Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 47

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 47
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| • | Business model: combination of omni-channel retailers, health care services providers and technology services/solutions providers; |

| • | Size and scope: revenue and market cap; |

| • | Current peers: preference, but not obligation, toward consistency in an effort to maintain reliability from year to year in the results of our compensation analysis; and |

| • | Labor market considerations: companies that are included in the peer group of our peers. |

The Compensation Committee considered the Company’s position relative to the peer group and made no changes to our peer group for fiscal 2025. Our peer group consisted of the following companies for fiscal 2025:

| Amazon.com, Inc. (AMZN)      |     | The Home Depot, Inc. (HD)   |     | Nordstrom, Inc. (JWN)                |
| CarMax, Inc. (KMX)           |     | Kohl’s Corporation (KSS)    |     | Target Corporation (TGT)             |
| CDW Corporation (CDW)        |     | Lowe’s Companies Inc. (LOW) |     | Wal-Mart, Inc. (WMT)                 |
| CVS Health Corporation (CVS) |     | Macy’s, Inc. (M)            |     | Walgreens Boots Alliance, Inc. (WBA) |
| eBay Inc. (EBAY)             |     | Nike, Inc. (NKE)            |     |                                      |

| 56 |     | 2025 Proxy Statement |

TABLE OF CONTENTS ____________________________ Executive and Director Compensation

Executive Compensation Elements Overview Our NEOs’ compensation in fiscal 2025 included the following elements (for additional details on specific awards, see the discussion below and the Compensation of Executive Officers — Summary Compensation Tablesection):

| Compensation Component                |     | Key Characteristics                                                                                                                                                                                                                                                                                         |     | Link to Shareholder Value                                                                                                                     |     | How We Determine Amount                                                                                                                                                                                                                                                                                                             |
| Base Salary                           |     | Cash; reviewed annually and adjusted if appropriate.                                                                                                                                                                                                                                                        |     | Provide competitive, fixed compensation to attract and retain executive talent who drive superior performance.                                |     | Consider individual contributions to business outcomes, scope and responsibilities, role changes and/or market data.                                                                                                                                                                                                                |
| Short-Term Incentive                  
 (“STI”)                               |     | Cash; variable compensation component. Performance-based award opportunity.                                                                                                                                                                                                                                 |     | Incentive targets are tied to the achievement of key measures tied to our long-term