Document:

Shared Services Agreement

 Exhibit 10.30 
  
 SHARED SERVICES AGREEMENT 
  
 This SHARED SERVICES AGREEMENT, dated as of August 26, 2005 and effective upon the initial public offering of Energy
Transfer Equity, L.P., by and between ENERGY TRANSFER EQUITY, L.P., a Delaware limited partnership (“ETE”), and ENERGY TRANSFER PARTNERS, L.P., a Delaware limited partnership (“ETP”), (such parties to be individually referred to
as “Party” and collectively referred to as “Parties”) recites and provides: 
  
 WHEREAS, ETP currently provides certain services to ETE under the terms of a Shared Services Agreement dated January 21, 2004, and desire to amend
and restate the obligations thereunder in this Agreement; and 
  
 WHEREAS, it is contemplated that an initial public offering will be made of a portion of the capital stock of ETE, resulting in a partial public ownership of ETE, and that ETP and ETE both desire for ETP to continue to provide certain
services to ETE following the initial public offering; and 
  
 WHEREAS, ETP and ETE have entered into this agreement (“Agreement”) to set forth the roles and responsibilities with regard to services to be provided in the future by ETP to ETE. 
  
 NOW, THEREFORE, the Parties agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 1.1 Affiliate, shall mean a party that directly or indirectly controls, is controlled by, or is under common control with another party. For purposes of this definition, “Control” when used with respect to any party means
the power to direct the management and policies of such Party, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. 
  
 1.2 AOP. Shall have the
meaning specified in Section 5.1. 
  
 1.3 Services
shall be as defined in Section 2.1. 
  
 ARTICLE II

 SERVICES TO BE PROVIDED 
  
 2.1 Exhibits. Exhibits 1 though 5 attached to and made a part of this Agreement describe the services to be provided by ETP to ETE, as designated
from time to time by ETE (the “Services”). The Parties have made a good faith effort as of the date hereof to identify each Service and to complete the content of the Exhibits accurately. It is anticipated that the Parties will modify the
Services from time to time. In that case or to the extent that any Exhibit is incomplete, the Parties will use good faith efforts to modify the Exhibits. There are certain terms that are specifically addressed in the Exhibits attached hereto that
may differ from the terms 
  

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provided hereunder. In those cases, the specific terms described in the Exhibits shall govern that particular Service. 
  
 The Parties may also identify additional Services that they wish to
incorporate into this Agreement. The Parties will create additional Exhibits setting forth the description of such Services, the fees for such Services and any other applicable terms. 
  
 2.2 Independent Contractors. ETP will provide the Services either through its own resources, the resources of its
subsidiaries or Affiliates, or by contracting with independent contractors as agreed hereunder. 
  
 2.3 Standard of Care. In providing the Services hereunder, ETP will exercise the same degree of care as it has historically exercised in providing
such Services to its Affiliates prior to the date hereof, including at least the same level of quality, responsiveness and timeliness as has been exercised by ETP with respect to such Services. 
  
 2.4 Records. ETP shall keep full and detailed records dealing with all
aspects of the Services performed by it hereunder and: 
  
 (a)
shall provide access to the records to ETE at all reasonable times; and 
  
 (b) shall maintain the records in accordance with good record management practices and with at least the same degree of completeness and care as it maintains for its other similar business interests. 
  
 ARTICLE III 
 FEES 
  
 3.1 General. ETE will pay to ETP a fixed annual fee for each Service or the actual cost of such service as set forth in the attached Exhibits (collectively, the “Fees”). The Fees will constitute full compensation to ETP for
all charges, costs and expenses incurred by ETP on behalf of ETE in providing the Services, unless otherwise specifically provided in the Exhibits. Except as specifically provided herein or in the Exhibits, ETE will not be responsible to ETP or to
any independent contractor retained by ETP, for any additional fees, charged, costs or expenses relating to the Services. 
  
 3.2 Payments. ETP will deliver to ETE, on a monthly basis, an invoice for the aggregate Fees incurred for the previous month. ETE will pay to ETP,
within 30 days of invoicing the Fees incurred during the previous month. 
  
 3.3 Review of Fees. 
  
 (a)
On the first anniversary of the Agreement, commencing as of the date of the Agreement, ETP will review the charges, costs and expenses actually incurred by ETP in providing any Service, as well as the calculation of any related Fee during the
previous twelve months. 
  

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 (b) The Parties will set Fees or new budgets for each ensuing year, and may make other changes to the
Fees with respect to each Service, based upon an increase or reduction to such Service. 
  
 ARTICLE IV 
 REPRESENTATIVES 
  
 4.1 Representatives. 
  
 (a) Karen Hicks of ETP and Sonia Aubé of ETE will serve as administrative representatives (“Representative(s)”) of ETP and ETE,
respectively, to facilitate day-to-day communications and performance under this Agreement. Each Party may treat an act of a Representative of the other Party as being authorized by such other Party. Each Party may replace its Representative by
giving written notice of the replacement to the other Party. 
  
 (b) No additional Exhibits, modifications to existing Exhibits, modifications to an AOP approved pursuant to Section 5.1, or amendments to this Agreement shall be effective unless and until executed by the Representatives of each of
ETP and ETE. 
  
 ARTICLE V 
 PLANNING PROCESS 
  
 5.1 Annual Operating Plan. The Representative of each Party will coordinate the development of an annual operating plan (“AOP”) setting
forth the specific objectives, Service standards, performance measures, activity levels and a budget for the Services. In developing the AOP, the Parties agree to use their best efforts to harmonize the interests of ETE to have quality services at
an affordable cost with the interests of ETP to receive reimbursement of its actual costs of performing the Services. Each AOP will continue in effect until the Parties agree otherwise. 
  
 5.2 Performance Review. The Parties will meet as mutually agreed to review progress against the AOP objectives,
service standards, performance measures and activity levels. The Parties will use their good faith efforts to resolve any issues concerning service standards, performance measures or changes in fees from the AOP during these meetings. If the Parties
are unable to resolve those issues, they will refer the disputed issues to the CFO or CEO of ETE and the President of ETP pursuant to Article VII. 
  
