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Exhibit 4.1    
    

INTER CHINA NETWORK SOFTWARE COMPANY LIMITED  

RULES OF THE 2002 EMPLOYEE SHARE OPTION SCHEME  

ADOPTED ON JANUARY 1st, 2002  

 
RULES OF THE 2002 EMPLOYEE SHARE OPTION SCHEME  

1    INTERPRETATION  

	1.1
	In
these Rules: 

"Adoption Date" means January 1st 2002; 

"Allotment Date" means, in respect of any Grantee and any exercise by such Grantee of the Option granted to him, the date on which Shares are allotted
to him pursuant to such exercise; 

"Articles" means the articles of association of the Company; 

"Auditors" means the auditors for the time being of the Company; 

"Board" means the board of directors of the Company as from time to time constituted; 

"Board Approval" means any approval, resolution, determination, discretion, authority or consent to be made or given by the Board under these Rules; 

"Cessation Date" means the date on which a notice is given by or to a Grantee to terminate his employment with the Group; 

"Company" means Inter China Network Software Company Limited (registered in Hong Kong); 

"Date of Grant" means in respect to any Option, the date of the Notice of Grant by which the Option is granted in accordance with clause 3.2; 

"Employee" means any employee (other than a director) or (if the Board so determines) an executive director of the Company or of any Subsidiary; 

"Exercise Price" means the price per Share at which a Grantee may subscribe for Shares on the exercise of an Option in accordance with clause 4
(and any additional amount payable in accordance with clause 13.2); 

"Exit" means (i) a Listing, (ii) a sale of all or substantially all of the issued share capital of the Company, (iii) a sale by the
Company of all or substantially all of its assets, (iv) the passing of an effective resolution or the making of an order of a competent court for the winding up of the Company or (v) a
Reconstruction Event; 

"Fully Diluted Capital" means the share capital of the Company computed on an As converted Basis, and on a basis deeming all Options and any other
subsisting options granted by the Company to subscribe for any shares (of whatever class) or other instrument convertible into shares, to have been exercised (and, if appropriate, subsequently
converted) in full; 

"Grantee" means any Employee to whom an Option is granted in accordance with the terms of this Scheme; 

"Group" means the Company and its subsidiaries; 

"HK$" means Hong Kong dollars, the lawful currency of Hong Kong; 

"Hong Kong" means the Hong Kong Special Administrative Region of the People's Republic of China; 

"Listing" means the admission of all or any of the share capital of the Company or any holding company incorporated for such purpose to trading on a
recognized stock exchange; 

"Notice of Grant" means a notice issued by the Board in accordance with clause 3.1; 

"Option" means an option to subscribe for Shares granted pursuant to this Scheme; 

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"Personal Representatives" means the person or persons who, in accordance with the laws of succession or probate applicable in respect to the death of a
Grantee, is or are entitled to the benefit of the Option granted to him; 

"Reconstruction Event" means a compromise or arrangement under section 166 of the Companies Ordinance for the amalgamation or merger of the
Company with any other company or companies; 

"Reorganisation" has the meaning set out in clause 8.1; 

"Rules" means the rules of the Scheme; 

"Scheme" means this Share Option Scheme as from time to time in force; 

"Shares" means ordinary shares of HK$0.10 each of the Company (or any other denomination or renominated value of share created from the
sub-division, consolidation, reclassification or reorganisation thereof. 

"To grant Options" means that the Company notifies an employee that he is entitled to vest a certain number of Options pursuant to this Scheme. 

"To vest Options" means, in such event that a certain number of Options have been granted to an employee, after each date set out in Clause 5.1
respectively or such other date as the Board shall determine and so notify the Grantee in writing, corresponding number of Options are held by the Company on behalf of the Employee and all the
Employee shall have the right to all the monetary benefits deriving therefrom when the Employee exercises the Options. 

	1.2
	Words
and expressions defined in the Companies Ordinance (Chapter 32 of the Laws of Hong Kong) including, without limitation,
"subsidiary" and "holding company" shall, unless the context otherwise requires, have the same meanings
where used in these Rules.

	1.3
	Headings
are used in these Rules for convenience only and shall not affect their construction or interpretation.

	1.4
	In
these Rules, references to schedules are to schedules to these Rules and references to clauses are to clauses herein and, unless otherwise specified, references to
paragraphs are to paragraphs of the clause in which such reference appears and references to annexures are annexures hereto.

	1.5
	In
these Rules, reference to a person includes any legal or natural person, partnership, trust, company, government or local authority department or other body (whether
corporate or unincorporate).

	1.6
	In
these Rules, unless the context does not so admit, reference to the singular includes a reference to the plural and vice versa and reference to the masculine includes
a reference to the feminine and neuter.

	1.7
	References
in these Rules to any ordinance, regulation or statutory provision shall be deemed to include reference to any ordinance, regulation, statutory instrument or
secondary legislation which amends, extends, consolidates or replaces the same (or shall have done so) and to any other regulation, statutory instrument or other subordinate legislation made
thereunder or pursuant thereto, and to any former statutory provision replaced (with or without modification) by the provision referred to, and shall also include reference to all statutory
instruments or other subordinate legislation made pursuant to any such statutory provision.

	1.8
	These
Rules shall be governed by and construed in accordance with the law of Hong Kong and the Company and each Grantee submits to the non-exclusive
jurisdiction of the courts of Hong Kong. 

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2    ADMINISTRATION  

	2.1
	This
Scheme shall be subject to the administration of the Board whose decision as to all matters arising in relation to this Scheme or its interpretation or effect shall
(save as otherwise provided herein) be final and binding on all parties.

	2.2
	Subject
to clause 12, this Scheme shall be valid and effective for a period of 10 years commencing on the Adoption Date, after which period no further
Options may be granted but these Rules shall remain in force to the extent necessary to give effect to the exercise of any Options granted prior thereto or otherwise as may be required in accordance
with the provisions of this Scheme. 

