Document:

Addendum
No. 2 to and Ratification of

    the

    AMP-Biophan
License Agreement

    

    This Addendum No. 2 (“Addendum”) is
an addendum to and ratification of the AMP-Biophan License Agreement, dated as of February 24, 2005
(as amended or otherwise modified,
the “License
Agreement”).

    

    This Addendum is dated and effective as of
____________________, 2009 (the “Addendum Date”), and is between aMRIs Patente
Verwaltungs GmbH & Co. KG (“KG”) and Biophan Technologies, Inc. (“Biophan”),
the parties to the License Agreement. KG and Biophan are collectively called the
“Parties” and each may be referred to as a “Party.”

    

    Background. aMRIs Patente GmbH
(“AMP”) and Biophan initially entered into the License Agreement, which relates
to magnetic resonance imaging and safety and image compatibility technologies,
including Patent Rights, Know-how and Clinical IP
(collectively, “IP Rights”). KG was later substituted for AMP as licensor
under the License Agreement, pursuant to the Addendum and Ratification, dated
July 28, 2005. The Parties are restructuring the relationship between Biophan,
KG, AMRIS Patente GmbH, Tomovation GmbH and Michael Friebe and, in consideration
of the entry into the Settlement Agreement between Biophan and KG entered into
on the date hereof (the “Settlement Agreement”), Biophan is willing to terminate
certain rights in and to the IP Rights granted to it in the License Agreement.
Provided, however, that Biophan shall retain all rights as to the Stent IP
(defined below) under the Exclusive License Agreement with Boston Scientific
Scimed, Inc. (“BSS”), dated June 30, 2005 (the “BSS Agreement”), copies of which
have been made available to KG.

    

    Now, therefore, in
consideration of the premises and intending to be legally bound, the Parties
acknowledge and agree as follows:

    

    
      	
               
      

            	
              1.

            	
              Terms
      used in this Addendum No. 2 and defined in the License Agreement shall have the meanings
      specified in the License Agreement.

            

    

    

    
      	
               
      

            	
              2.

            	
              All
      rights and licenses granted to Biophan under the License Agreement as to
      the Vena Cava Rights (as defined in the BSS Agreement) and all
      corresponding Know-How and Clinical IP are hereby terminated and re-vest
      fully in KG as of February 28, 2009. Intellectual Property Rights to
      filters and other inserts (other than vena cava filters) for other
      vessels remain in effect under the License
  Agreement.

            

    

    

    
      	
               
      

            	
              3.

            	
              All
      rights and licenses (other than the Vena Cava Rights) granted to Biophan
      under the License Agreement and the corresponding Know-How and Clinical IP
      (the “Stent IP”) are hereby terminated and re-vest fully in KG as of
      February 28, 2009, except that:

            

    

    

    
      	
               
      

            	
              a.

            	
              All
      rights and licenses in the Stent IP granted to Biophan under the License
      Agreement, and which Biophan has sublicensed to BSS under the BSS
      Agreement, are and shall remain in full force and effect for the duration
      of the term of the BSS
Agreement.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2

     

    
      	
               
      

            	
              b.

            	
              All
      rights and obligations to prosecute, maintain and enforce patent
      applications and patents of the Stent IP granted to Biophan under Section
      6.1 of the License Agreement are and shall remain in full force and effect
      for the duration of the term of the BSS Agreement, but KG shall oversee
      the filing of new and prosecution of all pending patent applications of
      the Stent IP Rights; provided, however, that Biophan will only be
      obligated to pay legal fees and out-of-pocket costs under Section 6.2 of
      the License Agreement if:

            

    

    

    
      	
               
      

            	
              i.

            	
              KG
      notifies Biophan of (1) the amount of predictable fees and costs, e.g.
      maintenance fees,  and (2) in the case of unpredictable fees and
      costs based on a “not to exceed” estimate by patent or legal counsel,
      without undue delay and if possible, at least eight (8) weeks before an
      action must be submitted to the applicable Patent Office (“Due Date”);
      and

            

    

    

    
      	
               
      

            	
              ii.

            	
              Biophan
      does not object to the payment at least seven (7) days before the Due
      Date.

            

    

    

    
      	
               
      

            	
              iii.

