CorVel EVP exercises 1,050 options, covers taxes

CorVel Corp executive Mark E. Bertels reported routine equity compensation activity.

Rhea-AI Filing Summary

CorVel Corp executive Mark E. Bertels reported routine equity compensation activity. On April 22, 2026, he exercised a non-qualified stock option to acquire 1,050 shares of CorVel common stock at an exercise price of $39.827 per share.

To cover the option exercise price and related tax liabilities, 830 shares of common stock were delivered back, in two transactions coded "F" at prices of $57.40 and $56.76 per share, as described in the footnotes. These tax-withholding dispositions are not open-market sales and reflect standard handling of equity compensation rather than discretionary buying or selling.

Insider Trade Summary

1,050 shares exercised/converted

Exercise 4 txns

Insider Bertels Mark E.

Role EVP - Risk Management Services

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (right to buy)	1,050	$57.40	$60K
Exercise	Common Stock	1,050	$39.827	$42K
Exercise Price or Tax Liability	Common Stock	736	$56.76	$42K
Exercise Price or Tax Liability	Common Stock	94	$57.40	$5K

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 2,826 shares (Direct)

Footnotes (2)

1. F1. Shares delivered in payment of the option exercise price and/or tax liability incident to the option exercise.
2. F2. Exercisable as to 25% of shares one year following grant date with the remaining shares exercisable in 36 equal monthly installments thereafter.

Key Figures

Option shares exercised: 1,050 shares Option exercise price: $39.827 per share Shares delivered for tax/exercise: 830 shares +2 more

5 metrics

Option shares exercised 1,050 shares Non-qualified stock option exercise on April 22, 2026

Option exercise price $39.827 per share Exercise price for 1,050 common shares

Shares delivered for tax/exercise 830 shares Tax-withholding and exercise-price payment via code F transactions

Tax disposition price 1 $57.40 per share 94 shares delivered in code F transaction

Tax disposition price 2 $56.76 per share 736 shares delivered in code F transaction

Key Terms

Non-Qualified Stock Option, tax-withholding disposition, Exercise or conversion of derivative security, Payment of exercise price or tax liability by delivering securities

4 terms

Non-Qualified Stock Option financial

"security_title": "Non-Qualified Stock Option (right to buy)""

A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.

tax-withholding disposition financial

""transaction_action": "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Exercise or conversion of derivative security financial

""transaction_code_description": "Exercise or conversion of derivative security""

Payment of exercise price or tax liability by delivering securities financial

""transaction_code_description": "Payment of exercise price or tax liability by delivering securities""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did CorVel (CRVL) executive Mark E. Bertels report in this Form 4?

Mark E. Bertels, EVP of Risk Management Services at CorVel, reported exercising a non-qualified stock option for 1,050 common shares and delivering 830 shares to cover the option exercise price and related tax liabilities, a routine equity compensation transaction rather than an open-market trade.

How many CorVel (CRVL) shares did Mark E. Bertels acquire through option exercise?

He exercised a non-qualified stock option covering 1,050 shares of CorVel common stock at an exercise price of $39.827 per share. This converted a derivative position into actual shares as part of his equity compensation, rather than representing an open-market purchase decision.

Why were shares disposed of in Mark E. Bertels’ CorVel (CRVL) Form 4 filing?

The filing shows 830 shares disposed under transaction code F, designated as payment of the option exercise price and associated tax liability. These tax-withholding dispositions return shares to the issuer and are not open-market sales reflecting discretionary selling decisions.

What prices are associated with Mark E. Bertels’ CorVel (CRVL) transactions?

The non-qualified stock option was exercised at an exercise price of $39.827 per share for 1,050 shares. Shares delivered for tax and exercise obligations were valued at $57.40 and $56.76 per share in the two tax-withholding disposition transactions reported.

Does this CorVel (CRVL) Form 4 indicate ongoing option holdings for Mark E. Bertels?

The derivative record shows a non-qualified stock option for 1,050 underlying shares being exercised, with zero derivative shares remaining afterward. This indicates that particular option grant was fully exercised, leaving no remaining balance from that specific option award.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/23/2026 - 07:07 PM EDT Learn about SEC filing dates

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 TEXAS 75109

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/22/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	04/22/2026		M		1,050	A	$39.827	3,656	D
Common Stock	04/22/2026		F(1)		736	D	$56.76	2,920	D
Common Stock	04/22/2026		F(1)		94	D	$57.4	2,826	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)	$39.827	04/22/2026		M			1,050	(2)	05/06/2026	Common Stock	1,050	$57.4	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 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: Mark Bertels	04/23/2026
	** 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).
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.
* Form 4: SEC 1474 (03-26)