Document:

EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 2000 LONG-TERM INCENTIVE PLAN 

(Amended and Restated as of June 28, 2018) 

1. Purpose. The purpose of this amended and restated 2000 Long-Term Incentive Plan (the “Plan”) of Lifetime Brands,
Inc., a Delaware corporation (the “Company”), is to advance the interests of the Company and its stockholders by providing a means to attract, retain, motivate and reward directors, officers, employees and consultants of and service
providers to the Company and its affiliates and to enable such persons to acquire or increase a proprietary interest in the Company, thereby promoting a closer identity of interests between such persons and the Company’s stockholders. This
amended and restated Plan will be effective as of June 28, 2018, (the “2018 Amendment Effective Date”). Changes made pursuant to this amendment and restatement shall apply to Awards (as defined below) granted on or after the 2018
Amendment Effective Date. Awards granted prior to the 2018 Amendment Effective Date shall continue to be governed by the applicable Award Agreements and the terms of the Plan without giving effect to changes made pursuant to this 2018 Plan
restatement, and the Committee shall administer such Awards in accordance with the Plan without giving effect to changes made pursuant to this 2018 Plan restatement. 

2. Definitions. The definitions of awards under the Plan, including Options, SARs (including Limited SARs), Restricted Stock,
Deferred Stock, Stock granted as a bonus or in lieu of other awards, Dividend Equivalents and Other Stock-Based Awards are as set forth in Section 6 of the Plan. Such awards, together with any other right or interest granted to a
Participant under the Plan, are termed “Awards.” For purposes of the Plan, the following additional terms shall be defined as set forth below: 

(a) “Award Agreement” means any written agreement, contract, notice or other instrument or document evidencing an Award. 

(b) “Beneficiary” means the person, persons, trust or trusts which have been designated by a Participant in his or her most recent
written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon such Participant’s death or, if there is no designated Beneficiary or surviving designated Beneficiary, then the person, persons,
trust or trusts entitled by will or the laws of descent and distribution to receive such benefits. 
 (c) “Board” means the Board
of Directors of the Company. 
 (d) “Cause” shall have the meaning set forth in the applicable Award Agreement; provided that, if
such Award Agreement does not include a definition of Cause, then (i) if there is an employment agreement or severance plan or agreement applicable to the Participant, Cause shall have the same definition as set forth in such plan or agreement;
or (ii) if Cause is not defined in such plan or agreement or there is no such plan or agreement applicable to the Participant, then Cause shall mean: (i) Participant is convicted of a felony; (ii) Participant commits an act of fraud,
willful misconduct or dishonesty in connection with Participant’s employment or which results in material harm to the Company; or (iii) Participant commits a material violation of any law, rule, or regulation of any governmental authority.

 (e) “Code” means the Internal Revenue Code of 1986, as amended from time to
time. References to any provision of the Code shall be deemed to include regulations thereunder and successor provisions and regulations thereto. 

(f) “Committee” means the committee appointed by the Board to administer the Plan, or if no committee is appointed, the Board. Unless
otherwise determined by the Board, the Compensation Committee of the Board shall be the Committee. Unless the Board determines otherwise, the Committee shall be comprised of solely not less than two members who each qualify as (i) a
“Non-Employee Director” within the meaning of Rule 16b-3(b)(3) and (ii) an “independent director,” as determined in accordance with the independence standards established by the stock exchange on which the Stock is at the
time primarily traded. 
 (g) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. References to
any provision of the Exchange Act shall be deemed to include rules thereunder and successor provisions and rules thereto. 
 (h) “Fair
Market Value” means, with respect to Stock, Awards, or other property, the fair market value of such Stock, Awards, or other property determined by such methods or procedures as shall be established from time to time by the Committee, provided,
however, that if the Stock is listed on a national securities exchange or quoted in an interdealer quotation system, the Fair Market Value of such Stock on a given date shall be based upon the last sales price at the end of regular trading or, if
unavailable, the average of the closing bid and asked prices per share of the Stock at the end of regular trading on such date (or, if there was no trading or quotation in the Stock on such date, on the next preceding date on which there was trading
or quotation) as provided by one of such organizations. 
 (i) “Good Reason” shall have the meaning set forth in the applicable
Award Agreement; provided that, if such Award Agreement does not include a definition of Good Reason, then (i) if there is an employment agreement applicable to the Participant, Good Reason shall have the meaning set forth in such agreement; or
(ii) if Good Reason is not defined in such agreement or there is no such agreement applicable to the Participant, then Good Reason shall not apply to the Participant. 

(j) “ISO” means any Option that is designated as an incentive stock option within the meaning of Section 422 of the Code, and
qualifies as such. 
 (k) “Parent” means any “person” (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) that controls the Company, either directly or indirectly through one or more intermediaries. 
 (l) “Participant”
means a person who, at a time when eligible under Section 5 hereof, has been granted an Award under the Plan. 
 (m) “Rule
16b-3” means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act. 

 (n) “Stock” means the Company’s common stock, and such other securities as may be
substituted for Stock pursuant to Section 4. 
 (o) “Subsidiary” means each entity that is controlled by the Company or a
Parent, either directly or indirectly through one or more intermediaries. 
 3. Administration. 

(a) Authority of the Committee. Except as otherwise provided below, the Plan shall be administered by the Committee. The
Committee shall have full and final authority to take the following actions, in each case subject to and consistent with the provisions of the Plan: 

(i) to select persons to whom Awards may be granted; 

(ii) to determine the type or types of Awards to be granted to each such person; 

(iii) to determine the number of Awards to be granted, the number of shares of Stock to which an Award will relate, the terms
and conditions of any Award granted under the Plan (including, but not limited to, any exercise price, grant price or purchase price, any restriction or condition (including, but not limited to, restrictive covenant obligations (such as
confidentiality, non-competition and non-solicitation covenants), and clawback or recoupment provisions), any schedule for lapse of restrictions or conditions relating to transferability or forfeiture, vesting, exercisability or settlement of an
Award (subject to the limitations of Section 7(f)), performance conditions relating to an Award (including performance conditions relating to Awards not intended to be governed by Section 7(e)) and waivers and modifications thereof
(subject to the limitations of Section 7(f)), based in each case on such considerations as the Committee shall determine), and all other matters to be determined in connection with an Award; 

(iv) to accelerate vesting of any Award in connection with a Participant’s death, retirement, disability or involuntary
termination of employment or service, in the event of a Change in Control or a corporate transaction or event described in Section 4(c), or in other circumstances as the Committee deems appropriate; 

(v) to determine whether, to what extent and under what circumstances an Award may be settled, or the exercise price of an
Award may be paid, in cash, Stock, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(vi) to determine whether, to what extent and under what circumstances cash, Stock, other Awards or other property payable
with respect to an Award will be deferred either automatically, at the election of the Committee or at the election of the Participant, consistent with Section 409A of the Code; 

