Document:

EX-10.1

 Exhibit 10.1 

CARMAX, INC. 
 NOTICE OF STOCK
OPTION GRANT 
 [Date] 
 %%FIRST_NAME%-% %%LAST_NAME%-% 

%%ADDRESS_LINE_1%-% 
 %%ADDRESS_LINE_2%-% 

%%CITY%-% , %%STATE%-% %%ZIPCODE%-% 
 Dear %%FIRST_NAME%-%
%%LAST_NAME%-% 
 The Board of Directors of CarMax, Inc. (the “Company”) wants to provide you with an opportunity to share in the success of our
Company. Accordingly, I am pleased to inform you that, as of %%OPTION_DATE%_% the Compensation and Personnel Committee of the Board of Directors of the Company (the “Committee”) exercised its authority pursuant to the CarMax, Inc.
2002 Stock Incentive Plan, as amended and restated (the “Plan”) and granted you non-statutory options to purchase shares of the common stock of CarMax, Inc. (the “Options”) as set forth herein. The Options are
not qualified for Incentive Stock Option tax treatment. Limited stock appreciation rights (“SARs”), described below, were also granted in connection with these Options. 

The Options and SARs are subject to the provisions of the Plan. The Committee administers the Plan. The terms of the Plan are incorporated into this
notice of Stock Option Grant (the “Notice of Grant”) and in the case of any conflict between the Plan and this Notice of Grant, the terms of the Plan shall control. All capitalized terms not defined herein shall have the meaning given
to them in the Plan. Please refer to the Plan for certain conditions not set forth in this Notice of Grant. Additionally, a copy of a Prospectus for the Plan, which describes material terms of the Plan, can be found on The CarMax
Way. Copies of the Prospectus, the Plan and the Company’s annual report to shareholders on Form 10-K for fiscal year 20     are available from the Company’s corporate secretary at (804) 747-0422. 

 

			
	 Number of Shares Subject to Option:
	  	%%TOTAL_SHARES_GRANTED%-%
	 Option Price Per Share:
	  	%%OPTION_PRICE%-%

 Vesting of Options 

Except as otherwise provided in this Notice of Grant, the Options will vest and become exercisable according to the following schedule: one-fourth on
%%VEST_DATE_PERIOD1%-% , one-fourth on %%VEST_DATE_PERIOD2%-% , one-fourth on %%VEST_DATE_PERIOD3%-% , and one-fourth on %%VEST_DATE_PERIOD4%-% provided you continue to be employed by the Company on such dates. 

Termination of Options 
 The unexercised Options
shall terminate upon the earliest to occur of the following conditions: 
  

	1.	Expiration. The Options will expire on %%EXPIRE_DATE_PERIOD1%-% (the “Expiration Date”). 

  

	2.	Termination Without Cause or, if applicable, for Good Reason; Immediate Vesting. 

 If
(a) the Company terminates your employment with the Company for any reason other than Cause (as defined in the “Cause” section below), or (b) you have an effective severance or employment agreement with the Company (or a
subsidiary of the Company) and you terminate your employment for “Good Reason” (as defined in such agreement), if applicable, then all of your Options will become immediately vested and exercisable, effective as of the date of the
termination of your employment. Except as otherwise provided in the “Age and Service Vesting” section set forth below, you, your personal representative, distributees, or legatees, must exercise your Options within three (3) months of
the effective date of such termination. 

	3.	Termination For Cause. Upon termination of your employment with the Company for Cause, and notwithstanding the terms of the “Age and Service Vesting” section set forth below, your unexercised vested and
unvested Options will terminate immediately. 

  

	4.	Change in Full-Time Employment Status. In the event that your employment with the Company changes from full-time to part-time for any reason, and notwithstanding the terms of the “Age and Service Vesting”
section set forth below, your unvested Options will expire on the date of the change. Your vested Options will be unaffected and remain subject to the terms of this Notice of Grant. 

 

	5.	Resignation; Leave. Except as otherwise provided in the “Age and Service Vesting” section set forth below, in the event that you resign your employment with the Company, you must exercise your vested
Options within three (3) months of your resignation date or they will expire. Options that have not vested by your resignation date will expire on your resignation date. Employees on authorized leave (as determined under the
Company’s authorized leave policy) will not be considered as having terminated merely by reason of the leave and will continue to be eligible to exercise and sell their Options during the period of the leave. 

