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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">As filed with the Securities and Exchange Commission on November&nbsp;2, 2007.

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt">Registration No.&nbsp;333- _____
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="center" style="font-size: 18pt; margin-top: 3pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>ULTA SALON, COSMETICS &#038; FRAGRANCE, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>36-3685240</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>1135 Arbor Drive<BR>
Romeoville, Illinois 60446<BR>
(630)&nbsp;226-0020</B><BR>
(Address of Principal Executive Offices)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>ULTA SALON, COSMETICS &#038; FRAGRANCE, INC. 2007 INCENTIVE AWARD PLAN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>ULTA SALON, COSMETICS &#038; FRAGRANCE, INC. 2002 EQUITY INCENTIVE PLAN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>ULTA SALON, COSMETICS &#038; FRAGRANCE, INC. SECOND AMENDED AND RESTATED RESTRICTED<BR>
 STOCK OPTION PLAN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">(Full title of the plans)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>Lynelle P. Kirby<BR>
President, Chief Executive Officer and Director<BR>
Ulta Salon, Cosmetics &#038; Fragrance, Inc.<BR>
1135 Arbor Drive<BR>
Romeoville, Illinois 60446</B><BR>
(Name and address of agent for service)<BR>
<B>(630)&nbsp;226-0020</B><BR>
(Telephone number, including area code, of agent for service)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 3pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><I>Copies to:</I><BR>
<B>Christopher D. Lueking, Esq.<BR>
Robin L. Struve, Esq.<BR>
Latham &#038; Watkins LLP<BR>
Sears Tower, Suite&nbsp;5800<BR>
233 South Wacker Drive<BR>
Chicago, Illinois 60606<BR>
(312)&nbsp;876-7700<BR>
Counsel to Registrant</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of Securities to be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registered (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per Share (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value $.01 per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD colspan="3" align="right" style="border-top: 2px solid #000000">4,664,344 Shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">31.12</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>

<TD align="right" style="border-top: 2px solid #000000">145,154,385</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">4,456.24</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value $.01 per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD colspan="3" align="right" style="border-top: 2px solid #000000">94,800 Shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">18.00</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,706,400</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">52.39</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value $.01 per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">4,110,664 Shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">6.79</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">27,911,409</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">856.88</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value $.01 per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">538,029 Shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">0.78</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">419,663</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">12.88</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD colspan="3" align="right" style="border-top: 2px solid #000000">9,407,837 Shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">&#151;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>

<TD align="right" style="border-top: 2px solid #000000">175,191,857</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">5,379</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>9,407,837 shares of common stock (the &#147;<U>Common Stock</U>&#148;), par value $.01 per share (the
&#147;<U>Shares</U>&#148;), issuable pursuant to the three equity plans of Ulta Salon, Cosmetics &#038;
Fragrance, Inc. (the &#147;<U>Company</U>&#148;), being newly registered hereunder and comprised of:
(i) 4,664,344 Shares issuable pursuant to Ulta Salon, Cosmetics &#038; Fragrance, Inc. 2007
Incentive Award Plan (the &#147;<U>2007 Plan</U>&#148;), (ii) 94,800 Shares issuable pursuant to the 2007
Plan, (iii)&nbsp;4,110,664 Shares issuable pursuant to Ulta Salon, Cosmetics &#038; Fragrance, Inc. 2002
Equity Incentive Plan (the &#147;<U>2002 Plan</U>&#148;), and (iv)&nbsp;538,029 Shares issuable pursuant to
Ulta Salon, Cosmetics &#038; Fragrance, Inc. Second Amended and Restated Restricted Stock Option
Plan (the &#147;<U>Restricted Stock Option Plan</U>&#148;, and, together with the 2007 Plan and the
2002 Plan, the &#147;<U>Plans</U>&#148;). In addition, pursuant to Rule&nbsp;416 of the Securities Act of
1933, as amended (the &#147;<U>Securities Act</U>&#148;), this
Registration also covers any additional
shares of the Company&#146;s Common Stock that may become issuable under the Plans by reason of any
substitutions or adjustments to shares to account for any change in corporate capitalization,
such as a reorganization, recapitalization, liquidation, stock dividend, stock split , or
other distribution of stock or property of the Company, combination or exchange of shares of
Common Stock, dividend in kind, or other like change in capital structure.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Proposed Maximum Offering Price Per Share represents, pursuant to Rule&nbsp;457 of the
Securities Act: (i) $31.12 with respect to 4,664,344 Shares available for future grants
under the 2007 Plan, the price estimated solely for the purpose of calculating the