 (vii) to determine the restrictions, if any, to which Stock received upon
exercise or settlement of an Award shall be subject (including lock-ups and other transfer restrictions) and condition the delivery of such Stock upon the execution by the Participant of any agreement providing for such restrictions; 

(viii) to prescribe the form of each Award Agreement, which need not be identical for each Participant; 

(ix) to adopt, amend, suspend, waive and rescind such rules and regulations and appoint such agents as the Committee may deem
necessary or advisable to administer the Plan; 
 (x) to correct any defect or supply any omission or reconcile any
inconsistency in the Plan and to construe and interpret the Plan and any Award, rules and regulations, Award Agreement or other instrument hereunder; and 

(xi) to make all other decisions and determinations as may be required under the terms of the Plan or as the Committee may
deem necessary or advisable for the administration of the Plan. 
 Other provisions of the Plan notwithstanding, (i) the Board shall perform the
functions of the Committee for purposes of granting awards to directors who serve on the Committee and (ii) the Board may perform any function of the Committee under the Plan for any other purpose, including without limitation for the purpose
of ensuring that transactions under the Plan by Participants who are then subject to Section 16 of the Exchange Act in respect of the Company are exempt under Rule 16b-3. In any case in which the Board is performing a function of the
Committee under the Plan, each reference to the Committee herein shall be deemed to refer to the Board, except where the context otherwise requires. 

(b) Manner of Exercise of Committee Authority. Any action of the Committee with respect to the Plan shall be final, conclusive and
binding on all persons, including the Company, its Parent and Subsidiaries, Participants, any person claiming any rights under the Plan from or through any Participant and stockholders, except to the extent the Committee may subsequently modify, or
take further action not consistent with, its prior action. If not specified in the Plan, the time at which the Committee must or may make any determination shall be determined by the Committee, and any such determination may thereafter be modified
by the Committee (subject to Section 9(f)). The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. The Committee
may delegate to officers or managers of the Company, its Parent or Subsidiaries the authority, subject to such terms as the Committee shall determine, to perform such functions as the Committee may determine, to the extent permitted under applicable
law. 
 (c) Limitation of Liability; Indemnification. Each member of the Committee shall be entitled to, in good faith, rely
or act upon any report or other information furnished to him by any officer or other employee of the Company, its Parent or Subsidiaries, the Company’s 

 
independent certified public accountants or any executive compensation consultant, legal counsel or other professional retained by the Company to assist in the administration of the Plan. No
member of the Committee, or any officer or employee of the Company acting on behalf of the Committee, shall be personally liable for any action, determination or interpretation taken or made in good faith with respect to the Plan, and all members of
the Committee and any officer or employee of the Company acting on its behalf shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action, determination or interpretation. 

4. Stock Subject to Plan. 

(a) Amount of Stock Reserved. Subject to Section 4(c), the aggregate number of shares of Stock for which Awards may be
granted under this Plan (since its inception) shall not exceed 6,187,500. Awards made under this Plan which are forfeited (including a repurchase or cancellation of shares of Stock subject thereto by the Company in exchange for the price, if any,
paid to the Company for such shares, or for their par value or other nominal value), terminated, surrendered, cancelled or have expired, shall be disregarded for purposes of the preceding sentence and shall not be considered as having been
theretofore made subject to an Award. Shares of Stock shall not again be available for award if such shares are surrendered or withheld as payment either of the exercise price of an Option or Stock Appreciation Right or of withholding taxes in
respect of the exercise, settlement or payment of, or the lapse of restrictions with respect to, any Award. Shares purchased in the open market with proceeds from option exercises shall not be added to the pool of available shares. The exercise or
settlement of a Stock Appreciation Right shall reduce the shares of Stock available under the Plan by the total number of shares to which the exercise or settlement of the Stock Appreciation Right relates, not just the net amount of shares actually
issued upon exercise or settlement. Awards settled solely in cash shall not reduce the number of shares of Stock available for issuance under the Plan. Any shares of Stock subject to an Option (or part thereof) that is cancelled upon exercise of a
tandem Stock Appreciation Right when settled wholly or partially in shares shall to the extent of such settlement in shares be treated as if the Option itself had been exercised and such shares shall no longer be available for award. Any shares of
Stock delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares acquired in the market on a Participant’s behalf. 

(b) Annual Per-Participant Limitations. During any calendar year, no Participant may be granted Awards that may be settled by
delivery of more than 500,000 shares of Stock, subject to adjustment as provided in Section 4(c). In addition, with respect to Awards that may be settled in cash (in whole or in part), no Participant may be paid during any calendar year cash
amounts relating to such Awards that exceed the greater of the Fair Market Value of the number of shares of Stock set forth in the preceding sentence at the date of grant or the date of settlement of the Award. The preceding sentences set forth two
separate limitations, so that Awards that may be settled solely by delivery of Stock will not operate to reduce the amount of cash-only Awards, and vice versa; nevertheless, Awards that may be settled in Stock or cash must not exceed either
limitation. In addition to the foregoing limitations, the maximum number of shares of Stock that may be subject to Awards granted under the Plan during any calendar year to a Participant who is a non-employee director shall not exceed 150,000 shares
of Stock in the aggregate, subject to adjustment as provided in Section 4(c). 

 (c) Adjustments. In the event of any recapitalization, reclassification, forward
or reverse split, reorganization, merger, consolidation, spinoff, combination, repurchase or exchange of Stock or other securities, Stock dividend or other special, large and non-recurring dividend or distribution (whether in the form of cash,
securities or other property), liquidation, dissolution, or any other extraordinary or unusual event affecting the outstanding Stock as a class, then the Committee shall equitably adjust any or all of (i) the number and kind of shares of Stock
reserved and available for Awards under Section 4(a) and 4(b), including shares reserved for ISOs and the number of shares which may be issued without regard to the vesting requirements set forth in Section 7(f), (ii) the number and
kind of shares of outstanding Restricted Stock or shares subject to other outstanding Awards in connection with which the shares have been issued, (iii) the number and kind of shares that may be issued in respect of other outstanding Awards,
(iv) the maximum number and kind of shares of Stock for which any individual may receive Awards in any year, and (v) the exercise price, grant price or purchase price relating to any Award (or, if deemed appropriate, the Committee may make
provision for a cash payment with respect to any outstanding Award), to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under the Plan and such outstanding Awards; provided, however, that any fractional shares
resulting from such adjustment shall be eliminated. In addition, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards (including, without limitation, cancellation of unexercised or
outstanding Awards (to the extent permitted by Section 9(f)(ii)), or substitution of Awards using stock of a successor or other entity) in recognition of unusual or nonrecurring events (including, without limitation, events described in the
preceding sentence) affecting the Company, its Parent or any Subsidiary or the financial statements of the Company, its Parent or any Subsidiary, or in response to changes in applicable laws, regulations, or accounting principles. 

