Executive Employment Agreement, effective as of November 23, 2020, between lululemon athletica inc. and Meghan Frank

(1)Subject to the terms and conditions of this Agreement, the Company will, commencing on the Effective Date, employ the Executive in the position of Chief Financial Officer on the terms and conditions set out herein.

(2)The Executive will report to Chief Executive Officer.

(3)The Executive shall perform duties and responsibilities as are normally provided by a Chief Financial Officer of a corporation in a business and of a size similar to the Company and such other duties and responsibilities as may reasonably be assigned from time to time by Chief Executive Officer, subject always to the control and direction of the Chief Executive Officer.

(1)The Executive will perform the Executive’s duties and responsibilities for the Company at the principal executive offices of the Company and the Executive will reside within a reasonable daily commuting distance of such offices.

(2)The Executive acknowledges that the performance of the Executive’s duties and responsibilities will necessitate frequent travel to other places.

The Company will pay the Executive a base salary (the “Base Salary”) in the amount of USD $550,000 per annum, payable in accordance with the Company’s usual payroll practices and dates, in arrears by direct deposit, and subject to deductions required by law or authorized by the Executive.

The Executive will be eligible to receive an annual bonus pursuant to the terms and conditions of the Bonus Plan. The Executive’s bonus target under the Bonus Plan shall be seventy five (75%) percent of Base Salary. The seventy five (75%) bonus target will apply to the full fiscal 2020 year.

3.03         Incentives

(1)As an employee of the Company, you will be eligible for annual equity awards as determined by the Compensation Committee of the Board of Directors of lululemon athletica inc., in its sole discretion. These potential equity awards currently consist of stock options, restricted share units, and performance share units.

3.04         Benefits

3.05         Fund Your Future Program

3.06         Leadership Development

3.07         Plan documents and right to change

(1)Some of the compensation and benefit plans and programs referred to in this offer are governed by insurance contracts and other plan or policy documents, which will in all cases govern.

(2)The Company reserves the right to amend, change or terminate any or all of its plans, programs, policies and benefits at any time for any reason without notice to the Executive, including without limitation bonus, commission, benefit, or compensation plans and programs.

(1)The Executive will not, during the Executive’s employment with the Company, engage in any business, enterprise or activity that is contrary to or detracts from the due performance of the business of the Company or the Executive’s duties.

(2)The Executive will refrain from any situation in which the Executive’s personal interest conflicts or may appear to conflict with the Executive’s duties to the Company or the interests of the Company. The Executive agrees that if there is any doubt in this respect, the Executive will inform the CEO and obtain written authorization.

4.05         Business Opportunities:

During the Executive’s employment, the Executive will communicate to the Company all knowledge, business and customer contacts and any other information that could concern or be in any way beneficial to the business of the Company. Any such information communicated to the Company as aforesaid will be and remain the property of the Company notwithstanding any subsequent termination of the Executive’s employment.

4.06         Restrictive Covenants

4.07         Pre-existing Obligations

4.08         Anti-bribery

4.09         Stock Ownership Guidelines

The Executive acknowledges that she has received a copy of the Company’s Stock Ownership Guidelines and acknowledges and agrees to the Guidelines, as currently stated and as may be amended from time to time.

4.10        Confidential Information

(1)The Executive acknowledges and agrees that the Executive shall not acquire any right, title or interest in or to the Confidential Information.

(2)At all times during and subsequent to the termination of the Executive’s employment with the Company, the Executive:

(a)will not use, copy or reproduce the Confidential Information except as may be reasonably required for the Executive to perform the Executive’s duties for the Company, and the Executive will not directly or indirectly use, disseminate or disclose any Confidential Information for the Executive’s own benefit or the benefit of any other person or entity; and

(b)the Executive you will take all necessary precautions against unauthorized disclosure of the Confidential Information.

(3)If the Executive is requested or ordered by law to disclose any Confidential Information, the Executive will advise the Company forthwith of such request or order and provide to the Executive all information concerning such request or order and the opportunity for the Company to object or intervene, prior to making any disclosure of Confidential Information.

