NEUBURGER NICOLE 4

What Happened
Nicole Neuburger, Chief Brand Officer at lululemon (LULU), had 3,754 performance share units (PSUs) convert into common shares on March 30, 2026. To cover tax obligations, 1,979 shares and 201 shares (total 2,180) were withheld/disposed at $145.83/share, generating $288,598 and $29,312 respectively (combined ~$317,910). The PSU conversion is shown as an exercise/conversion of a derivative (code M) at $0 exercise price; net shares retained from the vesting were 1,574 (3,754 − 2,180).

Key Details

• Transaction date: 2026-03-30 (Form 4 filed 2026-04-01).
• Conversion: 3,754 PSUs converted to 3,754 shares (code M) at $0.00.
• Tax withholding/dispositions: 1,979 shares @ $145.83 = $288,598; 201 shares @ $145.83 = $29,312; total withheld value = $317,910. (Codes F1/F2 indicate shares withheld for tax obligations.)
• Net shares retained from the settlement: 1,574 shares.
• Shares owned after transaction: not explicitly disclosed in the filing.
• Footnotes: F1 = withholding for PSUs; F2 = withholding for RSUs; F3 = PSUs were granted 3/30/2023 for a three‑year performance period, certified 3/13/2026, and vested 3/30/2026.
• Filing timeliness: Form filed on 2026-04-01 for a 2026-03-30 settlement (appears timely per standard Form 4 rules).

Context
This was a routine vesting/settlement of performance awards, not an open-market sale. The withheld/disposed shares were used solely to satisfy tax obligations (a cashless/withholding settlement), which is common and does not necessarily indicate a change in insider sentiment. The conversion of PSUs at $0 reflects settlement of contingent equity awards rather than an option exercise requiring cash to buy shares.