            	
              Notwithstanding
      the foregoing, Biophan shall reimburse the legal fees and out of pocket
      cost incurred by KG as of January 1, 2009 as listed in Exhibit
      1.

            

    

    

    
      	
               
      

            	
              c.

            	
              KG
      covenants and warrants that it will not do or omit to do any act which
      would terminate or diminish in any way the Stent IP rights granted to BSS
      under (i) the BSS License, which shall remain in full force and effect for
      the full term of the BSS Agreement, or (ii) the BSS Agreement, except as
      otherwise permitted by this Addendum No.
2.

            

    

    

    
      	
               
      

            	
              d.

            	
              KG
      waives all rights of termination under the License Agreement for acts or
      omissions of Biophan (including but not limited to non-payments of amounts
      due) before the Addendum Date.

            

    

    

    
      	
               
      

            	
              e.

            	
              Except
      as otherwise stipulated herein, Biophan and KG each releases the other and
      its affiliates, officers and directors from all claims and causes of
      action, whether known or unknown, for acts and omissions accruing before
      the Addendum Date, including without limitation claims and causes of
      action of KG against Biophan for amounts otherwise due to
    KG.

            

    

    

    
      	
               
      

            	
              f.

            	
              Biophan
      Inc. will pay all license fees stipulated in the License Agreement, for
      the period after December 31, 2008.

            

    

    

    
      	
               
      

            	
              4.

            	
              This
      Addendum No. 2 states the entire understanding among the Parties directed
      to the termination of certain rights and licenses granted by KG to Biophan
      and there are no other agreements, written or oral, express or
      implied.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3

     

    
      	
               
      

            	
              5.

            	
              The
      License Agreement (including all
      Exhibits), as amended by the AMP and KG Acknowledgement and Waiver, dated
      June 30, 2005, the
      Addendum dated as of July 28,
      2005, and this Addendum No. 2, remains in full force and
      effect.

            

    

    

    
      	
               
      

            	
              6.

            	
              This
      Addendum No. 2, the Settlement Agreement and the further Settlement
      Agreement between Biophan Technologies Inc., Biophan Europe GmbH,
      Tomovation GmbH and Andreas Melzer shall simultaneously become valid and
      binding upon the respective parties upon all these agreements being
      signed.

            

    

    

    In witness whereof, the
Parties have executed this Addendum No. 2 to the License Agreement.

    

    aMRIs Patente Verwaltungs GmbH & Co. KG

     

    By: /s/ Andreas
Melzer

    Name: Prof. Dr.
Andreas Melzer

    Title:   Chief
Executive Officer

     

    Biophan
Technologies, Inc.

     

    By: /s/
John Lanzafame

    Name:
John Lanzafame

    Title:
Chief Executive Officer

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4

     

    Exhibit
1

    

    
      
        
          
            
              
                
                  
                    
                      	
                              bereits
      angefallene Patent-Rechnungen Januar bis März 2009 (costs incurred until
      March 2009)

                            
	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	
                              Re.datum

                            	 	
                              Re.betrag

                            
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              Re.
      0162/09, Canada, MR Imaging method

                            	 	
                              15.01.2009

                            	 	
                              505,75
      €

                            
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              Stent-u.
      MR-Bildgeb.verfahren

                            	 	
                              24.02.2009

                            	 	
                              1.428,00
      €

                            
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              Re.
      0518/09, Japan, MR Imaging Method and Medical Dev.

                            	 	
                              24.02.2009

                            	 	
                              2.052,75
      €

                            
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              Re.
      0513/09, Japan MR Imaging Method

                            	 	
                              24.02.2009

                            	 	
                              1.874,25
      €

                            
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              Re.
      6352/09, US Stent and MR Bildgeb.