 ARTICLE VI 
 THIRD PARTY AGREEMENTS

  
 With respect to all Services supplied by ETP or contracted
for by ETP on behalf of ETE, shall use commercially reasonable efforts to cause all such third party contracts to extend to and be enforceable by ETE, or to assign such contracts to ETE. In the event that such contracts are not extendable or
assignable, ETP shall act as agent for ETE in the pursuit of any claims, issues, demands or actions against such third party provider at ETE’s expense. 
  

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 ARTICLE VII 
 AUTHORITY; INFORMATION; COOPERATION; CONSENTS 
  
 7.1 Authority. Each Party warrants to the other Party that: 
  
 (a) it has the requisite corporate authority to enter into and perform this Agreement; 
  
 (b) its execution, delivery, and performance of this Agreement have been duly authorized by all requisite corporate action
on its behalf; 
  
 (c) this Agreement is enforceable against it;
and 
  
 (d) it has obtained all consents or approvals of
governmental authorities and other Persons that are conditions to its entering into this Agreement. 
  
 7.2 Information Regarding Services. Each Party shall make available to the other Party any information required or reasonably requested by the
other Party regarding the performance of any Service and shall be responsible for timely providing that information and for the accuracy and completeness of that information; provided, however, that a Party may not provide any information that is
subject to a confidentiality obligation owed by it to a Person other than an Affiliate, its general partner, or the other Party. 
  
 7.3 Cooperation. The Parties will use good faith efforts to cooperate with each other in all matters relating to the provision and receipt of
Services. Such good faith cooperation will include providing electronic access to systems used in connection with Services and using commercially reasonable efforts to obtain all consents, licenses, sublicenses or approvals necessary to permit each
Party to perform its obligations. The Parties will cooperate with each other in making such information available as needed in the event of any and all internal or external audits, whether in the United States or any other country. If this Agreement
is terminated in whole or in part, the Parties will cooperate with each other in all reasonable respects in order to effect an efficient transition and to minimize the disruption to the business of both Parties, including the assignment or transfer
of the rights and obligations under any contracts. 
  
 7.4
Further Assurances. Each Party shall take such actions, upon request of the other Party and in addition to the actions specified in this Agreement, as may be necessary or reasonably appropriate to implement or give effect to this Agreement.

  
 ARTICLE VIII 
 CONFIDENTIAL INFORMATION 
  
 8.1 Definition. For the purposes of this Agreement, “Confidential Information” means non-public information about the disclosing
Party’s or any of its Affiliates’ business or activities that is proprietary and confidential, which shall include, without limitation, all business, financial, technical and other information, including software (source and object code)

  

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and programming code, of a Party or its Affiliates marked or designated “confidential” or “proprietary” or by its nature or the
circumstances surrounding its disclosure should reasonably be regarded as confidential. Confidential Information includes not only written or other tangible information, but also information transferred orally, visually, electronically or by any
other means. Confidential Information will not include information that (i) is in or enters the public domain without breach of this Agreement, or (ii) the receiving Party lawfully receives from a third party without restriction on
disclosure and to the receiving Party’s knowledge without breach of a nondisclosure obligation. 
  
 8.2 Nondisclosure. Each of ETP and ETE agree that (i) it will not disclose to any third party or use any Confidential Information disclosed to
it by the other except as expressly permitted in this Agreement, and (ii) it will take all reasonable measures to maintain the confidentiality of all Confidential Information of the other Party in its possession or control, which will in no
event be less than the measures it uses to maintain the confidentiality of its own information of similar type and importance. 
  
 8.3 Permitted Disclosure. Notwithstanding the foregoing, each Party may disclose Confidential Information (i) to the extent required by a
court of competent jurisdiction or other governmental authority or otherwise as required by law, including without limitation, disclosure obligations imposed under the federal securities laws, provided that such Party has given the other Party prior
notice of such requirement when legally permissible to permit the other Party to take such legal action to prevent the disclosure as it deems reasonable, appropriate or necessary, or (ii) on a “need-to-know” basis under an obligation
of confidentiality to its consultants, legal counsel, Affiliates, accountants, banks and other financing sources and their advisors. 
  
 8.4 Ownership of Confidential Information. All Confidential Information supplied or developed by either Party shall be and remain the sole and
exclusive property of the Party who supplied or developed it. 
  
 ARTICLE IX 
 TERM AND TERMINATION 
  
 9.1 Term. This Agreement shall remain in effect until such time as it has been terminated as to all Services in
accordance with Section 9.2 below. 
  
 9.2
Termination. Either Party may terminate this Agreement without cause with respect to one or more Services under this Agreement by providing thirty (30) days written notice to the other Party or as otherwise agreed between the Parties
hereto. 
  
 ARTICLE X 
 LIMITATION OF LIABILITY; INDEMNIFICATION 
  
 10.1 Limitation of Liability. Except as may be provided in Section 10.2 below, ETP, its controlling persons, if any, directors, officers,
employees, agents and permitted assigns (each, an “ETP Party”) shall not be liable to ETE, the ETE Subsidiaries and their respective directors, officers, employees, agents or permitted assigns (each, an “ETE Party”) and each ETE
Party 

  

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shall not be liable to any ETP Party, in each case, for any liabilities, claims, damages, losses or expenses, including, but not limited to , any special,
indirect, incidental or consequential damages, of an ETE Party or an ETP Party arising in connection with this Agreement and the Services provided hereunder. 
  
 10.2 Indemnification. (a) ETP shall indemnify, defend and hold harmless each of the ETE Parties from and against all liabilities, claims,
damages, losses and expenses (including, but not limited to, court costs and reasonable attorneys’ fees) (collectively referred to as “Damages”) of any kind or nature, of third parties unrelated to any ETE Party caused by or arising
in connection with the gross negligence or willful misconduct of any employee of ETP in connection with the performance of the Services, except to the extent that Damages were caused directly or indirectly by acts or omissions of any ETE Party.
Notwithstanding the foregoing, ETP shall not be liable for any special, indirect, incidental, or consequential damages relating to such third party claims. 
  
