Ownership Submission
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

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Bodnar Gregg R
   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)
Chief Financial Officer
(Last)
(First)
(Middle)
1000 REMINGTON BLVD.,, SUITE 120		 3. Date of Earliest Transaction (Month/Day/Year)
03/12/2010
(Street)

BOLINGBROOK, IL 60440		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction 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
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(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) $ 14.41 03/12/2010   G(1) V   30,000   (2) 09/09/2019 Common Stock 30,000 $ 0 0 D  
Stock Option (right to buy) $ 14.41 03/12/2010   G(1) V 30,000     (2) 09/09/2019 Common Stock 30,000 $ 0 30,000 I By self as trustee for Bethany B. Bodnar Revocable Trust (3)
Stock Option (right to buy) $ 9.75 03/12/2010   G(1) V   40,000   (4) 06/17/2019 Common Stock 40,000 $ 0 0 D  
Stock Option (right to buy) $ 9.75 03/12/2010   G(1) V 40,000     (4) 06/17/2019 Common Stock 40,000 $ 0 40,000 I By self as trustee for Bethany B. Bodnar Revocable Trust (3)
Stock Option (right to buy) $ 13.44 03/12/2010   G(1) V   25,000   (5) 09/09/2018 Common Stock 25,000 $ 0 0 D  
Stock Option (right to buy) $ 13.44 03/12/2010   G(1) V 25,000     (5) 09/09/2018 Common Stock 25,000 $ 0 25,000 I By self as trustee for Bethany B. Bodnar Revocable Trust (3)
Stock Option (right to buy) $ 14.06 03/12/2010   G(1) V   200,000   (6) 03/24/2018 Common Stock 200,000 $ 0 0 D  
Stock Option (right to buy) $ 14.06 03/12/2010   G(1) V 200,000     (6) 03/24/2018 Common Stock 200,000 $ 0 200,000 I By self as trustee for Bethany B. Bodnar Revocable Trust (3)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Bodnar Gregg R
1000 REMINGTON BLVD.,
SUITE 120
BOLINGBROOK, IL 60440		       Chief Financial Officer  

Signatures

 /s/ Robert S. Guttman, as attorney-in-fact for Gregg R. Bodnar   03/15/2010
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) The reported transaction involves Gregg R. Bodnar's transfer of stock options, for no consideration, as a gift to the Bethany B. Bodnar Revocable Trust on March 12, 2010.
(2) The options reported vest 25% on each anniversary date of the 09/09/2009 grant date.
(3) The Bethany B. Bodnar Revocable Trust is the record holder of these stock options. These stock options are indirectly owned by Gregg R. Bodnar, who is a co-trustee, along with Bethany B. Bodnar, of the Bethany B. Bodnar Revocable Trust. Mr. Bodnar disclaims beneficial ownership of these stock options except to the extent of any pecuniary interest therein.
(4) The options reported vest 25% on each anniversary date of the 06/17/2009 grant date.
(5) The options reported vest 25% on each anniversary date of the 09/09/2008 grant date.
(6) The options reported vest 25% on each anniversary date of the 03/24/2008 grant date.

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