Common use of Termination Due to Retirement or Death Clause in Contracts

Termination Due to Retirement or Death. (a) In the event the Vice President’s employment ends by reason of Retirement (as defined below), the Date of Termination shall be the date set forth in a notice by the Vice President, which notice shall be given to the Company at least ninety (90) days prior to such date. In the event of the Vice President’s death, the Date of Termination shall be the date of death. In either case, the Vice President’s benefits shall be determined in accordance with the Company’s retirement, survivor’s benefits, insurance and other applicable plans and programs of the Company then in effect. For the purposes of this Agreement, “Retirement” shall mean the Vice President’s voluntary termination of employment at a time during which he is eligible for “Normal Retirement” or “Early Retirement” as such terms are defined in the CarMax, Inc. Pension Plan as of the Effective Date.

Termination Due to Retirement or Death. (a) In the event the Senior Vice President’s employment ends by reason of Retirement (as defined below), the Date of Termination shall be the date set forth in a notice by the Senior Vice President, which notice shall be given to the Company at least ninety (90) days prior to such date. In the event of the Senior Vice President’s death, the Date of Termination shall be the date of death. In either case, the Senior Vice President’s benefits shall be determined in accordance with the Company’s retirement, survivor’s benefits, insurance and other applicable plans and programs of the Company then in effect. For the purposes of this Agreement, “Retirement” shall mean the Senior Vice President’s voluntary termination of employment at a time during which he is eligible for “Normal Retirement” or “Early Retirement” as such terms are defined in the CarMax, Inc. Pension Plan as of the Effective Date.