registration fee and based on the average of the high and low market prices for the Common
Stock reported in the NASDAQ on October&nbsp;26, 2007, (ii)&nbsp;the weighted average exercise price of
$18.00 as to currently outstanding options totaling 94,800 Shares under the 2007 Plan, (iii)&nbsp;the
weighted average exercise price of $6.79 as to currently outstanding options totaling
4,110,664 Shares under the 2002 Plan, and (iv)&nbsp;the weighted average exercise price of $0.78 as
to currently outstanding options totaling 538,029 Shares under the Restricted Stock Option
Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">










<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Plan Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be filed with this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be filed with this Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Securities and Exchange Commission (the &#147;SEC&#148;) by the
Company are incorporated as of their respective dates in this Registration Statement by reference:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act,
on October&nbsp;25, 2007, relating to the registration statement on Form S-1, as amended
(Registration No.&nbsp;333-144405), containing audited financial statements of the Company for
the latest period for which such statements have been filed; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Company&#146;s Common Stock contained in the registration statement
on Form 8-A (Registration No.&nbsp;001-33764), filed with the SEC under Section 12(b) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), on October&nbsp;24, 2007,
including any amendments or reports filed for the purpose of updating such description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Company or by the Plans pursuant to Section&nbsp;13(a),
13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement
and to be a part hereof from their dates of filing; except as to any portion of any future annual
or quarterly report to stockholders or document or current report furnished under current Items
2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
in this Registration Statement is deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained in this Registration Statement or
in any subsequently filed document which also is or is deemed to be incorporated by reference in
this Registration Statement modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of
this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under no circumstances will any information filed under current items 2.02 or 7.01 of Form 8-K
be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be filed with this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latham &#038; Watkins LLP, our counsel, holds 27,106 shares of our Common Stock and a partner of
Latham &#038; Watkins LLP and members of his family have an interest, through a living trust and a trust
for the benefit of his children, in 64,822 shares of our Common Stock.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;102(b)(7) of the Delaware General Corporation Law, or DGCL, as amended, allows a
corporation to include in its certificate of incorporation a provision to eliminate or limit the
personal liability of a director of a corporation to the corporation or to any of its stockholders
for monetary damages for a breach of fiduciary duty as a director, except in the case where the
director (1)&nbsp;breaches his duty of loyalty to the corporation or its stockholders, (2)&nbsp;fails to act
in good faith, engages in intentional misconduct or knowingly violates a law, (3)&nbsp;authorizes the
unlawful payment of a dividend or approves a stock purchase or redemption in violation of Section
174 of the DGCL or (4)&nbsp;obtains an improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsection (a)&nbsp;of Section&nbsp;145 of the DGCL empowers a corporation to indemnify any person who
was or is a party or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an
action by or in the right of the corporation), by reason of the fact that the person is or was a
director, officer, employee or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another enterprise, against expenses
(including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred in connection with such action, suit or proceeding provided that such person
acted in good faith in a manner reasonably believed to be in, or not opposed to, the best interests
of the corporation, and, with respect to any criminal action or proceeding, provided further that
such director or officer had no reasonable cause to believe his conduct was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsection (b)&nbsp;of Section&nbsp;145 empowers a corporation to indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or completed action or suit by
or in the right of the corporation to procure a judgment in its favor by reason of the fact that
the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another enterprise, against expenses
(including attorneys&#146; fees) actually and reasonably incurred in connection with the defense or
settlement of such action or suit provided that such person acted in good faith and in a manner
reasonably believed to be in, or not opposed to, the best interests of the corporation, except that
no indemnification may be made in respect to any claim, issue or matter as to which such director
or officer shall have been adjudged to be liable to the corporation unless and only to the extent
that the Court of Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all of the
circumstances of the case, such director or officer is fairly and reasonably entitled to indemnity
for such expenses which the Court of Chancery or such other court shall deem proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 further provides that to the extent a director or officer of a corporation has
