CorVel (CRVL) Insider: 12,000 Options Exercised and 12,000 Shares Sold on 08/20/2025

Rhea-AI Filing Summary

Maxim Shishin, Chief Information Officer of CorVel Corp (CRVL), reported option exercise and share sale transactions on 08/20/2025. He exercised 12,000 non-qualified stock options with an exercise price of $29.23 that are exercisable by 11/05/2025, resulting in ownership of 12,000 underlying shares from that exercise. On the same date he sold 12,000 shares at $89.1647 per share. After these transactions, his reported beneficial ownership in common stock was 7,050 shares and he beneficially owned 18,000 non-qualified stock options. The option vesting is tied to performance criteria related to earnings growth, per the filer.

Positive

• Exercise disclosed: Exercised 12,000 non-qualified stock options at $29.23 with details of exercisability and expiration provided
• Performance linkage disclosed: Remaining option vesting is explicitly tied to earnings growth

Negative

• Share sale disclosed: Sold 12,000 shares at $89.1647 on the same date as the exercise
• Reduced direct share ownership: Reported beneficial ownership in common stock decreased to 7,050 shares following the transactions

Insights

Securities Analyst

TL;DR Insider exercised options and sold shares the same day, leaving meaningful remaining option holdings tied to performance.

The filing shows a routine Section 16 transaction: 12,000 options were exercised at $29.23 and the same number of shares were sold at $89.1647 on 08/20/2025. Post-transaction, the reporting person holds 7,050 shares and 18,000 options. The derivatives remaining are non-qualified stock options with vesting tied to earnings growth, which could align compensation with company performance. The transactions are clearly disclosed and typical for option exercises followed by partial monetization.

Corporate Governance Expert

TL;DR Transactions are properly reported and include performance-based vesting language for remaining options.

The Form 4 indicates compliance with reporting rules: transactions are dated, prices and quantities are disclosed, and an explanatory note states that option vesting depends on earnings growth criteria. The reporting person remains an officer (Chief Information Officer) and retains derivative exposure (18,000 options) that are performance-contingent. From a governance perspective, disclosure is complete and the vesting condition is material to how those options will convert to shares.

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
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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^*

Shishin Maxim

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025

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
Common Stock	08/20/2025		M		12,000	A	$29.23	19,050	D
Common Stock	08/20/2025		S		12,000	D	$89.1647	7,050	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)	$29.23	08/20/2025		M			12,000	(1)	11/05/2025	Common Stock	12,000	$0.0	18,000	D

Explanation of Responses:

1. Option will vest based on achievement of certain performance criteria relating to earnings growth.

	By: Sharon O'Connor For: Maxim Shishin	08/21/2025
	** 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.
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 transactions did Maxim Shishin report on Form 4 for CRVL?

He reported exercising 12,000 non-qualified stock options at $29.23 and selling 12,000 common shares at $89.1647 on 08/20/2025.

How many CorVel (CRVL) shares does the reporting person own after the transactions?

The Form 4 shows beneficial ownership of 7,050 common shares following the reported transactions.

How many options does Maxim Shishin still beneficially own?

He beneficially owned 18,000 non-qualified stock options after the reported transactions.

What is the exercise price and expiration information for the exercised options?

The exercised options have an exercise price of $29.23 and are listed as exercisable by 11/05/2025.

Are the remaining options subject to any performance conditions?

Yes. The filing states that the option will vest based on achievement of certain performance criteria relating to earnings growth.