lululemon athletica inc. — Director's Dealing 2011

Jun 30, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: lululemon athletica inc. (lulu)
CIK: 0001397187
Period of Report: 2011-06-28

Reporting Person: Currie John (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-06-28	Common Stock	M	5000	$8.28	Acquired	15000	Direct
2011-06-28	Common Stock	S	5000	$110	Disposed	10000	Direct
2011-06-28	Common Stock	M	4335	$8.28	Acquired	14335	Direct
2011-06-28	Common Stock	S	4335	$111.2	Disposed	10000	Direct
2011-06-28	Common Stock	M	550	$41.22	Acquired	10550	Direct
2011-06-28	Common Stock	S	550	$111.3	Disposed	10000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-06-28	Stock Option (Right to Buy)	$8.28	M	9335	Disposed	2016-03-30	Common Stock (9335)	Direct
2011-06-28	Stock Option (Right to Buy)	$41.22	M	550	Disposed	2016-03-30	Common Stock (550)	Direct

Footnotes

F1: Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $111.17 to $111.25, 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: This option vested as to 25% on March 30, 2010 and March 30, 2011 and shall vest as to 25% per year on each of March 30, 2012 and March 30, 2013.

F3: This option vested as 25% on March 29, 2011 and shall vest as to 25% per year on each of March 29, 2012, March 29, 2013 and March 29, 2014.