 (b) ETE shall indemnify, defend and hold harmless each of the ETP Parties from and against all Damages of any kind or nature, of third parties unrelated
to any ETP Party caused by or arising in connection with the gross negligence or willful misconduct of any employee of ETE in connection with ETE’s performance under this Agreement, except to the extent that Damages were caused directly or
indirectly by acts or omissions of any ETP Party. Notwithstanding the foregoing, ETE shall not be liable for any special, indirect, incidental, or consequential damages relating to such third party claims. 
  
 ARTICLE XI 
 DISPUTE RESOLUTION 
  
 If any AOP is not submitted or is not approved by the Parties, or if the Parties are unable to resolve any service, performance or budget issues, or if there is a material breach of this Agreement that has not been
corrected within thirty (30) days of receipt of notice of such breach, the respective Representatives of ETE and ETP will meet promptly to review and attempt to resolve those issues in good faith. 
  
 ARTICLE XII 
 MISCELLANEOUS 
  
 12.1 Governing Law. This Agreement and performance hereunder will be governed by and construed in accordance with the laws of the State of Texas without regard to the principles of conflict of laws. 

 
 12.2 Assignment. This Agreement is not assignable in whole or in
part by either Party without the prior written consent of the other, said consent not to be unreasonably withheld; provided that either Party may assign this Agreement in whole or in part to a parent, a direct or indirect wholly-owned subsidiary, an
Affiliate or a successor thereto. 
  
 12.3 Entire
Agreement. This Agreement, including the attached Exhibits, is the complete and exclusive statement of the agreement between the Parties and supersedes all prior 

  

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proposals, understandings and all other agreements, oral and written, between the Parties relating to the subject matter of this Agreement. This Agreement
may not be modified or altered except by written instrument duly executed by both Parties. 
  
 12.4 Force Majeure. Any delay or failure by either Party in the performance of this Agreement will be excused to the extent that the delay or failure is due solely to causes or contingencies beyond the
reasonable control of such Party. 
  
 12.5 Severability. If
any provision, clause or part of this Agreement, or the application thereof under certain circumstances is held invalid or unenforceable for any reason, the remainder of this Agreement, or the application of such provision, clause or part under
other circumstances shall not be affected thereby. 
  
 12.6
Notices. All communications, notices and disclosures required or permitted by this Agreement shall be in writing and shall be deemed to have been given one day after being delivered personally or by messenger or being received via telecopy,
telex or other electronic transmission, or two days after being sent by overnight delivery service, in all cases addressed to the person for whom it is intended at the addresses as follows: 
  
 If to ETP: 
  
 Karen Z. Hicks 
 V.P. of Administration and Controller 
 Energy Transfer Partners, L.P. 
 P.O. Box 6789 
 Helena, MT 59604 

406-442-9759 ext 107 
 Fax 800-308-6404

 khicks@heritagepropane.com 
  
 If to ETE: 
  
 Sonia Aubé 
 Energy Transfer Equity,
L.P. 
 2828 Woodside Street 
 Dallas, Texas 75204 
 (214) 981-0722 
 (214) 981-0706 (fax) 
 sonia.aube@energytransfer.com 
  
 or to such other address as a Party shall have designated by notice in writing to the other
Party in the manner provided by this Section 13.6. 
  
 13.7
Counterparts; Headings. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. The Article and Section headings in this
Agreement are inserted for convenience of reference only and shall not constitute a part hereof. 
  

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 IN WITNESS WHEREOF, the Parties have signed this Agreement on the date first set forth above. 

 

			
	ENERGY TRANSFER PARTNERS, L.P.
		
	By:	 	 
	 	 	 H. Michael Krimbill
 President and Chief Financial
Officer

	
	ENERGY TRANSFER EQUITY, L.P.
		
	By:	 	 
	 	 	 John W. McReynolds
 President

  

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 EXHIBIT 1 
 TO 
 SHARED SERVICES AGREEMENT 
  
 INFORMATION TECHNOLOGY SERVICES 
  

	I.	DESCRIPTION OF SERVICES 

  

	 	A.	SCOPE 

  
 Energy Transfer Partners, L.P. (“ETP”) will provide Information Technology services to Energy Transfer Equity, L.P. (“ETE”) to enable ETE to attain its business objectives of developing,
implementing, operating and supporting Information Technology requirements, either through ETP’s own resources, the resources of its subsidiaries or Affiliates, as defined in the SHARED SERVICES AGREEMENT (the “Services Agreement”),
dated as of August 26, 2005, by and between ETP and ETE, or by contracting with other independent contractors all in accordance with Section 2.2 of the Services Agreement. 
  

	 	B.	SERVICES 

  
 The services that ETP will provide, shall include, but not limited to, basic maintenance, operations, e-mail and website support, and other standard services as requested. 
  

	II.	SERVICE FEES 

  
 The Fee payable for the information technology services shall be $1,200 per month. 
  

	III.	ADDITIONAL TERMS 

  
 Period of coverage will be ongoing subject to annual reviews. 
  

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 EXHIBIT 2 
 TO 
 SHARED SERVICES AGREEMENT 
  
 CORPORATE BUSINESS DEVELOPMENT SERVICES 
  

	I.	DESCRIPTION OF SERVICES 

  

	 	A.	SCOPE 

  
 Energy Transfer Partners, L.P. (“ETP”) will provide corporate business development services to Energy Transfer Equity, L.P. (“ETE”), either through ETP’s own resources, the resources of its
subsidiaries or Affiliates, as defined in the SHARED SERVICES AGREEMENT (the “Services Agreement”), dated as of August 26, 2005, by and between ETP and ETE, or by contracting with other independent contractors all in accordance with
Section 2.2 of the Services Agreement. 
  

	 	B.	SPECIFIC SERVICES 

  
 The specific services that ETP will provide to ETE are as follows: 
  

	 	a.	Assisting with strategic planning and special projects for ETE. 

	 	b.	Assisting in the planning and implementation of acquisitions, dispositions and strategic alliances for ETE. 

	 	c.	Assisting in the planning and execution of investment-related and corporate development presentations. 

