Joanna Burkey receives 1,500 CRVL options with 4-year vesting

Rhea-AI Filing Summary

CorVel Corp director Joanna M. Burkey was granted a non-qualified stock option on 08/07/2025 to purchase 1,500 shares of common stock at an exercise price of $85.56. The option is exercisable in a series of four equal annual installments commencing 12 months after the grant and expires on 08/07/2035. The reported position is held directly and the Form 4 was filed by an agent on behalf of Ms. Burkey and signed on 08/11/2025. No other transactions or cash sales are shown in this filing.

Positive

• 1,500 non-qualified stock options granted at an exercise price of $85.56
• Vesting in four equal annual installments commencing 12 months after the grant
• Options expire on 08/07/2035, providing a long exercise window

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director option grant of 1,500 shares with multi-year vesting; limited immediate impact on outstanding shares.

The Form 4 reports a single grant: a non-qualified stock option for 1,500 underlying common shares at an exercise price of $85.56 dated 08/07/2025. Vesting occurs in four equal annual installments beginning 12 months after grant and the option expires 08/07/2035. The option is reported as directly beneficially owned. For investors, this is a standard compensation event reported under Section 16; it documents potential future issuance but does not by itself change current cash flows or share count until exercised.

Corporate Governance Expert

TL;DR: Standard director equity award with staggered vesting; supports multi-year retention but is administrative in nature.

The grant's structure—four equal annual installments commencing 12 months after the grant date—spreads potential exercises over multiple years and sets an explicit expiration date of 08/07/2035. The filing shows direct ownership and no concurrent dispositions. This is consistent with routine equity compensation practices for directors and is primarily a governance/compensation disclosure rather than a material corporate action.

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^*

Burkey Joanna M.

(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)
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: Joanna Burkey	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.
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 transaction did Joanna Burkey report on Form 4 for CRVL?

She was granted a non-qualified stock option for 1,500 shares on 08/07/2025.

What is the exercise price of the options reported on CRVL Form 4?

The options have an exercise price of $85.56 per share.

When do the options vest according to the filing?

They vest in four equal annual installments commencing 12 months after the 08/07/2025 grant.

When do the options expire?

The options expire on 08/07/2035.

How many underlying shares are covered by the derivative security?

The reported derivative covers 1,500 underlying shares of common stock.

Who filed and signed the Form 4?

The filing was submitted by Sharon O'Connor on behalf of Joanna Burkey and signed on 08/11/2025.