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BBY > SEC Filings for BBY > Form 8-K on 29-Aug-2014All Recent SEC Filings

Show all filings for BEST BUY CO INC

Form 8-K for BEST BUY CO INC


Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure.

Effective August 28, 2014, Richard M. Schulze, Chairman Emeritus of Best Buy Co., Inc. ("Best Buy" or the "registrant"), adopted a pre-arranged trading plan (the "Plan") to sell shares of the registrant's common stock. The Plan was designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and the registrant's policies regarding stock transactions. Under Rule 10b5-1, directors, officers and other persons who are not in possession of material non-public information may adopt a pre-arranged plan or contract for the sale of the registrant's securities under specified conditions and at specified times to achieve prudent and gradual asset diversification over time.

Mr. Schulze has informed the registrant that the stock sales to be effected pursuant to the Plan are part of his personal estate planning purposes and to meet private charitable foundation funding requirements. The Plan provides that Mr. Schulze will sell shares beginning September 28, 2014. The Plan is scheduled to expire in February 2015. Shares will be sold under the Plan in the open market at prevailing market prices, subject to minimum price thresholds. Mr. Schulze will have no control over the timing of the stock sales under the Plan.

All stock sales under the Plan will be disclosed publicly to the extent required under applicable securities laws, rules and regulations through Form 4 filings with the Securities and Exchange Commission.

In accordance with General Instruction B.2. to Form 8-K, the foregoing information is furnished pursuant to this Item 7.01 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. In addition, the information disclosed under this Item 7.01 shall not be incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as is expressly set forth by a specific reference in such filing.

Best Buy does not undertake to report other Rule 10b5-1 plans that may be adopted by any officers or directors of the registrant in the future, or to report any modifications or termination of any publicly announced plan, except to the extent required by law.

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