(1)If the Executive’s employment with the Company is terminated by the Company without Cause, the Executive will be entitled to the following payments and benefits:

(c)Restricted Share Units, Performance Share Units and Stock Options. The Executive’s rights regarding any Restricted Share Units, Performance Share Units or stock options from the Company will be governed by the terms of the Plan and the applicable plans, agreements policies of the Company, including without limitation the Plan.

(d)Notice. The Executive will be entitled to the greater of:

(i)Fifteen (15) months’ written notice or payment of Base Salary (at the rate in effect as of the date of termination) in lieu of notice, or any combination thereof at the Company’s discretion, or

(ii)the minimum notice or payment, or combination of notice and payment, required by applicable employment standards legislation (including without limitation severance pay or benefit continuance if required by such legislation).

Except to the minimum extent otherwise required by applicable employment standards legislation, any Base Salary in lieu of notice given under this section 5.03(d)(i) may be paid by way of continuing payment of the Executive’s Base Salary on regular paydays for any period in which Base Salary in lieu of notice is payable.

(e)RCA and Release Any amounts owing to the Executive pursuant to Section 5.03(d) that are above the minimum amounts required to be paid pursuant to the Employment Standards Act (British Columbia) shall be forfeited if the Executive:

(i)fails to comply with the Restrictive Covenant Agreement, or

(ii)fails or refuses to execute a full general release in a form acceptable to the Company releasing all claims, known or unknown that the Executive may have against the Company arising out of or any way related to the Executive’s employment or termination of employment with the Company.

(d)Restricted Share Units, Performance Share Units and Stock Options. The Executive’s rights regarding any Restricted Share Units, Performance Share Units or stock options from the Company will be governed by the terms of the Plan and the applicable plans, agreements policies of the Company, including without limitation the Plan.

1818 Cornwall Avenue

Vancouver, BC

V6J 1C7

The Executive hereby acknowledges and agrees that a breach of the Executive’s obligations under this Agreement would result in damages to the Company that could not be adequately compensated for by monetary award. Accordingly, in the event of any such breach by the Executive, in addition to all other remedies available to the Company at law or in equity, the Company will be entitled as a matter of right to apply to a court of competent jurisdiction for such relief by way of restraining order, injunction, decree or otherwise, as may be appropriate to ensure compliance with the provisions of this Agreement.

1.1“affiliate” has the same meaning as in the Canada Business Corporations Act.

1.2“Confidential Information” means information disclosed to or known by the Employee as a consequence of or through the Employee’s employment with the Company about the Company’s or any of its affiliates’ products, operations, research, processes or services, including but not limited to all Company Innovations (as defined below), information relating to research, development, inventions, copyrights, patents, industrial designs, licences, manufacture, production, distribution, purchasing, accounting, financing, engineering, marketing, merchandising, selling, and other technical or business information or trade secrets of the Company or any of its affiliates, or about any of the Company’s or any of its affiliates’ customers, suppliers, vendors or business affiliates and also includes any information that the Company has received from others that the Company is obligated to treat as confidential or proprietary, but Confidential Information does not include information which is or becomes generally available to the public without the Employee’s fault or which the Employee can establish, through written records, was in the Employee’s possession prior to its disclosure to the Employee as a result of the Employee’s work for the Company.

