CarMax, Inc. Director Stock Grant Notice Letter
CarMax, Inc. notifies a director that they are being granted a specified number of shares of CarMax common stock as compensation for their service on the board from a stated date until the next annual shareholders meeting. The letter outlines the number of shares, their market value, and instructs the recipient to choose how they would like the shares delivered. This grant serves as an annual retainer for board service.
Exhibit 10.20
<Date>
<Name>
<Address>
<City, State, Zip>
Dear <First Name>:
This letter serves as notification that CarMax, Inc. hereby grants you <Number> shares of CarMax, Inc. Common Stock in consideration of your service to the Company as a Director from , 200 until the 200 Annual Meeting of Shareholders. This annual retainer grant is based on an average market price of <$> and has a <$> market value, as approved by the Board.
At your earliest convenience, you will need to notify at (804) - ext. as to whether you would like the shares issued in a certificate or wired to a brokerage account.
If you have any questions, please feel free to contact me at (804) - ext. .
Sincerely,
Keith D. Browning
Executive Vice President and Chief Financial Officer