Any adjustments to outstanding Awards shall be consistent with Section 409A or 424 of the Code, to the extent applicable. Any adjustments determined
by the Committee shall be final, binding and conclusive. 
 5. Eligibility. Directors, officers and employees of the
Company or its Parent or any Subsidiary, and persons who provide consulting or other services to the Company, its Parent or any Subsidiary deemed by the Committee to be of substantial value to the Company or its Parent and Subsidiaries, are eligible
to be granted Awards under the Plan. In addition, persons who have been offered employment by, or agreed to become a director of, the Company, its Parent or any Subsidiary, and persons employed by an entity that the Committee reasonably expects
to become a Subsidiary of the Company, are eligible to be granted an Award under the Plan. 
 6. Specific Terms of Awards. 

(a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the
Committee may impose on any Award or the exercise thereof such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of
termination of employment or service of the Participant. Except as expressly provided by the Committee 

 
(including for purposes of complying with the requirements of the Delaware General Corporation Law relating to lawful consideration for the issuance of shares), no consideration other than
services will be required as consideration for the grant (but not the exercise) of any Award. 
 (b) Options. The Committee
is authorized to grant options to purchase Stock on the following terms and conditions (“Options”): 

(i) Exercise Price. The exercise price per share of Stock purchasable under an Option shall be determined by
the Committee; provided, however, such exercise price may not be less than one hundred percent (100%) of the Fair Market Value of such Stock on the date of grant of such Option. 

(ii) Time and Method of Exercise. The Committee shall determine the time or times at which an Option may be
exercised in whole or in part (subject to the limitations of Section 7(f)), the methods by which such exercise price may be paid or deemed to be paid, the form of such payment, including, without limitation, cash, Stock, other Awards or awards
granted under other Company plans or other property (including notes or other contractual obligations of Participants to make payment on a deferred basis, such as through “cashless exercise” arrangements, to the extent permitted by
applicable law), and the methods by which Stock will be delivered or deemed to be delivered to Participants. 

(iii) Termination of Employment or Service. The Committee shall determine the period, if any, during which
Options shall be exercisable following a Participant’s termination of his employment or service relationship with the Company, its Parent or any Subsidiary. For this purpose, unless otherwise determined by the Committee, any sale of a
Subsidiary of the Company pursuant to which it ceases to be a Subsidiary of the Company shall be deemed to be a termination of employment or service by any Participant employed or retained by such Subsidiary. Unless otherwise determined by the
Committee, (x) during any period that an Option is exercisable following termination of employment or service, it shall be exercisable only to the extent it was exercisable upon such termination of employment or service, and (y) if such
termination of employment or service is for Cause, as determined in the discretion of the Committee, all Options held by the Participant shall immediately terminate. 

(iv) Options Providing Favorable Tax Treatment. The Committee may grant Options that may afford a Participant
with favorable treatment under the tax laws applicable to such Participant, including, but not limited to ISOs. If Stock acquired by exercise of an ISO is sold or otherwise disposed of within two years after the date of grant of the ISO or within
one year after the transfer of such Stock to the Participant, the holder of the Stock immediately prior to the disposition shall promptly notify the Company in writing of the date and terms of the disposition and shall provide such other information
regarding the disposition as the Company may reasonably require in order to secure any deduction then available against the Company’s or any other corporation’s taxable income. The Company may impose such procedures as it determines
may be 

 
necessary to ensure that such notification is made. Each Option granted as an ISO shall be designated as such in the Award Agreement relating to such Option. ISOs may only be granted to
individuals who are employees of the Company or any parent or subsidiary corporation of the Company (as defined by Section 422 of the Code). 

(c) Stock Appreciation Rights. The Committee is authorized to grant stock appreciation rights (“SARs”) on the
following terms and conditions: 
 (i) Right to Payment. An SAR shall confer on the Participant to whom it
is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the date of exercise, over (B) the exercise price of the SAR as determined by the Committee as of the date of grant of
the SAR, which, except as provided in Section 7(a), shall be not less than the Fair Market Value of one share of Stock on the date of grant. 

(ii) Other Terms. The Committee shall determine the time or times at which a SAR may be exercised in whole or
in part (subject to the limitations of Section 7(f)), the method of exercise, method of settlement, form of consideration payable in settlement, method by which Stock will be delivered or deemed to be delivered to Participants, whether or not a
SAR shall be in tandem with any other Award, and any other terms and conditions of any SAR. Limited SARs that may only be exercised upon the occurrence of a Change in Control of the Company may be granted on such terms, not inconsistent with
this Section 6(c), as the Committee may determine. Limited SARs may be either freestanding or in tandem with other Awards. 

(d) Restricted Stock. The Committee is authorized to grant Stock that is subject to restrictions based on continued employment
on the following terms and conditions (“Restricted Stock”): 
 (i) Grant and
Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such
circumstances, in such installments, or otherwise, as the Committee may determine (subject to the limitations of Section 7(f)). Except to the extent restricted under the terms of the Plan and any Award Agreement relating to the Restricted
Stock, a Participant granted Restricted Stock shall have all of the rights of a stockholder including, without limitation, the right to vote Restricted Stock or the right to receive dividends thereon. 

(ii) Forfeiture. Except as otherwise determined by the Committee, upon termination of employment or service
(as determined under criteria established by the Committee) during the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall be forfeited and reacquired by the Company; provided, however, that the
Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of termination
resulting from specified causes. 

 (iii) Certificates for Stock. Restricted Stock granted under the
Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Stock are registered in the name of the Participant, such certificates may bear an appropriate legend referring to the terms,
conditions, and restrictions applicable to such Restricted Stock and the Company may retain physical possession of the certificate, in which case the Participant shall be required to have delivered a stock power to the Company, endorsed in blank,
relating to the Restricted Stock. 
 (iv) Dividends. Dividends paid on Restricted Stock shall be either paid
in cash or in shares of unrestricted Stock having a Fair Market Value equal to the amount of such dividends, or the payment of such dividends shall be deferred and/or the amount or value thereof automatically reinvested in additional Restricted
Stock, other Awards, or other investment vehicles, as the Committee shall determine or permit the Participant to elect consistent with Section 409A of the Code; provided that, dividends with respect to Restricted Stock shall vest and be paid
only if and to the extent the underlying shares of Restricted Stock vest and are paid. Stock distributed in connection with a Stock split or Stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of
forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 

(e) Deferred Stock. The Committee is authorized to grant units representing the right to receive Stock at a future date
subject to the following terms and conditions (“Deferred Stock”): 
 (i) Award and
Restrictions. Delivery of Stock will occur upon expiration of the deferral period specified for an Award of Deferred Stock by the Committee (or, if permitted by the Committee, as elected by the Participant, consistent with Section 409A
of the Code). In addition, Deferred Stock shall be subject to such restrictions as the Committee may impose, which restrictions may lapse at the expiration of the deferral period or at earlier specified times, separately or in combination, in
installments or otherwise, as the Committee may determine (subject to the limitations set of Section 7(f)). 