2.1The Employee will make prompt and full disclosure to the Company, and will assign and hereby assigns exclusively to the Company, all of the Employee’s right, title and interest throughout the world, including all trade secrets, patent rights, industrial designs, copyrights and all other intellectual property rights therein, in and to any and all innovations, inventions, concepts, know-how, processes, devices, ideas, techniques, systems, discoveries, designs, developments, improvements, copyrightable material and trade secrets, whether patentable or not (collectively “Innovations”) that the Employee, solely or jointly, may conceive, develop or reduce to practice during the Employee’s employment by the Company or which result from the use of the premises or property (including equipment, supplies or Confidential Information) owned, leased or licensed by the Company (a “Company Innovation”). The Employee further agrees to cooperate fully at all times during and subsequent to the Employee’s employment with respect to signing further documents and doing such acts and other things reasonably requested by the

Company to confirm such assignment of ownership of rights, including intellectual property rights, effective at or after the time the Company Innovation is created and to obtain patents, industrial designs, or copyrights or the like covering the Company Innovations. The Employee agrees that the obligations in this Section shall continue beyond the termination of the Employee’s employment with the Company.

2.2The Employee agrees that the Company, its assignees and their licensees are not required to designate the Employee as the author of any Company Innovations. The Employee hereby waives in whole all moral rights which the Employee may have in the Company Innovations, including the right to the integrity of the Company Innovations, the right to be associated with the Company Innovations, the right to restrain or claim damages for any distortion, mutilation or other modification of the Company Innovations, and the right to restrain use or reproduction of the Company Innovations in any context and in connection with any product, service, cause or institution.

2.3Exhibit A (“Prior Innovations”), which is attached hereto and incorporated by this reference, is a list describing all Innovations belonging to the Employee and made by the Employee, alone or jointly with others, prior to the Employee’s employment with the Company that the Employee wishes to have excluded from this Agreement (“Prior Innovations”). If there is no list on Exhibit A, the Employee represents that there are no Prior Innovations. If in the course of the Employee’s employment with the Company, the Employee uses or incorporates into a Company product, process, or machine an Innovation owned by the Employee or in which the Employee has an interest, the Company is hereby granted and shall have an exclusive, royalty-free, fully-paid, perpetual, irrevocable, transferable, worldwide license, with the right to grant sublicenses, to make, have made, use, sell, offer to sell, import, copy, reproduce, modify, create derivative works from, distribute, and display that Innovation without restriction as to the extent of the Employee’s ownership or interest. Notwithstanding the foregoing, the Employee agrees that the Employee will not incorporate, or permit to be incorporated, any Innovation owned by the Employee or any third party into any Company Innovation without the Company’s prior written consent.

2.4The Employee will execute any proper oath or verify any proper document in connection with carrying out the terms of this Agreement. If, because of the Employee’s mental or physical incapacity or for any other reason whatsoever, the Company is unable to secure the Employee’s signature to confirm assignment of ownership of rights, including intellectual property rights, or to apply for or to pursue any application process concerning Innovations assigned to the Company as stated above, the Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Employee’s agent and attorney-in-fact, to act for the Employee and on the Employee’s behalf to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of all appropriate procedures thereon with the same legal force and effect as if executed by the Employee.

2.5The Employee will testify at the Company’s request and expense in any interference, litigation, or other legal proceeding that may arise during or after the Employee’s employment.

2.6This Article 2 (Assignment of Innovations) shall be construed to apply to all Company Innovations with which the Employee is involved from this date forward, as well as all Company

Innovations with which the Employee has been involved since the Employee’s employment with the Company began.

3.1The Employee undertakes and covenants that the Employee will permanently refrain from directly or indirectly disclosing, expressing, publishing or broadcasting, or causing to be disclosed, expressed, published or broadcast, or otherwise disseminated or distributed in any manner, in the Employee’s own name, anonymously, by pseudonym or by a third party, to any person whatsoever, any comments, statements or other communications (the “Statements”), which a reasonable person would regard as reflecting adversely on the character, reputation or goodwill of the Company or any of its affiliates or any of its or their employees, officers, directors, investors, shareholders or agents, or which a reasonable person would regard as reflecting adversely on any aspect of their business, products, or services, and without limiting the generality of the foregoing, Statements shall not be made by means of oral communications, press releases, articles, letters, telephone calls, telephone messages, e-mail messages, or in postings on the Internet on websites, or to newsgroups or to list servers.