been successful in the defense of any action, suit or proceeding referred to in subsections (a)&nbsp;and
(b)&nbsp;or in the defense of any claim, issue or matter therein, he shall be indemnified against
expenses (including attorneys fees) actually and reasonably incurred by him in connection
therewith; that indemnification and advancement of expenses provided for, by, or granted pursuant
to Section&nbsp;145 shall not be deemed exclusive of any other rights to which the indemnified party may
be entitled; and empowers the corporation to purchase and maintain insurance on behalf of a
director or officer of the corporation against any liability asserted against him or incurred by
him in any such capacity, or arising out of his status as such, whether or not the corporation
would have the power to indemnify him against such liabilities under Section&nbsp;145.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;174 of the DGCL provides, among other things, that a director, who willfully or
negligently approves of an unlawful payment of dividends or an unlawful stock purchase or
redemption, may be held liable for such actions. A director who was either absent when the unlawful
actions were approved or dissented at the time, may avoid liability by causing his or her dissent
to such actions to be entered in the books containing minutes of the meetings of the board of
directors at the time such action occurred or immediately after such absent director receives
notice of the unlawful acts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Amended and Restated Certificate of Incorporation (the &#147;<U>Certificate</U>&#148;)
provides that the Company may indemnify and advance indemnification expenses, to the fullest extent
permitted by law, any person made or threatened to be made a party to an action, suit or
proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he
or she, or a person for whom he or she is the legal representative, is or was a director or officer
of the Company, or while a director or officer of the Company, is or was serving at any other
enterprise as a director, officer, employee or agent at the request of the Company, against all
liability and loss suffered and expenses (including attorneys&#146; fees) reasonably incurred by such
person. The Certificate further provides that the Company shall be required to indemnify such
person in connection with a proceeding (or part thereof) commenced by him or her only if the
commencement of such proceeding (or part thereof) was authorized in the specific case by the board
of directors of the Company.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Amended and Restated Bylaws (the &#147;<U>Bylaws</U>&#148;) provide that the Company
shall indemnify and hold harmless, to the fullest extent permitted by law, any person who was or is
a party or is threatened to be made a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he
or she, or a person for whom he or she is the legal representative, is or was a director or officer
of Company, or is or, while a director or officer of the Company, is or was serving at the request
of Company as a director, officer, employee or agent of another enterprise, against all liability
and loss suffered and expenses (including attorneys&#146; fees) reasonably incurred by such person. The
Bylaws further provide that the Company shall be required to indemnify such person in connection
with a proceeding (or part thereof) commenced by him or her only if the commencement of such
proceeding (or part thereof) was authorized in the specific case by the board of directors of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Third Amended and Restated Registration Rights Agreement, the Company agreed to
indemnify, to the extent permitted by law, each shareholder, its officers and directors and each
controlling person of such holder against all losses, claims, damages, liabilities and expenses
caused by any untrue or alleged untrue statement of material fact contained in any registration
statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or
any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading, except insofar as the same are caused by or contained
in any information furnished in writing to the Company by such holder expressly for use therein or
by such holder&#146;s failure to deliver a copy of the registration statement or prospectus or any
amendments or supplements thereto after the Company has furnished such holder with a sufficient
number of copies of the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company also intends to maintain director and officer liability insurance, if available on
reasonable terms. These indemnification provisions may be sufficiently broad to permit
indemnification of the Company&#146;s officers and directors for liabilities, including reimbursement of
expenses incurred, arising under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The form of the Underwriting Agreement filed as an exhibit to the Company&#146;s Form S-1, filed
October&nbsp;24, 2007 (File No.&nbsp;333-144405), as amended, is expected to provide for the indemnification
of the Company and its officers and directors by the underwriters and for the indemnification of
the underwriters by the Company, in each case against certain liabilities, including liabilities
arising under the Securities Act.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B><U>Number</U></B></TD>
    <TD nowrap align="left"><B><U>Description of Exhibit</U></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.1
</DIV></TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Incorporation (filed as
Exhibit&nbsp;3.1 to Amendment No.&nbsp;1 to the Registration Statement on
Form&nbsp;S-1 filed on August&nbsp;17, 2007 and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.2
</DIV></TD>
    <TD align="left" valign="top">Amended and Restated Bylaws (filed as Exhibit&nbsp;3.2 to Amendment No.
