Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 6

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 6
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 to performance. The majority of target executive compensation is not guaranteed and is based on performance metrics designed to drive shareholder value, as summarized below for the CEO and other NEOs (excluding the CEO).

| Additional information can be found inItem of Business No. 3 — Advisory Vote to Approve Named Executive Officer Compensationand theCompensation Discussion and Analysissections of this proxy statement. |     | Page51 |

Item No. 4 — Approval of Amendment No. 1 to our 2020 Omnibus Incentive Plan The Board recommends a vote FORapproval of Amendment No. 1 to our 2020 Omnibus Incentive Plan (the “Amendment No. 1”). On April 18, 2025, the Board adopted Amendment No. 1 to the 2020 Plan, subject to the approval of our shareholders. The amendment would increase the maximum number of shares of our common stock that are authorized for issuance under the 2020 Plan from 21.70 million to 33.73 million, an increase of 12.03 million shares.

| Additional information can be found inItem of Business No. 4 — Approval of Amendment No. 1 to our 2020 Omnibus Incentive Plansection of this proxy statement. |     | Page84 |

| 8 |     | 2025 Proxy Statement |

TABLE OF CONTENTS __________________________________ Proxy Summary

Shareholder Proposals Item No. 5 — Shareholder Proposal – Support for Shareholder Right to Act by Written Consent The Board recommends a vote AGAINSTthe shareholder proposal requesting that our Board take the steps necessary to permit written consent by shareholders.

| Additional information can be found in Item of Business No. 5 —Shareholder Proposal – Support for Shareholder Right to Act by Written Consentsection of this proxy statement. |     | Page93 |

Item No. 6 — Shareholder Proposal – Request to Cease CEI Participation The Board recommends a vote AGAINSTthe shareholder proposal requesting that our Board consider ending the Company’s participation the Human Rights Campaign’s Corporate Equality Index.

| Additional information can be found inItem of Business No. 6 — Shareholder Proposal – Request to Cease CEI Participationsection of this proxy statement. |     | Page98 |

Item No. 7 — Shareholder Proposal – Report on the Company’s LGBTQIA+ Efforts in its Human Capital Management Strategy The Board recommends a vote AGAINSTthe shareholder proposal requesting that our Board publish a report on the Company’s LGBTQIA+ efforts in its human