Entity Disposition except for reasonably required travel on business which is not materially greater than such travel requirements prior
to the Corporate Transaction or Related Entity Disposition. 
  
 (t) “Grantee” means an Employee, Director or Consultant who receives an Award under the Plan. 
  
 (u) “Immediate Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece,
nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Grantee’s household (other than a tenant or employee), a trust in which these persons
(or the Grantee) have more than fifty percent (50%) of the beneficial interest, a foundation in which these persons (or the Grantee) control the management of assets, and any other entity in which these persons (or the Grantee) own more than fifty
percent (50%) of the voting interests. 
  
 (v) “Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code. 
  
 (w) “Non-Qualified Stock Option” means an Option not intended to qualify as an Incentive Stock Option. 
  
 (x) “Officer” means a person who is an officer of the
Company or a Related Entity within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
  
 (y) “Option” means an option to purchase Shares pursuant to an Award Agreement granted under the Plan. 
  
 (z) “Parent” means a “parent corporation,” whether
now or hereafter existing, as defined in Section 424(e) of the Code. 

  

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 (aa) “plan” means this 2000 Stock Incentive Plan. 
  
 (bb) “Post-Termination Exercise Period” means the period
specified in the Award Agreement of not less than three (3) months commencing on the date of termination (other than termination by the Company or any Related Entity for Cause) of the Grantee’s Continuous Service, or such longer period as may
be applicable upon death or Disability. 
  
 (cc)
“Registration Date” means the first to occur of (i) the closing of the first sale to the general public of (A) the Common Stock or (B) the same class of securities of a successor corporation (or its Parent) issued pursuant to a
Corporate Transaction in exchange for or in substitution of the Common Stock, pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended; and (ii) in
the event of a Corporate Transaction, the date of the consummation of the Corporate Transaction if the same class of securities of the successor corporation (or its Parent) issuable in such Corporate Transaction shall have been sold to the general
public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended, on or prior to the date of consummation of such Corporate Transaction. 

 
 (dd) “Related Entity” means any Parent, Subsidiary and
any business, corporation, partnership, limited liability company or other entity in which the Company, a Parent or a Subsidiary holds a substantial ownership interest, directly or indirectly. 
  
 (ee) “Related Entity Disposition” means the sale,
distribution or other disposition by the Company, a Parent or a Subsidiary of all or substantially all of the interests of the Company, a Parent or a Subsidiary in any Related Entity effected by a sale, merger or consolidation or other transaction
involving that Related Entity or the sale of all or substantially all of the assets of that Related Entity, other than any Related Entity Disposition to the Company, a Parent or a Subsidiary. 
  
 (ff) “Restricted Stock” means Shares issued under the Plan
to the Grantee for such consideration, if any, and subject to such restrictions on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and conditions as established by the Administrator. 
  
 (gg) “Share” means a share of the Common Stock. 

 
 (hh) “Subsidiary” means a “subsidiary
corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
  
 3. Stock Subject to the Plan. 
  
 (a) Subject to the provisions of Section 1l(a) below, the maximum aggregate number of Shares which may be issued pursuant to all Awards (including
Incentive Stock Options) is three million twenty-six thousand three hundred and forty-six (3,026,346) Shares. The Shares may be authorized, but unissued, or reacquired Common Stock. 
  

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 (b) Any Shares covered by an Award (or portion of an Award) which is forfeited or canceled, expires or is
settled in cash, shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares which may be issued under the Plan. Shares that actually have been issued under the Plan pursuant to an Award shall not be
returned to the Plan and shall not become available for future issuance under the Plan, except that if unvested Shares are forfeited, or repurchased by the Company at their original purchase price, such Shares shall become available for future grant
under the Plan. 
  
 4. Administration of the Plan.

  
 (a) Plan Administrator. With respect to grants of
Awards to Employees, Directors, or Consultants, the Plan shall be administered by (A) the Board or (B) a Committee (or a subcommittee of the Committee) designated by the Board, which Committee shall be constituted in such a manner as to satisfy
Applicable Laws. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. 
  
 (b) Powers of the Administrator. Subject to Applicable Laws and the provisions of the Plan (including any other powers given to the Administrator
hereunder), and except as otherwise provided by the Board, the Administrator shall have the authority, in its discretion: 
  
 (i) to select the Employees, Directors and Consultants to whom Awards may be granted from time to time hereunder; 
  
 (ii) to determine whether and to what extent Awards are granted hereunder;

  
 (iii) to determine the number of Shares or the amount of
other consideration to be covered by each Award granted hereunder; 
  
 (iv) to approve forms of Award Agreements for use under the Plan; 
  
 (v) to determine the terms and conditions of any Award granted hereunder; 
  
 (vi) to establish additional terms, conditions, rules or procedures to accommodate the rules or laws of applicable foreign jurisdictions and to afford
Grantees favorable treatment under such rules or laws; provided, however, that no Award shall be granted under any such additional terms, conditions, rules or procedures with terms or conditions which are inconsistent with the provisions of the
Plan; 
  
 (vii) to amend the terms of any outstanding Award
granted under the Plan, provided that any amendment that would adversely affect the Grantee’s rights under an outstanding Award shall not be made without the Grantee’s written consent; 
  
 (viii) to construe and interpret the terms of the Plan and Awards, including
without limitation, any notice of award or Award Agreement, granted pursuant to the Plan; and 
  

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 (ix) to take such other action, not inconsistent with the terms of the Plan, as the Administrator deems
appropriate. 
  
 5. Eligibility. Awards other than
Incentive Stock Options may be granted to Employees, Directors and Consultants. Incentive Stock Options may be granted only to Employees of the Company, a Parent or a Subsidiary. An Employee, Director or Consultant who has been granted an Award may,
if otherwise eligible, be granted additional Awards. Awards may be granted to such Employees, Directors or Consultants who are residing in foreign jurisdictions as the Administrator may determine from time to time. 
  
 6. Terms and Conditions of Awards. 
  
 (a) Type of Awards. The Administrator is authorized under the Plan to
award any type of arrangement to an Employee, Director or Consultant that is not inconsistent with the provisions of the Plan and that by its terms involves or might involve the issuance of (i) Shares, (ii) an Option, or similar right with a fixed
or variable price related to the Fair Market Value of the Shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions, or
(iii) any other security with the value derived from the value of the Shares. Such awards include, without limitation, Options, or sales or bonuses of Restricted Stock, and an Award may consist of one such security or benefit, or two (2) or more of
them in any combination or alternative. 
  
 (b) Designation of
Award. Each Award shall be designated in the Award Agreement. In the case of an Option, the Option shall be designated as either an Incentive Stock Option or a Non-Qualified Stock Option. However, notwithstanding such designation, to the extent
that the aggregate Fair Market Value of Shares subject to Options designated as Incentive Stock Options which become exercisable for the first time by a Grantee during any calendar year (under all plans of the Company or any Parent or Subsidiary)
exceeds $100,000, such excess Options, to the extent of the Shares covered thereby in excess of the foregoing limitation, shall be treated as Non-Qualified Stock Options. For this purpose, Incentive Stock Options shall be taken into account in the
order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the grant date of the relevant Option. 
  
 (c) Conditions of Award. Subject to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions of each Award
including, but not limited to, the Award vesting schedule, repurchase provisions, rights of first refusal, forfeiture provisions, form of payment (cash, Shares, or other consideration) upon settlement of the Award, payment contingencies, and
satisfaction of any performance criteria. The performance criteria established by the Administrator may be based on any one of, or combination of, increase in share price, earnings per share, total shareholder return, return on equity, return on
assets, return on investment, net operating income, cash flow, revenue, economic value added, personal management objectives, or other measure of performance selected by the Administrator. Partial achievement of the specified criteria may result in
a payment or vesting corresponding to the degree of achievement as specified in the Award Agreement. 

  

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 (d) Acquisitions and Other Transactions. The Administrator may issue Awards under the Plan in
settlement, assumption or substitution for, outstanding awards or obligations to grant future awards in connection with the Company or a Related Entity acquiring another entity, an interest in another entity or an additional interest in a Related
Entity whether by merger, stock purchase, asset purchase or other form of transaction. 
  
 (e) Deferral of Award Payment. The Administrator may establish one or more programs under the Plan to permit selected Grantees the opportunity to elect to defer receipt of consideration upon exercise of an
Award, satisfaction of performance criteria, or other event that absent the election would entitle the Grantee to payment or receipt of Shares or other consideration under an Award. The Administrator may establish the election procedures, the timing
of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Administrator deems
advisable for the administration of any such deferral program. 
  
 (f) Award Exchange Programs. The Administrator may establish one or more programs under the Plan to permit selected Grantees to exchange an Award under the Plan for one or more other types of Awards under the Plan on such terms and
conditions as determined by the Administrator from time to time. 
  
 (g) Separate Programs. The Administrator may establish one or more separate programs under the Plan for the purpose of issuing particular forms of Awards to one or more classes of Grantees on such terms and conditions as determined
by the Administrator from time to time. 
  
 (h) Early
Exercise. The Award Agreement may, but need not, include a provision whereby the Grantee may elect at any time while an Employee, Director or Consultant to exercise any part or all of the Award prior to full vesting of the Award. Any unvested
Shares received pursuant to such exercise may be subject to a repurchase right in favor of the Company or a Related Entity or to any other restriction the Administrator determines to be appropriate. 
  
 (i) Term of Award. The term of each Award shall be the term stated in
the Award Agreement, provided, however, that the term shall be no more than ten (10) years from the date of grant thereof. However, in the case of an Incentive Stock Option granted to a Grantee who, at the time the Option is granted, owns stock
representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option shall be five (5) years from the date of grant thereof or such shorter term as
may be provided in the Award Agreement. 
  
 (j) Transferability
of Awards. Incentive Stock Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Grantee,
only by the Grantee. Non-Qualified Stock Options and other Awards shall be transferable (i) by will or by the laws of descent and distribution, or (ii) to the extent and in the manner authorized by the Administrator by gift or pursuant to a domestic
relations order to members of the Grantee’s Immediate Family. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s Incentive Stock Option or Non-Qualified Stock Option in the event of the
Grantee’s 

  

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death on a beneficiary designation form provided by the Administrator. 
  
 (k) Time of Granting Awards. The date of grant of an Award shall for all purposes be the date on which the
Administrator makes the determination to grant such Award, or such other date as is determined by the Administrator. Notice of the grant determination shall be given to each Employee, Director or Consultant to whom an Award is so granted within a
reasonable time after the date of such grant. 
  
 7. Award
Exercise or Purchase Price, Consideration and Taxes. 
  
 (a)
Exercise or Purchase Price. The exercise or purchase price, if any, for an Award shall be as follows: 
  
 (i) In the case of an Incentive Stock Option: 
  
 (A) granted to an Employee who, at the time of the grant of such Incentive Stock Option owns stock representing more than ten percent (10%) of the voting
power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be not less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant; or 
  
 (B) granted to any Employee other than an Employee described in the
preceding paragraph, the per Share exercise price shall be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 
  
 (ii) In the case of a Non-Qualified Stock Option: 
  
 (A) granted to a person who, at the time of the grant of such Option, owns stock representing more than ten percent (10%) of the voting power of all
classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be not less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant; or 
  

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 (B) granted to any person other than a person described in the preceding paragraph, the per Share
exercise price shall be not less than eighty-five percent (85%) of the Fair Market Value per Share on the date of grant. 
  
 (iii) In the case of the sale of Shares: 
  
 (A) granted to a person who, at the time of the grant of such Award, or at the time the purchase is consummated, owns stock representing more than ten
percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share purchase price shall be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant; or

  
 (B) granted to any person other than a person described in
the preceding paragraph, the per Share purchase price shall be not less than eighty-five percent (85%) of the Fair Market Value per Share on the date of grant. 
  

(iv) In the case of other Awards, such price as is determined by the Administrator. 
  
 (v) Notwithstanding the foregoing provisions of this Section 7(a), in the case of an Award issued pursuant to Section 6(d),
above, the exercise or purchase price for the Award shall be determined in accordance with the principles of Section 424(a) of the Code. 
  
 (b) Consideration. Subject to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase of an Award
including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). In addition to any other types of consideration the Administrator may determine, the
Administrator is authorized to accept as consideration for Shares issued under the Plan the following: 
  
 (i) cash; 
  
 (ii) check; 
  
 (iii) delivery of Grantee’s promissory note with such recourse, interest, security, and redemption provisions as the Administrator determines as
appropriate; 
  
 (iv) if the exercise or purchase occurs on or
after the Registration Date, surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require (including withholding of Shares otherwise deliverable upon exercise of the Award) which
have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which said Award shall be exercised (but only to the extent that such exercise of the Award would not result in an accounting
compensation charge with respect to the Shares used to pay the exercise price unless otherwise determined by the Administrator); 
  
 (v) with respect to Options, if the exercise occurs on or after the registration Date, payment through a broker-dealer sale and remittance procedure
pursuant to which the Grantee (A) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company, out of the sale proceeds available on the
settlement date, sufficient funds to cover the aggregate exercise price payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm in
order to complete the sale transaction; or 
  
 (vi) any
combination of the foregoing methods of payment. 
  
 (c)
Taxes. No Shares shall be delivered under the Plan to any Grantee or other person until such Grantee or other person has made arrangements acceptable to the Administrator 

  

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for the satisfaction of any foreign, federal, state, or local income and employment tax withholding obligations, including, without limitation, obligations
incident to the receipt of Shares or the disqualifying disposition of Shares received on exercise of an Incentive Stock Option. Upon exercise of an Award the Company shall withhold or collect from Grantee an amount sufficient to satisfy such tax
obligations. 
  
 8. Exercise of Award. 
  
 (a) Procedure for Exercise; Rights as a Shareholder. 
  
 (i) Any Award granted hereunder shall be exercisable at such times and
under such conditions as determined by the Administrator under the terms of the Plan and specified in the Award Agreement but in the case of an Option, in no case at a rate of less than twenty percent (20%) per year over five (5) years from the date
the Option is granted, subject to reasonable conditions such as continued employment. Notwithstanding the foregoing, in the case of an Option granted to an Officer, Director or Consultant, the Award Agreement may provide that the Option may become
exercisable, subject to reasonable conditions such as such Officer’s, Director’s or Consultant’s Continuous Service, at any time or during any period established in the Award Agreement. 
  
 (ii) An Award shall be deemed to be exercised when written notice of such
exercise has been given to the Company in accordance with the terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award is exercised, including, to the extent selected, use of the
broker-dealer sale and remittance procedure to pay the purchase price as provided in Section 7(b)(v). Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the
stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to Shares subject to an Award, notwithstanding the exercise of an Option or other Award. No adjustment will
be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in the Award Agreement or Section 11(a), below. 
  
 (b) Exercise Period Following Termination of Continuous Service. In the event of termination of a Grantee’s
Continuous Service for any reason other than Disability or death (but not in the event of a Grantee’s change of status from Employee to Consultant or from Consultant to Employee), such Grantee may, but only during the Post-Termination Exercise
Period (but in no event later than the expiration date of the term of such Award as set forth in the Award Agreement), exercise the Award to the extent that the Grantee was entitled to exercise it at the date of such termination or to such other
extent as may be determined by the Administrator. The Grantee’s Award Agreement may provide that upon the termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Award shall terminate
concurrently with the termination of Grantee’s Continuous Service. In the event of a Grantee’s change of status from Employee to Consultant, an Employee’s Incentive Stock Option shall convert automatically to a Non-Qualified Stock
Option on the day three (3) months and one day following such change of status. To the extent that the Grantee is not entitled to exercise the 

  

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Award at the date of termination, or if the Grantee does not exercise such Award to the extent so entitled within the Post-Termination Exercise Period, the
Award shall terminate. 
  
 (c) Disability of Grantee. In
the event of termination of a Grantee’s Continuous Service as a result of his or her Disability, Grantee may, but only within twelve (12) months from the date of such termination (and in no event later than the expiration date of the term of
such Award as set forth in the Award Agreement), exercise the Award to the extent that the Grantee was otherwise entitled to exercise it at the date of such termination; provided, however, that if such Disability is not a “disability” as
such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Non-Qualified Stock Option on the day three (3) months and one day following such
termination. To the extent that the Grantee is not entitled to exercise the Award at the date of termination, or if Grantee does not exercise such Award to the extent so entitled within the time specified herein, the Award shall terminate.

  
 (d) Death of Grantee. In the event of a termination of
the Grantee’s Continuous Service as a result of his or her death, or in the event of the death of the Grantee during the Post- Termination Exercise Period or during the twelve (12) month period following the Grantee’s termination of
Continuous Service as a result of his or her Disability, the Grantee’s estate or a person who acquired the right to exercise the Award by bequest or inheritance may exercise the Award, but only to the extent that the Grantee was entitled to
exercise the Award as of the date of termination, within twelve (12) months from the date of death (but in no event later than the expiration of the term of such Award as set forth in the Award Agreement). To the extent that, at the time of death,
the Grantee was not entitled to exercise the Award, or if the Grantee’s estate or a person who acquired the right to exercise the Award by bequest or inheritance does not exercise such Award to the extent so entitled within the time specified
herein, the Award shall terminate. 
  
 9. Conditions Upon
Issuance of Shares. 
  
 (a) Shares shall not be issued
pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares pursuant thereto shall comply with all Applicable Laws, and shall be further subject to the approval of counsel for the Company with
respect to such compliance. 
  
 (b) As a condition to the exercise
of an Award, the Company may require the person exercising such Award 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 Applicable Laws. 
  
 10. Repurchase Rights. If the provisions of an Award Agreement grant to the Company the right to repurchase Shares upon termination of the
Grantee’s Continuous Service, the Award Agreement shall (or may, with respect to Awards granted or issued to Officers, Directors or Consultants) provide that: 

  

 -12- 

 (a) the right to repurchase must be exercised, if at all, within ninety (90) days of the termination of
the Grantee’s Continuous Service (or in the case of Shares issued upon exercise of Awards after the date of termination of the Grantee’s Continuous Service, within ninety (90) days after the date of the Award exercise); 
  
 (b) the consideration payable for the Shares upon exercise of such repurchase
right shall be made in cash or by cancellation of purchase money indebtedness within the ninety (90) day periods specified in Section 10(a); 
  
 (c) the amount of such consideration shall (i) be equal to the original purchase price paid by Grantee for each such Share; provided, that the right to
repurchase such Shares at the original purchase price shall lapse at the rate of at least twenty percent (20%) of the Shares subject to the Award per year over five (5) years from the date the Award is granted (without respect to the date the Award
was exercised or became exercisable), and (ii) with respect to Shares, other than Shares subject to repurchase at the original purchase price pursuant to clause (i) above, not less than the Fair Market Value of the Shares to be repurchased on the
date of termination of Grantee’s Continuous Service; and 
  
 (d) the right to repurchase Shares, other than the right to repurchase Shares at the original purchase price pursuant to clause (i) of Section 10(c), shall terminate on the Registration Date. 
  