1 to the Registration Statement on Form&nbsp;S-1 filed on August&nbsp;17,
2007 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.3
</DIV></TD>
    <TD align="left" valign="top">Ulta Salon, Cosmetics &#038; Fragrance, Inc. Second Amended and
Restated Restricted Stock Option Plan (filed as Exhibit&nbsp;10.7 to
Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-1 filed on
August&nbsp;17, 2007 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.4
</DIV></TD>
    <TD align="left" valign="top">Amendment to Ulta Salon, Cosmetics &#038; Fragrance, Inc. Second
Amended and Restated Restricted Stock Option Plan (filed as
Exhibit&nbsp;10.7(a) to Amendment No.&nbsp;1 to the Registration Statement
on Form&nbsp;S-1 filed on August&nbsp;17, 2007 and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.5
</DIV></TD>
    <TD align="left" valign="top">Ulta Salon, Cosmetics &#038; Fragrance, Inc. 2002 Equity Incentive Plan
(filed as Exhibit&nbsp;10.9 to Amendment No.&nbsp;1 to the Registration
Statement on Form&nbsp;S-1 filed on August&nbsp;17, 2007 and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.6
</DIV></TD>
    <TD align="left" valign="top">Ulta Salon, Cosmetics &#038; Fragrance, Inc. 2007 Incentive Award Plan
(filed as Exhibit&nbsp;10.10 to Amendment No.&nbsp;2 to the Registration
Statement on Form&nbsp;S-1 filed on September&nbsp;27, 2007 and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;5.1
</DIV></TD>
    <TD align="left" valign="top">Opinion of Latham &#038; Watkins LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD align="left" valign="top">Consent of Latham &#038; Watkins LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD align="left" valign="top">Power of Attorney (included in the signature page hereto).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Company hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(ii)&nbsp;To reflect in the prospectus any facts or events arising after
the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth
in the Registration Statement. Notwithstanding the foregoing, any
increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to
<FONT style="white-space: nowrap">Rule&nbsp;424(b)</FONT> if, in
the aggregate, the changes in volume and price represent no more than
20&nbsp;percent change in the maximum aggregate offering price set forth in
the &#147;Calculation of Registration Fee&#148; table in the effective
registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(iii)&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or
any material change to such information in the Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) shall not apply
to information contained in periodic reports filed by the registrant pursuant
to Section&nbsp;13 or Section 15(d) of the Exchange Act that are incorporated by
reference in this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">(2)&nbsp;That, for the purpose of determining any liability under the Securities
Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">(3)&nbsp;To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Company hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Company&#146;s annual report pursuant to section 13(a) or
section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in
this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Chicago, Illinois, on November 2, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>ULTA SALON, COSMETICS &#038;<BR>
 FRAGRANCE, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Lynelle P. Kirby&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Lynelle P. Kirby&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President, Chief Executive Officer and Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below, hereby
constitutes and appoints Lynelle P. Kirby and Gregg R. Bodnar, and each acting alone, his or her
true and lawful attorneys-in-fact and agents, with full power of resubstitution and substitution,
for him or her and in his or her name, place and stead, in any and all capacities, to sign any or
all amendments or supplements to this Registration Statement and to file the same with all exhibits
thereto and other documents in connection therewith, with the Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and every act and
thing necessary or appropriate to be done with respect to this Registration Statement or any
amendments or supplements hereto in and about the premises, as fully to all intents and purposes as
he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, each acting alone, or his substitute or substitutes, may lawfully do or cause to be done by
virtue hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in their respective capacities with Ulta Salon, Cosmetics &#038;
Fragrance, Inc. and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B><U>Signatures</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B><U>Titles</u></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B><U>Date</U></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Lynelle P. Kirby&nbsp;<BR>
<DIV align="left" style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>Lynelle P. Kirby</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
President, Chief Executive
Officer  and Director<BR>

<I>(Principal Executive Officer)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 2, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Gregg R. Bodnar&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Gregg R. Bodnar</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Chief Financial Officer and
Assistant Secretary<BR>

<I>(Principal Financial and
Accounting Officer)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 2, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Herv&#233; J.F. Defforey</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November &#95;&#95;&#95;, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Robert F. DiRomualdo&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert F. DiRomualdo</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 1, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Dennis K. Eck&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dennis K. Eck</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">
Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October 31, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Gerald R. Gallagher&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Gerald R. Gallagher</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 1, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Terry J. Hanson</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November &#95;&#95;&#95;, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Charles Heilbronn&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Charles Heilbronn</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 1, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Steven E. Lebow&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Steven E. Lebow</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 1, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Yves Sisteron&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Yves Sisteron</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 1, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LIST OF EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B><U>Number</u></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B><U>Description of Exhibit</u></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Incorporation (filed as
Exhibit&nbsp;3.1 to Amendment No.&nbsp;1 to the Registration Statement on
Form&nbsp;S-1 filed on August&nbsp;17, 2007 and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws (filed as Exhibit&nbsp;3.2 to Amendment No.
1 to the Registration Statement on Form&nbsp;S-1 filed on August&nbsp;17,
2007 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ulta Salon, Cosmetics &#038; Fragrance, Inc. Second Amended and
Restated Restricted Stock Option Plan (filed as Exhibit&nbsp;10.7 to
Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-1 filed on
August&nbsp;17, 2007 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to Ulta Salon, Cosmetics &#038; Fragrance, Inc. Second
Amended and Restated Restricted Stock Option Plan (filed as
Exhibit&nbsp;10.7(a) to Amendment No.&nbsp;1 to the Registration Statement
on Form&nbsp;S-1 filed on August&nbsp;17, 2007 and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ulta Salon, Cosmetics &#038; Fragrance, Inc. 2002 Equity Incentive Plan
(filed as Exhibit&nbsp;10.9 to Amendment No.&nbsp;1 to the Registration
Statement on Form&nbsp;S-1 filed on August&nbsp;17, 2007 and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ulta Salon, Cosmetics &#038; Fragrance, Inc. 2007 Incentive Award Plan
(filed as Exhibit&nbsp;10.10 to Amendment No.&nbsp;2 to the Registration
Statement on Form&nbsp;S-1 filed on September&nbsp;27, 2007 and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Latham &#038; Watkins LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Latham &#038; Watkins LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in the signature page hereto).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

</BODY>
</HTML>
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sv8
As filed with the Securities and Exchange Commission on November 2, 2007.