3    GRANT OF OPTIONS  

	3.1
	The
Board may at its absolute discretion grant to any Employee an option to subscribe for such number of Shares as the Board shall determine on the terms of this Scheme.

	3.2
	The
Board may delegate to the Chief Executive Officer ("CEO") of the Company the power to grant Options on terms which do not, under these Rules, require any Board
Approval. The Board shall conduct an annual review of Options granted, and shall be entitled at any time to require the CEO to give details of the options granted by him from time to time. No Board
Approval shall be delegated nor made or given otherwise than at a properly convened meeting of the Board, and following the obtaining of such authorities, approvals and consents as may be required at
law or under any other agreement or obligation by which the Company is bound.

	3.3
	An
Option shall be granted to an Employee by delivery of a notice in writing in such form as the Board may from time to time determine specifying the number of Shares
and any other terms and conditions (including, without limitation, conditions as to exercise) on which it is granted. All Options shall be granted and vested on the terms of these Rules.

	3.4
	Any
Grantee to whom a Notice of Grant is delivered may, by notice in writing to the Company given within 30 days after the relevant Date of Grant, renounce his
rights thereto, in which event such Option shall be deemed for all purposes not to have been granted. 

4    EXERCISE PRICE  

The
Exercise Price in respect of any Option shall be fixed by reference to the date upon which the Option (or the relevant part thereof) vests, and subject to any adjustments made pursuant to
clause 8, shall (unless the Board otherwise determines and so notifies the Grantee) be a price equal to 90 percent of the latest price per share at which the Company has issued
convertible preferences shares of A preference shares or other classes of preferred shares prior to the date of vesting of the relevant Option (or relevant part thereof). 

5    VESTING AND LAPSE OF OPTIONS  

	5.1
	Each
Option to be granted under this Scheme shall (unless the Board shall otherwise determine and so notify the Grantee in writing) vest in the Grantee as follows:

	5.1.1
	as
to 25 percent of the aggregate number of Shares the subject of the Option, 12 months after the Date of Grant;

	5.1.2
	as
to 35 percent of the aggregate number of Shares the subject of the Option, 24 months after the Date of Grant; 

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	5.1.3
	as
to the remaining 40 percent of the aggregate number of Shares the subject of the Option: 3 percent, upon each complete month, 25 to 32 months
after the Date of Grant respectively; 4 percent, upon each complete month, 33 to 36 months after the Date of Grant respectively.

	5.2
	In
event that any Grantee ceases to be an Employee in circumstances relating to:

	5.2.1
	his
voluntary resignation prior to the second anniversary of the date on which he is first granted an Option pursuant to this scheme;

	5.2.2
	his
failure, during the course of his employment, to devote the whole of his time and attention to the business of the Group or to use his best endeavours to develop
the business and interests of the Group;

	5.2.3
	being
concerned during the course of his employment (without the prior written consent of the Company) with any (competitive or other) business other than that of the
Group;

	5.2.4
	any
breach by him of his contract of employment or any other obligation to the Group. 

then
one half of all Options vested by the Grantee prior to his Cessation Date, and all Options remaining unvested at the Cessation Date, shall automatically lapse. 

	5.3
	If
any Grantee ceases to be an Employee for any reason other than those referred to in clause 5.2, then all Options remaining unvested at his Cessation Date shall
automatically lapse. 

6    EXERCISE OF OPTIONS  

	6.1
	An
Option shall be personal to the Grantee and shall not be assignable, unless the Board shall otherwise agree in writing. No Grantee shall in any way sell, transfer,
charge, mortgage, encumber or create any interest (legal or beneficial) in favour of any third party over or in relation to any Option other than in accordance with the prior written approval of the
Board. No person other than the named Grantee thereof may exercise any Option, unless the Board shall otherwise agree in writing. Any breach of this clause by a Grantee shall render the Option void
and it shall automatically lapse.

	6.2
	Notwithstanding
any other provision of these Rules or any Notice of Grant or the terms of which any Option is granted, no Option may be exercised prior to the occurrence
of an Exit (unless the Board shall otherwise agree in writing).

	6.3
	In
the event that an Exit is proposed:

	6.3.1
	the
Company shall use all reasonable endeavours (to the extent permitted by law) to notify all holders of outstanding Options in advance of the Exit;

	6.3.2
	an
exercise made following such notice shall be:

	(a)
	conditional
upon the Exit becoming unconditionally effective, and the Exercise Price in respect thereof shall not be payable unless and until such condition is satisfied; and

	(b)
	deemed
to include on behalf of the exercising Grantee an undertaking to do all things within his power (including, without limitation, by exercising all voting and other rights
attaching to the Shares to be subscribed by him pursuant to such exercise) to facilitate the effective conclusion of the Exit, and (if so required by the Company) to execute a power of attorney
authorizing one or more directors of the Company to do such things and exercise such rights on his behalf.

	6.3.3
	the
Allotment Date in respect of any Option exercised within thirty days of such notice shall be deemed to be the last date on which a person is required to be
registered as a holder of 

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Shares
in order to participate in the economic proceeds which such Exit makes available to such holders; 

	6.3.4
	the
Company shall (if any exercising Grantee so requests) permit the payment of the Exercise Price to be satisfied by an appropriate assignment, transfer, direction or
authorization in such form as the Board may reasonably require, having the effect that cash proceeds of the Exit otherwise receivable by the Grantee equal to the amount of the Exercise Price shall be
payable to the Company;

	6.3.5
	any
Option not exercised in accordance with the foregoing provisions of this clause prior to the date ("Lapse Date")
which is the later of (i) the date on which the Exit becomes unconditionally effective, and (ii) the date being 31 days after the Company gives notice of the Exit to the holder,
shall, unless the Board shall otherwise determine automatically lapse on the Lapse Date.

	6.4
	Shares
to be allotted upon the exercise of an Option will be subject to the provisions of the Articles and will rank pari
passu in all respects with the existing fully paid Shares in issue on the relevant Allotment Date, and will entitle the holders thereof to participate in all dividends or other
distributions paid or made on or after the Allotment Date. 

