Best Buy 2010 Annual Report Download - page 42

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through the end of the fiscal year), a prorated 33% of CEO transition, Mr. Pershing received a payment of
expected payout at target under the CPW brand metrics $1,293,755, and remained eligible for the Executive
of £178,347 ($288,351) and a prorated 33% expected Officer STIP for the remainder of fiscal 2010, without
payout at target under the Best Buy U.K. brand metrics proration, which resulted in an incentive payment of
of £160,747 ($259,896). Because Best Buy Europe’s $452,090. In addition, the service condition of a
fiscal year ends one month after ours, the final performance-based grant of 2,615 shares of restricted
short-term incentive results and the remainder of stock awarded to Mr. Pershing in October 2006 was
Mr. Wheway’s payout will likely be determined by the waived, allowing Mr. Pershing to be eligible for the
Compensation Committee in June 2010. award which vested at 46%, or 1,203 shares. Finally,
Mr. Pershing received $10,000 for routine tax planning
Mr. Anderson. Upon his retirement from the position of and outplacement services, and coverage of COBRA life
CEO in June 2009, Mr. Anderson entered into a insurance, medical and dental benefit premiums for
part-time employment arrangement through the end of 18 months.
his elected term as Vice Chairman on June 2010. The
continued board service and employment arrangement Mr. Willett. Mr. Willett, age 63, retired from our
were designed to ensure both a smooth transition for company effective January 4, 2010. In recognition of
Mr. Dunn to the position of CEO and continuity for our Mr. Willett’s past contributions to our success and his
customer centricity strategy. Mr. Anderson’s annual efforts to ensure an orderly transition, his time-based
salary was reduced to $75,000 effective June 24, restricted stock award granted in April 2007 was
2009, and he remained eligible for the Executive accelerated, and he became fully vested in
Officer STIP in fiscal 2010, with proration, which 103,820 shares of Best Buy common stock. In addition,
resulted in an incentive payment of $1,416,806. He he remained eligible to participate in the Executive
was not eligible for an LTIP award in fiscal 2010. In Officer STIP for the remainder of fiscal 2010, without
addition, though he does not receive director fees, he is proration, which resulted in an incentive payment of
eligible for stock options and expense reimbursement, $1,785,007. Mr. Willett continued to be eligible to
as received by the other directors. See Employment receive certain perquisites and benefits following his
Arrangement with Bradbury H. Anderson on page 61. retirement, including an executive physical exam during
2010, approximately $20,000 for routine tax planning
Mr. Pershing. On February 5, 2010, Mr. Pershing left and retirement planning services, and coverage of
our company. In recognition of his 20 years of service, COBRA life insurance, medical and dental benefit
during which he served in many key capacities and was premiums for 12 months.
an influential voice within the executive team and for
employee engagement, and for his efforts during a time
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