Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 48

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 48
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ussed in further detail in the Long-Term Incentivesection) vary based on the market analysis described above. Approximately 92% of the CEO’s target pay and, on average, approximately 80% of the other NEOs’ target pay is variable based on operating performance, changes in our stock price and/or total shareholder return relative to the S&P 500 companies. Each element in the pay mix is discussed below and shown in the Summary Compensation Tableas found in the Compensation of Executive Officerssection of this proxy statement. Base Salary In March 2024, the Compensation Committee reviewed the total compensation for each NEO. The Compensation Committee approved base salary increases for Messrs. Bilunas, Bonfig and Harmon based on role, responsibilities and relevant market data.

| Name         |     |        Fiscal 2025 
  Beginning-of-Year 
 Annual Base Salary |     |        Fiscal 2025 
        End-of-Year 
 Annual Base Salary |     | Percent 
 Change  |
| Ms. Barry    |     |         $1,300,000 |     |         $1,300,000 |     | 0%      |
| Mr. Bilunas  |     |            900,000 |     |            935,000 |     | 3.9%    |
| Mr. Bonfig   |     |            750,000 |     |            800,000 |     | 6.7%    |
| Mr. Harmon   |     |            750,000 |     |            800,000 |     | 6.7%    |
| Ms. Scarlett |     |            925,000 |     |            925,000 |     | 0%      |

| 58 |     | 2025 Proxy Statement |

TABLE OF CONTENTS ____________________________ Executive and Director Compensation

Short-Term Incentive Our executive compensation programs are designed to ensure that a significant percentage of total compensation is linked to Company performance. The Compensation Committee reviewed the target payout percentages for our NEOs under the fiscal 2025 STI plan as part of its review of the NEOs’ total fiscal 2025 target compensation in March 2024. The Compensation Committee generally applies a tiered approach in determining the potential target payout ranging from 100% to 200% of annual earnings. The specific target payout percentage for each NEO is determined based on external market data (including survey and proxy data from the Fortune 100 and our peer group) for equivalent roles with