DEF 14A of Copart Inc, Oct 24, 2025

DEF 14A of Copart Inc

Filed Oct 24, 2025 · FY20250001193125-25-249664

Open on EDGAR

  1. Director Nominees

    Director Nominees

  2. Director Nominees

    | Name | Age | Position | Director Since | Independence | Audit Committee | Compensation Committee | Nominating, Governance, and Sustainability Committee | | Willis J. Johnson | 78 | Chairman of the Board | 1982 | | | | | | A. Jayson Adair | 56 | Executive Chairman | 1992 | | | | | | Matt Blunt | 54 | Director | 2009 | ✔ | ✔ | ✔ | | | Steven D. Cohan | 64 | Director | 2004 | ✔ | ✔ | ✔ | | | Daniel J. Englander | 56 | Director | 2006 | ✔ | | ✔ | ✔ | | Stephen Fisher | 61 | Director | 2019 | ✔ | ✔ | | | | Cherylyn Harley LeBon | 59 | Director | 2021 | ✔ | | ✔ | ✔ | | Jeffrey Liaw | 48 | Director | 2024 | | | | | | James E. Meeks | 76 | Director | 1996 | ✔ | | | | | Diane M. Morefield | 67 | Director | 2019 | ✔ | ✔ | | ✔ | | Carl D. Sparks | 58 | Director | 2021 | ✔ | ✔ | | ✔ | | Thomas N. Tryforos | 66 | Director | 2012 | ✔ | | ✔ | ✔ |

  3. Executive Compensation Highlights

    | Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($) | Total ($) | | A. Jayson Adair Executive Chairman | 2025 | 1 | — | — | — | — | 432,171 | 432,172 | | Jeffrey Liaw Chief Executive Officer | 2025 | 900,000 | — | — | — | 1,093,400 | 79,292 | 2,072,692 | | Leah C. Stearns Senior Vice President and Chief Financial Officer | 2025 | 580,591 | — | — | — | 464,000 | 11,714 | 1,056,305 |

  4. Considerations in Identifying and Evaluating Director Nominees

    Considerations in Identifying and Evaluating Director Nominees To the extent our Nominating, Governance, and Sustainability Committee believes it appropriate to identify and evaluate new director candidates, our Nominating, Governance, and Sustainability Committee generally requests our Board members and others to provide recommendations. The Nominating, Governance, and Sustainability Committee meets from time to time to evaluate biographical information and background material relating to potential candidates, and interviews potential director candidates.

  5. Considerations in Identifying and Evaluating Director Nominees

    | Our Nominating, Governance, and Sustainability Committee consists of: • Diane M. Morefield • Daniel J. Englander • Cherylyn Harley LeBon • Carl D. Sparks • Thomas N. Tryforos | Our Nominating, Governance, and Sustainability Committee has established policies and procedures relating to the consideration of any individual recommended as a prospective director nominee from stockholders. Please see the section entitled “Director Nomination Process” below. The Nominating, Governance, and Sustainability Committee will consider candidates recommended by stockholders in the same manner as candidates recommended to the committee from other sources. |

  6. Considerations in Identifying and Evaluating Director Nominees

    | COPART, INC. | 14 | 2025 PROXY STATEMENT |

  7. Considerations in Identifying and Evaluating Director Nominees

    In its evaluation of director candidates, including the members of the Board eligible for re-election, our Nominating, Governance, and Sustainability Committee will consider the following:

  8. Considerations in Identifying and Evaluating Director Nominees

    | • | The current size and composition of our Board and the needs of the Board and its respective committees; |

  9. Considerations in Identifying and Evaluating Director Nominees

    | • | Factors such as character, integrity, judgment, independence, area of expertise, corporate experience, length of service, personal characteristics (including gender, race, and diversity of experience), potential conflicts of interest, and other commitments; and |

  10. Considerations in Identifying and Evaluating Director Nominees

    | • | Other factors that our Nominating, Governance, and Sustainability Committee may consider appropriate. |

  11. Considerations in Identifying and Evaluating Director Nominees

    Our Nominating, Governance, and Sustainability Committee evaluates these factors, among others, and does not assign any particular weighting or priority to any of these factors. Any nominee for a position on the Board must satisfy the following minimum qualifications:

  12. Considerations in Identifying and Evaluating Director Nominees

    | • | The highest personal and professional ethics and integrity; |

  13. Considerations in Identifying and Evaluating Director Nominees

    | • | Proven achievement and competence in the nominee’s field and the ability to exercise sound business judgment; |

  14. Considerations in Identifying and Evaluating Director Nominees

    | • | Skills that are complementary to those of the existing Board; |

  15. Considerations in Identifying and Evaluating Director Nominees

    | • | The ability to assist and support management and make significant contributions to the Company’s success; and |

  16. Considerations in Identifying and Evaluating Director Nominees

    | • | An understanding of the fiduciary responsibilities required of a member of the Board and the commitment of time and energy necessary to diligently carry out those responsibilities. |

  17. Considerations in Identifying and Evaluating Director Nominees

    The Nominating, Governance, and Sustainability Committee considers diversity as one of many factors in identifying nominees for director, including personal characteristics such as race and gender, as well as diversity in the experience and skills that contribute to the Board’s performance of its responsibilities in the oversight of a complex and highly-competitive global business. The Nominating, Governance, and Sustainability Committee does not assign specific weights to particular criteria, and no particular criterion is necessarily applicable to all prospective nominees. If our Nominating, Governance, and Sustainability Committee determines that an additional or replacement director is required, the Nominating, Governance, and Sustainability Committee may take such measures as it considers appropriate in connection with its evaluation of a director candidate, including candidate interviews, inquiry of the person or persons making the recommendation or nomination, engagement of an outside search firm to gather additional information, or reliance on the knowledge of the members of the Nominating, Governance, and Sustainability Committee, Board, or management.

  18. Considerations in Identifying and Evaluating Director Nominees

    | COPART, INC. | 15 | 2025 PROXY STATEMENT |

  19. Outside Director Compensation Program

    Outside Director Compensation Program Under our outside director compensation program, eligible directors (consisting of our Chairman of the Board and our non-employee directors) each receive an annual cash retainer of $57,500. Additionally, each eligible director receives an additional $10,000 cash retainer for each committee on which they serve, unless the eligible director serves as the chair of one or more standing committees, consisting of the Audit Committee, the Compensation Committee, and the Nominating, Governance, and Sustainability Committee, in which case the eligible director receives an additional $20,000 cash retainer for their service as the chair of such committee. These cash retainers are payable in quarterly installments in arrears on a prorated basis. Each person who first becomes an eligible director will receive, on the date on which the person first becomes an eligible director, an initial award of an option to purchase a number of shares of our common stock that results in such option having a “value” of $250,000, rounded down to the nearest whole share. Each initial award will vest as to 1/12th of the underlying shares on each month following the date the applicable eligible director’s service as an eligible director commenced, in each case subject to the eligible director’s continued service as a director through the relevant vesting date. If an individual commences service as an eligible director on the date an annual award (discussed below) would be granted, then the individual will not be granted an initial award, but instead will be granted only an annual award. If an individual commences service as an eligible director on any other date, then that individual will not be eligible to receive an annual award until the second annual meeting of stockholders where directors are elected following the individual’s initial date of service as an eligible director. Except as described above, on the date of each annual stockholder meeting, each eligible director automatically will be granted an annual award of an option to purchase a number of shares of our common stock that results in such option having a “value” of $250,000, rounded down to the nearest whole share. Each annual award will vest as to 1/12th of the underlying shares on each month following the date of grant, in each case subject to the applicable eligible director’s continued service as a director through the relevant vesting date. Each initial award or annual award will have a term of seven years and will have an exercise price per share equal to the fair market value of a share of our common stock on the date of grant. In the event of a change in control of our company, all initial awards and annual awards will fully vest, in each case subject to the applicable eligible director’s continued service as a director through the date of the change in control. The directors are also eligible for reimbursement of reasonable and necessary expenses incurred in connection with their attendance at Board meetings.

  20. Outside Director Compensation Program

    | COPART, INC. | 22 | 2025 PROXY STATEMENT |

  21. Outside Director Compensation Program

    For purposes of determining the number of shares covered by an initial award or annual award and the limitations described in the previous paragraph, “value” means the fair market value of the shares subject to the equity award, as determined using the Black-Scholes option valuation formula. Our founder and Chairman of the Board, Willis J. Johnson, participates in the outside director compensation program on the same terms as non-employee directors. In addition, Mr. Johnson receives the perquisites and benefits described in the table below.

  22. Fiscal 2025 Director Compensation

    Fiscal 2025 Director Compensation The following table presents information relating to total compensation paid or accrued for services rendered to us in all capacities by our Chairman of the Board and our non-employee directors for the fiscal year ended July 31, 2025. The table excludes A. Jayson Adair and Jeffrey Liaw, each of whom are named executive officers and do not receive any additional compensation for services provided as a director. See the section below entitled “Executive Compensation” for information about the compensation of Messrs. Adair and Liaw.

