8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION


                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT


                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


        Date of Report (Date of earliest event reported): JANUARY 1, 2005


                           SELECT COMFORT CORPORATION
             (Exact name of registrant as specified in its charter)


                                    MINNESOTA
         (State or other jurisdiction of incorporation or organization)

        0-25121                                         41-1597886
(Commission File No.)                          (IRS Employer Identification No.)

              6105 Trenton Lane North, Minneapolis, Minnesota 55442
              -----------------------------------------------------
               (Address of principal executive offices) (Zip Code)



                                 (763) 551-7000
                                 --------------
              (Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))






ITEM 1.01.  ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

Effective as of January 1, 2005, the Compensation Committee of the Board of
Directors of Select Comfort Corporation has approved the Executive Tax and
Financial Planning Program providing for the reimbursement of certain approved
tax and financial planning services for executive officers of the company. A
copy of the Executive Tax and Financial Planning Program is attached as
Exhibit 10.1 to this Current Report on Form 8-K.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

(C)     EXHIBITS.

        Exhibit 10.1  Select Comfort Corporation Executive Tax and Financial
                      Planning Program


                                    SIGNATURE
                                    ---------

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                               SELECT COMFORT CORPORATION
                                               (Registrant)


Dated:  January 3, 2005                        By:    /s/ Mark A. Kimball
                                                  -----------------------------

                                               Title: Senior Vice President
                                                     --------------------------



                                INDEX TO EXHIBITS

Exhibit No.       Description of Exhibit
- -----------       ----------------------

10.1              Select Comfort Corporation Executive Tax and Financial
                  Planning Program



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EX-10

                                                                    Exhibit 10.1

                           SELECT COMFORT CORPORATION

                  EXECUTIVE TAX AND FINANCIAL PLANNING PROGRAM
                          (EFFECTIVE JANUARY 15, 2005)

SUMMARY

    * CEO eligible for up to $7,500 per year of approved executive tax and
      financial planning services.
    * Senior Vice Presidents eligible for up to $4,000 per year of approved
      executive tax and financial planning services.
    * Up to one-half of any unused allowance (excluding carryovers) may be
      carried forward and used in the following year. Any unused allowances
      remaining at the time an executive leaves the Company shall expire and
      will not be paid out.
    * Approved services include tax preparation and planning, financial
      planning, estate planning, employer stock and stock option planning and
      related legal fees. Money management fees and brokerage fees are not
      approved services.
    * All amounts will be considered taxable wages to executives and will not be
      "grossed up" for any resulting taxes.
    * Services must be performed and invoiced by December 15th of each year or
      they will be applied to the following year.


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