CorVel (CRVL) Form 4: 1,500-Option Grant to Director, 4-Year Vesting

Rhea-AI Filing Summary

Michael Jeffrey J, identified as a director and 10% owner of CorVel Corp (CRVL), was granted 1,500 non-qualified stock options on 08/07/2025 with an exercise price of $85.56. The options expire on 08/07/2035 and become exercisable in four equal annual installments beginning 12 months after the grant, so vesting begins on 08/07/2026. The Form 4 reports the reporting person directly beneficially owns 1,500 derivative securities following the transaction. The filing is signed on 08/11/2025.

Positive

• 1,500 non-qualified stock options granted to a director and 10% owner on 08/07/2025
• Clear vesting schedule: four equal annual installments commencing 12 months after grant; 10-year term to 08/07/2035

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director option grant: 1,500 options, $85.56 strike, 4-year vesting, 10-year term.

This Form 4 documents a standard non-qualified stock option grant to a director who is also a 10% owner. Key facts are the 1,500-option size, $85.56 exercise price, vesting in four equal annual installments starting 12 months after grant, and a 10-year expiration to 08/07/2035. The filing shows direct beneficial ownership of the 1,500 options following the grant. From a governance perspective, the disclosure is clear and follows required Section 16 reporting rules.

Compensation Analyst

TL;DR: Typical equity-based compensation structure with multi-year vesting and long exercise window; no other compensation detail disclosed.

The grant is a non-qualified stock option with an explicit exercise price of $85.56 and a stated vesting schedule of four equal annual installments beginning 12 months post-grant. The instrument covers 1,500 shares and expires on 08/07/2035. The Form 4 does not provide additional compensation terms (such as performance conditions or forfeiture provisions), so assessment is limited to the shown mechanics of the award.

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

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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^*

MICHAEL JEFFREY J

(Last) (First) (Middle)

5128 APACHE PLUME ROAD, SUITE 400

(Street)

FORT WORTH TX 75109

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

4. 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 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

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)	$85.56	08/07/2025		A		1,500		(1)	08/07/2035	Common Stock	1,500	$0.0	1,500	D

Explanation of Responses:

1. Exercisable in a series of 4 equal and successive annual installments commencing 12 months following the date of grant.

	By: Sharon O'Connor For: Jeffrey Michael	08/11/2025
	** 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.
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