  23. Fiscal 2025 Director Compensation

    | Name | Fees Earned or Paid in Cash ($) | Option Awards ($)(1) | All Other Compensation ($) | Totals ($) | | Willis J. Johnson | 57,500 | 250,000 | 57,889(2) | 365,389 | | Matt Blunt | 77,500 | 250,000 | — | 327,500 | | Steven D. Cohan | 87,500 | 250,000 | — | 337,500 | | Daniel J. Englander | 87,500 | 250,000 | — | 337,500 | | Stephen Fisher | 67,500 | 250,000 | — | 317,500 | | Cherylyn Harley LeBon | 77,500 | 250,000 | — | 327,500 | | James E. Meeks | 57,500 | 250,000 | — | 307,500 | | Diane M. Morefield | 87,500 | 250,000 | — | 337,500 | | Carl D. Sparks | 77,500 | 250,000 | — | 327,500 | | Thomas N. Tryforos | 77,500 | 250,000 | — | 327,500 |

  24. Fiscal 2025 Director Compensation

    | (1) Amounts shown represent the aggregate grant date fair values of the annual award of stock options granted in fiscal 2025 on the date of our 2024 annual meeting. These aggregate grant date fair values were computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Stock Compensation, as amended, without regard to estimated forfeitures. There can be no assurances that the amounts disclosed will ever be realized. Assumptions used in the calculation of these amounts are included in Note 12, “Stockholders’ Equity” to our consolidated financial statements included in our annual report on Form 10-K for the fiscal year ended July 31, 2025. |

  25. Fiscal 2025 Director Compensation

    | (2) Includes $36,936 related to personal use of a company-owned automobile, and $20,953 for medical, dental, and vision benefits. We determine the value of personal use of corporate-owned or leased aircraft based on the aggregate incremental cost to us for such use. We calculate the incremental cost to the Company for personal use of company aircraft based on the average variable operating costs to the Company. Variable operating costs include fuel, certain maintenance costs, navigation fees, on-board catering, landing fees, crew travel expenses, and other miscellaneous variable costs. The total annual variable costs are divided by the annual number of hours the Company aircraft flew to derive an average variable cost per hour. This average variable cost per hour is then multiplied by the hours flown for personal use. Incremental costs do not include fixed costs that do not change based on usage, such as pilots’ salaries, the purchase cost of company-owned aircraft, insurance, scheduled maintenance, and non-trip related hangar expenses. |

  26. Fiscal 2025 Director Compensation

    | COPART, INC. | 23 | 2025 PROXY STATEMENT |

  27. Fiscal 2025 Director Compensation

    As of July 31, 2025, the end of our 2025 fiscal year, the aggregate number of stock options outstanding for our Chairman of the Board and each of our non-employee directors was as follows:

  28. Fiscal 2025 Director Compensation

    | Name | Aggregate Number of Shares Underlying Options | | Willis J. Johnson | 205,861 | | Matt Blunt | 105,861 | | Steven D. Cohan | 305,861 | | Daniel J. Englander | 885,861 | | Stephen Fisher | 45,861 | | Cherylyn Harley LeBon | 145,861 | | James E. Meeks | 465,861 | | Diane M. Morefield | 255,861 | | Carl D. Sparks | 145,861 | | Thomas N. Tryforos | 885,861 |

  29. Willis J. Johnson

    Willis J. Johnson

  30. Willis J. Johnson

    | Director Since: 1982 Age: 78 Founder | Mr. Johnson, founder of Copart, has, since January 2004, served as Chairman of our Board. From 1982 until February 2010, Mr. Johnson served as our chief executive officer and from 1986 until 1995, he also served as our president. Mr. Johnson was an officer and director of U-Pull-It, Inc. (UPI), a self-service auto dismantler, which he co-founded, from 1982 through September 1994. Mr. Johnson sold his entire interest in UPI in September 1994. | Key attributes, experience and skills: • Salvage Vehicle Industry Experience • Technology Sector Experience • Land Acquisition and Development Experience |

  31. A. Jayson Adair

    A. Jayson Adair

  32. A. Jayson Adair

    | Director Since: 1992 Age: 56 Founder | Mr. Adair was appointed as our executive chairman in April 2024. Previously he served as co-chief executive officer from April 2022 to April 2024, and as our chief executive officer from February 2010 to April 2022. From November 1996 to February 2010, Mr. Adair served as our president. From 1995 until 1996, Mr. Adair served as our executive vice president. From 1990 until 1995, Mr. Adair served as our vice president of sales and operations, and from 1989 to 1990, Mr. Adair served as our manager of operations. | Key attributes, experience and skills: • Salvage Vehicle Industry Experience • Technology Sector Experience • Land Acquisition and Development Experience |

  33. Matt Blunt

    Matt Blunt

  34. Matt Blunt

    | Director Since: 2009 Age: 54 Committees: | Mr. Blunt served as the governor of the State of Missouri from 2005 to 2009. Prior to serving as the governor of Missouri, Mr. Blunt served as a member of the Missouri General Assembly from 1999 through 2001 and as Missouri’s secretary of state from 2001 through his inauguration as governor in 2005. Since leaving the Office of the Governor of the State of Missouri, Mr. Blunt has served as a senior adviser to government affairs and financial firms. Since February 2011, Mr. Blunt has served as the president of the American Automobile Policy Council, which represents the public policy interests of Stellantis N.V., Ford Motor Company, and General Motors Company. He is a 1993 graduate of the United States Naval Academy and received four Navy and Marine Corps Achievement Medals during his military service, as well as numerous other awards. | Key attributes, experience and skills: • Government Service Experience • Specialized Finance and Accounting Expertise |

  35. Matt Blunt

    | | Audit Committee | | Compensation Committee | | Nominating, Governance, and Sustainability Committee |

  36. Matt Blunt

    | COPART, INC. | 27 | 2025 PROXY STATEMENT |

  37. Steven D. Cohan

    Steven D. Cohan

  38. Steven D. Cohan

    | Director Since: 2004 Age: 64 Committees: Chair | Mr. Cohan is a private investor, and since 1997, has served as the chief executive officer and as a director of Loco Ventures, Inc., a privately-held company that has operated various food manufacturing businesses in Northern California. From 2015 to 2020, Mr. Cohan was a director and executive officer of Takl, Inc., a technology company. From 1992 to 1994, he served as our vice president of finance and principal accounting officer and, from 1994 to 1996, he served as our vice president of corporate development. He holds an M.B.A. from the University of San Francisco and a B.A. in Economics from the University of California, Los Angeles. He is also a certified public accountant. | Key attributes, experience and skills: • Salvage Vehicle Industry Experience • Technology Sector Experience • Land Acquisition and Development Experience • Specialized Finance and Accounting Expertise • Certified Public Accountant |

  39. Daniel J. Englander

    Daniel J. Englander

  40. Daniel J. Englander

    | Director Since: 2006 Age: 56 Committees: Chair | Mr. Englander is managing partner of Ursula Capital Partners, an investment management firm that he founded in May 2004. He began serving as a director of CKX Lands, Inc., a land ownership and management company, in October 2018. In addition, since 2007, Mr. Englander has served as a director of America’s Car-Mart, Inc., an automotive retailer based in Bentonville, Arkansas; he served as a director of Healthways, Inc., a well-being improvement company based in Franklin, Tennessee, for a portion of 2014; and he served as a director of Ambassadors International, a cruise ship operator based in Seattle, Washington from 2009 through May 2011. From October 1994 until January 2004, Mr. Englander was employed as an investment banker with Allen & Company, a New York-based merchant bank, serving as a Managing Director from September 2002 until his departure. He holds a B.A. from Yale University. | Key attributes, experience and skills: • Investment Management Industry Experience • Land Acquisition and Development Experience • Specialized Finance and Accounting Expertise • Other Publicly Traded Corporation Director Experience |

  41. Stephen Fisher

    Stephen Fisher

  42. Stephen Fisher

    | Director Since: 2019 Age: 61 Committees: | Mr. Fisher has served since June 2025 as the president and chief product officer at Salesforce.com, an enterprise cloud computing company. He served from August 2024 to June 2025 as Salesforce.com’s executive vice president and general manager for Next Generation CRM and Unified Data Services, and as president, Salesforce Platform, from August 2021 to August 2024. Before that, until 2019, Mr. Fisher served as senior vice president and chief technology officer of eBay, Inc., an e-commerce corporation that facilitates consumer-to-consumer and business-to-consumer sales through its website. Mr. Fisher initially joined eBay in September 2014 as senior vice president and chief technology officer of eBay Marketplaces. Prior to joining eBay, Mr. Fisher spent 10 years at Salesforce.com in a number of roles, the last of which was executive vice president, technology. | Key attributes, experience and skills: • Technology Sector Experience • Other Publicly Traded Corporation Director Experience • Cybersecurity Expertise |

  43. Stephen Fisher

    | | Audit Committee | | Compensation Committee | | Nominating, Governance, and Sustainability Committee |

  44. Stephen Fisher

    | COPART, INC. | 28 | 2025 PROXY STATEMENT |

  45. Cherylyn Harley LeBon

    Cherylyn Harley LeBon

  46. Cherylyn Harley LeBon

    | Director Since: 2021 Age: 59 Committees: | Ms. LeBon has been a Partner and Chair, Government Contracts at Cohen Segalias Pallas Greenhall & Furman since April 2025. From 2023 until this time, she was a Partner at Womble Bond Dickinson (US) LLP, a global law firm, and practiced in their Washington, D.C. office. From 2020 to 2023, Ms. LeBon was a Partner at the Dunlap, Bennett & Ludwig law firm in Washington, D.C., where she was a member of the firm’s corporate and government contracts practice. Prior to joining private law practice, Ms. LeBon served for 10 years as president and chief executive officer of KLAR Strategies, a business strategy firm that she founded. In addition to her legal and business expertise, Ms. LeBon has extensive experience in senior executive roles within the United States federal government, including service as Assistant Administrator for Intergovernmental Affairs, as Deputy Chief of Staff, and as Deputy Director of Field Operations for the U.S. Small Business Administration. Ms. LeBon is a former Senior Counsel with the U.S. Senate Judiciary Committee, where she was responsible for judicial nominations, civil and human rights, and Congressional oversight of the U.S. Department of Justice. Prior to her government service, Ms. LeBon spent several years working in Europe as an international transaction specialist for the Mannesmann Corporation. Ms. LeBon also serves on the board of directors of Waste Connections, Inc. (NYSE: WCN). Ms. LeBon speaks German and Spanish fluently. Ms. LeBon received her J.D. from the University of Wisconsin, and her B.A. from Canisius College. | Key attributes, experience and skills: • Government Service Experience • Specialized Finance and Accounting Expertise • Other Publicly Traded Corporation Director Experience • Legal Expert/Attorney |