 11. Adjustments Upon Changes in Capitalization or Corporate
Transaction/Related Entity Disposition. 
  
 (a)
Adjustments upon Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of Shares covered by each outstanding Award, and the number of Shares which have been authorized for issuance under the
Plan but as to which no Awards have yet been granted or which have been returned to the Plan, the exercise or purchase price of each such outstanding Award, as well as any other terms that the Administrator determines require adjustment shall be
proportionately adjusted for (i) any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Shares, or similar transaction affecting the Shares,
(ii) any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company, or (iii) as the Administrator may determine in its discretion, any other transaction with respect to Common Stock to which
Section 424(a) of the Code applies or a similar transaction; 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 and its determination shall be final, binding and conclusive. Except as the Administrator determines, 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 hereof shall be made with respect to, the number or price of Shares subject to an Award. 
  
 (b) Corporate Transaction. 

  

 -13- 

 (i) Termination of Award if Not Assumed. In the event of a Corporate Transaction, each Award will
terminate upon the consummation of the Corporate Transaction, unless the Award is assumed by the successor corporation or Parent thereof in connection with the Corporate Transaction, including affirmation of the Award by the Company in the event of
a Corporate Transaction as defined in Section 2(m)(iv) and 2(m)(v), above (“Assumed”). 
  
 (ii) Acceleration of Award Upon Corporate Transaction. Except as provided otherwise in an individual Award Agreement, in the event of a Corporate
Transaction and: 
  
 (A) for the portion of each Award that is
(x) Assumed, (y) replaced with a comparable Award with respect to shares of the capital stock of the successor corporation or Parent thereof, or (z) replaced with a cash incentive program of the successor corporation, Parent thereof, or of the
Company, in the case of a Corporate Transaction as defined in Sections 2(m)(iv) and 2(m)(v), which preserves the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance
with the same vesting schedule applicable to such Award (“Assumed or Replaced”), then such Award (if assumed), the replacement Award (if replaced), or the cash incentive program automatically shall become fully vested, exercisable and
payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights for all of the Shares at the time represented by such Assumed of Replaced portion of the Award,
immediately upon termination of the Grantee’s Continuous Service (substituting the successor employer corporation, if any, for “Company or Related Entity” for the definition of “Continuous Service”) if such Continuous
Service is terminated by the successor company or the Company without Cause or voluntarily by the Grantee with Good Reason within twelve (12) months of the Corporate Transaction; and 
  
 (B) for the portion of each Award that is not Assumed or Replaced, such portion of the Award shall automatically become
fully vested and exercisable and be released from any restrictions on transfer (other than transfer restrictions applicable to Incentive Stock Options) and repurchase or forfeiture rights for all of the Shares at the time represented by such portion
of the Award, immediately prior to the specified effective date of such Corporate Transaction. The determination of Award comparability above shall be made by the Administrator, and its determination shall be final, binding and conclusive.

  
 (c) Related Entity Disposition. 
  
 (i) Termination of Award if Not Assumed. Effective upon the
consummation of a Related Entity Disposition, for purposes of the Plan and all Awards, there shall be a deemed termination of Continuous Service of each Grantee who is at the time engaged primarily in service to the Related Entity involved in such
Related Entity Disposition and each Award of such Grantee which is at the time outstanding under the Plan shall be exercisable in accordance with the terms of the Award Agreement evidencing such Award. However, such 

  

 -14- 

 
Continuous Service shall not be deemed to terminate as to any portion of such Award that is Assumed or Replaced by the successor entity or its Parent in
connection with the Related Entity Disposition. 
  
 (ii)
Acceleration of Award upon Related Entity Disposition. Except as provided otherwise in an individual Award Agreement, in the event of a Related Entity Disposition and: 
  
 (A) for the portion of each Award that is Assumed or Replaced, then such Award (if assumed), the replacement Award (if
replaced), or the cash incentive program automatically shall become vested, exercisable and payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights for
all of the Shares at the time represented by such Assumed or Replaced portion of the Award, immediately upon termination of the Grantee’s Continuous Service (substituting the successor employer corporation, if any, for “Company or Related
Entity” for the definition of “Continuous Service”) if such Continuous Service is terminated by the successor company without Cause or voluntarily by the Grantee with Good Reason within twelve (12) months of the Related Entity
Disposition; and 
  
 (B) for the portion of each Award of a
Grantee who is at the time engaged primarily in service to the Related Entity involved in such Related Entity Disposition that is not Assumed or Replaced, such portion of the Award of such Grantee automatically shall become fully vested and
exercisable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights for all of the Shares at the time represented by such portion of the Award, immediately prior
to the specified effective date of such Related Entity Disposition. 
  
 The
determination of Award comparability above shall be made by the Administrator, and its determination shall be final, binding and conclusive. 
  
 (d) Effective upon the date the Board determines not to proceed with an initial public offering of Shares or terminates the Plan prior to the Registration
Date, the Company shall have the right exercisable at any time to terminate all Awards outstanding under the Plan in exchange for a payment to each Grantee whose Continuous Service has not terminated and who holds a partially or fully vested Award
as of the date the Company exercises this right an amount in cash (or cash equivalents) equal to the difference in the aggregate exercise price of the vested Shares subject to the Grantee’s Award and the Fair Market Value of such vested Shares
(as determined by the Board) as of the date of such exercise by the Company. All Awards held by a Grantee whose Continuous Service terminated for any reason prior to the Company’s exercise of its right under this Section 11(d) shall terminate
automatically upon the Company’s exercise of such right and the Company shall have no obligation to make any payment to such Grantee. 
  
 (e) In connection with (i) a Corporate Transaction, (ii) a Related Entity Disposition or (iii) the Board’s determination not to proceed with an
initial public offering of Shares or the Board’s termination of the Plan prior to the Registration Date pursuant to Section 11(d), above, the Company shall have the right to repurchase all Shares issued under the Plan 

  

 -15- 

 
whether held by a Grantee or such other person at a purchase price equal to the Fair Market Value of the Shares (as determined by the Board) to be
repurchased on the date the Company’s repurchase right is exercised. 
  
 12. Effective Date and Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the Board or its approval by the shareholders of the Company. It shall continue in effect for a
term often (10) years unless sooner terminated. Subject to Section 17, below, and Applicable Laws, Awards may be granted under the Plan upon its becoming effective. 
  
 13. Amendment. Suspension or Termination of the Plan. 
  
 (a) The Board may at any time amend, suspend or terminate the Plan. To the extent necessary to comply with Applicable Laws,
the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required. 
  
 (b) No Award may be granted during any suspension of the Plan or after termination of the Plan. 
  
 (c) Any amendment, suspension or termination of the Plan (including
termination of the Plan under Section 12, above) shall not affect Awards already granted, except to the extent provided in Section 11, above, and such Awards shall remain in full force and effect as if the Plan had not been amended, suspended or
terminated, unless mutually agreed otherwise between the Grantee and the Administrator, which agreement must be in writing and signed by the Grantee and the Company. 
  
 14. Reservation of Shares. 
  

(a) The Company, during the term of the Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the
requirements of the Plan. 
  
 (b) The inability of the Company to
obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of
the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
  
 15. No Effect on Terms of Employment/Consulting Relationship. The Plan shall not confer upon any Grantee any right with respect to the
Grantee’s Continuous Service, nor shall it interfere in any way with his or her right or the Company’s right to terminate the Grantee’s Continuous Service at any time, with or without Cause, and with or without notice. The
Company’s ability to terminate the employment of a Grantee who is employed at will is in no way affected by its determination that the Grantee’s Continuous Service has been terminated for Cause for the purposes of this Plan. 
  
 16. No Effect on Retirement and Other Benefit Plans. Except as
specifically provided in a retirement or other benefit plan of the Company or a Related Entity, Awards shall not be deemed compensation for purposes of computing benefits or contributions under any retirement 

  

 -16- 

 
plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit plan of any kind or any benefit plan subsequently
instituted under which the availability or amount of benefits is related to level of compensation. The Plan is not a “Retirement Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of 1974, as amended.

  
 17. Plan Approval. The Plan was adopted by the Board
and the shareholders of the Company in 2000. In April 2004, the Board adopted and approved an amendment and restatement of the Plan to amend the transferability provisions with respect to Awards granted under the Plan, which amendment and
restatement of the Plan is not subject to approval by the Company’s shareholders. In September 2004, the Board adopted and approved an amendment and restatement of the Plan to increase the number of Shares reserved for issuance under the Plan,
which amendment and restatement of the Plan is subject to approval by the Company’s shareholders. 
  
 18. Information to Grantees. The Company shall provide to each Grantee, during the period for which such Grantee has one or more Awards
outstanding, copies of financial statements at least annually. 
  

 -17- 

 DOLBY LABORATORIES, INC. 
  
 2000 STOCK INCENTIVE PLAN 
  
 UK APPROVED SUB-PLAN RULES (“this Sub-Plan”) 

	1)	Purpose. 

  
 a) This Sub-Plan to the Dolby Laboratories, Inc. 2000 Stock Incentive Plan (the “Plan”) is for the benefit of employees who are,
or may become, resident in the United Kingdom, of Dolby Laboratories, Inc. and of companies of which it has control (as defined in Section 840 of the United Kingdom Income and Corporation Taxes Act 1988 (“the Act”)). 
  
 b) This Sub-Plan has been established in order to ensure
Options granted under the Plan are capable of being granted under a share option plan approved under Schedule 9 of the Act (“Schedule 9”). An Option for the purposes of this Sub-Plan shall be defined as an option to acquire shares in the
Company which is approved under Schedule 9 of the Act and issued under the terms of this Sub-Plan, (the “Option”), and all references to options being Incentive Stock Options in the Plan shall be disregarded. 
  
 c) The rules of this Sub-Plan should be read in conjunction
with the Plan and are subject to the terms and conditions of the Plan except to the extent that the terms and conditions of the Plan differ from or conflict with the terms set out in this Sub-Plan (in which case the terms of this Sub-Plan shall
prevail). In this Sub-Plan words defined in the Plan shall have their same meaning except to the extent the context requires otherwise. 
  
 d) This Sub-Plan applies to any grant of Options made under the Plan to individuals who are resident, or may become resident, in the
United Kingdom if, at the date of grant (“Date of Grant”), such Options are specified as having been granted subject to the terms and conditions of this Sub-Plan. 
  

	2)	Eligibility 

  
 a) A UK Individual shall not be entitled to be granted Options under this Sub-Plan unless he is an Eligible Person (as defined in Section
2(b) below) on the Date of Grant. 
  
 b) For the
purposes of this Sub-Plan an individual is an Eligible Person if he is: 
  
 i) an employee (but not an employee who is also a director) of a Participating Company (as defined in Section 2(c) below); or 
  

ii) a director of a Participating Company who devotes substantially the whole of his working time to his duties and is required, under
the terms of his office or employment with a Participating Company, to work not less than 25 hours per week excluding meal breaks; and 
  
 iii) in either case, not precluded from participation by Paragraph 8 of Schedule 9 (material interests in close companies). 
  
 c) A Participating Company means the Company and all
companies that are subsidiaries and which are under the control of the Company (within the meaning of Section 840 of the Act) excluding those which the Plan Administrator has determined shall not participate for the time being in this Sub-Plan.

  

 Page 1 of 7 

	3)	Stock subject to this Sub-Plan 

  
 a) The shares over which Options may be granted under this Sub-Plan must form part of the ordinary share capital (as defined in Section
832(1) of the Act) of the Company. The stock must at all times, including the time of grant and the time of exercise, comply with the terms of the Plan and comply with the requirements of Paragraphs 10 to 14 of Schedule 9. Shares issued or
transferred pursuant to this Sub-Plan shall rank pari passi in all respects with the Shares then in issue, except that they shall not rank for any right attaching to Shares by reference to a record date preceding the date of exercise. 
  
 b) The Company shall, at all times, keep available
sufficient authorised and unissued Shares to satisfy to the fullest extent still possible all Options which have neither lapsed nor been fully exercised, taking account of any other obligations of the Company to issue Shares, or shall procure that
sufficient Shares are available for transfer. 
  

	4)	Award Limitations under the Plan 

  
 a) No Option shall be granted to an Eligible Person under this Sub-Plan at any time if it would result in the aggregate Market Value (as
defined in Section 5(b) below) of the Shares which he may acquire in pursuance of rights obtained under this Sub-Plan and the aggregate Market Value of Shares which the Eligible Person could acquire by the exercise of an option under any other plan
approved under Schedule 9 (not being a savings-related plan) and established by the Company or by any associated company (as defined in Section 416 of the Act) and not exercised, to exceed or further exceed £30,000 or such other limit
contained from time to time in Paragraph 28(1) of Schedule 9. 
  
 b) For the purpose of Section 4(a): 
  
 i) in respect of Options previously granted under this Sub-Plan, the Market Value of the Shares shall be the Market Value originally determined under Section 5 at the time that the Option was granted; and 

 
 ii) in the case of rights obtained under any other plan
approved under Schedule 9 (not being a savings-related plan), the Market Value of Shares shall be calculated as at the time when the option to acquire those Shares was obtained, or such earlier time as may have been agreed with the United Kingdom
Inland Revenue. 
  
 c) If the Market Value of the
Shares is expressed in a currency other than pounds sterling it shall be converted into pounds sterling at the appropriate exchange rate for that currency as published by the Wall Street Journal on the business day on which the relevant options were
granted. 
  
 d) If the Plan Administrator
attempts to grant an Option under this Sub-Plan which is inconsistent with Section 4(a), the Option granted under this Sub-Plan will be limited and take effect on a basis consistent with the provisions of Section 4 (a). 
  

	5)	Option Exercise Price 

  
 a) The Option exercise price per Share shall be determined in accordance with Section 5(b) and shall be specified in the Award Agreement.
In no circumstance shall the Option exercise price be less than the Market Value of a Share on the Date of Grant of the Option, or if that day is not a dealing day, the business day immediately preceding the Date of Grant of the Option, or if the
Company and the Board of the Inland Revenue agree in writing at such earlier time or times as may be provided in that agreement. 
  

 Page 2 of 7 

 b) Market Value of a Share shall mean on any day, its market value determined in
accordance with Part VIII of the United Kingdom Taxation of Chargeable Gains Act 1992 and agreed with the Inland Revenue on the Date of Grant, or such earlier date as may be agreed with the Shares Valuation Division of the United Kingdom Inland
Revenue. 
  

	6)	Adjustments upon Changes in Capitalisation 

  
 a) The price at which Shares may be acquired on the exercise of any Option and the number of Shares thereunder may be adjusted as
described in Section 11(a) of the Plan only in the event of a variation in the share capital of the Company within the meaning of Paragraph 29(7) of Schedule 9 and only if the prior approval of the United Kingdom Inland Revenue has been obtained for
such adjustment. 
  

	7)	Exercise of Option 

  
 a) A Grantee will not be able to exercise his Option granted under this Sub-Plan if he is ineligible to participate in the Sub-Plan by
virtue of Paragraph 8 of Schedule 9 (material interests in close companies). 
  
 b) Notwithstanding Section 7(b) of the Plan, Options granted under this Sub-Plan may only be exercised by paying the Option exercise price in cash, by cheque or bank transfer. 
  
 c) Notwithstanding Section 9(a) of the Plan, the Company
shall not later than 30 days after the effective receipt of the notice of exercise of an Option (given in accordance with the provisions of the Plan) together with the payment of the aggregate Option exercise price in respect of the Shares to be
issued or transferred pursuant to the exercise of an Option, allot and issue or procure the transfer of credited as fully paid to the Participant and cause to be registered in his name the number of Shares specified in the written notice or procure
the transfer of such Shares. 
  
 d) An Option may
be subject to a vesting requirement which shall be set out in the Award Agreement and such vesting may apply in all circumstances, or only following a termination of the Grantee’s Continuous Service or as otherwise provided. 
  

	8)	Limit on Transfer of Awards 

  
 a) Subject to the rights of exercise by the Grantee’s personal representatives, every Option granted under this Sub-Plan shall be
personal to the Grantee and may not be sold, transferred or disposed of in any way, and Section 6(j) of the Plan shall be construed accordingly. 
  

	9)	Corporate Change  

  
 Subject to Section 9.2 (below) for the purposes of this Sub-Plan, a Grantee who has been granted an Option under the Sub-Plan shall be entitled if the Grantee so agrees to receive an Option over shares of a successor
company (or another company on any consolidation, merger or amalgamation with or into another company) in consideration of the release of his or her rights under an Option provided that a company: 
  
 a) obtains control of the Company as a result of making a
general offer to acquire the whole of the issued ordinary share capital of the Company which is made on the condition such that if it is satisfied the company will have control of the Company; or 
  

 Page 3 of 7 

 b) obtains control of the Company as a result of making a general offer to acquire all
the Shares in the Company which are of the same class as the shares which may be acquired by the exercise of Options granted under this Sub-Plan, (ignoring any shares which are already owned by it or a member of the same group of companies); or

  
 c) obtains control of the Company in
pursuance of Section 425 of the United Kingdom Companies Act 1985 (“the 1985 Act”) or the local legislation which the Board of the United Kingdom Inland Revenue accepts is the equivalent of the same; or 
  
 d) becomes bound or entitled to acquire shares in the
Company under Sections 428 to 430 of the 1985 Act or the local legislation which the Board of the United Kingdom Inland Revenue accepts is the equivalent of the same. 
  

