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True Religion Chairman completes sale of common shares

May '08
True Religion Apparel Inc announced that Chairman and Chief Executive Officer Jeffrey Lubell sold 3.2 million shares of True Religion Apparel common stock on May 13, 2008.

Mr. Lubell sold these shares for two purposes: first, to fulfill an obligation due under the marital dissolution agreement with his former wife; and second, to continue his financial, estate and tax planning.

In May 2007, Mr. Lubell and his former wife restructured their collective holdings of equity interests in True Religion Apparel, including common stock, restricted stock and stock options. At that time, Mr. Lubell received control of these securities. In order to satisfy his obligations under the marital dissolution, Mr. Lubell sold shares of True Religion Apparel common stock on June 7, 2007 and May 13, 2008. With the completion of this sale, Mr. Lubell has no further payments due to his former wife related to the restructuring of their collective holdings of equity interests in True Religion Apparel.

Following this transaction, Mr. Lubell retains beneficial ownership of 3,012,657 shares of True Religion Apparel common stock, including 2,557,664 shares of Company common stock, 64,993 shares of restricted stock which are subject to a right of forfeiture, 190,000 shares of restricted stock which may be earned if certain performance criteria are achieved and which are subject to a right of forfeiture, and 200,000 options to purchase shares of Company common stock. Following this transaction, Mr. Lubell's ownership is approximately 12.3 percent of the Company's diluted outstanding shares.

In September 2007, Mr. Lubell entered into a pre-arranged stock sales plan (the "Plan") under which a broker not affiliated with the Company could sell up to 2,300,000 shares of Company common stock over a six month period starting on October 17, 2007. The Plan expired pursuant to its terms, and no stock sales were completed under the Plan.

Mr. Lubell will file a Form 4 with the Securities and Exchange Commission in connection with this transaction.

True Religion Apparel Inc

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