(ii) Forfeiture. Except as otherwise determined by the Committee, upon termination of employment or service
(as determined under criteria established by the Committee) during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the Deferred Stock), all Deferred Stock that is
at that time subject to such forfeiture conditions shall be forfeited; provided, however, that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture
conditions relating to Deferred Stock will be waived in whole or in part in the event of termination resulting from specified causes. 

 (f) Bonus Stock and Awards in Lieu of Cash Obligations. The Committee is
authorized to grant Stock as a bonus, or to grant Stock or other Awards in lieu of Company obligations to pay cash under other plans or compensatory arrangements (subject to the limitations of Section 7(f)). 

(g) Dividend Equivalents. The Committee is authorized to grant awards entitling the Participant to receive cash, Stock, other
Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock (“Dividend Equivalents”). Dividend Equivalents may be awarded on a free-standing basis or in connection with another
Award; provided that, in no event shall dividend rights or Dividend Equivalents accrue or be paid with respect to shares of Stock subject to Options or SARs. The Committee may provide that Dividend Equivalents shall be paid or distributed when
accrued or shall be deemed to have been reinvested in additional Stock, Awards or other investment vehicles, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify; provided that, Dividend
Equivalents granted in connection with an Award shall vest and be paid only if and to the extent the underlying shares subject to the Award vest and are paid. 

(h) Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant such other
Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock and factors that may influence the value of Stock, as deemed by the Committee to be consistent with the purposes of
the Plan, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment contingent upon performance of the Company or any
other factors designated by the Committee and Awards valued by reference to the book value of Stock or the value of securities of or the performance of specified Subsidiaries (“Other Stock-Based Awards”). The Committee shall determine
the terms and conditions of such Awards (subject to the limitations of Section 7(f)). Stock issued pursuant to an Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid
for at such times, by such methods, and in such forms, including, without limitation, cash, Stock, other Awards, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to any other Award under the Plan,
may be granted pursuant to this Section 6(h). 
 7. Certain Provisions Applicable to Awards. 

(a) Stand-Alone, Additional, Tandem, and Substitute Awards. Subject to Section 9(f)(ii), Awards granted under the Plan
may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Company, its Parent or Subsidiaries or
any business entity to be acquired by the Company or a Subsidiary, or any other right of a Participant to receive payment from the Company its Parent or Subsidiaries. Awards granted in addition to or in tandem with other Awards or awards may be
granted either as of the same time as or a different time from the grant of such other Awards or awards. 
 (b) Term of
Awards. The term of each Award shall be for such period as may be determined by the Committee; provided, however, that in no event shall the term of any Option or an SAR exceed a period of ten years from the date of its grant (or such
shorter period as may be applicable under Section 422 of the Code). 

 (c) Form of Payment Under Awards. Subject to the terms of the Plan and any
applicable Award Agreement, payments to be made by the Company, its Parent or Subsidiaries upon the grant, exercise or settlement of an Award may be made in such forms as the Committee shall determine, including, without limitation, cash, Stock,
other Awards or other property, and may be made in a single payment or transfer, in installments or on a deferred basis. Such payments may include, without limitation, provisions for the payment or crediting of reasonable interest on
installment or deferred payments or the grant or crediting of Dividend Equivalents in respect of installment or deferred payments denominated in Stock. 

(d) Loan Provisions. With the consent of the Committee, and subject at all times to, and only to the extent, if any, permitted
under and in accordance with, laws and regulations and other binding obligations or provisions applicable to the Company, the Company may make, guarantee or arrange for a loan or loans to a Participant with respect to the exercise of any Option or
other payment in connection with any Award, including the payment by a Participant of any or all federal, state or local income or other taxes due in connection with any Award. Subject to such limitations, the Committee shall have full
authority to decide whether to make a loan or loans hereunder and to determine the amount, terms and provisions of any such loan or loans, including the interest rate to be charged in respect of any such loan or loans, whether the loan or loans are
to be with or without recourse against the borrower, the terms on which the loan is to be repaid and conditions, if any, under which the loan or loans may be forgiven. For the avoidance of doubt, no such loans shall be made to a Participant who is
an executive officer of the Company or a member of the Board. 
 (e) Performance-Based Awards. The Committee may, in its
discretion, determine that an Award granted to an employee shall be contingent upon the achievement of pre-established performance objectives and other terms set forth in this Section 7(e) (“Performance Award”). 

(i) Performance Objectives. The performance objectives for an Award subject to this Section 7(e) shall consist of
one or more business criteria and a targeted level or levels of performance with respect to such criteria, as specified by the Committee consistent with this Section 7(e). The Committee may determine that such Performance Awards shall be
granted, exercised, and/or settled upon achievement of any one performance objective or that two or more of the performance objectives must be achieved as a condition to grant, exercise, and/or settlement of such Performance Awards. Business
criteria used by the Committee in establishing performance objectives for Awards subject to this Section 7(e) shall be selected from among the following criteria, or any such other criteria determined by the Committee in its sole discretion,
which in either case may be applied to the Company, on a consolidated basis, and/or for specified Subsidiaries, divisions, or other business units of the Company (where the criteria are applicable): 

 

	 	(1)	Return on capital; 

	 	(2)	Earnings or earnings per share (which earnings may include equity in earnings of investees, and may be determined without regard to interest, taxes, depreciation, and/or amortization); 

 

	 	(3)	Cash flow provided by operations; 

  

	 	(4)	Increase in stock price; 

  

	 	(5)	Changes in annual revenues; 

  

	 	(6)	Net sales; 

  

	 	(7)	Total shareholder return; 

  

	 	(8)	Inventory control measures; 

  

	 	(9)	Internet sales, including as it relates to total or net sales; and/or 

  

	 	(10)	Strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market penetration, geographic business expansion goals, cost targets, and goals relating to acquisitions or
divestitures. 

 The levels of performance required with respect to such business criteria may be expressed in absolute or
relative levels. Performance objectives may differ for such Awards to different Participants. The Committee shall specify the weighting to be given to each performance objective for purposes of determining the final amount payable with respect
to any such Award.
 (ii) Performance Period; Timing for Establishing Performance Award Terms. Achievement of
performance objectives in respect of such Performance Awards shall be measured over a performance period as specified by the Committee. Performance objectives, amounts payable upon achievement of such objectives, and other material terms of
Performance Awards shall be established by the Committee no more than 90 days after commencement of the period of service to which the performance goal relates, or during such other period determined by the Committee. 