  47. Jeffrey Liaw

    Jeffrey Liaw

  48. Jeffrey Liaw

    | Director Since: 2024 Age: 48 | Jeffrey Liaw has served as our chief executive officer since April 2024, as our co-chief executive officer from April 2022 to April 2024, as our president and CEO North America from February 2021 until April 2022, as our president from September 2019 to January 2021, and as our chief financial officer from September 2016 until October 2020. Before joining Copart in 2016, Mr. Liaw served as the chief financial officer of FleetPride, Inc., a privately held company that distributes truck and trailer parts nationwide, since January 2013. From August 2005 to December 2012, Mr. Liaw was a principal of TPG Capital Management, L.P., a private equity firm. Mr. Liaw earned his B.A. and B.B.A. from the University of Texas in 1999, and he earned his M.B.A. from Harvard University in 2005. | Key attributes, experience and skills: • Investment Management Industry Experience • Technology Sector Experience • Specialized Finance and Accounting Expertise • Other Publicly Traded Corporation Director Experience |

  49. Jeffrey Liaw

    | | Audit Committee | | Compensation Committee | | Nominating, Governance, and Sustainability Committee |

  50. Jeffrey Liaw

    | COPART, INC. | 29 | 2025 PROXY STATEMENT |

  51. James E. Meeks

    James E. Meeks

  52. James E. Meeks

    | Director Since: 1996 Age: 76 | Mr. Meeks served as our chief operating officer from 1992, when he joined us in connection with our purchase of South Bay Salvage Pool, until his retirement in 2007. From 1995 to 1996, Mr. Meeks also served as our senior vice president and from 1996 until 2007 he served as our executive vice president. From 1986 to 1992, Mr. Meeks, together with his family, owned and operated the South Bay Salvage Pool, a salvage pool company. From 1991 to 2001, Mr. Meeks was an officer, director and part owner of CAS & Meeks, Inc., a towing and subhauling service company. On August 1, 2007, Mr. Meeks relinquished the titles and responsibilities of executive vice president and chief operating officer, and he retired from employment with us on December 31, 2007. | Key attributes, experience and skills: • Salvage Vehicle Industry Experience • Technology Sector Experience • Land Acquisition and Development Experience |

  53. Diane M. Morefield

    Diane M. Morefield

  54. Diane M. Morefield

    | Director Since: 2019 Age: 67 Committees: Chair | Ms. Morefield is a financial and operating executive with extensive experience in chief financial officer and corporate executive roles, primarily of publicly traded real estate companies (REITs). Ms. Morefield retired at year-end 2020 as executive vice president and chief financial officer of CyrusOne (Nasdaq: CONE), a publicly traded global data center REIT. Prior to joining CyrusOne in 2016, Diane served as executive vice president and chief financial officer of Strategic Hotels & Resorts (NYSE: BEE) from 2010 to 2015. From 2007-2009, Ms. Morefield served as the chief financial officer of Equity International, and from 1997-2006, she served in several executive leadership roles at Equity Office (NYSE: EOP), including service as senior vice president of operations, and senior vice president of investor relations. Earlier in her career, she worked at Barclays Bank as a real estate banker, and started her career in public accounting. In addition to her service on Copart’s Board, Ms. Morefield serves on the board of directors of UDR (NYSE: UDR), where she serves as chair of the Audit Committee and as a member of the governance committee. Ms. Morefield earned her B.S. in Accountancy from the University of Illinois and is a CPA. She obtained her M.B.A. from the University of Chicago Booth School of Business. | Key attributes, experience and skills: • Technology Sector Experience • Land Acquisition and Development Experience • Specialized Finance and Accounting Expertise • Certified Public Accountant • Other Publicly Traded Corporation Director Experience |

  55. Diane M. Morefield

    | | Audit Committee | | Compensation Committee | | Nominating, Governance, and Sustainability Committee |

  56. Diane M. Morefield

    | COPART, INC. | 30 | 2025 PROXY STATEMENT |

  57. Carl D. Sparks

    Carl D. Sparks

  58. Carl D. Sparks

    | Director Since: 2021 Age: 58 Committees: | Mr. Sparks has served since October 2020 as managing partner of Interlock Partners, a venture capital firm focused on early stage, transformative investments. Prior to joining Interlock Partners, from 2016 to 2017, Mr. Sparks was the chief executive officer of Academic Partnerships, an educational technology company focused on helping public universities to offer their degree programs online. Before his service at Academic Partnerships, from 2011 to 2014, Mr. Sparks served as the chief executive officer of Travelocity Global. Earlier in his career, Mr. Sparks served in senior executive roles at the Gilt Groupe from 2009 to 2011, including as President, and before that he was the chief marketing officer of Expedia.com, a division of Expedia, Inc., among other senior executive roles he held there between 2004 and 2009. Mr. Sparks began his career in strategy consulting, including service in senior leadership roles with Boston Consulting Group in London, England, and Boston, Massachusetts. Mr. Sparks also serves on the board of directors of Waste Connections, Inc. (NYSE: WCN), and Cint AB (STO: CINT). Mr. Sparks received his M.B.A. from Harvard University, and his B.S.E. in Mechanical and Aerospace Engineering from Princeton University. | Key attributes, experience and skills: • Investment Management Industry Experience • Technology Sector Experience • Specialized Finance and Accounting Expertise • Other Publicly Traded Corporation Director Experience |

  59. Thomas N. Tryforos

    Thomas N. Tryforos

  60. Thomas N. Tryforos

    | Director Since: 2012 Age: 66 Committees: | Mr. Tryforos has been a private investor since 2005. Between May 1991 and September 2004, Mr. Tryforos was a General Partner at Prescott Investors, Inc., a private investment firm. Mr. Tryforos also serves as a director of Credit Acceptance Corporation, a publicly-traded auto finance company. Mr. Tryforos received a B.A. from Columbia College in 1981. He received an M.B.A. in accounting and finance from Columbia Business School in 1984. | Key attributes, experience and skills: • Investment Management Industry Experience • Specialized Finance and Accounting Expertise • Other Publicly Traded Corporation Director Experience |

  61. Thomas N. Tryforos

    | | Audit Committee | | Compensation Committee | | Nominating, Governance, and Sustainability Committee |

  62. Our Philosophy on Executive Compensation

    Our Philosophy on Executive Compensation The primary objective of our executive compensation program is to incentivize our NEOs to think and behave like long-term owners of our business. The Compensation Committee implements this objective primarily through the grant of long-term equity awards, which vary based on the NEO. We have a long history of compensating our senior executives through large, front-end loaded, multi-year stock option awards. We first adopted a compensation program for Mr. Adair based almost exclusively on stock options in 2009 and have successfully continued that program for more than a decade. Over the succeeding 15 years, our stockholder returns have substantially exceeded those of the S&P 500. Based on our 1,888% total shareholder return over our past 15 fiscal years, we believe our historical executive compensation arrangements have been extraordinarily effective and resulted in an outstanding degree of stockholder alignment. We have attempted to continue this successful approach for our non-founder executive officers, but with traditional salary and cash bonuses as well since they have shorter tenures with us and have not accumulated the level of stock ownership in Copart as Mr. Adair. We believe that substantial front-end loaded, multi-year equity incentive awards promote executive leadership stability and retention and a long-term ownership mindset. A significant benefit of compensation arrangements that are heavily weighted to substantial, front-end loaded multi-year equity incentive awards is that we can settle our executive compensation arrangements for several years at a time. Our Compensation Committee finds that avoiding frequent executive compensation negotiations with our executive officers helps promote leadership stability and a long-term ownership mindset. We continued our pattern of multi-year compensation with the executive compensation package we awarded to Mr. Liaw upon his promotion to co-chief executive officer in March 2022. Although Mr. Liaw receives a competitive annual salary and participates in our executive bonus plan, along with certain perquisites approved by our Compensation Committee, he is not eligible for any new equity incentive awards until April 2026.

  63. Our Philosophy on Executive Compensation

    Our Compensation Committee believes that equity incentive awards with time-based vesting is a powerful and effective tool for NEO retention. We use time-based vesting for all NEO equity incentive awards, and since June 2020, our standard vesting schedule for executive officer equity incentive awards has been 20% vesting on the first anniversary of the date of grant, with monthly vesting thereafter at a rate of 1/60 per month, such that the equity incentive award is fully vested on the fifth anniversary of the grant date. We believe that stock options directly link realized equity compensation to stockholder returns and expect our long-term equity awards to continue to focus on stock options. As a general principle, our Compensation Committee believes that our NEOs should realize actual compensation only if, when, and to the extent that stockholders realize gains. We named Jeffrey Liaw as our co-chief executive officer in April 2022 and as our chief executive officer in April 2024. Mr. Liaw’s executive compensation package, which has not materially changed since 2022, was heavily weighted to stock option awards, which represented approximately 74% of his executive compensation package value in fiscal 2022. Our Compensation Committee took a similar approach in its design of the onboarding executive compensation package for our chief financial officer, Ms. Stearns, with stock options representing approximately 53% of her total onboarding compensation package value in December 2022, and 76% of her total compensation for fiscal 2024. Consistent with our historical compensation structure and philosophy, we believe the heavy weighting of stock option awards in the compensation packages for Mr. Liaw and Ms. Stearns create a high degree of stockholder alignment and focus on long-term value creation. Although we believe restricted stock units lack the incentive and stockholder alignment power of stock options, for our non-founder NEOs, we believe including restricted stock units in the total mix of compensation elements lessens the impact of short-term stock price fluctuations, aids in executive retention and promotes a long-term ownership mindset. For our non-founder NEOs, our Compensation Committee determined that adding restricted stock units to the mix of total compensation was an appropriate way of providing these NEOs with a degree of personal financial security to weather any short-term price fluctuations in our stock price, so that they can remain focused on long-term value creation. Our Compensation Committee also believes that including restricted stock units in the mix of total executive compensation helps to temper any incentives our non-founders may otherwise have for excessive risk-taking and also helps to deter any potential bias for near-term results at the expense of long-term value creation. Based on these considerations, our Compensation Committee designed Mr. Liaw’s compensation package in March 2022 so that restricted stock units represented approximately 20% of his total compensation package. The Compensation Committee took a similar approach in designing Ms. Stearns’ onboarding compensation package in December 2022, with restricted stock units representing approximately 41% of her total onboarding compensation package. We believe that equity incentive awards should be significantly performance-based. Our Compensation Committee recognizes that some corporate governance standards don’t view stock options subject to ordinary time-based vesting as sufficiently “performance based”. To address this concern, for each of the equity incentive awards we have made to NEOs since June 2020, we have implemented a premium price hurdle that applies to at least 50% of the total value of the particular equity incentive award. Our Compensation Committee worked closely with Compensia, Inc., our external compensation consultant, to design Mr. Liaw’s compensation package in March 2022, when Mr. Liaw was promoted to co-chief executive officer. For Mr. Liaw’s 2022 compensation package, we calculated the total value of the subject stock options and restricted stock units, and then in addition to normal time-based vesting, in which 20% of the awards vest on the first anniversary of the date of grant and with the remainder vesting monthly over the succeeding 48 months – we applied a special performance-based condition to a number of the stock options with a value representing approximately 54% of the total value of the equity incentive awards. For the stock options subject to the special

