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X0202 SCHEDULE 13D/A 0001407029 XXXXXXXX LIVE 21 Common Stock 05/18/2026 false 0001397187 550021109 lululemon athletica inc. 1818 Cornwall Avenue Vancouver A1 V6J 1C7 Dennis J. Wilson 604-737-7232 21 Water Street, Suite 600 Vancouver, British Columbia A1 V6B 1A1 0001407029 N Dennis J. Wilson a OO N Z4 3852.00 9901004.00 3852.00 9901004.00 9904856.00 N 8.7 IN Y Anamered Investments Inc. a OO N A1 0.00 4755217.00 0.00 4755217.00 4755217.00 N 4.2 CO 0002003936 N LIPO Investments (USA), Inc. a OO N A1 0.00 3401596.00 0.00 3401596.00 3401596.00 N 3.0 CO Y Wilson 5 Foundation a OO N A1 0.00 829325.00 0.00 829325.00 829325.00 N 0.7 OO Y Wilson 5 Foundation Management Ltd. a OO N A1 0.00 829325.00 0.00 829325.00 829325.00 N 0.7 CO Y Five Boys Investments ULC a OO N A1 0.00 91760.00 0.00 91760.00 91760.00 N 0.1 OO Y Shannon Wilson a OO N Z4 0.00 1098309.00 0.00 1098309.00 1098309.00 N 1.0 IN 0001972360 N Low Tide Properties Ltd. a OO N A1 0.00 554122.00 0.00 554122.00 554122.00 N 0.5 CO Y House of Wilson Ltd. a N Z4 0.00 0.00 0.00 0.00 0.00 Y 0.0 CO Y Laura Gentile a N X1 0.00 0.00 0.00 0.00 0.00 Y 0.0 IN Y Eric Hirshberg a N X1 0.00 0.00 0.00 0.00 0.00 Y 0.0 IN Y Marc Maurer a N V8 0.00 0.00 0.00 0.00 0.00 Y 0.0 IN Common Stock lululemon athletica inc. 1818 Cornwall Avenue Vancouver A1 V6J 1C7 This Amendment No. 21 (this "Amendment") is being filed by Dennis J. Wilson, Anamered Investments Inc. ("Anamered"), LIPO Investments (USA), Inc. ("LIPO"), Wilson 5 Foundation ("Wilson 5"), Wilson 5 Foundation Management Ltd. ("Wilson 5 Trustee"), Five Boys Investments ULC ("Five Boys"), Shannon Wilson, Low Tide Properties Ltd. ("Low Tide"), House of Wilson Ltd. ("House of Wilson"), Laura Gentile, Eric Hirshberg and Marc Maurer (collectively, the "Reporting Persons") and amends and supplements the Schedule 13D filed with the U.S. Securities and Exchange Commission (the "SEC") by the Reporting Persons on February 14, 2019 (as amended, the "Schedule 13D") to reflect certain updates to the information previously reported. The number of shares of Issuer common stock beneficially owned by the Reporting Persons has not changed since the filing of Amendment No. 20 to the Schedule 13D by the Reporting Persons thereto on May 8, 2026. The Items below amend the information disclosed under the corresponding Items in the Schedule 13D as described below. Capitalized terms used but not defined in this Amendment shall have the same meanings ascribed to them in the Schedule 13D. Except as specifically provided herein, this Amendment does not modify any of the information previously reported in the Schedule 13D. Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On May 18, 2026, Mr. Wilson issued a press release (the "May 18 Press Release"), a copy of which is attached as Exhibit 99.1 to this Amendment, setting forth details of his recent negotiations with the Issuer. The May 18 Press Release highlighted Mr. Wilson's support for the eight key terms proposed by the Issuer as part of a potential resolution, and detailed Mr. Wilson's responses to other items in the Issuer's proposal, including to align the proposed framework with customary terms such as replacement rights and an expense reimbursement. The May 18 Press Release noted that such customary terms are so common that they are included in at least 14 of the last 20 settlement agreements that other clients of the Issuer's counsel have entered into in similar situations. The May 18 Press Release also expressed Mr. Wilson's willingness to continue a constructive dialogue with the