	9.2	Where Rule 9.1 above applies: 

  
 a) a Grantee may, at any time within the appropriate period (within the meaning of Paragraph 15(2) of Schedule 9) and by agreement with
the successor company, release any Option which has not lapsed (“the old option”) in consideration for the grant of a new option (the “new option”). The new option must be equivalent to the old option (within the meaning of
Paragraph 15(3) of Schedule 9) but relate to shares in a different company (whether the successor corporation itself or some other company falling within Paragraph 10(b) or 10(c) of Schedule 9); and 
  
 b) for the purposes of the application of the provisions of
this Sub-Plan, where any Grantee has released an old option, any new option granted shall be regarded as having been granted at the same time as the old option. With effect from the date of release, the new option shall be subject to the same
provisions of this Sub-Plan as applied to the old option except that the following terms have the meaning assigned to them in this Section and not the meanings in the Plan: 
  
 “Board” means the Board of Directors of the company in respect of whose shares the new options have been granted;

  
 “Committee” means the Committee of the board of
directors of the company in respect of whose shares new options have been granted; 
  
 “Company” means the company in respect of whose shares the new options have been granted; and 
  
 “Shares” means fully paid ordinary shares in the capital of the company over whose shares the new options have been granted and which satisfy
the conditions specified in Paragraphs 10 to 14 of Schedule 9. 
  
 c) notwithstanding anything contained in the Plan, if the company merges or is consolidated with another company under circumstances where the company is not the surviving company, no Options may be granted under this
Sub-Plan following such merger or consolidation apart from new options granted by the successor company. 
  

	9.3	For the purposes of this Section 9, ‘control’ has the meaning set out in Section 840 of the Act. 

  

 Page 4 of 7 

	10)	Legal Entitlement 

  

	 	10.1	Nothing in the Plan or this Sub-Plan nor in any instrument executed pursuant to it will confer on any person any right to continue in an office, or consultancy employment, nor will
it affect the right of the provider of any service relationship to terminate the employment or office of any person without liability at any time with or without cause, nor will it impose upon the Committee or any other person any duty or liability
(whether in contract, tort or otherwise) whatsoever in connection with: 

  
 a) the lapsing of any Option pursuant to the Plan or this Sub-Plan; 
  
 b) the failure or refusal to exercise any discretion under the Plan or this Sub-Plan; and/or 
  
 c) a holder of an Option ceasing to be a person who has a
service relationship for any reason whatsoever. 
  

	 	10.2	Options shall not (except as may be required by taxation law) form part of the emoluments of individuals or count as wages or remuneration for pension or other purposes.

  

	 	10.3	Any person who ceases to have the status or relationship of an employee or director with the Company or any Participating Company as a result of the termination of his employment or
office for any reason and however that termination occurs, whether lawfully or otherwise, shall not be entitled and shall be deemed irrevocably to have waived any entitlement by way of damages for dismissal or by way of compensation for loss of
employment, office or consultancy or otherwise to any sum, damages or other benefits to compensate that person for the loss or alteration of any rights, benefits or expectations in relation to any Option, the Plan, this Sub-Plan or any instrument
executed pursuant to it. 

  

	 	10.4	The benefit of this Section 10 is given to the Company for itself and as trustee and agent of each Participating Company. To the extent that this Section benefits any company which
is not a party to the Plan or this Sub-Plan, the benefit shall be held on trust and as agent by the Company for such company and the Company may, at its discretion, assign the benefit of this Section 10 to any such company. 

 

	11)	Amendment to this Sub-Plan 

  
 If this Sub-Plan is and is to remain approved under Schedule 9 no amendment shall be made to: 
  
 a) any Option granted under this Sub-Plan; 
  
 b) the terms of this Sub-Plan; 
  
 c) the Plan, if it shall effect this Sub-Plan 
  
 except to the extent that the United Kingdom Inland Revenue has approved such amendments, and Section 4(b)(vii) and Section
13 of the Plan shall be construed accordingly. No such amendment shall take effect before the date on which it is approved by the United Kingdom Inland Revenue. 
  

 Page 5 of 7 

	12)	Other Amendments to the Plan 

  

	 	12.1	When the Board, Committee or Administrator, under the powers conferred by the Plan, determines the terms and conditions of any Option granted under this Sub-Plan, such terms and
conditions (including vesting restrictions) shall notwithstanding Sections 6(a), (c) and 8(a) of the Plan: 

  
 a) be objective, specified at the date the Option is granted and set out in full, in, or details given with, the written Award Agreement;
and 
  
 b) be such that rights to exercise such
Options after the fulfilment or attainment of any terms and conditions so specified shall not be dependent upon the further discretion of any person; and 
  
 c) not be capable of amendment, variation or waiver under Section 4(b)(vii) of the Plan unless an event occurs which causes the Board,
Committee or Administrator to reasonably consider that a waived, varied or amended term and condition would be a fairer measure of performance and would be no more difficult to satisfy. 
  

	 	12.2	Within 28 days of the Date of Grant, an Eligible Person who has been granted an Option shall be given an Award Agreement and Section 6(k) of the Plan shall be construed accordingly.

  

	 	12.3	The following Sections of the Plan shall be deleted or amended for the purposes of construing this Sub-Plan: 

  
 a) In Section 2 (c) of the Plan, the words “Restricted
Stock, or other right or benefit under the Plan” shall be deleted. 
  
 b) The definition of “Continuous Services” as defined in Section 2(l) of the Plan, shall, for the purposes of the application of this Sub-Plan be defined as “the provision of services to the Company or
a related entity in any capacity of Employee or Director, that is not terminated”. 
  
 c) In Section 2(t) of the Plan, the words “Employee, Director or Consultant” shall be replaced with “Employee or
Director”. 
  
 d) In Section 4, 5, 6 and 8
of the Plan, all references to Awards made to Consultants shall be ignored for the purpose of this Sub-Plan. 
  
 e) For the purpose of this Sub-Plan, Section 6(a) of the Plan shall be replaced with the words “The Administrator is authorised under
the Plan to award any type of arrangement to an Eligible Person that is not inconsistent with the provisions of the Plan and that by its terms involves the issuance of an Option”. 
  
 f) In Section 6(c) of the plan, the words “repurchase provisions” shall be deleted from the first
sentence. 
  
 g) In Section 6(c) of the Plan, the
words “forfeiture provisions, forms of payment” until “of the Award, payment contingencies” shall be deleted. 
  
 h) In Section 6(c) of the Plan, the words “Partial achievement of the specified criteria” until “as specified in the Award
Agreement” shall be deleted. 
  
 i) Section
6 (d), (e), (f) and (g) of the Plan, shall be deleted. 
  
 j) In Section 6(h) of the Plan, the words from “Any invested Shares received” until “Administrator determines to be appropriate” shall be deleted. 
  

 Page 6 of 7 

 k) Notwithstanding Section 6(h)(i) and 8(b) and (c) of the Plan, no Option shall be
exercisable after the expiration of ten (10) years after the effective Date of Grant of such Option. 
  
 l) In the event of the death of a Grantee, the Grantee’s personal representative may exercise the Option during the period ending not
later than the earlier of 12 months from the date of death and the expiration of the term of the Option. 
  
 m) Section 9(b) of the Plan, shall be deleted. 
  

n) Section 10 of the Plan, shall be deleted. 
  

o) Section 11(e) of the Plan, shall be deleted. 
  
 p) Section 7(a) of the Plan, shall be deleted and Section 5 of this Sub-Plan shall apply to determine the
exercise price. 
  
 q) For the purposes of this
Sub-Plan, the definition of Disability shall include the inability, in the opinion of a qualified physician, of a Grantee to perform the major duties of his position with the Participating Company because of injury. 
  
 r) In Section 8(a)(i) of the Plan, the words “over five
(5) years from the date the Option is granted” shall be replaced with the words “over five (5) years from the date the Option is granted or such earlier date as specified in the Award Agreement”. 
  
 s) In Section 8(b) of the Plan the words “for any
reason other than Disability or death”, shall be replaced with the words “for any reason other than Disability, death, redundancy (within the meaning of the Employment Rights Act 1996) (“Redundancy”), or retirement (on the date
of the participant’s 65th birthday) (“Retirement”)”. 
  
 t) In Section 8(c) of the Plan the first sentence shall be
replaced with the words “In the event of termination of the Grantee’s Continuous Service as a result of his or her Disability, Redundancy, Retirement and death, the Grantee may, but only within the Post Termination Exercise Period (or in
the case of death the period specified in Section 12(m) above), exercise the Award to the extent that the Grantee was otherwise entitled to exercise it at the date of such termination”. 
  
 u) Section 8(d) of the Plan shall be deleted. 
  
 v) The rules of this Sub-Plan shall be governed by and
construed in accordance with the laws of England and the definition of “Applicable Laws” in section 2(b) of the Plan shall be construed accordingly”. 
  

					
	 Adopted on behalf of the Company
	 	_______________________________	 	 
			
	 Name of Signatory
	 	_______________________________	 	 
			
	 Date
	 	_______________________________	 	 

  

 Page 7 of 7 

 DOLBY LABORATORIES, INC. 
  
 2000 STOCK INCENTIVE PLAN 
  
 2000 UK UNAPPROVED RULES (“UK UNAPPROVED PLAN”) 
  

The rules of this UK Unapproved Plan should be read in conjunction with the rules of the Dolby Laboratories, Inc. 2000 Stock Incentive Plan – 2000 UK Approved
Rules (the “Sub-Plan”), except to the extent that the terms and conditions of the Sub-Plan differ from or conflict with the terms set out in this UK Unapproved Plan (in which case the terms of this Unapproved Plan shall prevail). In this
Unapproved Plan words defined in the Sub-Plan shall have the same meaning except to the extent that the context requires otherwise. 
  

	1.	Grant of Options 

  

	 	(a)	For the purpose of Options granted under this 2000 UK Unapproved Plan, the Sub-Plan shall apply except that: 

  

	 	(i)	An Eligible Person shall be an Employee, Director or Consultant, as defined in the Dolby Laboratories, Inc. 2000 Stock Incentive Plan (the “US Plan”) and paragraph 2 of
the Sub-Plan shall be read accordingly. In addition the Board shall have the discretion to make an award of Options to any other person at its sole discretion. 

  

	 	(ii)	Options issued under this Unapproved Plan shall not be approved under Schedule 9. 

  

	 	(iii)	The Stock over which Options may be granted is not required to comply with Paragraphs 10 – 14 of Schedule 9. 

  

	 	(iv)	Section 4 of the Sub-Plan (“Award Limitations under the Plan”) shall not apply for the purposes of Options granted under this Unapproved Plan. 

  

	 	(v)	Section 7(a) and 7(b) of the Sub-Plan shall not apply. 

  

	 	(vi)	Section 8 of the Sub-Plan shall be deleted and Section 6(j) of the US Plan shall apply to this Unapproved Plan. 

  

	 	(vii)	Section 9.2(a) of the Sub-Plan shall be amended so that references to Paragraphs 15(2) and (3) of Schedule 9 and Paragraphs 10(b) and (c) of Schedule 9 are deleted.

  

	 	(viii)	The definition of “Shares” at Section 9.2(b) and (c) of the Sub-Plan shall be deleted for the purpose of this UK Unapproved Plan. For the purpose of this UK Unapproved
Plan, the definition of “Shares” shall be defined as a share of the Company’s Common Stock. 

  

	 	(ix)	References in the Sub-Plan to approval by or agreement of the Inland Revenue shall be deleted. 

  

	 	(x)	Section 11 of the Sub-Plan shall be deleted and Sections 4(b)(vii) and Section 13 of the US Plan shall apply to this Unapproved Plan. 

  

	 	(xi)	Section 12.3 of the Sub-Plan shall be deleted with the exception of Paragraphs 12.3(k) and (q). 

  

	 	(xii)	Options issued under this Unapproved Plan may be terminated by the Board at its sole discretion. 

  

 Page 1 of 2 

	2.	Condition of Exercise  

  

	 	(a)	In the event that any taxes and/or social security contributions (“PAYE”) which a Participating Company would be required to account for to the Inland Revenue, or other
taxation authority (to the extent that the same may be lawfully recovered from Grantee), becomes due on the Grantee’s exercise of an Option, the Option may not be exercised unless: 

  

	 	(i)	the Participating Company is able to deduct an amount equal to the whole of the PAYE liability from the Grantee’s net pay for the relevant pay period; or

  

	 	(ii)	the Grantee has paid to the Participating Company an amount equal to the PAYE liability; or 

  

	 	(iii)	the sum of the amount that the Grantee has paid to the Participating Company in respect of the Participating Company’s obligation to satisfy PAYE liability and the total amount
that the Participating Company is able to deduct from the Grantee’s net pay for the relevant pay period is equal to or more than the PAYE liability; or 

  

	 	(iv)	the Grantee has given irrevocable instructions to the Company’s brokers (or any other person acceptable to the Company) for the sale of sufficient shares acquired on the
exercise of the Option to release an amount equal to the PAYE liability and the payment of the PAYE liability to the Participating Company; or 

  

	 	(v)	the Company determines otherwise. 

  

	 	(b)	The Option may not be exercised until the Grantee has jointly elected and agrees with the Company in respect of Secondary Class 1 National Insurance that becomes due on the
exercise, assignment, release or cancellation of the Option (whether in whole or in part) pursuant to Section 4(4)(a) of the Social Security Contributions and Benefits Act 1992 (“the SSCBA 1992”) to be transferred to the Grantee as
permitted by Paragraph 3B of Schedule 1 to the SSCBA 1992, in a manner prescribed by the Company and approved in advance by the United Kingdom Inland Revenue. 

  

	 	(c)	The Secondary Class 1 National Insurance that becomes due on the exercise, assignment, release or cancellation of an Option, arising under Section 4(4)(1) SSCBA 1992 shall be
included within the definition of PAYE for the purposes of Section 2 of this UK Unapproved Plan. 

  

 Page 2 of 2Forms of Stock Option Agreements under the 2000 Stock Incentive Plan

 Exhibit 10.3 
  
 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN 
  
 NOTICE OF STOCK OPTION AWARD 
  

			
	 Grantee’s Name and Address:
	  	                                      
                                        
        
		
	 	  	                                      
                                        
        
		
	 	  	                                      
                                        
        

  
 You have been granted
an option to purchase shares of Common Stock, subject to the terms and conditions of this Notice of Stock Option Award (the “Notice”), the Dolby Laboratories, Inc. 2000 Stock Incentive Plan, as amended from time to time (the
“Plan”) and the Stock Option Award Agreement (the “Option Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice. 
  

			
	 Award Number
	  	                                       
                                        
            

		
	 Date of Award
	  	                                       
                                        
            

		
	 Vesting Commencement Date
	  	                                       
                                        
            

		
	 Exercise Price per Share
	  	 $
                                        
                                        
       

		
	 Total Number of Shares Subject
	  	 
		
	 to the Option (the “Shares”)
	  	 
		
	 Total Exercise Price
	  	 $
                                        
                                        
       

		
	 Type of Option:
	  	                      Incentive
Stock Option

		
	 	  	                      Non-Qualified
Stock Option

		
	 Expiration Date:
	  	                                       
                                        
            

		
	 Post-Termination Exercise Period:
	  	 Three (3) Months

  
 Vesting Schedule: 

 
 Subject to Grantee’s Continuous Service and other limitations set
forth in this Notice, the Plan and the Option Agreement, the Option may be exercised, in whole or in part, in accordance with the following schedule: 
  

						
	 Date of Vesting

	  	 Total Number of Shares Vested

	  	Percent Vested

	 
	 	  	 	  	25	%
	 	  	 	  	50	%
	 	  	 	  	75	%
	 	  	 	  	100	%

  

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 During any authorized leave of absence, the vesting of the Option as provided in this schedule shall be
suspended after the leave of absence exceeds a period of ninety (90) days. Vesting of the Option shall resume upon the Grantee’s termination of the leave of absence and return to service to the Company or a Related Entity. The Vesting Schedule
of the Option shall be extended by the length of the suspension. 
  
 In the event of termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall terminate concurrently with the termination of the Grantee’s Continuous Service, except as otherwise
determined by the Administrator. 
  
 In the event of the
Grantee’s change in status from Employee to Consultant or from an Employee whose customary employment is 20 hours or more per week to an Employee whose customary employment is fewer than 20 hours per week, vesting of the Option shall continue
only to the extent determined by the Administrator as of such change in status consistent with any minimum vesting requirements set forth in the Plan. 
  
 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Option is to be governed by the terms and conditions of this
Notice, the Plan, and the Option Agreement. 
  

			
	 Dolby Laboratories, Inc.,

	 a California corporation

		
	 By:
	 	  

	 Title:
	 	  

  
 THE GRANTEE ACKNOWLEDGES AND
AGREES THAT THE SHARES SUBJECT TO THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER
ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE OPTION AGREEMENT, OR THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH
THE GRANTEE’S RIGHT OR THE RIGHT OF THE GRANTEE’S EMPLOYER TO TERMINATE GRANTEE’S CONTINUOUS SERVICE, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT
AGREEMENT WITH THE COMPANY TO THE CONTRARY, GRANTEE’S STATUS IS AT WILL. 
  
 The Grantee acknowledges receipt of a copy of the Plan and the Option Agreement, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Option subject to all of the
terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Plan, and the Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice, and fully understands all
provisions of this Notice, the Plan and the Option Agreement. The Grantee acknowledges that the Shares are 
  

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 subject to a Right of First Refusal pursuant to the terms of Section 11 of the Option Agreement and a Repurchase Right
pursuant to the terms of Section 12 of the Option Agreement. The Grantee hereby agrees that all disputes arising out of or relating to this Notice, the Plan and the Option Agreement shall be resolved in accordance with Section 19 of the Option
Agreement. The Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice. 
  

					
	 Dated:
                    
	 	Signed:	 	  

	 	 	 	 	 Grantee

  

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 Award Number:
                     
  
 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN 
  
 STOCK OPTION AWARD AGREEMENT 
  
 1. Grant of Option. Dolby Laboratories, Inc., a California corporation (the “Company”), hereby grants to the Grantee (the
“Grantee”) named in the Notice of Stock Option Award (the “Notice”), an option (the “Option”) to purchase the Total Number of Shares of Common Stock subject to the Option (the “Shares”) set forth in the
Notice, at the Exercise Price per Share set forth in the Notice (the “Exercise Price”) subject to the terms and provisions of the Notice, this Stock Option Award Agreement (the “Option Agreement”) and the Company’s 2000
Stock Incentive Plan, as amended from time to time (the “Plan”), which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Option Agreement.

