CorVel Director Jeffrey Michael boosts stake after exercising 9k options

Rhea-AI Filing Summary

CorVel Corp. (CRVL) Form 4 filing dated 07/23/2025 reports insider activity by Jeffrey J. Michael, a Director and 10% owner.

• Option exercise: Michael exercised 9,000 non-qualified stock options at an exercise price of $11.053 per share (Transaction Code M).
• Tax withholding: 1,066 shares were withheld at $93.28 per share to cover taxes (Transaction Code F).
• Net share change: After the transactions, Michael’s direct holdings increased by 7,934 shares to 559,721 common shares.
• The option grant vests in four equal annual installments beginning 12 months after the grant date; this exercise exhausted the reported option grant, leaving 0 derivative securities outstanding.

No other classes of securities or derivative transactions were disclosed. The filing reflects continued insider ownership concentration.

Positive

• Net increase of 7,934 shares in insider’s direct holdings indicates a vote of confidence.
• Option exercise price of $11.053 suggests intrinsic value well below current market level, highlighting perceived undervaluation.

Negative

• None.

Insights

Securities Analyst

TL;DR: Director exercised 9k options, net +7,934 shares; now holds 559,721—signals continued commitment.

The filing shows a straightforward option exercise at $11.053, far below the $93.28 market reference used for tax withholding. Michael did not dispose of shares in the open market; the 1,066 shares classified under Code F were surrendered solely for taxes, so cash sales pressure is minimal. His direct ownership rises to 559,721 shares, reinforcing already significant insider alignment. No new options remain from this grant, reducing potential dilution. Overall impact is modestly positive for shareholders, as insider net purchasing often correlates with confidence in future performance.

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
Estimated average burden
hours per response:			0.5

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^*

MICHAEL JEFFREY J

(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	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

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	07/22/2025		M		9,000	A	$11.053	560,787	D
Common Stock	07/22/2025		F(1)		1,066	D	$93.28	559,721	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)	$11.053	07/22/2025		M			9,000	(2)	08/06/2025	Common Stock	9,000	$0.0	0	D

Explanation of Responses:

1. Shares delivered in payment of the option exercise price and/or tax liability incident to the option exercise.

2. Exercisable in a series of 4 equal and successive annual installments commencing 12 months following the date of grant.

	By: Sharon O'Connor For: Jeffrey Michael	07/23/2025
	** 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

How many CorVel (CRVL) shares did Jeffrey Michael acquire?

He acquired 9,000 shares through option exercise and netted 7,934 additional shares after tax withholding.

What was the exercise price of the options in the CRVL Form 4?

The non-qualified stock options were exercised at $11.053 per share.

How many CRVL shares does Jeffrey Michael now own?

Following the reported transactions, he directly owns 559,721 common shares.

Were any CRVL shares sold on the open market?

No. The 1,066 shares shown as Code F were surrendered for tax withholding, not sold on the market.

Does the filing leave Jeffrey Michael with any unexercised options?

No. The reported grant is fully exercised, leaving 0 derivative securities outstanding.