Registration No. 333- _____
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
ULTA SALON, COSMETICS & FRAGRANCE, INC.
(Exact name of registrant as specified in its charter)
Delaware
36-3685240
(State or other jurisdiction
(I.R.S. Employer
of incorporation or organization)
Identification No.)
1135 Arbor Drive
Romeoville, Illinois 60446
(630) 226-0020
(Address of Principal Executive Offices)
ULTA SALON, COSMETICS & FRAGRANCE, INC. 2007 INCENTIVE AWARD PLAN
ULTA SALON, COSMETICS & FRAGRANCE, INC. 2002 EQUITY INCENTIVE PLAN
ULTA SALON, COSMETICS & FRAGRANCE, INC. SECOND AMENDED AND RESTATED RESTRICTED
STOCK OPTION PLAN
(Full title of the plans)
Lynelle P. Kirby
President, Chief Executive Officer and Director
Ulta Salon, Cosmetics & Fragrance, Inc.
1135 Arbor Drive
Romeoville, Illinois 60446
(Name and address of agent for service)
(630) 226-0020
(Telephone number, including area code, of agent for service)
Copies to:
Christopher D. Lueking, Esq.
Robin L. Struve, Esq.
Latham & Watkins LLP
Sears Tower, Suite 5800
233 South Wacker Drive
Chicago, Illinois 60606
(312) 876-7700
Counsel to Registrant
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Maximum
Amount
Maximum
Aggregate
Amount of
to be
Offering Price
Offering
Registration
Title of Securities to be Registered
Registered (1)
Per Share (2)
Price
Fee
Common Stock, par value $.01 per share
4,664,344 Shares
$
31.12
$
145,154,385
$
4,456.24
Common Stock, par value $.01 per share
94,800 Shares
$
18.00
$
1,706,400
$
52.39
Common Stock, par value $.01 per share
4,110,664 Shares
$
6.79
$
27,911,409
$
856.88
Common Stock, par value $.01 per share
538,029 Shares
$
0.78
$
419,663
$
12.88
Total
9,407,837 Shares
—
$
175,191,857
$
5,379
(1)
9,407,837 shares of common stock (the "
Common Stock
"), par value $.01 per share (the
"
Shares
"), issuable pursuant to the three equity plans of Ulta Salon, Cosmetics &
Fragrance, Inc. (the "
Company
"), being newly registered hereunder and comprised of:
(i) 4,664,344 Shares issuable pursuant to Ulta Salon, Cosmetics & Fragrance, Inc. 2007
Incentive Award Plan (the "
2007 Plan
"), (ii) 94,800 Shares issuable pursuant to the 2007
Plan, (iii) 4,110,664 Shares issuable pursuant to Ulta Salon, Cosmetics & Fragrance, Inc. 2002
Equity Incentive Plan (the "
2002 Plan
"), and (iv) 538,029 Shares issuable pursuant to
Ulta Salon, Cosmetics & Fragrance, Inc. Second Amended and Restated Restricted Stock Option
Plan (the "
Restricted Stock Option Plan
", and, together with the 2007 Plan and the
2002 Plan, the "
Plans
"). In addition, pursuant to Rule 416 of the Securities Act of
1933, as amended (the "
Securities Act
"), this
Registration also covers any additional
shares of the Company's Common Stock that may become issuable under the Plans by reason of any
substitutions or adjustments to shares to account for any change in corporate capitalization,
such as a reorganization, recapitalization, liquidation, stock dividend, stock split , or
other distribution of stock or property of the Company, combination or exchange of shares of
Common Stock, dividend in kind, or other like change in capital structure.
(2)
The Proposed Maximum Offering Price Per Share represents, pursuant to Rule 457 of the
Securities Act: (i) $31.12 with respect to 4,664,344 Shares available for future grants
under the 2007 Plan, the price estimated solely for the purpose of calculating the
registration fee and based on the average of the high and low market prices for the Common
Stock reported in the NASDAQ on October 26, 2007, (ii) the weighted average exercise price of
$18.00 as to currently outstanding options totaling 94,800 Shares under the 2007 Plan, (iii) the
weighted average exercise price of $6.79 as to currently outstanding options totaling
4,110,664 Shares under the 2002 Plan, and (iv) the weighted average exercise price of $0.78 as
to currently outstanding options totaling 538,029 Shares under the Restricted Stock Option
Plan.
