Company: BBY
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0000764478-25-000029
Chunk: 3

Company: BEST BUY CO INC
Filing Date: 2025-06-24
Form: 11-K
Chunk 3
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 record date on or after September 19, 2024. Absent an affirmative election, a participant is deemed to have elected dividend reinvestment. A participant’s election (or deemed election) is evergreen until affirmatively changed by the participant. There were no other changes made to the investment options of the Plan during the year ended December 31, 2024. Vesting - Participants are immediately vested in their contributions, plus actual earnings thereon. Effective January 1, 2007, the Plan agreement was amended to adopt a safe harbor matching contribution provision intended to satisfy Section 401(k)(12)(B) of the Code. This provision provides that the participants' account balances holding such safe harbor matching contributions will be immediately 100% vested. Notes Receivable f rom Participants - Employees hired on or after June 1, 2014, may not borrow from their fund accounts, and effective January 1, 2015, no participant may request a new loan under the Plan. Prior to April 1, 2014, participants could borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The loans are secured by the balance in the participant's account and bear interest at the rate of the prime interest rate plus one percentage point on the first business day of the month in which the loan was processed. Loans require repayment within five years from the loan date, unless the loan was for the purchase of the participant's primary residence, in which case the repayment term is up to 15 years. Principal and interest is paid ratably through bi-weekly payroll deductions. During the period between April 20, 2020, through September 20, 2020, the Company adopted a provision of the Coronavirus Aid, Relief and Economic Security Act ( the “ CARES Act ” ) that allowed a qualified participant to request a loan from the Plan for a minimum of $1,000 and up to a maximum of 100% of their vested balance or $100,000 to be repaid over a period of five years. At December 31, 202 4 , notes receivable from participants matured through October 19 , 2029, with interest rates ranging from 4.25% to 9.00 %. 6 Payment of Benefits - Upon termination of service , a participant has options to withdraw or leave funds within the P lan if their balance is over $1,000