Board to effect a resolution and his readiness to act in the best interests of all shareholders, whether through a vote at the Annual Meeting or a constructive resolution with the Issuer. The information contained in Exhibit 99.1 of this Amendment is incorporated herein by reference. Item 5(a) of the Schedule 13D is hereby amended and restated as follows: Each of Mr. Wilson, Anamered, LIPO, Wilson 5, Wilson 5 Trustee, Five Boys, Mrs. Wilson, Low Tide, House of Wilson and the Nominees (each, a "Participant" and collectively, the "Participants") may be deemed to be a member of a "group" with the other Participants for the purposes of Section 13(d)(3) of the Exchange Act, and such group may be deemed to beneficially own the 9,904,856 shares of the Issuer's common stock (of which 5,115,961 are exchangeable shares (as defined below) and an equal number of shares of the Issuer's special voting stock on a fully-converted basis) owned in the aggregate by all of the Participants. Each Participant disclaims beneficial ownership of shares of the Issuer's common stock (and exchangeable shares and an equal number of shares of the Issuer's special voting stock) that he, she or it does not directly own, except to the extent of his, her or its pecuniary interest therein. The foregoing is based on 109,318,984 shares of the Issuer's common stock and 5,115,961 shares of the Issuer's special voting stock outstanding as of April 30, 2026 as disclosed by the Issuer in its Definitive Proxy Statement filed with the SEC on May 18, 2026. Each share of the Issuer's special voting stock has voting rights equivalent to one share of the Issuer's common stock, but no economic rights. Each share of the Issuer's special voting stock is paired with an exchangeable share (an "exchangeable share") of Lulu Canadian Holding, Inc., a wholly owned subsidiary of the Issuer ("Lulu Canada"). Holders of exchangeable shares may require Lulu Canada to redeem each of its exchangeable shares in exchange for one share of the Issuer's common stock plus a cash payment equal to any accrued and unpaid dividends on the exchangeable shares. When exchangeable shares are exchanged into shares of the Issuer's common stock, the Issuer cancels a corresponding number of shares of special voting stock without consideration. As a result, each exchangeable share, together with its paired share of special voting stock, may be deemed to represent beneficial ownership of one share of the Issuer's common stock. Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit 99.1 Press Release Titled "Chip Wilson Issues Statement and Shares Details of Negotiations with lululemon" Dennis J. Wilson /s/ Dennis J. Wilson Dennis J. Wilson 05/20/2026 Anamered Investments Inc. /s/ Dennis J. Wilson Dennis J. Wilson, Director 05/20/2026 LIPO Investments (USA), Inc. /s/ Dennis J. Wilson Dennis J. Wilson, Director 05/20/2026 Wilson 5 Foundation /s/ Dennis J. Wilson Dennis J. Wilson, Director of Wilson 5 Foundation Management Ltd., corporate trustee of Wilson 5 Foundation 05/20/2026 Wilson 5 Foundation Management Ltd. /s/ Dennis J. Wilson Dennis J. Wilson, Director 05/20/2026 Five Boys Investments ULC /s/ Dennis J. Wilson Dennis J. Wilson, Director 05/20/2026 Shannon Wilson /s/ Shannon Wilson Shannon Wilson 05/20/2026 Low Tide Properties Ltd. /s/ Dennis J. Wilson Dennis J. Wilson, Director 05/20/2026 House of Wilson Ltd. /s/ Dennis J. Wilson Dennis J. Wilson, Director 05/20/2026 Laura Gentile /s/ Laura Gentile Laura Gentile 05/20/2026 Eric Hirshberg /s/ Eric Hirshberg Eric Hirshberg 05/20/2026 Marc Maurer /s/ Marc Maurer Marc Maurer 05/20/2026