PART I
Item 1. Plan Information
Not required to be filed with this Registration Statement.
Item 2. Registrant Information and Employee Plan Annual Information
Not required to be filed with this Registration Statement.
PART II
Item 3. Incorporation of Documents by Reference
The following documents filed with the Securities and Exchange Commission (the "SEC") by the
Company are incorporated as of their respective dates in this Registration Statement by reference:
(a)
The prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act,
on October 25, 2007, relating to the registration statement on Form S-1, as amended
(Registration No. 333-144405), containing audited financial statements of the Company for
the latest period for which such statements have been filed; and
(b)
The description of the Company's Common Stock contained in the registration statement
on Form 8-A (Registration No. 001-33764), filed with the SEC under Section 12(b) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), on October 24, 2007,
including any amendments or reports filed for the purpose of updating such description.
All documents subsequently filed by the Company or by the Plans pursuant to Section 13(a),
13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement
and to be a part hereof from their dates of filing; except as to any portion of any future annual
or quarterly report to stockholders or document or current report furnished under current Items
2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions.
Any statement contained in a document incorporated or deemed to be incorporated by reference
in this Registration Statement is deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained in this Registration Statement or
in any subsequently filed document which also is or is deemed to be incorporated by reference in
this Registration Statement modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of
this Registration Statement.
Under no circumstances will any information filed under current items 2.02 or 7.01 of Form 8-K
be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.
Item 4. Description of Securities
Not required to be filed with this Registration Statement.
Item 5. Interests of Named Experts and Counsel
Latham & Watkins LLP, our counsel, holds 27,106 shares of our Common Stock and a partner of
Latham & Watkins LLP and members of his family have an interest, through a living trust and a trust
for the benefit of his children, in 64,822 shares of our Common Stock.
2
Item 6. Indemnification of Directors and Officers
Section 102(b)(7) of the Delaware General Corporation Law, or DGCL, as amended, allows a
corporation to include in its certificate of incorporation a provision to eliminate or limit the
personal liability of a director of a corporation to the corporation or to any of its stockholders
for monetary damages for a breach of fiduciary duty as a director, except in the case where the
director (1) breaches his duty of loyalty to the corporation or its stockholders, (2) fails to act
in good faith, engages in intentional misconduct or knowingly violates a law, (3) authorizes the
unlawful payment of a dividend or approves a stock purchase or redemption in violation of Section
174 of the DGCL or (4) obtains an improper personal benefit.
Subsection (a) of Section 145 of the DGCL empowers a corporation to indemnify any person who
was or is a party or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an
action by or in the right of the corporation), by reason of the fact that the person is or was a
director, officer, employee or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another enterprise, against expenses
(including attorneys' fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred in connection with such action, suit or proceeding provided that such person
acted in good faith in a manner reasonably believed to be in, or not opposed to, the best interests
of the corporation, and, with respect to any criminal action or proceeding, provided further that
such director or officer had no reasonable cause to believe his conduct was unlawful.
Subsection (b) of Section 145 empowers a corporation to indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or completed action or suit by
or in the right of the corporation to procure a judgment in its favor by reason of the fact that
the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another enterprise, against expenses
(including attorneys' fees) actually and reasonably incurred in connection with the defense or
settlement of such action or suit provided that such person acted in good faith and in a manner
reasonably believed to be in, or not opposed to, the best interests of the corporation, except that
no indemnification may be made in respect to any claim, issue or matter as to which such director
or officer shall have been adjudged to be liable to the corporation unless and only to the extent
that the Court of Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all of the
circumstances of the case, such director or officer is fairly and reasonably entitled to indemnity
for such expenses which the Court of Chancery or such other court shall deem proper.
Section 145 further provides that to the extent a director or officer of a corporation has
been successful in the defense of any action, suit or proceeding referred to in subsections (a) and
(b) or in the defense of any claim, issue or matter therein, he shall be indemnified against
expenses (including attorneys fees) actually and reasonably incurred by him in connection
therewith; that indemnification and advancement of expenses provided for, by, or granted pursuant
to Section 145 shall not be deemed exclusive of any other rights to which the indemnified party may
be entitled; and empowers the corporation to purchase and maintain insurance on behalf of a
director or officer of the corporation against any liability asserted against him or incurred by
him in any such capacity, or arising out of his status as such, whether or not the corporation
would have the power to indemnify him against such liabilities under Section 145.