(iii) Negative Discretion; Other Terms. The Committee may, in its discretion, reduce the amount of a payout otherwise to
be made in connection with an Award subject to this Section 7(e), but may not exercise discretion to increase such amount, and the Committee may consider other performance criteria in exercising such discretion. The Committee shall specify
the circumstances in which such Performance Awards shall be paid or forfeited in the event of termination of employment by the Participant prior to the end of a performance period or settlement of Performance Awards. 

 (iv) Certain Adjustments. To the extent applicable, unless the Committee
decides otherwise, the determination of achievement of performance objectives for Performance Awards shall be made in accordance with U.S. generally accepted accounting principles (“GAAP”) and a manner consistent with the methods used in
the Company’s audited financial statements. Unless the Committee decides otherwise, the determination of achievement of performance objectives for Performance Awards shall be made without regard to (A) changes in accounting methods,
(B) non-recurring acquisition expenses and restructuring charges; or (C) other costs or charges associated with refinancings, write-downs, impairments, closures, consolidations, divestitures, strategic initiatives, and items associated
with acquisitions, including but not limited to, earn-outs and bargain purchase gains. In setting the performance objectives for Performance Awards within the period described in Section 7(e)(ii), the Committee may provide for adjustments in
respect of unusual or infrequently occurring items determined in accordance with applicable accounting standards, adjustments for equity compensation expenses, and such other adjustments as it deems appropriate. Notwithstanding the foregoing, in
calculating earnings or earnings per share, the Committee may, within the period described in Section 7(e)(ii), provide that such calculation shall be made on the same basis as reflected in a release of the Company’s earnings for a
previously completed period as specified by the Committee. 
 (v) Committee Determinations. The Committee shall
determine the applicable performance objectives, the amount potentially payable in respect of Performance Awards, the achievement of performance objectives relating to Performance Awards, and the amount of any final payment in respect of Performance
Awards. 
 (f) Minimum Vesting Requirement. At the time of grant, the terms of Awards granted under the Plan shall provide that the
Awards shall not vest prior to the one-year anniversary of the date of grant, except as may be provided in the event of a Participant’s death or disability, or in the event of a Change in Control. Subject to any adjustments made in accordance
with Section 4(c), Awards covering up to 5% of the shares subject to the share reserve set forth in Section 4(a) as of the 2018 Plan Effective Date may be granted without regard to the minimum vesting requirement. 

8. Change in Control. Notwithstanding anything contained in the Plan to the contrary, the provisions of this Section 8 shall
apply in the event of a Change in Control. 
 (a) Replacement Awards; No Immediate Vesting. 

(i) An Award shall not vest upon the occurrence of a Change in Control and shall continue to the extent qualifying as a
Replacement Award. 

 (ii) A “Replacement Award” includes an outstanding Award that continues
upon and after the occurrence of a Change in Control and an Award provided to a Participant in replacement of an outstanding Award (such replaced Award, a “Replaced Award”) in connection with a Change in Control that satisfies the
following conditions: 
 (A) It has a value at least equal to the value of the Replaced Award; 

(B) It relates to publicly traded equity securities of the Company or its successor in the Change in Control or another entity
that is affiliated with the Company or its successor following the Change in Control; 
 (C) Its other terms and conditions
are not less favorable to the Participant than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent change in control); and 

(D) Upon an involuntary termination of employment or separation from service of a Participant by the Company other than for
Cause (and not due to disability), or a voluntary termination of employment or separation from service by the Participant for Good Reason (if applicable), occurring on or during the period of twenty-four (24) months after the Change in Control,
the Replacement Award, to the extent not vested and unrestricted as of such termination of employment or separation from service, shall become fully vested and (if applicable) exercisable and free of restrictions. 

The Committee, as constituted immediately before the Change in Control, shall have the discretion to determine whether the conditions of this
Section 8(a)(ii) are satisfied. 
 (b) Vesting if No Replacement Award. To the extent that a Replacement Award is not provided to
the Participant, upon the occurrence of a Change in Control: 
 (i) Any and all Options and SARs granted hereunder shall
become immediately exercisable; 
 (ii) Any restrictions imposed on Restricted Stock shall lapse and become freely
transferable, and all other Awards shall become fully vested; and 
 (iii) Except as otherwise provided in an Award
Agreement, the payout opportunities attainable at target or, if greater, in the amount determined by the Committee to have been earned thereunder based on performance through the date of the Change in Control, under all outstanding Awards of
performance-based Stock, cash Awards and other Awards and shall be deemed to have been earned for the entire performance period(s) as of the effective date of the Change in Control. The vesting of all such earned Awards shall be accelerated as of
the effective date of the Change in Control, and in full settlement of such Awards, there shall be paid out in cash, or in the discretion of the Committee, shares of Stock with a Fair Market Value equal to the amount of such cash. 

 Except as otherwise determined by the Committee, the foregoing provisions of this
Section 8(b) shall apply, and a Participant’s outstanding Awards shall not become Replacement Awards, upon the occurrence of a Change in Control following an involuntary termination of employment or separation from service of the
Participant by the Company other than for Cause (and not due to disability), or a voluntary termination of employment or separation from service for Good Reason by the Participant (if applicable), occurring (x) at the request of a third party
who was taking steps reasonably calculated to effect such Change in Control or (y) otherwise in contemplation of and within 180 days before such Change in Control. 

(c) Change in Control. For purposes of the Plan, “Change in Control” shall mean: 

(i) Any person becoming the beneficial owner of securities of the Company representing thirty percent (30%) or more of the
combined voting power of the Company’s then outstanding securities; 
 (ii) Individuals who serve on the Board
immediately prior to the event, or whose election to the Board or nomination for election to the Board was approved by a vote of at least two-thirds of the directors who either serve on the Board immediately prior to the event, or whose election or
nomination for election was previously so approved, ceasing for any reason to constitute a majority of the Board; 
 (iii)
Consummation of a merger or consolidation of the Company or any Subsidiary into any other corporation, other than a merger or consolidation that results in the holders of the voting securities of the Company outstanding immediately prior thereto
holding immediately thereafter securities representing more than sixty percent (60%) of the combined voting power of the voting securities of the Company; or 

(iv) The stockholders of the Company approving a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets and such liquidation, sale or disposition is consummated. 

9. General Provisions. 

(a) Compliance With Laws and Obligations. The Company shall not be obligated to issue or deliver Stock in connection with any
Award or take any other action under the Plan in a transaction subject to the requirements of any applicable securities law, any requirement under any listing agreement between the Company and any national securities exchange or automated quotation
system or any other law, regulation or contractual obligation of the Company until the Company is satisfied that such laws, regulations, and other obligations of the Company have been complied with in full. Certificates representing shares of
Stock issued under the Plan will be subject to such stop-transfer orders and other restrictions as may be applicable under such laws, regulations and other obligations of the Company, including any requirement that a legend or legends be placed
thereon. In addition, the Company may adopt policies that impose restrictions on the timing of exercise of Options, SARs or other Awards (e.g., to enforce compliance with Company-imposed black-out periods). 