  
 If designated in the Notice as an Incentive Stock Option, the
Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of Shares subject to Options designated as Incentive
Stock Options which become exercisable for the first time by the Grantee during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess Options, to the extent of the Shares covered thereby in
excess of the foregoing limitation, shall be treated as Non-Qualified Stock Options. For this purpose, Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares shall be
determined as of the date the Option with respect to such Shares is awarded. 
  
 2. Exercise of Option. 
  
 (a) Right to Exercise. The Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice and with the applicable provisions of the Plan and this Option Agreement. The Option shall be
subject to the provisions of Section 11(b) of the Plan relating to the exercisability or termination of the Option in the event of a Corporate Transaction. No partial exercise of the Option may be for less than the lesser of five percent (5%) of the
total number of Shares subject to the Option or the remaining number of Shares subject to the Option. In no event shall the Company issue fractional Shares. 
  
 (b) Method of Exercise. The Option shall be exercisable only by delivery of an Exercise Notice (attached as Exhibit A) which shall state the
election to exercise the Option, the whole number of Shares in respect of which the Option is being exercised, and such other provisions as may be required by the Administrator. The Exercise Notice shall be signed by the Grantee and shall be
delivered in person, by certified mail, or by such other method as determined from time to time by the Administrator to the Company accompanied by payment of the Exercise Price. The Option shall be deemed to be exercised upon receipt by the Company
of such written notice accompanied by the Exercise Price, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 4(d), below. 

 

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 (c) Taxes. No Shares will be delivered to the Grantee or other person pursuant to the exercise of
the Option until the Grantee or other person has made arrangements acceptable to the Administrator for the satisfaction of applicable income tax, employment tax, and social security tax withholding obligations, including, without limitation,
obligations incident to the receipt of Shares or the disqualifying disposition of Shares received on exercise of an Incentive Stock Option. Upon exercise of the Option, the Company or the Grantee’s employer may offset or withhold (from any
amount owed by the Company or the Grantee’s employer to the Grantee) or collect from the Grantee or other person an amount sufficient to satisfy such tax obligations and/or the employer’s withholding obligations. 
  
 3. Grantee’s Representations. The Grantee understands that
neither the Option nor the Shares exercisable pursuant to the Option have been registered under the Securities Act of 1933, as amended or any United States securities laws. In the event the Shares purchasable pursuant to the exercise of the Option
have not been registered under the Securities Act of 1933, as amended, at the time the Option is exercised, the Grantee shall, if requested by the Company, concurrently with the exercise of all or any portion of the Option, deliver to the Company
his or her Investment Representation Statement in the form attached hereto as Exhibit B. 
  
 4. Method of Payment. Payment of the Exercise Price shall be made by any of the following, or a combination thereof, at the election of the Grantee; provided, however, that such exercise method does not then
violate any Applicable Law: 
  
 (a) cash; 
  
 (b) check; 
  
 (c) if the exercise occurs on or after the Registration Date, surrender of Shares or delivery of a properly executed form of
attestation of ownership of Shares as the Administrator may require (including withholding of Shares otherwise deliverable upon exercise of the Option) which have a Fair Market Value on the date of surrender or attestation equal to the aggregate
Exercise Price of the Shares as to which the Option is being exercised (but only to the extent that such exercise of the Option would not result in an accounting compensation charge with respect to the Shares used to pay the exercise price); or

  
 (d) if the exercise occurs on or after the Registration Date,
payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee (i) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit
to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate exercise price payable for the purchased Shares and (ii) shall provide written directives to the Company to deliver the certificates
for the purchased Shares directly to such brokerage firm in order to complete the sale transaction. 
  

 2 

 5. Restrictions on Exercise. The Option may not be exercised if the issuance of the Shares subject
to the Option upon such exercise would constitute a violation of any Applicable Laws. In addition, the Option may be exercised prior to the time that the Plan has been approved by the shareholders of the Company; provided, however, that all Shares
issued upon any such exercise shall be rescinded if shareholder approval is not obtained within the time prescribed, and Shares issued on any such exercise shall not be counted in determining whether shareholder approval is obtained. 

  
 6. Termination or Change of Continuous Service. In the
event the Grantee’s Continuous Service terminates, other than for Cause, the Grantee may, to the extent otherwise so entitled at the date of such termination (the “Termination Date”), exercise the Option during the Post-Termination
Exercise Period. In the event of termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall, except as otherwise determined by the Administrator, terminate concurrently with the termination
of the Grantee’s Continuous Service. In no event shall the Option be exercised later than the Expiration Date set forth in the Notice. In the event of the Grantee’s change in status from Employee, Director or Consultant to any other status
of Employee, Director or Consultant, the Option shall remain in effect and, except to the extent otherwise determined by the Administrator, continue to vest; provided, however, with respect to any Incentive Stock Option that shall remain in effect
after a change in status from Employee to Director or Consultant, such Incentive Stock Option shall cease to be treated as an Incentive Stock Option and shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day
following such change in status. Except as provided in Sections 7 and 8 below, to the extent that the Grantee is not entitled to exercise the Option on the Termination Date, or if the Grantee does not exercise the Option within the Post-Termination
Exercise Period, the Option shall terminate. 
  
 7. Disability
of Grantee. In the event the Grantee’s Continuous Service terminates as a result of his or her Disability, the Grantee may, but only within twelve (12) months from the Termination Date (and in no event later than the Expiration Date),
exercise the Option to the extent he or she was otherwise entitled to exercise it on the Termination Date; provided, however, that if such Disability is not a “disability” as such term is defined in Section 22(e)(3) of the Code and the
Option is an Incentive Stock Option, such Incentive Stock Option shall cease to be treated as an Incentive Stock Option and shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following the Termination Date.
To the extent that the Grantee is not entitled to exercise the Option on the Termination Date, or if the Grantee does not exercise the Option to the extent so entitled within the time specified herein, the Option shall terminate. 
  
 8. Death of Grantee. In the event of the termination of the
Grantee’s Continuous Service as a result of his or her death, or in the event of the Grantee’s death during the Post-Termination Exercise Period or during the twelve (12) month period following the Grantee’s termination of Continuous
Service as a result of his or her Disability, the Grantee’s estate, or a person who acquired the right to exercise the Option by bequest or inheritance, may exercise the Option, but only to the extent the Grantee could exercise the Option at
the date of termination, within twelve (12) months from the date of death (but in no event later than the Expiration Date). To the extent that the Grantee is not entitled to exercise the Option on the date of death, or if the Option is not exercised
to the extent so entitled within the time specified herein, the Option shall terminate. 
  

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 9. Transferability of Option. The Option, if an Incentive Stock Option, may not be transferred in
any manner other than by will or by the laws of descent and distribution and may be exercised during the lifetime of the Grantee only by the Grantee. The Option, if a Non-Qualified Stock Option may be transferred by will, by the laws of descent and
distribution, and to the extent and in the manner authorized by the Administrator, to members of the Grantee’s immediate family (as determined by the Administrator) or pursuant to a domestic relations order. The terms of the Option shall be
binding upon the executors, administrators, heirs and successors of the Grantee. 
  
 10. Term of Option. The Option may be exercised no later than the Expiration Date set forth in the Notice or such earlier date as otherwise provided herein. 
  
 11. Company’s Right of First Refusal. 
  
 (a) Transfer Notice. Neither the Grantee nor a transferee (either
being sometimes referred to herein as the “Holder”) shall sell, hypothecate, encumber or otherwise transfer any Shares or any right or interest therein without first complying with the provisions of this Section 11 or obtaining the prior
written consent of the Company. In the event the Holder desires to accept a bona fide third-party offer for any or all of the Shares, the Holder shall provide the Company with written notice (the “Transfer Notice”) of: 
  
 (i) The Holder’s intention to transfer; 
  
 (ii) The name of the proposed transferee; 
  
 (iii) The number of Shares to be transferred; and 
  
 (iv) The proposed transfer price or value and terms thereof. 
  
 The Company shall have the right to investigate the terms of any third-party offer to
purchase any or all of the Shares, including but not limited to the financial ability of the proposed transferee to purchase the Shares, and shall determine, in its sole discretion based on such investigation, whether the third-party offer is in
fact a bona fide offer to purchase any or all of the Shares. 
  
 (b) First Refusal Exercise Notice. The Company shall have the right to purchase (the “Right of First Refusal”) all but not less than all, of the Shares which are described in the Transfer Notice (the “Offered
Shares”) at any time during the period commencing upon receipt of the Transfer Notice and ending forty-five (45) days after the first date on which the Company determines that the Right of First Refusal may be exercised without incurring an
accounting expense with respect to such exercise (the “Option Period”) at the per share price or value and in accordance with the terms stated in the Transfer Notice, which Right of First Refusal shall be exercised by written notice (the
“First Refusal Exercise Notice”) to the Holder. During the Option Period and the 120-day period following the expiration of the Option Period, the Company also may exercise its Repurchase Right in lieu or in addition to its Right of First
Refusal if the Repurchase Right is or becomes exercisable during the Option Period or such 120-day period. 
  

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 (c) Payment Terms. The Company shall consummate the purchase of the Offered Shares on the terms
set forth in the Transfer Notice within 15 days after delivery of the First Refusal Exercise Notice; provided, however, that in the event the Transfer Notice provides for the payment for the Offered Shares other than in cash, the Company and/or its
assigns shall have the right to pay for the Offered Shares by the discounted cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Administrator. Upon payment for the Offered Shares to the Holder or
into escrow for the benefit of the Holder, the Company or its assigns shall become the legal and beneficial owner of the Offered Shares and all rights and interest therein or related thereto, and the Company shall have the right to transfer the
Offered Shares to its own name or its assigns without further action by the Holder. 
  
 (d) Assignment. Whenever the Company shall have the right to purchase Shares under this Right of First Refusal, the Company may designate and assign one or more employees, officers, directors or shareholders of
the Company or other persons or organizations, to exercise all or a part of the Company’s Right of First Refusal. 
  
 (e) Non-Exercise. If the Company and/or its assigns do not collectively elect to exercise the Right of First Refusal within the Option Period or
such earlier time if the Company and/or its assigns notifies the Holder that it will not exercise the Right of First Refusal, then the Holder may transfer the Shares upon the terms and conditions stated in the Transfer Notice, provided that:

  
 (i) The transfer is made within 120 days of the expiration
of the Option Period; and 
  
 (ii) The transferee agrees in
writing that such Shares shall be held subject to the provisions of this Option Agreement. 
  
 (f) Expiration of Transfer Period. Following such 120-day period, no transfer of the Offered Shares and no change in the terms of the transfer as stated in the Transfer Notice (including the name of the
proposed transferee) shall be permitted without a new written Transfer Notice prepared and submitted in accordance with the requirements of this Right of First Refusal. 
  
 (g) Exception for Certain Family Transfers. Anything to the contrary contained in this section notwithstanding, the
transfer of any or all of the Shares during the Grantee’s lifetime or on the Grantee’s death by will or intestacy to the Grantee’s Immediate Family or a trust for the benefit of the Grantee or the Grantee’s Immediate Family shall
be exempt from the provisions of this Right of First Refusal (a “Permitted Transfer”); provided, however, that (i) the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Option
Agreement, and there shall be no further transfer of such Shares except in accordance with the terms of this Option Agreement and (ii) prior to any such transfer, each transferee shall execute an agreement pursuant to which such transferee shall
agree to receive and hold such Shares subject to the provisions of this Option Agreement. “Immediate 
  

 5 

 Family” as used herein shall mean spouse, domestic partner (as determined by the Administrator), child, lineal
descendant or antecedent, father, mother, brother or sister and the lineal descendants of such individuals. 
  
 (h) Termination of Right of First Refusal. The provisions of this Right of First Refusal shall terminate as to all Shares upon the Registration
Date. 
  
 (i) Additional Shares or Substituted Securities.
In the event of any transaction described in Section 11 of the Plan, any new, substituted or additional securities or other property which is by reason of any such transaction distributed with respect to the Shares shall be immediately subject to
the Right of First Refusal, but only to the extent the Shares are at the time covered by such right. 
  
 (j) Corporate Transaction. Immediately prior to the consummation of a Corporate Transaction described in Sections 2(m)(i), (ii), and (iii) of the
Plan, the Right of First Refusal shall automatically lapse in its entirety, except to the extent this Option Agreement is assumed by the successor corporation (or its Parent) in connection with such Corporate Transaction, in which case the Right of
First Refusal shall apply to the new capital stock or other property received in exchange for the Shares in consummation of the Corporate Transaction, but only to the extent the Shares are at the time covered by such right. 
  
 12. Company’s Repurchase Right. 
  
 (a) Grant of Repurchase Right. The Company is hereby granted the
right (the “Repurchase Right”), exercisable at any time (i) during the ninety (90) day period following the Termination Date, or (ii) during the ninety (90) day period following an exercise of the Option that occurs after the Termination
Date to repurchase all or any portion of the Shares (the “Share Repurchase Period”). The Company shall have an additional repurchase right pursuant to Sections 11(d) and 11(e) of the Plan exercisable in accordance with the terms of such
sections of the Plan. 
  
 (b) Exercise of the Repurchase
Right. The Repurchase Right shall be exercisable by written notice delivered to each Holder of the Shares prior to the expiration of the Share Repurchase Period. The notice shall indicate the number of Shares to be repurchased and the date on
which the repurchase is to be effected, such date to be not later than the last day of the Share Repurchase Period. On the date on which the repurchase is to be effected, the Company and/or its assigns shall pay to the Holder in cash or cash
equivalents (including the cancellation of any purchase-money indebtedness) an amount equal to the Fair Market Value on the date immediately prior to the day on which the repurchase is to be effected, of the Shares which are to be repurchased from
the Holder. Upon such payment or deposit into escrow for the benefit of the Holder, the Company and/or its assigns shall become the legal and beneficial owner of the Shares being repurchased and all rights and interest thereon or related thereto,
and the Company shall have the right to transfer to its own name or its assigns the number of Shares being repurchased, without further action by the Holder. 
  

 6 

 (c) Assignment. Whenever the Company shall have the right to purchase Shares under this Repurchase
Right, the Company may designate and assign one or more employees, officers, directors or shareholders of the Company or other persons or organizations, to exercise all or a part of the Company’s Repurchase Right. 
  
 (d) Termination of the Repurchase Right. The Repurchase Right shall
terminate with respect to any Shares for which it is not timely exercised. In addition, the Repurchase Right shall terminate and cease to be exercisable with respect to all Shares upon the Registration Date. 
  
 (e) Additional Shares or Substituted Securities. In the event of any
transaction described in Section 11 of the Plan, any new, substituted or additional securities or other property which is by reason of any such transaction distributed with respect to the Shares shall be immediately subject to the Repurchase Right,
but only to the extent the Shares are at the time covered by such right. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the price per share to be paid upon the exercise of the Repurchase Right in
order to reflect the effect of any such transaction upon the Company’s capital structure. 
  
 (f) Corporate Transaction. Immediately prior to the consummation of a Corporate Transaction described in Sections 2(m)(i), (ii), and (iii) of the Plan, the Repurchase Right to the extent it has not been
exercised shall automatically lapse in its entirety, except to the extent this Option Agreement is assumed by the successor corporation (or its Parent) in connection with such Corporate Transaction, in which case the Repurchase Right shall apply to
the new capital stock or other property received in exchange for the Shares in consummation of the Corporate Transaction, but only to the extent the Shares are at the time covered by such right. Appropriate adjustments shall be made to the price per
share payable upon exercise of the Repurchase Right to reflect the effect of the Corporate Transaction upon the Company’s capital structure. 
  
 13. Stop-Transfer Notices. In order to ensure compliance with the restrictions on transfer set forth in this Option Agreement, the Notice or the
Plan, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 
  
 14. Refusal to Transfer. The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Option Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or
other transferee to whom such Shares shall have been so transferred. 
  
 15. Tax Consequences. Set forth below is a brief summary as of the date of this Option Agreement of some of the federal tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE,
AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 
  

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 (a) Exercise of Incentive Stock Option. If the Option qualifies as an Incentive Stock Option,
there will be no regular federal income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as income for purposes of the
alternative minimum tax for federal tax purposes and may subject the Grantee to the alternative minimum tax in the year of exercise. 
  
 (b) Exercise of Incentive Stock Option Following Disability. If the Grantee’s Continuous Service terminates as a result of Disability that is
not total and permanent disability as defined in Section 22(e)(3) of the Code, to the extent permitted on the date of termination, the Grantee must exercise an Incentive Stock Option within three (3) months of such termination for the Incentive
Stock Option to be qualified as an Incentive Stock Option. 
  
 (c)
Exercise of Non-Qualified Stock Option. On exercise of a Non-Qualified Stock Option, the Grantee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market
Value of the Shares on the date of exercise over the Exercise Price. If the Grantee is an Employee or a former Employee, the Company will be required to withhold from the Grantee’s compensation or collect from the Grantee and pay to the
applicable taxing authorities an amount in cash equal to a percentage of this compensation income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of
exercise. 
  
 (d) Disposition of Shares. In the case of a
Non-Qualified Stock Option, if Shares are held for more than one year, any gain realized on disposition of the Shares will be treated as long-term capital gain for federal income tax purposes and subject to tax at a maximum rate of 20%. In the case
of an Incentive Stock Option, if Shares transferred pursuant to the Option are held for more than one year after receipt of the Shares and are disposed more than two years after the Date of Award, any gain realized on disposition of the Shares also
will be treated as capital gain for federal income tax purposes and subject to the same tax rates and holding periods that apply to Shares acquired upon exercise of a Non-Qualified Stock Option. If Shares purchased under an Incentive Stock Option
are disposed of prior to the expiration of such one-year or two-year periods, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates) to the extent of the difference between the Exercise Price
and the lesser of (i) the Fair Market Value of the Shares on the date of exercise, or (ii) the sale price of the Shares. 
  
