Lululemon Athletica Inc

1. 1

   Election of Directors

   ManagementBoard: FOR

   Election of three Class I directors (Chip Bergh, Esi Eggleston Bracey, and Teri List) to three-year terms.

2. 2

   Ratification of Selection of Independent Registered Public Accounting Firm

   ManagementBoard: FOR

   Ratify the appointment of PricewaterhouseCoopers LLP as lululemon's independent registered public accounting firm for the fiscal year ending January 31, 2027.

3. 3

   Advisory Vote on Executive Compensation (Say-on-Pay

   ManagementBoard: FOR

   Non-binding advisory vote to approve the compensation of the named executive officers as disclosed in the proxy statement.

   More detail

   This proposal asks stockholders to approve, on a non-binding advisory basis, the compensation paid to lululemon’s named executive officers as disclosed in the proxy statement, including the CD&A, compensation tables and narrative disclosures. Management recommends a vote FOR, arguing that the program is pay-for-performance oriented, heavily weighted to at‑risk and equity compensation, and structured to align executives with long‑term stockholder value through PSUs, RSUs and stock options. The context includes an executive leadership transition in 2025–2026 (interim co‑CEOs, retention awards and a CEO search) and committee actions to adjust payouts to reflect discrete items (tariff impacts, transition costs, and proxy contest expenses) when calculating incentive outcomes. The board highlights governance features such as independent compensation consultant engagement, clawback provisions, stock ownership guidelines, capped payouts, and a majority-supported prior say‑on‑pay (approximately 83% in 2025) as evidence the program is appropriate. While non-binding, the vote provides shareholder feedback the board will consider when setting future compensation. The board’s rationale emphasizes retention and stability during the CEO succession, the use of multi-year performance metrics (including operating income and PSU CAGR) to drive sustained performance, and risk-mitigating features in plan design. Because the program includes both annual cash incentives and multi-year performance-based equity, management contends it balances near-term and long-term goals and discourages excessive risk-taking. In recommending FOR, the board also notes its review of peer benchmarking, the role of the PCCC and the consultant, and the committee’s use of limited discretion to adjust for extraordinary items to preserve the integrity of incentive objectives. Stockholders should view the vote as evaluative rather than determinative; management uses the outcome to inform future program design and disclosure.

4. 4

   Approval of an Amendment to the 2023 Equity Incentive Plan (Share Reserve Increase

   ManagementBoard: FOR

   Approve an amendment to the 2023 Equity Incentive Plan to increase the share reserve by 6,300,000 shares (full-value awards count at 1.7 shares each).

   More detail

   This management proposal requests shareholder approval to increase the share reserve under the company’s 2023 Equity Incentive Plan by 6,300,000 shares (with full-value awards counting at 1.7 shares each), expanding the pool available for stock options, RSUs, PSUs and other awards. Management frames the request as narrowly targeted — only increasing the share reserve and not changing other plan terms — arguing that equity is critical to attract, retain and align employees and executives with long-term shareholder value. The board’s analysis notes that a combination of higher grant levels, changes in design, and stock price movement led to faster depletion of the existing reserve (approximately 2.0 million shares available as of Feb 1, 2026), and that the requested increase would support the company’s anticipated grant practices for roughly three to four years under current assumptions. The proposal includes governance protections in the plan (no repricing without shareholder approval, minimum vesting, annual non-employee director limits, and a fungible share counting ratio), which the board highlights in recommending FOR. Approving the increase avoids the need to shift toward higher cash compensation or make abrupt changes to retention practices if the reserve were exhausted, which could be costly or disruptive. The board intends the increase to preserve flexibility for hiring and long-term incentive cycles, including ongoing PSU cycles tied to operating income and TSR modifiers. Opponents may point to dilution concerns — the filing discloses overhang and basic dilution metrics and historical burn rates — but management argues that its request is calibrated to anticipated needs and accompanied by prudent plan design. The board recommends FOR because it believes the increase supports competitive compensation and continuity of incentive plans while retaining shareholder protections and oversight.

5. 5

   Stockholder Proposal: Declassification of the Board of Directors

   Shareholder — Dennis J. “Chip” WilsonBoard: FOR

   Advisory (non-binding) stockholder proposal urging the board to take all necessary steps to immediately declassify the board so directors are elected annually for one-year terms.

   More detail

   This shareholder proposal, submitted by Dennis J. “Chip” Wilson, requests that the board immediately declassify lululemon’s classified board so that all directors are elected annually for one‑year terms. The proponent’s core argument is that annual elections increase director accountability, improve responsiveness to shareholders, and modernize governance consistent with market norms; Mr. Wilson formally asks the board to take all steps necessary under Delaware law to effect immediate declassification. The board, after review, publicly supports the objective of transitioning to annual elections and recommends that stockholders vote FOR, but notes an important procedural and legal constraint: declassification requires an amendment to the company’s certificate of incorporation, which in turn requires board recommendation and a majority stockholder vote under Delaware law. In its response, the board explains that approval of the advisory proposal would not itself effectuate declassification, and if the proposal passes the board intends to consider the vote, engage with stockholders on timing and process, and — subject to fiduciary duties — expects to submit the required charter amendment for a 2027 stockholder vote. The practical consequence is that a favorable advisory vote provides guidance to the board but is not a binding mechanism to immediately implement declassification. Company context includes an ongoing proxy contest and active board refreshment; the board’s support of declassification is framed as consistent with its review of governance practices and the board’s prior and future refreshment plans. Analysts assessing the proposal should weigh the proponent’s governance argument against the legal/charter steps required, the timing implications (board intends follow-up engagement and a possible 2027 amendment), and the surrounding strategic dynamics including director nominations and recent board changes.

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When is the Lululemon Athletica Inc 2026 annual meeting?

Lululemon Athletica Inc (LULU) holds its 2026 annual shareholder meeting on Thursday, June 25, 2026.

What is the record date for the Lululemon Athletica Inc 2026 meeting?

The record date for the Lululemon Athletica Inc 2026 meeting is Thursday, April 30, 2026. Shareholders of record on or before that date are eligible to vote.

Who are the director nominees for Lululemon Athletica Inc's 2026 meeting?

The board is presenting 3 director nominees at the Lululemon Athletica Inc 2026 meeting, listed with their independence status and background.

What proposals will shareholders vote on at the Lululemon Athletica Inc 2026 meeting?

Shareholders will vote on 5 proposals at the Lululemon Athletica Inc 2026 meeting, each tagged with who proposed it and the board's recommendation.