Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 49

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 49
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 emphasis placed on job value and internal pay equity among the NEOs. The target payout percentage for Messrs. Bonfig and Harmon were increased to improve internal alignment based on the scope of their roles.

| Name         |     | Fiscal 2024   
 Target Payout 
 Percentage    |     | Fiscal 2025   
 Target Payout 
 Percentage(1) |
| Ms. Barry    |     | 200%          |     | 200%          |
| Mr. Bilunas  |     | 150%          |     | 150%          |
| Mr. Bonfig   |     | 100%          |     | 125%          |
| Mr. Harmon   |     | 100%          |     | 125%          |
| Ms. Scarlett |     | 150%          |     | 150%          |

| (1) | The Target Payout Percentage for Messrs. Bonfig and Harmon were increased from 100% to 125% two months into fiscal 2025. Their final STI Payment amounts were pro-rated accordingly, resulting in a target payout percentage of 121%. |

Fiscal 2025 STI Performance Criteria. Metrics were selected based on key components of the Company’s strategic plan. The following performance metrics determined the payouts for the fiscal 2025 STI plan:

| STI Metric                     |     | Metric    
 Weighting |     | Definition                                                                                                                                                                                                  |
| Compensable Enterprise         
 Operating Income               |     | 45%       |     | Enterprise adjusted operating income, adjusted for differences from targeted foreign exchange rates.                                                                                                        |
| Compensable Enterprise Revenue |     | 45%       |     | Enterprise revenue, which includes all revenue streams, including stores that recently opened or closed as well as mergers and acquisitions, adjusted for differences from targeted foreign exchange rates. |
| Shared Success                 |     | 10%       |     | Progress towards three priorities: Culture of Belonging, Social Impact and Sustainability.                                                                                                                  |

For fiscal 2025, the Compensation Committee elected to once again approve a plan design concentrated on financial performance metrics while maintaining a small portion that was scored based on an informed judgment of performance in three areas. In March 2024, the Compensation Committee approved the performance goals for each of the financial metrics. The minimum, target and maximum goals for each metric were evaluated to ensure they would incentivize the desired level of performance for each priority. The goals are set each year considering anticipated year-over-year industry