  
 Additional services may be included upon agreement of both Parties. 
  

	II.	SERVICE FEES 

  
 The Fee payable for the corporate planning and analysis services shall be mutually agreed upon on a project by project basis. 
  

	III.	ADDITIONAL TERMS 

  
 Period of coverage will be ongoing subject to calendar quarterly reviews. 
  

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 EXHIBIT 3 
 TO 
 SHARED SERVICES AGREEMENT 
  
 BUILDINGS SERVICES AND CONFERENCE SERVICES 
  

	I.	DESCRIPTION OF SERVICES 

  

	 	A.	SCOPE 

  
 Energy Transfer Partners, L.P. (“ETP”) will provide building services, in addition to other services as listed below, to Energy Transfer Equity, L.P. (“ETE”), either through ETP’s own
resources, the resources of its subsidiaries or Affiliates, as defined in the SHARED SERVICES AGREEMENT (the “Services Agreement”), dated as of August 26, 2005, by and between ETP and ETE, or by contracting with other independent
contractors all in accordance with Section 2.2 of the Services Agreement. 
  

	 	B.	SPECIFIC SERVICES 

  
 ETP will provide office space, conference rooms, covered parking, utilities, phone service, copy machines, kitchen facilities, maintenance, property taxes
and any additional services mutually agreed upon between the parties. 
  

	II.	SERVICE FEES 

  
 The Fee payable for these services shall be $18,247.50 per month. 
  

	III.	ADDITIONAL TERMS 

  
 Period of coverage will be ongoing subject to annual reviews. 
  

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 EXHIBIT 4 
 TO 
 SHARED SERVICES AGREEMENT 
  
 TREASURY SERVICES 
  

	I.	DESCRIPTION OF SERVICES 

  

	 	A.	SCOPE 

  
 Energy Transfer Partners, L.P. (“ETP”) will provide treasury services to Energy Transfer Equity, L.P. (“ETE”), including cash management, risk management, short and long-term borrowings, investment
of benefit trusts, arrangement of credit facilities and coordination with credit rating agencies, either through ETP’s own resources, the resources of its subsidiaries or Affiliates, as defined in the SHARED SERVICES AGREEMENT (the
“Services Agreement”), dated as of August 26, 2005, by and between ETP and ETE, or by contracting with other independent contractors all in accordance with Section 2.2 of the Services Agreement. 
  

	 	B.	SPECIFIC SERVICES 

  
 The specific services that ETP will provide are as follows: 
  
 1. CASH MANAGEMENT 
  

	 	a.	Calculate, document and initiate disbursement requests for the payment of certain ETE Treasury items related to short-term and long-term debt, common dividends, credit facility
fees, ETE share repurchases and interest rate swap agreements. 

	 	b.	Poll daily bank account balances for ETE’s banks and perform cash position. 

	 	c.	Post ETE’s cash desk activity to ETE’s general ledger. 

	 	d.	Provide reporting on short-term borrowings and investments and interface with ETE’s general ledger. 

	 	e.	Provide reporting on short-term borrowings and investments and interface with ETE’s general ledger. 

	 	f.	Support ETE’s bank accounts, including opening, closing and modifying accounts at the request and approval of ETE. 

	 	g.	Pay ETE bank fees. 

	 	h.	Obtain bank credit lines for ETE’s letter of credit needs. 

	 	i.	Structure/maintain efficient bank network with banks and analyze bank service needs. 

	 	j.	Planning, designing and implementing commercial paper programs, including selection of and negotiations with underwriters, financial advisors and counsel. 

 

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 2. RISK MANAGEMENT 
  

	 	a.	Administering risk management, safety and claim services. 

	 	b.	Monitoring and planning of effective treasury risk management strategies. 

	 	c.	Monitoring and managing counter party risk. 

	 	d.	Negotiation and acquisition of insurance coverage, including, but not limited to, property and business interruption casualty (including worker’s compensation),
directors’, officers’ and other liability coverages. 

	 	e.	Risk, safety and claim vendor selection and oversight. 

	 	f.	Risk, safety and claim processes and measurements. 

  
 3. CAPITAL MARKETS 
  

	 	a.	Planning, designing and implementing public debt offerings, including selection of, and negotiation with, underwriters, financial advisors and counsel. 

	 	b.	Planning, negotiating and implementing all credit facilities. 

	 	c.	Planning, negotiating and implementing reporting covenants contained within applicable borrowing arrangements. 

	 	d.	Planning, negotiating and executing fixed/floating and cross currency swaps to manage the portfolio. 

	 	e.	Coordinating all interactions with credit rating agencies. 

  
 4. BENEFIT INVESTMENTS 
  

	 	a.	Provide administrative oversight for all ETE benefit trusts. 

	 	b.	Design and implement asset allocation strategies for all ETE defined benefit plan assets. 

	 	c.	Identify, select and monitor investment advisors for ETE’s pension, 401(i) and other benefit plans. 

	 	d.	Provide information for reporting to the Pension Benefit Guarantee Corp. and other government agencies regarding ETE’s benefit plans and investments. 

	 	e.	Preparation of presentations to ETE’s Board of Directors regarding benefit plan investments. 

 Additional services may be included upon agreement of both Parties. 
  

	II.	SERVICE FEES 

  
 The Fee payable for treasury services shall be $2,000 per month. 
  

	III.	ADDITIONAL TERMS 

  
 Period of coverage will be ongoing subject to calendar quarterly reviews. 
  

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 EXHIBIT 5 
 TO 
 SHARED SERVICES AGREEMENT 
  
 FINANCIAL SERVICES, REPORTING, RESEARCH AND LEDGER 

 

	I.	DESCRIPTION OF SERVICES 

  

	 	A.	SCOPE 

  
 Energy Transfer Partners, L.P. (“ETP”) will provide financial reporting, advising and auditing services to Energy Transfer Equity, L.P. (“ETE”), either through ETP’s own resources, the
resources of its subsidiaries or Affiliates, as defined in the SHARED SERVICES AGREEMENT (the “Services Agreement”), dated as of August 26, 2005, by and between ETP and ETE, or by contracting with other independent contractors all in
accordance with Section 2.2 of the Services Agreement. 
  