7    MAXIMUM NUMBER OF OPTIONS AVAILABLE  

	7.1
	The
maximum number of Shares in respect of which Options may be granted at any time under this Scheme will be 2,584,334. Such maximum number shall include the number of
Shares which would be issued upon the exercise of all outstanding Options by the Grantees (to the extent not already exercised) together with the number of Shares which have already been issued
pursuant to the earlier exercise of any Option.

	7.2
	No
Option shall be granted to:

	7.2.1
	any
Grantee if the aggregate number of Shares in respect of which Options have at any time been granted to such Grantee (whether such Options have been exercised, have
lapsed or remain outstanding, and whether vested or unvested) would thereby exceed 150,000;

	7.2.2
	The
Chief Executive Officer of the Company 

without
in any such case the prior written approval of the Board and the Lead Investors. 

	7.3
	The
maximum numbers of Shares referred to in clauses 7.1 and 7.2.1 will be adjusted, in such manner as the Auditors shall certify in writing to the Board to be in their
opinion fair and reasonable in accordance with clause 8, in the event of any Reorganisation. 

8    REORGANISATION OF CAPITAL STRUCTURE  

	8.1
	In
the event of any alteration in the capital structure of the Company whilst any Option remains exercisable, arising from capitalization of profits or reserves,
consolidation, subdivision or reduction of the share capital of the Company (a "Reorganisation"), such corresponding adjustments (if any) shall be made in:

	8.1.1
	the
number or nominal amount of Shares, the subject matter of the Option (insofar as it is unexercised); and/or 

6

 

	8.1.2
	the
Exercise Price, as the Auditors shall, at the request of the Company or any Grantee, certify in writing to be in their opinion fair and reasonable, provided that:

	8.1.3
	any
such adjustments shall be made on the basis that the aggregate amount payable by a Grantee on the full exercise of any Option shall remain as nearly as possible
the same (but shall not be greater than) it was before such event;

	8.1.4
	no
such adjustments shall be made the effect of which would be to enable a Share to be issued at less than its nominal value;

	8.1.5
	no
such adjustment shall be made the effect of which would be to increase the proportion of the Fully Diluted Capital subscribed on exercise of an Option above that
for which any Grantee would have been entitled to subscribe had he exercised all the Options he has vested immediately prior to such adjustments; and

	8.1.6
	any
issue of Shares or other securities of the Company for cash or other valuable consideration shall not be regarded as a circumstance requiring any such adjustments.

	8.2
	Following
any Reorganisation, the Company shall, upon receipt of an Exercise Notice, inform the Grantee of the adjustment to be made to his Option in accordance with the
certificate of the Auditors obtained by the Company for such purpose or, if no such certificate has been obtained, inform the Grantee accordingly and of his right to request the Auditors to issue such
a certificate in accordance with clause 8.1

	8.3
	The
capacity of the Auditors in this clause is that of experts and not as arbitrators and their certification shall, in the absence of manifest error, be final and
binding on the Company and the relevant Grantees. 

9    SHARE CAPITAL  

The
exercise of any Option shall be subject to the members of the Company in general meeting approving any necessary increase in the share capital of the Company and the allotment of Shares pursuant
to such exercise. Subject thereto, the Board shall make available sufficient authorized but unissued share capital of the Company to allot Shares on the exercise of any Option. 

10    DISPUTES  

Any
dispute arising in connection with this Scheme (whether as to the number of Shares the subject of an Option, the amount of the Exercise Price or otherwise) shall be referred to the decision of the
Board whose decision shall, in the absence of manifest error, be final and binding. 

11    ALTERATION OF THIS SCHEME  

This
Scheme may be amended by a resolution of the Board provided that no such alteration shall operate so as adversely to affect the terms of issue of any Option granted or agreed to be granted prior
to such alteration except with the consent or sanction of a majority in number of the holders of unexercised Options. 

12    TERMINATION  

	12.1
	The
Company may at any time by a resolution of the Board terminate the operation of this Scheme and in such event no further Options will be offered but (subject as
provided in clause 12.2) in all other respects the provisions of this Scheme shall remain in force; or 

7

 
	12.2
	The
Company may be a resolution of the Board and written notice to all Grantees terminate and replace this Scheme with a new share option scheme
("Replacement Scheme") in which case immediately prior to the grant of Options to a Grantee under the Replacement Scheme (on terms no less favourable to
the Grantee as to the number of Shares under option, vesting and exercise price than those attaching to this existing Options) all Options (whether vested or unvested) granted to that Grantee, and all
the other rights and obligations of the Grantee, under this Scheme shall automatically lapse.

	12.3
	Other
than the above, the Scheme shall terminate no more than 30 days after the Exit and be replaced with a new share option scheme, in such event no further
Options will be granted pursuant to this Scheme. 

13    TAXATION  

	13.1
	A
Grantee shall be responsible for obtaining any governmental or other official consent that may be required in any jurisdiction in order to permit the grant or
exercise of this Option. The Company shall not be responsible for any failure by a Grantee to obtain any such consent or for any taxation, duty, social security payment or other liability to which a
Grantee may become subject as a result of his participation in this Scheme.

	13.2
	To
the greatest extent permitted by law, each Grantee shall pay to the Company on demand an amount equal to the full amount of any actual or future liability to any
taxation, levy, duty, social security or other payment incurred by the Company or any other member of the Group arising out of the grant, subsistence or exercise of his Option. Any such amount which
has not been paid by the Grantee prior to the exercise of an Option shall be added to the Exercise Price. 

14    MISCELLANEOUS  

	14.1
	This
Scheme and the grant of any Option hereunder shall not form part of any contract of employment between any member of the Group and any Employee, and the rights and
obligations of any Employee under the terms of his office or employment shall not be affected by his participation in this Scheme.

	14.2
	The
Company shall bear the costs of establishing and administering this Scheme, including costs of the Auditors in relation to the preparation of any certificate by
them or providing any other service in relation to this Scheme.

