lululemon athletica inc. — Director's Dealing 2012

Apr 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: lululemon athletica inc. (lulu)
CIK: 0001397187
Period of Report: 2012-03-29

Reporting Person: Waterson Sheree (Chief Product Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-29	Common Stock	M	15000	$11.75	Acquired	15000	Direct
2012-03-29	Common Stock	S	15000	$73.1072	Disposed	0	Direct
2012-03-29	Common Stock	M	2200	$20.61	Acquired	2200	Direct
2012-03-29	Common Stock	S	2200	$73.16	Disposed	0	Direct
2012-03-30	Common Stock	M	22257	$4.14	Acquired	22257	Direct
2012-03-30	Common Stock	S	22257	$73.7314	Disposed	0	Direct
2012-03-30	Common Stock	M	7743	$4.14	Acquired	7743	Direct
2012-03-30	Common Stock	S	7743	$74.0506	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-29	Stock Option (Right to Buy)	$11.75	M	15000	Disposed	2016-09-14	Common Stock (15000)	Direct
2012-03-29	Stock Option (Right to Buy)	$20.61	M	2200	Disposed	2017-03-29	Common Stock (2200)	Direct
2012-03-30	Stock Option (Right to Buy)	$4.14	M	30000	Disposed	2016-03-30	Common Stock (30000)	Direct

Footnotes

F1: Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from 73.10 to 73.15, 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 73.58 to 73.99, 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 74.00 to 74.27, 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 option vested as to 25% on each of September 14, 2010 and September 14, 2011 and shall vest as to 25% on each of September 14, 2012 and September 14, 2013.

F5: These options vested as to 25% on March 29, 2011 and March 29, 2012 and shall vest as 25% on each of March 29, 2013 and March 29, 2014.

F6: These options vested as to 25% on March 30, 2010 and March 30, 2011 and March 30, 2012 and shall vest as to 25% on March 30, 2013.