	 	B.	SPECIFIC SERVICES 

  
 The specific services that ETP will provide are as follows: 
  
 1. FINANCIAL SERVICES 
  

	 	a.	Provide payroll services and direct deposits. 

	 	b.	Payment of related taxes, garnishment and other deductions to appropriate parties. 

	 	c.	Preparation and filing of employer tax returns. 

	 	d.	Preparation of annual W-2’s for employees. 

	 	e.	Processing and paying invoices and purchase orders, including input into the accounts payable system. 

	 	f.	Processing travel vouchers and balancing travel advance accounts. 

	 	g.	Recording all payments and maintaining all related files. 

	 	h.	Preparing checks for vendor payment and employee reimbursement. 

	 	i.	Preparation of Form 1099s and other governmental reports. 

	 	j.	Processing and paying employee travel and entertainment expense reports. 

	 	k.	Preparing and circulating weekly and monthly standard reports, as requested. 

	 	l.	Preparing special reports on a timely basis and responding to all inquiries for research and analysis, as requested. 

	 	m.	Preparing documentation for intercompany billing. 

  
 2. FINANCIAL CONSOLIDATIONS AND REPORTING 
  

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	 	a.	Preparing quarterly, annual and any other required SEC reports. 

	 	b.	Monthly consolidation of ETE’s financial statements. 

	 	c.	Assist in the preparation of ETE’s annual report and earnings releases. 

	 	d.	Preparing monthly reporting of results of operations for distribution to ETE’s Board of Directors. 

	 	e.	Assisting ETE in the preparation of reports to committees of its Board of Directors (e.g., Audit Committee and Compensation Committee). 

  
 3. FINANCIAL RESEARCH 
  

	 	a.	Responding to requests for financial research from any ETE business unit. 

	 	b.	Evaluating and coordinating ETE’s compliance with new regulatory requirements (SEC, FASB, EITF, ETE.) 

	 	c.	Assisting ETE in responding to accounting regulatory bodies (SEC, FASB, EITF, ETE.) regarding their solicitation of comments on proposed regulation. 

	 	d.	Preparing other governmental reports. 

	 	e.	Preparing all required Form 11K and ERISA reports. 

	 	f.	Coordinating external audit services. 

  
 4. LEDGER SERVICES 
  

	 	a.	Administering ETE stock options granted under the Management Incentive Plan as well as ETE stock awards to ETE employees under ETP plans. 

	 	b.	Preparing all necessary reports related to stock option exercises. 

	 	c.	Maintaining a general ledger for holding company and accounting for debt, stock and intercompany transactions at the holding company level. 

  
 Additional services may be included upon agreement of both
Parties. 
  

	II.	SERVICE FEES 

  
 The Fee payable for financial services, financial consolidations and reporting and financial research shall be $20,000 per month. 
  

	III.	ADDITIONAL TERMS 

  
 Period of coverage will be ongoing subject to annual reviews. 
  

 Page 2 of 2 PagesEmployee Stock Purchase Plan

 Exhibit 10.4 
  
 DOLBY LABORATORIES, INC. 
  
 EMPLOYEE STOCK PURCHASE PLAN 
 (Amended and Restated on October 13, 2005) 
  
 1. Purpose. The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the
Company to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the Code. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a uniform and
nondiscriminatory basis consistent with the requirements of Section 423. 
  
 2. Definitions. 
  
 (a)
“Administrator” shall mean the Board or any Committee designated by the Board to administer the plan pursuant to Section 14. 
  
 (b) “Board” shall mean the Board of Directors of the Company. 
  
 (c) “Change in Control” means the occurrence of any of the following events: 
  
 (i) Any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) other than a Permitted Transferee (as defined in the Company’s Amended and Restated Certificate of Incorporation) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or
indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities; or 
  
 (ii) The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets;
or 
  
 (iii) A change in the composition of the Board occurring
within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” means directors who either (A) are Directors as of the effective date of the Plan, or (B) are
elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an
actual or threatened proxy contest relating to the election of directors to the Company); or 
  
 (iv) The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. 

 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 (e) “Committee” means a committee of the Board appointed by
the Board in accordance with Section 14 hereof. 
  
 (f)
“Common Stock” shall mean the Class A Common Stock of the Company. 
  
 (g) “Company” shall mean Dolby Laboratories, Inc., a Delaware corporation. 
  
 (h) “Compensation” shall mean all base straight time gross earnings, commissions, overtime and shift premium, but exclusive of payments
for incentive compensation, bonuses and other compensation. 
  
 (i) “Designated Subsidiary” shall mean any Subsidiary selected by the Administrator as eligible to participate in the Plan. 
  
 (j) “Director” shall mean a member of the Board. 
  

(k) “Eligible Employee” shall mean any individual who is a common law employee of the Company or any Designated Subsidiary and whose
customary employment with the Company or Designated Subsidiary is at least fifteen (15) hours per week and more than five (5) months in any calendar year. For purposes of the Plan, the employment relationship shall be treated as continuing
intact while the individual is on sick leave or other leave of absence approved by the Company. Where the period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed either by statute or by contract, the
employment relationship shall be deemed to have terminated on the 91st day of such leave. 
  
 (l) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
  
 (m) “Exercise Date” shall mean the first Trading Day on or after May 15 and November 15 of each year. The first Exercise Date
under the Plan shall be November 15, 2005. 
  
 (n)
“Fair Market Value” shall mean, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows: 
  
 (i) If the Common Stock is listed on any established stock exchange or a national market system, including without
limitation the New York Stock Exchange, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the date of determination, as reported in The
Wall Street Journal or such other source as the Board deems reliable; 
  
 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean of the closing bid and asked prices for the Common Stock on
the date of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; 
  
 (iii) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Board; or

  

 -2- 

 (iv) For purposes of the Offering Date of the first Offering Period under the Plan, the Fair Market
Value shall be the initial price to the public as set forth in the final prospectus included within the registration statement on Form S-1 filed with the Securities and Exchange Commission for the initial public offering of the Company’s Common
Stock (the “Registration Statement”). 
  
