Kathleen L. Nedorostek - 12 May 2022 Form 4 Insider Report for Sleep Number Corp (SNBR)

Role: Director
Signature: /s/ Kathleen L. Nedorostek, by Rebecca Long, attorney-in-fact
Issuer symbol: SNBR
Transactions as of: 12 May 2022
Net transactions value: +$495,664
Form type: 4
Filing time: 16 May 2022, 16:11:03 UTC
Previous filing: 14 Mar 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SNBR	Common Stock	Options Exercise	$486,324	+11,926	+99%	$40.78	23,946	12 May 2022	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SNBR	Phantom Stock	Options Exercise	$0	-11,926	-60%	$0.000000	7,833	12 May 2022	Common Stock	11,926		Direct	F3
transaction	SNBR	Phantom Stock	Award	$9,341	+229	+2.9%	$40.78	8,062	12 May 2022	Common Stock	229		Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On 5/12/22, the reporting person retired from Sleep Number's Board of Directors. Upon retirement, she took receipt of a portion of her phantom stock, with the remaining shares paying out in 2023 and 2024. The fractional share will be paid by check to Ms. Nedorostek.
F2	On 5/12/22, 820 shares pursuant to a restricted stock unit award vested.
F3	Each share of Phantom Stock is the economic equivalent of one share of Common Stock. The shares of Phantom Stock become payable in Common Stock, at the election of the reporting person.
F4	The reporting person elected to receive her Board fees in common stock and due to her retirement from the Board, she took receipt of the shares and the fractional share will be paid by check to Ms. Nedorostek.