Copart (NASDAQ: CPRT) grants new president $804K pay and 500K options
Rhea-AI Filing Summary
COPART, INC. (CPRT) reports revised compensation terms for Jane Pocock in connection with her appointment as President effective August 1, 2026. The Compensation Committee approved an annual base salary of $804,000, a target annual bonus of $643,000, and equity incentives under the company’s equity plan.
Pocock will receive restricted stock units with a grant-date value of $800,000, vesting over five years, and an option to purchase 500,000 shares at Fair Market Value as of August 16, 2026, also vesting over five years. 279,000 of these options carry an additional “Premium Price Hurdle,” requiring the stock price to reach at least 125% of the exercise price and maintain that level for 20 consecutive trading days and at exercise, subject to continued employment.
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8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Base salary: $804,000 per annum
Target annual bonus: $643,000
RSU grant value: $800,000
+5 more
8 metrics
Base salary
$804,000 per annum
Compensation for Jane Pocock as President effective August 1, 2026
Target annual bonus
$643,000
Target bonus opportunity for Jane Pocock as President
RSU grant value
$800,000
Aggregate grant-date value of restricted stock units for Jane Pocock
Stock options granted
500,000 shares
Option to purchase COPART common stock granted to Jane Pocock
Performance-based options
279,000 options
Portion of options subject to Premium Price Hurdle
Premium Price Hurdle level
125% of exercise price
Stock price threshold required for performance-based option exercisability
Performance period for hurdle
20 consecutive trading days
Duration stock must meet or exceed Premium Price Hurdle before exercise
Vesting term
5 years
Full vesting period for both RSUs and stock options
Key Terms
restricted stock units, Fair Market Value, Equity Incentive Plan, Premium Price Hurdle
4 terms
restricted stock units financial
"a grant of restricted stock units with an aggregate grant-date value of $800,000"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Fair Market Value financial
"at an exercise price per share equal to the Fair Market Value"
The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.
Equity Incentive Plan financial
"as defined in the Company’s 2007 Amended and Restated Equity Incentive Plan"
An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.
FAQ
What new compensation did COPART (CPRT) approve for President Jane Pocock?
COPART approved a $804,000 base salary, a target annual bonus of $643,000, $800,000 in RSUs, and options on 500,000 shares. All awards vest over five years, subject to plan terms and continued employment.
How do Jane Pocock’s restricted stock units vest at COPART (CPRT)?
Pocock’s RSUs with a grant-date value of $800,000 vest 20% on the first anniversary of August 1, 2026. Thereafter, 1/20th vests cumulatively every three months, leading to full vesting on the fifth anniversary.
What are the key terms of Jane Pocock’s stock options at COPART (CPRT)?
Pocock received options on 500,000 shares at Fair Market Value on August 16, 2026. 20% vests after one year from August 1, 2026, then 1/60th vests monthly, leading to full vesting and exercisability after five years.
When do the new compensation terms for COPART (CPRT) President Jane Pocock take effect?
The base salary of $804,000 and related role terms are effective as of August 1, 2026. Equity awards are granted with vesting schedules tied to the August 1, 2026 vesting commencement date and the August 16, 2026 grant date.
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