Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 42

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 42
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 establishes, recommends and governs all of the compensation and benefits policies and actions for the Company’s NEOs. While the advisory vote to approve the compensation of NEOs is not binding, it provides useful information to our Board and Compensation Committee regarding our shareholders’ views of our executive compensation philosophy, policies and practices. The Compensation Committee values our shareholders’ opinions and will take the results of the vote into consideration when determining the future compensation arrangements for our NEOs. At the Company’s 2023 Regular Meeting of Shareholders, our shareholders voted to hold the non-binding shareholder vote to approve the compensation of our NEOs each year. Accordingly, the Company has held, and expects to continue to hold, such votes annually. The next such vote on frequency of these non-binding shareholder votes (“Say When on Pay”) will be held at the 2029 Regular Meeting of Shareholders. As detailed in the Executive and Director Compensation — Compensation Discussion and Analysissection, we believe our fiscal 2025 executive compensation program reflects market appropriate practices and balances risk and reward in relation to our overall business strategy. Our executive compensation program is focused on pay-for-performance and seeks to mitigate risks related to compensation to ensure management and shareholder interests in long-term value creation are aligned. Accordingly, we ask that our shareholders cast an advisory vote to approve the following resolution: RESOLVED, that the shareholders of the Company approve, on an advisory basis, the compensation of the NEOs for the fiscal year ended February 1, 2025, as described in the Executive and Director Compensation — Compensation Discussion and Analysissection and the compensation tables and related material disclosed in the Company’s proxy statement for its 2025 Regular Meeting of Shareholders pursuant to the compensation disclosure rules of the Securities and Exchange Commission. Board Voting Recommendation Our Board recommends an advisory vote FORapproval of the fiscal 2025 compensation of our NEOs as disclosed in this proxy statement pursuant to the SEC’s compensation disclosure rules. The affirmative vote of at least a majority of the voting power of the shares present, in person or by proxy, and entitled to vote is required for advisory approval of our NEO compensation. It is intended that, unless otherwise instructed, the shares represented by proxy will be voted “FOR”the advisory vote on our NEO compensation.

| 2025 Proxy Statement |     | 51 |

TABLE OF CONTENTS

Executive and Director Compensation Compensation Discussion and Analysis The following Compensation Discussion and Analysis (“CD&A”) describes how the Compensation Committee of the Board decided to compensate our fiscal 2025 NEOs:

| Name