In connection with Eric M. Margolin's previously announced retirement, on August 3, 2021, CarMax, Inc. (the "Company") and Mr. Margolin entered into a consulting agreement (the "Consulting Agreement"), pursuant to which Mr. Margolin will provide consulting services to the Company. Among other things, the Consulting Agreement extends the term of the non-solicitation and non-competition covenants in the Severance Agreement between Mr. Margolin and the Company, dated January 8, 2015, by an additional six months, now expiring two and a half years from the effective date of his retirement. Edwin J. Hill, the Company's Executive Vice President and Chief Operating Officer, informed the Company on August 6, 2021 of his plan to retire, effective December 31, 2021. The Company expects that Mr. Hill's duties will be redistributed among other Company executive officers.