Copart grants CEO Adair 20 million-share stock option, subject to shareholder approval
On October 14, 2026, Copart's board approved a 10-year stock option for 20,000,000 shares for CEO A. Jayson Adair, granted outside the company's 2007 Equity Incentive Plan. The option cannot be exercised unless stockholders approve it at the 2026 Annual Meeting or a later special meeting, and it is forfeited if they do not. Shareholders may care because the award is large and is described as Adair's only substantive pay for the 10-year period, with a $1 annual salary and no expected bonus.
Key points
- Option covers 20,000,000 shares in four tranches of 5,000,000 shares at $26.27, $35.03, $43.78 and $52.54 per share
- Option has a 10-year term and first becomes exercisable on the 5th anniversary of the October 14, 2026 grant date, subject to continued service as CEO
- Requires stockholder approval at the 2026 Annual Meeting or a special meeting after it; otherwise forfeited in full
- Adair is expected to receive a $1 salary each year and no bonus or additional equity awards during the 10-year period
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:10 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 October 16, 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.