                            	 	
                              24.02.2009

                            	 	
                              1.428,00
      €

                            
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              Re.
      0813/09, Japan MR Imaging Method

                            	 	
                              16.03.2009

                            	 	
                              1.636,25
      €

                            
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              US-patent
      Vessel Filter, Re. 0974/09

                            	 	
                              25.03.2009

                            	 	
                              1.755,25
      €

                            
	 
      	 	 
      	 	 
      	 	 
      
	
                              noch
      zu erwartende Patent-Rechnungen im März 2009 (costs to be expected in
      March 2009)

                            
	 
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              Stent
      u. MR Bildgeb.Japan

                            	 	
                              Mrz
      09

                            	 	
                              595,00
      €

                            
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              Vessel
      Filter Japan

                            	 	
                              Mrz
      09

                            	 	
                              1.904,00
      €

                            
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              US-Patent
      Vessel Filter

                            	 	
                              Mrz
      09

                            	 	
                              4.580,00
      €

                            
	
                              Gesthuysen,
      von
Rohr & Eggert

                            	 	
                              US-Patent
      Vessel Filter

                            	 	
                              Mrz
      09

                            	 	
                              2.170,00
      €

                            
	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	
                              Summe

                            	 	
                              19.929,25
      €exhibit1012.htm

    
      

    

    EXHIBIT 10.12

    

 

    CARMAX,
INC.

    AMENDED
AND RESTATED 2002 EMPLOYEE STOCK PURCHASE PLAN

    (as
amended and restated January 19, 2009)

    

    1.           Purpose and Effective
Date.  The CarMax, Inc. Amended and Restated 2002 Employee
Stock Purchase Plan (the “Plan”) provides eligible employees of CarMax, Inc., a
Virginia corporation, an opportunity to purchase CarMax, Inc. Common Stock
(“Common Stock”) through payroll deductions and to receive a Company match for a
portion of their payroll deductions.  The Plan was originally
effective on October 1, 2002, and was amended and restated effective as of
November 1, 2004 and as of July 1, 2006.  The effective date of this
amendment and restatement is January 19, 2009.

     

    2.           Definitions.

     

    (a)           Benefits Department:
The employee benefits department of the Company.

     

    (b)           Committee: The
Compensation and Personnel Committee of the Company’s Board of
Directors.

     

    (c)           Company: CarMax,
Inc., a Virginia corporation, and any subsidiary business entity (including, but
not limited to, a corporation, a partnership, or limited liability company) that
is under common control with CarMax, Inc., as determined under Section 414(b) or
(c) of the Internal Revenue Code of 1986, as amended.

    

    (d)           Compensation: All
cash compensation and commissions (estimated as deemed necessary by the Plan
Administrator) before any deductions or withholding and including overtime and
bonuses, but exclusive of all amounts paid as reimbursements of expenses
including those paid as part of commissions and those paid in the form of
relocation bonuses, housing allowances or other payments in connection with
employee relocations.

     

    (e)           Eligible Employees:
Employees who meet the requirements set forth in Section 4.

     

    (f)           Employee: Any person
employed by the Company as a common law employee on the United States payroll.
It is expressly intended that persons not employed as common law employees on
the Company’s United States payroll are to be excluded from participation in the
Plan, even if a court or administrative agency determines that such individuals
are common law employees and not independent contractors.

     

    (g)           Enrollment Date: The
date on which an Eligible Employee begins participation in the Plan pursuant to
Section 6.

     

    (h)           Participating
Employees: Eligible Employees who participate in the Plan.

     

    (i)           Plan Administrator:
An Employee (or a group of Employees) appointed by the Committee as provided in
Section 5 or, in the absence of any such specific appointment, the Chief
Financial Officer of the Company.

     

    
      
        
           

          

          

        

         

      

      
        
        

        
          

        

      

      
         

      

    

    (j)           Plan Service
Provider: A plan service provider/dealer registered with the Securities
and Exchange Commission and a member of the National Association of Securities
Dealers or other provider of employee plan administrative services selected by
the Plan Administrator as provided in Section 5.

     

    3.           Amount of Stock Subject to the
Plan.  The total number of shares of Common Stock that may be
purchased under the Plan shall be 4,000,000, subject to adjustment as provided
in Section 16.  Such shares must be shares purchased for Participating
Employees on the open market.

     

    
      	
               
      

            	
              4.

            	
              Eligible
      Employees.

