Copart grants CEO Adair options for 20 million shares, subject to shareholder approval

Copart granted its CEO a nonstatutory stock option covering 20,000,000 shares on October 14, 2026, subject to stockholder approval. The 10-year option will be forfeited entirely if stockholders reject it at the 2026 annual meeting or a subsequent special meeting. Annual salary is expected to remain $1, with no bonuses or additional equity awards expected during the option's term. Vesting occurs on the grant's fifth anniversary, subject to continued CEO service, with accelerated vesting possible upon death, disability or a takeover. Vested shares face a 10% clawback for each remaining whole or partial year following departure; net-gain shares carry holding restrictions. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Copart Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID