Best Buy 2010 Annual Report Download - page 52

Download and view the complete annual report

Please find page 52 of the 2010 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 72

  • 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

Grants of Plan-Based Awards
The table below summarizes grants under our long-term incentive programs to each of our named executive officers
during fiscal 2010:
All Other All Other
Stock Option
Awards: Awards: Exercise
Estimated Future Payouts Estimated Future Payouts Number Number of or Base
Under Non-Equity Incentive Under Equity Incentive Plan of Shares Securities Price of
Plan Awards Awards of Stock Underlying Option
Grant Grant Date Threshold Target Maximum Threshold Target Maximum or Units Options Awards
Name Date Fair Value(1) ($) ($) ($) (#) (#) (#) (#) (#)(2) ($/Sh)(2)
Brian J. Dunn 6/23/2009 $2,488,000 — — — — — — — 200,000 $32.98
6/23/2009(3) 3,732,000 300,000 32.98
James L. 6/23/2009 497,600 40,000 32.98
Muehlbauer 9/17/2009 263,800 20,000 37.59
1/13/2010 250,600 20,000 39.73
Shari L. Ballard 6/23/2009 412,075 33,125 32.98
9/17/2009 218,466 16,563 37.59
1/13/2010 207,534 16,563 39.73
Michael A. Vitelli 6/23/2009 412,075 33,125 32.98
9/17/2009 218,466 16,563 37.59
1/13/2010 207,534 16,563 39.73
J. Scott Wheway 6/23/2009(4) 622,000 50,000 32.98
Bradbury H.
Anderson(5) ———————————
John E. Pershing(6) 6/23/2009 248,800 20,000 32.98
9/17/2009 131,900 10,000 37.59
1/13/2010 125,300 10,000 39.73
Robert A. Willett 5/1/2009(7) 930,000 25,000
5/1/2009(8) 1,395,000 12,500 37,500 50,000
6/23/2009(9) 687,310 55,250 32.98
9/17/2009(9) 364,374 27,625 37.59
(1) These amounts reflect the aggregate grant date fair value, calculated in accordance with Financial Accounting Standards Board ASC Topic 718,
Compensation — Stock Compensation.
(2) Non-qualified stock options that have a term of 10 years and become exercisable over a four-year period at the rate of 25% per year, beginning one
year from the grant date. The option exercise price is equal to the closing price of our common stock on the grant date, as quoted on the NYSE. The
stock option awards are described in greater detail in Long-Term Incentive beginning on page 39.
(3) As discussed in Special Circumstances beginning on page 40, Mr. Dunn received this special one-time option grant because of his promotion to CEO.
(4) As discussed in Special Circumstances beginning on page 40, Mr. Wheway’s stock option grant was a new hire award.
(5) Mr. Anderson did not receive LTIP awards during fiscal 2010.
(6) All plan-based awards granted to Mr. Pershing during fiscal 2010 were irrevocably forfeited when he terminated employment with us on February 5,
2010.
(7) Time-based restricted stock award that was scheduled to vest three years after the grant date, on May 1, 2012. This award was irrevocably forfeited
when Mr. Willett terminated employment with us on January 4, 2010.
(8) Performance-based restricted stock award that was to be earned based on the level of enterprise operating income in fiscal 2010. The earned portion
of the award was scheduled to vest on February 26, 2011. The maximum value of the award, assuming the highest level of performance conditions,
was $1,860,000. This award was irrevocably forfeited when Mr. Willett terminated employment with us on January 4, 2010.
(9) Mr. Willett has one year from his qualified retirement date to exercise these awards.
52