JESSUP R JUDD 4

What Happened

• Jessup R. Judd, a director of CorVel Corp. (CRVL), exercised stock options on 2026-06-11. The filing shows an exercise (code M) that acquired 9,000 shares at a $14.44 exercise price (value = $129,960).
• To cover the exercise price and/or tax withholding (code F), 2,153 shares were delivered/withheld at $60.79 per share (value = $130,881).
• The filing also reports a disposition (listed as derivative/ M) of 9,000 shares at $60.79 each for $547,110 on the same date. In plain terms: options were exercised and some shares were withheld for payment/taxes, with a same-day disposition reported at the market price.

Key Details

• Transaction date: 2026-06-11; Filing date: 2026-06-12 (timely filing).
• Prices and amounts: exercised 9,000 shares @ $14.44 (cost $129,960); 2,153 shares withheld @ $60.79 (value $130,881); 9,000 shares reported disposed @ $60.79 (value $547,110).
• Footnotes: F1 = shares delivered to pay exercise price and/or tax liability; F2 = options are exercisable in four equal annual installments beginning 12 months after grant.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Transaction codes: M = option exercise/conversion; F = payment of exercise price/tax via share withholding.

Context

• This appears to be a cashless-style exercise: options were exercised and a portion of the resulting shares were delivered/withheld to satisfy the exercise price and tax obligations. The separate reported disposition at the market price suggests shares were also reported as sold or otherwise transferred the same day. These actions are common with option exercises and tax-withholding and are routine insider transactions; they do not by themselves indicate the director’s view of the company’s long-term prospects.