Cause 
 For purposes of this Notice of Grant,
“Cause” shall mean the following: 
  

	1.	If you have an effective severance or employment agreement with the Company (or a subsidiary of the Company), then “Cause” shall have the meaning set forth in your employment or severance agreement.

  

	2.	If you do not have an effective severance or employment agreement with the Company (or a subsidiary of the Company), then “Cause” shall mean that the Company (or any of its subsidiaries) has any reason to
believe any of the following: 

  

	 	a)	you have committed fraud, misappropriation of funds or property, embezzlement or other similar acts of dishonesty; 

  

	 	b)	you have been convicted of a felony or other crime involving moral turpitude (or pled nolo contendere thereto); 

  

	 	c)	you have used, possessed or distributed any illegal drug; 

  

	 	d)	you have committed any misconduct that may subject the Company to criminal or civil liability; 

  

	 	e)	you have breached your duty of loyalty to the Company, including, without limitation, the misappropriation of any of the Company’s corporate opportunities; 

 

	 	f)	you have committed a serious violation or violations of any Company policy or procedure; 

  

	 	g)	you refuse to follow the lawful instructions of Company management; 

  

	 	h)	you have committed any material misrepresentation in the employment application process; 

  

	 	i)	you have committed deliberate actions, including neglect or failure to perform the job, which are contrary to the best interest of the Company; or 

 

	 	j)	you have continually failed to perform substantially your duties with the Company. 

  
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 Exercise of Options 

When the Options are exercisable, you may purchase shares of Company common stock under your Option by: 

 

	1.	Giving written notice to the Company, signed by you, stating the number of shares you have elected to purchase; and 

  

	2.	Remitting payment of the purchase price in full (You may deliver Mature Shares of Company common stock that you own in satisfaction of all or any part of the purchase price or make other arrangements satisfactory to the
Company and permitted by the Plan regarding payment of the purchase price); and 

  

	3.	Remitting payment to satisfy the income tax withholding requirements for non-statutory options or making other arrangements to satisfy such withholding that are satisfactory to the Company and permitted by the Plan.

 Death or Disability 
 If your
employment by the Company terminates because you die or become disabled, all of your Options covered by this Notice of Grant will become immediately vested and exercisable, effective as of the date of the termination of your employment, and you,
your personal representative, distributees, or legatees, as applicable, may exercise your vested Options at any time before the Expiration Date. 

Age and Service Vesting 
 If your employment with
the Company is terminated and such termination is not for Cause, and, as of the date if the termination you have: 
  

	1.	Attained 55 years of age and completed ten years of continuous employment with the Company;

  

	2.	Attained 62 years of age and completed seven years of continuous employment with the Company; or 

  

	3.	Attained 65 years of age and completed five years of continuous employment with the Company; 

 then, all of
your Options covered by this Notice of Grant will become immediately vested and exercisable, effective as of the date of the termination of your employment, and you, your personal representative, distributees, or legatees, as applicable, may
exercise your vested Options at any time before the Expiration Date. 
 Transferability of Options 

Except as provided below, the Options are not transferable by you other than by will or by the laws of descent and distribution and are exercisable during your
lifetime only by you. You may transfer your rights under the Option during your lifetime subject to the following limitations: 
  

	1.	Transfers are allowed only to the following transferees: 

  

	 	a)	Your spouse, children, step-children, grandchildren, step-grandchildren or other lineal descendants (including relationships arising from legal adoptions). Such individuals are hereinafter referred to as
“Immediate Family Members”. 

  

	 	b)	Trust(s) for the exclusive benefit of any one or more of your Immediate Family Members. 

  

	 	c)	Partnership(s), limited liability company(ies) or other entity(ies), the only partners, members or interest holder of which are among your Immediate Family Members. 

 

	 	d)	Pursuant to a court issued divorce decree or Domestic Relations Order (as defined in the Code or Title I of the Employee Retirement Income Security Act (or rules thereunder)). 

  
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	2.	You may not receive any consideration in connection with the transfer. 

  

	3.	Transferees may not subsequently transfer their rights under the Option except by will or by the laws of descent or distribution. 

  

	4.	Following the transfer, the Option will continue to be subject to the same terms and conditions as were applicable immediately prior to transfer (except that the transferee may deliver the Option exercise notice and
payment of the exercise price). 

  

	5.	You must give written notice of the transfer to the Company and the Company may require that any transfer is conditioned upon the transferee executing any document or agreement requested by the Company.

