<SEC-DOCUMENT>0000921895-15-001264.txt : 20150512
<SEC-HEADER>0000921895-15-001264.hdr.sgml : 20150512
<ACCEPTANCE-DATETIME>20150512104053
ACCESSION NUMBER:		0000921895-15-001264
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150512
DATE AS OF CHANGE:		20150512
EFFECTIVENESS DATE:		20150512

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SELECT COMFORT CORP
		CENTRAL INDEX KEY:			0000827187
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				411597886
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0101

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25121
		FILM NUMBER:		15853173

	BUSINESS ADDRESS:	
		STREET 1:		9800 59TH AVENUE NORTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55442
		BUSINESS PHONE:		7635517000

	MAIL ADDRESS:	
		STREET 1:		9800 59TH AVENUE NORTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55442

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blue Clay Capital Management, LLC
		CENTRAL INDEX KEY:			0001576160
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		800 NICOLLET MALL
		STREET 2:		SUITE 2870
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		612-200-1740

	MAIL ADDRESS:	
		STREET 1:		800 NICOLLET MALL
		STREET 2:		SUITE 2870
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a10184002_05122015.htm
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    <title>dfan14a10184002_05122015.htm</title>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">UNITED STATES</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Washington, D.C. 20549</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Rule 14a-101)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SCHEDULE 14A INFORMATION</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Amendment No.&#160;&#160;)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed by the Registrant&#160;&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings">o</font></font></font></font></font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed by a Party other than the Registrant&#160;&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings">x</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings">o</font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Preliminary Proxy Statement</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline;" face="Wingdings">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Confidential, for Use of the Commission Only (as permitted by Rule14a-6(e)(2))</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline;" face="Wingdings">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Definitive Proxy Statement</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings">x</font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Definitive Additional Materials</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings">o</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Soliciting Material Under Rule 14a-12</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SELECT COMFORT CORPORATION</font></font></font></font></font></font></font></font></font></div>
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<td valign="top" width="80%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">BLUE CLAY CAPITAL PARTNERS CO III LP</font></font></font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">BLUE CLAY CAPITAL MASTER FUND LTD</font></font></font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">BLUE CLAY CAPITAL MANAGEMENT, LLC</font></font></font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">GARY S. KOHLER</font></font></font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">BRIAN R. DURST</font></font></font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ADAM J. WRIGHT</font></font></font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">BRIAN A. SPALY</font></font></font></font></font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings"><font style="DISPLAY: inline;" face="Wingdings">x</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No fee required.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Blue Clay Capital Management, LLC, together with the other the participants named herein (collectively, &#8220;Blue Clay&#8221;), has filed a definitive proxy statement with the Securities and Exchange Commission and an accompanying <font style="DISPLAY: inline; FONT-WEIGHT: bold">BLUE</font> proxy card to be used to solicit votes for the election of Blue Clay&#8217;s slate of two highly-qualified director nominees to the Board of Directors of Select Comfort Corporation, a Minnesota corporation (the &#8220;Company&#8221;), at the Company&#8217;s upcoming 2015 annual meeting of shareholders, or any other meeting of shareholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the &#8220;Annual Meeting&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Item 1: On May 12, 2015, Blue Clay issued the following press release announcing the withdrawal of its slate of nominees for election to the Board of Directors of the Company at the Annual Meeting.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Blue Clay will not vote any proxies received from stockholders of the Company at the Annual Meeting</font>.</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><br>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WITHDRAWS PROXY SOLICITATION AT SELECT COMFORT CORPORATION</font></font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Blue Clay Will Continue to Monitor Progress and Hold the Board Accountable to Shareholders</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Minneapolis, MN &#8211; May 12, 2015</font> &#8211; Blue Clay Capital Management, LLC (together with its affiliates and other participants in its solicitation, &#8220;Blue Clay&#8221;), beneficial owners of 1,053,435 shares of common stock of Select Comfort Corporation (NASDAQ: SCSS) (&#8220;Select Comfort&#8221; or the &#8220;Company&#8221;), today issued an open letter to shareholders of Select Comfort announcing that, in recognition of the Company&#8217;s progress in implementing Blue Clay&#8217;s recommended actions, Blue Clay has determined to withdraw its slate of two director nominees for election to the Board of Directors of the Company at its upcoming 2015 annual meeting.