Section 174 of the DGCL provides, among other things, that a director, who willfully or
negligently approves of an unlawful payment of dividends or an unlawful stock purchase or
redemption, may be held liable for such actions. A director who was either absent when the unlawful
actions were approved or dissented at the time, may avoid liability by causing his or her dissent
to such actions to be entered in the books containing minutes of the meetings of the board of
directors at the time such action occurred or immediately after such absent director receives
notice of the unlawful acts.
The Company's Amended and Restated Certificate of Incorporation (the "
Certificate
")
provides that the Company may indemnify and advance indemnification expenses, to the fullest extent
permitted by law, any person made or threatened to be made a party to an action, suit or
proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he
or she, or a person for whom he or she is the legal representative, is or was a director or officer
of the Company, or while a director or officer of the Company, is or was serving at any other
enterprise as a director, officer, employee or agent at the request of the Company, against all
liability and loss suffered and expenses (including attorneys' fees) reasonably incurred by such
person. The Certificate further provides that the Company shall be required to indemnify such
person in connection with a proceeding (or part thereof) commenced by him or her only if the
commencement of such proceeding (or part thereof) was authorized in the specific case by the board
of directors of the Company.
3
The Company's Amended and Restated Bylaws (the "
Bylaws
") provide that the Company
shall indemnify and hold harmless, to the fullest extent permitted by law, any person who was or is
a party or is threatened to be made a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he
or she, or a person for whom he or she is the legal representative, is or was a director or officer
of Company, or is or, while a director or officer of the Company, is or was serving at the request
of Company as a director, officer, employee or agent of another enterprise, against all liability
and loss suffered and expenses (including attorneys' fees) reasonably incurred by such person. The
Bylaws further provide that the Company shall be required to indemnify such person in connection
with a proceeding (or part thereof) commenced by him or her only if the commencement of such
proceeding (or part thereof) was authorized in the specific case by the board of directors of the
Company.
Under the Third Amended and Restated Registration Rights Agreement, the Company agreed to
indemnify, to the extent permitted by law, each shareholder, its officers and directors and each
controlling person of such holder against all losses, claims, damages, liabilities and expenses
caused by any untrue or alleged untrue statement of material fact contained in any registration
statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or
any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading, except insofar as the same are caused by or contained
in any information furnished in writing to the Company by such holder expressly for use therein or
by such holder's failure to deliver a copy of the registration statement or prospectus or any
amendments or supplements thereto after the Company has furnished such holder with a sufficient
number of copies of the same.
The Company also intends to maintain director and officer liability insurance, if available on
reasonable terms. These indemnification provisions may be sufficiently broad to permit
indemnification of the Company's officers and directors for liabilities, including reimbursement of
expenses incurred, arising under the Securities Act.
The form of the Underwriting Agreement filed as an exhibit to the Company's Form S-1, filed
October 24, 2007 (File No. 333-144405), as amended, is expected to provide for the indemnification
of the Company and its officers and directors by the underwriters and for the indemnification of
the underwriters by the Company, in each case against certain liabilities, including liabilities
arising under the Securities Act.
4
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
Exhibit
Number
Description of Exhibit
4.1
Amended and Restated Certificate of Incorporation (filed as
Exhibit 3.1 to Amendment No. 1 to the Registration Statement on
Form S-1 filed on August 17, 2007 and incorporated herein by
reference).
4.2
Amended and Restated Bylaws (filed as Exhibit 3.2 to Amendment No.
1 to the Registration Statement on Form S-1 filed on August 17,
2007 and incorporated herein by reference).
4.3
Ulta Salon, Cosmetics & Fragrance, Inc. Second Amended and
Restated Restricted Stock Option Plan (filed as Exhibit 10.7 to
Amendment No. 1 to the Registration Statement on Form S-1 filed on
August 17, 2007 and incorporated herein by reference).
4.4
Amendment to Ulta Salon, Cosmetics & Fragrance, Inc. Second
Amended and Restated Restricted Stock Option Plan (filed as
Exhibit 10.7(a) to Amendment No. 1 to the Registration Statement
on Form S-1 filed on August 17, 2007 and incorporated herein by
reference).
4.5
Ulta Salon, Cosmetics & Fragrance, Inc. 2002 Equity Incentive Plan
(filed as Exhibit 10.9 to Amendment No. 1 to the Registration
Statement on Form S-1 filed on August 17, 2007 and incorporated
herein by reference).
4.6
Ulta Salon, Cosmetics & Fragrance, Inc. 2007 Incentive Award Plan
(filed as Exhibit 10.10 to Amendment No. 2 to the Registration
Statement on Form S-1 filed on September 27, 2007 and incorporated
herein by reference).
5.1
Opinion of Latham & Watkins LLP.
23.1
Consent of Latham & Watkins LLP (included in Exhibit 5.1).
23.2
Consent of Ernst & Young LLP.