 Any Option transferred in accordance with the terms hereof shall be accompanied by the associated SAR. 

Change of Control; SARs 
 Pursuant to this Notice
of Grant, you have been granted one (1) SAR for every Option granted to you hereunder. Following a Change of Control, you may choose to exercise the SARs granted hereunder in lieu of exercising your vested Options. Doing so will
relieve you of the obligation to pay for the exercise of your Options as described above and, instead, will allow you to receive a cash payment of the net value of your SARs as calculated below without having to remit any payment to the
Company. The SARs granted in connection with the Options are limited SARs and may be exercised in accordance with the Plan and the terms hereof as follows: 
  

	1.	The SARs shall only be exercisable if a Change of Control occurs. In such event, the SARs will be exercisable at any time during a period of 90 days beginning on the date the Change of Control occurs. To the
extent that the SARs or their underlying Options are not exercised during an exercise period, the SARs will become unexercisable again until such time as another Change of Control occurs or %%EXPIRE_DATE_PERIOD1%-% , when they expire.

  

	2.	When the SARs become exercisable, you may exercise the SARs by giving written notice to the Company, signed by you, stating the number of SARs that you are exercising. 

 

	3.	Upon exercise of the SARs, you shall receive in exchange from the Company an amount equal to the excess of (x) the value of the Company’s common stock on the date of exercise, over (y) the exercise price
of the underlying Option. For purposes of this paragraph, the value of the Company’s common stock shall be the Fair Market Value of the Company’s common stock on the date of exercise. 

 

	4.	The Company’s obligation arising upon exercise of the SARs shall be paid in cash and shall be subject to required income tax withholdings. 

 

	5.	To the extent a SAR is exercised, the underlying Option must be surrendered. The underlying Option, to the extent surrendered, shall no longer be exercisable. 

Change in Capital Structure 
 If the number of
outstanding shares of the Company’s common stock is increased or decreased as a result of a stock dividend, stock split, subdivision or consolidation of shares, or other similar change in capitalization, the number of Company shares for which
you have unexercised Options and the exercise price will automatically be adjusted, as provided in the Plan, (i) so as to preserve the ratio that existed immediately before the change between the number of such shares and the total number of
shares of 

  
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Company stock previously outstanding, and (ii) so that your aggregate Option price remains the same; provided, however, that the Company will not be required to issue any fractional shares
upon exercise of your Options as a result of such adjustment. 
 Legal Fees 

The grant of these Options does not obligate the Company to continue your employment. If there is any litigation involving Options, each party will bear
its own expenses, including all legal fees, except that in the event of an action brought by you under this Notice of Grant following a Change of Control, then insofar as such action is not deemed to be frivolous by the arbitrator, the Company shall
bear all expenses related to the arbitration, including all legal fees incurred by you. The Committee shall have the authority to interpret and administer this Notice of Grant. 

Acceptance 
 By accepting this grant on-line, this
Notice of Grant, together with the Plan, will become a Stock Option Agreement between you and the Company that is governed by and construed and enforced in accordance with the laws of the Commonwealth of Virginia. By accepting this grant
online, you agree that you are in compliance with, and will abide by, the Company’s “Policy Against Insider Trading” which can be found on The CarMax Way. 

Sincerely, 
 [Name, Title] 

  
 5EX-10.2

 Exhibit 10.2 

CARMAX, INC. 
 NOTICE OF MARKET
STOCK UNIT GRANT 
 [Date] 
  

					
	  
	 	
	  
	 	
	  
	 	
			
	Dear	 	  
	 	:

 The Board of Directors of CarMax, Inc. (the “Company”) wants to provide you with an opportunity to share in the
success of our Company. Accordingly, I am pleased to inform you that, as of                      (the “Grant Date”), the Compensation
and Personnel Committee of the Board of Directors of the Company (the “Committee”) exercised its authority pursuant to the CarMax, Inc. 2002 Stock Incentive Plan, as amended and restated (the “Plan”) and granted you Market Stock
Units of the Company (the “Market Stock Units”) as set forth herein. 
 The Market Stock Units are a form of Restricted Stock Units under the Plan
and are subject to the provisions of the Plan. The Committee administers the Plan. The terms of the Plan are incorporated into this Notice of Market Stock Unit Grant (the “Notice of Grant”) and in the case of any conflict between
the Plan and this Notice of Grant, the terms of the Plan shall control. All capitalized terms not defined herein shall have the meaning given to them in the Plan. Please refer to the Plan for certain conditions not set forth in this Notice
of Grant. Additionally, a copy of a Prospectus for the Plan, which describes material terms of the Plan, can be found on The CarMax Way. Copies of the Prospectus, the Plan and the Company’s annual report to shareholders on Form 10-K
for fiscal year 20     are available from the Company’s corporate secretary at (804) 747-0422. 
 Number of
Market Stock Units:                      

