Form 4: Sleep Number Director Exits, Converts Equity Awards
Insider Transaction Report
Stephen L. Gulis Jr. ceased his directorship at Sleep Number Corp on November 4, 2025, converting 49,746 phantom shares and vesting 9,776 restricted stock units.
Summary
- Stephen L. Gulis Jr. ceased his role as a Director of Sleep Number Corp on November 4, 2025.
- On November 4, 2025, 49,746 phantom shares held by Gulis Jr. converted into common shares of Sleep Number Corp.
- Concurrently, 9,776 shares from restricted stock unit awards vested for Gulis Jr.
- Following these transactions, Gulis Jr. beneficially owns a total of 98,085 shares of Sleep Number Corp common stock.
- This Form 4 is indicated as the final reportable event for Gulis Jr. as a director, with no opposite way transactions in the preceding six months.
Sentiment
Score: 5
Explanation: Neutral. This is a routine insider transaction filing reporting the departure of a director and the associated equity compensation settlement. It does not inherently indicate positive or negative company performance.
Positives
- The conversion of 49,746 phantom shares and the vesting of 9,776 restricted stock units represent the settlement of previously earned equity compensation for the departing director.
Negatives
- The departure of Stephen L. Gulis Jr. from the Board of Directors on November 4, 2025, signifies a change in the company's governance structure and the loss of an experienced board member.
Future Outlook
NA
Industry Context
NA
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | Stephen L. Gulis Jr. | N/A | 11/04/2025 | Cessation of directorship. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney | Stephen Gulis, Jr. granted a Power of Attorney to Sam Hellfeld, Kelly Baker, and Brandon Rykkeli to handle his SEC filings, including Forms 3, 4, 5, 13D, 13G, and 144. | 07/10/2025 | Streamlines the process for the former director's compliance with SEC reporting requirements. |
Stakeholder Impact
- Shareholders: Awareness of a director's departure and the settlement of their equity compensation.
Next Steps
- This is stated to be the final reportable event for Stephen L. Gulis Jr. as a director.
Key Dates
| Date | Description |
|---|---|
| 07/10/2025 | Date Stephen Gulis, Jr. executed the Power of Attorney. |
| 11/04/2025 | Date of earliest transaction, conversion of phantom shares, vesting of restricted stock units, and cessation of directorship for Stephen L. Gulis Jr. |
| 11/06/2025 | Date the Form 4 was signed by attorney-in-fact. |
Keywords
Sleep Number Corp, SNBR, Form 4, Insider Transaction, Director Departure, Phantom Shares, Restricted Stock Units, Equity Compensation, Beneficial Ownership
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