Major holder Chip Wilson keeps 8.7% lululemon (LULU) stake, presses talks

Rhea-AI Filing Summary

Dennis “Chip” Wilson and affiliated entities filed Amendment No. 21 to their Schedule 13D on lululemon athletica inc., confirming group beneficial ownership of 9,904,856 shares, or 8.7% of the common stock. The amendment states this share count is unchanged from the prior amendment and is based on 109,318,984 common shares and 5,115,961 special voting shares outstanding as of April 30, 2026. It explains that these holdings include 5,115,961 exchangeable shares paired with an equal number of special voting shares, together economically equivalent to common stock. The filing also describes a May 18, 2026 press release in which Wilson outlines support for eight key terms proposed by lululemon in settlement discussions, requests customary provisions such as replacement rights and expense reimbursement, and expresses willingness to continue constructive negotiations or proceed to a shareholder vote at the annual meeting.

Insights

Corporate governance analyst

Large shareholder reaffirms 8.7% stake while pressing for negotiated resolution.

The amendment shows Dennis J. Wilson and related entities continue to beneficially own 9,904,856 lululemon shares, or 8.7% of the company’s common stock, with no change in holdings versus the prior amendment. This confirms a stable, sizable ownership position.

The filing centers on Wilson’s ongoing negotiations with lululemon, referencing an attached May 18, 2026 press release. That release supports eight key terms proposed by the company while seeking customary elements like replacement rights and expense reimbursement, which the text notes appear frequently in comparable settlement agreements.

The amendment underscores Wilson’s stated readiness to pursue either a negotiated settlement or a vote at the annual meeting, framing his actions as aimed at the interests of all shareholders. Future company disclosures and meeting results may clarify whether discussions culminate in a formal agreement or proceed through the shareholder vote process.

Key Figures

Group beneficial ownership: 9,904,856 shares Ownership percentage: 8.7% of class Shares outstanding: 109,318,984 shares +5 more

8 metrics

Group beneficial ownership 9,904,856 shares Aggregated holdings of all Participants

Ownership percentage 8.7% of class Percent of lululemon common stock represented by 9,904,856 shares

Shares outstanding 109,318,984 shares Lululemon common stock outstanding as of April 30, 2026

Special voting shares outstanding 5,115,961 shares Special voting stock outstanding as of April 30, 2026

Exchangeable shares held 5,115,961 shares Exchangeable shares of Lulu Canadian Holding, Inc. paired with special voting stock

Wilson sole voting power 3,852 shares Shares over which Dennis J. Wilson has sole voting and dispositive power

Wilson shared voting power 9,901,004 shares Shares over which Dennis J. Wilson has shared voting and dispositive power

Anamered stake 4,755,217 shares Aggregate amount beneficially owned by Anamered Investments Inc.

Key Terms

Schedule 13D, beneficial ownership, exchangeable shares, special voting stock, +2 more

6 terms

Schedule 13D regulatory

"This Amendment No. 21 (this "Amendment") is being filed ... and amends and supplements the filed ... on February 14, 2019"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial ownership financial

"such group may be deemed to beneficially own the 9,904,856 shares of the Issuer's common stock"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

exchangeable shares financial

"of which 5,115,961 are exchangeable shares (as defined below) and an equal number of shares of the Issuer's special voting stock"

Exchangeable shares are stock-like securities that the holder can swap for shares of a different company or a different class of shares, usually according to a preset ratio and time conditions. Think of them like a coupon that can be redeemed for another product: their value and future supply depend on the underlying shares they convert into, so investors care because conversion can change ownership stakes, affect share supply and price, and shift potential returns or voting power.

special voting stock financial

"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."

Special voting stock is a class of shares that gives its holders more or different voting rights than ordinary shares, allowing them to control key corporate decisions such as board elections or mergers. For investors, it matters because these shares concentrate control in certain hands, so even if others own more economic interest, they may have less influence over company strategy and governance — like having fewer keys to a car even if you paid for most of it.

Section 13(d)(3) of the Exchange Act regulatory

"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"

Annual Meeting financial

"whether through a vote at the Annual Meeting or a constructive resolution with the Issuer"

A company's annual meeting is a yearly gathering where owners (shareholders) and the board review performance, ask questions, and vote on key matters like electing directors, approving auditor choices, and sometimes setting pay or dividend policies. For investors it matters because decisions made and votes cast can change who runs the company, influence strategy and payouts, and affect the value or direction of their investment—similar to a homeowners’ meeting where rules and leaders that shape your property’s value are decided.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 21)

lululemon athletica inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

550021109

(CUSIP Number)

Dennis J. Wilson
21 Water Street, Suite 600,
Vancouver, British Columbia, A1, V6B 1A1
604-737-7232

