<SEC-DOCUMENT>0001145443-11-000320.txt : 20110314
<SEC-HEADER>0001145443-11-000320.hdr.sgml : 20110314
<ACCEPTANCE-DATETIME>20110314135609
ACCESSION NUMBER:		0001145443-11-000320
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110309
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20110314
DATE AS OF CHANGE:		20110314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COPART INC
		CENTRAL INDEX KEY:			0000900075
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				942867490
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23255
		FILM NUMBER:		11684837

	BUSINESS ADDRESS:	
		STREET 1:		4665 BUSINESS CENTER DRIVE
		CITY:			FAIRFIELD
		STATE:			CA
		ZIP:			94534
		BUSINESS PHONE:		7076395000

	MAIL ADDRESS:	
		STREET 1:		4665 BUSINESS CENTER DRIVE
		CITY:			FAIRFIELD
		STATE:			CA
		ZIP:			94534
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d27976.htm
<DESCRIPTION>8-K
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>
<META NAME="author" CONTENT="Simon Rote">
<META NAME="date" CONTENT="03/09/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:605.733px"><P style="margin:0px"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=144></TD><TD width=64></TD><TD width=208></TD><TD width=64></TD><TD width=144></TD></TR>
<TR><TD style="border-top:3px double #000000" valign=top width=624 colspan=5><P style="line-height:19pt; margin-top:9.467px; margin-bottom:0px; font-size:17pt" align=center><B>UNITED STATES </B></P>
<P style="line-height:19pt; margin-top:9.467px; margin-bottom:0px; font-size:17pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>____________________________________________</B></P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:19pt; margin-top:22.667px; margin-bottom:0px; font-size:17pt" align=center><B>FORM 8-K</B></P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:15pt; margin-top:17.333px; margin-bottom:0px; font-size:13pt" align=center><B>CURRENT REPORT</B></P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:15pt; margin:0px; font-size:13pt" align=center><B>Pursuant to Section&nbsp;13 or 15(d) of<BR>
the Securities Exchange Act of 1934</B></P>
</TD></TR>
<TR><TD valign=bottom width=144><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=336 colspan=3><P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:11pt" align=center><B>March 9, 2011</B></P>
</TD><TD valign=bottom width=144><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Date of Report (date of earliest event reported)</B></P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="margin-top:22.667px; margin-bottom:0px; padding-bottom:4px; border-bottom:0px solid #000000" align=center><BR></P>
<P style="line-height:19pt; margin:0px; padding-bottom:4px; font-size:17pt; border-bottom:1px solid #000000" align=center><B>Copart, Inc.</B></P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>(Exact name of Registrant as specified in its charter)</B></P>
</TD></TR>
<TR><TD valign=top width=208 colspan=2><P style="line-height:13pt; margin-top:34.2px; margin-bottom:0px; padding-bottom:4px; font-size:11pt; border-bottom:1px solid #000000" align=center><B>California</B></P>
</TD><TD valign=top width=208><P style="line-height:13pt; margin-top:34.2px; margin-bottom:0px; padding-bottom:4px; font-size:11pt; border-bottom:1px solid #000000" align=center><B>0-23255</B></P>
</TD><TD valign=top width=208 colspan=2><P style="line-height:13pt; margin-top:34.2px; margin-bottom:0px; padding-bottom:4px; font-size:11pt; border-bottom:1px solid #000000" align=center><B>94-2867490</B></P>
</TD></TR>
<TR><TD valign=top width=208 colspan=2><P style="line-height:10pt; margin-top:0px; margin-bottom:2.667px; font-size:8pt" align=center><B>(State or other jurisdiction of<BR>
incorporation or organization)</B></P>
</TD><TD valign=top width=208><P style="line-height:10pt; margin-top:0px; margin-bottom:2.667px; font-size:8pt" align=center><B>(Commission File Number)</B></P>
</TD><TD valign=top width=208 colspan=2><P style="line-height:10pt; margin-top:0px; margin-bottom:2.667px; font-size:8pt" align=center><B>(I.R.S. Employer<BR>
Identification Number)</B></P>
</TD></TR>
<TR><TD valign=bottom width=144><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=336 colspan=3><P style="line-height:11.6pt; margin-top:3.333px; margin-bottom:0px" align=center><B>4665 Business Center Drive</B></P>
<P style="line-height:11.6pt; margin:0px" align=center><B>Fairfield, California &nbsp;94534</B></P>
</TD><TD valign=bottom width=144><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>(Address of principal executive offices)</B></P>
</TD></TR>
<TR><TD valign=bottom width=144><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=336 colspan=3><P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:11pt" align=center><B>(707) 639-5000</B></P>
</TD><TD valign=bottom width=144><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>(Registrant&#146;s telephone number, including area code)</B></P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P>&nbsp;</P></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=624 colspan=5><P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:11pt" align=center><B>Not applicable</B></P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>(Former name or former address, if changed since last report)</B></P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="margin-top:14.667px; margin-bottom:0px; font-size:11pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="margin:0px; font-size:11pt">[ &nbsp;] Written communication pursuant to Rule 425 under Section Act (17 CFR 230.425)</P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:13pt; margin:0px; font-size:11pt">[ &nbsp;]<B> </B>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="line-height:13pt; margin:0px; font-size:11pt">[ &nbsp;] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR<FONT style="font-family:Arial Unicode MS"> </FONT>240.14d-2(b)).</P>
</TD></TR>
<TR><TD style="border-bottom:3px double #000000" valign=top width=624 colspan=5><P style="line-height:13pt; margin:0px; font-size:11pt">[ &nbsp;] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).</P>
</TD></TR>
</TABLE>

