$CPRT (COPART) — 8-K: Copart grants CEO Adair 20,000,000-share option tied to stockholder approval

On October 14, 2026, Copart's board approved a nonstatutory stock option for CEO A. Jayson Adair to purchase 20,000,000 shares, granted outside the company's 2007 Equity Incentive Plan and contingent on stockholder approval at the 2026 Annual Meeting or a subsequent special meeting; without approval, the option is forfeited entirely. The option is split into four tranches of 5,000,000 shares each at exercise prices of $26.27, $35.03, $43.78, and $52.54 per share, has a 10-year term, and vests on the fifth anniversary of the grant date. Adair is expected to receive a salary of $1 per year with no bonus or additional equity awards during the 10-year period, making this option his only substantive cash or equity compensation.

On October 14, 2026, Copart's board approved a nonstatutory stock option for CEO A. Jayson Adair to purchase 20,000,000 shares, granted outside the company's 2007 Equity Incentive Plan and contingent