CorVel (CRVL) CFO discloses non-qualified stock option holdings

Rhea-AI Filing Summary

CorVel Corporation’s Chief Financial Officer Brian Nichols has filed an initial ownership report showing his holdings of stock options. The filing lists several non-qualified stock options, each giving him the right to buy CorVel common stock at exercise prices ranging from $39.827 to $110.18, with expirations between 2026 and 2030.

One option grant vests so that 25% becomes exercisable one year after the grant date, with the remaining shares vesting in 36 equal monthly installments. The filing reflects the number of shares that remain available under each option originally granted between 2021 and 2025.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Nichols Brian S.

(Last) (First) (Middle)

C/O CORVEL CORPORATION

5128 APACHE PLUME ROAD, SUITE 400

(Street)

FORT WORTH TX 76109

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/10/2025

3. Issuer Name and Ticker or Trading Symbol
CORVEL CORP [ CRVL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (Right to Buy)	(1)	05/06/2026	Common Stock	18(2)	$39.827	D
Non-Qualified Stock Option (Right to Buy)	(1)	08/05/2026	Common Stock	51(3)	$52.647	D
Non-Qualified Stock Option (Right to Buy)	(1)	02/03/2027	Common Stock	126(4)	$51.01	D
Non-Qualified Stock Option (Right to Buy)	(1)	05/12/2027	Common Stock	162(5)	$49.63	D
Non-Qualified Stock Option (Right to Buy)	(1)	08/04/2027	Common Stock	201(6)	$54.537	D
Non-Qualified Stock Option (Right to Buy)	(1)	11/03/2027	Common Stock	357(7)	$51.997	D
Non-Qualified Stock Option (Right to Buy)	(1)	01/14/2030	Common Stock	225(8)	$110.18	D

Explanation of Responses:

1. Reflects a grant of a non-qualified stock option (the "Option") made to the Reporting Person under the Issuer's Restated Omnibus Incentive Plan (formerly the 1988 Executive Stock Option Plan). Twenty-five percent of the Option vests and becomes exercisable one year following the grant date with the remaining shares exercisable in 36 equal monthly installments thereafter.

2. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on May 6, 2021 covering an aggregate of 900 shares.

3. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on August 5, 2021 covering an aggregate of 600 shares.

4. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on February 3, 2022 covering an aggregate of 600 shares.

5. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on May 12, 2022 covering an aggregate of 600 shares.

6. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on August 4, 2022 covering an aggregate of 600 shares.

7. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on November 3, 2022 covering an aggregate of 900 shares.

8. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on January 14, 2025 covering an aggregate of 225 shares.

Remarks:

Exhibit 24.1 - Power of Attorney

	/s/ Sharon O'Connor, Attorney-in-Fact for Brian Nichols	02/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does CorVel (CRVL) CFO Brian Nichols disclose in this Form 3?

Brian Nichols discloses his beneficial ownership of several non-qualified stock options to buy CorVel common stock. The filing lists remaining shares under each option, their exercise prices, and expirations from 2026 to 2030, providing transparency into his equity-based compensation holdings as Chief Financial Officer.

What types of securities does Brian Nichols report owning in CorVel (CRVL)?

Brian Nichols reports owning non-qualified stock options, each representing the right to buy CorVel common stock. The options have specific exercise prices and expiration dates, and the filing shows how many shares remain issuable under options originally granted between 2021 and 2025 under CorVel’s incentive plan.

How do Brian Nichols’ CorVel (CRVL) stock options vest according to the filing?

One non-qualified stock option grant vests with 25% becoming exercisable one year after the grant date. The remaining shares under that grant vest in 36 equal monthly installments, creating a four-year vesting schedule that ties continued service to the gradual ability to exercise the option.

What are the exercise price ranges of Brian Nichols’ CorVel (CRVL) options?

The disclosed non-qualified stock options carry exercise prices ranging from about $39.827 per share up to $110.18 per share. Each option series has its own fixed exercise price and expiration date, determining the cost at which Nichols can acquire CorVel common stock if he chooses to exercise.

Over what period were Brian Nichols’ CorVel (CRVL) stock options originally granted?

The filing explains that the remaining option shares relate to grants initially issued between May 2021 and January 2025. Each footnote ties the current remaining shares to a specific original grant date and total grant size under CorVel’s Restated Omnibus Incentive Plan for executives.

Does Brian Nichols hold CorVel (CRVL) stock options directly or indirectly?

The options reported in the filing are held directly by Brian Nichols. The ownership form for each non-qualified stock option is marked as “D” for direct, and there are no footnotes indicating that these holdings are through a separate trust, partnership, or other indirect ownership structure.