Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 72

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 72
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                |     | All stock options are forfeited.                          |
| Termination(2)within 12 months of a change-of-control |     | Stock options granted under our LTI program are exercisable for a 60-day period following the termination date.                |     | All stock options vest 100%.                              |
| Death or disability                                   |     | Generally exercisable for a one-year period.                                                                                   |     | All stock options vest 100%.                              |
| Qualified retirement(3)                               |     | Generally exercisable for a one- to three-year period depending on the terms and conditions of the respective award agreement. |     | Continue to vest according to their normal vesting terms. |

| (1) | Stock options may not be exercised after their expiration dates under any circumstance. |

| (2) | For awards granted prior to fiscal 2015, this means involuntary termination without Cause or voluntary termination for Good Reason. Good Reason is usually deemed to exist if the Company makes a material adverse change to the NEO’s title, responsibilities or salary or requires the NEO to work more than 50 miles from the corporate office location in Richfield, MN (except for temporary business-related travel). For awards granted in fiscal 2015 and thereafter, this means only involuntary termination without Cause. |

| 74 |     | 2025 Proxy Statement |

TABLE OF CONTENTS ____________________________ Executive and Director Compensation

| (3) | Qualified Retirement is defined in our employment and award agreements as: retirement by an employee, including our NEOs, on or after their 60th birthday, so long as they have been employed with the Company continuously for at least the five-year period immediately preceding their retirement date. |

As of the end of fiscal 2025, none of the NEOs had any unvested stock options (see the Outstanding Equity Awards at Fiscal Year-Endsection for additional detail). Restricted Share Awards Pursuant to our award agreements, all unvested restricted share and restricted stock unit awards (including both time-based awards and time-based awards subject to performance conditions) held by our NEOs fully vest in the event of death or termination due to disability. Additionally, upon qualified retirement, any unvested restricted shares and restricted stock units would continue to vest according to their normal vesting schedule, subject to achievement of performance conditions (where applicable). Under all other termination scenarios, unvested restricted shares and restricted stock units are forfeited, and there are no change-of-control provisions which impact them.