Document:

exhibit10_1.htm

    
      February 21, 2008                                                                      
        EXHIBIT 10.1
 

      Mr. Michael A. Peel
Chairman,
        Compensation Committee
Board of Directors of Select Comfort Corporation
 

      Dear Mike:
 

      Last December, when it became
        clear that we needed to restructure our organization, I began considering
        ways
        to lead by example, demonstrating that sacrifices would have to be made to
        protect our ability to invest in growth. 
In order to demonstrate my belief
        in and commitment to Select Comfort’s
        mission and our Annual Operating Commitment for 2008, I propose to forego
        my
        annual base salary for the balance of 2008 until such time as we begin to
        show
        consistent growth in sales.
 

      Specifically, my proposal
        is as
        follows:
 

      (1)   
My
        base
        salary would be $0 commencing immediately and would continue at that rate
        until
        such time as the company achieves year-over-year growth in same store sales
        of
        at least 1% for not less than four consecutive weeks.  If and when this objective is achieved,
        my base salary would thereafter be paid at the normal rate of $660,000 per
        year.
 

      (2)   
Any
        annual
        cash incentive compensation that may become payable to me for achievement
        of
        2008 individual or company-wide performance targets would be calculated on
        the
        basis of the full normal annual base salary set forth above (regardless of
        the
        amount of salary foregone).
 

      (3)   
To
        the
        extent that I may become eligible for severance compensation under the terms
        of
        the Select Comfort Corporation Executive Severance Pay Plan, the amount payable
        thereunder would be calculated on the basis of the full normal annual base
        salary set forth above (regardless of the amount of salary foregone).
 

      (4)   
To
        the
        extent that I or my beneficiaries become eligible for payments under the
        company’s standard Life and AD&D Insurance or Long Term Disability benefit
        plans, the amount payable thereunder would be calculated on the basis of
        the
        full normal annual base salary set forth above (regardless of the amount
        of
        salary foregone).
 

      (5)   
I
        will pay
        the employee portion of company benefits that I have elected and fund my
        health
        savings account out of my own pocket until my base salary again becomes payable
        pursuant to paragraph (1) above.
 

      This proposal relates solely
        to
        the base salary that would otherwise be paid to me during 2008 and is not
        applicable to any period thereafter. 
The company would agree to promptly
        amend any benefit plans or agreements
        and obtain riders to any insurance policies as necessary to implement this
        proposal.
 

       
 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Please review this proposal
        with
        the Compensation Committee and, if acceptable, please so indicate by your
        signature below.  With your
        agreement, I will share this discussion with the company.
 

      Sincerely,
 

      /s/ William R. McLaughlin
 

      William R. McLaughlin
 

      The Compensation Committee
        of
        the Board of Directors of Select Comfort Corporation has accepted the proposal
        set forth above effective as of February 21, 2008.
 

                                                          /s/
        Michael A.
        Peel
 

                                                           Michael
        A. Peel,
        Chairman of the
                                                          
        Compensation Committeeform10k07ex10z.htm

    
      

    

    SEVENTH
      AMENDMENT TO THE SECOND
      AMENDMENT AND

    RESTATEMENT
      OF AGREEMENT OF LIMITED
      PARTNERSHIP OF

    THE
      TAUBMAN REALTY GROUP LIMITED
      PARTNERSHIP

    

    THIS
      SEVENTH AMENDMENT (this "Amendment") TO THE
      SECOND AMENDMENT AND RESTATEMENT OF AGREEMENT OF LIMITED PARTNERSHIP OF THE
      TAUBMAN REALTY GROUP LIMITED PARTNERSHIP (the “Second Amended and
      Restated
      Partnership Agreement”) is entered into effective as of December 14,
      2007, and is made by, between, and among TAUBMAN CENTERS, INC., a Michigan
      corporation ("TCO"), TG PARTNERS
      LIMITED PARTNERSHIP, a Delaware limited partnership (“TG”), and TAUB-CO
      MANAGEMENT, INC., a Michigan corporation (“Taub-Co”), who, as
      the Appointing Persons, pursuant to Section 13.11 of the Second Amended and
      Restated Partnership Agreement, have the full authority to amend the Second
      Amended and Restated Partnership Agreement on behalf of all of the partners
      of
      the Partnership with respect to the matters herein
      provided.  (Capitalized terms used herein that are not herein defined
      shall have the meanings ascribed to them in the Second Amended and Restated
      Partnership Agreement.)

