Company: BBY
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0000764478-25-000029
Chunk: 7

Company: BEST BUY CO INC
Filing Date: 2025-06-24
Form: 11-K
Chunk 7
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 bond portfolio is owned directly by the Plan. The issuer guarantees that all qualified participant withdrawals will be at contract value and that the crediting rate applied will not be less than 0%. Crediting rates are typically reset quarterly to account for the difference between the contract value and the fair value of the underlying portfolio. 8 If the Plan defaults in its obligations under the contract (including the issuer’s determination that the agreement constitutes a nonexempt prohibited transaction as defined under ERISA), and such default is not corrected within the time permitted by the contract, then the contract may be terminated by the issuer and the Plan will receive the fair value as of the date of termination. Each contract recognizes certain “events of default” which can invalidate the contracts’ coverage. Among these are investments outside of the range of instruments which are permitted under the investment guidelines contained in the investment contract, fraudulent or other material misrepresentations made to the issuer, changes of control of the investment adviser not approved by the contract issuer, changes in certain key regulatory requirements, or failure of the Plan to be tax qualified. The contracts also generally provide for withdrawals associated with certain events which are not in the ordinary course of Plan operations. These withdrawals are paid with a market value adjustment applied to the withdrawal as defined in the investment contract. Each contract issuer specifies the events which may trigger a market value adjustment; however, such events may include, but not be limited to, the following:

| · |     | material amendments to the Plan’s structure or administration; |

| · |     | complete or partial termination of the Plan, including a merger with another plan; |

| · |     | the failure of the Plan to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA; |

| · |     | the redemption of all or a portion of the interests in the Plan at the direction of the plan sponsor, including withdrawals due to the removal of a specifically identifiable group of employees from coverage under the plan (such as a group layoff or early retirement incentive program), the closing or sale of a subsidiary, employing unit, or affiliate, the bankruptcy or insolvency of the plan sponsor, the merger of the plan with another plan, or the plan sponsor’s establishment of another tax qualified defined contribution plan; |

| · |     | any change in law, regulation, ruling, administrative or judicial position, or accounting requirement, applicable to the Plan; |

| · |     | changes to competing investment options; and |

| · |     | the delivery of any