FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  	OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5	
                      	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

GUTTMAN ROBERT S	2. Issuer Name and Ticker or Trading Symbol

Ulta Salon, Cosmetics & Fragrance, Inc. [ ULTA ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
SVP, General Counsel & Secr.	
(Last)          (First)          (Middle)

1000 REMINGTON BLVD., SUITE 120	3. Date of Earliest Transaction (MM/DD/YYYY)

1/8/2013		
(Street)

BOLINGBROOK, IL 60440
(City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	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 Acquired, Disposed of, or Beneficially Owned	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code
(Instr. 8)	4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)	
			Code	V	Amount	(A) or (D)	Price				
Common Stock  	1/8/2013  	 	M	  	5555  	A	$18.00  	8416   (1)	D  	 	
Common Stock  	1/8/2013  	 	M	  	5000  	A	$13.44  	13416  	D  	 	
Common Stock  	1/8/2013  	 	M	  	5000  	A	$6.29  	18416  	D  	 	
Common Stock  	1/8/2013  	 	M	  	93  	A	$14.41  	18509  	D  	 	
Common Stock  	1/8/2013  	 	M	  	455  	A	$26.71  	18964  	D  	 	

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code
(Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	6. Date Exercisable and Expiration Date	7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)	8. Price of Derivative Security
(Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
Stock Option (right to buy)  	$18.00  	1/8/2013  	 	M  	  	  	5555   	10/24/2011   (2)	10/24/2017  	Common Stock  	5555  	$0.00  	0  	D  	 	
Stock Option (right to buy)  	$13.44  	1/8/2013  	 	M  	  	  	5000   	9/9/2012   (3)	9/9/2018  	Common Stock  	5000  	$0.00  	0  	D  	 	
Stock Option (right to buy)  	$6.29  	1/8/2013  	 	M  	  	  	5000   	  (4)	3/24/2019  	Common Stock  	5000  	$0.00  	15000  	D  	 	
Stock Option (right to buy)  	$14.41  	1/8/2013  	 	M  	  	  	93   	  (5)	9/9/2019  	Common Stock  	93  	$0.00  	19907  	D  	 	
Stock Option (right to buy)  	$26.71  	1/8/2013  	 	M  	  	  	455   	  (6)	9/8/2020  	Common Stock  	455  	$0.00  	17545  	D  	 	

Explanation of Responses:	
(  1) 	Since the date of the reporting person's last ownership report, he transferred 1,500 shares of common stock to his ex-wife pursuant to a domestic relations order. The reporting person no longer reports as beneficially owned any securities owned by his ex-wife.	
(  2) 	The options, representing a right to purchase a total of 63,200 shares, vested 25% on each anniversary date of the 10/24/2007 grant date.	
(  3) 	The options, representing a right to purchase a total of 20,000 shares, vested 25% on each anniversary date of the 09/09/2008 grant date.	
(  4) 	The options, representing a right to purchase a total of 20,000 shares, vest 25% on each anniversary date of the 03/24/2009 grant date.	
(  5) 	The options, representing a right to purchase a total of 20,000 shares, vest 25% on each anniversary date of the 09/09/2009 grant date.	
(  6) 	The options, representing a right to purchase a total of 18,000 shares, vest 25% on each anniversary date of the 09/08/2010 grant date.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
GUTTMAN ROBERT S
1000 REMINGTON BLVD.
SUITE 120
BOLINGBROOK, IL 60440			SVP, General Counsel & Secr.		

Signatures		
/s/ Robert S. Guttman		1/9/2013	
** 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 4(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).	
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.