CorVel (CRVL) CFO granted 4,000 performance-based stock options

Rhea-AI Filing Summary

CorVel Corporation reported an equity award to its Chief Financial Officer, Brian S. Nichols. On 11/06/2025, he received a grant of 4,000 non-qualified stock options with an exercise price of $75.36 per share under CorVel’s 2025 Stock Incentive Plan.

The options relate to common stock and expire on 11/06/2030. Vesting will depend on achieving specified performance criteria tied to earnings growth. After this grant, Nichols beneficially owns 4,425 derivative securities (stock options) in CorVel on a direct basis.

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^*

Nichols Brian S.

(Last) (First) (Middle)

C/O CORVEL CORPORATION

5128 APACHE PLUME ROAD, SUITE 400

(Street)

FORT WORTH TX 76109

(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 Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2025

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)	$75.36	11/06/2025		A		4,000		(1)	11/06/2030	Common Stock	4,000	$0	4,425	D

Explanation of Responses:

1. Reflects a grant of a non-qualified stock option (the "Option") made to the Reporting Person under the Issuer's 2025 Stock Incentive Plan. The Option will vest based on achievement of certain performance criteria relating to earnings growth.

	/s/ Sharon O'Connor, Attorney-in-Fact for Brian Nichols	02/02/2026
	** 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.

FAQ

What insider transaction did CorVel (CRVL) disclose in this Form 4?

CorVel disclosed a grant of 4,000 non-qualified stock options to Chief Financial Officer Brian S. Nichols. The options were awarded on 11/06/2025 under the company’s 2025 Stock Incentive Plan and give him the right to buy CorVel common stock.

What are the key terms of Brian Nichols’ CorVel stock option grant?

Brian Nichols received 4,000 non-qualified stock options with a $75.36 exercise price per share. The options relate to CorVel common stock and expire on 11/06/2030, providing a defined window during which he can choose to exercise the award.

How will Brian Nichols’ CorVel stock options vest under this grant?

The options will vest based on achievement of specified performance criteria tied to earnings growth. This means Nichols receives the economic benefit only if CorVel meets the earnings growth targets detailed in the 2025 Stock Incentive Plan governing the award.

How many CorVel derivative securities does Brian Nichols own after this grant?

After the reported grant, Brian Nichols beneficially owns 4,425 derivative securities, consisting of stock options, on a direct basis. This figure reflects his total non-qualified stock options in CorVel following the 4,000-option award reported in this Form 4 filing.

What role does Brian S. Nichols hold at CorVel (CRVL)?

Brian S. Nichols is CorVel’s Chief Financial Officer, as indicated in the filing. His position is marked as an officer and not a director or 10% owner, clarifying that the reported option grant is executive compensation rather than a large shareholder transaction.

What is the exercise price and expiration date of Nichols’ CorVel options?

The options have an exercise price of $75.36 per share and an expiration date of 11/06/2030. These terms define the price at which Nichols can purchase CorVel common stock and the final date he can choose to exercise the options.