Company: KMX
Filing Date: 2025-05-08
Form Type: DEF 14A
Source: 0001170010-25-000073
Chunk: 4

Company: CARMAX INC
Filing Date: 2025-05-08
Form: DEF 14A
Chunk 4
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 the proxy statement, we describe our governance policies and practices and the role our Board plays in shaping them.

### Overview
Our business and affairs are managed under the direction of the Board in accordance with the Virginia Stock Corporation Act, our articles of incorporation and our bylaws. The standing committees of the Board are the Audit Committee, the Compensation and Personnel Committee, the Nominating and Governance Committee, and the Technology and Innovation Committee.

The Board and its committees direct our governance practices. The Board regularly reviews these practices and has made significant changes to these practices in response to shareholder feedback and based on evolving practices and the Board’s independent judgment. These shareholder-focused practices include:

• a standing Technology and Innovation Committee;

• a majority vote standard for the election of directors;

• annual elections for all directors;

• a mandatory director retirement policy providing that directors, with limited exceptions, may not stand for reelection after reaching age 76;

• a proxy access right for eligible CarMax shareholders; and

• an ability for shareholders to call a special shareholder meeting.

These practices supplement longstanding good governance practices, such as maintaining a largely independent Board (8 of 10 director nominees) and appointing a lead independent director to lead meetings of the independent directors and work alongside the chair. Following the 2025 annual meeting of shareholders, the Board will appoint a new chair of the Compensation and Personnel Committee and rotate the committee assignments for two of its independent directors.

The Board has approved documents that memorialize our governance standards and practices. These documents include our bylaws, our corporate governance guidelines and a code of business conduct. These documents, each of which is described below, are available under the “Governance” link at investors.carmax.com . We will send you a printed copy of any of these documents without charge, upon written request to our Corporate Secretary at CarMax, Inc., 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238.

| Bylaws                          |     | Our bylaws regulate the corporate affairs of CarMax. They include provisions relating to shareholder meetings, voting, the nomination of directors and the proxy access right.                                                                                                                                                                                                                                                                                                                           |
| Corporate Governance Guidelines |     | Our corporate governance guidelines set forth the Board’s practices with respect to its responsibilities, qualifications, performance, direct access to associates and independent advisors, compensation, continuing education, and management evaluation and succession. The guidelines also include director stock ownership requirements.                                                                                                                                                            |
| Code of Business Conduct        |     | Our code of business conduct is the cornerstone of our compliance and ethics