     

    Recitals:

    

    A.           
      On September 30, 1998, TCO, TG, and Taub-Co entered into the Second Amended
      and
      Restated Partnership Agreement as an amendment and restatement of the
      then-existing partnership agreement (the “Amended and Restated
      Partnership Agreement”), as authorized under Section 13.11 of the Amended
      and Restated Partnership Agreement.

    

    B.           
      On March 4, 1999, TCO, TG, and Taub-Co entered into a First Amendment to the
      Second Amended and Restated Partnership Agreement to facilitate a proposed
      pledge of Units of Partnership Interest in the Partnership.

    

    C.           
      On September 3, 1999, TCO, TG, and Taub-Co entered into a Second Amendment
      to
      the Second Amended and Restated Partnership Agreement to provide for the
      contribution of preferred capital in exchange for a preferred equity
      interest.

    

    D.           
      On May 2, 2003, TCO, TG, and Taub-Co entered into a Third Amendment to the
      Second Amended and Restated Partnership Agreement to provide for the issuance
      of
      Series E Units of Partnership Interest in exchange for a contribution of cash
      to
      the Partnership.

    

    E.           
      On December 31, 2003, TCO, TG, and Taub-Co entered into a Fourth Amendment
      to
      the Second Amended and Restated Partnership Agreement to change the term of
      the
      Partnership and to amend Schedule E to the Partnership Agreement.

    

    F.           
      On February 1, 2005, TCO, TG, and Taub-Co entered into a Fifth Amendment to
      the
      Second Amended and Restated Partnership Agreement to evidence the conversion
      of
      all of the Series E Units of Partnership Interest to Units of Partnership
      Interest in the Partnership.

    

    G.           
      On March 29, 2006, TCO, TG, and Taub-Co entered into a Sixth Amendment to the
      Second Amended and Restated Partnership Agreement (the Second Amended and
      Restated Partnership Agreement, as amended, is hereinafter referred to as the
      “Partnership
      Agreement”) to amend Schedule A and Schedule E to the Partnership
      Agreement.

    

    H.           
      As authorized under Section 13.11 of the Partnership Agreement, the parties
      hereto wish to further amend the Partnership Agreement to amend certain notice
      provisions regarding distributions and the timing of certain distributions
      within the Partnership’s Fiscal Year and within thirty (30) days
      thereafter.

    

    NOW,
      THEREFORE, for good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      parties hereto hereby agree that the Partnership Agreement is amended as
      follows:

    

    1.           
      Section 5.2(a) is hereby deleted in its entirety, and the following is
      substituted in the place thereof:

    

    (a)           
      Subject, on liquidation of the Partnership or on liquidation of substantially
      all of the assets of the Partnership, to Section 11.1(a) hereof, and to Section
      11.1(e) hereof on liquidation of a Partner's interest in the Partnership that
      is
      not in connection with the liquidation of the Partnership, for the term of
      the
      Partnership, as set forth in Section 1.5 hereof:

     

    (i)           
      a cash distribution shall be made to the Parity Preferred Partners of each
      series in an amount equal to the Unpaid Parity Preferred Return for such series,
      at such times as are specified in the Designation, Distribution, Redemption,
      Exchange, and Consent Provisions (such distributions to be proportionate among
      the series); provided, however, that no distribution shall be made to a Parity
      Preferred Partner which would reduce its Adjusted Capital Account Balance below
      zero;

    

    (ii)           
      a cash distribution shall be made to the Partners, in accordance with their
      respective Percentage Interests, not later than the fifteenth (15th) Day of
      each
      month (the "Distribution
      Date") of each Partnership Fiscal Year, in an amount equal to one-twelfth
      (1/12) of the Required Distribution Amount for such Partnership Fiscal
      Year;

    

    (iii)           
      a cash distribution shall be made to the Partners, in accordance with their
      respective Percentage Interests, on a Distribution Date, determined by the
      Managing General Partner, during the Partnership Fiscal Year in which an
      Additional Required Amount Notice is given, or on the first Distribution Date
      after such Fiscal Year, in an amount equal to the Additional Required Amount;
      provided, however, that if such first Distribution Date is less than twenty
      (20)
      Days after the date of the Additional Required Amount Notice, the Additional
      Required Amount shall be distributed on the next Distribution Date;

    

