UPDATE 1-Best Buy CEO's annual pay more than quadruples

* CEO's total compensation $10.2 mln vs $2.4 mln last year

NEW YORK May 11 (Reuters) - Best Buy's (BBY.N) Chief Executive Brian Dunn was awarded $10.2 million of compensation in fiscal year 2010, about 325 percent higher than a year ago, according to a regulatory filing.

The top U.S. electronics chain, which has forecast stronger-than-expected earnings in the current year on improving demand for electronics, had awarded Dunn about $2.4 million of total compensation in fiscal 2009.

In a filing with U.S. Securities and Exchange Commission on Tuesday, the company said Dunn's fiscal 2010 compensation included a $961,541 salary, about $6.2 million of option awards, about $3 million of non-equity incentive plan compensation, and $54,510 of other compensation.

The company said none of its named executive officers were entitled for a bonus payment in fiscal 2010.

Compensation generally includes salary, bonus, stock and option awards, incentive pay, and other compensation, including perks. It excludes any change in the present value of pension benefits. Some compensation experts and companies themselves may compute executive pay differently.

Best Buy will hold its annual meeting on June 24 in Richfield, Minnesota.

Its shares closed at $44.43 Tuesday on the New York Stock Exchange. (Reporting by Dhanya Skariachan, editing by Bernard Orr)