Company: KMX
Filing Date: 2025-05-08
Form Type: DEF 14A
Source: 0001170010-25-000073
Chunk: 22

Company: CARMAX INC
Filing Date: 2025-05-08
Form: DEF 14A
Chunk 22
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 direct access to the compensation consultant without going through management. Semler Brossy did not provide any services to CarMax other than those it provided to the Committee.                       
 The Committee assesses its compensation consultant’s independence annually. It assessed Semler Brossy’s independence in May 2024 and April 2025, under SEC and NYSE standards and concluded that Semler Brossy was independent. |

When assessing its compensation consultant’s independence, the Committee considers, among other factors:

• whether the consultant provided other services to CarMax;

• the amount of fees paid by CarMax to the consultant as a percentage of the consultant’s total revenue;

• the consultant’s policies and procedures designed to prevent conflicts of interest;

• any business or personal relationship between the individuals advising the Committee and any Committee member;

• any CarMax stock owned by the individuals advising the Committee; and

• any business or personal relationship between the individuals advising the Committee, or the consultant itself, and an executive officer of CarMax.

The Committee’s compensation consultant frequently attends Committee meetings and provides analysis and recommendations that inform the Committee’s decisions. Semler Brossy assisted the Committee in fiscal 2025 by analyzing and providing recommendations with regard to total direct compensation for the Company’s CEO and executive and senior vice presidents, including the other named executive officers. Semler Brossy also assisted the Committee by providing general compensation advice, including analysis related to potential incentive plan design changes, the composition of our peer group and non-employee director pay.

#### MANAGEMENT’S ROLE
Although management does not have any decision-making authority regarding compensation of executive officers, management assists the Committee by recommending base salary levels, annual incentive bonus objectives and targets, and individual long-term equity awards for executives other than the CEO. Management also assists the Committee with the preparation of meeting agendas and prepares materials for those meetings as directed by the Committee.

The Committee has not delegated any authority with respect to the compensation of our executive officers and directors. The Committee, however, has delegated limited authority to our CEO and CFO to grant long-term equity awards to our non-executive officer employees between regularly scheduled Committee meetings in an amount not to exceed 75,000 shares or units. These awards are subject to our Employee Equity Grant Policy, which is available under the “Governance” link at investors.carmax.com. The Committee’s practice is to review and ratify any such grant at its next regularly scheduled meeting.

Notwithstanding the Committee’s use of outside advisers and management’s participation in the executive compensation process, the