[Form 4] CORVEL CORP Insider Trading Activity

Rhea-AI Filing Summary

Mark E. Bertels, Executive Vice President - Risk Management Services at CorVel Corp (CRVL), reported an open-market acquisition under the companys Employee Stock Purchase Plan on 09/30/2025. The filing shows 8 shares acquired at a price of $73.549 per share, bringing his direct beneficial ownership to 2,594 shares. The purchase is described as exempt under SEC Rule 16b-3(c). The Form 4 was signed on behalf of Mr. Bertels by Sharon O'Connor on 10/01/2025.

Positive

• Insider participation in the Employee Stock Purchase Plan indicates alignment with company equity programs
• Transaction properly disclosed under SEC Form 4 and cites the Rule 16b-3(c) exemption

Negative

• None.

Insights

Securities Analyst

TL;DR: Small ESPP purchase by an executive; routine and likely immaterial to valuation.

The filing documents an employee stock purchase plan acquisition of 8 shares at $73.549 each, increasing direct holdings to 2,594 shares. Because the transaction is exempt under Rule 16b-3(c) and the number of shares is very small relative to typical company float, this is a routine insider participation event rather than a material signal about company prospects. No change to outstanding derivatives or other compensatory awards is reported.

Corporate Governance Expert

TL;DR: Properly reported Form 4 for an ESPP purchase; compliance appears in order.

The statement includes the reporting persons role, relationship to the issuer, transaction date, price, and resulting ownership, and cites the SEC Rule 16b-3(c) exemption. The form is signed by an authorized representative, meeting procedural disclosure requirements. This disclosure aligns with typical governance and insider reporting practices and does not indicate governance concerns.

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^*

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)
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		8	A	$73.549	2,594(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: Mark Bertels	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 Mark Bertels report on Form 4?

The Form 4 reports that Mark Bertels acquired 8 shares of CorVel common stock on 09/30/2025 at $73.549 per share under the company's Employee Stock Purchase Plan.

How many CorVel shares does Mark Bertels own after the transaction?

After the reported purchase, Mr. Bertels beneficially owns 2,594 shares directly.

Was the CorVel transaction on Form 4 exempt from short-swing profit rules?

Yes. The filing states the shares were acquired in a transaction exempt under SEC Rule 16b-3(c) (employee benefit plan exemption).

When was the Form 4 signed and filed for this transaction?

The Form 4 shows a signature by Sharon O'Connor for Mark Bertels dated 10/01/2025.