 (o)
“Offering Date” shall mean the first Trading Day of each Offering Period. 
  
 (p) “Offering Periods” shall mean the periods of approximately six (6) months during which an option granted pursuant to the Plan may be exercised, commencing on the first Trading Day on or after
May 15 and November 15 of each year and terminating on the first Trading Day on or after the subsequent Offering Period commencement date approximately six months later; provided, however, that the first Offering Period under the Plan
shall commence with the first Trading Day on or after the date on which the Securities and Exchange Commission declares the Company’s registration statement on Form S-1 effective and end on the first Trading Day on or after November 15,
2005 and the second Offering Period under the Plan shall commence with the first Trading Day on or after November 15, 2005. The duration and timing of Offering Periods may be changed pursuant to Section 4 of this Plan. 
  
 (q) “Plan” shall mean this Employee Stock Purchase Plan.

  
 (r) “Purchase Price” shall mean, for the
first Offering Period, 95% of the Fair Market Value of a share of Common Stock on the Offering Date or on the Exercise Date, whichever is lower, and for subsequent Offering Periods, 95% of the Fair Market Value of a share of Common Stock on the
Exercise Date; provided however, that the Purchase Price may be adjusted by the Administrator pursuant to Section 20. 
  
 (s) “Subsidiary” shall mean a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of
the Code. 
  
 (t) “Trading Day” shall mean a day
on which national stock exchanges and the Nasdaq System are open for trading. 
  
 3. Eligibility. 
  
 (a)
First Offering Period. Any individual who is an Eligible Employee immediately prior to the first Offering Period shall be automatically enrolled in the first Offering Period. 
  
 (b) Subsequent Offering Periods. Any Eligible Employee on a given Offering Date shall be eligible to participate in
the Plan. 
  
 (c) Limitations. Any provisions of the Plan
to the contrary notwithstanding, no Eligible Employee shall be granted an option under the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such Eligible
Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes
of the capital stock of the Company or of any 
  

 -3- 

 Subsidiary, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans
of the Company and its subsidiaries accrues at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the time such option is granted) for each calendar year in which such
option is outstanding at any time. 
  
 4. Offering Periods.
The Plan shall be implemented by consecutive Offering Periods with a new Offering Period commencing on the first Trading Day on or after May 15 and November 15 each year, or on such other date as the Board shall determine; provided,
however, that the first Offering Period under the Plan shall commence with the first Trading Day on or after the date upon which the Company’s registration statement on Form S-1 is declared effective by the Securities and Exchange Commission
and end on the first Trading Day on or after November 15, 2005. The Board shall have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future offerings without stockholder approval
if such change is announced prior to the scheduled beginning of the first Offering Period to be affected thereafter. 
  
 5. Participation. 
  
 (a) First Offering Period. An Eligible Employee shall be entitled to participate in the first Offering Period only if such individual submits a
subscription agreement authorizing payroll deductions in a form determined by the Administrator (which may be similar to the form attached hereto as Exhibit A) to the Company’s designated plan administrator (i) no earlier than the
effective date of the Form S-8 registration statement with respect to the issuance of Common Stock under this Plan and (ii) no later than ten (10) business days following the effective date of such S-8 registration statement (the
“Enrollment Window”). An Eligible Employee’s failure to submit the subscription agreement during the Enrollment Window shall result in the automatic termination of such individual’s participation in the Offering Period.

  
 (b) Subsequent Offering Periods. An Eligible Employee
may become a participant in the Plan by completing a subscription agreement in a form determined by the Administrator (which may be similar to the form attached hereto as Exhibit A) and filing it with the Company’s designated Plan
administrator prior to the applicable Offering Date. 
  
 6.
Payroll Deductions. 
  
 (a) At the time a participant
files his or her subscription agreement, he or she shall elect to have payroll deductions made on each pay day during the Offering Period in an amount not exceeding 10% of the Compensation which he or she receives on each pay day during the Offering
Period; provided, however, that should a pay day occur on an Exercise Date, a participant shall have the payroll deductions made on such day applied to his or her account under the new Offering Period. A participant’s subscription agreement
shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof. 
  
 (b) Payroll deductions for a participant shall commence on the first pay day following the Offering Date and shall end on the last pay day in the Offering
Period to which such authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof; provided, however, that for the first Offering Period, payroll deductions shall commence on the first pay day on or
following the end of the Enrollment Window. 
  

 -4- 

 (c) All payroll deductions made for a participant shall be credited to his or her account under the Plan
and shall be withheld in whole percentages only. A participant may not make any additional payments into such account. 
  
 (d) A participant may discontinue his or her participation in the Plan as provided in Section 10 hereof, or may increase or decrease the rate of his
or her payroll deductions during the Offering Period by completing or filing with the Company a new subscription agreement authorizing a change in payroll deduction rate. The Administrator may, in its discretion, limit the nature and/or number of
participation rate changes during any Offering Period. The change in rate shall be effective with the first full payroll period following five (5) business days after the Company’s receipt of the new subscription agreement unless the
Company elects to process a given change in participation more quickly. 
  
 (e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(c) hereof, a participant’s payroll deductions may be decreased to zero percent (0%) at any time during an
Offering Period. Payroll deductions shall recommence at the rate provided in such participant’s subscription agreement at the beginning of the first Offering Period which is scheduled to end in the following calendar year, unless terminated by
the participant as provided in Section 10 hereof. 
  
