Nichols Brian S. 4

What Happened
Brian S. Nichols, Chief Financial Officer of CorVel Corp (CRVL), received a grant of a derivative award: a non‑qualified stock option covering 4,000 shares (transaction reported as an "A" — award/grant). The filing shows an acquisition amount of $0.00 (typical for option grants reported on Form 4); the option vests only if certain earnings‑growth performance targets are met per the footnote.

Key Details

• Transaction date: 2025-11-06 (grant date). Form 4 filed: 2026-02-02 (filed nearly three months after the grant).
• Reported transaction type/code: A = Award/Grant (derivative security — option).
• Shares/options granted: 4,000 (reported at $0.00 acquisition price).
• Amount beneficially owned after the transaction: not specified in the provided filing summary.
• Footnote: This was a non‑qualified stock option under the Issuer’s 2025 Stock Incentive Plan; vesting depends on achievement of earnings‑growth performance criteria. Exercise price and other detailed terms are not shown in the summary provided.
• Timeliness: The Form 4 was filed well after the typical 2-business‑day reporting window for insider transactions; late filings reduce the immediacy of public disclosure.

Context
An option grant is not the same as an immediate purchase of shares — Nichols will only acquire shares if and when the option vests and he exercises it (and may be subject to additional plan terms and withholding). Grants tied to performance criteria are common as long‑term incentives for executives; they do not by themselves indicate buying or selling activity in the market.