CorVel Corp (CRVL) CEO reports major stock option exercises in Form 4 filing

Rhea-AI Filing Summary

CorVel Corp CEO & President Michael G. Combs reported multiple stock option exercises and related share withholdings dated January 5, 2026. He exercised non-qualified stock options covering 27,750, 501 and 156 shares of common stock at exercise prices of $51.997, $39.827 and $34.437 per share, respectively. According to the footnote, shares were delivered to pay the option exercise price and/or tax liabilities incident to these exercises, including transactions where 21,175 and 2,306 shares of common stock, among smaller amounts, were withheld. After these transactions, he directly owned 48,773 shares of common stock and 22,871 non-qualified stock options.

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).

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^*

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)
01/05/2026

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	01/05/2026		M		27,750	A	$51.997	72,075	D
Common Stock	01/05/2026		F(1)		21,175	D	$68.14	50,900	D
Common Stock	01/05/2026		F(1)		2,306	D	$68.14	48,594	D
Common Stock	01/05/2026		M		156	A	$34.437	48,750	D
Common Stock	01/05/2026		F(1)		78	D	$68.14	48,672	D
Common Stock	01/05/2026		F(1)		29	D	$68.14	48,643	D
Common Stock	01/05/2026		M		501	A	$39.827	49,144	D
Common Stock	01/05/2026		F(1)		292	D	$68.14	48,852	D
Common Stock	01/05/2026		F(1)		79	D	$68.14	48,773	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)	$34.437	01/05/2026		M			156	(2)	02/04/2026	Common Stock	156	$68.14	0	D
Non-Qualified Stock Option (right to buy)	$39.827	01/05/2026		M			501	(2)	05/06/2026	Common Stock	501	$68.14	0	D
Non-Qualified Stock Option (right to buy)	$51.997	01/05/2026		M			27,750	(2)	11/03/2027	Common Stock	27,750	$68.14	22,871	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 as to 25% of shares one year following grant date with the remaining shares exercisable in 36 equal monthly installments thereafter.

	By: Sharon O'Connor For: Michael Combs	01/07/2026
	** 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).
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FAQ

What insider activity did CorVel (CRVL) report for its CEO on this Form 4?

The Form 4 shows that Michael G. Combs, CEO & President of CorVel Corp, exercised several non-qualified stock options and had shares withheld to cover the option exercise price and/or related tax liabilities on January 5, 2026.

How many CorVel stock options did CEO Michael Combs exercise?

On January 5, 2026, Michael Combs exercised non-qualified stock options covering 27,750, 501 and 156 shares of CorVel common stock at exercise prices of $51.997, $39.827 and $34.437 per share, respectively.

Were any CorVel shares withheld to cover option costs or taxes for the CEO?

Yes. A footnote explains that certain shares were delivered in payment of the option exercise price and/or tax liability incident to the option exercise, including transactions where 21,175 and 2,306 shares of common stock, among smaller amounts, were withheld.

How many CorVel common shares does Michael Combs own after these transactions?

Following the reported transactions, Michael Combs directly owned 48,773 shares of CorVel common stock.

What CorVel stock options remain held by CEO Michael Combs after exercising?

After the option exercises reported, Michael Combs held 22,871 non-qualified stock options with an exercise price of $68.14 per share.

What do the footnotes in this CorVel Form 4 say about the options?

One footnote states that shares were delivered to pay the option exercise price and/or tax liability. Another notes that the options are exercisable as to 25% of shares one year after the grant date, with the remaining shares exercisable in 36 equal monthly installments thereafter.