CorVel (CRVL) CFO Brian Nichols Exercises Stock Options

What Happened

• Brian S. Nichols, Chief Financial Officer of CorVel Corp. (CRVL), exercised stock options on 2026-08-04 to acquire 51 shares at a strike price of $52.65 per share (total $2,685).
• The filing also shows 46 shares (45 shares and 1 share reported separately) were delivered to cover the option exercise price and/or tax liability at a reported market value of $59.10 per share (2,660 + 59).
• The report includes a derivative disposition line for 51 shares at $59.10 per share (total $3,014). The Form 4 does not state the post-transaction total shares owned by Nichols.

Key Details

• Transaction date: 2026-08-04; Form 4 filed 2026-08-05 (timely — within the usual 2 business day window).
• Reported entries:
  • M (exercise): 51 shares acquired @ $52.65 = $2,685.
  • F (payment/tax withholding): 45 shares disposed @ $59.10 = $2,660; 1 share disposed @ $59.10 = $59.
  • M (derivative disposition): 51 shares disposed @ $59.10 = $3,014.
• Footnotes:
  • F1: Shares were delivered in payment of the option exercise price and/or tax liability incident to the option exercise.
  • F2: The options vest 25% one year after grant, with remaining shares vesting in 36 equal monthly installments.
• Shares owned after the transaction are not provided in the supplied filing.

Context

• This was an option exercise with shares withheld to satisfy exercise price and/or tax withholding (a common, routine corporate practice). That structure is different from an open-market purchase or an outright sale and does not, by itself, indicate a change in the insider’s view of the company.
• For retail investors: purchases are often seen as more informative than exercises/withholdings. Here, Nichols exercised options but surrendered shares to meet obligations — the filing records the mechanics and values but does not disclose a clear net buy/sell signal or updated total holdings.