8-KLeadership ChangesCorporate ChangesExhibits & Filings

COPART INC 8-K Report, Executive Changes (Sep 16, 2021)

Filed September 16, 2021For Securities:CPRT

Summary

Copart, Inc. (CPRT) announced on September 16, 2021, a material change to its Board of Directors. The company expanded its board size from ten to eleven members and appointed Carl D. Sparks as a new director. Mr. Sparks, a Managing Partner at venture capital firm Interlock Partners, brings experience in transformative technology companies and will serve on the Audit Committee and the Nominating and Governance Committee. This expansion and appointment are effective as of September 10, 2021. Investors should note that Mr. Sparks' appointment is part of Copart's standard director compensation program. This includes an annual director's fee of $70,000 and an initial option grant of 25,000 shares, which vests over twelve months. The company also amended its Bylaws to reflect the increased board size. The addition of Mr. Sparks, with his venture capital background, may signal continued focus on technology and growth initiatives.

Key Highlights

  • 1Copart, Inc. expanded its Board of Directors from ten to eleven members.
  • 2Carl D. Sparks was appointed as a new director, effective September 10, 2021.
  • 3Mr. Sparks brings experience as Managing Partner of Interlock Partners, a venture capital firm.
  • 4He will serve on the Board's Audit Committee and Nominating and Governance Committee.
  • 5The appointment is in line with the company's standard compensation for non-employee directors.
  • 6New directors receive an initial option grant of 25,000 shares vesting over twelve months.
  • 7Copart amended its Bylaws to accommodate the increase in board size.

Frequently Asked Questions

Carl D. Sparks is 54 years old and serves as the Managing Partner of Interlock Partners, a venture capital firm focused on early-stage, transformative technology companies. His expertise in technology and venture capital is expected to be a valuable asset to Copart's board.

Adding a director with venture capital experience, particularly in technology, may suggest Copart's continued interest in innovation, strategic growth opportunities, and potentially the evaluation of new technologies or market disruptions within the automotive and salvage industries.

Mr. Sparks will receive compensation in accordance with Copart's standard arrangements for non-employee directors. This includes an annual director's fee of $70,000 and an initial option grant of 25,000 shares, which vests monthly over twelve months from the date of grant.

Mr. Sparks has been appointed to serve on the Board's Audit Committee and the Nominating and Governance Committee. His involvement in these key committees indicates his significant role in oversight and strategic direction.