24.1
Power of Attorney (included in the signature page hereto).
5
Item 9. Undertakings
(a) The undersigned Company hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) To reflect in the prospectus any facts or events arising after
the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth
in the Registration Statement. Notwithstanding the foregoing, any
increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to
Rule 424(b)
if, in
the aggregate, the changes in volume and price represent no more than
20 percent change in the maximum aggregate offering price set forth in
the "Calculation of Registration Fee" table in the effective
registration statement.
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or
any material change to such information in the Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) shall not apply
to information contained in periodic reports filed by the registrant pursuant
to Section 13 or Section 15(d) of the Exchange Act that are incorporated by
reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities
Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.
(b) The undersigned Company hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Company's annual report pursuant to section 13(a) or
section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in
this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
6
SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Chicago, Illinois, on November 2, 2007.
ULTA SALON, COSMETICS &
FRAGRANCE, INC.
By:
/s/
Lynelle P. Kirby
Lynelle P. Kirby
President, Chief Executive Officer and Director
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below, hereby
constitutes and appoints Lynelle P. Kirby and Gregg R. Bodnar, and each acting alone, his or her
true and lawful attorneys-in-fact and agents, with full power of resubstitution and substitution,
for him or her and in his or her name, place and stead, in any and all capacities, to sign any or
all amendments or supplements to this Registration Statement and to file the same with all exhibits
thereto and other documents in connection therewith, with the Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and every act and
thing necessary or appropriate to be done with respect to this Registration Statement or any
amendments or supplements hereto in and about the premises, as fully to all intents and purposes as
he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, each acting alone, or his substitute or substitutes, may lawfully do or cause to be done by
virtue hereof.
7
Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in their respective capacities with Ulta Salon, Cosmetics &
Fragrance, Inc. and on the dates indicated.
Signatures
Titles
Date
/s/ Lynelle P. Kirby
Lynelle P. Kirby
President, Chief Executive
Officer  and Director
(Principal Executive Officer)
November 2, 2007
/s/ Gregg R. Bodnar
Gregg R. Bodnar
Chief Financial Officer and
Assistant Secretary
(Principal Financial and
Accounting Officer)
November 2, 2007
Hervé J.F. Defforey
Director
November ___, 2007
/s/ Robert F. DiRomualdo
Robert F. DiRomualdo
Director
November 1, 2007
/s/ Dennis K. Eck
Dennis K. Eck
Chairman of the Board of Directors
October 31, 2007
/s/ Gerald R. Gallagher
Gerald R. Gallagher
Director
November 1, 2007
Terry J. Hanson
Director
November ___, 2007
/s/ Charles Heilbronn
Charles Heilbronn
Director
November 1, 2007
/s/ Steven E. Lebow
Steven E. Lebow
Director
November 1, 2007
/s/ Yves Sisteron
Yves Sisteron
Director
November 1, 2007
8
LIST OF EXHIBITS
Exhibit
Number
Description of Exhibit
4.1
Amended and Restated Certificate of Incorporation (filed as
Exhibit 3.1 to Amendment No. 1 to the Registration Statement on
Form S-1 filed on August 17, 2007 and incorporated herein by
reference).
4.2
Amended and Restated Bylaws (filed as Exhibit 3.2 to Amendment No.
1 to the Registration Statement on Form S-1 filed on August 17,
2007 and incorporated herein by reference).
4.3
Ulta Salon, Cosmetics & Fragrance, Inc. Second Amended and
Restated Restricted Stock Option Plan (filed as Exhibit 10.7 to
Amendment No. 1 to the Registration Statement on Form S-1 filed on
August 17, 2007 and incorporated herein by reference).
4.4
Amendment to Ulta Salon, Cosmetics & Fragrance, Inc. Second
Amended and Restated Restricted Stock Option Plan (filed as
Exhibit 10.7(a) to Amendment No. 1 to the Registration Statement
on Form S-1 filed on August 17, 2007 and incorporated herein by
reference).
4.5
Ulta Salon, Cosmetics & Fragrance, Inc. 2002 Equity Incentive Plan
(filed as Exhibit 10.9 to Amendment No. 1 to the Registration
Statement on Form S-1 filed on August 17, 2007 and incorporated
herein by reference).
4.6
Ulta Salon, Cosmetics & Fragrance, Inc. 2007 Incentive Award Plan
(filed as Exhibit 10.10 to Amendment No. 2 to the Registration
Statement on Form S-1 filed on September 27, 2007 and incorporated
herein by reference).
5.1
Opinion of Latham & Watkins LLP.
23.1
Consent of Latham & Watkins LLP (included in Exhibit 5.1).
23.2
Consent of Ernst & Young LLP.
24.1
Power of Attorney (included in the signature page hereto).
9