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BBY > SEC Filings for BBY > Form 8-K on 10-Sep-2013All Recent SEC Filings

Show all filings for BEST BUY CO INC

Form 8-K for BEST BUY CO INC


Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) As reported on Form 4 on September 10, 2013, Hubert Joly, the President and Chief Executive Officer of Best Buy Co., Inc. ("Best Buy" or the "registrant"), exercised and sold 350,467 stock options and sold 100,686 shares in the registrant on the open market on September 6, 2013, due to circumstances relating to his marital dissolution which was concluded on June 24, 2013. As reflected in the Form 4, Mr. Joly's holdings remain substantially in excess of his 140,000 share ownership target under the Company's Executive Stock Ownership Guidelines following the reported transaction.

On September 6, 2013, the Compensation and Human Resources Committee (the "Committee") of Best Buy approved a limited waiver of the employment agreement between the registrant and Mr. Joly, dated August 19, 2012, and disclosed on a Current Report on Form 8-K filed by the registrant on August 21, 2012 (the "Agreement"). Under the Agreement, Mr. Joly received buy-out payments to compensate him for cash amounts forgone at his prior employer, including a grant of fully vested shares of common stock of the registrant valued at $3.0 million on September 4, 2012 (the "Buy-out Stock Award"). In light of Mr. Joly's changed personal circumstances, the Committee approved a waiver of the remaining year of Mr. Joly's two-year holding period for the Buy-out Stock Award. All other terms of the Agreement remain unchanged and in full force and effect.

Best Buy's Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the registrant.

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