CorVel CFO exercises options, covers taxes with shares

CorVel Corp Chief Financial Officer Brian S. Nichols exercised stock options and settled related tax obligations using shares.

Rhea-AI Filing Summary

CorVel Corp Chief Financial Officer Brian S. Nichols exercised stock options and settled related tax obligations using shares. On May 1, 2026, he exercised a non-qualified stock option for 18 shares of common stock at $39.827 per share. In connection with this exercise, a total of 13 shares of common stock, valued at $57.53 per share, were delivered to cover the option exercise price and associated tax liability, as reflected in two tax-withholding dispositions. The remaining shares from the option exercise increased his directly held common stock position by a small amount. The filing notes that employee stock plan participation changes since the prior report are not included here.

Insider Trade Summary

18 shares exercised/converted

Exercise 4 txns

Insider Nichols Brian S.

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (right to buy)	18	$57.53	$1K
Exercise	Common Stock	18	$39.827	$716.89
Exercise Price or Tax Liability	Common Stock	12	$57.53	$690.36
Exercise Price or Tax Liability	Common Stock	1	$57.53	$57.53

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 5 shares (Direct)

Footnotes (3)

1. F1. Beneficial holdings reflected on this report do not include changes in the reporting person's holdings of securities resulting from participation in the issuer's qualified employee stock plan since the last filing of a report disclosing transactions related to such participation
2. F2. Shares delivered in payment of the option exercise price and/or tax liability incident to the option exercise.
3. F3. Exercisable as to 25% of shares one year following grant date with the remaining shares exercisable in 36 equal monthly installments thereafter.

Key Figures

Option shares exercised: 18 shares Option exercise price: $39.827/share Shares for tax and exercise: 13 shares +3 more

6 metrics

Option shares exercised 18 shares Non-qualified stock option exercise on May 1, 2026

Option exercise price $39.827/share Strike price of non-qualified stock option

Shares for tax and exercise 13 shares Tax-withholding and exercise-price payment in stock

Tax/payment share value $57.53/share Value of common stock delivered for taxes and exercise

Option expiration date May 6, 2026 Expiration of the exercised non-qualified stock option

Tax-withholding transactions 2 transactions, 13 shares total Code F dispositions on May 1, 2026

Key Terms

Non-Qualified Stock Option, tax-withholding disposition, Exercise or conversion of derivative security, qualified employee stock plan

4 terms

Non-Qualified Stock Option financial

"Non-Qualified Stock Option (right to buy)"

A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.

tax-withholding disposition financial

"transaction_action": "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

qualified employee stock plan financial

"participation in the issuer's qualified employee stock plan since the last filing"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did CorVel (CRVL) CFO Brian S. Nichols report in this Form 4?

Brian S. Nichols reported exercising a non-qualified stock option for 18 shares of CorVel common stock. In the same filing, he used a portion of shares to cover the option exercise price and related tax liabilities, resulting in a small net increase in directly held shares.

How many CorVel (CRVL) shares did the CFO acquire through option exercise?

The CFO exercised options covering 18 shares of CorVel common stock at a price of $39.827 per share. These shares came from a non-qualified stock option that was nearing expiration, as indicated by the option’s May 6, 2026 expiration date.

How many CorVel (CRVL) shares were used for taxes and exercise costs?

The filing shows a total of 13 shares of CorVel common stock delivered to cover the option exercise price and tax liabilities. These are reported as two separate transactions coded F, both described as payments of exercise price or tax liability by delivering securities.

What prices are associated with the CorVel (CRVL) CFO’s Form 4 transactions?

The non-qualified stock option carried an exercise price of $39.827 per share, while the common stock used for tax and exercise payments is valued at $57.53 per share. These figures highlight the difference between the option strike price and the prevailing share value at the transaction date.

Does the CorVel (CRVL) Form 4 include changes from the employee stock plan?

The footnotes state that this Form 4 does not reflect changes in the reporting person’s holdings from participation in CorVel’s qualified employee stock plan since the last report. Only the option exercise and related share deliveries are included in the reported holdings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/05/2026 - 03:03 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nichols Brian S.

(Last) (First) (Middle)

5128 APACHE PLUME ROAD, SUITE 400

(Street)

FORT WORTH TEXAS 75109

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	05/01/2026		M		18	A	$39.827	18	D
Common Stock	05/01/2026		F(2)		12	D	$57.53	6	D
Common Stock	05/01/2026		F(2)		1	D	$57.53	5	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (right to buy)(1)	$39.827	05/01/2026		M			18	(3)	05/06/2026	Common Stock	18	$57.53	0	D

Explanation of Responses:

1. Beneficial holdings reflected on this report do not include changes in the reporting person's holdings of securities resulting from participation in the issuer's qualified employee stock plan since the last filing of a report disclosing transactions related to such participation

2. Shares delivered in payment of the option exercise price and/or tax liability incident to the option exercise.

3. Exercisable as to 25% of shares one year following grant date with the remaining shares exercisable in 36 equal monthly installments thereafter.

	By: Sharon O'Connor For: Brian Nichols	05/05/2026
	** 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 4 (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.
* Form 4: SEC 1474 (03-26)