Grant Date Fair Market Value:  
                     
  

	A.	Vesting of Market Stock Units 

 Except as otherwise provided in this Notice of Grant, all the
Market Stock Units will vest and become nonforfeitable on [THREE YEAR ANNIVERSARY DATE] (the “Specified Date”) or such earlier date as may be provided in this Notice of Grant or the Plan (collectively, the “Vesting Date”)
provided you continue to be employed by the Company or one of its Subsidiaries from the Grant Date until the Vesting Date. No Market Stock Units may vest after the Specified Date and all unvested Market Stock Units on the Specified Date will
terminate and be completely forfeited. If prior to any Vesting Date, your employment with the Company and its Subsidiaries terminates for any reason other than those described in Sections B.1, B.2, or B.3, then the Market Stock
Units (and any related dividend equivalent rights) subject to this Notice of Grant shall terminate and be completely forfeited on the date of such termination of your employment. To the extent that you do not vest in any Market Stock Units, all
interest in such units, the related shares of Company Stock, and any related dividend equivalent rights shall be forfeited. You shall have no right or interest in any Market Stock Unit or related share of Company Stock that is forfeited. Prior to
payment, the Market Stock Units are not transferable by you by means of sale, assignment, exchange, pledge or otherwise. 
  

	B.	Additional Vesting and Forfeiture Provisions 

  

	 	1.	 Termination Without Cause or for Good Reason. If (a) the Company terminates your employment with the Company or one of its Subsidiaries
for any reason other than Cause (as defined in Section B.4), or (b) you have an effective severance or employment agreement with the 

	 	
Company or one of its Subsidiaries and you terminate your employment for “Good Reason” (as defined in such agreement), if applicable, then all of your Market Stock Units will become
immediately vested and nonforfeitable, effective as of the date of the termination of your employment. 

  

	 	2.	Death or Disability. If your employment by the Company or one of its Subsidiaries terminates because you die or become Disabled, all Market Stock Units will become immediately vested and nonforfeitable, effective
as of the date of the termination of your employment. 

  

	 	3.	Retirement. If (a) your employment with the Company or one if its Subsidiaries terminates, (b) such termination is not for Cause, not due to your death or Disability, and not otherwise covered by
Section B.1, and (c) as of the date of the termination you have: (i) attained 55 years of age and completed ten years or more of continuous employment with the Company or its Subsidiaries; (ii) attained 62 years of age and
completed seven years or more of continuous employment with the Company or its Subsidiaries; or (iii) attained 65 years of age and completed five years or more of continuous employment with the Company or its Subsidiaries; then all Market Stock
Units will become immediately vested and nonforfeitable, effective as of the date of the termination of your employment. 

  

	 	4.	Termination For Cause. Upon termination of your employment with the Company or one of its Subsidiaries for Cause, and notwithstanding anything in Section B to the contrary, your Market Stock Units will
immediately and automatically without any action on the part of you or the Company, be forfeited, effective as of the date of your termination. For purposes of this Notice of Grant, “Cause” shall mean the following: (a) if you have an
effective severance or employment agreement with the Company or one of its Subsidiaries with a definition of “Cause,” then “Cause” shall have the meaning set forth in your employment or severance agreement; or (b) if you do
not have an effective severance or employment agreement with the Company or one of its Subsidiaries with a definition of “Cause,” then “Cause” shall mean that the Company or one of its Subsidiaries has any reason to believe any
of the following: (i) you have committed fraud, misappropriation of funds or property, embezzlement or other similar acts of dishonesty; (ii) you have been convicted of a felony or other crime involving moral turpitude (or pled nolo
contendere thereto); (iii) you have used, possessed or distributed any illegal drug; (iv) you have committed any misconduct that may subject the Company or one of its Subsidiaries to criminal or civil liability; (v) you have breached
your duty of loyalty to the Company or one of its Subsidiaries, including, without limitation, the misappropriation of any of the Company’s or its Subsidiaries’ corporate opportunities; (vi) you have committed a serious violation or
violations of any Company policy or procedure; (vii) you refuse to follow the lawful instructions of any Company management; (viii) you have committed any material misrepresentation in the employment application process; (ix) you have
committed deliberate actions, including neglect or failure to perform the job, which are contrary to the best interest of the Company or one of its Subsidiaries; or (x) you have continually failed to perform substantially your duties with the
Company or one of its Subsidiaries. 