	14.3
	Each
holder of an Option which has not been exercised shall be entitled to receive copies of any notices or other documents sent by the Company to holders of Shares in
relation to any proposal for an Exit, but not otherwise.

	14.4
	Any
notice or other communication between the Company and a Grantee may be given by sending the same by prepaid post or by personal delivery to, in the case of the
Company, its principal place of business in Hong Kong and, in the case of the Grantee, in person or at his address as notified to the Company from time to time.

	14.5
	Any
notice or other communication if sent by the Grantee shall be irrevocable and shall not be effective until actually received by the Company.

	14.6
	Any
notice of other communication if sent to the Grantee shall be deemed to be given or made:

	(a)
	one
day after the date of posting, if sent by mail; and

	(b)
	when
delivered, if delivered by hand. 

8

   
[                        ] 

[HEADED NOTEPAPER OF ICNS]

Notice of Option Grant  

	[            ]	[Date]

Dear [            ] 

        We
are pleased to inform you that the Board has resolved to grant you options to subscribe for up to [    ] ordinary shares (the "Shares") in the
capital of the Company on the terms set out below: 

1.    Number of shares [            ]  

You
will become entitled to options over the following numbers of Shares on the following dates: 

	Number of Shares
	 	Vesting Date

	[100%—            ]	 	12 months after the date of this letter

Please
note that, if you should cease to be employed by the Group before any vesting date, your entitlement to further options will lapse. In certain circumstances, you may also be required to forfeit
options already vested. 

Further
details are set out in the Rules of the Company's 2002 Employee Share Option Scheme (the "Scheme Rules"), a copy of which can be obtained from the Company's HR department upon request. The
Scheme Rules are binding on all option holders and are incorporated herein by reference. You should as such acquaint yourself with the Scheme Rules. 

2.    Exercise  

Options
may be exercised in whole or in part by giving notice in writing to the Company (for the attention of the Company's HR department) once they have vested, but no option may be exercised prior
to the occurrence of an event of Exit (as defined in the Scheme Rules). The Company will endeavour to keep you informed of Exit proposals at the same time as notice is given to shareholders. Any
exercise of your Options will be conditional upon the Exit becoming effective. Exercise will be deemed to constitute your commitment to do all that you can to facilitate the Exit. 

3.    Exercise Price  

Upon
exercise of your options, you will be required to pay to the Company an exercise or subscription price per share determined at the time of vesting for the tranche of share you vest, and informed
you in writing in the Vesting Notice. 

The
Exercise Price shall be a price equal to 90 percent of the latest price per share at which the Company has issue convertible preference shares of A preference shares or other classes of
preferred shares prior to the date of vesting of the relevant Options. Arrangements may be agreed with the Company to fund this exercise price out of the proceeds available to you from the Exit in
accordance with the Scheme rules. 

4.    Conditions of Exercise  

[add any performance etc conditions here if applicable]

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5.    Taxation  

You
will be responsible for: 

	(a)
	Obtaining
any necessary governmental or other consent for the grant to you or exercise by you of options; and

	(b)
	Any
liability to tax which you may incur as a result of the grant vesting, or exercise or your options and any subsequent sale of shares. In addition, you may be required to reimburse
the Company for any liability to tax or other duty to which it becomes liable as a result of such grant, vesting or exercise. 

6.    Renouncement of options  

You
are entitled within 30 days of the date of this letter to renounce your entitlement to options by written notice to the Company (for the attention of the Company's HR department). 

This
letter is subject to the Scheme Rules (as amended from time to time by the Board pursuant to the terms thereof). If there is any conflict between this letter and the Scheme Rules, the Scheme
Rules shall prevail. 

Please
countersign the enclosed copy of this letter to indicate your understanding of, and agreement to, the terms on which your options are granted to you. 

	Yours sincerely,	 
	    	 
	 
 For and on behalf of

Inter China Network Software Company Limited	 
	

Acknowledged and agreed	

 
	

 	

 
	 
 Name of Employee	 
	 	 

2

 
[HEADED NOTEPAPER OF ICNS]

Notice of Option Grant  

	[                        ]	[Option Grant Date:                        ]

Dear [                        ] 

        We
are pleased to inform you that the Board has resolved to grant you options to subscribe for ordinary shares in the capital of the Company on the terms set out below: 

1.    Number of shares [            ]  

        You will become entitled to options over the following numbers of ordinary shares on the following dates: 

	Number of Shares
	 	Vesting Date

	[25%-            ]	 	12 months after the date of this letter
	

[35%-            ]	
 	

24 months after the date of this letter
	

[3%-            ]	
 	

25, 26, 27, 28, 29, 30, 31, 32 months after the date of this letter respectively
	

[4%-            ]	
 	

33, 34, 35, 36 months after the date of this letter respectively

Please
note that, if you should cease to be employed by the Group before any vesting date, your entitlement to further options will lapse. In certain circumstances, you may also be required to forfeit
options already vested. 

Further
details are set out in the Rules of the Company's 2002 Employee Share Option Scheme (the "Scheme Rules"), a copy of which can be obtained from the Company's HR department upon request. The
Scheme Rules are binding on all option holders and are incorporated herein by reference. You should as such acquaint yourself with the Scheme Rules. 

2.    Exercise  

Options
may be exercised in whole or in part by giving notice in writing to the Company (for the attention of the Company's HR department) once they have vested, but no option may be exercised prior
to the occurrence of an event of Exit (meaning an IPO, a sale or merger of the Company or its business or the winding up of the Company). The Company will endeavour to keep you informed of Exit
proposals at the same time as notice is given to shareholders. Any exercise of your Options will be conditional upon the Exit becoming effective. Exercise will be deemed to constitute your commitment
to do all that you can to facilitate the Exit. 

3.    Exercise Price  

Upon
exercise of your options, you will be required to pay to the Company an exercise or subscription price per share determined at the time of vesting for the tranche of share you vest, and informed
you in writing in the Vesting Notice. The Exercise Price shall be a price equal to 90 percent of the latest price per share at which the Company has issue convertible preference shares or A
preference shares or other classes of preferred shares prior to the date of vesting of the relevant Options. Arrangements may be agreed with the Company to fund this exercise price out of the proceeds
available to you from the Exit in accordance with the Scheme Rules. 

3

 

4.    Conditions of Exercise  

[add any performance etc conditions here if applicable]

5.    Taxation  

You
will be responsible for: 

	(a)
	Obtaining
any necessary governmental or other consent for the grant to you or exercise by you of options; and

	(b)
	Any
liability to tax which you may incur as a result of the grant vesting, or exercise of your options and any subsequent sale of shares. In addition, you may be required to reimburse
the Company for any liability to tax or other duty for which it becomes liable as a result of such grant, vesting or exercise. 

6.    Renouncement of options  

You
are entitled within 30 days of the date of this letter to renounce your entitlement to options by written notice to the Company (for the attention of the Company's HR department). 

Please
countersign the enclosed copy of this letter to indicate your understanding of, and agreement to, the terms on which your options are granted to you. 

	Yours sincerely,	 
	    	 
	 
 For and on behalf of

Inter China Network Software Company Limited	 
	

Acknowledged and agreed	

 
	

 	

 
	 
 Name of Employee	 
	 	 

4

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EXHIBIT 4.1    
    

1994 Employee Stock Purchase Plan  

COPART, INC.  

 1994 EMPLOYEE STOCK PURCHASE PLAN  

 (AS AMENDED DECEMBER 8, 2003)  

        The following constitute the provisions of the 1994 Employee Stock Purchase Plan of Copart, Inc. 

        1.    Purpose.    The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with
an opportunity to purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an "Employee Stock Purchase Plan" under
Section 423 of the Internal Revenue Code of 1986, as amended. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the
requirements of that section of the Code. 

        2.    Definitions.    

        (a)   "Board" shall mean the Board of Directors of the Company. 

        (b)   "Code" shall mean the Internal Revenue Code of 1986, as amended. 

        (c)   "Common Stock" shall mean the Common Stock of the Company. 

        (d)   "Company" shall mean Copart, Inc. and any Designated Subsidiary of the Company. 

        (e)   "Compensation" shall mean all base straight time gross earnings and sales commissions, exclusive of payments for
overtime, shift premium, incentive compensation, incentive payments, bonuses and other compensation. 

        (f)    "Designated Subsidiaries" shall mean the Subsidiaries which have been designated by the Board from time to time in its
sole discretion as eligible to participate in the Plan. 

        (g)   "Employee" shall mean any individual who is an employee of the Company or any Designated Subsidiary for tax purposes
whose customary employment with the Company is at least twenty (20) hours per week and more than five (5) months in any calendar year, and who has completed 90 days of continuous
employment with the Company prior to a given Enrollment Date. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other
leave of absence approved by the Company. Where the period of leave exceeds 90 days and the individual's right to reemployment is not guaranteed either by statute or by contract, the employment
relationship will be deemed to have terminated on the 91st day of such leave. 

        (h)   "Enrollment Date" shall mean the first day of each Offering Period. 

        (i)    "Exercise Date" shall mean the last day of each Offering Period. 

        (j)    "Fair Market Value" shall mean, as of any date, the value of Common Stock determined as follows: 

        (1)   If
the Common Stock is listed on any established stock exchange or a national market system, including without limitation the National Market System of the National
Association of Securities Dealers, Inc. Automated Quotation ("NASDAQ") System, its Fair Market Value shall be the closing sale price for the Common Stock (or the mean of the closing bid and
asked prices, if no sales were reported), as quoted on such exchange (or the exchange with the greatest volume of trading in Common Stock) or system on the date of such determination, as reported in
The Wall Street Journal or such other source as the Board deems reliable; provided, however that for the first Offering Period, Fair Market Value shall mean the price at which the Company's Common
Stock is initially offered to the public, or; 

        (2)   If
the Common Stock is quoted on the NASDAQ System (but not on the National Market System thereof) or is regularly quoted by a recognized securities dealer but selling
prices are not reported, its Fair Market Value shall be the mean of the closing bid and asked 

 

prices
for the Common Stock on the date of such determination, as reported in The Wall Street Journal or such other source as the Board deems reliable, or 

        (3)   In
the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Board. 

        (k)   "Offering Period" shall mean a period of approximately six (6) months, commencing on the first Trading Day on or
after July 1 and terminating on the last Trading Day in the period ending the following December 31, or commencing on the first Trading Day on or after January 1 and terminating
on the last Trading Day in the period ending the following June 30, during which an option granted pursuant to the Plan may be exercised. The duration of Offering Periods may be changed
pursuant to Section 4 of this Plan. 

        (l)    "Parent" shall mean a "parent corporation," whether now or hereafter existing, as defined in Section 424(e) of the
Code. 

        (m)  "Plan" shall mean this 1994 Employee Stock Purchase Plan. 

        (n)   "Purchase Price" shall mean an amount equal to 85% of the Fair Market Value of a share of Common Stock on the Enrollment
Date or on the Exercise Date, whichever is lower; provided, however, that the Purchase Price during the first Offering Period shall not be less than the price at which the Company's Common Stock is
initially offered to the public. 

        (o)   "Reserves" shall mean the number of shares of Common Stock covered by each option under the Plan which have not yet been
exercised and the number of shares of Common Stock which have been authorized for issuance under the Plan but not yet placed under option. 

        (p)   "Subsidiary" shall mean a corporation, domestic or foreign, of which not less than 50% of the voting shares are held by
the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. 

        (q)   "Trading Day" shall mean a day on which national stock exchanges and the NASDAQ System are open for trading. 

        3.    Eligibility.    

        (a)   Any
Employee (as defined in Section 2(g)), who shall be employed by the Company on a given Enrollment Date shall be eligible to participate in the Plan. 