 16. Lock-Up Agreement. 
  
 (a) Agreement. The Grantee, if requested by the Company and the lead underwriter of any public offering of the Common Stock or other securities of
the Company (the “Lead Underwriter”), hereby irrevocably agrees not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of any
interest in any Common Stock or any securities convertible into or exchangeable or exercisable for or any other rights to purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public market after
such 
  

 8 

 offering) during the 180-day period following the effective date of a registration statement of the Company filed under
the Securities Act of 1933, as amended, or such shorter period of time as the Lead Underwriter shall specify; provided, however, that the restrictions provided in this Section 16(a) will continue to apply for up to thirty-five (35) days beyond the
180-day restricted period following the effective day of such registration statement as determined by the Lead Underwriter if (i) during the last 17 days of the 180-day restricted period the Company issues an earnings release or discloses material
news or a material event relating to the Company occurs, or (ii) prior to the expiration of the 180-day restricted period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the 180-day
restricted period. The Grantee further agrees to sign such documents as may be requested by the Lead Underwriter to effect the foregoing and agrees that the Company may impose stop-transfer instructions with respect to such Common Stock subject
until the end of such period. The Company and the Grantee acknowledge that each Lead Underwriter of a public offering of the Company’s stock, during the period of such offering and for the 180-day period thereafter, is an intended beneficiary
of this Section 16. 
  
 (b) No Amendment Without Consent of
Underwriter. During the period from identification as a Lead Underwriter in connection with any public offering of the Company’s Common Stock until the earlier of (i) the expiration of the lock-up period specified in Section 16(a) in
connection with such offering or (ii) the abandonment of such offering by the Company and the Lead Underwriter, the provisions of this Section 16 may not be amended or waived except with the consent of the Lead Underwriter. 
  
 17. Entire Agreement: Governing Law. The Notice, the Plan and this
Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof,
and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Plan and this Option Agreement (except as expressly provided therein) is intended to
confer any rights or remedies on any persons other than the parties. The Notice, the Plan and this Option Agreement are to be construed in accordance with and governed by the internal laws of the State of California (as permitted by Section 1646.5
of the California Civil Code, or any similar successor provision) without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of California to the rights
and duties of the parties. Should any provision of the Notice, the Plan or this Option Agreement be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other
provisions shall nevertheless remain effective and shall remain enforceable. 
  
 18. Headings. The captions used in the Notice and this Option Agreement are inserted for convenience and shall not be deemed a part of the Option for construction or interpretation. 
  
 19. Dispute Resolution The provisions of this Section 19 shall be the
exclusive means of resolving disputes arising out of or relating to the Notice, the Plan and this Option Agreement. The Company, the Grantee, and the Grantee’s assignees (the “parties”) shall attempt 
  

 9 

 in good faith to resolve any disputes arising out of or relating to the Notice, the Plan and this Option Agreement by
negotiation between individuals who have authority to settle the controversy. Negotiations shall be commenced by either party by notice of a written statement of the party’s position and the name and title of the individual who will represent
the party. Within thirty (30) days of the written notification, the parties shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to resolve the dispute. If the dispute has not been resolved
by negotiation, the parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Option Agreement shall be brought in the United States District Court for the Northern District of California (or
should such court lack jurisdiction to hear such action, suit or proceeding, in a California state court in the County of San Francisco) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the
fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH
SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 19 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to
make it or its application valid and enforceable. 
  
 20.
Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail (if the parties are within the United
States) or upon deposit for delivery by an internationally recognized express mail courier service (for international delivery of notice), with postage and fees prepaid, addressed to the other party at its address as shown beneath its signature in
the Notice, or to such other address as such party may designate in writing from time to time to the other party. 
  
 21. Confidentiality. The Company shall provide to Grantee, during the period for which Grantee has one or more Awards outstanding, copies of
financial statements of the Company at least annually. Grantee understands and agrees that such financial statements are confidential and shall not be disclosed by Grantee, to any entity or person, for any reason, at any time, without the prior
written consent of the Company, unless required by law. If disclosure of such financial statements is required by law, whether through subpoena, request for production, deposition, or otherwise, Grantee promptly shall provide written notice to
Company, including copies of the subpoena, request for production, deposition, or otherwise, within five (5) business days of their receipt by Grantee and prior to any disclosure so as to provide Company an opportunity to move to quash or otherwise
to oppose the disclosure. Notwithstanding the foregoing, Grantee may disclose the terms of such financial statements to his or her spouse or domestic partner, and for legitimate business reasons, to legal, financial, and tax advisors. 
  

 10 

 EXHIBIT A 
  
 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN 
  
 EXERCISE NOTICE 
  
 100 Potrero Avenue 
 San Francisco, CA 94103-4813 
 Attention: Secretary 
  
 1. Effective as of today,
                    ,      the undersigned (the “Grantee”) hereby elects to exercise the
Grantee’s option to purchase                      shares of the Common Stock (the “Shares”) of Dolby Laboratories, Inc. (the
“Company”) under and pursuant to the Company’s 2000 Stock Incentive Plan, as amended from time to time (the “Plan”) and the [    ] Incentive [    ] Non-Qualified Stock Option Award
Agreement (the “Option Agreement”) and Notice of Stock Option Award (the “Notice”) dated                     ,
            . Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Exercise Notice. 
  
 2. Representations of the Grantee. The Grantee acknowledges that the
Grantee has received, read and understood the Notice, the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 
  
 3. Rights as Shareholder. Until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue
(or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in
Section 11(a) of the Plan. 
  
 The Grantee shall enjoy rights as a
shareholder until such time as the Grantee disposes of the Shares or the Company and/or its assignee(s) exercises the Right of First Refusal or the Repurchase Right. Upon such exercise, the Grantee shall have no further rights as a holder of the
Shares so purchased except the right to receive payment for the Shares so purchased in accordance with the provisions of the Option Agreement, and the Grantee shall forthwith cause the certificate(s) evidencing the Shares so purchased to be
surrendered to the Company for transfer or cancellation. 
  
 4.
Delivery of Payment. The Grantee herewith delivers to the Company the full Exercise Price for the Shares, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the
Exercise Price provided in Section 4(d) of the Option Agreement. 
  

 1 

 5. Tax Consultation. The Grantee understands that the Grantee may suffer adverse tax consequences
as a result of the Grantee’s purchase or disposition of the Shares. The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with the purchase or disposition of the Shares and that
the Grantee is not relying on the Company for any tax advice. 
  
 6. Taxes. The Grantee agrees to satisfy all applicable federal, state and local income and employment tax withholding obligations and herewith delivers to the Company the full amount of such obligations or has made arrangements
acceptable to the Company to satisfy such obligations. In the case of an Incentive Stock Option, the Grantee also agrees, as partial consideration for the designation of the Option as an Incentive Stock Option, to notify the Company in writing
within thirty (30) days of any disposition of any shares acquired by exercise of the Option if such disposition occurs within two (2) years from the Award Date or within one (1) year from the date the Shares were transferred to the Grantee. If the
Company is required to satisfy any federal, state or local income or employment tax withholding obligations as a result of such an early disposition, the Grantee agrees to satisfy the amount of such withholding in a manner that the Administrator
prescribes. 
  
 7. Restrictive Legends. The Grantee
understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required
by the Company or by state or federal securities laws: 
  
 THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED
UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 
  
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, A RIGHT OF FIRST REFUSAL AND A
REPURCHASE RIGHT HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE OPTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER
RESTRICTIONS, RIGHT OF FIRST REFUSAL AND REPURCHASE RIGHT ARE BINDING ON TRANSFEREES OF THESE SHARES. 
  

 2 

 8. Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to
single or multiple assignees, and this agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon the Grantee and his or her
heirs, executors, administrators, successors and assigns. 
  
 9.
Headings. The captions used in this Exercise Notice are inserted for convenience and shall not be deemed a part of this agreement for construction or interpretation. 
  
 10. Dispute Resolution. The provisions of Section 19 of the Option Agreement shall be the exclusive means of
resolving disputes arising out of or relating to this Exercise Notice. 
  
 11. Governing Law; Severability. This Exercise Notice is to be construed in accordance with and governed by the internal laws of the State of California (as permitted by Section 1646.5 of the California Civil Code, or any similar
successor provision) without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of California to the rights and duties of the parties. Should any
provision of this Exercise Notice be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain
enforceable. 
  
 12. Notices. Any notice required or
permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail (if the parties are within the United States) or upon deposit for delivery by an
internationally recognized express mail courier service (for international delivery of notice), with postage and fees prepaid, addressed to the other party at its address as shown below beneath its signature, or to such other address as such party
may designate in writing from time to time to the other party. 
  
 13. Further Instruments. The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this agreement. 
  
 14. Entire Agreement. The Notice, the Plan and the Option Agreement
are incorporated herein by reference and together with this Exercise Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company
and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Plan, the Option Agreement and
this Exercise Notice (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. 
  

 3 

					
	 Submitted by:
	 	 Accepted by:

		
	 GRANTEE:
	 	 DOLBY LABORATORIES, INC.

			
	  

	 	 By:
	 	  

	     (Signature)
	 	 Title:
	 	  

			
	 Address:
	 	 Address:
	 	 
		
	  

	 	 100 Potrero Avenue

	  

	 	 San Francisco, CA 94103-4813

  

 4 

 EXHIBIT B 
  
 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN 
  
 INVESTMENT REPRESENTATION STATEMENT 
  

			
	 GRANTEE:
	  	  

		
	 COMPANY:
	  	 DOLBY LABORATORIES, INC.

		
	 SECURITY:
	  	 COMMON STOCK

		
	 AMOUNT:
	  	  

		
	 DATE:
	  	  

  
 In connection with the purchase of the
above-listed Securities, the undersigned Grantee represents to the Company the following: 
  
 (a) Grantee is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities.
Grantee is acquiring these Securities for investment for Grantee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the
“Securities Act”). 
  
 (b) Grantee acknowledges and
understands that the Securities constitute “restricted securities” under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon among other
things, the bona fide nature of Grantee’s investment intent as expressed herein. Grantee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from
such registration is available. Grantee further acknowledges and understands that the Company is under no obligation to register the Securities. Grantee understands that the certificate evidencing the Securities will be imprinted with a legend which
prohibits the transfer of the Securities unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company. 
  

(c) Grantee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited
public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at
the time of the grant of the Option to the Grantee, the exercise will be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act
of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including:
(1) the resale being made through a broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of 1934); and, in the case of an affiliate,
(2) the 
  

 1 

 availability of certain public information about the Company, (3) the amount of Securities being sold during any three
month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable. 
  
 In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited
circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one year after the later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company,
within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds the Securities less than two years, the satisfaction of the conditions set forth in sections (1), (2),
(3) and (4) of the paragraph immediately above. 
  
 (d) Grantee
further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that,
notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and
otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such
transactions do so at their own risk. Grantee understands that no assurances can be given that any such other registration exemption will be available in such event. 
  
 (e) Grantee represents that he is a resident of the state of
                                . 
  

	
	 Signature of Grantee:

	
	  

	
	 Date:                     ,
        

  

 2 

 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN 
  
 2000 UK APPROVED RULES 
  
 NOTICE OF STOCK OPTION AWARD 
  

			
	 Grantee’s Name and Address:
	 	________________________________________________
		
	 	 	________________________________________________
		
	 	 	________________________________________________

  
 You have been granted
an option to purchase shares of Common Stock, subject to the terms and conditions of this Notice of Stock Option Award (the “Notice”), the Dolby Laboratories, Inc. 2000 Stock Incentive Plan, 2000 UK Approved Rules, as amended from time to
time (the “Sub-Plan”) and the Stock Option Award Agreement (the “Option Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Sub-Plan shall have the same defined meanings in this
Notice. 
  

			
	 Award Number
	 	________________________________________________
		
	 Date of Award
	 	________________________________________________
		
	 Vesting Accrual Date
	 	________________________________________________
		
	 Exercise Price per Share
	 	£_______________________________________________
		
	 Total Number of Shares Subject to the Option (the “Shares”)
	 	________________________________________________
		
	 Total Exercise Price
	 	£_______________________________________________
		
	 Type of Option:
	 	_______        UK Approved Stock Option
		
	 Expiration Date:
	 	________________________________________________
		
	 Post-Termination Exercise Period:
	 	[Three (3) months following later of either: 1)the first to occur of a Registration Date or Corporate Transaction or the expiration of nine years and nine months from the Date of Award of the
Option or 2) the Termination of Continuous Service if later]

  
 In the event of
termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall terminate concurrently with the termination of the Grantee’s Continuous Service, except as otherwise determined by the
Administrator. 
  

 1 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Option is to
be governed by the terms and conditions of this Notice, the Sub-Plan and the Option Agreement. 
  

			
	 Dolby Laboratories, Inc.,
 a California
corporation

		
	 By:
	 	  

		
	 Title:
	 	  

  
 THE GRANTEE ACKNOWLEDGES AND
AGREES THAT THE SHARES SUBJECT TO THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER
ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE OPTION AGREEMENT, OR THE SUB-PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY
WITH THE GRANTEE’S RIGHT OR THE RIGHT OF THE GRANTEE’S EMPLOYER TO TERMINATE GRANTEE’S CONTINUOUS SERVICE, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT
AGREEMENT WITH THE COMPANY TO THE CONTRARY, GRANTEE’S STATUS IS AT WILL. 
  
 The Grantee acknowledges receipt of a copy of the Sub-Plan and the Option Agreement, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Option subject to all of the terms and provisions
hereof and thereof. The Grantee has reviewed this Notice, the Sub-Plan and the Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice, and fully understands all provisions of this
Notice, the Sub-Plan and the Option Agreement. The Grantee hereby agrees that all disputes arising out of or relating to this Notice, the Sub-Plan and the Option Agreement shall be resolved in accordance with Section 12 of the Option Agreement. The
Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice. 
  

					
	 Dated:_______________________
	 	 Signed:
	 	  

	 	 	 	 	Grantee

  

 2 

 Award Number:             

  
 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN

  
 2000 UK APPROVED RULES 
  
 STOCK OPTION AWARD AGREEMENT 
  
 1. Grant of Option. Dolby Laboratories, Inc., a California corporation
(the “Company”), hereby grants to the Grantee (the “Grantee”) named in the Notice of Stock Option Award (the “Notice”), an option (the “Option”) to purchase the Total Number of Shares of Common Stock subject
to the Option (the “Shares”) set forth in the Notice, at the Exercise Price per Share set forth in the Notice (the “Exercise Price”) subject to the terms and provisions of the Notice, this Stock Option Award Agreement (the
“Option Agreement”) and the Company’s 2000 Stock Incentive Plan - 2000 UK Approved Rules, as amended from time to time (the “Sub-Plan”), which are incorporated herein by reference. Unless otherwise defined herein, the terms
defined in the Sub-Plan shall have the same defined meanings in this Option Agreement. 
  
 The Option is not intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code. 
  
 2. Exercise and Lapse of Option. 
  
 (a) Subject to the terms of the Sub-Plan, the Option shall be exercisable with respect to vested option shares during its term and on and after the
occurrence of the first of either of the following: 
  
 (i) A
Registration Date; or 
  
 (ii) a Corporate Transaction; or,

  
 (iii) the expiration of nine years and nine months from the
Date of Award of the Option. 
  
 (b) No partial exercise of the
Option may be for less than the lesser of five percent (5%) of the total number of shares subject to the Option or the remaining number of shares subject to the Option. In no event shall the Company issue fractional shares.  
  
 (c) Lapse of Option. Notwithstanding any other provision of the Plan,
the Sub-Plan and the Option Agreement, the Option shall immediately terminate upon the Board determining not to proceed with an initial public offering and Corporate Transaction. 
  

 1 

 (d) Method of Exercise. The Option shall be exercisable only by delivery of an Exercise Notice
(attached as Exhibit A) which shall state the election to exercise the Option, the whole number of Shares in respect of which the Option is being exercised, and such other provisions as may be required by the Administrator. The Exercise Notice shall
be signed by the Grantee and shall be delivered in person, by certified mail, or by such other method as determined from time to time by the Administrator to the Company accompanied by payment of the Exercise Price. The Option shall be deemed to be
exercised upon receipt by the Company of such written notice accompanied by the Exercise Price in cash, by cheque or bank transfer. 
  
 (e) Taxes. No Shares will be delivered to the Grantee or other person pursuant to the exercise of the Option until the Grantee or other person has
made arrangements acceptable to the Administrator for the satisfaction of applicable income tax, employment tax, and social security tax withholding obligations, including, without limitation, obligations incident to the receipt of Shares or the
disqualifying disposition of Shares received on exercise of an Option. Upon exercise of the Option, the Company or the Grantee’s employer may offset or withhold (from any amount owed by the Company or the Grantee’s employer to the Grantee)
or collect from the Grantee or other person an amount sufficient to satisfy such tax obligations and/or the employer’s withholding obligations. 
  
 3. Grantee’s Representations. The Grantee understands that neither the Option nor the Shares exercisable pursuant to the Option have been
registered under the Securities Act of 1933, as amended or any United States securities laws. 
  
 4. Restrictions on Exercise. 
  
 (a) General. The Option may not be exercised if the issuance of the Shares subject to the Option upon such exercise would constitute a violation of any Applicable Laws. 
  
 (b) Lock-Up Agreement. If an Option is exercisable by reason of a Registration Date as a condition of exercise
the Grantee must if requested, provided any such agreement applies to all shareholders equally, irrevocably agree with the lead underwriter of any public offering of the Common Stock or other securities of the Company (the “Lead
Underwriter”) not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of any interest in any Common Stock or any securities
convertible into or exchangeable or exercisable for or any other rights to purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public market after such offering) during the period of no more than
180 days following the effective date of a registration statement of the Company filed under the Securities Act of 1933, as amended. The Grantee further agrees to sign such documents as may be requested by the Lead Underwriter to effect the
foregoing. The Company and the Grantee acknowledge that each Lead Underwriter of a public offering of the Company’s stock, during the period of such offering and for the 180-day period thereafter, is an intended beneficiary of this Section
4(b). During the period from identification as a Lead Underwriter in connection with any public offering of the Company’s Common Stock until the earlier of (i) the expiration of the lock-up period specified in this Section 4(b) in connection
with such offering or (ii) the abandonment of such offering by the Company and the Lead Underwriter, the provisions of this Section 4(b) may not be amended or waived. 
  

 2 

 5. Termination or Change of Continuous Service. 
  
 (a) General. In the event the Grantee’s Continuous Service
terminates, other than for Cause, the Grantee may, to the extent the Grantee’s Option shall have vested at the date of such termination (the “Termination Date”), exercise the Option during the Post-Termination Exercise Period, or, if
later, 3 months following the end of the Lock Up period if this applies on the Shares to be issued under the terms of the Option. In the event of termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise
the Option shall terminate concurrently with the termination of the Grantee’s Continuous Service. In no event shall the Option be exercised later than the Expiration Date set forth in the Notice. In the event of the Grantee’s change in
status from Employee or Director to any other status of Employee or Director, the Option shall remain in effect and, except to the extent otherwise determined by the Administrator, continue to vest. Except as provided in Sections 7 and 8 below, to
the extent that the Grantee is not entitled to exercise the Option on the Termination Date, or if the Grantee does not exercise the Option within the Post-Termination Exercise Period, the Option shall terminate. 
  
