SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

GALLAGHER GERALD R

(Last)

(First)

(Middle)

1135 ARBOR DRIVE

(Street)

ROMEOVILLE

60446

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/24/2007

3. Issuer Name and Ticker or Trading Symbol
Ulta Salon, Cosmetics & Fragrance, Inc. [ ULTA ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	102,179⁽¹⁾	I	See footnotes.⁽²⁾⁽³⁾
Common Stock	2,566⁽¹⁾	I	See footnotes.⁽²⁾⁽⁴⁾
Series III Non-Convertible Preferred Stock	621,838⁽⁵⁾	I	See footnotes.⁽²⁾⁽³⁾
Series III Non-Convertible Preferred Stock	15,615⁽⁵⁾	I	See footnotes.⁽²⁾⁽⁴⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Series I, IV, V Convertible Preferred Stock	⁽⁶⁾	⁽⁶⁾	Common Stock	5,830,100⁽⁶⁾	⁽⁶⁾	I	See footnotes.⁽²⁾⁽³⁾
Series II Convertible Preferred Stock	⁽⁷⁾	⁽⁷⁾	Common Stock	179,934⁽⁷⁾	⁽⁷⁾	I	See footnotes.⁽²⁾⁽³⁾
Series I, IV, V Convertible Preferred Stock	⁽⁶⁾	⁽⁶⁾	Common Stock	146,422⁽⁶⁾	⁽⁶⁾	I	See footnotes.⁽²⁾⁽⁴⁾
Series II Convertible Preferred Stock	⁽⁷⁾	⁽⁷⁾	Common Stock	4,519⁽⁷⁾	⁽⁷⁾	I	See footnotes.⁽²⁾⁽⁴⁾
Stock Option (right to buy)	12/03/2003	12/03/2013	Common Stock	79,000⁽¹⁾	$0.63⁽¹⁾	D

Explanation of Responses:

1. The number of shares reported (and exercise prices of options, as applicable) reflects a 0.632-for-1 reverse stock split in connection with the Issuer's initial public offering which is effective as of the date hereof.

2. Gerald Gallagher disclaims beneficial ownership of these securities (except to the extent of his pecuniary interest in such securities), and this report shall not be deemed an admission that Mr. Gallagher is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

3. Oak Investment Partners VII, L.P. is the record holder of the securities. As the general partner of Oak Investment Partners VII, L.P., Oak Associates VII, LLC may be deemed a beneficial owner of the securities. As a managing member of Oak Associates VII, LLC, Gerald R. Gallagher, may be deemed to be a beneficial owner of the securities.

4. Oak VII Affiliates Fund, L.P. is the record holder of the securities. As the general partner of Oak VII Affiliates Fund, L.P., Oak VII Affiliates, LLC may be deemed a beneficial owner of the securities. As a managing member of Oak VII Affiliates, LLC, Gerald R. Gallagher, may be deemed to be a beneficial owner of the securities.

5. The Series III Non-Convertible Preferred Stock will be redeemed for cash upon the closing of the Issuer's initial public offering.

6. These securities have no stated expiration date. The Issuer has the right and intends to cause the mandatory conversion of the Convertible Preferred Stock into shares of Common Stock upon the closing of its initial public offering. This right may be exercised upon prompt reasonable notice. Upon such mandatory conversion of the Convertible Preferred Stock, accrued and unpaid dividends will be paid in cash by the Issuer. The number of underlying shares of Common Stock reported in Column 3 reflects a 0.632-for-1 reverse stock split, which will be effected through the conversion of such Convertible Preferred Stock to Common Stock on a 0.632-for-1 basis upon the closing of the Issuer's initial public offering.

7. These securities have no stated expiration date. The Issuer has the right and intends to cause the mandatory conversion of the Convertible Preferred Stock into shares of Common Stock upon the closing of its initial public offering. This right may be exercised upon prompt reasonable notice. The number of underlying shares of Common Stock reported in Column 3 reflects a 0.632-for-1 reverse stock split, which will be effected through the conversion of such Convertible Preferred Stock to Common Stock on a 0.632-for-1 basis upon the closing of the Issuer's initial public offering.

	/s/ Robert S. Guttman as attorney-in-fact for Gerald R. Gallagher	10/24/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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