CarMax Inc. said it entered into amended and restated severance agreements with certain executive officers, including named executive officers Enrique Mayor-Mora, Charles Joseph Wilson and Shamim Mohammad. Under the updated terms, if an executive is terminated without cause or resigns for good reason within two years after a change in control, the executive would receive a cash severance payment equal to 1.5 times the sum of base salary and target bonus, paid in 39 biweekly installments, plus company-paid or reimbursed COBRA premiums for up to 18 months.

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