lululemon athletica inc. — Director's Dealing 2011

Mar 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: lululemon athletica inc. (lulu)
CIK: 0001397187
Period of Report: 2011-03-21

Reporting Person: Day Christine McCormick (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-21	Common Stock	M	53750	$33.66	Acquired	71366	Direct
2011-03-21	Common Stock	S	53750	$76.4198	Disposed	17616	Direct
2011-03-21	Common Stock	M	40000	$33.66	Acquired	57616	Direct
2011-03-21	Common Stock	S	40000	$75.7287	Disposed	17616	Direct
2011-03-21	Common Stock	M	41666	$18.91	Acquired	59282	Direct
2011-03-21	Common Stock	S	41666	$75.6024	Disposed	17616	Direct
2011-03-21	Common Stock	M	20000	$23.74	Acquired	37616	Direct
2011-03-21	Common Stock	S	20000	$76.1804	Disposed	17616	Direct
2011-03-21	Common Stock	M	21667	$23.74	Acquired	39283	Direct
2011-03-21	Common Stock	S	21667	$75.8362	Disposed	17616	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-21	Stock Option (Right to Buy)	$33.66	M	93750	Disposed	2018-01-18	Common Stock (93750)	Direct
2011-03-21	Stock Option (Right to Buy)	$18.91	M	41666	Disposed	2018-09-02	Common Stock (41666)	Direct
2011-03-21	Stock Option (Right to Buy)	$23.74	M	41667	Disposed	2018-10-01	Common Stock (41667)	Direct

Footnotes

F1: Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from 76.2663 to 76.5108, inclusive. For all transactions reported in this Form 4 utilizing a weighted-average price, the reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

F2: Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from 75.6288 to 75.8286, inclusive. For all transactions reported in this Form 4 utilizing a weighted-average price, the reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

F3: Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from 75.5904 to 75.6135, inclusive. For all transactions reported in this Form 4 utilizing a weighted-average price, the reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

F4: These options vested as to 25% on January 7, 2009, January 7, 2010 and January 7, 2011 and shall vest as to 25% on January 7, 2012.

F5: These options vested as to 25% on September 2, 2009, September 2, 2010 and September 2, 2011, and shall vest as to 25% on September 2, 2012.

F6: These options vested as to 25% on October 1, 2009, October 1, 2010 and October 1, 2011, and shall vest as to 25% on October 1, 2012.