OFFER LETTER WITH MIKE TATTERSFIELD



 






Exhibit 10.6









October 4, 2006




Mike Tattersfield

9016 Tartan Fields Drive

Dublin, Ohio

43017




Dear Mike,



The Board of Directors of lululemon athletica inc. (“the Company”) and I are pleased to offer you
the position of Executive Vice President and Chief Financial Officer. The terms and conditions of
your prospective employment are summarized below and in all events subject to the Company’s
policies as they now exist or hereafter may be amended:




	 	 	 
	Title:

	 	Executive Vice President / Chief Operations Officer
	 
	 	 
	Reporting to:

	 	Chief Executive Officer — Bob Meers
	 
	 	 
	Location:

	 	Vancouver SSC, Canada
	 
	 	 
	Base Salary:

	 	$350,000.00 USD per annum — (392,111.00 CAD).
	 
	 	 
	Annual Bonus Compensation:

	 	Up to 60% of annual salary. Prorated for remainder of 2006. Bonus metrics and
targets to be determined by me and the Board of Directors.
	 
	 	 
	Relocation / Housing:

	 	The Company will reimburse you for reasonable relocation expenses incurred; the
combined total of such expenses reimbursed shall not exceed $75,000 USD.
	 
	 	 
	Stock Options:

	 	175,000 options to be issued at Fair Market Value, as determined by an outside
consultant. Vesting schedule of 25% per year. Subject to
approval from the Board of Directors.
	 
	 	 
	Tax Advisement:

	 	lululemon will provide you with tax guidance, advice, and tax preparation for the
first year prepared by KPMG. This is $4500.00. You will be
eligible to participate in the tax equalization program once it
is developed — the difference may be included in your base pay
or in a separate payment, not to exceed $35,000.00 USD.
	 
	 	 
	Medical / Dental Benefits:

	 	As an active employee, you will be eligible for the Company’s benefit program which
includes medical and dental. The waiting period for coverage will
be waived and will be effective on the first day of the month
after your start date for Extended Health, Dental, Life, AD&D and
LTD. Please refer to the Pacific Blue Cross Group Benefits
booklet for details on coverage. The Company reserves the right
to alter the benefits program in whole or in part at any time.
	 
	 	 
	Start Date:

	 	November 1, 2006
	 
	 	 
	Introductory Period:

	 	Three months. Per Canadian regulation, you will be subject to a 3-month
Introductory Period from the start date. At the Company’s
discretion, the Introductory Period may be extended an
additional three months.
	 
	 	 
	Status:

	 	Full-Time Employment
	 
	 	 
	Non-Compete:

	 	Should your employer execute their non-compete rights, lululemon will supplement
your base pay (50%) for the period that you are restricted from
being employed in the role of Executive Vice President / Chief
Operations Officer with lululemon. We recognize that this period
could be up to 6 months.
	 
	 	 
	Severance:

	 	12 months salary & medical benefits will be paid if employee is terminated without
cause, subject to you signing non-disparagement and non-compete
agreements upon employment. Severance payment will either be
monthly installments of a lump sum payment as determined by the
company.






 









 





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	Work Authorization:

	 	We will provide legal representation for your eligibility to work in Canada






Additional Employee Benefits:




	 	 	 	 	 
	 

	 	Staff Discount:
	 	Until you have worked 30 days and at least 80 hours, you will be eligible for a 60% discount on
store purchases up to $200 and a 15% discount on purchases over $200.
After you have worked 30 days and at least 80 hours, you will receive a
60% discount on regularly-priced store purchases and a 75% discount on
sale items.
	 
	 	 	 	 
	 

	 	Yoga Classes:
	 	You may participate in yoga classes up to twice a week without charge. Class participation
must take place outside your work hours.
	 
	 	 	 	 
	 

	 	Education & Training:
	 	You will have access to our development library and personal success development training as
well as the required curriculum of the Brian Tracy success CDs, Landmark
Education, and our goal coaching program.





In the event additional information is obtained that is contrary to the information thus far
provided to us relating to your past employment or education, the Company reserves the right to
review the continuation of your employment.



Mike, we are all extremely excited about you and the value you can bring to lululemon athletica. I
believe you will blend nicely into our senior management team and that we can together build a
world-class company. If you have any questions regarding the contents of this letter, please do
not hesitate to contact me. I’m looking forward to getting you on-board.



Please acknowledge your formal acceptance of this offer by signing both copies of this letter.
Please retain one copy for your own records and return the second copy to me.



Sincerely,




	 	 	 
	/s/ Bob Meers
 

Bob Meers

	 	 
	Chief Executive Officer
	 	 






cc: Board of Directors of lululemon athletica inc., Jimmy Jones




I accept the above offer of employment as  written:



	 	 	 
	/s/ Mike Tattersfield
 

Mike Tattersfield (Signature)

	 	 






1-22-07

Date





 









 






    




    2285 Clark Drive Vancouver B.C. V5N 3????9




    t (604) 732-6224 f (604) 874-8124



 



    April 25, 2007



 



    Mike Tattersfield




    9016 Tartan Fields Drive




    Dublin, Ohio, 43017



 



    Dear Mike,



 



    You previously entered into an offer letter (“Offer
    Letter”) with lululemon athletica inc. (the
    “Company”) dated as of October 4, 2006 pursuant
    to which certain terms and conditions of your employment were
    set forth.



 



    Pursuant to the Offer Letter we informed you that you would be
    entitled to an annual bonus and that the bonus metrics and
    targets associated with the annual bonus were to be determined
    by me and the board of directors. However, this letter is to
    inform you that your bonus metrics and targets associated with
    your annual bonus are to be determined by the compensation
    committee of the board of directors and/or the board of
    directors.



 



    Please acknowledge your formal acceptance of this change to your
    Offer Letter by signing both copies of the letter. Please retain
    one copy for your own records and return the second copy to me.



 



    Sincerely,



 



    /s/ Bob Meers







    Bob Meers




    Chief Executive Officer



 



    cc: Board of Directors of lululemon Athletica inc.



 



    I accept the above change to my Offer Letter as written:



 



    /s/ Mike Tattersfield







    Mike Tattersfield



 


4-25-07






    Date