Best Buy 2009 Annual Report Download - page 52

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amount paid to Phoenix during fiscal 2009 was awarded Ms. Kirshbaum options to purchase 2,700
$18 million. shares of Best Buy common stock at an exercise price of
$41.19 per share and she was awarded options to
Susan S. Hoff, Mr. Schulze’s daughter, is Chairperson, purchase 2,970 shares of Best Buy common stock at an
President and Chief Executive Officer of The Best Buy exercise price of $26.88 per share. The stock options
Children’s Foundation, for which she has served as expire in August 2018 and October 2018, respectively,
principal executive officer since the inception of the and vest ratably over four years.
foundation. In addition, since October 2007, Ms. Hoff
has served as a Vice President of our company. Michael J. Stillman, Mr. Kaplan’s step-son, is employed
Ms. Hoff’s base salary was set in fiscal 2009 at by us as Vice President — Business Development.
$233,000 and she was eligible for a short-term Mr. Stillman’s base salary for fiscal 2009 was $210,000
incentive award, payable in cash, expressed as 45% of and he was eligible for a short-term incentive award,
her base salary. During fiscal 2009, Ms. Hoff received payable in cash, expressed as 45% of his base salary.
$232,000 in total cash compensation. Also during fiscal Mr. Stillman’s total cash compensation for fiscal 2009
2009, Ms. Hoff was awarded options to purchase was $195,000. Also during fiscal 2009, we awarded
12,000 shares of Best Buy common stock at an exercise Mr. Stillman options to purchase 3,700 shares of Best
price of $41.19 per share and options to purchase Buy common stock at an exercise price of $41.19 per
12,000 shares of Best Buy common stock at an exercise share and options to purchase 5,180 shares of Best Buy
price of $26.88 per share. The stock options expire in common stock at an exercise price of $26.88 per share.
August 2018 and October 2018, respectively, and vest The stock options expire in August 2018 and October
ratably over four years. Ms. Hoff’s compensation was 2018, respectively, and vest ratably over four years.
deemed reasonable by the Compensation Committee Mr. Kaplan’s family members were compensated at
based upon the responsibilities encompassed by her levels comparable to the compensation paid to
role. non-family members in similar positions at Best Buy.
Elliot S. Kaplan George L. Mikan III
Elliot S. Kaplan, a director since 1971, is a partner with George L. Mikan III, a director since April 2008, is
the law firm of Robins, Kaplan, Miller & Ciresi L.L.P. executive vice president and chief financial officer of
(‘‘RKMC’’), which serves as our primary external general UnitedHealth Group Incorporated (‘‘UnitedHealth’’). We
counsel. The Board periodically reviews the fees paid to sponsor a self-insured health benefits program for our
RKMC to ensure that they are competitive with fees eligible U.S.-based employees, which is facilitated by an
charged by other law firms comparable in size and agreement with UnitedHealth. Under the agreement,
expertise. We paid $11 million in legal fees to RKMC UnitedHealth provides us with access to physician
during fiscal 2009. In light of Mr. Kaplan’s relationship networks and other services, including claim processing
with RKMC, the Board approved the transactions with and call center support. The agreement was established
RKMC and our continued business dealings with the in 2003 and may be renewed annually. During fiscal
firm. 2009, we paid $175 million to UnitedHealth under the
Jane K. Kirshbaum, Mr. Kaplan’s daughter, is employed agreement. Of this amount, $14 million was for
with us as Senior Corporate Counsel. Ms. Kirshbaum’s administrative and other services. The remaining
base salary for fiscal 2009 was $154,000, and she was $161 million was in the form of reimbursements for
eligible for a short-term incentive award, payable in medical and pharmaceutical claims administered by
cash, expressed as 30% of her base salary. UnitedHealth. In light of Mr. Mikan’s relationship with
Ms. Kirshbaum’s total cash compensation for fiscal UnitedHealth, the Board reviewed and approved our
2009 was $154,000. Also during fiscal 2009, we
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