<SEC-DOCUMENT>0001193125-14-415301.txt : 20141117
<SEC-HEADER>0001193125-14-415301.hdr.sgml : 20141117
<ACCEPTANCE-DATETIME>20141117171059
ACCESSION NUMBER:		0001193125-14-415301
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141110
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141117
DATE AS OF CHANGE:		20141117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dolby Laboratories, Inc.
		CENTRAL INDEX KEY:			0001308547
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		IRS NUMBER:				900199783
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0924

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32431
		FILM NUMBER:		141228655

	BUSINESS ADDRESS:	
		STREET 1:		100 POTRERO AVENUE
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		415 558 0200

	MAIL ADDRESS:	
		STREET 1:		100 POTRERO AVENUE
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d822611d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>November&nbsp;10, 2014 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>DOLBY
LABORATORIES, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-32431</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>90-0199783</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>100 Potrero Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San Francisco, CA 94103-4813 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(415) 558-0200 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Approval of 2015 Dolby Executive Annual Incentive Plan </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;10, 2014, the Compensation Committee (the &#147;Committee&#148;) of the Board of Directors of Dolby Laboratories, Inc. (the
&#147;Company&#148;) adopted an executive cash bonus plan for fiscal 2015, entitled the 2015 Dolby Executive Annual Incentive Plan (the &#147;Executive Plan&#148;). A copy of the Executive Plan is filed with this report as Exhibit 99.1 and is
incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Only Company executive officers and other officers of the Company who are selected by the Committee are
eligible to receive bonuses pursuant to the Executive Plan. Individual target bonuses are based on a percentage of each executive officer&#146;s base salary. For fiscal 2015, the Committee set the following target bonuses for the Company&#146;s
named executive officers, currently consisting of Kevin Yeaman, President and Chief Executive Officer; Lewis Chew, Executive Vice President and Chief Financial Officer; Michael Rockwell, Executive Vice President, Advanced Technology Group; Andy
Sherman, Executive Vice President, General Counsel and Secretary; and Michael Bergeron, Senior Vice President, Worldwide Sales and Field Operations: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="60%"></TD>
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<TD WIDTH="9%"></TD></TR>


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Executive Officer</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">100%&nbsp;of&nbsp;his&nbsp;base&nbsp;salary</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Senior Vice President, Worldwide Sales and Field Operations</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">75% of his base salary</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Each other named executive officer</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">65%&nbsp;of&nbsp;his&nbsp;respective&nbsp;base&nbsp;salary</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The actual bonus amount payable to our Chief Executive Officer will be determined by multiplying his base
salary by his target bonus percentage and then adjusting such target bonus to reflect the extent to which the Company meets the non-GAAP operating income and revenue goals during fiscal 2015. The actual bonus amount may be less than, or exceed, the
Chief Executive Officer&#146;s target bonus, depending on the extent to which the Company meets the non-GAAP operating income and revenue goals during fiscal 2015. In addition, the Committee, in its sole discretion, may reduce (but not increase),
the amount otherwise payable to the Chief Executive Officer as determined in accordance with the foregoing formula. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The actual bonuses
for all other participating named executive officers will be determined by multiplying base salary by the applicable target bonus percentage and then adjusting such number based on (i)&nbsp;the extent to which the Company meets the non-GAAP
operating income and revenue goals and (ii)&nbsp;such other criteria as the Committee, with input from the Chief Executive Officer, in its sole and absolute discretion, determines are appropriate to calculate and determine such final bonus amount
for any such executive officer. As a result, the actual bonus amount paid to any such executive officer may be less than, or exceed, the executive officer&#146;s target bonus. In addition, the Chief Executive Officer may recommend increases or
decreases of up to 25% of each executive officer&#146;s calculated award payout amount, for the Committee to consider in determining the final bonus amount payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Executive Plan funding is capped at 200% of target funding. If Executive Plan funding equals or exceeds 150% of target funding and the payout
to any participating executive officer exceeds 125% of such executive officer&#146;s target bonus payout, then 125% of such executive officer&#146;s target bonus payout will be paid in cash and any amount in excess of 125% of such executive
officer&#146;s target bonus payout will be satisfied by the grant of restricted stock units. The number of restricted stock units that will be granted to each participating executive officer will be determined by dividing the excess cash amount for
each such executive officer by the closing price of a share of Company Class&nbsp;A common stock on the bonus payment date (rounding down to the nearest whole share). One hundred percent of the shares subject to the restricted stock units will vest
on the one year anniversary of the date of grant. The restricted stock units will be subject to the Company&#146;s standard form of restricted stock unit agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No actual bonus payment to any executive officer may exceed the limitation set forth in the Company&#146;s 2005 Stock Plan. An executive
officer may only be paid a bonus under the Executive Plan if the Committee has certified that the applicable non-GAAP operating income and revenue goals have been met. </P>

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<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit<BR>No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman">Description</P></TD></TR>


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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015 Dolby Executive Annual Incentive Plan</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>DOLBY LABORATORIES, INC.</B></TD></TR>


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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andy Sherman</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Andy Sherman</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President,
General Counsel and</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Secretary</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: November&nbsp;17, 2014 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit<BR>No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman">Description</P></TD></TR>