            

    

     

    (a)           Any
Employee classified as a “Full-Time Associate” or “Part-Time Associate” pursuant
to the Company’s policies and procedures shall become eligible to participate in
the Plan after he or she has completed one year of service as an Employee of the
Company; provided, however, that (i) Employees who are subject to Section 16 of
the Securities Exchange Act of 1934, as amended, with respect to securities of
the Company, and (ii) Employees who are officers of the Company (other than
those serving as Assistant Vice Presidents, Assistant Treasurers or Assistant
Secretaries), shall not be eligible to participate in the Plan.

     

    (b)           If
an Employee has one year of service but is excluded from participation in the
Plan due to the requirements set forth in (i) or (ii) of the preceding
paragraph, the Employee will be eligible to participate in the Plan as soon as
administratively practicable, after he or she is no longer excluded because
of such requirements.  Continuity of service for purposes of
determining if an Employee has completed one year of service is determined
pursuant to the Company’s rehire/reinstatement and change of status policies in
effect at the time the eligibility determination is made.

     

    
      	
               
      

            	
              5.

            	
              Administration of the
      Plan.

            

    

     

    (a)           The
Plan shall be administered by the Committee or its designee.  The
Committee shall have all powers necessary to administer the Plan, including but
not limited to, the power: to construe and interpret the Plan’s documents; to
decide all questions relating to an Employee’s employment status and eligibility
to participate in the Plan; to make adjustments to the limitations on payroll
deductions set forth in Section 7; to employ such other persons as are necessary
for the proper administration of the Plan; and to make all other determinations
necessary or advisable in administering the Plan.  Any construction,
interpretation, or application of the Plan by the Committee shall be final,
conclusive and binding.

     

    (b)           The
Committee shall appoint an officer or other Employee of the Company to serve as
the Plan Administrator. The Plan Administrator shall be authorized to designate
other Employees of the Company to assist him or her in carrying out his or her
responsibilities under the Plan.  The Plan Administrator and his or
her designees shall be responsible for the general administration of the Plan
including establishment of operating procedures, enrollment deadlines
and such
other matters as the Committee deems necessary for the efficient and proper
administration of the Plan.

     

    
      
        
          2

          

          

        

         

      

      
        
        

        
          

        

      

      
         

      

    

    

    (c)           The
Plan Administrator shall appoint a Plan Service Provider in order to fulfill the
duties of the Plan Service Provider set forth herein.  The Plan
Administrator shall also have the authority to replace any Plan Service Provider
he or she has appointed for the Plan with another Plan Service
Provider.

     

    6.           Participation in the
Plan.

     

    (a)           An
Eligible Employee may commence or recommence participation in the Plan as soon
as administratively feasible after he or she has enrolled and that enrollment
has been processed by the Plan Service Provider.

     

     (b)           An
Eligible Employee shall authorize payroll deductions from the Employee’s
Compensation and authorize the Plan Service Provider to establish an employee
stock purchase plan account for the Employee (“ESPP Account”).

     

    (c)           A
Participating Employee’s contributions will begin in the first pay period that
is administratively practicable after the enrollment has been processed by the
Plan Service Provider.

     

    7.           Payroll Deductions and
Limitations.

     

    (a)           Payroll
deductions shall be a percentage of the Participating Employee’s Compensation
for each payroll period as specified by the Participating Employee according to
procedures defined by the Benefits Department.  Payroll deductions for
each payroll period shall not be less than 2% nor more than 10% of Compensation
for such payroll period.  Payroll deduction specifications shall be
made in 1% increments.  The Plan Administrator shall have the power to
change these percentage limitations.

     

    (b)           The
maximum amount that may be contributed by each Participating Employee to the
Plan in any one calendar year is $7,500.  When a Participating
Employee’s aggregate payroll deductions for the calendar year total $7,500, the
Participating Employee’s purchases of Common Stock and payroll deductions under
the Plan shall be suspended for the remainder of the calendar
year.  However, the Participating Employee shall continue to be a
participant under the Plan unless he or she elects to stop contributions in the
manner described in Section 17 or his or her participation terminates under
Section 18 and the Employee’s purchases of Common Stock and payroll deductions
will be resumed for the first full payroll period of the next calendar
year.

     

    8.           Changes in Payroll
Deductions.  A Participating Employee may change the percentage
of his or her payroll deductions, according to the procedures defined by the
Benefits Department, subject to the minimum, maximum and allowed increments set
forth in Section 7.  The change will be effective as soon as
administratively practicable after the change request has been processed by the
Plan Service Provider. A Participating Employee may also elect to stop making
contributions in the manner described in Section 17.

