Copart grants CEO Adair options for 20 million shares, subject to shareholder approval
CPRT•Copart granted CEO Adair a 10-year option covering 20 million shares on October 14, subject to shareholder approval. The option vests on its fifth anniversary if he remains CEO; his annual salary is expected to remain $1, with no bonuses or additional equity awards expected during the option’s term.
1. Option terms
The option will be forfeited entirely if stockholders reject it at the 2026 annual meeting or a subsequent special meeting. Vesting is scheduled for the fifth anniversary of the grant, subject to continued service as CEO, with possible accelerated vesting upon death, disability or a takeover. Vested shares are subject to a 10% clawback for each remaining whole or partial year after departure, and net-gain shares carry holding restrictions.
