CorVel (CRVL) Director Awarded 1,500 Options; $85.56 Strike

Rhea-AI Filing Summary

CorVel Corp. (CRVL) director Jessup R. Judd was granted 1,500 non-qualified stock options on 08/07/2025 with an exercise price of $85.56. The award represents the right to acquire 1,500 shares of common stock and is reported as direct beneficial ownership.

The options vest in four equal annual installments beginning 12 months after the grant (first vesting about 08/07/2026) and expire on 08/07/2035. The Form 4 records the acquisition (code A) of these derivative securities and shows 1,500 derivative securities owned following the transaction.

Insights

Securities Analyst

TL;DR: Routine director equity grant of 1,500 options at $85.56, vesting over four years; not immediately dilutive to outstanding shares.

The grant is a standard non-qualified stock option awarded to a director and is recorded as a direct acquisition of derivative securities. Vesting in four equal annual installments beginning 12 months after grant spreads upside alignment with multi-year retention objectives. The reported expiration of 08/07/2035 gives a long exercise window.

Corporate Governance Expert

TL;DR: Typical governance-driven compensation: modest option award to align director incentives without immediate material ownership change.

The disclosure shows a straightforward incentive award to a board member, with explicit vesting terms (four equal annual installments) and a specified exercise price. As the Form 4 indicates direct ownership of 1,500 options post-transaction, this is a transparent, routine governance action rather than a material corporate event.

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^*

JESSUP R JUDD

(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: Judd Jessup	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 was reported for CRVL on this Form 4?

The Form 4 reports a grant of 1,500 non-qualified stock options to a director (acquisition, code A).

Who received the equity award reported for CRVL?

The reporting person is Jessup R. Judd, identified as a director of CorVel Corp.

What is the exercise price and number of options in the CRVL filing?

The options have an exercise price of $85.56 for a total of 1,500 options covering 1,500 common shares.

How do the options vest and when do they expire?

The options vest in four equal annual installments starting 12 months after grant (first vest ~ 08/07/2026) and expire on 08/07/2035.

Is the reported ownership direct or indirect for CRVL?

The Form 4 indicates direct beneficial ownership of the 1,500 options after the transaction.