Best Buy Approves Continuity Award Agreements
On June 21, 2012, the Compensation and Human Resources Committee of the Board of Directors of Best Buy (NYSE: BBY), approved the entry into special continuity award agreements ("Continuity Award Agreements") for a number of the registrant's officers, including the Chief Financial Officer and three additional "named executive officers," as determined pursuant to Item 402 of Regulation S-K for purposes of the registrant's Proxy Statement filed May 9, 2012. The Committee determined that, given the ongoing search for a permanent Chief Executive Officer, the Continuity Award Agreements were necessary to enable a stable CEO transition and appropriate continuity of leadership. The incentives are in addition to the existing performance-based Long-Term incentive program awards anticipated to be granted in September.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.