        (b)   Any
provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an option under the Plan (i) to the extent, immediately after the grant,
such Employee (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding
options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Parent or Subsidiary of the
Company, or (ii) to the extent his or her rights to purchase stock under all employee stock purchase plans of the Company and its subsidiaries to accrue at a rate which exceeds
Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the time such option is granted) for each calendar year in which such option is
outstanding at any time. 

        4.    Offering Periods.    The Plan shall be implemented by consecutive Offering Periods with a new Offering Period
commencing on the first Trading Day on or after July 1 and January 1 each year, or on such other date as the Board shall determine, and continuing thereafter until terminated in
accordance with Section 19 hereof. The Board shall have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future offerings without
shareholder approval if such change is announced prior to the scheduled beginning of the first Offering Period to be affected thereafter. 

2

 

        5.    Participation.    

        (a)   An
eligible Employee may become a participant in the Plan by completing a subscription agreement authorizing payroll deductions in the form of Exhibit A to this
Plan and filing it with the Company's Personnel Administrator at its principal executive offices prior to the applicable Enrollment Date. 

        (b)   Payroll
deductions for a participant shall commence on the first payroll following the Enrollment Date and shall end on the last payroll in the Offering Period to which
such authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof. 

        6.    Payroll Deductions.    

        (a)   At
the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions made on each pay day during the Offering Period in an
amount not exceeding ten percent (10%) of the Compensation which he or she receives on each pay day during the Offering Period. 

        (b)   All
payroll deductions made for a participant shall be credited to his or her account under the Plan and will be withheld in whole percentages only. A participant may
not make any additional payments into such account. 

        (c)   A
participant may discontinue his or her participation in the Plan as provided in Section 10 hereof, or may increase or decrease the rate of his or her payroll
deductions during the Offering Period by completing or filing with the Company a new subscription agreement authorizing a change in payroll deduction rate. The Board may, in its discretion, limit the
number of participation rate changes during any Offering Period. The change in rate shall be effective with the first full payroll period following five (5) business days after the Company's
receipt of the new subscription agreement unless the Company elects to process a given change in participation more quickly. A participant's subscription agreement shall remain in effect for
successive Offering Periods unless terminated as provided in Section 10 hereof. 

        (d)   Notwithstanding
the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a participant's payroll
deductions may be decreased to 0% at such time during any Offering Period which is scheduled to end during the current calendar year (the "Current Offering Period") that the aggregate of all payroll
deductions which were previously used to purchase stock under the Plan in a prior Offering Period which ended during that calendar year plus all payroll deductions accumulated with respect to the
Current Offering Period equal $21,250. Payroll deductions shall recommence at the rate provided in such participant's subscription agreement at the beginning of the first Offering Period which is
scheduled to end in the following calendar year, unless terminated by the participant as provided in Section 10 hereof. 

        (e)   At
the time the option is exercised, in whole or in part, or at the time some or all of the Company's Common Stock issued under the Plan is disposed of, the participant
must make adequate provision for the Company's federal, state, or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock. At any
time, the Company may, but will not be obligated to, withhold from the participant's compensation the amount necessary for the Company to meet applicable withholding obligations, including any
withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Employee. 

        7.    Grant of Option.    On the Enrollment Date of each Offering Period, each eligible Employee participating in such
Offering Period shall be granted an option to purchase on the Exercise Date of such Offering Period (at the applicable Purchase Price) up to a number of shares of the Company's 

3

 

Common
Stock determined by dividing such Employee's payroll deductions accumulated prior to such Exercise Date and retained in the Participant's account as of the Exercise Date by the applicable
Purchase Price; provided that in no event shall an Employee be permitted to purchase during each Offering Period more than a number of Shares determined by dividing $12,500 by the Fair Market Value of
a share of the Company's Common Stock on the Enrollment Date, and provided further that such purchase shall be subject to the limitations set forth in Sections 3(b) and 12 hereof. Exercise of the
option shall occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof, and shall expire on the last day of the Offering Period. 

        8.    Exercise of Option.    Unless a participant withdraws from the Plan as provided in Section 10 hereof, his
or her option for the purchase of shares will be exercised automatically on the Exercise Date, and the maximum number of full shares subject to option shall be purchased for such participant at the
applicable Purchase Price with the accumulated payroll deductions in his or her account. No fractional shares will be purchased; any payroll deductions accumulated in a participant's account which are
not sufficient to purchase a full share shall be retained in the participant's account for the subsequent Offering Period, subject to earlier withdrawal by the participant as provided in
Section 10 hereof. Any other monies left over in a participant's account after the Exercise Date shall be returned to the participant. During a participant's lifetime, a participant's option to
purchase shares hereunder is exercisable only by him or her. 

        9.    Delivery.    As promptly as practicable after each Exercise Date on which a purchase of shares occurs, the
Company shall arrange the delivery to each participant, as appropriate, of a certificate representing the shares purchased upon exercise of his or her option. 

        10.    Withdrawal; Termination of Employment.    

        (a)   A
participant may withdraw all but not less than all the payroll deductions credited to his or her account and not yet used to exercise his or her option under the Plan
at any time by giving written notice to the Company in the form of Exhibit B to this Plan. All of the participant's payroll deductions credited to his or her account will be paid to such
participant promptly after receipt of notice of withdrawal and such participant's option for the Offering Period will be automatically terminated, and no further payroll deductions for the purchase of
shares will be made during the Offering Period. If a participant withdraws from an Offering Period, payroll deductions will not resume at the beginning of the succeeding Offering Period unless the
participant delivers to the Company a new subscription agreement. 

        (b)   Upon
a participant's ceasing to be an Employee (as defined in Section 2(g) hereof), for any reason, he or she will be deemed to have elected to withdraw from the
Plan and the payroll deductions credited to such participant's account during the Offering Period but not yet used to exercise the option will be returned to such participant or, in the case of his or
her death, to the person or persons entitled thereto under Section 14 hereof, and such participant's option will be automatically terminated. 