 (b) Vesting. For the purposes of determining the extent to which an
Option may be exercised an Option shall vest at the rate of [twenty five percent (25%)] of the maximum number of Shares the subject of an Option for each full year following the Date of Award, or from such earlier date as set forth in the Notice of
Stock Option Award (“Vesting Accrual Date”) (without respect to the date the Option was exercised or became exercisable). 
  
 6. Term of Option. The Option may be exercised no later than the Expiration Date set forth in the Notice or such earlier date as otherwise provided
herein, and in no event shall this be later than 10 years from the Date of Grant. 
  
 7. Company’s Right of First Refusal. 
  
 (a) Transfer Notice. Neither the Grantee nor a transferee (either being sometimes referred to herein as the “Holder”) shall sell, hypothecate, encumber or otherwise transfer any Shares or any right or
interest therein without first complying with the provisions of this Section 7 or obtaining the prior written consent of the Company. In the event the Holder desires to accept a bona fide third-party offer for any or all of the Shares, the Holder
shall provide the Company with written notice (the “Transfer Notice”) of: 
  
 (i) The Holder’s intention to transfer; 
  
 (ii) The name of the proposed transferee; 
  
 (iii) The number of Shares to be transferred; and 
  
 (iv) The proposed transfer price or value and terms thereof. 
  

 3 

 The Company shall have the right to investigate the terms of any third-party offer to purchase any or all of the Shares,
including but not limited to the financial ability of the proposed transferee to purchase the Shares, and shall determine, in its sole discretion based on such investigation, whether the third-party offer is in fact a bona fide offer to purchase any
or all of the Shares. 
  
 (b) First Refusal Exercise
Notice. The Company shall have the right to purchase (the “Right of First Refusal”) all but not less than all, of the Shares which are described in the Transfer Notice (the “Offered Shares”) at any time during the period
commencing upon receipt of the Transfer Notice and ending forty-five (45) days after the first date on which the Company determines that the Right of First Refusal may be exercised without incurring an accounting expense with respect to such
exercise (the “Option Period”) at the per share price or value and in accordance with the terms stated in the Transfer Notice, which Right of First Refusal shall be exercised by written notice (the “First Refusal Exercise
Notice”) to the Holder. 
  
 (c) Payment Terms. The
Company shall consummate the purchase of the Offered Shares on the terms set forth in the Transfer Notice within 15 days after delivery of the First Refusal Exercise Notice; provided, however, that in the event the Transfer Notice provides for the
payment for the Offered Shares other than in cash, the Company and/or its assigns shall have the right to pay for the Offered Shares by the discounted cash equivalent of the consideration described in the Transfer Notice as reasonably determined by
the Administrator. Upon payment for the Offered Shares to the Holder or into escrow for the benefit of the Holder, the Company or its assigns shall become the legal and beneficial owner of the Offered Shares and all rights and interest therein or
related thereto, and the Company shall have the right to transfer the Offered Shares to its own name or its assigns without further action by the Holder. 
  
 (d) Assignment. Whenever the Company shall have the right to purchase Shares under this Right of First Refusal, the Company may designate and
assign one or more employees, officers, directors or shareholders of the Company or other persons or organizations, to exercise all or a part of the Company’s Right of First Refusal. 
  
 (e) Non-Exercise. If the Company and/or its assigns do not collectively elect to exercise the Right of First Refusal
within the Option Period or such earlier time if the Company and/or its assigns notifies the Holder that it will not exercise the Right of First Refusal, then the Holder may transfer the Shares upon the terms and conditions stated in the Transfer
Notice, provided that: 
  
 (i) The transfer is made within 120
days of the expiration of the Option Period; and 
  
 (ii) The
transferee agrees in writing that such Shares shall be held subject to the provisions of this Option Agreement. 
  
 (f) Expiration of Transfer Period. Following such 120-day period, no transfer of the Offered Shares and no change in the terms of the transfer as
stated in the Transfer Notice (including the name of the proposed transferee) shall be permitted without a new written Transfer Notice prepared and submitted in accordance with the requirements of this Right of First Refusal. 
  

 4 

 (g) Exception for Certain Family Transfers. Anything to the contrary contained in this section
notwithstanding, the transfer of any or all of the Shares during the Grantee’s lifetime or on the Grantee’s death by will or intestacy to the Grantee’s Immediate Family or a trust for the benefit of the Grantee or the Grantee’s
Immediate Family shall be exempt from the provisions of this Right of First Refusal (a “Permitted Transfer”); provided, however, that (i) the transferee or other recipient shall receive and hold the Shares so transferred subject to the
provisions of this Option Agreement, and there shall be no further transfer of such Shares except in accordance with the terms of this Option Agreement and (ii) prior to any such transfer, each transferee shall execute an agreement pursuant to which
such transferee shall agree to receive and hold such Shares subject to the provisions of this Option Agreement. “Immediate Family” as used herein shall mean spouse, domestic partner (as determined by the Administrator), child, lineal
descendant or antecedent, father, mother, brother or sister and the lineal descendants of such individuals. 
  
 (h) Termination of Right of First Refusal. The provisions of this Right of First Refusal shall terminate as to all Shares upon the Registration
Date. 
  
 (i) Additional Shares or Substituted Securities.
In the event of any transaction described in Section 7 of the Sub-Plan, any new, substituted or additional securities or other property which is by reason of any such transaction distributed with respect to the Shares shall be immediately subject to
the Right of First Refusal, but only to the extent the Shares are at the time covered by such right. 
  
 (j) Corporate Transaction. Immediately prior to the consummation of a Corporate Transaction described in Sections 2(m)(i), (ii), and (iii) of the
Plan, the Right of First Refusal shall automatically lapse in its entirety, except to the extent this Option Agreement is assumed by the successor corporation (or its Parent) in connection with such Corporate Transaction, in which case the Right of
First Refusal shall apply to the new capital stock or other property received in exchange for the Shares in consummation of the Corporate Transaction, but only to the extent the Shares are at the time covered by such right. 
  
 8. Refusal to Transfer. The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Option Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or
other transferee to whom such Shares shall have been so transferred. 
  
 9. Tax Consequences. Set forth below is a brief summary as of the date of this Option Agreement of some of the UK tax consequences of exercise of the Option and disposition of the Shares. 
  

 5 

 There will be no liability to tax at the date of grant. There will normally be no liability to tax on the date of an
“approved” exercise, i.e. if you exercise your Option: 
  

	 	•	three or more years after the Option was granted; and 

  

	 	•	three years after a previous exercise which qualified for relief from tax. 

  
 In such cases you may be liable for capital gains tax when you sell the shares. If you do exercise your option at a time when the conditions above are not fulfilled, you
will be subject to income tax on the gain you make on the exercise of the option. This is calculated as the difference between the market value of the shares at the exercise date and the exercise price. This liability will arise even if you do not
sell your shares. 
  
 THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND
REGULATIONS ARE SUBJECT TO CHANGE. THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 
  
 10. Entire Agreement: Governing Law. The Notice, the Sub-Plan and this Option Agreement constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by
means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Sub-Plan and this Option Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. The
Notice, the Sub-Plan and this Option Agreement are to be construed in accordance with the laws of England. Should any provision of the Notice, the Sub-Plan or this Option Agreement be determined by a court of law to be illegal or unenforceable, such
provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable. 
  
 11. Headings. The captions used in the Notice and this Option Agreement are inserted for convenience and shall not be deemed a part of the Option
for construction or interpretation. 
  
 12. Dispute
Resolution The provisions of this Section 12 shall be the exclusive means of resolving disputes arising out of or relating to the Notice, the Sub-Plan and this Option Agreement. The Company, the Grantee, and the Grantee’s assignees (the
“parties”) shall attempt in good faith to resolve any disputes arising out of or relating to the Notice, the Sub-Plan and this Option Agreement by negotiation between individuals who have authority to settle the controversy. Negotiations
shall be commenced by either party by notice of a written statement of the party’s position and the name and title of the individual who will represent the party. Within thirty (30) days of the written notification, the parties shall meet at a
mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to resolve the dispute. If the dispute has not been resolved by negotiation, the parties agree that any suit, action, or proceeding arising out of or
relating to the Notice, the Sub-Plan or this Option Agreement shall be brought in England and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the
party may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO 
  

 6 

 EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or
more provisions of this Section 12 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and
enforceable. 
  
 13. Notices. Any notice required or
permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail (if the parties are within the United States) or upon deposit for delivery by an
internationally recognized express mail courier service (for international delivery of notice), with postage and fees prepaid, addressed to the other party at its address as shown beneath its signature in the Notice, or to such other address as such
party may designate in writing from time to time to the other party. 
  
 14. Confidentiality. The Company shall provide to Grantee, during the period for which Grantee has one or more Awards outstanding, copies of financial statements of the Company at least annually. Grantee understands and agrees that
such financial statements are confidential and shall not be disclosed by Grantee, to any entity or person, for any reason, at any time, without the prior written consent of the Company, unless required by law. If disclosure of such financial
statements is required by law, whether through subpoena, request for production, deposition, or otherwise, Grantee promptly shall provide written notice to Company, including copies of the subpoena, request for production, deposition, or otherwise,
within five (5) business days of their receipt by Grantee and prior to any disclosure so as to provide Company an opportunity to move to quash or otherwise to oppose the disclosure. Notwithstanding the foregoing, Grantee may disclose the terms of
such financial statements to his or her spouse or domestic partner, and for legitimate business reasons, to legal, financial, and tax advisors. 
  

 7 

 EXHIBIT A 
  
 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN 
  
 2000 UK APPROVED RULES 
  
 EXERCISE NOTICE 
  
 100 Potrero Avenue 
 San Francisco, CA 94103-4813 
 Attention: Secretary 
  
 1. Effective as of today,
                             ,      the undersigned (the
“Grantee”) hereby elects to exercise the Grantee’s option to purchase
                             shares of the Common Stock (the “Shares”) of Dolby
Laboratories, Inc. (the “Company”) under and pursuant to the Company’s 2000 Stock Incentive Plan – 2000 UK Approved Rules, as amended from time to time (the “Sub-Plan”) and the Stock Option Award Agreement (the
“Option Agreement”) and Notice of Stock Option Award (the “Notice”) dated
                            ,
                . Unless otherwise defined herein, the terms defined in the Sub-Plan shall have the same defined meanings in this Exercise Notice. 
  
 2. Representations of the Grantee. The Grantee acknowledges that the
Grantee has received, read and understood the Notice, the Sub-Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 
  

3. Rights as Shareholder. Until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of
the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall
issue (or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided
in Section 11(a) of the Plan (as varied by the Sub-Plan). 
  
 The
Grantee shall enjoy rights as a shareholder until such time as the Grantee disposes of the Shares [or the Company and/or its assignee(s) exercises the Right of First Refusal]. [Upon such exercise, the Grantee shall have no further rights as a holder
of the Shares so purchased except the right to receive payment for the Shares so purchased in accordance with the provisions of the Option Agreement, and the Grantee shall forthwith cause the certificate(s) evidencing the Shares so purchased to be
surrendered to the Company for transfer or cancellation.] 
  
 4.
Delivery of Payment. The Grantee herewith delivers to the Company the full Exercise Price for the Shares in cash, by cheque or bank transfer. 
  

 1 

 5. Tax Consultation. The Grantee understands that the Grantee may suffer adverse tax consequences
as a result of the Grantee’s purchase or disposition of the Shares. The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with the purchase or disposition of the Shares and that
the Grantee is not relying on the Company for any tax advice. 
  
 6. Taxes. The Grantee agrees to satisfy all applicable federal, state and local income and employment tax withholding obligations and herewith delivers to the Company the full amount of such obligations or has made arrangements
acceptable to the Company to satisfy such obligations. If the Company is required to satisfy any federal, state or local income or employment tax withholding obligations as a result of such an early disposition, the Grantee agrees to satisfy the
amount of such withholding in a manner that the Administrator prescribes to the extent permitted by law. 
  
 7. Restrictive Legends. The Grantee understands and agrees that the Company shall cause the legends set forth below or legends substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws: 
  
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE “ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE
ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 
  
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS
ASSIGNEE(S) AS SET FORTH IN THE OPTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS, AND A RIGHT OF FIRST REFUSAL ARE BINDING
ON TRANSFEREES OF THESE SHARES. 
  
 8. Successors and
Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon the Grantee and his or her heirs, executors, administrators, successors and assigns. 
  

 2 

 9. Headings. The captions used in this Exercise Notice are inserted for convenience and shall not
be deemed a part of this agreement for construction or interpretation. 
  
 10. Dispute Resolution. The provisions of Section 12 of the Option Agreement shall be the exclusive means of resolving disputes arising out of or relating to this Exercise Notice. 
  
 11. Governing Law; Severability. This Exercise Notice is to be
construed in accordance with and governed by the laws of England. Should any provision of this Exercise Notice be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and
the other provisions shall nevertheless remain effective and shall remain enforceable. 
  
 12. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail (if the
parties are within the United States) or upon deposit for delivery by an internationally recognized express mail courier service (for international delivery of notice), with postage and fees prepaid, addressed to the other party at its address as
shown below beneath its signature, or to such other address as such party may designate in writing from time to time to the other party. 
  
 13. Further Instruments. The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to
carry out the purposes and intent of this agreement. 
  
 14.
Entire Agreement. The Notice, the Sub-Plan and the Option Agreement are incorporated herein by reference and together with this Exercise Notice constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the
Company and the Grantee. Nothing in the Notice, the Sub-Plan the Option Agreement and this Exercise Notice (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. 
  

 3 

					
	 Submitted by:
	 	 Accepted by:

		
	 GRANTEE:
	 	 DOLBY LABORATORIES, INC.

			
	 	 	 By:
	 	  

			
	  

	 	 Title:
	 	  

	                                 (Signature)
	 	 	 	 
		
	 Address:
	 	 Address:

		
	 ______________________________________
 ______________________________________
	 	 100 Potrero Avenue
 San Francisco, CA 94103-4813

  

 4 

 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN 
  
 2000 UK UNAPPROVED PLAN 
  
 NOTICE OF STOCK OPTION AWARD 
  
 Grantee’s Name and Address: 
  
 You have been granted an option to purchase shares of Common Stock, subject
to the terms and conditions of this Notice of Stock Option Award (the “Notice”), the Dolby Laboratories, Inc. 2000 Stock Incentive Plan, 2000 UK Unapproved Plan as amended from time to time (the “UK Unapproved Plan”) and the
Stock Option Award Agreement (the “Option Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice. 
  

			
	 Award Number
	  	______________________________________
		
	 Date of Award
	  	 
		
	 Vesting Accrual Date
 to the Option (the “Shares”)
	  	 
		
	 Total Exercise Price
	  	 
		
	 Type of Option:
	  	UK Unapproved Stock Option
		
	 Expiration Date:
	  	 
		
	 Post-Termination Exercise Period:
	  	Three (3) month following later of either: 1) the first to occur of a Registration Date or Corporate Transaction or the expiration of nine years and nine months from the Date of Award of the
Option or 2) the Termination of Continuous Service if later

  
 In the event of
termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall terminate concurrently with the termination of the Grantee’s Continuous Service, except as otherwise determined by the
Administrator. 
  

 Page 1 of 2 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Option is to
be governed by the terms and conditions of this Notice, the Sub-Plan and the Option Agreement. 
  

			
	 Dolby Laboratories, Inc.,
 a California
corporation

		
	 By:
	 	  

	 Title:
	 	  

  
 THE GRANTEE ACKNOWLEDGES AND
AGREES THAT THE SHARES SUBJECT TO THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER
ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE OPTION AGREEMENT, OR THE UK UNAPPROVED PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE
IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE RIGHT OF THE GRANTEE’S EMPLOYER TO TERMINATE GRANTEE’S CONTINUOUS SERVICE, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN
EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, GRANTEE’S STATUS IS AT WILL. 
  
 The Grantee acknowledges receipt of a copy of the UK Unapproved Plan and the Option Agreement, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Option subject to
all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the UK Unapproved Plan and the Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice, and
fully understands all provisions of this Notice, the UK Unapproved Plan and the Option Agreement. The Grantee hereby agrees that all disputes arising out of or relating to this Notice, the UK Unapproved Plan and the Option Agreement shall be
resolved in accordance with Section 12 of the Option Agreement. The Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice. 
  

					
	 Dated:
                    
	 	 Signed:
	 	  

	 	 	 	 	Grantee

  

 Page 2 of 2 

 Award Number:             

  
 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN

  
 2000 UK UNAPPROVED PLAN 
  
 STOCK OPTION AWARD AGREEMENT 
  
 1. Grant of Option. Dolby Laboratories, Inc., a California corporation
(the “Company”), hereby grants to the Grantee (the “Grantee”) named in the Notice of Stock Option Award (the “Notice”), an option (the “Option”) to purchase the Total Number of Shares of Common Stock subject
to the Option (the “Shares”) set forth in the Notice, at the Exercise Price per Share set forth in the Notice (the “Exercise Price”) subject to the terms and provisions of the Notice, this Stock Option Award Agreement (the
“Option Agreement”) and the Company’s 2000 Stock Incentive Plan, 2000 UK Unapproved Plan, as amended from time to time (the “UK Unapproved Plan”), which are incorporated herein by reference. Unless otherwise defined herein,
the terms defined in the UK Unapproved Plan shall have the same defined meanings in this Option Agreement. 
  
 If designated in the Notice as an Incentive Stock Option, the Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the
Code. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of Shares subject to Options designated as Incentive Stock Options which become exercisable for the first time by the Grantee during any calendar
year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess Options, to the extent of the Shares covered thereby in excess of the foregoing limitation, shall be treated as Non-Qualified Stock Options. For this
purpose, Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the date the Option with respect to such Shares is awarded. 
  
 2. Exercise of Option. 
  
 (a) Right to Exercise. Subject to the terms of the UK Unapproved
Plan, the Option shall be exercisable with respect to vested option shares during its term and on and after the occurrence of the first of either of the following: 
  

	 	(i)	A Registration Date; or 

  

	 	(ii)	A Corporate Transaction; or 

  

	 	(iii)	The expiration of nine years and nine months from the Date of Award of the Option. 

