Edgar Filing: lululemon athletica inc.

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Robert Meers

2. Issuer Name and Ticker or Trading Symbol
lululemon athletica inc. [lulu]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Chief Executive Officer

(Last)

(First)

(Middle)

2285 CLARK DRIVE

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2008

(Street)

VANCOUVER, A1 V5N 3G9

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/13/2008		M⁽¹⁾		2,400	A	$ 0.6	2,400	D
Common Stock	05/13/2008		S⁽¹⁾		2,400	D	$ 35.0078 ⁽²⁾	0	D
Common Stock	05/13/2008		M⁽¹⁾		1,200	A	$ 0.49	1,200	D
Common Stock	05/13/2008		S⁽¹⁾		1,200	D	$ 35.0078 ⁽²⁾	0	D
Common Stock	05/14/2008		M⁽¹⁾		197,283	A	$ 0.6	197,283	D
Common Stock	05/14/2008		S⁽¹⁾		197,283	D	$ 35.0056 ⁽²⁾	0	D
Common Stock	05/14/2008		M⁽¹⁾		41,166	A	$ 0.49	41,166	D
Common Stock	05/14/2008		S⁽¹⁾		41,166	D	$ 35.0056 ⁽²⁾	0	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (Right to Buy)

$ 0.6

05/13/2008

2,400

11/28/2007

⁽⁴⁾

Common Stock

2,400

$ 0

1,768,802

Stock Option (Right to Buy)

$ 0.49

05/13/2008

1,200

11/28/2007

⁽³⁾

Common Stock

1,200

$ 0

387,696

Stock Option (Right to Buy)

$ 0.6

05/14/2008

197,283

11/28/2007

⁽⁴⁾

Common Stock

197,283

$ 0

1,571,519

Stock Option (Right to Buy)

$ 0.49

05/14/2008

41,166

11/28/2007

⁽³⁾

Common Stock

41,166

$ 0

346,530

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Robert Meers 2285 CLARK DRIVE VANCOUVER, A1 V5N 3G9	X		Chief Executive Officer

Signatures

/s/ Robert Meers		05/15/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This transaction was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 24, 2007.
(2)	Represents the weighted average sales price.
(3)	Pursuant to that certain Retirement, Transition and Release Agreement between the Company and the reporting person, 37,635 options from this grant will become exercisable six months after June 30, 2008 and will expire on March 15, 2009, with the remainder having an expiration date of September 28, 2008, in accordacne with the Company's 2007 Equity Incentive Plan.
(4)	Pursuant to that certain Retirement, Transition and Release Agreement between the Company and the reporting person, 171,407 options from this grant will become exercisable six months after June 30, 2008 and will expire on March 15, 2009, with the remainder having an expiration date of September 28, 2008, in accordance with the Company's 2007 Equity Incentive Plan.

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