Michael G. Combs, CEO and President of CorVel Corp, filed a Form 4 on November 9, 2026, reporting multiple stock option exercises and related share disposals that occurred on November 6, 2026.

Key Highlights

  • Three option exercises: Combs exercised non-qualified stock options for 4,800 shares, 2,907 shares, and 1,653 shares of common stock, all at an exercise price of $65.72 per share on November 6, 2026.
  • Shares withheld for taxes and exercise costs: A total of 8,343 shares were disposed of (transaction code F) at $83.16 per share to cover option exercise price and/or tax liability.
  • Remaining beneficial ownership: Following all reported transactions, Combs directly owned 13,384 shares of CorVel common stock.
  • Remaining derivative securities: After the exercises, Combs held 6,507, 3,600, and 1,947 non-qualified stock options (right to buy) with an expiration date of December 8, 2026.
  • Performance-based vesting: According to the filing, the exercised options "will vest based on achievement of certain performance criteria relating to earnings growth."
  • Exchange and ticker: CorVel Corp trades as NASDAQ:CRVL.

CorVel CEO's November 6, 2026 Option Exercise Transactions in Detail

According to the Form 4 filing, Michael G. Combs, serving as CEO and President of CorVel Corp (NASDAQ:CRVL), executed three separate non-qualified stock option exercises on November 6, 2026. The options carried an exercise price of $65.72 per share. The three exercises covered 4,800 shares, 2,907 shares, and 1,653 shares, respectively, for a combined total of 9,360 shares acquired via transaction code M.

Concurrent with each exercise, the filing reports that shares were delivered back to the company (transaction code F) at a price of $83.16 per share to cover the option exercise price and/or tax liability. Specifically, 3,793 and 486 shares were withheld in connection with the first exercise; 2,297 and 294 shares in connection with the second; and 1,306 and 167 shares in connection with the third. The filing notes these disposals as "shares delivered in payment of the option exercise price and/or tax liability incident to the option exercise."

After all nine reported transactions were completed, Combs held 13,384 shares of CorVel common stock directly. On the derivative securities side, the filing shows remaining non-qualified stock option positions of 6,507, 3,600, and 1,947 shares, all with an expiration date of December 8, 2026. The filing was signed by Sharon O'Connor on behalf of Michael Combs on November 9, 2026.

What Was Disclosed

The Form 4 disclosed that CorVel Corp CEO Michael G. Combs exercised non-qualified stock options totaling 9,360 shares at $65.72 on November 6, 2026, with 8,343 shares withheld at $83.16 to satisfy exercise costs and taxes, leaving him with 13,384 shares directly owned.