TrueBlue, Inc. — Director's Dealing 2012

Feb 21, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TrueBlue, Inc. (TBI)
CIK: 0000768899
Period of Report: 2012-02-16

Reporting Person: DEFEBAUGH JAMES E (EVP, General Counsel & Sec.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-16	Common Stock	S	4500	$16.54	Disposed	45991	Direct
2012-02-16	Common Stock	M	17000	$9.08	Acquired	62991	Direct
2012-02-16	Common Stock	S	17000	$16.67	Disposed	45991	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-16	Options (Right to Buy)	$9.08	M	17000	Disposed	2016-02-06	Common Stock (17000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3803	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $16.50 to $16.57. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer the detailed information regarding the number of shares sold at each separate price.

F2: This transaction was executed in multiple trades at prices ranging from $16.62 to $16.71. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer the detailed information regarding the number of shares sold at each separate price.

F3: Options subject to this grant fully vested on the third anniversary of the grant date.