Form 4: Best Buy Chairman Emeritus Richard Schulze Transfers Shares to Revocable Trust

Richard Schulze, Chairman Emeritus of Best Buy, transferred a significant portion of his common stock holdings to his revocable trust on December 18, 2024.

Summary

• Richard Schulze, Chairman Emeritus of Best Buy, executed a transaction on December 18, 2024, involving the transfer of 31,672 shares of Best Buy common stock.
• These shares were transferred from a limited liability company (LLC) where Mr. Schulze was the sole member to his revocable trust.
• The transfer was done at a price of $0.00 per share, indicating a non-sale transfer.
• Following the transaction, Mr. Schulze's revocable trust now holds 13,533,070 shares of Best Buy common stock.
• Mr. Schulze also has indirect beneficial ownership of shares through various other entities including a 401(k), a family foundation, an IRA, limited partnerships, a spousal GRAT, and spousal trusts.
• The total indirect holdings amount to 2,929,628.9211 shares.

Sentiment

Score: 5

Explanation: The document is a neutral report of a share transfer, with no positive or negative implications for the company's performance.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership by a company insider and is a common occurrence in the corporate world.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders across all publicly traded companies in the US.
• The transfer of shares to a revocable trust is a common estate planning strategy used by high-net-worth individuals, including corporate executives.

Stakeholder Impact

• The share transfer is unlikely to have a significant impact on Best Buy's stakeholders as it is a transfer between related entities of a major shareholder.

Key Dates

Keywords

Best Buy, Richard Schulze, Share Transfer, Beneficial Ownership, Revocable Trust, Common Stock, SEC Form 4