 (f) At
the time the option is exercised, in whole or in part, or at the time some or all of the Company’s Common Stock issued under the Plan is disposed of, the participant must make adequate provision for the Company’s or its Subsidiary’s
federal, state, or any other tax liability payable to any authority, national insurance, social security or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock including, for
the avoidance of doubt, any liability to pay secondary Class 1 National Insurance Contributions for which an agreement or election has been entered into under paragraph 3A or 3B of Schedule 1 to the Social Security Contributions and Benefits act
1992. At any time, the Company or its Subsidiary may, but shall not be obligated to, withhold from the participant’s compensation the amount necessary for the Company or its Subsidiary to meet applicable withholding obligations, including any
withholding required to make available to the Company or its Subsidiary any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Eligible Employee. 
  
 7. Grant of Option. On the Offering Date of each Offering Period, each Eligible Employee participating in such
Offering Period shall be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of the Company’s Common Stock determined by dividing such Eligible
Employee’s payroll deductions accumulated prior to such Exercise Date by the applicable Purchase Price; provided that in no event shall an Eligible Employee be permitted to purchase during each Offering Period more than 1,000 shares of the
Company’s Common Stock (subject to any adjustment pursuant to Section 19), and provided further that such purchase shall be subject to the limitations set forth in Sections 3(c) and 13 hereof. The Eligible Employee may accept the grant of
such option by turning in a completed Subscription Agreement (attached hereto as Exhibit A) to the Company on or prior to an Offering Date, or with respect to the first Offering Period, prior to the last day of the Enrollment Window. The
Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of the Company’s Common Stock an Eligible Employee may purchase during each Offering Period. Exercise of the option
shall occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof. The option shall expire on the last day of the Offering Period. 
  

 -5- 

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

 -6- 

 (b) A participant’s withdrawal from an Offering Period shall not have any effect upon his or her
eligibility to participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the participant withdraws. 
  
 11. Termination of Employment. Upon a participant’s ceasing to be
an Eligible Employee, for any reason, he or she shall be deemed to have elected to withdraw from the Plan and the payroll deductions credited to such participant’s account during the Offering Period but not yet used to purchase shares of Common
Stock under the Plan shall be returned to such participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15, and such participant’s option shall be automatically terminated. 
  
 12. Interest. No interest shall accrue on the payroll deductions of a
participant in the Plan. 
  
 13. Stock. 
  
 (a) Subject to adjustment upon changes in capitalization of the Company as
provided in Section 19 hereof, the maximum number of shares of the Company’s Common Stock which shall be made available for sale under the Plan shall be 1,000,000 shares. 
  
 (b) Until the shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), a participant shall only have the rights of an unsecured creditor with respect to such shares, and no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such shares.

  
 (c) Shares to be delivered to a participant under the Plan
shall be registered in the name of the participant or in the name of the participant and his or her spouse. 
  
 14. Administration. The Administrator shall administer the Plan and shall have full and exclusive discretionary authority to construe, interpret
and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims filed under the Plan. Every finding, decision and determination made by the Administrator shall, to the full extent permitted by law, be final and
binding upon all parties. Notwithstanding any provision to the contrary in this Plan, the Administrator may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the specific requirements of local laws and
procedures for jurisdictions outside of the United States. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding eligibility to participate, the definition of
Compensation, handling of payroll deductions, making of contributions to the Plan (including, without limitation, in forms other than payroll deductions), establishment of bank or trust accounts to hold payroll deductions, payment of interest,
conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of stock certificates which vary with local requirements. 
  

 -7- 

 15. Designation of Beneficiary. 
  
 (a) A participant may file a designation of a beneficiary who is to receive any shares and cash, if any, from the
participant’s account under the Plan in the event of such participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares and cash. In addition, a participant may
file a designation of a beneficiary who is to receive any cash from the participant’s account under the Plan in the event of such participant’s death prior to exercise of the option. If a participant is married and the designated
beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 
  
 (b) Such designation of beneficiary may be changed by the participant at any time by notice in a form determined by the Administrator. In the event of the
death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant’s death, the Company shall deliver such shares and/or cash to the executor or administrator of the estate
of the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the
participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 
  
 (c) All beneficiary designations shall be in such form and manner as the Administrator may designate from time to time. 
  
 16. Transferability. Neither payroll deductions credited to a
participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and
distribution or as provided in Section 15 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds
from an Offering Period in accordance with Section 10 hereof. 
  
 17. Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. Until shares
are issued, participants shall only have the rights of an unsecured creditor. 
  
 18. Reports. Individual accounts shall be maintained for each participant in the Plan. Statements of account shall be given to participating Eligible Employees at least annually, which statements shall set
forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any. 
  
 19. Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Change in Control. 
  
 (a) Changes in Capitalization. Subject to any required action by the
stockholders of the Company, the maximum number of shares of the Company’s Common Stock which shall be made available for sale under the Plan, the maximum number of shares each participant may purchase each Offering Period (pursuant to
Section 7), as well as the price per share and the number 
  

 -8- 

 of shares of Common Stock covered by each option under the Plan which has not yet been exercised shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other change in the number of shares
of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such
adjustment shall be made by the Administrator, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible
into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option. 
  
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering
Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the
Administrator. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each participant in writing, at least ten (10) business days prior to the New Exercise Date,
that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised automatically on the New Exercise Date, unless prior to such date the participant has
withdrawn from the Offering Period as provided in Section 10 hereof. 
  
 (c) Merger or Change in Control. In the event of a merger or Change in Control, each outstanding option shall be assumed or an equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option, the Offering Period then in progress shall be shortened by setting a New Exercise Date and shall end on the New
Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed merger or Change in Control. The Administrator shall notify each participant in writing, at least ten (10) business days prior to the New Exercise
Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised automatically on the New Exercise Date, unless prior to such date the participant has
withdrawn from the Offering Period as provided in Section 10 hereof. 
  
 20. Amendment or Termination. 
  
 (a) The Administrator may at any time and for any reason terminate or amend the Plan. Except as provided in Section 19 and this Section 20 hereof, no amendment may make any change in any option theretofore granted which adversely
affects the rights of any participant unless their consent is obtained. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange rule), the
Company shall obtain stockholder approval of any amendment in such a manner and to such a degree as required. 
  
