Nichols Brian S. 4

What Happened Brian S. Nichols, Chief Financial Officer of CorVel Corp (CRVL), reported exercising stock options on May 1, 2026. The Form 4 shows an exercise (code M) converting 18 option shares at a $39.83 strike (acquired value $717). The filing also shows 31 shares disposed (codes F and M) at $57.53 per share — 12 shares ($690) and 1 share ($58) listed as tax/exercise price withholding (code F), plus 18 shares ($1,036) recorded as a derivative disposition. Total reported dispositions equal $1,784. These actions are consistent with a cashless or net-share exercise where shares are used/delivered to cover taxes and/or exercise costs.

Key Details

• Transaction date: 2026-05-01; Form filed: 2026-05-05 (filed 4 days after the transaction; Form 4 is normally due within two business days).
• Exercise: 18 shares exercised at $39.83; reported acquisition value $717 (code M).
• Withholding/dispositions: 12 shares at $57.53 ($690) and 1 share at $57.53 ($58) for tax/exercise withholding (code F); additional 18 shares at $57.53 ($1,036) shown as derivative disposition (code M).
• Total disposed in this reporting event: 31 shares for $1,784; total acquired reported: 18 shares for $717.
• Shares owned after the transactions: Not specified in this Form 4.
• Relevant footnotes: F2 confirms shares were delivered to pay option exercise price and/or tax liability; F3 describes the option vesting schedule (25% after one year, remainder vesting monthly over 36 months); F1 notes the report does not reflect changes from participation in the issuer’s qualified employee stock plan since the last related filing.

Context This filing documents an options exercise with shares withheld/sold to cover taxes/exercise costs — a common, routine insider transaction and not a typical open-market purchase or sale to signal a change in view. The presence of withholding (code F) and the derivative exercise (code M) indicate a cashless/net-share settlement rather than a separate market sale. The Form 4 appears to have been filed after the usual two-business-day window, which investors may note for timeliness but does not change the reported economics of the transactions.