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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2015 Dolby Executive Annual Incentive Plan</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2015 DOLBY EXECUTIVE ANNUAL INCENTIVE PLAN </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><U>Eligibility:</U></TD>
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<TD VALIGN="bottom">Eligible employees are the executive officers and other officers of the Company and its subsidiaries who are selected by the Compensation Committee (&#147;Executives&#148;).</TD></TR>
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<TD VALIGN="top"><U>Bonus Amounts:</U></TD>
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<TD VALIGN="bottom">The amount each Executive may be eligible to receive under the 2015 Dolby Executive Annual Incentive Plan (the &#147;Executive Plan&#148;) will be determined as summarized below and pursuant to the level of achievement by the
Company of certain non-GAAP operating income and revenue goals during the 2015 fiscal year. For purposes of this Executive Plan, &#147;non-GAAP operating income&#148; shall be defined as the Company&#146;s GAAP operating income excluding expenses
related to stock based compensation, the amortization of intangibles from business combinations, restructuring charges and the related tax impact of these items.</TD></TR>
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<TD VALIGN="top"><U>Target Bonus:</U></TD>
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<TD VALIGN="bottom">Target bonuses for Executives will be established and approved by the Compensation Committee. Each Executive&#146;s target bonus will be a percentage of the Executive&#146;s base salary at the applicable fiscal
year-end.</TD></TR>
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<TD VALIGN="top"><U>Actual Bonus:</U></TD>
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<TD VALIGN="bottom">The Chief Executive Officer&#146;s actual bonus will be determined by multiplying his base salary by his target bonus percentage and then adjusting such target bonus to reflect the extent to which the Company meets the non-GAAP
operating income and revenue goals. The actual bonus amount may be less than, or exceed, the Chief Executive Officer&#146;s target bonus, depending on the extent to which the Company meets the non-GAAP operating income and revenue goals. The
Compensation Committee, in its sole discretion, may reduce (but not increase), the amount otherwise payable to the Chief Executive Officer as determined in accordance with the foregoing formula.</TD></TR>
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<TD VALIGN="bottom">The actual bonuses for all other eligible Executives will be determined by multiplying base salary by the applicable target bonus percentage and then adjusting such number to reflect the (i) the extent to which the Company meets
the non-GAAP operating income and revenue goals and (ii) based upon such other criteria as the Compensation Committee, in its sole and absolute discretion, determines is appropriate to calculate and determine such final bonus amount for any such
eligible Executive. The Chief Executive Officer may recommend increases or decreases of up to 25% of each such executive officer&#146;s calculated award payout amount, for the Compensation Committee to consider in determining the final bonus amount
payable.</TD></TR></TABLE>

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<TD VALIGN="top"><U>Form of Payment:</U></TD>
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<TD VALIGN="bottom">In the event that the level of achievement by the Company of certain non-GAAP operating income and revenue goals during the 2015 fiscal year results in funding equal to or greater than 150% of target funding and the payout to any
Executive exceeds 125% of such Executive&#146;s target bonus payout, then the payout up to 125% of such Executive&#146;s target bonus payout will be paid in cash, but any amount in excess of 125% of such Executive&#146;s target bonus payout will be
paid out in restricted stock units (&#147;RSUs&#148;). The RSUs shall have a one-year vesting schedule, with 100% of the number of shares subject to the RSUs vesting one year after date of grant of the RSUs.</TD></TR>
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<TD VALIGN="top"><U>Grant of RSUs:</U></TD>
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<TD VALIGN="bottom">RSUs shall be granted automatically and without any further action by the Company, effective upon the date upon which the cash portion of such Executive&#146;s applicable bonus is paid (in the event such a payment date falls on a
weekend or holiday, the grant of the RSUs shall be effective upon the first business day immediately following the date of such cash payments) (the &#147;Grant Date&#148;), in accordance with the terms of the 2005 Stock Plan, to each such Executive
who remains employed with the Company on such Grant Date, with each such Executive being granted that number of RSUs (rounded down to the nearest whole share) equal to (a) the difference from subtracting 125% of such Executive&#146;s target bonus
calculation from such Executive&#146;s final individual bonus calculation, divided by (b) the closing price of the Company&#146;s Class A Common Stock on the Grant Date.</TD></TR>
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<TD VALIGN="top"><U>Bonus Payment Approval:</U></TD>
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<TD VALIGN="bottom">Specific measurable Company revenue and non-GAAP operating income targets are established by the Compensation Committee near the commencement of the 2015 fiscal year. All individual Executive bonuses must be approved and
certified by the Compensation Committee prior to payment.</TD></TR>
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<TD VALIGN="bottom">Payment of the cash portion of the actual bonuses under the Executive Plan will be made no later than the latter of: (i) the 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of the third month following the end of
the Company&#146;s fiscal year in which the bonus was earned, or (ii) March 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the year following the calendar year in which the bonus was earned. To the extent permitted by applicable law,
employees must be employed by the Company at the time of payment of actual bonuses under the Executive Plan in order to be eligible for their actual bonus. The grant of the RSUs shall be done automatically, pursuant to the terms of the 2005 Stock
Plan, on the Grant Date.</TD></TR>
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<TD VALIGN="top"><U>Subject to Plan:</U></TD>
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<TD VALIGN="bottom">The bonus goal, and the terms of this Executive Plan, are subject to the applicable terms and conditions of the 2005 Stock Plan.</TD></TR>
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<TD VALIGN="top"><U>Maximum Bonus Amount:</U></TD>
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<TD VALIGN="bottom">Notwithstanding anything to the contrary in this Executive Plan, no &#147;Covered Employee,&#148; as that term is defined in the 2005 Stock Plan, may receive a bonus, in any fiscal year, greater than the individual Covered
Employee&#146;s fiscal year limitation authorized by the terms of the 2005 Stock Plan.</TD></TR>
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