 (b) Limitations on Transferability. Awards and other rights under the Plan will
not be transferable by a Participant except by will or the laws of descent and distribution or to a Beneficiary in the event of the Participant’s death, shall not be pledged, mortgaged, hypothecated or otherwise encumbered, or otherwise subject
to the claims of creditors, and, in the case of ISOs and SARs in tandem therewith, shall be exercisable during the lifetime of a Participant only by such Participant or his guardian or legal representative; provided, however, that such Awards and
other rights (other than ISOs and SARs in tandem therewith) may be transferred to one or more of the following transferees (each transferee a “Permitted Assignee”) during the lifetime of the Participant to the extent and on such terms as
then may be permitted by the Committee: (i) to the Participant’s spouse, children or grandchildren (including any adopted and step children or grandchildren), parents, grandparents or siblings; (ii) to a trust for the benefit of one
or more of the Participant or the persons referred to in clause (i); (iii) to a partnership, limited liability company or corporation in which the Participant or the persons referred to in clause (i) are the only partners, members or
stockholders; or (iv) for charitable donations to a charitable organization; provided that such Permitted Assignee shall be bound by and subject to all the terms and conditions of the Plan and the Award Agreement relating to the transferred
Award and shall execute an agreement satisfactory to the Company evidencing such obligations and provided further that such Participant shall remain bound by the terms and conditions of the Plan. 

(c) No Right to Continued Employment or Service. Neither the Plan nor any action taken hereunder shall be construed as giving
any employee, director or other person the right to be retained in the employ or service of the Company, its Parent or any Subsidiary, nor shall it interfere in any way with the right of the Company, its Parent or any Subsidiary to terminate any
employee’s employment or other person’s service at any time or with the right of the Board or stockholders to remove any director. 

(d) Taxes. The Company, its Parent and Subsidiaries are authorized to withhold from any Award granted or to be settled, any
delivery of Stock in connection with an Award, any other payment relating to an Award or any payroll or other payment to a Participant amounts of withholding and other taxes due or potentially payable in connection with any transaction involving an
Award, and to take such other action as the Committee may deem advisable to enable the Company, its Parent and Subsidiaries and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any
Award. This authority shall include authority to withhold or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations. 

(e) Section 409A. Notwithstanding the other provisions hereof, the Plan and the Awards are intended to comply with the requirements
of Section 409A of the Code, to the extent applicable. Accordingly, all provisions herein and with respect to any Awards shall be construed and interpreted such that the Award either (i) qualifies for an exemption from the requirements of
Section 409A of the Code or (ii) satisfies the requirements of Section 409A of the Code to the maximum extent possible; provided, however, that in no event shall the Company be obligated to reimburse a Participant or Beneficiary for
any additional tax (or related penalties and interest) 

 
incurred by reason of application of Section 409A, and the Company makes no representations that Awards are exempt from or comply with Section 409A and makes no undertakings to ensure
or preclude that Section 409A will apply to any Awards. If an Award is subject to Section 409A, (A) distributions shall only be made in a manner and upon an event permitted under Section 409A, (B) payments to be made upon a
termination of employment shall only be made upon a “separation from service” under Section 409A, (C) payments to be made upon or in connection with a Change in Control shall only be made upon or in connection with a “change
of control event” under Section 409A, to the extent required by Section 409A, (D) unless the Award Agreement specifies otherwise, each installment payment shall be treated as a separate payment for purposes of Section 409A,
and (E) in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance with Section 409A. Notwithstanding anything herein to the contrary, in the event that any
Awards constitute nonqualified deferred compensation under Section 409A of the Code, if (x) the Participant is a “specified employee” of the Company as of the specified employee identification date for purposes of
Section 409A (as determined in accordance with the policies and procedures adopted by the Company) and (y) the delivery of any cash or Stock payable pursuant to an Award is required to be delayed for a period of six months after separation
from service pursuant to Section 409A, such cash or Stock shall be paid within 15 days after the end of the six-month period. If the Participant dies during such six-month period, the amounts withheld on account of Section 409A shall be
paid to the Participant’s Beneficiary within 30 days of the Participant’s death. 
 (f) Changes to the Plan and Awards. 

(i) The Board may amend, alter, suspend, discontinue or terminate the Plan or the Committee’s authority to grant
Awards under the Plan without the consent of stockholders or Participants, except that any such action shall be subject to the approval of the Company’s stockholders at or before the next annual meeting of stockholders for which the record date
is after such Board action if such stockholder approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the Stock may then be listed or quoted, and the Board may
otherwise, in its discretion, determine to submit other such changes to the Plan to stockholders for approval; provided, however, that, without the consent of an affected Participant, no such action may materially impair the rights of such
Participant under any Award theretofore granted to him (as such rights are set forth in the Plan and the Award Agreement). The Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue, or terminate, any Award
theretofore granted and any Award Agreement relating thereto; provided, however, that, (subject to Section 4(c)) without the consent of an affected Participant, no such action may materially impair the rights of such Participant under such
Award (as such rights are set forth in the Plan and the Award Agreement). The Board or the Committee shall also have the authority to establish separate sub-plans under the Plan with respect to Participants resident in a particular jurisdiction
(the terms of which shall not be inconsistent with those of the Plan) if necessary or desirable to comply with the applicable laws of such jurisdiction. 

 (ii) Notwithstanding any provision herein, except in connection with a
corporate transaction involving the Company (including, without limitation, any stock dividend, distribution (whether in the form of cash, Stock, other securities or other property), stock split, extraordinary cash dividend, recapitalization, change
in control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Stock or other securities, or similar transactions), the Company may not, without obtaining stockholder approval, (A) amend the terms
of outstanding Options or SARs to reduce the exercise price of such outstanding Options or SARs, (B) cancel outstanding Options or SARs in exchange for Options or SARs with an exercise price that is less than the exercise price of the original
Options or SARs or (C) cancel outstanding Options or SARs with an exercise price above the current Stock price in exchange for cash or other securities. 

(g) No Rights to Awards; No Stockholder Rights. No person shall have any claim to be granted any Award under the Plan, and
there is no obligation for uniformity of treatment of Participants and employees. No Award shall confer on any Participant any of the rights of a stockholder of the Company unless and until Stock is duly issued or transferred and delivered to
the Participant in accordance with the terms of the Award or, in the case of an Option, the Option is duly exercised. 
 (h) Company
Policies. All Awards made under the Plan shall be subject to any applicable clawback or recoupment policies, share trading policies and other policies that may be implemented by the Board from time to time. 

