Best Buy 2009 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2009 Best Buy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

(5) Time-based restricted shares from two awards: (1) The first award was granted on June 20, 2006, vested 25% on the grant
date, vested another 25% on each of the next two anniversaries of the grant date, and is scheduled to vest the remaining 25%
on June 20, 2009. The number reported includes the 625 shares that vested on June 20, 2008; (2) The second award was
granted on April 18, 2008, vested 25% on the grant date and is scheduled to vest 25% on each of the next three anniversaries
of the grant date. The number reported includes the 5,000 shares that vested on the grant date.
(6) Performance-based restricted shares from two awards: (1) The first award was granted on November 8, 2005, and vested at
33% of the target award level on February 28, 2009, based on the level of TSR achieved by our common stock compared to
the TSR of companies that comprise the S&P 500 during a three-year incentive period. The number reported includes 4,951
shares from this award; (2) The second award was granted on May 18, 2006, and vested at 31% of the target award level on
February 28, 2009, based on the level of achievement across the following four metrics, each of which carried equal weight:
(i) EVA growth; (ii) revenue growth; (iii) Best Buy common stock price and (iv) talent management. The number reported includes
23,742 shares from this award.
(7) Performance-based restricted shares from two awards: (1) The first award was granted on November 8, 2005, and vested at
100% of the target award level on February 28, 2009, based on the level of actual EVA as compared to the target level for
fiscal 2007. The number reported includes 10,002 shares from this award; (2) The second award was granted on May 18,
2006, and vested at 31% of the target award level on February 28, 2009, based on the level of achievement across the
following four metrics, each of which carried equal weight: (i) EVA growth; (ii) revenue growth; (iii) Best Buy common stock price
and (iv) talent management. The number reported includes 20,774 shares from this award.
(8) The number reported reflects time-based restricted shares granted on July 5, 2006, which vested 25% on the grant date and
25% each of the next two anniversaries. The remaining 25% of the award has been forfeited because Mr. Morrish terminated his
employment with the company on February 28, 2009. The number reported includes the 5,000 shares that vested on July 5,
2008. The number also reflects performance-based restricted shares from two awards: (1) The first award was granted on
November 8, 2005, and vested at 33% of the target award level on February 28, 2009, based on the level of TSR achieved by
our common stock compared to the TSR of companies that comprise the S&P 500 during a three-year incentive period. The
number reported includes 2,480 shares from this award; (2) The second award was granted on July 5, 2006, and vested at 50%
of the target award level on February 28, 2009, based the level of achievement of the following two metrics, each of which
carried equal weight: (i) gross margin and (ii) talent management. The number reported includes 15,000 shares from this award.
Non-Qualified Deferred Compensation
The following table shows the account balances at February 28, 2009, and the contributions and earnings during fiscal
2009, for our named executive officers under our Deferred Compensation Plan, an unfunded, unsecured plan. The
Deferred Compensation Plan allows highly compensated employees, including the named executive officers, and
directors to defer:
• Up to 75% of base salary; and
• Up to 100% of short-term incentive compensation or director fees, as applicable.
Aggregate
Executive Registrant Earnings Aggregate Aggregate
Contributions Contributions (Losses) in Withdrawals/ Balance at
Name in Fiscal 2009(1) in Fiscal 2009 Fiscal 2009 Contributions February 28, 2009
Bradbury H. Anderson $ — $— $(971,919) $— $2,660,603
James L. Muehlbauer 52,707 — (413,158) — 550,799
Brian J. Dunn — — — — —
Robert A. Willett — — — — —
Shari L. Ballard 63,077 — (159,953) — 412,337
David J. Morrish 59,492 — (279,205) — 400,240
(1) These amounts were also reported as either ‘‘Base Salary’’ or ‘‘Non-Equity Incentive Plan Compensation’’ in the Summary
Compensation Table on page 43.
48