Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 88

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 88
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 no award or other right or interest of a participant under the 2020 Plan (other than fully vested and unrestricted shares issued pursuant to an award) shall be transferable by a participant other than by will or by the laws of descent and distribution, and no right or award may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance shall be void and unenforceable against the Company or any affiliates. However, the Compensation Committee may allow transfer of an award to family members for no value, and such transfer shall comply with the General Instructions to Form S-8 under the Securities Act of 1933, as amended. The Compensation Committee may also establish procedures to allow a named beneficiary to exercise the rights of the participant and receive any property distributable with respect to any award upon the participant’s death.

| 88 |     | 2025 Proxy Statement |

TABLE OF CONTENTS ______________ Item of Business No. 4 — Approval of Amendment No. 1 to our 2020 Omnibus Incentive Plan

Recoupment Awards under the 2020 Plan are subject to our clawback policies, as well as any other forfeiture and penalty conditions determined by the Compensation Committee. Termination and Amendment The 2020 Plan has a term of ten years expiring on April 13, 2030, unless terminated earlier by the Board. The Board may from time to time amend, suspend or terminate the 2020 Plan. No amendment or modification of the 2020 Plan may be made that would adversely affect any outstanding award without the consent of the participant or the current holder of the award (except in the case of a corporate transaction as described below). Amendments to the 2020 Plan must be approved by the shareholders if required under the listing requirements of the NYSE or any other securities exchange applicable to the Company, or if the amendment would (i) increase the number of shares authorized under the 2020 Plan, (ii) permit a repricing of options or SARs, (iii) permit the award of options or SARs with an exercise price less than 100% of the fair market value of a share on the date of grant, or (iv) increase the annual per-person share limits under the 2020 Plan. Awards under the 2020 Plan are generally subject to special provisions upon the occurrence of any reorganization, merger, consolidation, split-up, spin-off, combination, plan of arrangement, take-over bid