 (b) Without stockholder consent and without regard to whether any participant rights may be considered to have been “adversely affected,” the
Administrator shall be entitled to 
  

 -9- 

 change the Offering Periods, limit the frequency and/or number of changes in the amount withheld during an Offering
Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant in order to adjust for delays or mistakes in the Company’s
processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each participant properly
correspond with amounts withheld from the participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable which are consistent with the Plan. 
  
 (c) Without regard to whether any participant’s rights may be considered
to have been “adversely affected”, in the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Board may, in its discretion and, to the extent necessary
or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including: 
  
 (i) increasing the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price; 

 
 (ii) shortening any Offering Period so that Offering Period ends on a new
Exercise Date, including an Offering Period underway at the time of the Board action; and 
  
 (iii) reducing the number of shares that may be purchased upon exercise of outstanding options. 
  
 Such modifications or amendments shall not require stockholder approval or the consent of any Plan participants. 
  
 21. Notices. All notices or other communications by a participant to
the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

 
 22. Conditions Upon Issuance of Shares. Shares shall not be issued
with respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of
1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with
respect to such compliance. 
  
 As a condition to the exercise of
an option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such
shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law. 
  

 -10- 

 23. Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the
Board of Directors or its approval by the stockholders of the Company. It shall continue in effect until terminated under Section 20 hereof. 
  

 -11- 

 EXHIBIT A 
  
 DOLBY LABORATORIES, INC. 
  
 EMPLOYEE STOCK PURCHASE PLAN 
  
 SUBSCRIPTION AGREEMENT 
  

					
	_____ Original Application	 	 	 	Offering Date: ___________

 _____ Change in Payroll Deduction Rate 
 _____ Change of Beneficiary(ies) 
  

	1.	____________________ hereby elects to participate in the Dolby Laboratories, Inc. Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”) and subscribes to
purchase shares of the Company’s Common Stock in accordance with this Subscription Agreement and the Employee Stock Purchase Plan. 

  

	2.	I hereby authorize payroll deductions from each paycheck in the amount of ____% of my Compensation on each pay day (from 0 to 10%) during the Offering Period in accordance with the
Employee Stock Purchase Plan. (Please note that no fractional percentages are permitted.) 

  

	3.	I understand that said payroll deductions shall be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with the Employee
Stock Purchase Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option. 

  

	4.	I have received a copy of the complete Employee Stock Purchase Plan. I understand that my participation in the Employee Stock Purchase Plan is in all respects subject to the terms
of the Plan. 

  

	5.	Shares purchased for me under the Employee Stock Purchase Plan should be issued in the name(s) of (Eligible Employee or Eligible Employee and Spouse only). 

 

	6.	I understand that if I dispose of any shares received by me pursuant to the Plan within 2 years after the Offering Date (the first day of the Offering Period during which I
purchased such shares) or one year after the Exercise Date, I will be treated for federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of the fair market value of the shares
at the time such shares were purchased by me over the price which I paid for the shares. I hereby agree to notify the Company in writing within 30 days after the date of any disposition of my shares and I will make adequate provision for Federal,
state or other tax withholding obligations, if any, which arise upon the disposition of the Common Stock. The Company may, but will not be obligated to, withhold 

 from my compensation the amount necessary to meet any applicable withholding obligation including any
withholding necessary to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by me. If I dispose of such shares at any time after the expiration of the 2-year and 1-year holding
periods, I understand that I will be treated for federal income tax purposes as having received income only at the time of such disposition, and that such income will be taxed as ordinary income only to the extent of an amount equal to the lesser of
(1) the excess of the fair market value of the shares at the time of such disposition over the purchase price which I paid for the shares, or (2) 5% of the fair market value of the shares on the first day of the Offering Period. The
remainder of the gain, if any, recognized on such disposition will be taxed as capital gain. 
  

	7.	I hereby agree to be bound by the terms of the Employee Stock Purchase Plan. The effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the
Employee Stock Purchase Plan. 

  

	8.	In the event of my death, I hereby designate the following as my beneficiary(ies) to receive all payments and shares due me under the Employee Stock Purchase Plan:

  

							
	NAME: (Please print)	  	  

	 	  	(First)	  	(Middle)	  	(Last)

  

					
	  

	 	 	 	

	 Relationship
  
  

	 	 	 	

	 Percentage Benefit
	 	 	 	(Address)

  

							
	 NAME: (please print)
	  	  

	 	  	(First)	  	(Middle)	  	(Last)

  
  

					
	
	  	 	 	

	 Relationship
	  	 	 	 
	  
  

	  	 	 	

	 Percentage of Benefit
	  	 	 	(Address)

  

 -2- 

			
	 Employee’s Social
 Security Number:
	 	  

		
	 Employee’s Address:
	 	  

	 	 	  

	 	 	  

  
 I UNDERSTAND THAT THIS SUBSCRIPTION
AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME. 
  

					
	 Dated:
	 	  

	 	  

	 	 	 	 	 Signature of Employee

			
	 	 	 	 	  

	 	 	 	 	 Spouse’s Signature (If beneficiary other than spouse)

  

 -3- 

 EXHIBIT B 
  
 DOLBY LABORATORIES, INC. 
  
 EMPLOYEE STOCK PURCHASE PLAN 
  
 NOTICE OF WITHDRAWAL 
  
 The undersigned participant in the Offering Period of the Dolby Laboratories, Inc. Employee Stock Purchase Plan that began on
                        ,
                 (the “Offering Date”) hereby notifies the Company that he or she hereby withdraws from the Offering Period. He or she hereby directs
the Company to pay to the undersigned as promptly as practicable all the payroll deductions credited to his or her account with respect to such Offering Period. The undersigned understands and agrees that his or her option for such Offering Period
will be automatically terminated. The undersigned understands further that no further payroll deductions will be made for the purchase of shares in the current Offering Period and the undersigned shall be eligible to participate in succeeding
Offering Periods only by delivering to the Company a new Subscription Agreement. 
  

			
	Name and Address of Participant:
	  

  

	  

	
	Signature:
	 
	  

		
	Date:

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