CRVL insider trades: EVP exercises $34.44 options, sells at $72.35

Rhea-AI Filing Summary

CorVel Corp (CRVL) executive vice president for Risk Management Services, Mark Bertels, reported an insider transaction involving company stock. On 11/19/2025, he exercised a non-qualified stock option to buy 1,200 shares of common stock at an exercise price of $34.437 per share, then sold 1,200 shares of common stock at a price of $72.35 per share on the same date. After these transactions, he directly owns 2,594 shares of CorVel common stock and holds no remaining derivative securities from this option grant. The option was originally structured to vest 25% one year after grant with the balance vesting in 36 equal monthly installments.

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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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^*

Bertels Mark E.

(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)
	EVP - Risk Management Services

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

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	11/19/2025		M		1,200	A	$34.437	3,794	D
Common Stock	11/19/2025		S		1,200	D	$72.35	2,594	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)	$34.437	11/19/2025		M			1,200	(1)	02/04/2026	Common Stock	1,200	$0.0	0	D

Explanation of Responses:

1. Exercisable as to 25% of shares one year following grant date with the remaining shares exercisable in 36 equal monthly installments thereafter.

	By: Sharon O'Connor For: Mark Bertels	11/20/2025
	** 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 insider transaction did CorVel (CRVL) report in this Form 4?

The filing reports that EVP Risk Management Services Mark Bertels exercised a non-qualified stock option for 1,200 shares and sold 1,200 shares of CorVel common stock on 11/19/2025.

At what prices did the CorVel (CRVL) executive transact shares?

The option was exercised at an exercise price of $34.437 per share, and 1,200 shares of CorVel common stock were sold at a price of $72.35 per share.

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

Following the reported transactions, the executive directly owns 2,594 shares of CorVel common stock.

What happened to the non-qualified stock option reported for CorVel (CRVL)?

The non-qualified stock option with an exercise price of $34.437 covering 1,200 underlying shares was exercised in full, leaving 0 derivative securities of this option beneficially owned afterward.

What is the role of the insider involved in this CorVel (CRVL) Form 4?

The reporting person is an Officer of CorVel, serving as EVP - Risk Management Services, and filed the Form 4 as an individual reporting person.

How was the CorVel (CRVL) stock option originally structured to vest?

According to the explanation, the option became exercisable as to 25% of the shares one year after the grant date, with the remaining shares vesting in 36 equal monthly installments thereafter.