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/18/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Dennis J. Wilson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,852.00
8	Shared Voting Power 9,901,004.00
9	Sole Dispositive Power 3,852.00
10	Shared Dispositive Power 9,901,004.00

11

Aggregate amount beneficially owned by each reporting person

9,904,856.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Anamered Investments Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,755,217.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,755,217.00

11

Aggregate amount beneficially owned by each reporting person

4,755,217.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.2 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

LIPO Investments (USA), Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,401,596.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,401,596.00

11

Aggregate amount beneficially owned by each reporting person

3,401,596.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Wilson 5 Foundation

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 829,325.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 829,325.00

11

Aggregate amount beneficially owned by each reporting person

829,325.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.7 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Wilson 5 Foundation Management Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 829,325.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 829,325.00

11

Aggregate amount beneficially owned by each reporting person

829,325.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.7 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Five Boys Investments ULC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 91,760.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 91,760.00

11

Aggregate amount beneficially owned by each reporting person

91,760.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Shannon Wilson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,098,309.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,098,309.00

11

Aggregate amount beneficially owned by each reporting person

1,098,309.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Low Tide Properties Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 554,122.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 554,122.00

11

Aggregate amount beneficially owned by each reporting person

554,122.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

House of Wilson Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Laura Gentile

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Eric Hirshberg

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Marc Maurer

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: lululemon athletica inc.
(c)	Address of Issuer's Principal Executive Offices: 1818 Cornwall Avenue, Vancouver, BRITISH COLUMBIA, CANADA , V6J 1C7.
Item 1 Comment: 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.	Purpose of Transaction
	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.	Interest in Securities of the Issuer
(a)	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.	Material to be Filed as Exhibits.
	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"

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dennis J. Wilson

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson
Date:	05/20/2026

Anamered Investments Inc.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	05/20/2026

LIPO Investments (USA), Inc.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	05/20/2026

Wilson 5 Foundation

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director of Wilson 5 Foundation Management Ltd., corporate trustee of Wilson 5 Foundation
Date:	05/20/2026

Wilson 5 Foundation Management Ltd.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	05/20/2026

Five Boys Investments ULC

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	05/20/2026

Shannon Wilson

Signature:	/s/ Shannon Wilson
Name/Title:	Shannon Wilson
Date:	05/20/2026

Low Tide Properties Ltd.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	05/20/2026

House of Wilson Ltd.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	05/20/2026

Laura Gentile

Signature:	/s/ Laura Gentile
Name/Title:	Laura Gentile
Date:	05/20/2026

Eric Hirshberg

Signature:	/s/ Eric Hirshberg
Name/Title:	Eric Hirshberg
Date:	05/20/2026

Marc Maurer

Signature:	/s/ Marc Maurer
Name/Title:	Marc Maurer
Date:	05/20/2026

FAQ

How many lululemon (LULU) shares do Dennis J. Wilson and affiliates report owning?

Dennis J. Wilson and affiliated entities report beneficial ownership of 9,904,856 lululemon shares, representing 8.7% of the company’s common stock. This total includes 5,115,961 exchangeable shares paired with an equal number of special voting shares, treated as equivalent to common stock economically.

Did Dennis J. Wilson change his ownership stake in lululemon (LULU) in Amendment No. 21?

The amendment states that the number of lululemon shares beneficially owned has not changed since Amendment No. 20. Wilson and his related entities continue to hold 9,904,856 shares, or 8.7% of the common stock, as part of a coordinated group under Section 13(d).

What negotiations between Dennis J. Wilson and lululemon (LULU) are described in this Schedule 13D/A?

The filing describes a May 18, 2026 press release in which Wilson details recent negotiations with lululemon. He supports eight key terms proposed by the company and seeks customary provisions such as replacement rights and expense reimbursement as part of a potential settlement framework.

What are lululemon’s exchangeable shares and special voting stock mentioned in the 13D/A?

The amendment explains that 5,115,961 exchangeable shares of Lulu Canadian Holding, Inc. are each paired with one share of special voting stock. Each pair effectively represents beneficial ownership of one lululemon common share, with voting but no separate economic rights attached to the special voting stock.

On what share count is the 8.7% lululemon (LULU) ownership calculation based?

The reported 8.7% ownership is based on 109,318,984 lululemon common shares and 5,115,961 special voting shares outstanding as of April 30, 2026. These figures come from lululemon’s Definitive Proxy Statement filed on May 18, 2026.

What future actions does Dennis J. Wilson indicate regarding lululemon (LULU) in this amendment?

Wilson’s press release, incorporated in the amendment, states he is prepared to continue constructive dialogue with the board to reach a resolution. He also signals readiness to act through a shareholder vote at the annual meeting if a negotiated settlement is not achieved.