  64. Our Philosophy on Executive Compensation

    | What We Do | What We Don’t Do | | ✔ Our Compensation Committee consists entirely of independent directors | × No guaranteed salary increases or bonuses | | ✔ We hold a “say-on-pay” vote annually | × No excessive benefits and perquisites | | ✔ We regularly engage with our stockholders | × No special executive retirement plans | | ✔ A substantial portion of our named executive officers’ compensation is at-risk | × No tax gross-up upon a change of control | | ✔ We set challenging performance goals and cap the payouts under our executive bonus plan | × No incentives for inappropriate risk-taking | | ✔ We provide reasonable severance and change in control benefits | × No short sales, hedging of equity interests, or transactions involving derivatives of our securities | | ✔ We evaluate our levels of executive compensation against an appropriate peer group | × No discounting, reloading or repricing of stock options | | ✔ We maintain equity ownership policies that prohibit our executive officers and directors from selling shares unless they meet the minimum equity ownership requirement | | | ✔ We have adopted an executive officer claw-back policy | | | ✔ We maintain director and executive officer stock ownership guidelines | |

  65. Role of Our Compensation Committee

    | • | administers our equity incentive plans, for which it retains authority to approve grants of awards to any of our executive officers. |

  66. Role of the Compensation Consultant

    Role of the Compensation Consultant Our Compensation Committee has the authority under its charter to engage the services of outside advisors to assist it in evaluating executive compensation programs. In fiscal 2025, our Compensation Committee engaged Compensia to assist it with updating our peer group, which will be used to help our Compensation Committee determine our NEOs’ compensation beginning in fiscal 2026. In fiscal 2025, Compensia did not provide any services to us other than in its capacity as a consultant to our Compensation Committee, and Compensia did not receive any payments from us other than for such services. After considering the factors specified in the rules of the SEC and the Nasdaq Stock Market, our Compensation Committee believes that Compensia’s work on behalf of the Compensation Committee and its relationship with the Compensation Committee has not raised any conflicts of interest.

  67. Use of a Peer Group

    Use of a Peer Group As part of its deliberations on Ms. Stearns’ compensation as our chief financial officer in fiscal 2025, our Compensation Committee developed an updated peer group in October 2024 in collaboration with Compensia. The peer group was generally chosen based on the following selection criteria as of October 4, 2024:

  68. Use of a Peer Group

    | • | Industry: companies in a broad set of industries, including diversified support services, interactive media and services, and software, with a focus on online auction/marketplace platforms. |

  69. Use of a Peer Group

    | • | Revenue: companies with four-quarters trailing revenue between approximately $1.6 billion and $27.7 billion, which approximated 0.4 to 6.6 times Copart’s four-quarters trailing revenue. |

  70. Use of a Peer Group

    | • | Market Capitalization: companies with 30-day average market capitalization of approximately $10.6 billion to $152.8 billion, which approximated 0.2 to 2.9 times Copart’s 30-day average market capitalization. |

  71. Use of a Peer Group

    The peer group consisted of the following companies (which, as of October 4, 2024, had (i) a median four-quarters trailing revenue of $5.35 billion (as compared to Copart’s $4.2 billion), and (ii) a median 30-day average market capitalization of $44.7 billion (as compared to Copart’s $52.1 billion):

  72. Use of a Peer Group

    | COPART, INC. | 46 | 2025 PROXY STATEMENT |

  73. Use of a Peer Group

    As noted above, Compensia provided data on the compensation provided by this peer group, which was subsequently used to help our Compensation Committee determine the executive compensation for Ms. Stearns in fiscal 2025.

  74. Fiscal 2025 Executive Compensation Program Components

    Fiscal 2025 Executive Compensation Program Components Since April 2009, we have compensated Mr. Adair under an all-equity compensation program that seeks to align the interests of Mr. Adair with the long-term interests of our stockholders, with the most recent stock option grant occurring in June 2020. Other than participating in our employee benefit plans and in certain perquisite programs approved by the Compensation Committee and a $1.00 per year salary, Mr. Adair has refused all other forms of compensation since June 2020. Our other NEOs receive a mix of short-term and long-term compensation consisting of base salary, annual cash incentive bonus, equity awards and other compensation, including employee benefits plans and certain perquisites. The sections below discuss our fiscal 2025 compensation decisions for our NEOs, other than Mr. Adair. Base Salary We provide base salaries to our NEOs (other than Mr. Adair) to compensate them for services rendered during the fiscal year and for retention purposes. Each NEO’s initial base salary is determined through arm’s-length negotiation. Our Compensation Committee subsequently reviews and evaluates adjustments to our NEOs’ base salaries annually based on the considerations described in the “Compensation-Setting Process” section above. In September 2024, our Compensation Committee approved a 3% merit increase in Ms. Stearns’ fiscal 2025 base salary, based on the recommendation of Messrs. Adair and Liaw. The following table shows the annual base salaries of our NEOs for fiscal 2025 as compared to fiscal 2024.

  75. Fiscal 2025 Executive Compensation Program Components

    Annual Performance-Based Cash Bonus Incentive Program We provide our NEOs (other than Mr. Adair) with annual cash incentives under our executive bonus plan, which links cash incentive awards to achieving pre-established performance goals. For fiscal year 2025, the Compensation Committee set the performance metrics used to determine cash incentive awards to a combination of operating income and individual performance goals. The Compensation Committee believes that using these performance metrics aligns the NEOs’ bonus opportunities with the priorities of the Company and ultimately long-term value creation for our stockholders. Financial performance targets are approved by the Compensation Committee in our first fiscal quarter and include payouts for threshold, target and maximum performance. For fiscal year 2025, the Compensation Committee set the following operating income performance thresholds and payout amounts:

  76. Fiscal 2025 Executive Compensation Program Components

    | PERFORMANCE METRIC | THRESHOLD PERFORMANCE | THRESHOLD PAYOUT | TARGET PERFORMANCE | TARGET PAYOUT | MAXIMUM PERFORMANCE | MAXIMUM PAYOUT | | Operating Income | $1.3 billion | 93% | $1.8 billion | 100% | $2.3 billion | 107% |

  77. Fiscal 2025 Executive Compensation Program Components

    No payout would occur if our fiscal 2025 operating income was less than $1.3 billion. Each $71 million of operating income above or below the $1.8 billion target amount would increase or decrease the payout by 1%. In September 2024, the Compensation Committee approved fiscal 2025 target bonuses of $1.1 million for Mr. Liaw and $466,800 for Ms. Stearns. For Mr. Liaw and Ms. Stearns, their fiscal 2025 annual bonuses were measured 60% based on achievement of the operating income performance metric and 40% based on achievement of their respective personal performance goals. Mr. Liaw had two personal performance goals for fiscal 2025. The first personal performance goal was to develop and deploy differentiated products and services for the Company’s insurance customers, including to capture the economic opportunities related to optimizing total loss decision making. The second goal was for the Company to enhance its operational capabilities and develop differentiated products and services to advance its wholesale business. Our Compensation Committee considered objective evidence of his personal performance goal attainment in determining that Mr. Liaw attained 100% of his personal performance goals. Ms. Stearns also had two personal performance goals. The first goal related to the expansion of strategic financial analysis capabilities and partner with senior leadership to drive operating income leverage and accretive capital allocation. The second goal was for the Company to enhance its International segment profitability margins. Our Compensation Committee reviewed detailed evidence of goal attainment in its determination that Ms. Stearns attained 100% of her personal performance goals. In fiscal 2025, we achieved operating income of $1.7 billion, which resulted in a 99% payout under the operating income metric. Based on our financial performance and their levels of attainment of their qualitative goals, Mr. Liaw and Ms. Stearns received the bonus payment under our executive bonus plan for fiscal 2025 as follows:

  78. Fiscal 2025 Executive Compensation Program Components

    | | 2025 Cash Bonus | | | Executive Officer | Target | Actual | | Jeffrey Liaw | $1,100,000 | $1,093,400 | | Leah C. Stearns | $466,800 | $464,000 |

  79. Fiscal 2025 Executive Compensation Program Components

    During fiscal 2025, we provided Mr. Adair with company-owned automobiles that may be used for personal purposes. During fiscal 2025, we also provided monthly automobile expense allowances to Mr. Liaw and Ms. Stearns. The Compensation Committee determined that Messrs. Adair and Liaw will be required to use corporate aircraft for all travel for corporate security reasons, including personal use. We determined the value of personal use of corporate-owned or leased aircraft based on the aggregate incremental cost to us for such use. Variable operating costs include fuel, certain maintenance costs, navigation fees, on-board catering, landing fees, crew travel expenses, and other miscellaneous variable costs. The total annual variable costs are divided by the annual number of hours the Company aircraft flew to derive an average variable cost per hour. This average variable cost per hour is then multiplied by the hours flown for personal use. Incremental costs do not include fixed costs that do not change based on usage, such as pilots’ salaries, the purchase costs of company-owned aircraft, insurance, scheduled maintenance, and non-trip related hangar expenses. Post-Employment Obligations Each of our executives is an “at will” employee. We are a party to written employment agreements with Mr. Liaw and Ms. Stearns, each of which provides, under certain circumstances, for certain payments upon involuntary termination of employment or resignation for “good reason” (as defined in the agreement). Our Compensation Committee believes the terms of the agreements are fair and reasonable and are in our best interests and in the best interests of our stockholders, because they reduce the potential distraction caused by the possibility of an involuntary termination or a change in control and thereby allow our NEOs to maintain continued focus and dedication to their responsibilities. For a description of the material terms of the agreements, please see “Employment Contracts and Severance Arrangements with Named Executive Officers” in the section entitled “Potential Post-Employment Payments Upon Termination or Change in Control” included in this proxy statement.