     

    9.           Company Matching
Contributions.   The Company shall contribute an amount
each month (the “Company Matching Contribution”) towards the purchase of shares
for

     

    
      
        
          3

          

          

        

         

      

      
        
        

        
          

        

      

      
         

      

    

    Participating
Employees. Unless modified by the Committee, the amount of the Company Matching
Contribution shall be 15% of each Participating Employee’s
contribution.  From time to time the Committee may modify the amount
of the Company Matching Contribution; provided, however, that the Company
Matching Contribution may not exceed 15% of each Participating Employee’s
contribution.  The Company Matching Contribution shall be used to
purchase shares for Participating Employees in accordance with Section 11. Participating Employees
shall be fully vested in shares purchased with Company Matching
Contributions.

     

    10.           Purchase Price.  A
purchase price for all shares of Common Stock to be purchased under the Plan
shall be determined on a monthly basis.  The purchase price shall
apply to all purchases attributable to a Participating Employee’s payroll
deductions for the payroll periods in the calendar month immediately preceding
the date the purchase transactions take place (the “Payroll Deduction
Month”).  The purchase price shall be 100% of the average selling
price of Common Stock on the open market during a two to three day period in
which the purchases are made (the “Purchase Price”).  Such purchase
period shall end no later than the last business day of the month immediately
following the Payroll Deduction Month.

     

    11.           Method of Purchase. The shares
of Common Stock to be purchased under the Plan shall be purchased once each
month on the open market.  The Company shall transmit the aggregate
payroll deductions from the prior month together with the related Company
Matching Contribution and information on each Participating Employee’s
contribution to the Plan Service Provider promptly after the end of each
month.  On a date as soon as practicable following receipt of the
funds, the Plan Service Provider shall arrange for the purchase of Common Stock
on the open market.  As soon as practicable after completing the
purchase of the shares, the Plan Service Provider shall credit the ESPP Account
for each Participating Employee with as many shares and fractional interests in
shares as the Participating Employee’s contribution and the Company Matching
Contribution will allow, based on the Purchase Price.  Shares
purchased pursuant to both Participating Employee contributions and Company
Matching Contributions made with respect to a calendar year shall be credited to
the ESPP Accounts of Participating Employees no later than March 15 following
the end of such calendar year.

     

    
      	
               
      

            	
              12.

            	
              Dividend
      Reinvestment.

            

    

     

    (a)           Each
ESPP Account shall be established with the following default dividend
policy.  Cash dividends, if any, paid with respect to the Common Stock
held in each ESPP Account under the Plan shall be automatically reinvested in
Common Stock, unless the Participating Employee directs
otherwise.  The Plan Service Provider shall arrange for the
reinvestment of dividends on the open market at the Participating Employee’s
expense as soon as the Plan Service Provider receives the cash
dividends.  The Company will not pay any expenses associated with
reinvesting dividends.

     

    (b)           The
Committee shall have the right at any time or from time to time upon written
notice to the Plan Service Provider to change the default dividend reinvestment
policy for ESPP Accounts established under the Plan.

     

    
      
        
          4

          

          

        

         

      

      
        
        

        
          

        

      

      
         

      

    

    

    13.           Rights as a
Shareholder.  A Participating Employee shall have the right to
vote full shares of Common Stock held in the Participating Employee’s ESPP
Account and the right to receive annual reports, proxy statements and other
documents sent to shareholders of Common Stock generally; provided, however,
that so long as such shares are held for a Participating Employee by the Plan
Service Provider, if a Participating Employee fails to respond in a timely
manner to a request for instructions with respect to voting, the Plan Service
Provider shall take such action with respect to the shares held for the
Participating Employee as permitted by the New York Stock Exchange
rules.  To the extent that such rules and applicable law permit, the
Plan Service Provider shall vote shares with respect to which no specific voting
instructions are given in accordance with the recommendations of the Board of
Directors of the Company.  By instructing the Plan Service Provider in
accordance with the terms and conditions of the Plan Agreement (defined below),
a Participating Employee shall have the right at any time:

     

    (a)           to
obtain evidence of the shares of Common Stock credited to the Participating
Employee’s ESPP Account;

     

    (b)           to
direct that any whole shares of Common Stock credited to the Participating
Employee’s ESPP Account be sold, and that the proceeds, less selling expenses,
be remitted to the Participating Employee; or

     

    (c)           to
direct that any whole shares of Common Stock credited to the Participating
Employee’s ESPP Account be transferred to an individual brokerage
account.

