CarMax amends executive severance agreements, including for named executive officers
On March 1, 2026, CarMax entered into amended and restated severance agreements with certain executive officers, including named executive officers Enrique Mayor-Mora, Charles Joseph Wilson and Shamim Mohammad. The new terms provide severance of 1.5 times base salary plus target bonus if an executive is terminated without cause, or resigns for good reason, within two years after a change in control. Shareholders should note the filing describes a change to pay arrangements for senior management, not a change in leadership.
Key points
- Agreements dated March 1, 2026 supersede each executive's prior severance agreement.
- Cash severance equals 1.5 times base salary plus target bonus, paid in 39 biweekly installments.
- Company covers its portion of COBRA premiums for up to 18 months.
- Other terms are described as substantially similar to the prior agreements; the form is filed as Exhibit 10.1.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 02, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.