Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 86

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 86
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 value of our shares is always based on the closing price of those shares on the relevant date. Vesting The 2020 Plan requires at least a one-year minimum vesting period for time-based awards and a performance period of at least one year for performance-based awards, subject to limited exceptions in the case of awards substituted for outstanding awards in the context of a merger, acquisition or similar transaction, awards received in lieu of other earned compensation, awards granted to our non-employee directors that vest no earlier than the next annual shareholder meeting date, and awards involving an aggregate number of shares not in excess of 5% of the plan’s share reserve. Notwithstanding the foregoing, the Compensation Committee or an award agreement may waive the one-year minimum vesting requirement without the applicable award counting against the 5% limit if such waiver is limited to acceleration upon an individual’s death, disability or retirement, or a change in control of the Company.

| 2025 Proxy Statement |     | 87 |

TABLE OF CONTENTS Item of Business No. 4 — Approval of Amendment No. 1 to our 2020 Omnibus Incentive Plan ______________ Stock Options Options granted under the 2020 Plan may not have terms longer than ten years, except that in the event the recipient of an incentive stock option owns more than ten percent of our stock, the term of the option may be no longer than five years. Option recipients may exercise their options by tendering cash, shares of common stock or a combination thereof having a fair market value on the date the option was exercised equal to the exercise price, or 110% of the fair market value if the payment is in exercise of an incentive stock option by a participant who owns more than ten percent of our stock. Except with respect to options granted in substitution for a stock option previously granted by an entity that is acquired by or merged with our Company or an affiliate, no options may be granted at an exercise price less than the fair market value of the underlying shares on the date of grant. As of February 1, 2025, no options have been granted under the 2020 Plan. Stock Appreciation Rights SARs granted under the 2020 Plan may not have terms longer than ten years. The holder of a SAR is entitled to receive the excess of the fair market value, calculated as of the exercise date, of a specified number of shares of common stock over the grant price of the SAR, which can be no less than the fair market value of the underlying shares on the grant