  80. Compensation Policies

    Compensation Policies Equity Grant Practices Our Compensation Committee and Board have adopted a policy with respect to the grant of stock options and other equity incentive awards that generally prohibits the grant of stock options or other equity awards to executive officers during closed quarterly trading windows (as determined in accordance with our insider trading policy). In addition, the equity grant policy requires that all equity awards made to executive officers be approved at meetings of our Compensation Committee rather than by written consent of the Committee. No Hedging or Pledging Our insider trading policy precludes our officers, directors, employees, consultants, agents and contractors from engaging in short sales that involve our securities. The policy also precludes these individuals from engaging in transactions in publicly-traded options, such as puts and calls, and other derivative securities with respect to our securities (other than compensatory awards that we issue to such individuals). This prohibition extends to any hedging or similar transaction designed to decrease the risks associated with holding our securities. In addition, the policy generally prohibits covered individuals from pledging our securities as collateral for any loan (or as part of any other pledging transaction) or holding our common stock in margin accounts. In September 2025, our Board granted a waiver of the anti-pledging prohibition to Mr. Johnson, our Chairman of the Board, that allows him to pledge an amount not to exceed 20% of the shares that he beneficially owns as collateral for personal loans. Our Board considered the magnitude of Mr. Johnson’s share holdings of our common stock (both in terms of the absolute number of shares pledged and on a percentage basis relative to the number of shares outstanding); whether the number of shares pledged represents a material portion of Mr. Johnson’s holdings; and the extent to which the pledged securities, if any, would be subject to any forced sale requirements (including the timing associated with any such forced sale requirement). After taking those factors into account, our Board determined that Mr. Johnson’s unique facts and circumstances supported the reasonableness of the waiver it granted to him with respect to pledging our securities as collateral for personal loans.

  81. Other Considerations

    Other Considerations Section 409A of the Internal Revenue Code Section 409A imposes additional significant taxes in the event an executive officer, director, or other service provider for the Company receives “deferred compensation” that does not satisfy the requirements of section 409A. Although we do not maintain a traditional deferred compensation plan, section 409A may apply to certain severance arrangements and equity awards. Consequently, to assist the affected employee in avoiding additional tax and penalties under section 409A, we developed the severance arrangements described above in “Post-Employment Obligations” to either avoid the application of section 409A or, to the extent doing so is not possible, comply with the applicable section 409A requirements.

  82. Equity Award Timing Procedures

    Equity Award Timing Procedures In accordance with Item 402(x) of Regulation S-K, we are providing information regarding our procedures related to the grant of certain equity awards close in time to the release of material non-public information. Although we do not have a formal policy or obligation that requires us to award equity or equity-based compensation on specific dates, our Compensation Committee and Board have adopted a policy with respect to the grant of stock options and other equity incentive awards that generally prohibits the grant of stock options or other equity awards to executive officers during closed quarterly trading windows (as determined in accordance with our insider trading policy). Our insider trading policy also prohibits directors, officers and employees from trading in our common stock while in possession of or on the basis of material non-public information about us. Neither our Board nor our Compensation Committee takes material non-public information into account when determining the timing of equity awards, nor do we time the disclosure of material non-public information for the purpose of impacting the value of executive compensation. We generally issue equity awards to our executive officers on a limited and infrequent basis, and not in accordance with any fixed schedule. During fiscal 2025, there were no equity awards to any named executive officers within four business days preceding the filing of a periodic report on a Form 10-K, Form 10-Q, or Form 8-K disclosing material nonpublic information regarding the Company.

  83. Pay Ratio

    Pay Ratio As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K, we are providing the following information about the relationship of the median annual total compensation of our employees and the annual total compensation of Jeffrey Liaw, chief executive officer. We believe our compensation practices and level of compensation are appropriate and competitive with opportunities in our industry, in each of the geographic markets in which we operate, and at all levels of the organization. For fiscal year 2025, our last completed fiscal year:

  84. Pay Ratio

    | • | the median of the annual total compensation of all employees of our company (other than our chief executive officer), was $44,620; and |

  85. Pay Ratio

    | • | the annual total compensation of Jeffrey Liaw, our chief executive officer, as reported in our 2025 Summary Compensation Table, was $2,072,692. |

  86. Pay Ratio

    Based on this information, for fiscal year 2025, the ratio of the annual total compensation of Mr. Liaw, our chief executive officer, to the median annual total compensation of employees was 46 to 1. These pay ratios are reasonable estimates calculated in a manner consistent with Item 402(u) of Regulation S-K. To identify the median of the annual total compensation of all our employees, as well as to determine the annual total compensation of the “median employee,” the methodology and the material assumptions, adjustments, and estimates that we used were as follows:

  87. Pay Ratio

    | • | We selected June 30, 2025 as the date upon which we would identify the median employee. |

  88. Pay Ratio

    | • | As of June 30, 2025, our employee population consisted of approximately 11,600 individuals, including employees in Bahrain, Brazil, Canada, Finland, Germany, India, Oman, the Republic of Ireland, Spain, the United Arab Emirates, the United Kingdom, and the United States. All of these employees were included in the determination of the median employee. |

  89. Pay Ratio

    | • | To identify the “median employee” from our employee population, we used actual pay earnings from July 1, 2024 through June 30, 2025 (the “compensation measure”). |

  90. Pay Ratio

    | • | The compensation measure included base salary (including any paid overtime) and bonus payments. |

  91. Pay Ratio

    | • | We annualized the base salary of all permanent employees who did not work for us or our subsidiaries for the entire twelve-month period ending June 30, 2025. |

  92. Pay Ratio

    | COPART, INC. | 53 | 2025 PROXY STATEMENT |

  93. Pay Ratio

    | • | Amounts paid in foreign currency were converted into United States dollars using average exchange rates in effect during the twelve-month period ending June 30, 2025. |

  94. Pay Ratio

    | • | With respect to the annual total compensation of the “median employee,” we identified and calculated the elements of such employee’s compensation for fiscal year 2025 in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, resulting in annual total compensation of $44,620. |

  95. Pay Ratio

    | • | With respect to the annual total compensation for our chief executive officer, we used the amount reported in the “Total” column of our 2025 Summary Compensation Table. |

  96. Pay Ratio

    | COPART, INC. | 54 | 2025 PROXY STATEMENT |

  97. Fiscal Year 2025 Summary Compensation Table

    | Name and Principal Position | Fiscal Year | Salary ($)(1) | Stock Awards ($)(2) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($) | Total ($) | | A. Jayson Adair Executive Chairman | 2025 | 1 | — | — | — | 432,171(3) | 432,172 | | | 2024 | 1 | — | — | — | 845,411 | 845,412 | | | 2023 | 1 | — | — | — | 384,575 | 384,576 | | Jeffrey Liaw Chief Executive Officer | 2025 | 900,000 | — | — | 1,093,400 | 79,292(4) | 2,072,692 | | | 2024 | 900,000 | — | — | 1,093,400 | 98,940 | 2,092,340 | | | 2023 | 900,000 | — | — | 1,100,000 | 9,000 | 2,009,000 | | Leah C. Stearns Senior Vice President and Chief Financial Officer | 2025 | 580,591 | — | — | 464,000 | 11,714(5) | 1,056,305 | | | 2024 | 563,327 | — | 3,275,415 | 450,481 | 12,664 | 4,301,887 | | | 2023 | 349,039 | 3,942,000 | 5,110,638 | 300,000 | 5,250 | 9,706,972 |

  98. Grants of Plan-Based Awards in Fiscal Year 2025

    Grants of Plan-Based Awards in Fiscal Year 2025 The following table presents information concerning grants of plan-based awards to each of the named executive officers during the fiscal year ended July 31, 2025. We did not grant any stock awards or option awards during the fiscal year ended July 31, 2025.

  99. Grants of Plan-Based Awards in Fiscal Year 2025

    | | Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | | | | Threshold | Target | Maximum | | A. Jayson Adair | — | — | — | — | | Jeffrey Liaw | — | 1,023,000 | 1,100,000 | 1,177,000 | | Leah C. Stearns | — | 434,124 | 466,800 | 499,476 |

  100. Grants of Plan-Based Awards in Fiscal Year 2025

    | COPART, INC. | 55 | 2025 PROXY STATEMENT |

  101. Outstanding Equity Awards at 2025 Fiscal Year End

    Outstanding Equity Awards at 2025 Fiscal Year End The following table presents certain information concerning stock option awards held by the NEOs as of July 31, 2025. This table includes unexercised and unvested stock option awards. Each stock option grant is shown separately for each NEO.

