lululemon athletica inc. — Director's Dealing 2012

Dec 19, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: lululemon athletica inc. (LULU)
CIK: 0001397187
Period of Report: 2012-12-17

Reporting Person: Waterson Sheree (Chief Product Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-17	Common Stock	M	22500	$14.24	Acquired	22500	Direct
2012-12-17	Common Stock	S	22500	$75.4903	Disposed	0	Direct
2012-12-17	Common Stock	M	22500	$6.5	Acquired	22500	Direct
2012-12-17	Common Stock	S	22500	$75.4274	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-17	Stock Option (Right to Buy)	$14.24	M	22500	Disposed	2018-06-16	Common Stock (22500)	Direct
2012-12-17	Stock Option (Right to Buy)	$6.5	M	22500	Disposed	2016-06-16	Common Stock (22500)	Direct

Footnotes

F1: Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $75.40 to $75.55, 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 $75.31 to $75.49, 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: This option vested as to 25% on each of June 16, 2009, June 16, 2010, June 16, 2011 and June 16, 2012.

F4: This option vested as to 25% on each June 16, 2010, June 16, 2011 and June 16, 2012, and shall vest as to 25% on June 16, 2013.