     

    14.           Rights Not
Transferable.  Rights under the Plan are not assignable or
transferable by a Participating Employee other than by will or by the laws of
descent and distribution and, during the Participating Employee’s lifetime, are
exercisable only by the Participating Employee.

     

    15.           Joint
Accounts.  Participating Employees may, to the extent permitted
by the Plan Service Provider, establish ESPP Accounts as joint accounts with
rights therein as prescribed under applicable state law.

     

    16.           Certain Adjustments in the Case of
Stock Dividends or Splits.  The Committee shall make
appropriate adjustments in the number of shares of Common Stock that may be
purchased under the Plan if there are changes in the Common Stock by reason of
stock dividends, stock splits, reverse stock splits, recapitalizations, mergers
or consolidations.

     

    
      	
               
      

            	
              17.

            	
              Stopping
      Contributions.

            

    

     

    (a)           A
Participating Employee may stop his or her contributions in accordance with
procedures defined by the Benefits Department. Payroll deductions will stop as
soon as administratively practicable. In addition, contributions will be
automatically stopped for any Participating Employee who goes on a leave of
absence without pay, effective when the Employee ceases to be paid by the
Company.

     

    
      
        
          5

          

          

        

         

      

      
        
        

        
          

        

      

      
         

      

    

    

    (b)           After
contributions for an Employee have been stopped, the Plan Service Provider will
leave the ESPP Account open and the Committee reserves the right to charge the
Employee any account fees resulting from the ESPP Account left
open.  Shares may be left in the ESPP Account or the Employee may sell
the shares or request evidence of ownership thereof.  If dividends are
being paid and reinvested at the time of withdrawal, they will continue to be
reinvested (if paid) unless the Employee requests the Plan Service Provider to
pay them in cash.  The Employee may also ask the Plan Service Provider
to close the ESPP Account.

     

    (c)           An
Employee for whom contributions have been stopped may start contributions again
pursuant to Section 6 at any time when the Employee is an Eligible
Employee.

     

    18.           Termination of Participation in the
Plan. An Employee’s participation in the Plan shall terminate when the
Employee ceases to be employed by the Company, whether by reason of retirement,
termination of employment, death, or otherwise (“Terminated
Participant”).  Payroll deductions shall cease immediately or as soon
as administratively feasible after the Plan Service Provider processes the
termination.  Purchases shall be made for the calendar month in which
the last payroll deduction is made in accordance with Section 11.  The
Terminated Participant may elect to: (i) obtain evidence of the whole shares of
Common Stock credited to his or her ESPP Account; (ii)  direct the
Plan Service Provider to sell all whole shares of Common Stock credited to his
or her ESPP Account and remit the proceeds, less selling expenses, to the
Terminated Participant, or (iii) direct the Plan Service Provider to transfer
all whole shares of Common Stock credited to his or her ESPP Account to an
individual brokerage account.  In any event, the Plan Service Provider
will sell any fractional interest held in the Terminated Participant’s ESPP
Account to the Company and remit the proceeds of such sale, less selling
expenses to the Terminated Participant.  In the event of an Employee’s
death, the distribution shall be made to the Employee’s designated beneficiary
or, in the absence of a designated beneficiary, to the Employee’s estate, in
accordance with procedures established by the Plan Service
Provider.

     

    19.           Amendment of the Plan. The
Committee may, at any time, or from time to time, amend the Plan in any respect;
provided, however, that the Company shall obtain shareholder approval of an
amendment to the extent necessary to comply with any applicable law, regulation
or stock exchange rule.

     

    20.           Termination of the
Plan.  The Plan and all rights of Employees hereunder shall
terminate:

     

    (a)           on
the last business day of any month that Participating Employees become entitled
to purchase a number of shares of Common Stock greater than the number of shares
remaining unpurchased out of the total number of authorized shares under Section
3; or

     

    (b)           at
any earlier date at the discretion of the Board of Directors of the
Company.

