Company: BBY
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016935
Chunk: 83

Company: BEST BUY CO INC
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 83
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. Shares subject to any outstanding awards under our prior stock incentive plans that are forfeited, canceled or reacquired by the Company also become available for re-issuance under the 2020 Plan. The 2020 Plan uses a “fungible” share counting method. Specifically, all shares subject to stock options, stock appreciation rights or similar awards, the value of which awards are based solely on an increase in the value of the shares after the date of grant, will count against the 2020 Plan’s reserve on a 1:1 basis for each share subject to the award. For all other awards (generally referred to as “full value” awards), shares subject to such awards will count against the 2020 Plan’s reserve on a 2:1 basis for each share subject to the award. In determining the additional number of shares to authorize for issuance pursuant to Amendment No. 1, the Compensation Committee considered, among other factors, historical amounts of equity awards granted and potential future grants over the next several years. As set forth in the table below, our three-year average “burn rate” is 0.99% for fiscal years 2023 through 2025. For purposes of calculating the burn rate, the total shares subject to equity awards granted in the year is divided by the weighted average shares of common stock outstanding for the year. Performance share units are counted in the year in which the units are earned and vested.

|                                                                                         |     |        2025 |     |        2024 |     |        2023 |
| Weighted Average Shares of Common Stock Outstanding (“CSO”)                             |     | 215,184,141 |     | 217,728,228 |     | 224,782,801 |
| — Stock Options Granted                                                                 |     |           — |     |           — |     |           — |
| — Restricted Stock Units Granted                                                        |     |   1,986,641 |     |   2,003,432 |     |   1,674,406 |
| — Performance Share Units Earned and Vested                                             |     |      27,511 |     |     195,516 |     |     635,648 |
| Total Shares Subject to Equity Awards                                                   |     |   2,014,152 |     |   2,198,948 |     |   2,310,054 |
| Annual Burn Rate (Total Shares Subject to Equity Awards/Weighted Average