Bertels Mark E. 4

What Happened

• Mark E. Bertels, Executive Vice President — Risk Management Services at CorVel (CRVL), exercised stock options and had shares withheld to cover exercise price/taxes. The filing shows an exercise of 1,050 option shares at $39.83 (cost $41,818). The filing also reports a disposition of 1,050 shares at $57.40 for $60,270 and two withholding disposals (736 shares at $56.76 for $41,775 and 94 shares at $57.40 for $5,396) to satisfy exercise/tax obligations.

Key Details

• Transaction date: 2026-04-22 (Form 4 filed 2026-04-23 — appears timely).
• Reported items:
  • Exercise (code M): 1,050 shares @ $39.83 — $41,818 (acquired).
  • Withholding/Payment (code F): 736 shares @ $56.76 — $41,775 (disposed).
  • Withholding/Payment (code F): 94 shares @ $57.40 — $5,396 (disposed).
  • Disposition (code M/derivative): 1,050 shares @ $57.40 — $60,270 (disposed).
• Footnotes: F1 = shares delivered in payment of exercise price and/or tax liability; F2 = option vesting schedule (25% after 1 year, remainder in 36 monthly installments).
• Shares owned after the transactions are not stated in the summary data provided in this request.

Context

• This filing reflects an option exercise with same-day dispositions/withholding to cover taxes and/or exercise costs — commonly called a cashless exercise. Such transactions are often routine and do not by themselves indicate a change in insider sentiment.
• Transaction codes: M = option exercise/conversion; F = shares delivered/withheld for exercise price or tax liability.