        (c)   A
participant's withdrawal from an Offering Period will not have any effect upon his or her eligibility to participate in any similar plan which may hereafter be adopted
by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the participant withdraws. 

        11.    Interest.    No interest shall accrue on the payroll deductions of a participant in the Plan. 

        12.    Stock.    

        (a)   The
maximum number of shares of the Company's Common Stock which shall be made available for sale under the Plan shall be 2,500,000 shares, subject to adjustment upon
changes in capitalization of the Company as provided in Section 18 hereof. If on a given Exercise Date the 

4

 

number
of shares with respect to which options are to be exercised exceeds the number of shares then available under the Plan, the Company shall make a pro rata allocation of the shares remaining
available for purchase in as uniform a manner as shall be practicable and as it shall determine to be equitable. 

        (b)   The
participant will have no interest or voting right in shares covered by his option until such option has been exercised. 

        (c)   Shares
to be delivered to a participant under the Plan will be registered in the name of the participant or in the name of the participant and his or her spouse. 

        13.    Administration.    The Plan shall be administered by the Board or a committee of members of the Board appointed
by the Board. The Board or its committee shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all
disputed claims filed under the Plan. Every finding, decision and determination made by the Board or its committee shall, to the full extent permitted by law, be final and binding upon all parties. 

        14.    Designation of Beneficiary.    

        (a)   A
participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the participant's account under the Plan in the
event of such participant's death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares and cash. In addition, a participant may
file a written designation of a beneficiary who is to receive any cash from the participant's account under the Plan in the event of such participant's death prior to exercise of the option. If
a participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 

        (b)   Such
designation of beneficiary may be changed by the participant at any time by written notice. In the event of the death of a participant and in the absence of a
beneficiary validly designated under the Plan who is living at the time of such participant's death, the Company shall deliver such shares and/or cash to the executor or administrator of the estate of
the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to
any one or more dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

        15.    Transferability.    Neither payroll deductions credited to a participant's account nor any rights with regard
to the exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or
as provided in Section 14 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act
as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof. 

        16.    Use of Funds.    All payroll deductions received or held by the Company under the Plan may be used by the
Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. 

        17.    Reports.    Individual accounts will be maintained for each participant in the Plan. Statements of account will
be given to participating Employees at least annually, which statements will set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash
balance, if any. 

5

 

        18.    Adjustments Upon Changes in Capitalization.    

        (a)    Changes in Capitalization.    Subject to any required action by the shareholders of the Company, the Reserves
as well as the price per share of Common Stock covered by each option under the Plan which has not yet been exercised shall be proportionately adjusted for any increase or decrease in the number of
issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of
shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been
"effected without receipt of consideration". Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided
herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of shares of Common Stock subject to an option. 

        (b)    Dissolution or Liquidation.    In the event of the proposed dissolution or liquidation of the Company, the
Offering Period will terminate immediately prior to the consummation of such proposed action, unless otherwise provided by the Board. 

        (c)    Merger or Asset Sale.    In the event of a proposed sale of all or substantially all of the assets of the
Company, or the merger of the Company with or into another corporation, each option under the Plan shall be assumed or an equivalent option shall be substituted by such successor corporation or a
parent or subsidiary of such successor corporation, unless the Board determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, to shorten the Offering Period
then in progress by setting a new Exercise Date (the "New Exercise Date") or to cancel each outstanding right to purchase and refund all sums collected from participants during the Offering Period
then in progress. If the Board shortens the Offering Period then in progress in lieu of assumption or substitution in the event of a merger or sale of assets, the Board shall notify each participant
in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for his option has been changed to the New Exercise Date and that his option will be exercised
automatically on the New Exercise Date, unless prior to such date he has withdrawn from the Offering Period as provided in Section 10 hereof. For purposes of this paragraph, an option granted
under the Plan shall be deemed to be assumed if, following the sale of assets or merger, the option confers the right to purchase, for each share of option stock subject to the option immediately
prior to the sale of assets or merger, the consideration (whether stock, cash or other securities or property) received in the sale of assets or merger by holders of Common Stock for each share of
Common Stock held on the effective date of the transaction (and if such holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding
shares of Common Stock); provided, however, that if such consideration received in the sale of assets or merger was not solely common stock of the successor corporation or its parent (as defined in
Section 424(e) of the Code), the Board may, with the consent of the successor corporation, provide for the consideration to be received upon exercise of the option to be solely common stock of
the successor corporation or its parent equal in fair market value to the per share consideration received by holders of Common Stock and the sale of assets or merger. 

        The
Board may, if it so determines in the exercise of its sole discretion, also make provision for adjusting the Reserves, as well as the price per share of Common Stock covered by each
outstanding option, in the event the Company effects one or more reorganizations, recapitalization, rights offerings or other increases or reductions of shares of its outstanding Common Stock, and in
the event of the Company being consolidated with or merged into any other corporation. 

6

 

        19.    Amendment or Termination.    

        (a)   The
Board of Directors of the Company may at any time and for any reason terminate, suspend or amend the Plan. Except as provided in Section 18 hereof, no such
termination or suspension can affect options previously granted, provided that an Offering Period may be terminated or suspended by the Board of Directors on any Exercise Date if the Board determines
that the termination or suspension of the Plan is in the best interests of the Company and its shareholders. Except as provided in Section 18 hereof or this Section 19, no amendment may
make any change in any option theretofore granted which adversely affects the rights of any participant. To the extent necessary to comply with Rule 16b-3 or under
Section 423 of the Code (or any successor rule or provision or any other applicable law or regulation or stock exchange rule), the Company shall obtain shareholder approval in such a manner and
to such a degree as required. 

        (b)   Without
shareholder consent and without regard to whether any participant rights may be considered to have been "adversely affected," the Board (or its committee) shall
be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld
in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant in order to adjust for delays or mistakes in the Company's processing of properly
completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for
each participant properly correspond with amounts withheld from the participant's Compensation, and establish such other limitations or procedures as the Board (or its committee) determines in its
sole discretion advisable which are consistent with the Plan. 

