STADIUM CAPITAL PARTNERS L P 4

What Happened

• Stadium Capital Management LLC and affiliated reporting persons (a group that has been a >10% holder of Sleep Number) sold a total of 390,676 shares of Sleep Number Corporation common stock on May 28, 2026. The sales were reported as open-market/private sales at a weighted average price of $1.78 per share for aggregate proceeds of about $695,051. The reported sales consist of two lots: 330,732 shares and 59,944 shares.

Key Details

• Transaction date: 2026-05-28.
• Reported price: weighted average $1.78 per share; actual trade prices ranged from $1.68 to $1.875 (per filing footnote).
• Lots reported: 330,732 shares ($588,405 reported) and 59,944 shares ($106,646 reported); total proceeds ≈ $695,051.
• Ownership after transaction: not specified in the provided filing excerpt.
• Notable footnotes: (F1) joint filing by Stadium Capital entities and Alexander M. Seaver; group has in the past been a >10% Section 13(d) holder and disclaims beneficial ownership except for pecuniary interest. (F2) weighted-average price with range and offer to provide breakdown on request. (F3–F4) describe attribution of holdings among affiliated entities (SCP, SSO, SCMGP). No 10b5-1 plan, option exercise, tax withholding, or gift was disclosed in this excerpt.
• Filing date/accession: Form 4 filed 2026-06-01 reporting the 2026-05-28 trades (investors may note the filing date relative to the trade date).

Context

• This transaction was by an institutional/10% owner group, not an individual company executive. Such sales by large holders can reflect portfolio rebalancing or other institutional actions and do not by themselves indicate management sentiment. Sales are generally less informative than purchases for assessing insider conviction.