</DIV>

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<DIV STYLE="width: 605.73px">
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>INFORMATION INCLUDED IN THIS REPORT</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><B>Section 5 &#151; Corporate Governance and Management</B></P>

<P style="margin-top:0px; margin-bottom:13.333px; font-family:Times"><B>Item 5.02 &#151; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">David Bauer, our Senior Vice President of Corporate
Development, resigned his employment with the Company effective March 9, 2011. &nbsp;Mr. Bauer began his employment with the Company
in 1995, serving as our Senior Vice President of Management Information Systems until 2009. During the tenure of his employment,
Mr. Bauer made important contributions toward the growth and success of the Company.</p>

<p style="font: 10pt Cambria; margin: 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the resignation, we entered
into a severance agreement and release of claims with Mr. Bauer. Under the terms of the severance agreement and following
approval by the compensation committee of our board of directors, we agreed to accelerate the vesting of unvested stock options
to acquire a total of 55,788 shares held by Mr. Bauer under the following stock option grants:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: top">
    <td style="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><u>Grant Date</u></b></p></td>
    <td style="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><u>Total Shares</u></b></p></td>
    <td style="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><u>Vested Shares</u></b></p></td>
    <td style="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><u>Unvested</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Shares</u></b></p></td>
    <td style="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><u>Exercise Price</u></b></p></td></tr>
<tr style="vertical-align: top">
    <td style="border: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Sept. 28, 2007</td>
    <td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">50,000</td>
    <td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">30,679</td>
    <td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">19,321</td>
    <td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$34.39</td></tr>
<tr style="vertical-align: top">
    <td style="border: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Sept. 25, 2009</td>
    <td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">50,000</td>
    <td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13,533</td>
    <td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">36,467</td>
    <td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$32.86</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a result of the vesting acceleration referenced
above, all stock options held by Mr. Bauer are now fully vested and will expire no later than June 9, 2011 if not exercised.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to the benefits described above,
the severance agreement provides for a release by Mr. Bauer of any claims against Copart and its officers, directors, employees,
managers, agents, representatives and subsidiaries relating to his employment with Copart or the termination of his employment
with Copart. The severance and release agreement is subject to a revocation period, and Mr. Bauer has agreed that he may not exercise
any of the accelerated options prior to the expiration of the revocation period.</p>

<P STYLE="margin-top: 0px; margin-bottom: 16px"><B></B></P><BR>


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<DIV style="width:624px"><P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:10pt; page-break-before:always" align=center>SIGNATURES</P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </P>
<P style="margin-top:14.667px; margin-bottom:0px" align=center><BR></P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:-17.333px; font-size:10pt">Dated: March 14, 2011 </P>
<P style="line-height:13pt; margin:0px; text-indent:288px; font-size:10pt"><B>Copart, Inc.</B></P>
<P style="margin-top:14.667px; margin-bottom:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:336px; font-size:10pt">By: <U>&nbsp;/s/ Paul A. Styer </U></P>
<P style="line-height:13pt; margin:0px; padding-left:360px; font-size:10pt">Paul A. Styer</P>
<P style="line-height:13pt; margin:0px; padding-left:360px; font-size:10pt">Senior Vice President, General Counsel and Secretary</P>
<P style="margin-top:13.333px; margin-bottom:0px" align=center><BR></P>
<P style="margin-top:13.333px; margin-bottom:0px" align=center><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>

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