  

	 	5.	Change in Full-Time Employment Status. In the event that your employment with the Company or one of its Subsidiaries changes from full-time to part-time for any reason, and notwithstanding the terms of
Section B.3, your Market Stock Units will be immediately forfeited, effective as of the date of the change. Employees on authorized leave (as determined under the Company’s or its Subsidiary’s authorized leave policy) will not be
considered as having terminated merely by reason of the leave. 

  
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	C.	Payment for Market Stock Units 

  

	 	1.	Payment Schedule. Payment for your Market Stock Units shall be made in shares of Company Stock upon the earlier to occur of the two payment dates set forth below (the earlier date shall be the “Payment
Date”). 

  

	 	a)	Specified Date. One hundred percent (100%) of the unpaid Market Stock Units (and related dividend equivalent rights), if vested, shall be paid upon the Specified Date. 

 

	 	b)	Separation from Service. One hundred percent (100%) of the unpaid Market Stock Units (and related dividend equivalent rights), if vested, shall be paid upon your “Separation from Service” (as
defined in Code section 409A) due to the Company involuntarily terminating your employment other than for Cause or due to you terminating your employment for Good Reason, if applicable (collectively, an “Involuntary Separation”).

 In the event payment is made pursuant to your Involuntary Separation, such payment shall be made on the 60th day following your Involuntary Separation. Notwithstanding anything herein to the contrary, distributions may not be made to an individual who is a Key Employee (as defined below) as of his or her
Involuntary Separation before the date which is six (6) months after the date of the Key Employee’s Involuntary Separation (the “Key Employee Delay Period”). Any payments that would otherwise be made during this period of delay
shall be accumulated and paid in the calendar month following the last day of the Key Employee Delay Period. For purposes of this award, Key Employee means an employee who, as of December 31st of a calendar year, meets the requirements of Code
section 409A(a)(2)(B)(i) to be treated as a “specified employee” of the Company, i.e., a key employee (as defined in Code section 416(i)(1)(A)(i), (ii) or (iii) applied in accordance with the regulations thereunder and
disregarding Code section 416(i)(5)). If you meet the criteria in the preceding sentence, you will be considered a Key Employee for purposes of the Plan and this award for the 12-month period commencing on the next following April 1. 

 

	D.	Number of Shares of Company Stock To Be Paid 

 Except as set forth in Section D.5 below,
the number of shares of Company Stock that will be paid in accordance with Section C shall be determined on the applicable Payment Date in accordance with the following formula: 

(Number of vested Market Share Units payable on the Payment Date) 

multiplied by 
 ((the Payment Date
Fair Market Value) divided by (the Grant Date Fair Market Value)). 
 For purposes of the formula set forth above: 

 

	 	1.	Grant Date Fair Market Value. The Grant Date Fair Market Value, which is set forth on page one of this Notice of Grant, shall be equal to the volume-weighted average trading price of the Company Stock occurring
on the New York Stock Exchange on the Grant Date. 

  

	 	2.	Payment Date Fair Market Value. The Payment Date Fair Market Value shall be equal to the average of the closing price of the Company Stock occurring on the New York Stock Exchange on the Payment Date and the 39
trading dates immediately preceding the Payment Date. 

  

	 	3.	Maximum Cap. Notwithstanding the calculation set forth in the preceding paragraph, the Payment Date Fair Market Value shall be capped at two times the Grant Date Fair Market Value. 

 

	 	4.	Expiration upon Payment. Upon each issuance or transfer of shares of Company Stock in accordance with this Notice of Grant, the portion of the Market Stock Units attributable to such issuance or transfer shall be
extinguished and such number of Market Stock Units will not be considered to be held by you for any purpose. 

  

	 	5.	 Number of Shares of Company Stock to be Paid Following a Change of Control. Notwithstanding anything herein to the contrary, if the Payment
Date occurs on or after the date of a Change of Control, then the number of shares of Company Stock that will be paid shall be the greater of: (a) 

  
 3 

	 	
the number of Market Stock Units or (b) the number of shares determined according to the above formula; provided, however, that the Payment Date Fair Market Value shall be equal to the
closing price of the Company Stock immediately preceding the consummation of the Change of Control, subject to the limitation in Section D.3. 