        (c)   In
the event the Board of Directors determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Board may, in its
discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

        (1)   altering
the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price; 

        (2)   shortening
any Offering Period so that Offering Period ends on a new Exercise Date, including an Offering Period underway at the time of the Board action; and 

        (3)   allocating
shares. 

Such
modifications or amendments shall not require stockholder approval or the consent of any Plan participants. 

        20.    Notices.    All notices or other communications by a participant to the Company under or in connection with the
Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

        21.    Conditions Upon Issuance of Shares.    Shares shall not be issued with respect to an option unless the exercise
of such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act
of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be
listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

        As
a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the shares are being
purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law. 

        22.    Term of Plan.    The Plan shall become effective upon the earlier to occur of its adoption by the Board of
Directors or its approval by the shareholders of the Company. It shall continue in effect for a term of twenty (20) years unless sooner terminated under Section 19 hereof. 

7

Exhibit A  

COPART, INC.  

 1994 EMPLOYEE STOCK PURCHASE PLAN  

 SUBSCRIPTION AGREEMENT  

	 	Original Application	 	Enrollment Date:	 
	
	 	 	 	

	 	Change in Payroll Deduction Rate	 	 	 
	
	 	 	 	 
	 	Change of Beneficiary(ies)	 	 	 
	
	 	 	 	 

	1.
	                                        
        hereby
elects to participate in the Copart, Inc. 1994 Employee Stock Purchase Plan (the "Employee Stock Purchase Plan") and subscribes to purchase shares of the
Company's Common Stock in accordance with this Subscription Agreement and the Employee Stock Purchase Plan.

	2.
	I
hereby authorize payroll deductions from each paycheck in the amount of    % (not to exceed 10%) of my Compensation on each payday during the Offering Period in accordance
with the Employee Stock Purchase Plan. (Please note that no fractional percentages are permitted.)

	3.
	I
understand that said payroll deductions shall be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with the Employee
Stock Purchase Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option.

	4.
	I
have received a copy of the complete "Employee Stock Purchase Plan." I understand that my participation in the Employee Stock Purchase Plan is in all respects subject to the terms of
the Plan. I understand that the grant of the option by the Company under this Subscription Agreement is subject to obtaining shareholder approval of the Employee Stock Purchase Plan.

	5.
	Shares
purchased for me under the Employee Stock Purchase Plan should be issued in the name(s) of (Employee or Employee and Spouse Only)
:                        

	6.
	I
understand that if I dispose of any shares received by me pursuant to the Plan within 2 years after the Enrollment Date (the first day of the Offering Period during which I
purchased such shares), I will be treated for federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of the fair market value
of the shares at the time such shares were purchased by me over the price which I paid for the shares. I hereby agree to notify the Company in writing within 30 days
after the date of any disposition of shares and I will make adequate provision for Federal, state or other tax withholding obligations, if any, which arise upon disposition of the Common
Stock. The Company may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable withholding obligation including any withholding
necessary to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by me. If I dispose of such shares at any time after the expiration
of the two-year holding period, I understand that I will be treated for federal income tax purposes as having received income only at the time of such disposition, and that such income
will be taxed as ordinary income only to the extent of an amount equal to the lesser of (1) the excess of the fair market value of the shares at the time of such disposition over the purchase
price which I paid for the shares, or (2) 15% of the fair market value of the shares on the first day of the Offering Period. The remainder of the gain, if any, recognized on such disposition
will be taxed as capital gain. 

 
	7.
	I
hereby agree to be bound by the terms of the Employee Stock Purchase Plan. The effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the
Employee Stock Purchase Plan.

	8.
	In
the event of my death, I hereby designate the following as my beneficiary(ies) to receive all payments and shares due me under the Employee Stock Purchase Plan: 

	NAME: (Please print)	 	 
	 	 	
 (First)                   (Middle)
                   (Last)
	

 	
 	

 
	
 Relationship	 	

	

 	
 	

 
	 	 	
 (Address)
	

 	
 	

 
	NAME: (Please print)	 	 
	 	 	
 (First)                   (Middle)
                   (Last)
	

 	
 	

 
	
 Relationship	 	

	

 	
 	

 
	 	 	
 (Address)

2

 

	Employee's Social

Security Number:	 	 
	 	 	

	

Employee's Address:	
 	

 
	 	 	

	

 	
 	

 
	 	 	

	

 	
 	

 
	 	 	

I
UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME. 

	Dated:	 	 	 
	 	
	 	
 Signature of Employee
	

 	

 	
 	

 
	

 	

 	
 	

 
	 	 	 	
 Spouse's Signature (If beneficiary

other than spouse)
	 	 	 	 

3

Exhibit B  

COPART, INC.  

 1994 EMPLOYEE STOCK PURCHASE PLAN  

 NOTICE OF WITHDRAWAL  

        The undersigned participant in the Offering Period of the Copart, Inc. 1994 Employee Stock Purchase Plan which began
on                                ,
        (the "Enrollment Date") hereby notifies the Company that he or she hereby withdraws from the Offering Period. He or she hereby directs the Company to pay to the undersigned as promptly
as practicable all the payroll deductions credited to his or her account with respect to such Offering Period. The undersigned understands and agrees that his or her option for such Offering Period
will be automatically terminated. The undersigned understands further that no further payroll deductions will be made for the purchase of shares in the current Offering Period and the undersigned
shall be eligible to participate in succeeding Offering Periods only by delivering to the Company a new Subscription Agreement. 

	 	 	Name and Address of Participant:
	

 	
 	

 	

 
	 	 	

	

 	
 	

 	

 
	 	 	

	

 	
 	

 	

 
	 	 	

	

 	
 	

 	

 
	 	 	Signature:
	

 	
 	

 	

 
	 	 	

	

 	
 	

 	

 
	 	 	Date:	 
	 	 	 	

	 	 	 	 

QuickLinks

EXHIBIT 4.1

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