Marvin L. Schmidt

Marvin L.
Schmidt has been a member of our board of directors since 1993, resigned as a director effective October 29, 2004.
Mr. Schmidt had a long and productive tenure with Copart, having served as Senior Vice President, Corporate Development from May 1995 until his retirement as an employee in January 1999 and as Vice President, Western Region from July 1993 until his promotion to Senior Vice President in 1995.
Mr. Schmidt joined Copart from County Salvage, Inc., a Los Angeles based auto salvage company that Copart acquired in 1993.
Copart, its board of directors, and its management wish to thank Mr. Schmidt for his valuable contribution to the company and its growth over the last decade.
We look forward to Mr. Schmidt's continuing contribution to Copart as a member emeritus of our Board.
In connection with Mr. Schmidt's resignation, Copart agreed to accelerate vesting under outstanding options to acquire 10,000 shares of our Common Stock that were previously unvested.
Copart also agreed to extend the exercise date to October 27, 2006 for those options and Mr. Schmidt's other fully vested options to acquire an additional 10,000 shares of our Common Stock.