  

	E.	No Shareholder Rights 

 The Market Stock Units shall not represent an equity security of the
Company and shall not carry any voting or dividend rights. However, you will have the right to receive payments equivalent to dividends as set forth below. You are an unsecured general creditor of the Company with respect to any payment relating to
vested Market Stock Units. 
  

	F.	Dividend Equivalent Rights 

 You shall accumulate dividend equivalent rights on each Market Stock
Unit in an amount equal to the dividends paid, if any, with respect to a share of Company Stock on each date that a dividend is paid on the Company Stock from the Grant Date to the Payment Date. The dividend equivalent rights shall be converted
into additional Market Stock Units based on the Fair Market Value of a share of Company Stock on the date the dividend is paid and shall accumulate and be paid in additional shares of Company Stock when the payment for the corresponding Market Stock
Unit is made. Such additional Market Stock Units shall be subject to the same forfeiture restrictions as apply to the Market Stock Unit to which they relate and shall be converted into shares of Company Stock using the same formula, Grant Date
Fair Market Value and Payment Date Fair Market Value set forth above. 
  

	G.	Tax Withholding 

 The Company or its Subsidiary may withhold from your Market Stock Units or
payments under Section C. the amount of taxes required by any federal, state, or local government to be withheld or otherwise deducted and paid with respect to the vesting and payment of your Market Stock Units (“Tax Withholdings”),
including without limitation, the Federal Insurance Contributions Act (“FICA”) tax imposed and the income tax withholding related to such FICA amounts. At its discretion, the Company or its Subsidiary may require you to reimburse it for
any Tax Withholdings and withhold any payments, in whole or in part, until the Company or its Subsidiary is so reimbursed. The Company or its Subsidiary shall also have the unrestricted right to withhold from any other cash amounts due (or to
become due) from the Company or its Subsidiary to you, including from your wages or commissions, an amount equal to any Tax Withholdings. The Company or its Subsidiary shall report the payment of any Tax Withholdings and other related information to
the appropriate governmental agencies as required under applicable laws. 
  

	H.	Change of Capital Structure 

 If the number of outstanding shares of the Company Stock is
increased or decreased as a result of a stock dividend, stock split, subdivision or consolidation of shares, or other similar change in capitalization, the number of Market Stock Units, the Grant Date Fair Market Value, and the Payment Date
Fair Market Value will automatically be adjusted, as provided in the Plan and as the Committee shall determine to be equitably required so as to preserve the value of the Market Stock Units that existed immediately before the change; provided,
however, that the Company will not be required to issue any fractional shares as a result of such adjustment. 

  
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	I.	Miscellaneous 

 The grant of these Market Stock Units does not obligate the Company or any of its
Subsidiaries to continue your employment. If there is any litigation involving Market Stock Units, each party will bear its own expenses, including all legal fees, except that in the event of an action brought by you under this Notice of Grant
following a Change of Control, then insofar as such action is not deemed to be frivolous by the arbitrator, the Company shall bear all expenses related to the arbitration, including all legal fees incurred by you. The Committee shall have the
authority to interpret and administer this Notice of Grant. 
  

	J.	409A Compliance 

 The Market Stock Units are intended to comply with Code section 409A and
official guidance issued thereunder. Notwithstanding anything herein to the contrary, this Notice of Grant shall be interpreted, operated and administered in a manner consistent with this intention. 

 

	K.	Acceptance 

 By accepting this grant on-line, this Notice of Grant, together with the Plan, will
become the entire agreement between you and the Company with respect to the subject matter hereof, and will be governed by and construed and enforced in accordance with the laws of the Commonwealth of Virginia without regard to conflict of law
provisions in any jurisdiction. This Notice of Grant supersedes all prior discussions, negotiations, understandings, commitments and agreements with respect to such matters. By accepting this grant online, you agree that you are in compliance with,
and will abide by, the Company’s “Policy Against Insider Trading” which can be found on The CarMax Way. You also agree not to sell Company Stock at a time when other applicable laws prohibit a sale. This restriction will apply as long
as you are an employee, consultant or director of the Company or one of its Subsidiaries. 
 Sincerely, 

[Name, Title] 

  
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