Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 84

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 84
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 under the 2020 Plan expire or otherwise terminate without being exercised or settled, the shares of common stock not acquired pursuant to such awards again become available for issuance under the 2020 Plan. However, under the share counting provisions of the 2020 Plan, the following classifications of shares will not again be available for issuance: (i) shares unissued due to a “net exercise” of a stock option or any shares tendered in payment of the exercise price of an option, (ii) any shares withheld or shares tendered to satisfy tax withholding obligations under any award, (iii) shares covered by a SAR that is not settled in shares upon exercise and (iv) shares repurchased using stock option exercise proceeds. Awards under the 2020 Plan are also subject to annual limitations. No individual eligible participant who is an officer, employee or other service provider who is not a non-employee director may be granted awards under the 2020 Plan for more than 2,500,000 shares of our common stock in any calendar year. In addition, the sum of the grant date fair value of equity-based awards (such value computed as of the date of grant in accordance with applicable financial accounting rules) and the amount of any cash-based compensation granted to a non-employee director during any calendar year shall not exceed $500,000; provided that the independent members of the board may make exceptions to this limit for a non-executive chair of the board if such non-executive chair does not participate in the decision to award such compensation.

| 86 |     | 2025 Proxy Statement |

TABLE OF CONTENTS ______________ Item of Business No. 4 — Approval of Amendment No. 1 to our 2020 Omnibus Incentive Plan

The Compensation Committee shall adjust the number of shares and share limits described above in the case of a dividend (other than a regular cash dividend) or other distribution, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares or other securities of the Company, issuance of warrants or other rights to purchase shares or other securities of the Company, or other similar corporate transaction where such an adjustment is necessary to prevent dilution or enlargement of the benefits available under the 2020 Plan. Any adjustment determination made by the Compensation Committee shall be final, binding and conclusive. Administration The Compensation Committee administers the 2020 Plan and has full power and authority to determine when and to whom awards will