Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 71

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 71
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, 2025, the last business day of fiscal 2025, for each NEO, where applicable. Cash Compensation Pursuant to the terms of the Company’s severance plan as of the end of fiscal 2025, and subject to entering into a separation agreement with us, our executive officers are generally eligible for: severance pay equal to two years of base salary; a payment equal to 150% of the cost of 23 months of medical, dental and vision benefits; a payment equal to 17 months of basic life insurance coverage; and payment of $25,000 in lieu of providing outplacement services and other tax and financial assistance upon

| 2025 Proxy Statement |     | 73 |

TABLE OF CONTENTS Executive and Director Compensation ____________________________

involuntary termination due to job elimination, reduction in force, business restructuring or other circumstances as we determine at our discretion. For more detail regarding our severance plan, see the Compensation Discussion and Analysis — Executive Compensation Elements — Other Compensation — Severance Plansection. All of the NEOs are entitled to participate in the Company’s severance plan, which provides the benefits described above in the event of involuntary termination due to job elimination, reduction in force or business restructuring. Ms. Barry’s employment agreement entitles her to receive the same benefits in the event of involuntary termination without Cause or voluntary termination with Good Reason. Additionally, upon involuntary termination without Cause or voluntary termination for Good Reason on or within 12 months following a change-of-control, Ms. Barry is instead eligible for enhanced severance pay equal to (a) two times the sum of base salary plus target bonus and (b) a pro rata annual bonus payment, dependent on actual performance under the Company’s short-term incentive plan for the fiscal year in which the termination occurs. The following table provides, for each NEO, as of the end of fiscal 2025, the potential severance amount they are eligible for under the scenarios discussed above.

| Name         |     | Voluntary Termination 
       for Good Reason |     | Involuntary Termination 
           without Cause |     |   Involuntary Termination 
 — under Severance Plan(1) |     | Termination following 
     Change-of-Control |
| Ms. Barry    |     |            $2,704,892 |     |              $2,704,892 |     |                $2,704,892 |     |           $10,071,732 |
| Mr. Bilunas  |     |                     —