CRVL Form 4: Michael Combs Buys 44 Shares Under ESPP

Rhea-AI Filing Summary

Michael G. Combs, CEO & President of CorVel Corp (CRVL), reported a purchase of 44 shares of the issuer's common stock on 09/30/2025 at a per-share price of $73.549. The acquisition was made under the company's Employee Stock Purchase Plan and is noted as exempt under SEC Rule 16b-3(c). After the transaction, Mr. Combs beneficially owned 44,325 shares. The Form 4 was submitted as a single-person filing and signed on behalf of the reporting person on 10/01/2025.

Insights

Financial Analyst

TL;DR: Insignificant share purchase by CEO under ESPP; no material change to ownership or control.

The reported acquisition of 44 shares at $73.549 under the Employee Stock Purchase Plan is routine and small relative to the reported post-transaction holding of 44,325 shares. The Rule 16b-3(c) exemption is typical for compensatory plans and indicates the transaction follows standard insider compensation mechanics. This filing provides transparency but is unlikely to move investor valuation or signal a material change in insider conviction.

Corporate Governance Expert

TL;DR: Routine reporting compliance; transaction consistent with governance practices for executive compensation.

The Form 4 shows proper disclosure of an ESPP purchase by the CEO and uses the standard Rule 16b-3(c) exemption. Filing as an individual and the inclusion of the post-transaction share count meet Section 16(a) transparency requirements. There are no red flags such as large disposals, unexplained transfers, or deviations from plan rules in this disclosure.

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

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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).

1. Name and Address of Reporting Person^*

Combs Michael G

(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)
	CEO & President

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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	09/30/2025		A		44	A	$73.549	44,325(1)	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

Explanation of Responses:

1. Shares acquired under the Issuer's Employee Stock Purchase Plan in a transaction exempt under SEC Rule 16b-3 (c)

	By: Sharon O'Connor For: Michael Combs	10/01/2025
	** 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 did CorVel (CRVL) insider Michael G. Combs disclose on the Form 4?

The Form 4 discloses a purchase of 44 shares on 09/30/2025 at $73.549 per share under the company's Employee Stock Purchase Plan.

How many shares does Michael G. Combs beneficially own after the transaction?

Following the reported transaction, Michael G. Combs beneficially owned 44,325 shares.

Was the transaction exempt from short-swing profit rules?

Yes. The acquisition is reported as exempt under SEC Rule 16b-3(c) because it was made through the issuer's Employee Stock Purchase Plan.

When was the Form 4 filed and who signed it?

The filing shows the transaction date as 09/30/2025 and the Form 4 was signed on behalf of Michael Combs by Sharon O'Connor on 10/01/2025.