(i) Unfunded Status of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for
incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general
creditor of the Company; provided, however, that the Committee may authorize the creation of trusts or make other arrangements to meet the Company’s obligations under the Plan to deliver cash, Stock, other Awards, or other property pursuant to
any Award, which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines with the consent of each affected Participant. 

(j) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor any submission of the Plan or amendments
thereto to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other compensatory arrangements as it may deem desirable, including, without limitation, the granting of
stock options otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 

(k) No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any
Award. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 (l) Governing Law. The validity, construction and effect of the Plan, any rules
and regulations relating to the Plan and any Award Agreement shall be determined in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of laws, and applicable federal law. 

(m) Severability. If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included. 
 (n)
Successors and Assigns. The Plan and Award Agreements may be assigned by the Company to any successor to the Company’s business. The Plan and any applicable Award Agreement shall be binding on all successors and assigns of the Company
and a Participant, including any permitted transferee of a Participant, the Beneficiary or estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the
Participant’s creditors. 
 (o) Plan Provisions. In the event there is any express conflict between the terms of the Plan and any
Award agreement or other agreement setting forth the terms of an Award, the terms of the Plan shall govern. 
 (p) Effective
Date. The amended and restated Plan shall be effective as of the 2018 Amendment Effective Date.Exhibit

Exhibit 10.1

CONSULTING AGREEMENT

This Consulting Agreement (the “Agreement”), is made by and between CarMax Inc., and its affiliated companies (collectively, the “Company”) and William C. Wood, Jr. (the “Consultant”) executed as of June 27, 2018. 

WHEREAS, Consultant, who has been an employee of the Company pursuant to a Severance Agreement dated January 3, 2017 (the “Severance Agreement”), has provided guidance, leadership and direction in the growth, management and development of the Company and has learned trade secrets, confidential procedures and information, and technical and sensitive plans of the Company;
WHEREAS, Consultant will separate from service (as defined in Internal Revenue Code Section 409A and the regulations issued thereunder) with the Company on July 31, 2018, upon which time Consultant will no longer be an employee of the Company;
WHEREAS, the Company desires that Consultant be available to consult with the Company regarding the business of the Company following Consultant’s separation from service; and
WHEREAS, the Company has offered to Consultant a consulting arrangement, and the parties hereto have reached an agreement concerning that arrangement and other matters contained herein and desire to set forth the terms and conditions thereof.
NOW, THEREFORE, for and in consideration of the mutual promises and undertakings herein set forth, Consultant and the Company hereby agree as follows:

ARTICLE 1. TERM AND TERMINATION OF AGREEMENT

 Section 1.1.    Term  This Agreement will become effective on August 1, 2018 (the “Effective Date”) and will terminate on July 31, 2019 (the “Consulting Period”), unless otherwise terminated prior to July 31, 2019 pursuant to Article 1 of this Agreement.  This Agreement may be extended upon prior written agreement of both parties, which shall constitute an extension of the Consulting Period.

Section 1.2.    Termination Upon Breach  Notwithstanding Section 1.1, this Agreement may be terminated by either party upon written notice to the other party in the event that the party receiving notice has materially breached this Agreement and fails to cure such breach within 10 days after written notice of such breach.

Section 1.3.    Termination for Convenience  The Company may terminate this Agreement without cause upon providing the Consultant thirty (30) days’ written notice; provided, however, that if the Company terminates this Agreement under this Section 1.3 

1

prior to the expiration of the Consulting Period, then the monthly payments set forth in Section 3.1 of this Agreement shall be paid to Consultant on the same payment schedule through the balance of the Consulting Period that would have been part of the term of this Agreement, but for the termination by the Company hereunder.

ARTICLE 2. SERVICES TO BE PERFORMED BY CONSULTANT

Section 2.1.    Specific Services  Consultant will provide consulting services to the Company regarding all aspects of the Company’s business from time to time as may be reasonably requested by the Company and subject to the terms and conditions contained herein.  Notwithstanding the foregoing, the parties acknowledge and agree that the services to be provided by Consultant under this Agreement are expected to be limited to occasional or part-time services that are not expected to exceed 20% of the average level of services provided by Consultant over the three-year period immediately preceding the Effective Date of this Agreement.

Section 2.2.    Method of Performance  Consultant will determine the method, details, and means of performing the above described services under this Agreement. Consultant shall report, in a form reasonably acceptable to the Company, the extent and nature of the activities being performed under the terms of this Agreement as requested by the Company.  Consultant shall perform all services with professional diligence and skill, using sound practices in accordance with generally accepted industry standards.  Consultant agrees to devote sufficient time to complete performance of the services described herein.  Additionally, the services must be provided by the Consultant personally and cannot be assigned to a third party.

 Section 2.3.     Intellectual Property Ownership  The Consultant understands and acknowledges that any writing, invention, design, system, process, development or discovery (collectively, “Intellectual Property”) shall be the sole and exclusive property of the Company.  Consultant agrees to assign to the Company any and all of his right, title, and interest in and to such Intellectual Property, including, but not limited to, patent, trademark, and other rights.  The Consultant further agrees to cooperate fully with the Company to secure, maintain, enforce, or defend the Company’s ownership of and rights in such Intellectual Property.   The rights and remedies of this Section 2.3 are in addition to any rights and remedies available under applicable law. 

Section 2.4.    Independent Contractor  The parties intend that an independent contractor relationship be created by this Agreement as of the Effective Date.  Consultant will not be an employee, agent, partner or joint venturer of or with the Company or its affiliates and shall not have the power to bind the Company. Consultant will not be entitled to any of the rights or benefits that the Company provides to its employees (other than Consultant’s right to continue participating in certain benefits as a result of having previously been an employee).  Consultant acknowledges and agrees that Consultant will not be entitled to worker’s compensation insurance benefits or unemployment compensation insurance 

2

benefits from the Company as a result of this Agreement or any work performed by Consultant under this Agreement.

ARTICLE 3. COMPENSATION

Section 3.1.    Consulting Fees  Consultant will receive consulting fees of Ten-Thousand Dollars ($10,000.00) per calendar month during the Consulting Period.  Consulting fees will be paid within 14 calendar days after the end of each month during the Consulting Period. Consultant shall not be entitled to commissions for any services in connection with this Agreement.  No fees, compensation, benefits, property interest or right shall accrue or be owed to Consultant unless specifically stated in this Agreement.

Section 3.2.    Expenses  The Company will reimburse Consultant for reasonable expenses incidental to consulting services provided pursuant to this Agreement, subject to the requirements set forth in this Section 3.2.  Requests for reimbursement must be itemized and supported by appropriate documentation (i.e. itemized receipts).  Such reimbursable expenses shall include air travel consistent with the Company’s policies and lodging at any of the hotels on the Company’s then-current approved hotel list, which was incurred in connection with providing the consulting services. 