  102. Outstanding Equity Awards at 2025 Fiscal Year End

    | | Option Awards | | | | | | | Named Executive Officer | Option Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options | Option Exercise Price ($) | Option Expiration Date | | A. Jayson Adair | 6/12/2020 | 4,000,000(1) | — | — | 21.26 | 6/12/2030 | | Jeffrey Liaw | 10/10/2016 | 21,332(2) | — | — | 6.78 | 10/10/2026 | | | 10/4/2017 | 355,557(2) | — | — | 8.70 | 10/4/2027 | | | 3/7/2019 | 600,000(2) | — | — | 14.57 | 3/7/2029 | | | 3/9/2021 | 554,664 | — | 85,336(3) | 26.58 | 3/9/2031 | | | 4/1/2022 | 1,300,000 | — | 700,000(4) | 31.42 | 4/1/2032 | | Leah C. Stearns | 12/5/2022 | 31,000 | 29,000(5) | — | 32.85 | 12/5/2032 | | | 12/5/2022 | 155,000 | — | 145,000(6) | 32.85 | 12/5/2032 | | | 11/24/2023 | 25,000 | 50,000(7) | — | 50.81 | 11/24/2033 | | | 11/24/2023 | 25,000 | — | 50,000(8) | 50.81 | 11/24/2033 |

  103. Outstanding Equity Awards at 2025 Fiscal Year End

    | (1) Mr. Adair’s option award is fully vested with respect to time-based vesting. Mr. Adair’s option award also contains a separate performance-based condition, such that no options will be exercisable unless and until the closing price of our common stock on Nasdaq is greater than or equal to $26.58 per share (which is an amount equivalent to 125% of the exercise price of the options) both (i) at the time of exercise, and (ii) at the close of trading on each of the 20 consecutive trading days prior to the date of exercise. |

  104. Outstanding Equity Awards at 2025 Fiscal Year End

    | (2) This option award is fully vested. |

  105. Outstanding Equity Awards at 2025 Fiscal Year End

    | (3) Mr. Liaw’s option award vests 20% on the one-year anniversary of the grant date, and the balance vests monthly at a rate of 1/48 per month over the 48 months succeeding such one-year anniversary, subject to Mr. Liaw’s continued service to us on each such vesting date. Mr. Liaw’s option award also contains a separate performance-based condition, such that none of these options will be exercisable unless the closing price of our common stock on Nasdaq is greater than or equal to $33.22 per share (which is an amount equivalent to 125% of the exercise price of the options) both (i) at the time of exercise, and (ii) at the close of trading on each of the 20 consecutive trading days prior to the date of exercise. |

  106. Outstanding Equity Awards at 2025 Fiscal Year End

    | (4) Mr. Liaw’s option award vests 20% on the one-year anniversary of the grant date, and the balance vests monthly at a rate of 1/48 per month over the 48 months succeeding such one-year anniversary, subject to Mr. Liaw’s continued service to us on each such vesting date. Mr. Liaw’s option award also contains a separate performance-based condition, such that none of these options will be exercisable unless the closing price of our common stock on Nasdaq is greater than or equal to $39.28 per share (which is an amount equivalent to 125% of the exercise price of the options) both (i) at the time of exercise, and (ii) at the close of trading on each of the 20 consecutive trading days prior to the date of exercise. |

  107. Outstanding Equity Awards at 2025 Fiscal Year End

    | (5) Ms. Stearns’ option award vests 20% on the one-year anniversary of the grant date, and the balance vests monthly at a rate of 1/48 per month over the 48 months succeeding such one-year anniversary, subject to Ms. Stearns’ continued service to us on each such vesting date. |

  108. Outstanding Equity Awards at 2025 Fiscal Year End

    | (6) Ms. Stearns’ option award vests 20% on the one-year anniversary of the grant date, and the balance vests monthly at a rate of 1/48 per month over the 48 months succeeding such one-year anniversary, subject to Ms. Stearns’ continued service to us on each such vesting date. Ms. Stearns’ option award also contains a separate performance-based condition, such that none of these options will be exercisable unless the closing price of our common stock on Nasdaq is greater than or equal to $41.06 per share (which is an amount equivalent to 125% of the exercise price of the options) both (i) at the time of exercise, and (ii) at the close of trading on each of the 20 consecutive trading days trading prior to the date of exercise. |

  109. Outstanding Equity Awards at 2025 Fiscal Year End

    | (7) Ms. Stearns’ option award vests 20% on the one-year anniversary of the grant date, and the balance vests monthly at a rate of 1/48 per month over the 48 months succeeding such one-year anniversary, subject to Ms. Stearns’ continued service to us on each such vesting date. |

  110. Outstanding Equity Awards at 2025 Fiscal Year End

    | (8) Ms. Stearns’ option award vests 20% on the one-year anniversary of the grant date, and the balance vests monthly at a rate of 1/48 per month over the 48 months succeeding such one-year anniversary, subject to Ms. Stearns’ continued service to us on each such vesting date. Ms. Stearns’ option award also contains a separate performance-based condition, such that none of these options will be exercisable unless the closing price of our common stock on Nasdaq is greater than or equal to $63.51 per share (which is an amount equivalent to 125% of the exercise price of the options) both (i) at the time of exercise, and (ii) at the close of trading on each of the 20 consecutive trading days trading prior to the date of exercise. |

  111. Outstanding Equity Awards at 2025 Fiscal Year End

    | COPART, INC. | 56 | 2025 PROXY STATEMENT |

  112. Outstanding Equity Awards at 2025 Fiscal Year End

    The following table presents certain information concerning restricted stock unit awards held by the NEOs at July 31, 2025. This table includes vested and unvested restricted stock unit awards.

  113. Outstanding Equity Awards at 2025 Fiscal Year End

    | | Stock Awards | | | | Named Executive Officer | Grant Date | Number of Shares or Units of Stock that Have Not Vested | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | | A. Jayson Adair | — | — | — | | Jeffrey Liaw | 04/01/2022 | 70,000(2) | 3,173,100 | | Leah C. Stearns | 12/05/2022 | 60,000(3) | 2,719,800 |

  114. Outstanding Equity Awards at 2025 Fiscal Year End

    | (1) Based on the $45.33 closing price of a share of our common stock on Nasdaq on July 31, 2025. |

  115. Outstanding Equity Awards at 2025 Fiscal Year End

    | (2) Represents an award of restricted stock units. Mr. Liaw’s restricted stock units award vested 20% on the first anniversary of the grant date, and the balance vests monthly at a rate of 1/48 per month over the 48 months succeeding such one-year anniversary, subject to Mr. Liaw’s continued service to us on each such vesting date. Mr. Liaw’s award of restricted stock units are also subject to a separate lock-up provision, such that none of the net shares of common stock received as a result of the vesting of the restricted stock units award may be sold, transferred, or assigned by Mr. Liaw until April 1, 2032, which is a period of 10 years from the original date of grant. |

  116. Outstanding Equity Awards at 2025 Fiscal Year End

    | (3) Represents an award of restricted stock units. Ms. Stearns’ restricted stock units award vests 20% on the first anniversary of the grant date, and the balance vests each three-month quarter thereafter (on the same day of the last month in the quarter as the vesting commencement date) at a rate of 1/16 per quarter over the 16 quarters succeeding such one-year anniversary, subject to Ms. Stearns’ continued service to us on each such vesting date. |

  117. Stock Vested in Fiscal Year 2025

    Stock Vested in Fiscal Year 2025 The following table provides certain information concerning vesting of restricted stock units by each of the NEOs during the fiscal year ended July 31, 2025, including the value realized, before payment of any applicable withholding tax and broker’s commissions.

  118. Stock Vested in Fiscal Year 2025

    | | Stock Awards | | | Named Executive Officer | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | | A. Jayson Adair | — | — | | Jeffrey Liaw | 40,000 | 2,204,985 | | Leah C. Stearns | 24,000 | 1,295,820 |

  119. Pension Benefits and Non-Qualified Deferred Compensation

    Pension Benefits and Non-Qualified Deferred Compensation We did not maintain any defined benefit pension plans or defined contribution plans, other than our tax-qualified 401(k) plan, during our fiscal year ended July 31, 2025. No named executive officers participated in a non-qualified deferred compensation plan during the fiscal year ended July 31, 2025.

  120. Potential Post-Employment Payments upon Termination or Change in Control

    Potential Post-Employment Payments upon Termination or Change in Control Employment Contracts and Severance Arrangements with Named Executive Officers We are a party to written employment agreements with Jeffrey Liaw, our chief executive officer, and Leah C. Stearns, our senior vice president and chief financial officer. These employment agreements set forth the base salary, bonus opportunity, benefits, and the responsibilities of the position, as applicable, in effect at the time of execution of the agreement. In addition, the executive employment agreements require (or required) us to provide compensation to the executive in the event of termination of employment under certain circumstances.

  121. Potential Post-Employment Payments upon Termination or Change in Control

    | COPART, INC. | 57 | 2025 PROXY STATEMENT |

  122. Potential Post-Employment Payments upon Termination or Change in Control

    Mr. Liaw’s employment agreement provides that in the event his employment is involuntarily terminated other than for disability or “cause” or he resigns from his employment for “good reason” (as defined in the employment agreement), and conditioned on his executing a severance agreement and release of claims, he will be entitled to a lump sum payment equal to fifty percent (50%) of his then-current annual base salary, less applicable tax withholding. His employment agreement also provides that in the event his employment is terminated for any reason other than as previously described, including by reason of death or disability or “cause,” then he shall be entitled to receive severance benefits as provided under our then-existing severance and benefit plans and policies at the time of termination. Ms. Stearns’ employment agreement provides that in the event her employment is involuntarily terminated other than for disability or “cause” or she resigned from her employment for “good reason” (as defined in the employment agreement), and conditioned on her executing a severance agreement and release of claims, she would be entitled to a lump sum payment equal to fifty percent (50%) of her then-current annual base salary, less applicable tax withholding. Her employment agreement also provided that in the event her employment was terminated for any reason other than as previously described, including by reason of death or disability or “cause,” then she would be entitled to receive severance benefits as provided under our then-existing severance and benefit plans and policies at the time of termination. In the executive employment agreements, “cause” means any of the following: (i) willful or grossly negligent failure to substantially perform his duties; (ii) commission of gross misconduct which is injurious to us; (iii) breach of a material provision of the employment agreement or agreements incorporated therein; (iv) material violation of a federal or state law or regulation applicable to our business; (v) misappropriation or embezzlement of our funds or an act of fraud or dishonesty upon us made by the executive; (vi) conviction of, or plea of nolo contendere to, a felony; or (vii) continued failure to comply with directives of senior management. In the executive employment agreements, “good reason” means the executive’s resignation, if one or more of the following events shall have occurred without his consent (and following any applicable cure period): without the executive’s prior written consent, (i) the assignment to the executive of any duties or the reduction of the executive’s duties, either of which results in a material diminution in the executive’s position or responsibilities in effect immediately prior to such assignment, or the removal of the executive from such position and responsibilities; (ii) a material reduction by us in his base salary as in effect immediately prior to such reduction; or (iii) any material breach by us of any material provision of the employment agreement. Change in Control Provisions Our Amended and Restated 2007 Equity Incentive Plan does not provide for the acceleration of outstanding options or other equity incentive awards in the event of a change in control (as defined in the plans), except in the limited circumstance where the successor corporation does not assume our outstanding options. When a successor corporation does not assume our options in the event of an acquisition or merger, the optionee will have the right to exercise the option or stock purchase right as to all the shares underlying the applicable options, including shares not otherwise vested or exercisable. The right to exercise the option or stock purchase right applies to all of our employees, including our named executive officers. Potential Payments upon Termination or Change in Control Mr. Liaw and Ms. Stearns are our only named executive officers who had an employment agreement as of July 31, 2025. On the assumption that an involuntary termination of employment (including resignation for “good reason”) of Mr. Liaw took place on July 31, 2025, whether before or after a change in control, Mr. Liaw would have been entitled to receive a lump-sum severance payment totaling $450,000, the equivalent of fifty percent (50%) of his then-current base salary, less applicable tax withholding.