&#160;&#160;The full text of the letter follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Fellow Select Comfort Shareholders:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Over five months ago, we nominated our two highly-qualified candidates for election to the Board of Directors (the &#8220;Board&#8221;) of Select Comfort Corporation (&#8220;Select Comfort&#8221; or the &#8220;Company&#8221;).&#160;&#160;In a detailed presentation to management and the Board chairman, we stated, &#8220;Blue Clay applauds the Company&#8217;s brand development, product innovation and customer experience.&#160;&#160;However, greater focus is needed on increasing store count, expanding margins and increasing per share shareholder value.&#8221;&#160;&#160;We proposed to work collaboratively with the Board and management to enhance per share shareholder value.&#160;&#160;Since that time, we are pleased to have seen numerous actions taken by the Company in response to our nominations and our carefully researched analysis of the Company&#8217;s financial performance, capital allocation decisions and the future opportunities that exist to maximize value for all shareholders.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">New Store Growth:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We strongly urged the Company to focus on high-ROIC new store growth and significantly increase store openings from its current level of approximately 463.&#160;&#160;Following our discussions, management has increased its goal from 550 to 650 stores.&#160;&#160;We believe that this is a step in the right direction, and that store openings will accelerate in previously identified new and underpenetrated markets as the Board and management come to realize our recommendation for faster, but thoughtfully staged growth, is not risky, as it has been characterized, but rather the highest ROIC strategy available.&#160;&#160;As we have highlighted in our analysis for the Company and for shareholders, the existing national advertising program has fostered a high level of awareness in markets with low store densities.&#160;&#160;This awareness should ensure new stores are well-received, and growing revenue in these markets should help to spread the expense of a national advertising program across a greater amount of sales, generating a higher return for shareholders.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Capital Allocation and Focus on ROIC:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We advised the Board and management to modify and greatly increase the Company&#8217;s share repurchase program, prompting the Company to change its repurchase objective from &#8220;maintain[ing] common shares outstanding at current levels&#8221; to a more sensible approach that repurchases be &#8220;accretive to earnings.&#8221;&#160;&#160;Further, the Company doubled its monthly share repurchase to $10 million in March 2015, which we support.&#160;&#160;Lastly, and most importantly, the Board and management have now incorporated an ROIC framework in their share repurchase decisions, as well as in performance metrics for the Company&#8217;s executive compensation.&#160;&#160;We believe ROIC should drive every spending or investment decision and are hopeful that the Board and management will continue to be guided by this fundamental premise.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Since we submitted our nominations on December 4, 2014, as the Board and management began implementing our recommended changes and supported the stock with increased share repurchases and investor communication, the Company&#8217;s stock price has increased by 21.9%.&#160;&#160;As long-term holders, we are hopeful the Company will continue to make changes that benefit shareholders.&#160;&#160;Specifically, we hope that the Company will move to (1) open the four remaining markets previously identified by management to be developed by 2014, (2) close the significant gap to historical margin guidance, and (3) further improve capital allocation by returning more cash to shareholders and reducing annual capital expenditures to focus on new store growth once the ERP and store remodel and relocation program are concluded later this year.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In recognition of the Company moving in the overall direction of our recommendations, we are withdrawing our slate of two director nominees for election to the Board at this year&#8217;s annual shareholders meeting.&#160;&#160;We remain excited about the opportunity ahead for the Company and will continue to encourage the Board and management to embrace the strategic initiatives that we have advanced but that have not yet been adopted.&#160;&#160;We sincerely hope that the Board and management will be amenable to considering alternative views expressed by shareholders and continue to foster the direct line of communication with investors that was opened as a result of our nominations.&#160;&#160;We look forward to working constructively with the Board and management to maximize value for all shareholders.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We want to thank the many shareholders that have expressed their support for our candidates.&#160;&#160;As we have said many times, we are long-term shareholders, interested in long-term results, and we will continue to press for positive change at Select Comfort.&#160;&#160;We expect the Board and management to deliver on the promises they have made, and as shareholders will continue to hold them accountable for achieving the Company&#8217;s long-term performance objectives.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">About Blue Clay Capital Management:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Blue Clay Capital Management is an alternative investment management firm with an experienced team focused on small- and mid-cap publicly-traded securities.&#160;&#160;With a focus on capital preservation and through our fundamental and long-term investment approach, Blue Clay aims to deliver superior absolute results.&#160;&#160;The firm is located in Minneapolis, Minnesota and was founded in 2011 by Gary Kohler, Adam Wright and Brian Durst.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investor Contact:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fred Steiner</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Blue Clay Capital Management</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(612) 200-1748</font></div>
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