CorVel Corp (CRVL) director sells 9,000 shares after option exercise

Rhea-AI Filing Summary

CorVel Corp director and 10% owner Jeffrey J. Michael reported an exercise-and-sell transaction in Common Stock. He exercised 9,000 non-qualified stock options at $14.44 per share and sold 9,000 shares in an open-market sale at an average price of $60.9816 per share on the same date. Following these transactions, he directly holds 559,721 shares of CorVel Common Stock. The option exercised related to a grant that vested in four equal annual installments and was scheduled to expire on August 4, 2026.

Insider Trade Summary

Net Seller: 9,000 shares ($548,834)

Net Sell 3 txns

Insider MICHAEL JEFFREY J

Role null

Sold 9,000 shs ($549K)

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (right to buy)	9,000	$0.00	--
Exercise	Common Stock	9,000	$14.44	$130K
Sale	Common Stock	9,000	$60.9816	$549K

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 0 shares (Direct, null); Common Stock — 568,721 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares sold: 9,000 shares Sale price: $60.9816 per share Options exercised: 9,000 options +3 more

6 metrics

Shares sold 9,000 shares Open-market sale of Common Stock

Sale price $60.9816 per share Average price for 9,000-share sale

Options exercised 9,000 options Non-qualified stock options exercised into Common Stock

Exercise price $14.44 per share Exercise price of non-qualified stock options

Shares held after 559,721 shares Direct Common Stock ownership after transactions

Option expiration August 4, 2026 Expiration date of exercised non-qualified stock options

Key Terms

Non-Qualified Stock Option (right to buy), open-market sale, derivative security, exercise price, +1 more

5 terms

Non-Qualified Stock Option (right to buy) financial

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

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

derivative security financial

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

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

exercise price financial

"conversion_or_exercise_price: "14.4400""

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

ten percent owner financial

""is_ten_percent_owner": 1"

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Form 4 Insider Transactions: What Each Field Means →

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^*

MICHAEL JEFFREY J

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/09/2026

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	06/09/2026		M		9,000	A	$14.44	568,721	D
Common Stock	06/09/2026		S		9,000	D	$60.9816	559,721	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)	$14.44	06/09/2026		M			9,000	(1)	08/04/2026	Common Stock	9,000	$0.0	0	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: Jeff Michael	06/10/2026
	** 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)

FAQ

What insider transactions did CorVel (CRVL) report in this Form 4?

CorVel reported that director and 10% owner Jeffrey J. Michael exercised 9,000 non-qualified stock options at $14.44 per share and sold 9,000 shares of Common Stock in an open-market transaction at an average price of $60.9816 per share on the same day.

How many CorVel (CRVL) shares did the insider sell and at what price?

Jeffrey J. Michael sold 9,000 shares of CorVel Common Stock in an open-market transaction. The reported average sale price was $60.9816 per share, reflecting a routine disposition of shares acquired through an option exercise rather than a direct open-market purchase.

What stock options did the CorVel (CRVL) insider exercise in this filing?

The insider exercised 9,000 non-qualified stock options to buy CorVel Common Stock at an exercise price of $14.44 per share. These options were part of a grant that vested in four equal annual installments and were scheduled to expire on August 4, 2026.

How many CorVel (CRVL) shares does the insider hold after the reported transactions?

After exercising options and selling shares, Jeffrey J. Michael directly holds 559,721 shares of CorVel Common Stock. This figure shows his remaining ownership position following the 9,000-share sale and the corresponding exercise of 9,000 non-qualified stock options.

Were the CorVel (CRVL) insider transactions related to derivative securities?

Yes. The filing shows the exercise of 9,000 non-qualified stock options, classified as derivative securities. These options converted into 9,000 shares of Common Stock, which were then sold in an open-market transaction, leaving no remaining balance in the reported option grant.

What does the vesting and expiration schedule look like for the exercised CorVel (CRVL) options?

The exercised options became exercisable in four equal and successive annual installments, beginning 12 months after the grant date. The specific options exercised in this filing were scheduled to expire on August 4, 2026, prompting their conversion into Common Stock before expiration.