  

 Page 1 of 17 

 (b) No partial exercise of the Option may be for less than the lesser of five percent (5%) of the total
number of shares subject to the Option or the remaining number of shares subject to the Option. In no event shall the Company issue fractional shares. 
  
 (c) Method of Exercise. The Option shall be exercisable only by delivery of an Exercise Notice (attached as Exhibit A) which shall state the
election to exercise the Option, the whole number of Shares in respect of which the Option is being exercised, and such other provisions as may be required by the Administrator or as required by the Unapproved Plan. The Exercise Notice shall be
signed by the Grantee and shall be delivered in person, by certified mail, or by such other method as determined from time to time by the Administrator to the Company accompanied by payment of the Exercise Price. The Option shall be deemed to be
exercised upon receipt by the Company of such written notice accompanied by the Exercise Price, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price
provided in Section 5(d), below. 
  
 (d) Vesting. For the
purposes of determining the extent to which an Option may be exercised, an Option shall vest at the rate of twenty five percent (25%) of the maximum number of shares the subject of an Option for each full year following the Date of Award, or from
such earlier date as set forth in the Notice of Stock Option Award (“Vesting Accrual Date”) (without respect to the date the Option was exercised or became exercisable). Notwithstanding the above the Board may accelerate the vesting of an
Option at its sole discretion. 
  
 (e) Taxes. In the event
that any taxes and/or social security contributions (“PAYE”) which a Participating Company would be required to account for to the United Kingdom Inland Revenue or other taxation authority, becomes due on the exercise or grant of an Option
the Option shall not be deemed to be granted or may not be exercised unless: 
  

	 	(i)	the Participating Company, is able to deduct an amount equal to the whole of the PAYE liability from the Grantee’s net pay for the relevant pay period; or

  

	 	(ii)	the Grantee has paid to the Participating Company an amount equal to the PAYE liability; or 

  

	 	(iii)	the sum of the amount that the Grantee has paid to the Participating Company in respect of the Participating Company’s obligation to satisfy the PAYE liability and the total
amount that the Participating Company is able to deduct from the Grantee’s net pay for the relevant pay period is equal to or more than the PAYE liability; or 

  

 Page 2 of 17 

	 	(iv)	the Grantee has given irrevocable instructions to the Company’s brokers (or any other person acceptable to the Company) for the sale of sufficient Shares acquired on the
exercise of the Option to realise an amount equal to the PAYE liability and the payment of the PAYE liability to the Participating Company; or 

  

	 	(v)	the Administrator determines otherwise. 

  
 Furthermore, no Option shall be exercisable until such time as a Grantee jointly elects and agrees that the Secondary Class 1 national insurance that becomes due in the
United Kingdom on the exercise, assignment, release or cancellation of the Option (whether in whole or in part) pursuant to Section 4(4)(a) of the Social Security Contributions and Benefits Act 1992 (the ““SSCBA 1992”) shall be
transferred to the Grantee as permitted by Paragraph 3B of Schedule 1 to the SSCBA 1992, if so requested. 
  
 3. Termination or Change of Continuous Service. In the event the Grantee’s Continuous Service terminates, other than for Cause, the Grantee
may, to the extent otherwise so entitled at the date of such termination (the “Termination Date”), exercise the Option during the Post-Termination Exercise Period or if later 3 months following the end of the Lock Up period. In the event
of termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall, except as otherwise determined by the Administrator, terminate concurrently with the termination of the Grantee’s
Continuous Service. In no event shall the Option be exercised later than the Expiration Date set forth in the Notice. In the event of the Grantee’s change in status from Employee, Director or Consultant to any other status of Employee, Director
or Consultant, the Option shall remain in effect and, except to the extent otherwise determined by the Administrator, continue to vest; provided, however, with respect to any Incentive Stock Option that shall remain in effect after a change in
status from Employee to Director or Consultant, such Incentive Stock Option shall cease to be treated as an Incentive Stock Option and shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following such change
in status. Except as provided in Sections 7 and 8 below, to the extent that the Grantee is not entitled to exercise the Option on the Termination Date, or if the Grantee does not exercise the Option within the Post-Termination Exercise Period, the
Option shall terminate. 
  
 4. Grantee’s
Representations. The Grantee understands that neither the Option nor the Shares exercisable pursuant to the Option have been registered under the Securities Act of 1933, as amended or any United States securities laws. In the event the Shares
purchasable pursuant to the exercise of the Option have not been registered under the Securities Act of 1933, as amended, at the time the Option is exercised, the Grantee shall, if requested by the Company, concurrently with the exercise of all or
any portion of the Option, deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit B. 
  
 5. Method of Payment. Payment of the Exercise Price shall be made by any of the following, or a combination thereof, at the election of the
Grantee; provided, however, that such exercise method does not then violate any Applicable Law: 
  

	 	(a)	cash; 

  

 Page 3 of 17 

	 	(b)	check; 

  
 (c) if the exercise occurs on or after the Registration Date, surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require (including withholding
of Shares otherwise deliverable upon exercise of the Option) which have a Fair Market Value on the date of surrender or attestation equal to the aggregate Exercise Price of the Shares as to which the Option is being exercised (but only to the extent
that such exercise of the Option would not result in an accounting compensation charge with respect to the Shares used to pay the exercise price); or 
  
 (d) if the exercise occurs on or after the Registration Date, payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee
(i) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds
to cover the aggregate exercise price payable for the purchased Shares and (ii) shall provide written directives to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm in order to complete the sale
transaction. 
  
 6. Restrictions on Exercise. The Option
may not be exercised if the issuance of the Shares subject to the Option upon such exercise would constitute a violation of any Applicable Laws. In addition, the Option may be exercised prior to the time that the UK Unapproved Plan has been approved
by the shareholders of the Company; provided, however, that all Shares issued upon any such exercise shall be rescinded if shareholder approval is not obtained within the time prescribed, and Shares issued on any such exercise shall not be counted
in determining whether shareholder approval is obtained. 
  
 7.
Disability of Grantee. In the event the Grantee’s Continuous Service terminates as a result of his or her Disability, the Grantee may, but only within three (3) months from the Post Termination Exercise Period (and in no event later than
the Expiration Date), exercise the Option to the extent he or she was otherwise entitled to exercise it on the Termination Date; provided, however, that if such Disability is not a “disability” as such term is defined in Section 22(e)(3)
of the Code and the Option is an Incentive Stock Option, such Incentive Stock Option shall cease to be treated as an Incentive Stock Option and shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following
the Termination Date. To the extent that the Grantee is not entitled to exercise the Option on the Termination Date, or if the Grantee does not exercise the Option to the extent so entitled within the time specified herein, the Option shall
terminate. 
  

 Page 4 of 17 

 8. Death of Grantee. In the event of the termination of the Grantee’s Continuous Service as a
result of his or her death, or in the event of the Grantee’s death during the Post-Termination Exercise Period or during the twelve (12) month period following the Grantee’s termination of Continuous Service as a result of his or her
Disability, the Grantee’s estate, or a person who acquired the right to exercise the Option by bequest or inheritance, may exercise the Option, but only to the extent the Grantee could exercise the Option at the date of termination, within
twelve (12) months from the date of death (but in no event later than the Expiration Date). To the extent that the Grantee is not entitled to exercise the Option on the date of death, or if the Option is not exercised to the extent so entitled
within the time specified herein, the Option shall terminate. 
  
 9. Transferability of Option. The Option, if an Incentive Stock Option, may not be transferred in any manner other than by will or by the laws of descent and distribution and may be exercised during the lifetime of the Grantee only
by the Grantee. The Option, if a Non-Qualified Stock Option may be transferred by will, by the laws of descent and distribution, and to the extent and in the manner authorized by the Administrator, to members of the Grantee’s immediate family
(as determined by the Administrator) or pursuant to a domestic relations order. The terms of the Option shall be binding upon the executors, administrators, heirs and successors of the Grantee. 
  
 10. Term of Option. The Option may be exercised no later than the
Expiration Date set forth in the Notice or such earlier date as otherwise provided herein. 
  
 11. Company’s Right of First Refusal. 
  
 (a) Transfer Notice. Neither the Grantee nor a transferee (either being sometimes referred to herein as the “Holder”) shall sell, hypothecate, encumber or otherwise transfer any Shares or any right or
interest therein without first complying with the provisions of this Section 11 or obtaining the prior written consent of the Company. In the event the Holder desires to accept a bona fide third-party offer for any or all of the Shares, the Holder
shall provide the Company with written notice (the “Transfer Notice”) of: 
  

	 	(i)	The Holder’s intention to transfer; 

  

	 	(ii)	The name of the proposed transferee; 

  

	 	(iii)	The number of Shares to be transferred; and 

  

	 	(iv)	The proposed transfer price or value and terms thereof. 

  
 The Company shall have the right to investigate the terms of any third-party offer to purchase any or all of the Shares, including but not limited to the financial
ability of the proposed transferee to purchase the Shares, and shall determine, in its sole discretion based on such investigation, whether the third-party offer is in fact a bona fide offer to purchase any or all of the Shares. 
  
 (b) First Refusal Exercise Notice. The Company shall have the right to
purchase (the “Right of First Refusal”) all but not less than all, of the Shares which are described in the Transfer Notice (the “Offered Shares”) at any time during the period commencing upon 
  

 Page 5 of 17 

 receipt of the Transfer Notice and ending forty-five (45) days after the first date on which the Company determines that
the Right of First Refusal may be exercised without incurring an accounting expense with respect to such exercise (the “Option Period”) at the per share price or value and in accordance with the terms stated in the Transfer Notice, which
Right of First Refusal shall be exercised by written notice (the “First Refusal Exercise Notice”) to the Holder. During the Option Period and the 120-day period following the expiration of the Option Period, the Company also may exercise
its Repurchase Right in lieu or in addition to its Right of First Refusal if the Repurchase Right is or becomes exercisable during the Option Period or such 120-day period. 
  
 (c) Payment Terms. The Company shall consummate the purchase of the Offered Shares on the terms set forth in the
Transfer Notice within 15 days after delivery of the First Refusal Exercise Notice; provided, however, that in the event the Transfer Notice provides for the payment for the Offered Shares other than in cash, the Company and/or its assigns shall
have the right to pay for the Offered Shares by the discounted cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Administrator. Upon payment for the Offered Shares to the Holder or into escrow for
the benefit of the Holder, the Company or its assigns shall become the legal and beneficial owner of the Offered Shares and all rights and interest therein or related thereto, and the Company shall have the right to transfer the Offered Shares to
its own name or its assigns without further action by the Holder. 
  
 (d) Assignment. Whenever the Company shall have the right to purchase Shares under this Right of First Refusal, the Company may designate and assign one or more employees, officers, directors or shareholders of the Company or other
persons or organizations, to exercise all or a part of the Company’s Right of First Refusal. 
  
 (e) Non-Exercise. If the Company and/or its assigns do not collectively elect to exercise the Right of First Refusal within the Option Period or
such earlier time if the Company and/or its assigns notifies the Holder that it will not exercise the Right of First Refusal, then the Holder may transfer the Shares upon the terms and conditions stated in the Transfer Notice, provided that:

  
 (i) The transfer is made within 120 days of the expiration
of the Option Period; and 
  
 (ii) The transferee agrees in
writing that such Shares shall be held subject to the provisions of this Option Agreement. 
  
 (f) Expiration of Transfer Period. Following such 120-day period, no transfer of the Offered Shares and no change in the terms of the transfer as stated in the Transfer Notice (including the name of the
proposed transferee) shall be permitted without a new written Transfer Notice prepared and submitted in accordance with the requirements of this Right of First Refusal. 
  
 (g) Exception for Certain Family Transfers. Anything to the contrary contained in this section notwithstanding, the
transfer of any or all of the Shares during the Grantee’s lifetime or on the Grantee’s death by will or intestacy to the Grantee’s Immediate 
  

 Page 6 of 17 

 Family or a trust for the benefit of the Grantee or the Grantee’s Immediate Family shall be exempt from the
provisions of this Right of First Refusal (a “Permitted Transfer”); provided, however, that (i) the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Option Agreement, and
there shall be no further transfer of such Shares except in accordance with the terms of this Option Agreement and (ii) prior to any such transfer, each transferee shall execute an agreement pursuant to which such transferee shall agree to receive
and hold such Shares subject to the provisions of this Option Agreement. “Immediate Family” as used herein shall mean spouse, domestic partner (as determined by the Administrator), child, lineal descendant or antecedent, father, mother,
brother or sister and the lineal descendants of such individuals. 
  
 (h) Termination of Right of First Refusal. The provisions of this Right of First Refusal shall terminate as to all Shares upon the Registration Date. 
  
 (i) Additional Shares or Substituted Securities. In the event of any transaction described in Section 11 of the Plan,
any new, substituted or additional securities or other property which is by reason of any such transaction distributed with respect to the Shares shall be immediately subject to the Right of First Refusal, but only to the extent the Shares are at
the time covered by such right. 
  
 (j) Corporate
Transaction. Immediately prior to the consummation of a Corporate Transaction described in Sections 2(m)(i), (ii), and (iii) of the Plan, the Right of First Refusal shall automatically lapse in its entirety, except to the extent this Option
Agreement is assumed by the successor corporation (or its Parent) in connection with such Corporate Transaction, in which case the Right of First Refusal shall apply to the new capital stock or other property received in exchange for the Shares in
consummation of the Corporate Transaction, but only to the extent the Shares are at the time covered by such right. 
  
 12. Company’s Repurchase Right. 
  
 (a) Grant of Repurchase Right. The Company is hereby granted the right (the “Repurchase Right”), exercisable at any time (i) during the
ninety (90) day period following the Termination Date, or (ii) during the ninety (90) day period following an exercise of the Option that occurs after the Termination Date to repurchase all or any portion of the Shares (the “Share Repurchase
Period”). The Company shall have an additional repurchase right pursuant to Sections 11(d) and 11(e) of the Plan exercisable in accordance with the terms of such sections of the Plan. 
  
 (b) Exercise of the Repurchase Right. The Repurchase Right shall be
exercisable by written notice delivered to each Holder of the Shares prior to the expiration of the Share Repurchase Period. The notice shall indicate the number of Shares to be repurchased and the date on which the repurchase is to be effected,
such date to be not later than the last day of the Share Repurchase Period. On the date on which the repurchase is to be effected, the Company and/or its assigns shall pay to the Holder in cash or cash equivalents (including the cancellation of any
purchase-money indebtedness) an amount equal to the Fair Market Value on the date immediately prior to the day on which the repurchase is to be effected, of the Shares which are to 
  

 Page 7 of 17 

 be repurchased from the Holder. Upon such payment or deposit into escrow for the benefit of the Holder, the Company
and/or its assigns shall become the legal and beneficial owner of the Shares being repurchased and all rights and interest thereon or related thereto, and the Company shall have the right to transfer to its own name or its assigns the number of
Shares being repurchased, without further action by the Holder. 
  
 (c) Assignment. Whenever the Company shall have the right to purchase Shares under this Repurchase Right, the Company may designate and assign one or more employees, officers, directors or shareholders of the Company or other persons
or organizations, to exercise all or a part of the Company’s Repurchase Right. 
  
 (d) Termination of the Repurchase Right. The Repurchase Right shall terminate with respect to any Shares for which it is not timely exercised. In addition, the Repurchase Right shall terminate and cease to be
exercisable with respect to all Shares upon the Registration Date. 
  
 (e) Additional Shares or Substituted Securities. In the event of any transaction described in Section 11 of the Plan, any new, substituted or additional securities or other property which is by reason of any such transaction
distributed with respect to the Shares shall be immediately subject to the Repurchase Right, but only to the extent the Shares are at the time covered by such right. Appropriate adjustments to reflect the distribution of such securities or property
shall be made to the price per share to be paid upon the exercise of the Repurchase Right in order to reflect the effect of any such transaction upon the Company’s capital structure. 
  
 (f) Corporate Transaction. Immediately prior to the consummation of a Corporate Transaction described in Sections
2(m)(i), (ii), and (iii) of the Plan, the Repurchase Right to the extent it has not been exercised shall automatically lapse in its entirety, except to the extent this Option Agreement is assumed by the successor corporation (or its Parent) in
connection with such Corporate Transaction, in which case the Repurchase Right shall apply to the new capital stock or other property received in exchange for the Shares in consummation of the Corporate Transaction, but only to the extent the Shares
are at the time covered by such right. Appropriate adjustments shall be made to the price per share payable upon exercise of the Repurchase Right to reflect the effect of the Corporate Transaction upon the Company’s capital structure.

  
 13. Stop-Transfer Notices. In order to ensure
compliance with the restrictions on transfer set forth in this Option Agreement, the Notice or the Plan, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company transfers its own
securities, it may make appropriate notations to the same effect in its own records. 
  
 14. Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Option Agreement or
(ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 
  

 Page 8 of 17 

 15. Tax Consequences. Set forth below is a brief summary as of the date of this Option Agreement
of some of the UK tax consequences of exercise of the Option and disposition of the Shares. 
  
 There is no liability to tax at the date of grant. There will be a liability to income tax and national insurance at the date of exercise of the Option; the gain liable to tax will be equal to the difference between
the Market Value of the Company’s shares at the date of exercise and the price paid by the Grantee for the shares. 
  
 To the extent that you are required to pay the Secondary Class 1 national insurance cost on the exercise of the Option, the amount paid will be deductible from the
taxable income gain. 
  
 The income tax and national insurance liabilities are
payable on exercising the Option by the Company through the PAYE mechanism. Consequently, the terms of the UK Unapproved Plan require that funds are provided to the Company to settle amounts due, as a condition of the exercise of your Option, in
order to protect both you and the Company from a liability to interest and penalties for non compliance. 
  
 If you realise a further profit on the sale of shares after the date of exercise this gain should be subject to capital gains tax (if the shares are free of any conditions and/or restrictions). 
  
 THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO
CHANGE. THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 
  
 16. Lock-Up Agreement. 
  
 (a) Agreement. The Grantee, if requested by the Company and the lead underwriter of any public offering of the Common Stock or other securities of
the Company (the “Lead Underwriter”), hereby irrevocably agrees not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of any
interest in any Common Stock or any securities convertible into or exchangeable or exercisable for or any other rights to purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public market after
such offering) during the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act of 1933, as amended, or such shorter period of time as the Lead Underwriter shall specify. The Grantee
further agrees to sign such documents as may be requested by the Lead Underwriter to effect the foregoing and agrees that the Company may impose stop-transfer instructions with respect to such Common Stock subject until the end of such period. The
Company and the Grantee acknowledge that each Lead Underwriter of a public offering of the Company’s stock, during the period of such offering and for the 180-day period thereafter, is an intended beneficiary of this Section 16. 
  
 (b) No Amendment Without Consent of Underwriter. During the period
from identification as a Lead Underwriter in connection with any public offering of the Company’s Common Stock until the earlier of (i) the expiration of the lock-up period specified in 
  

 Page 9 of 17 

 Section 16(a) in connection with such offering or (ii) the abandonment of such offering by the Company and the Lead
Underwriter, the provisions of this Section 16 may not be amended or waived except with the consent of the Lead Underwriter. 
  
 17. Entire Agreement: Governing Law. The Notice, the UK Unapproved Plan and this Option Agreement constitute the entire agreement of the parties
with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s
interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the UK Unapproved Plan and this Option Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any persons
other than the parties. The Notice, the Plan and this Option Agreement are to be construed in accordance with the laws of England. Should any provision of the Notice, the UK Unapproved Plan or this Option Agreement be determined by a court of law to
be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable. 
  
 18. Headings. The captions used in the Notice and this Option
Agreement are inserted for convenience and shall not be deemed a part of the Option for construction or interpretation. 
  
 19. Dispute Resolution: The provisions of this Section 19 shall be the exclusive means of resolving disputes arising out of or relating to the
Notice, the UK Unapproved Plan and this Option Agreement. The Company, the Grantee, and the Grantee’s assignees (the “parties”) shall attempt in good faith to resolve any disputes arising out of or relating to the Notice, the UK
Unapproved Plan and this Option Agreement by negotiation between individuals who have authority to settle the controversy. Negotiations shall be commenced by either party by notice of a written statement of the party’s position and the name and
title of the individual who will represent the party. Within thirty (30) days of the written notification, the parties shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to resolve the
dispute. If the dispute has not been resolved by negotiation, the parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the UK Unapproved Plan or this Option Agreement shall be brought in England. THE PARTIES
ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 19 shall for any reason be held invalid or unenforceable, it is the specific intent of the
parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 
  
 20. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or
upon deposit in the United States mail by certified mail (if the parties are within the United States) or upon deposit for delivery by an internationally recognized express mail courier service (for international delivery of notice), with postage
and fees prepaid, addressed to the other party at its address as shown beneath its signature in the Notice, or to such other address as such party may designate in writing from time to time to the other party. 
  

 Page 10 of 17 

 21. Confidentiality. The Company shall provide to Grantee, during the period for which Grantee has
one or more Awards outstanding, copies of financial statements of the Company at least annually. Grantee understands and agrees that such financial statements are confidential and shall not be disclosed by Grantee, to any entity or person, for any
reason, at any time, without the prior written consent of the Company, unless required by law. If disclosure of such financial statements is required by law, whether through subpoena, request for production, deposition, or otherwise, Grantee
promptly shall provide written notice to Company, including copies of the subpoena, request for production, deposition, or otherwise, within five (5) business days of their receipt by Grantee and prior to any disclosure so as to provide Company an
opportunity to move to quash or otherwise to oppose the disclosure. Notwithstanding the foregoing, Grantee may disclose the terms of such financial statements to his or her spouse or domestic partner, and for legitimate business reasons, to legal,
financial, and tax advisors. 
  

 Page 11 of 17 

 EXHIBIT A 
  
 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN 
  
 2000 UK UNAPPROVED PLAN 
  
 EXERCISE NOTICE 
  
 100 Potrero Avenue 
 San Francisco, CA 94103-4813 
 Attention: Secretary 
  
 1. Effective as of today,                     ,
     the undersigned (the “Grantee”) hereby elects to exercise the Grantee’s option to purchase
                     shares of the Common Stock (the “Shares”) of Dolby Laboratories, Inc. (the “Company”) under and
pursuant to the Company’s 2000 Stock Incentive Plan, 2000 UK Unapproved Plan, as amended from time to time (the “UK Unapproved Plan”) and the [    ] Incentive [    ] Non-Qualified Stock Option
Award Agreement (the “Option Agreement”) and Notice of Stock Option Award (the “Notice”) dated                 ,
            . Unless otherwise defined herein, the terms defined in the UK Unapproved Plan shall have the same defined meanings in this Exercise Notice. 
  
 2. Representations of the Grantee. The Grantee acknowledges that the
Grantee has received, read and understood the Notice, the UK Unapproved Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 
  
 3. Rights as Shareholder. Until the stock certificate evidencing such Shares is issued (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of
the Option. The Company shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate
is issued, except as provided in Section 11(a) of the Plan. 
  
 The Grantee shall enjoy rights as a shareholder until such time as the Grantee disposes of the Shares or the Company and/or its assignee(s) exercises the Right of First Refusal or the Repurchase Right. Upon such exercise, the Grantee shall
have no further rights as a holder of the Shares so purchased except the right to receive payment for the Shares so purchased in accordance with the provisions of the Option Agreement, and the Grantee shall forthwith cause the certificate(s)
evidencing the Shares so purchased to be surrendered to the Company for transfer or cancellation. 
  
 4. Delivery of Payment. The Grantee herewith delivers to the Company the full Exercise Price for the Shares, which, to the extent selected, shall
be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 5(d) of the Option Agreement. 
  

 Page 12 of 17 

 5. Tax Consultation. The Grantee understands that the Grantee may suffer adverse tax consequences
as a result of the Grantee’s purchase or disposition of the Shares. The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with the purchase or disposition of the Shares and that
the Grantee is not relying on the Company for any tax advice. 
  
 6. Taxes. The Grantee agrees to satisfy all applicable federal, state, local and foreign income and employment tax withholding and social security obligations (including PAYE) and herewith delivers to the Company the full amount of
such obligations or has made arrangements acceptable to the Company to satisfy such obligations, in accordance with Section 2(e) of the Notice. 
  
 In the case of an Incentive Stock Option, the Grantee also agrees, as partial consideration for the designation of the Option as an Incentive Stock Option, to notify the
Company in writing within thirty (30) days of any disposition of any shares acquired by exercise of the Option if such disposition occurs within two (2) years from the Award Date or within one (1) year from the date the Shares were transferred to
the Grantee. If the Company is required to satisfy any federal, state, local or foreign income or employment tax and social security withholding obligations as a result of such an early disposition, the Grantee agrees to satisfy the amount of such
withholding in a manner that the Administrator prescribes. 
  
 For the avoidance
of doubt social security shall include any liability arising under Section 4(4)(a) of the Social Security Contributions and Benefits Act 1992 (the “SSCBA 1992”) which the Company and the Grantee have agreed and jointly elected to transfer
to the Grantee, as permitted by Paragraph 3B of Schedule 1 to the SSCBA 1992. 
  
 7. Restrictive Legends. The Grantee understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing
ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws: 
  
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN
COMPLIANCE THEREWITH. 
  

 Page 13 of 17 

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, A RIGHT OF
FIRST REFUSAL AND A REPURCHASE RIGHT HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE OPTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH
TRANSFER RESTRICTIONS, RIGHT OF FIRST REFUSAL AND REPURCHASE RIGHT ARE BINDING ON TRANSFEREES OF THESE SHARES. 
  
 8. Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this agreement
shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon the Grantee and his or her heirs, executors, administrators, successors and
assigns. 
  
 9. Headings. The captions used in this
Exercise Notice are inserted for convenience and shall not be deemed a part of this agreement for construction or interpretation. 
  
 10. Dispute Resolution. The provisions of Section 19 of the Option Agreement shall be the exclusive means of resolving disputes arising out of or
relating to this Exercise Notice. 
  
 11. Governing Law;
Severability. This Exercise Notice is to be construed in accordance with and governed by the laws of England. Should any provision of this Exercise Notice be determined by a court of law to be illegal or unenforceable, such provision shall be
enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable. 
  
 12. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or
upon deposit in the United States mail by certified mail (if the parties are within the United States) or upon deposit for delivery by an internationally recognized express mail courier service (for international delivery of notice), with postage
and fees prepaid, addressed to the other party at its address as shown below beneath its signature, or to such other address as such party may designate in writing from time to time to the other party. 
  
 13. Further Instruments. The parties agree to execute such further
instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this agreement. 
  
 14. Entire Agreement. The Notice, the UK Unapproved Plan and the Option Agreement are incorporated herein by reference and together with this
Exercise Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof,
and may not be modified adversely to the Grantee’s interest except by 
  

 Page 14 of 17 

 means of a writing signed by the Company and the Grantee. Nothing in the Notice, the UK Unapproved Plan, the Option
Agreement and this Exercise Notice (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. 
  

							
	 Submitted by:
	 	 	 	 Accepted by:

			
	 GRANTEE:
	 	 	 	 DOLBY LABORATORIES, INC.

				
	 	 	 	 	 By:
	 	  

				
	  

	 	 	 	 Title:
	 	  

	(Signature)                                	 	 	 	 	 	 
			
	 Address:
	 	 	 	 Address:

			
	 ___________________________________________
	 	 	 	 100 Potrero Avenue

	 ___________________________________________
	 	 	 	 San Francisco, CA 94103-4813

  

 Page 15 of 17 

 EXHIBIT B 
  
 DOLBY LABORATORIES, INC. 2000 STOCK INCENTIVE PLAN 
  
 INVESTMENT REPRESENTATION STATEMENT 
  

			
	 GRANTEE:
	 	  

		
	 COMPANY:
	 	 DOLBY LABORATORIES, INC.

		
	 SECURITY:
	 	 COMMON STOCK

		
	 AMOUNT:
	 	  

		
	 DATE:
	 	  

  
 In connection with the purchase of the
above-listed Securities, the undersigned Grantee represents to the Company the following: 
  
 (a) Grantee is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities.
Grantee is acquiring these Securities for investment for Grantee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the
“Securities Act”). 
  
 (b) Grantee acknowledges and
understands that the Securities constitute “restricted securities” under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon among other
things, the bona fide nature of Grantee’s investment intent as expressed herein. Grantee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from
such registration is available. Grantee further acknowledges and understands that the Company is under no obligation to register the Securities. Grantee understands that the certificate evidencing the Securities will be imprinted with a legend which
prohibits the transfer of the Securities unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company. 
  

(c) Grantee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited
public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at
the time of the grant of the Option to the Grantee, the exercise will be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act
of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including:
(1) the resale being made through a broker in an 
  

 Page 16 of 17 

 unsolicited “broker’s transaction” or in transactions directly with a market maker (as said term is
defined under the Securities Exchange Act of 1934); and, in the case of an affiliate, (2) the availability of certain public information about the Company, (3) the amount of Securities being sold during any three month period not exceeding the
limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable. 
  
 In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which
requires the resale to occur not less than one year after the later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, in the case of
acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds the Securities less than two years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above.

  
 (d) Grantee further understands that in the event all of the
applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are
not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a
substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Grantee
understands that no assurances can be given that any such other registration exemption will be available in such event. 
  
 (e) Grantee represents that he is a resident of the state of
                    . 
  

	
	 Signature of Grantee:

	  

	
	 Date:                      ,
            

  

 Page 17 of 17 

 DOLBY LABORATORIES, INC. 
  
 2000 STOCK INCENTIVE PLAN 
  
 2000 UK UNAPPROVED RULES 
  
 ELECTION IN RESPECT OF SECONDARY CLASS 1 NATIONAL INSURANCE 
  

This Election is made as of                     
200    , BY AND BETWEEN 
  

	1.	                         (the “Grantee”);
and 

  

	2.	Dolby Laboratories, Inc., (the “Company”) whose place of business is at Wootton Bassett, Wiltshire, SN4 8QJ, England. 

  
 WITNESSETH 
  
 WHEREAS on
                 200    , the Grantee was granted an option (the “Option”) by the Company to acquire
                     shares of Common Stock in Dolby Laboratories, Inc. (the “Parent”) pursuant to the Dolby Laboratories, Inc. 2000
Stock Incentive Plan, 2000 UK Unapproved Plan (the “UK Unapproved Plan”). 
  
 WHEREAS when the Option is exercised, assigned, released or cancelled, the Company will be liable to pay secondary Class 1 national insurance on the gain made by the Grantee, in accordance with Section 4(4)(a) of the Social Security
Contributions and Benefits Act 1992 (the “SSCBA 1992”). 
  
 WHEREAS, as
permitted by Paragraph 3B of Schedule 1 to the SSCBA 1992, the Grantee and the Company wish to elect to transfer 100% of the liability to the secondary Class 1 national insurance arising in connection with the exercise, assignment, release or
cancellation of the Option pursuant to section 4(4)(a) of the SSCBA 1992 from the Company to the Grantee. 
  
 WHEREAS, or the avoidance of doubt references to “taxes” in the UK Unapproved Plan and the Stock Award Agreement also includes the liability to national insurance contributions. 
  
 NOW IT IS ELECTED AND AGREED AS FOLLOWS: 
  
 1. Transfer of liability for Secondary Class 1 National Insurance 

 

	1.1	The Grantee elects and agrees that the liability for the secondary Class 1 national insurance that becomes due on the exercise, assignment, release or cancellation of the
Option (whether in whole or in part) pursuant to section 4(4)(a) of the SSCBA 1992, shall be transferred to the Grantee as permitted by Paragraph 3B of Schedule 1 to the SSCBA 1992.  

  

 Page 1 

 2. Arrangements for collection 
  

	2.1	The Grantee agrees that, to give effect to Clause 1 above and also to enable income tax withholdings to be operated by the Company (or such other person as the Company shall
direct), he or she shall, prior to the exercise, assignment, release or cancellation of the Option: 

  

	 	2.1.1  	authorise the Parent, the Company or any subsidiary directly or indirectly owned by the Parent (together the “Group”) to withhold such secondary Class 1 national insurance
and any primary Class 1 national insurance and income tax due on the exercise, assignment, release or cancellation of the Option from any payments made by any such company or any other company in connection with such exercise, assignment, release or
cancellation, and to remit the same to the Inland Revenue within 14 days of the end of the income tax month in which the gain is made; or 

  

	 	2.1.2  	make arrangements with the Parent’s broker or, if no such broker exists and the Group so agrees, a broker selected by the Grantee to sell sufficient shares on exercise of the
Option to enable the liability for such secondary Class 1 national insurance and any primary Class 1 national insurance and income tax due on the exercise of the Option to be settled and to pay the same to a member of the Group who will remit the
same to the Inland Revenue within 14 days of the end of the income tax month in which the gain is made provided that such arrangements must be binding on the relevant broker and suitable evidence of the binding nature of the arrangement must have
been provided to and accepted by the Inland Revenue; or 

  

	 	2.1.3  	make payment by personal cheque of such secondary Class 1 national insurance and any primary Class 1 national insurance and income tax due to a member of the Group who will remit
the same to the Inland Revenue within 14 days of the end of the income tax month in which the gain is made; or 

  

	 	2.1.4  	make alternative arrangements satisfactory to the Group for the payment of such secondary Class 1 national insurance and any primary Class 1 national insurance and income tax due on
the exercise, assignment, release or cancellation of the Option to a member of the Group who will remit the same to the Inland Revenue within 14 days of the end of the income tax month in which the gain is made. 

  

 Page 2 

	2.2	The Grantee agrees that, where payment is made by personal cheque pursuant to 2.1.3 above or alternative arrangements have been made pursuant to 2.1.4 above, if the required monies
are not received in cleared funds by the relevant member of the Group within 10 working days of exercise, assignment, release or cancellation of the Option, the Grantee shall be deemed to have: 

  

	 	2.2.2  	in the case of the exercise of the Option and where a broker has been appointed by the Parent and suitable evidence of the binding nature of the arrangement has been provided to and
accepted by the Inland Revenue, made arrangements with the Parent’s broker pursuant to 2.1.2 above and signature of the Election shall be evidence of the required authority to such broker; and 

  

	 	2.2.3  	in the case of assignment, release or cancellation of the Option or in the case of exercise where a broker has not been appointed by the Parent, authorised the Group to withhold the
relevant amount from any payments pursuant to 2.1.1 above. 

  
 3. Terminating this Election 
  

	3.1	This Election may, in exceptional circumstances, be terminated by the written agreement of the Company and the Grantee. Such written agreement shall be in such format as the Company
may in its absolute discretion determine. 

  

	3.2	This Election will also terminate: 

  

	 	3.2.1  	if the Inland Revenue withdraws their approval of this Election BUT ONLY to the extent that the Option to which this Election relates had not yet been granted at either the date on
which notice of the withdrawal of the approval is given or at such later date as the Inland Revenue may specify in that notice; or 

  

	 	3.2.2	  on the exercise, assignment, release or cancellation of the whole of the Option. 

  
 4. Change of employer 
  

	4.1	This Election shall apply notwithstanding that the Grantee may not be employed by the Company or within the Group at the time of exercise, assignment, release or cancellation of the
Option. 

  

	4.2	If the Grantee ceases to be employed by the Company prior to exercise, assignment, release or cancellation of the Option, the Company agrees to notify any Group company who is the
secondary contributor (as defined in Section 7 of SSCBA 1992) in respect of the Grantee of the exercise, assignment, release or cancellation of the Option and to forward the funds collected pursuant to 2 above to such Group company for remittance to
the Inland Revenue. 

  

 Page 3 

 5. Governing law 
  

	5.1	This Election shall be governed and construed in accordance with the laws of England and the parties shall submit to the jurisdiction of the English courts in relation to anything
arising under it. 

  
 IN WITNESS HEREOF, the parties hereto have
executed this Election as a deed as of the day and your first written above. 
  
 EXECUTED AND DELIVERED 
  
 by the signature of a director and the
Secretary or of two Directors of the Company 
  

			
	 	 	

	 	 	 Director

		
	 	 	

	 	 	 Director/Secretary

		
	EXECUTED AND DELIVERED	 	 
		
	 as a deed by                 
	 	  
  

	 	 	 Grantee

		
	 in the presence of:
	 	

	 	 	 Witness

		
	 	 	

	 	 	 Witness name

		
	 	 	

		
	 	 	

	 	 	 Witness address

  

 Page 4

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