  123. Potential Post-Employment Payments upon Termination or Change in Control

    | COPART, INC. | 58 | 2025 PROXY STATEMENT |

  124. Potential Post-Employment Payments upon Termination or Change in Control

    On the assumption that an involuntary termination of employment (including resignation for “good reason”) of Ms. Stearns took place on July 31, 2025, whether before or after a change in control, Ms. Stearns would have been entitled to receive a lump-sum severance payment totaling $291,750, the equivalent of fifty percent (50%) of her then-current base salary, less applicable tax withholding.

  125. Pay Versus Performance

    Pay Versus Performance In this section, as required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing the following information about “compensation actually paid” and the financial performance of the Company. The following table shows, for the past three fiscal years, the total compensation as reported in the Summary Compensation Table for our co-chief executive officers and the average for our other NEOs, the compensation actually paid to our CEOs and, on an average basis, our other NEOs, our Total Shareholder Return (“TSR”), our Peer Group TSR, our Net Income, and our company-selected measure for fiscal year 2025, Operating Income. To determine compensation actually paid, we are required to make various adjustments to amounts that have been reported in the Summary Compensation Table, as the SEC’s rule for calculating compensation actually paid emphasize the changes in fair value of equity awards under applicable financial accounting standards (as further detailed in footnotes below).

  126. Pay Versus Performance

    | Year | Summary Compensation Table Total for Co-PEO Adair | Summary Compensation Table Total for Co-PEO Liaw | Comp Actually Paid to Co-PEO Adair | Comp Actually Paid to Co-PEO Liaw | Average Summary Compensation Table Total for Non-PEO NEOs | Average Comp Actually Paid to Non-PEO NEOs | Value of Initial Fixed $100 Investment Based On: | | Net Income $M | Standalone Copart Operating Income $M | | | | | | | | | Copart TSR $ | NASDAQ Industrial Index $ | | | | 2025 | N/A | $2,072,692 | N/A | $(1,937,010) | $744,238 | $859,099 | 194.45 | 135.38 | $1,552,449 | $1,696,714 | | 2024 | $845,412 | $2,092,340 | $8,724,928 | $13,292,945 | $4,301,887 | $7,195,760 | 224.47 | 112.73 | $1,363,020 | $1,572,023 | | 2023 | $384,576 | $2,009,000 | $18,077,203 | $26,392,599 | $3,526,831 | $2,073,099 | 189.58 | 106.91 | $1,237,741 | $1,486,569 | | 2022 | $265,134 | $30,997,606 | $(9,502,692) | $28,889,641 | $359,978 | $(2,285,817) | 137.37 | 102.33 | $1,090,130 | $1,374,997 | | 2021 | $490,647 | N/A | $39,256,073 | N/A | $7,759,696 | $18,469,181 | 157.64 | 125.18 | $936,495 | $1,136,426 |

  127. Pay Versus Performance

    | (1) Mr. Adair, in his capacity as co-chief executive officer, served as the company’s co-principal executive officer for the years 2022, 2023, and 2024 and transitioned to serving as the company’s executive chairman in 2025. |

  128. Pay Versus Performance

    | (2) Mr. Liaw, in his capacity as co-chief executive officer, served as the company’s co-principal executive officer for the years 2023 and 2024, and in his capacity as chief executive officer, is the company’s principal executive officer for the year 2025. |

  129. Pay Versus Performance

    | (3) Reflects the value of the equity calculated in accordance with the SEC methodology for determining compensation actually paid for each year shown. We estimate the fair values for stock options using the Black-Scholes-Merton option pricing model, for strictly time-based options, and the Hull-White binomial lattice and a Monte Carlo simulation for performance-based stock options. The assumptions used for purposes of calculating fair values of options as of the vest date or fiscal year-end date are the same as the assumptions used for purposes of calculating the grant date fair value of options, except that we determine expected lives of options based on the “simplified method” using an average of the remaining vest and remaining term, as of the vest date or fiscal year-end date, and the risk-free rate is based on the Treasury Constant Maturity rate closest to the remaining expected life, as of the vest date or fiscal year-end date. |

  130. Pay Versus Performance

    | (4) The remaining non-PEO named executive officers are (i) for fiscal 2021, Jeffrey Liaw and John North (ii) for fiscal 2022, John North, (iii) for fiscal 2023, Leah C. Stearns, Gavin Renfrew, and John North, (iv), for fiscal 2024, Leah C. Stearns, and (v) for fiscal 2025, A. Jayson Adair and Leah C. Stearns. Compensation for our non-PEO named executive officers reflects the amounts in the summary compensation table for the respective years. |

  131. Pay Versus Performance

    | (5) Adjustments to total compensation for Mr. Adair for fiscal 2024 as reported in the summary compensation table consist of: (a) $0 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $0 increase based on the fair value of equity awards granted in fiscal 2024 that remained outstanding and unvested as of July 31, 2024; (c) $4,365,175 increase for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2024, determined based on the change in fair value of such awards from July 31, 2023, to July 31, 2024; and (d) $3,537,613 increase for awards granted in prior fiscal years that vested in fiscal 2024, determined based on the change in fair value of such awards from July 31, 2023, to the vest date. |

  132. Pay Versus Performance

    | (6) Adjustments to total compensation for Mr. Adair for fiscal 2023 as reported in the summary compensation table consist of: (a) $0 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $0 increase based on the fair value of equity awards granted in fiscal 2023 that remained outstanding and unvested as of July 31, 2023; (c) $15,613,746 increase for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2023, determined based on the change in fair value of such awards from July 31, 2022, to July 31, 2023; and (d) $2,078,881 increase for awards granted in prior fiscal years that vested in fiscal 2023, determined based on the change in fair value of such awards from July 31, 2022, to the vest date. |

  133. Pay Versus Performance

    | (7) Adjustments to total compensation for Mr. Adair for fiscal 2022 as reported in the summary compensation table consist of: (a) $0 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $0 increase based on the fair value of equity awards granted in fiscal 2022 that remained outstanding and unvested as of July 31, 2022; (c) $7,367,408 deduction for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2022, determined based on the change in fair value of such awards from July 31, 2021, to July 31, 2022; and (d) $2,400,418 deduction for awards granted in prior fiscal years that vested in fiscal 2022, determined based on the change in fair value of such awards from July 31, 2021, to the vest date. |

  134. Pay Versus Performance

    | (8) Adjustments to total compensation for Mr. Adair for fiscal 2021 as reported in the summary compensation table consist of: (a) $0 increase for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $0 increase based on the fair value of equity awards granted in fiscal 2021 that remained outstanding and unvested as of July 31, 2021; (c) $33,201,072 increase for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2021, determined based on the change in fair value of such awards from July 31, 2020, to July 31, 2021; and (d) $5,564,354 increase for awards granted in prior fiscal years that vested in fiscal 2021, determined based on the change in fair value of such awards from July 31, 2020, to the vest date. |

  135. Pay Versus Performance

    | (9) Adjustments to total compensation for Mr. Liaw for fiscal 2025 as reported in the summary compensation table consist of: (a) $0 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $0 increase based on the fair value of equity awards granted in |

  136. Pay Versus Performance

    | COPART, INC. | 60 | 2025 PROXY STATEMENT |

  137. Pay Versus Performance

    | fiscal 2025 that remained outstanding and unvested as of July 31, 2025; (c) $5,164,810 deduction for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2025 determined based on the change in fair value of such awards from July 31, 2024, to July 31, 2025; (d) $1,155,108 increase for awards granted in prior fiscal years that vested in fiscal 2025, determined based on the change in fair value of such awards from July 31, 2024, to the vest date. |

  138. Pay Versus Performance

    | (10) Adjustments to total compensation for Mr. Liaw for fiscal 2024 as reported in the summary compensation table consist of: (a) $0 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $0 increase based on the fair value of equity awards granted in fiscal 2024 that remained outstanding and unvested as of July 31, 2024; (c) $8,483,535 increase for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2024, determined based on the change in fair value of such awards from July 31, 2023, to July 31, 2024; (d) $2,717,069 increase for awards granted in prior fiscal years that vested in fiscal 2024, determined based on the change in fair value of such awards from July 31, 2023, to the vest date. |

  139. Pay Versus Performance

    | (11) Adjustments to total compensation for Mr. Liaw for fiscal 2023 as reported in the summary compensation table consist of: (a) $0 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $0 increase based on the fair value of equity awards granted in fiscal 2023 that remained outstanding and unvested as of July 31, 2023; (c) $20,842,523 increase for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2023, determined based on the change in fair value of such awards from July 31, 2022, to July 31, 2023; (d) $3,541,076 increase for awards granted in prior fiscal years that vested in fiscal 2023, determined based on the change in fair value of such awards from July 31, 2022, to the vest date. |

  140. Pay Versus Performance

    | (12) Adjustments to total compensation for Mr. Liaw for fiscal 2022 as reported in the summary compensation table consist of: (a) $29,362,547 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $31,386,290 increase based on the fair value of equity awards granted in fiscal 2022 that remained outstanding and unvested as of July 31, 2022; (c) $2,388,565 deduction for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2022, determined based on the change in fair value of such awards from July 31, 2021, to July 31, 2022; (d) $1,743,143 deduction for awards granted in prior fiscal years that vested in fiscal 2022, determined based on the change in fair value of such awards from July 31, 2021, to the vest date. |

