CorVel (CRVL) EVP Mark Bertels Exercises Options; Shares Withheld

What Happened

• Mark E. Bertels, Executive Vice President — Risk Management Services at CorVel (CRVL), reported option exercises on 2026-07-29. The filing shows two exercise entries:
  • 750 shares exercised at $52.65 (reported as acquired) — value shown $39,485.
  • 750 shares exercised at $62.25 (reported as derivative disposed) — value shown $46,688.
• In addition, 667 shares were delivered/withheld to cover the option exercise price and/or tax liability (listed as two F entries: 634 shares at $62.25 for $39,467 and 33 shares at $62.25 for $2,054).
• Transaction codes: M = option exercise; F = shares delivered in payment of exercise price/taxes.

Key Details

• Transaction date: July 29, 2026.
• Prices and amounts reported:
  • 750 shares @ $52.65 — $39,485 (acquired).
  • 750 shares @ $62.25 — $46,688 (derivative/disposed).
  • 634 shares @ $62.25 — $39,467 (withheld for exercise/taxes).
  • 33 shares @ $62.25 — $2,054 (withheld for exercise/taxes).
• Shares owned after the transactions: not reported in the provided filing.
• Footnotes:
  • F1: Shares were delivered in payment of the option exercise price and/or tax liability.
  • F2: Options vest 25% one year after grant, then monthly over 36 months (vesting schedule).
• Filing timeliness: Report filed on 2026-07-30 for transactions on 2026-07-29 — not indicated as late.

Context

• This appears to be an option exercise with shares withheld/sold to satisfy exercise price and tax withholding (a common cashless exercise/withholding practice). Such withholding is routine administrative treatment and does not by itself indicate the insider is taking a bullish or bearish public position.