CPRT Form 4: Director exercises options at $4.91, sells at $47.54
Rhea-AI Filing Summary
Copart Inc. (CPRT) director Thomas N. Tryforos reported exercising stock options and simultaneously selling the underlying shares on 09/15/2025. The Form 4 shows Tryforos acquired 228,840 shares by exercising options at an exercise price of $4.91 per share and sold 228,840 shares at a weighted average price of $47.54 per share (sales ranged from $47.38 to $47.70). Following these transactions the reporting person beneficially owned 0 shares. The filing was signed by an attorney-in-fact on 09/17/2025 and references the company’s 2007 Equity Incentive Plan and prior option adjustments due to stock splits.
Positive
- Full disclosure of exercise and sale details, including weighted average sale price and price range
- Compliance with Section 16 reporting requirements; form is signed and includes explanatory notes about option adjustments
Negative
- Reporting person beneficially owns 0 shares after the transactions, eliminating direct insider equity stake disclosed here
- Large disposition of 228,840 shares may reduce any perceived insider-aligned ownership from this director
Insights
TL;DR: Director exercised options and sold the entire resulting position, realizing a substantial spread between exercise and sale prices.
The filing documents a routine option exercise followed by an immediate disposition of 228,840 shares, producing a large per-share gain given the $4.91 exercise price versus a ~$47.54 weighted sale price. This is a straightforward liquidity event rather than an operational signal from the company; the immediate sale resulted in zero beneficial ownership, so no continuing insider holding remains to signal confidence.
TL;DR: Form 4 shows compliant, timely disclosure of an option exercise and sale that leaves the director with no direct holdings.
The report appears complete and includes a range of sale prices and explanatory notes about option adjustments for past stock splits and vesting schedule. From a governance perspective, disclosure was made and the transaction was signed by an attorney-in-fact, indicating procedural compliance. The filing does not provide any additional commentary or insider intent.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 228,840 | $0.00 | -- |
| Exercise | Common Stock | 228,840 | $4.91 | $1.12M |
| Sale | Common Stock | 228,840 | $47.54 | $10.88M |
Footnotes (1)
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $47.38 to $47.70, inclusive. The reporting person undertakes to provide to Copart, Inc., any security holder of Copart, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4. 2007 Equity Incentive Plan This option was previously reported as an option for 40,000 shares of common stock at an exercise price of $39.28 per share, but was adjusted to reflect the separate 2 for 1 stock splits in the form of stock dividends made by Copart on April 3, 2017, November 2, 2022, and August 21, 2023, respectively. One half of the options vested on the first anniversary of the date of grant and the balance vested on a monthly basis over the 12 months succeeding such first anniversary.