  141. Pay Versus Performance

    | (13) Adjustments to the non-PEO named executive officers’ average total compensation for fiscal 2025 as reported in the summary compensation table consist of: (a) $0 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $0 deduction based on the fair value of equity awards granted in fiscal 2025 that remained outstanding and unvested as of July 31, 2025; (c) $1,007,263 deduction for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2025, determined based on the change in fair value of such awards from July 31, 2024, to July 31, 2025; (d) $1,122,125 increase for awards granted in prior fiscal years that vested in fiscal 2025, determined based on the change in fair value of such awards from July 31, 2024, to the vest date. |

  142. Pay Versus Performance

    | (14) Adjustments to the non-PEO named executive officers’ average total compensation for fiscal 2024 as reported in the summary compensation table consist of: (a) $3,275,415 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $3,319,268 increase based on the fair value of equity awards granted in fiscal 2024 that remained outstanding and unvested as of July 31, 2024; (c) $2,104,064 increase for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2024, determined based on the change in fair value of such awards from July 31, 2023, to July 31, 2024; (d) $745,957 increase for awards granted in prior fiscal years that vested in fiscal 2024, determined based on the change in fair value of such awards from July 31, 2023, to the vest date. |

  143. Pay Versus Performance

    | (15) Adjustments to the non-PEO named executive officers’ average total compensation for fiscal 2023 as reported in the summary compensation table consist of: (a) $3,059,232 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $4,468,612 increase based on the fair value of equity awards granted in fiscal 2023 that remain outstanding and unvested as of July 31, 2023; (c) $2,904,515 deduction for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2023, determined based on the change in fair value of such awards from July 31, 2022, to July 31, 2023; (d) $41,403 increase for awards granted in prior fiscal years that vested in fiscal 2023, determined based on the change in fair value of such awards from July 31, 2022, to the vest date. |

  144. Pay Versus Performance

    | (16) Adjustments to the non-PEO named executive officers’ average total compensation for fiscal 2022 as reported in the summary compensation table consist of: (a) $0 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $0 deduction based on the fair value of equity awards granted in fiscal 2022 that remained outstanding and unvested as of July 31, 2022; (c) $1,930,916 deduction for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2022, determined based on the change in fair value of such awards from July 31, 2021, to July 31, 2022; (d) $714,879 deduction for awards granted in prior fiscal years that vested in fiscal 2022, determined based on the change in fair value of such awards from July 31, 2021, to the vest date. |

  145. Pay Versus Performance

    | (17) Adjustments to the non-PEO named executive officers’ average total compensation for fiscal 2021 as reported in the summary compensation table consist of: (a) $6,744,231 deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the summary compensation table; (b) $13,246,759 increase based on the fair value of equity awards granted in fiscal 2021 that remained outstanding and unvested as of July 31, 2021; (c) $3,236,781 increase for equity awards granted in prior fiscal years that remained outstanding and unvested as of July 31, 2021, determined based on the change in fair value of such awards from July 31, 2020, to July 31, 2021; (d) $970,176 increase for awards granted in prior fiscal years that vested in fiscal 2021, determined based on the change in fair value of such awards from July 31, 2021, to the vest date. |

  146. Pay Versus Performance

    | (18) Peer group “TSR” represents the cumulative TSR for the Company and the Peer Group TSR represents the cumulative TSR of the Nasdaq Industrial index (which is the peer group we used for the stock performance graph required by item 201(c) of Regulation S-K included in our annual report on Form 10-k for the fiscal year ended July 31, 2025), as applicable, over the period beginning July 31, 2021, and ending as of the last day of fiscal 2022, fiscal 2023, fiscal 2024, or fiscal 2025, as applicable, as calculated in the manner prescribed by item 201(e) of Regulation S-K. |

  147. Pay Versus Performance

    Compensation Actually Paid compared to TSR, net income, and adjusted operating income. Compensation actually paid to our co-chief executive officer A. Jayson Adair (i) decreased in fiscal 2022 by $48,758,765, or 124% from $39,256,073 in fiscal 2021 to $(9,502,692) in fiscal 2022, (ii) increased in fiscal 2023 by $27,579,895, or 290%, from $(9,502,692) in fiscal 2022 to $18,077,203 in fiscal 2023, and (iii) decreased in fiscal 2024 by $(9,352,275), or 52%, from $18,077,203 in fiscal 2023 to $8,724,928 in fiscal 2024. Compensation actually paid to our executive officer Jeffrey Liaw (i) decreased in fiscal 2023 by $(2,497,042), or 9%, from $28,889,641 in fiscal 2022 to $26,392,599 in fiscal 2023, (ii) decreased in fiscal 2024 by ($13,099,654) or 50% from $26,392,599 in fiscal year 2023 to $13,292,945 in fiscal year 2024, and (iii) decreased in fiscal 2025 by $(15,294,778), or 115%, from $13,292,945 in fiscal 2024 to $(2,001,833) in fiscal 2025. Average compensation actually paid to the

  148. Pay Versus Performance

    | COPART, INC. | 61 | 2025 PROXY STATEMENT |

  149. Pay Versus Performance

    remaining non-PEO named executive officers (i) decreased in fiscal 2022 by $20,754,998, or 112%, from $18,469,181 in fiscal 2021 to $(2,285,818) in fiscal 2022, (ii) increased in fiscal 2023 by $4,358,916, or 191%, from $(2,285,817) in fiscal 2022 to $2,073,099 in fiscal 2023, (iii) increased in fiscal 2024 by $5,122,661, or 247%, from $2,073,099 in fiscal 2023 to $7,195,760 in fiscal 2024, and (iii) decreased in fiscal 2025 by $(6,336,661), or 88%, from $7,195,760 in fiscal 2024 to $859,099 in fiscal 2025. Our cumulative TSR (i) decreased in fiscal 2022 by $20.27, or 13%, from $157.64 as of the end of fiscal 2021 to $137.37 as of the end of fiscal 2022, (ii) increased in fiscal 2023 by $52.21, or 38%, from $137.37 as of the end of fiscal 2022 to $189.58 as of the end of fiscal 2023, (iii) increased in fiscal 2024 by $34.89, or 18%, from $189.58 as of the end of fiscal 2023 to $224.47 as of the end of fiscal 2024, and (iii) decreased in fiscal 2025 by $(30.02), or 13%, from $224.47 as of the end of fiscal 2024 to $194.45 as of the end of fiscal 2025. Our net income (i) increased in fiscal 2022 by $153,635, or 16%, from $936,495 in fiscal 2021 to $1,090,130 in fiscal 2022, (ii) increased in fiscal 2023 by $147,611, or 14%, from $1,090,130 in fiscal 2022 to $1,237,741 in fiscal 2023, (iii) increased in fiscal 2024 by $125,279, or 10%, from $1,237,741 in fiscal 2023 to $1,363,020 in fiscal 2024, and (iv) increased in fiscal 2025 by $189,429, or 14%, from $1,363,020 in fiscal 2024 to $1,552,449 in fiscal 2025. Our operating income (i) increased in fiscal 2022 by $238,571, or 21%, from $1,136,426 in fiscal 2021 to $1,374,997 in fiscal 2022, (ii) increased in fiscal 2023 by $111,572, or 8%, from $1,374,997 in fiscal 2022 to $1,486,569 in fiscal 2023, (iii) increased in fiscal 2024 by $85,454, or 6%, from $1,486,569 in fiscal 2023 to $1,572,023 in fiscal 2024, and (iv) increased in fiscal 2025 by $124,691, or 8%, from $1,572,023 in fiscal 2024 to $1,696,714 in fiscal 2025.

  150. Pay Versus Performance

    | COPART, INC. | 62 | 2025 PROXY STATEMENT |

  151. Pay Versus Performance

    Copart TSR compared to NASDAQ Industrial Index Our cumulative TSR of $194.45 for the four-year period ending July 31, 2025 was higher than our peer group TSR of $135.38 for the same period. As noted above, our cumulative TSR (i) decreased in fiscal 2022 by $20.27, or 13% from $157.64 as of the end of fiscal 2021 to $137.37 as of the end of fiscal 2022, (ii) increased in fiscal 2023 by $52.21, or 38%, from $137.37 as of the end of fiscal 2022 to $189.58 as of the end of fiscal 2023, (iii) increased in fiscal 2024 by $34.89, or 18%, from $189.58 as of the end of fiscal 2023 to $224.47 as of the end of fiscal 2024, and (iv) decreased in fiscal 2025 by $(30.02), or 13%, from $224.47 as of the end of fiscal 2024 to $194.45 as of the end of fiscal 2025. Our peer group’s cumulative TSR (i) decreased in fiscal 2022 by $22.85, or 18%, from $125.18 as of the end of fiscal 2021 to $102.33 as of the end of fiscal 2022, (ii) increased in fiscal 2023 by $4.58, or 4.5%, from $102.33 as of the end of fiscal 2022 to $106.91 as of the end of fiscal 2023, (iii) increased in fiscal 2024 by $5.82, or 5%, from $106.91 as of the end of fiscal 2023 to $112.73 as of the end of fiscal 2024, and (iv) increased in fiscal 2025 by $22.65, or 20%, from $112.73 as of the end of fiscal 2024 to $135.38 as of the end of fiscal 2025.

  152. Pay Versus Performance

    | COPART, INC. | 63 | 2025 PROXY STATEMENT |

  153. Pay Versus Performance

    2025 financial performance measures. The financial performance measures listed below represent an unranked list of the “most important” financial performance measures linking compensation actually paid to the named executive officers for fiscal 2025 and Company performance. We do not consider any one of the following financial performance measures to be the most important measure for the Company or its executive compensation program.

  154. Pay Versus Performance

    | • | Net Income |

  155. Pay Versus Performance

    | • | Operating Income |

  156. Pay Versus Performance

    | • | Stock Price |

  157. Pay Versus Performance

    | COPART, INC. | 64 | 2025 PROXY STATEMENT |