4.1For the purposes of this Agreement:

(a)“Competing Business” means any business engaged in the design, manufacture, distribution or sale of athletic apparel or accessories similar to or competitive with the products of the Company or any of its affiliates which are sold or intended for sale in any part of the Territory. For illustration only, as of the date of this Agreement, Competing Business includes, but is not limited to, Athleta, Nike, Under Armour, Adidas, Lucy, Zhoba, Kit & Ace, Sweaty Betty and Outdoor Voices.

(b)“Territory” means Canada, the United States of America, Australia, New Zealand, United Kingdom, Hong Kong and China.

4.2The Employee covenants that during the term of the Employee’s employment with the Company and for a period of twelve (12) months (the “Non-Competition Period”) following the termination of the Employee’s employment for any reason, including without cause or by resignation, the Employee will not, directly or indirectly, own, manage, operate, control, be employed by, perform services for, consult with, solicit business for, participate in, or engage in, any Competing Business. Notwithstanding the foregoing, the Employee may hold up to five percent (5%) of the outstanding securities of any class of publicly-traded securities of any company.

4.3The Employee covenants that during the term of the Employee’s employment with the Company and for a period of twelve (12) months (the “Non Solicitation Period”) following the termination of the Employee’s employment for any reason, including without cause or by resignation, the Employee will not, directly or indirectly, whether individually or in conjunction with any other person or entity:

(a)influence or attempt to influence, or solicit or attempt to solicit, any consultant, supplier, licensor, licensee, contractor, agent, strategic partner, distributor, customer or

other person to terminate or modify any written or oral agreement, arrangement or course of dealing with the Company or any of its affiliates; or

(b)solicit for employment, employ or retain (or arrange to have any other person or entity employ or retain) any person who is at such time employed or retained by the Company or any of its affiliates, or has been employed or retained by the Company or any of its affiliates, within the preceding twelve (12) months.

4.4The Company has the option, in its sole discretion, to reduce all or a portion of the Territory, the Non-Competition Period or the Non Solicitation Period, or to limit the definition of Competing Business, by giving the Employee written notice at any time.

5.2The Employee acknowledges and agrees that the covenants and obligations under Article 4 of this Agreement are fair, reasonable, necessary and fundamental to the protection of the Company’s legitimate business interests.

5.2The Employee acknowledges and agrees that the decision of the Company to enter into an employment relationship with the Employee is based in substantial part upon the Employee’s covenants contained in Article 4, and that the calculation of damages for a breach of any of the covenants contained in Article 4 may be difficult or impossible. If the Employee breaches any of the covenants contained in Article 4, and without precluding the Company from seeking any other remedy to which it may lawfully be entitled for such breach, the Employee agrees that the Company shall be entitled, as a matter of right, and without the posting of any bond or security by the Company, to the following judicial relief:

(a)an order for specific performance of these covenants;

(b)an interim, interlocutory and permanent injunction to prevent the Employee from breaching or further breaching any of these covenants; and

(c)an award of special costs of any such court application against the Employee.

5.3The Employee further acknowledges and agrees that the covenants and restrictions contained in Article 4 will not prevent the Employee from seeking gainful employment or otherwise unduly restrict the Employee’s ability to earn a livelihood and the Employee has entered into this agreement with full knowledge of the meaning and effect of this Agreement.

5.4Should any part of this Agreement be declared or held to be invalid for any reason, the invalidity shall not affect the validity of the remainder of this Agreement which shall continue in full force and effect and be construed as if this Agreement had been executed without the invalid portion, and it is hereby declared the intention of the parties that this Agreement would have been executed without reference to any portion that may, for any reason, be hereafter declared or held invalid.

5.5This Agreement shall be governed by and interpreted in accordance with the laws of the Province of British Columbia (excluding its conflict of laws rules).

5.6This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors, personal representatives and permitted assigns.

5.7The Employee acknowledges that it was recommended to the Employee by the Company that the Employee obtain independent legal advice before executing this Agreement and that the Employee has been afforded an opportunity to do so.

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