     

    
      
        
          6

          

          

        

         

      

      
        
        

        
          

        

      

      
         

      

    

    

    In the
event that the Plan terminates under circumstances described in (a) above, the
Common Stock remaining unpurchased as of the termination date shall be allocated
to Participating Employees for purchase on a pro rata basis.  Upon
termination of the Plan, ESPP Accounts shall remain open subject to the same
limitations and conditions set forth in the second paragraph of Section
17.

     

    21.           ESPP Account.  The
relationship between the Plan Service Provider and each Participating Employee
shall be governed by a separate agreement of terms and conditions between them
(“Plan Agreement”).  In electing to participate in the Plan, a
Participating Employee shall be deemed to have accepted the terms of the Plan
Agreement.

     

    22.           Payment of
Expenses.  The Company shall pay all expenses associated with
purchases under the Plan, including brokerage commissions, if any.

     

    23.           Notices.  Any notice
or instruction to be given to the Company shall be in writing and delivered by
hand, Company office mail or U.S. mail to the address below:

     

    CarMax,
Inc.

    c/o
Secretary, CarMax, Inc.

    12800
Tuckahoe Creek Parkway

    Richmond,
Virginia  23238

     

    Any
signature submitted to the Company electronically or by facsimile will have the
same force and effect as an original signature.

     

    24.           Government and Other
Regulations.  The Plan, and the rights to purchase Common Stock
hereunder, and the Company’s obligation to sell and deliver Common Stock
hereunder shall be subject to all applicable federal, state and foreign laws,
rules and regulations, and to such approvals by any regulatory or government
agency as may, in the opinion of counsel for the Company, be
required.  Any provision of this Plan that violates or conflicts with
Section 409A of the Internal Revenue Code of 1986, as amended, shall be null and
void and of no effect.

     

    25.           Severability.   If
any provision of this Plan is not valid or enforceable, that validity or
enforceability shall not affect the remaining provisions of the
Plan.

     

    26.           Indemnification of
Committee.  Service on the Committee shall constitute service
as a member of the Board of Directors of the Company so that members of the
Committee shall be entitled to indemnification and reimbursement as members of
the Board of Directors of the Company pursuant to its Articles of Incorporation
and Bylaws.

     

    27.           Tax Matters.

     

    (a)           Each
Employee shall make provision satisfactory to the Plan Administrator for payment
of any taxes required by law to be withheld in respect of the purchase or

    
      
        
          7

          

          

        

         

      

      
        
        

        
          

        

      

      
         

      

    

    disposition
of Common Stock. In the Plan Administrator’s discretion and subject to
applicable law, such tax obligations may be paid in whole or in part by the
withholding or delivery of shares of Common Stock, including shares purchased
under this Plan, valued at fair market value on the date of withholding or
delivery.  The Company may, to the extent permitted by law, deduct any
such tax obligations from any payment of any kind otherwise due to the
Employee.

     

    (b)           The
Company does not represent or guarantee that any particular federal, state, or
local income or payroll tax consequence will result to Participating Employees
as a result of participation in the Plan.

     

    28.           Designation of
Beneficiary.   An Eligible or Participating Employee may
file a written designation of a beneficiary in the manner prescribed by the Plan
Administrator to receive shares of Common Stock or cash allocated to the
Employee’s ESPP Account in the event of the Employee’s death.  In the
absence of a beneficiary designation, or if the designated beneficiary has
predeceased the Employee, the Company shall deliver the shares of Common Stock
and cash allocated to the Employee’s ESPP Account to the executor or
administrator of the Participating Employee’s estate.

     

    29.           Governing Law.  The
Plan shall be construed, enforced, and administered in accordance with the laws
of the Commonwealth of Virginia to the extent such laws are not preempted by
federal law.

     

    IN WITNESS HEREOF, this plan
has been executed as of the 19th day of January,
2009.

     

    

     

    CARMAX, INC.

     

    By: /s/ Keith D.
Browning

    Keith D.
Browning

    Executive
Vice President

    and Chief
Financial Officer

    

     

     

     

     

    8

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