<SEC-DOCUMENT>0000921895-24-002772.txt : 20241118
<SEC-HEADER>0000921895-24-002772.hdr.sgml : 20241118
<ACCEPTANCE-DATETIME>20241118184643
ACCESSION NUMBER:		0000921895-24-002772
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20241114
FILED AS OF DATE:		20241118
DATE AS OF CHANGE:		20241118

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STADIUM CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001105087
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25121
		FILM NUMBER:		241472915

	BUSINESS ADDRESS:	
		STREET 1:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840-5321
		BUSINESS PHONE:		(203) 972-8235

	MAIL ADDRESS:	
		STREET 1:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840-5321

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STADIUM CAPITAL PARTNERS L P
		CENTRAL INDEX KEY:			0001076204
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25121
		FILM NUMBER:		241472912

	BUSINESS ADDRESS:	
		STREET 1:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840
		BUSINESS PHONE:		(203) 972-8235

	MAIL ADDRESS:	
		STREET 1:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Stadium Special Opportunity I, L.P.
		CENTRAL INDEX KEY:			0001987945
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25121
		FILM NUMBER:		241472913

	BUSINESS ADDRESS:	
		STREET 1:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840
		BUSINESS PHONE:		203-972-8235

	MAIL ADDRESS:	
		STREET 1:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SEAVER ALEXANDER M
		CENTRAL INDEX KEY:			0001473106
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25121
		FILM NUMBER:		241472911

	MAIL ADDRESS:	
		STREET 1:		C/O STADIUM CAPITAL MANAGEMENT, LLC
		STREET 2:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Stadium Capital Management GP, L.P.
		CENTRAL INDEX KEY:			0001580925
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25121
		FILM NUMBER:		241472914

	BUSINESS ADDRESS:	
		STREET 1:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840-5321
		BUSINESS PHONE:		(203) 972-8235

	MAIL ADDRESS:	
		STREET 1:		199 ELM STREET
		CITY:			NEW CANAAN
		STATE:			CT
		ZIP:			06840-5321

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sleep Number Corp
		CENTRAL INDEX KEY:			0000827187
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				411597886
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1228

	BUSINESS ADDRESS:	
		STREET 1:		1001 THIRD AVENUE SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55404
		BUSINESS PHONE:		7635517000

	MAIL ADDRESS:	
		STREET 1:		1001 THIRD AVENUE SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SELECT COMFORT CORP
		DATE OF NAME CHANGE:	19980821
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form407785006_11182024.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-11-14</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000827187</issuerCik>
        <issuerName>Sleep Number Corp</issuerName>
        <issuerTradingSymbol>SNBR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001105087</rptOwnerCik>
            <rptOwnerName>STADIUM CAPITAL MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>199 ELM STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW CANAAN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06840</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001580925</rptOwnerCik>
            <rptOwnerName>Stadium Capital Management GP, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>199 ELM STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW CANAAN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06840</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001987945</rptOwnerCik>
            <rptOwnerName>Stadium Special Opportunity I, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>199 ELM STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW CANAAN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06840</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Explanation of Responses</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001076204</rptOwnerCik>
            <rptOwnerName>STADIUM CAPITAL PARTNERS L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>199 ELM STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW CANAAN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06840</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Explanation of Responses</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001473106</rptOwnerCik>
            <rptOwnerName>SEAVER ALEXANDER M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>199 ELM STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW CANAAN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06840</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2024-11-14</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>16600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.7296</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2188460</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Stadium Capital Partners, L.P.</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2024-11-15</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>9740</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.5571</value>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2198200</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Stadium Capital Partners, L.P.</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2024-11-15</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>1800</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.5119</value>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2200000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Stadium Capital Partners, L.P.</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2024-11-18</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>15000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.1234</value>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2215000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Stadium Capital Partners, L.P.</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>401459</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Stadium Special Opportunity I, L.P.</value>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">This Form 4 is filed jointly by Stadium Capital Management, LLC (&quot;SCM&quot;), Stadium Capital Management GP, L.P. (&quot;SCMGP&quot;), Stadium Special Opportunity I, L.P. (&quot;SSO&quot;), Stadium Capital Partners, L.P. (&quot;SCP&quot;) and Alexander M. Seaver (collectively, the &quot;Reporting Persons&quot;). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively beneficially owns more than 10% of Sleep Number Corporation's (the &quot;Issuer&quot;) outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.</footnote>
        <footnote id="F2">The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.4921 to $14.3680 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.</footnote>
        <footnote id="F3">Securities owned directly by SCP. As the general partner of SCP, SCMGP may be deemed to beneficially own the securities owned directly by SCP. SCM, as the investment advisor of SCP and general partner of SCMGP, may be deemed to beneficially own the securities owned directly by SCP. Mr. Seaver, as the manager of SCM, may be deemed to beneficially own the securities owned directly by SCP.</footnote>
        <footnote id="F4">The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.4354 to $13.4000 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.</footnote>
        <footnote id="F5">The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.4795 to $13.6300 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.</footnote>
        <footnote id="F6">The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.0400 to $12.2076 per share. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.</footnote>
        <footnote id="F7">Securities owned directly by SSO. As the general partner of SSO, SCMGP may be deemed to beneficially own the securities owned directly by SSO. SCM, as the investment advisor of SSO and general partner of SCMGP, may be deemed to beneficially own the securities owned directly by SSO. Mr. Seaver, as the manager of SCM, may be deemed to beneficially own the securities owned directly by SSO.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Stadium Capital Management, LLC; By /s/ Alexander M. Seaver, Manager</signatureName>
        <signatureDate>2024-11-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Stadium Capital Management GP, L.P.; By Stadium Capital Management, LLC; By /s/ Alexander M. Seaver, Manager</signatureName>
        <signatureDate>2024-11-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Stadium Special Opportunity I, L.P.; By Stadium Capital Management GP, L.P.; By Stadium Capital Management, LLC; By /s/ Alexander M. Seaver, Manager</signatureName>
        <signatureDate>2024-11-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Stadium Capital Partners, L.P.; By Stadium Capital Management GP, L.P.; By Stadium Capital Management, LLC; By /s/ Alexander M. Seaver, Manager</signatureName>
        <signatureDate>2024-11-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Alexander M. Seaver</signatureName>
        <signatureDate>2024-11-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
