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2009 EXECUTIVE BONUS PLAN (THE
“ PLAN ”)
LULULEMON ATHLETICA INC.
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PLAN TERM
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Fiscal year beginning
February 2, 2009
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PLAN EFFECTIVE DATE
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February 2, 2009
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PLAN YEAR
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lululemon’s 2009 fiscal
year
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The
purpose of the Plan is to increase stockholder value by providing
an incentive for the achievement of goals that support the
strategic plan of lululemon athletica inc. (the “
Company ”).
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The
Plan is applicable for positions of executive vice president and
above, and other senior officers of the Company as designated by
the Compensation Committee of the Board of Directors (the “
Participants ”).
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The
CEO has the authority to recommend participants. The Compensation
Committee has the sole authority to designate
Participants.
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Eligibility will cease upon
termination of the Participant’s employment, withdrawal of
designation by the Compensation Committee, transfer to a position
compensated otherwise than as provided in the Plan, termination of
the Plan by the Company, or if the Participant engages, directly or
indirectly, in any activity which is competitive with any Company
activity.
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If
a Participant changes from an eligible position to an ineligible
position during the Plan Year, eligibility to participate will be
at the discretion of the Compensation Committee.
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The
target bonus shall be the amount that would be paid to the
Participant under the Plan if 100% of Financial Performance Goals
and 100% of Individual Performance Goals were met (the “
Target Bonus ”).
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The
Target Bonus for each Participant shall be established by the
Compensation Committee no later than ninety (90) days after
the beginning of the Plan Year.
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The
Target Bonus may be established as a percentage of base cash
salary, or according to another method established by the
Compensation Committee. The amount of the Target Bonus earned by
the Participant shall be based on the achievement of Financial
Performance Goals and, if applicable, Individual Performance
Goals.
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OBJECTIVE
FINANCIAL PERFORMANCE GOALS
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The
Compensation Committee shall select the Financial Performance Goals
for each Participant no later than ninety (90) days after the
beginning of the Plan Year and while the outcome is substantially
uncertain.
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The
Compensation Committee shall select the amount of the Target Bonus
for each Participant under the Plan no later than ninety
(90) days after the beginning of the Plan Year.
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The
Compensation Committee may establish any special adjustments that
will be applied in calculating whether the Financial Performance
Goals have been met to factor out extraordinary items no later than
ninety (90) days after the beginning of the Plan Year and
while the outcome is substantially uncertain.
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The
Company’s overall financial performance is evaluated against
four critical financial measures:
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diluted earnings per
share
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company revenue
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