Section 3.3.    Taxes  Consultant shall be solely responsible for all federal, state and local taxes and related contributions attributable to the payments from the Company to Consultant for consulting services.  Consultant acknowledges that Consultant is an independent contractor for federal, state and local income and employment tax purposes.  Consultant shall obtain and provide to the Company a Federal Tax Identification Number prior to submitting any invoices to the Company under this Agreement.

ARTICLE 4. REPRESENTATIONS AND WARRANTIES

Section 4.1.    Compliance with Laws  Consultant represents, warrants and covenants that Consultant will comply in full with all applicable federal, state, and local laws and regulations and rules of governmental agencies and bodies that may apply to the services performed under this Agreement.

ARTICLE 5. ADDITIONAL OBLIGATIONS OF CONSULTANT

Section 5.1.    Confidentiality and Other Covenants

(a)  Consultant acknowledges that as a result of prior employment with the Company, and his performance of the consulting services, Consultant has access to Protected Information as defined in Article 10 of the Severance Agreement.   

(b)  Consultant agrees that, in consideration for the consulting fees paid pursuant to this Agreement, the terms and conditions set forth in Article 10 of the Severance Agreement, entitled “Confidentiality”, shall continue in full force and effect throughout 

3

the Consulting Period and for a period of five (5) years following the end of the Consulting Period. 

Section 5.2.    Covenant Not to Compete  Consultant agrees that, in consideration for the consulting fees paid pursuant to this Agreement, the terms and conditions set forth in Article 8 of the Severance Agreement, entitled “Covenant Not to Compete”, shall continue in full force and effect throughout the Consulting Period and for a period of twenty-four (24) months following the end of the Consulting Period.  

Section 5.3.    Non-Solicitation of Employees  Consultant agrees that, in consideration for the consulting fees paid pursuant to this Agreement, the terms and conditions set forth in Article 9 of the Severance Agreement, entitled “Non-Solicitation of Employees”, shall continue in full force and effect throughout the Consulting Period and for a period of twenty-four (24) months following the end of the Consulting Period.

Section 5.4.    Survival  The provisions of this Article 5 shall survive expiration or termination of this Agreement.  

ARTICLE 6. GENERAL PROVISIONS

Section 6.1.    Limitation of Liability  Except for the remedies in the second paragraph of Section 6.2, neither party shall be liable to the other hereunder for any incidental, indirect, special, consequential or punitive damages or lost profits under any tort, contract, strict liability or other legal or equitable theory arising out of or pertaining to the subject matter of this Agreement, even if said party has been advised of the possibility of or could have foreseen such damages.

Section 6.2.    Indemnification and Injunctive Relief  Subject to the limitation in Section 6.2, Consultant shall be responsible and liable to the Company for acts or conduct of Consultant which exposes the Company to financial or reputational damage.  Consultant shall indemnify, defend and hold harmless the Company, its officers, directors, employees, agents, representatives and independent contractors (“Indemnified Parties”) from and against any and all third party claims, actions, demands, losses, liability and injuries including but not limited to financial injury (collectively “Claims”) arising from any negligent acts or omissions, willful or wrongful misconduct, knowing misrepresentation or breach of this Agreement by Consultant as it relates to the activities performed under this Agreement, except to the extent that the Indemnified Party or its agents or employees contribute to such injury or damage, in which event the parties will be responsible for their own percentage of fault. In connection therewith, each party agrees to reasonably notify the other party in writing of any claim subject to this indemnity.  

The parties further recognize and affirm that in the event of a breach or a threatened breach of this Agreement’s provisions regarding Intellectual Property, Confidentiality, the Covenant Not to Compete and the Non-Solicitation of Employees, money damages may 

4

be inadequate and the Company may not have an adequate remedy at law.  Accordingly, the parties agree that in the event of a breach or a threatened breach of this Agreement, the Company may, in addition to pursuing any other rights and remedies existing in its favor, apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the foregoing provisions, without objections to post bond. The provisions of this Section 6.2 shall survive expiration or termination of this Agreement.

Section 6.3.    Choice of Law and Venue  This Agreement shall be governed by, construed and enforced in accordance with the laws of the Commonwealth of Virginia without regard to conflicts of laws principles thereof and the parties hereby incorporate into this Agreement the terms and conditions of Article 18 of the Severance Agreement, entitled “Governing Law”.

Section 6.4.    Entire Contract  This Agreement contains all of the covenants and agreements between the parties with respect to the rendering of the services contemplated by this Agreement.  Notwithstanding anything in this Agreement, the provisions in the Severance Agreement that are intended to survive, including but not limited to those contained in Articles 8, 9, 10, 13, 17.2, 17.9 and 18 thereof, shall survive and continue in full force and effect.   Any modification of this Agreement will be effective only if it is in writing signed by the parties hereto.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  The parties hereto may execute this Agreement personally or by facsimile/scan signature.  The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

Section 6.5.    Severability  If any term, covenant, or condition of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such term, covenant, or condition to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each and every remaining term, covenant, or condition of this Agreement shall be valid and enforced to the fullest extent permitted by law.

Section 6.6.    Notices and Contact Persons  Any notices to be given hereunder by either party to the other party may be effected either by personal delivery in writing; by overnight delivery; by mail, registered or certified, postage prepaid with return receipt requested; or by an electronic transmission, which creates a record that may be retained, retrieved, and reviewed by either party.  Mailed notices shall be addressed to the parties at the addresses below and electronic transmissions shall be forwarded to the contact persons below.  Either party may change the address upon which written notice is mailed or electronic transmission is forwarded in accordance with this Section 6.6.  Notices delivered personally will be deemed communicated as of actual receipt; mailed notices and electronic transmissions will be deemed communicated as the date received.

5

The Company designates William D. Nash (“Company Contact”) as its primary contact for this relationship.  However, Consultant may do work for other persons as agreed to by the parties and subject to the limitations set for herein.  Consultant shall direct all reports, notices, inquiries, and other communications to the person for whom the work is completed.

Company Contact: William D. Nash    
Mailing Address: 12800 Tuckahoe Creek Parkway Richmond VA 23228    

The Company shall direct all reports, notices, inquiries, and other communications to Consultant at the address and to the contact information provided by Consultant to the Company.

[Signature Page Follows]

6

THE PARTIES HEREBY enter into this Agreement as of the date first above written, and the signatories hereto represent that by signing below, they are authorized to execute and deliver this Agreement and to obligate the respective parties.

	
		
	CarMax, Inc.  
 
/s/ William D. Nash
Name: William D. Nash
Title: President and Chief Executive Officer

	William C. Wood, Jr. 

 /s/ William C. Wood, Jr.
 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]