    (iv)           
      in the event of a Minimum Distribution Amount Adjustment Notice, a cash
      distribution shall be made to the Partners, in accordance with their respective
      Percentage Interests, not later than the Distribution Date immediately
      succeeding the date of the Minimum Distribution Amount Adjustment Notice, in
      an
      amount equal to the Minimum Distribution Amount Adjustment for the prior
      Partnership Fiscal Year; provided, however, that if such Distribution Date
      is
      less than twenty (20) Days after the date of the Minimum Distribution Amount
      Adjustment Notice, the Minimum Distribution Amount Adjustment shall be
      distributed on the next Distribution Date;

    

    (v)           
      in the event of a Tax Adjustment Notice, a cash distribution shall be made
      to
      the Partners, in accordance with their respective Percentage Interests, not
      later than the Distribution Date immediately following the date of the Tax
      Adjustment Notice in an amount equal to the quotient obtained by dividing (x)
      the Tax Adjustment Amount for the prior Partnership Fiscal Year, by (y) the
      Percentage Interest of TCO on the Relevant Date; provided, however, that if
      such
      Distribution Date is less than twenty (20) days after the date of the Tax
      Adjustment Notice, the Tax Adjustment Amount shall be distributed on the next
      Distribution Date; and

    

    (vi)           
      in the event of a Deficiency Dividend Notice, a cash distribution shall be
      made
      to the Partners, in accordance with their respective Percentage Interests,
      as
      and when required by TCO, in an amount equal to the Deficiency
      Dividend.

    

    2.           
      Section 6.4 of the Partnership Agreement is hereby amended by deleting the
      second paragraph thereof and by substituting the following in the place
      thereof:

    

    In
      addition to the foregoing, pursuant to the
      Master Services Agreement, the Manager will be engaged to: (i) advise the
      Managing General Partner by written notice (an "Additional
      Required Amount Notice"), within
      thirty (30) Days
      after the closing of any capital gain transaction of the Partnership, of the
      Additional Required Amount with respect to such capital gain transaction of
      the
      Partnership, (ii) after a TCO Information Notice in respect of a Tax Adjustment
      Amount for the prior Fiscal Year, which TCO Information Notice shall be given
      not later than December 15 of the current Partnership Fiscal Year, advise the
      Managing General Partner by written notice (a "Tax
      Adjustment Notice") not less
      than ten (10)
      Days prior to TCO's  regular dividend date immediately succeeding the
      TCO Information Notice in respect of a Tax Adjustment Amount, of the Tax
      Adjustment Amount for such Partnership Fiscal Year, (iii) after a TCO
      Information Notice in respect of a Minimum Distribution Amount Adjustment for
      the prior Fiscal Year, which TCO Information Notice shall be given not later
      than December 15 of the current Partnership Fiscal Year,  advise the
      Managing General Partner, by written notice given not later than ten (10) Days
      after the date of such TCO Information Notice, (a "Minimum
      Distribution Amount Adjustment Notice") of the Minimum
      Distribution Amount Adjustment for such prior Partnership Fiscal Year, and
      (iv)
      after a TCO Information Notice, in respect of TCO's obligation to declare and
      pay a deficiency dividend pursuant to Section 860(f)(1) of the Code as a result
      of a determination (as defined in Section 860(e) of the Code), advise the
      Managing General Partner by written notice (the "Deficiency
      Dividend Notice") of the Deficiency
      Dividend
      for such Partnership Fiscal Year.

    

    
      	
              3.

            	
              As
                amended by
                this Seventh Amendment, all of the provisions of the Partnership
                Agreement
                are hereby ratified and confirmed and shall remain in full force
                and
                effect. 

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned Appointing
      Persons, in accordance with Section 13.11 hereof, on behalf of all of the
      Partners, have entered into this Amendment as of the date first-above
      written.

    

    

    
      	
               

            	
              TAUBMAN
                CENTERS, INC., a
                Michigan corporation 

            

    

    

    By:            
      _/s/ Robert S.
      Taubman      

    

    Its:            
      Chairman, President, and CEO

    

    

    

    
      	
               

            	
              TG
                PARTNERS LIMITED
                PARTNERSHIP, a Delaware limited partnership
                

            

    

    

    
      	
               

            	
              By:

            	
              TG
                Michigan,
                Inc., a Michigan corporation, Managing General Partner
                

            

    

    

    By:            
      /s/ Jeffrey
      Davidson        

    

    Its:            
      Senior Vice President

    

    

    
      	
               

            	
              TAUB-CO
                MANAGEMENT,
                INC., a Michigan corporation

            

    

    

    By:            
      _/s/ Lisa A.
      Payne        

    

    Its:            
      Vice Chairman & CFO

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