Virginia
(State
or other jurisdiction
of
incorporation)
|
1-31420
(Commission
File Number)
|
54-1821055
(I.R.S.
Employer
Identification
No.)
|
|
12800
Tuckahoe Creek Parkway
Richmond,
Virginia
(Address
of principal executive offices)
|
23238
(Zip
Code)
|
Item
1.02.
|
Termination
of a Material Definitive Agreement.
|
On
January 30, 2007, CarMax, Inc. (the “Company”) and Mr. Austin Ligon, the
Company’s former President and Chief Executive Officer, mutually agreed to
terminate the Consulting Agreement, dated June 22, 2006 (the “Agreement”),
between the parties. The Company and Mr. Ligon executed the Agreement
in
order for Mr. Ligon to be available to provide certain transition
consulting services to the Company and Mr. Thomas J. Folliard, the
Company’s President and Chief Executive Officer and Mr. Ligon’s successor.
Because such transition consulting services have not been required,
the
parties agreed to terminate the Agreement. The termination is effective
as
of February 28, 2007.
Pursuant
to the terms of the Agreement, Mr. Ligon agreed to provide up
to
20
hours per month of consulting services to the Company in exchange
for
$10,000 per month. The
foregoing description of the Agreement is a summary, and is qualified
in
its entirety by reference to the fully executed Agreement, which
is
attached as Exhibit 10.1 to the Current Report on Form 8-K filed
with the
Securities and Exchange Commission on June 28, 2006 and is incorporated
herein by reference into this Item 1.02.
|
CARMAX,
INC.
|
||
(Registrant)
|
||
Dated:
February
5, 2007
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By:
|
/s/
John M. Stuckey, III
|
John
M. Stuckey, III
|
||
Assistant
Secretary
|