[Form 4] Corvel Corp Insider Trading Activity

Rhea-AI Filing Summary

Mark E. Bertels, EVP - Risk Management Services at CorVel Corporation (CRVL), reported same-day option exercise and a sale on 08/19/2025. He acquired 900 shares by exercising non-qualified stock options at an exercise price of $29.23 per share and simultaneously sold 900 shares at $89.1678 per share. The option underlying 900 shares is exercisable and expires 11/05/2025; the award vests 25% after one year with the remainder in 36 monthly installments.

Following these transactions the filing shows beneficial ownership figures of 3,486 shares after the acquisition and 2,586 shares after the sale, indicating his reported stake ended at 2,586 shares. All amounts and dates are taken directly from the Form 4 filing.

Positive

• Documented exercise of in-the-money options at $29.23, showing value realization for the reporting person
• Vesting schedule disclosed, indicating continued future equity alignment (25% after one year, then monthly over 36 months)

Negative

• Net decrease in reported beneficial ownership to 2,586 shares after the sale
• No disclosure of a 10b5-1 trading plan or explanation for the sale in the filing

Insights

Securities Analyst

TL;DR: Insider exercised options and sold an equal number of shares same day, leaving lower reported beneficial ownership.

The filing documents a non-qualified option exercise for 900 shares at $29.23 followed by a sale of 900 shares at $89.1678 on 08/19/2025. This is a standard liquidity/compensation event: exercising vested compensation options then disposing of shares. The remaining reported beneficial ownership is 2,586 shares. The vesting schedule noted (25% after one year, remainder monthly over 36 months) confirms continued future option vesting. No additional context on purpose of sale or any 10b5-1 plan is provided in the filing, so assessment is limited to the recorded transactions.

Corporate Governance Expert

TL;DR: Transaction appears routine for executive option exercise and partial monetization; documentation on any trading plan is not provided.

The Form 4 shows an in-the-money exercise (strike $29.23) and immediate sale at a higher market price ($89.1678), generating realized proceeds before taxes. The filing discloses the option terms and vesting schedule, which indicates ongoing future equity awards exposure. The report does not indicate a contract-based trading plan under Rule 10b5-1. From a governance perspective, the disclosure is complete for Section 16 purposes but lacks explanatory detail about the intent or destination of proceeds.

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).

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^*

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)
08/19/2025

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	08/19/2025		M		900	A	$29.23	3,486	D
Common Stock	08/19/2025		S		900	D	$89.1678	2,586	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)	$29.23	08/19/2025		M			900	(1)	11/05/2025	Common Stock	900	$0.0	0	D

Explanation of Responses:

1. Exercisable as to 25% of shares one year following grant date with the remaining shares exercisable in 36 equal monthly installments thereafter.

	Mark E. Bertels	08/20/2025
	** 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).
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FAQ

What did Mark E. Bertels report on Form 4 for CRVL?

The filing reports an exercise of 900 non-qualified stock options at $29.23 and a sale of 900 common shares at $89.1678 on 08/19/2025.

How many CorVel (CRVL) shares does the filing show Bertels owns after the transactions?

The Form 4 shows 2,586 shares beneficially owned following the reported transactions.

What are the terms of the option exercised by the reporting person?

The option has an exercise price of $29.23, relates to 900 underlying shares, and expires on 11/05/2025 with vesting of 25% after one year and the remainder in 36 monthly installments.

Did the Form 4 indicate the sale was made under a trading plan?

The filing does not include any statement indicating the transaction was pursuant to a Rule 10b5-1 trading plan.

What prices were involved in the exercise and subsequent sale?

Exercise price was $29.23 per share; sale price was $89.1678 per share.