CorVel (CRVL) Director Hoops Adds Shares via $11 Option Exercise

Rhea-AI Filing Summary

CorVel Corp. (CRVL) – Form 4 insider transaction dated 07/08/2025

Director Alan Hoops reported the following activity:

• Option exercise (Code “M”): Exercised 9,000 non-qualified stock options at an exercise price of $11.053 per share. The underlying option was originally scheduled to vest in four equal annual installments beginning 12 months after grant.
• Share withholding for taxes (Code “F”): 996 shares of common stock were surrendered at an indicated price of $99.83 to cover the option’s exercise price and/or associated tax liability.

Post-transaction ownership:

• Direct holding: 24,692 CRVL shares.
• Indirect holding: 115,213 shares held by the Hoops Irrevocable Trust.

The filing was signed on 07/09/2025 by attorney-in-fact Sharon O’Connor for Mr. Hoops. No other classes of securities or derivative positions were reported.

Positive

• Increased direct ownership: Director Hoops retained 8,004 of the 9,000 exercised shares, boosting alignment with shareholders.

Negative

• Share surrender for taxes: 996 shares were disposed of to cover the exercise cost/tax liability, resulting in minor dilution of insider retention.

Insights

Financial Analyst

TL;DR Director exercises 9k options, retains shares; net ownership rises, minimal open-market selling, limited market impact.

The Form 4 shows insider confidence through a 9,000-share option exercise at a low strike of $11.053 versus the current reference price of $99.83 (implied from tax withholding). Only 996 shares were forfeited to settle taxes, so roughly 89% of the exercised shares remain in Mr. Hoops’ direct account, increasing his direct stake to 24,692 shares. Combined with 115,213 shares held indirectly, total beneficial ownership exceeds 139k shares. The absence of discretionary open-market sales suggests the transaction is primarily administrative, not a liquidity exit. Given CorVel’s average daily volume, the size is modest and unlikely to move the stock, but it does expand insider alignment.

Corporate Governance Specialist

TL;DR Routine option exercise, minor tax share withholding; governance signal neutral.

From a governance perspective, the filing reflects standard equity compensation mechanics. The option appears to be approaching its final vesting tranche (08/06/2025 expiration). Exercising ahead of expiration prevents option lapse and indicates no red flags. The small F-code share surrender is expected under cashless exercise programs. Ownership remains predominantly indirect via trust—common for estate planning. There are no indications of multiple insiders acting in concert, and the form was timely filed. Overall, the event is routine with no material governance concerns.

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^*

HOOPS ALAN

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

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

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	07/08/2025		M		9,000	A	$11.053	25,688	D
Common Stock	07/08/2025		F(1)		996	D	$99.83	24,692	D
Common Stock								115,213	I	Hoops Irrev. Trust

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)	$11.053	07/08/2025		M			9,000	(2)	08/06/2025	Common Stock	9,000	$0.0	0	D

Explanation of Responses:

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

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

	By: Sharon O'Connor For: Alan Hoops	07/09/2025
	** 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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FAQ

What insider activity was reported for CRVL on 07/08/2025?

Director Alan Hoops exercised 9,000 stock options at $11.053 and surrendered 996 shares for taxes.

How many CorVel shares does Alan Hoops own after the transaction?

He holds 24,692 shares directly and 115,213 shares indirectly via a trust.

Did the insider sell CRVL shares on the open market?

No open-market sale was reported; the only disposition was a tax-related share surrender (Code F).

What was the exercise price of the options exercised by the director?

The non-qualified stock options were exercised at $11.053 per share.

When will the remaining option tranches for Alan Hoops expire?

The option referenced in this filing expires on 08/06/2025.