SEC FORM 3

SEC FORM 3 SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

Nichols Brian S.

(Last)

(First)

(Middle)

C/O CORVEL CORPORATION

5128 APACHE PLUME ROAD, SUITE 400

(Street)

FORT WORTH

76109

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/10/2025

3. Issuer Name and Ticker or Trading Symbol
CORVEL CORP [ CRVL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Non-Qualified Stock Option (Right to Buy)	⁽¹⁾	05/06/2026	Common Stock	18⁽²⁾	$39.827	D
Non-Qualified Stock Option (Right to Buy)	⁽¹⁾	08/05/2026	Common Stock	51⁽³⁾	$52.647	D
Non-Qualified Stock Option (Right to Buy)	⁽¹⁾	02/03/2027	Common Stock	126⁽⁴⁾	$51.01	D
Non-Qualified Stock Option (Right to Buy)	⁽¹⁾	05/12/2027	Common Stock	162⁽⁵⁾	$49.63	D
Non-Qualified Stock Option (Right to Buy)	⁽¹⁾	08/04/2027	Common Stock	201⁽⁶⁾	$54.537	D
Non-Qualified Stock Option (Right to Buy)	⁽¹⁾	11/03/2027	Common Stock	357⁽⁷⁾	$51.997	D
Non-Qualified Stock Option (Right to Buy)	⁽¹⁾	01/14/2030	Common Stock	225⁽⁸⁾	$110.18	D

Explanation of Responses:

1. Reflects a grant of a non-qualified stock option (the "Option") made to the Reporting Person under the Issuer's Restated Omnibus Incentive Plan (formerly the 1988 Executive Stock Option Plan). Twenty-five percent of the Option vests and becomes exercisable one year following the grant date with the remaining shares exercisable in 36 equal monthly installments thereafter.

2. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on May 6, 2021 covering an aggregate of 900 shares.

3. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on August 5, 2021 covering an aggregate of 600 shares.

4. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on February 3, 2022 covering an aggregate of 600 shares.

5. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on May 12, 2022 covering an aggregate of 600 shares.

6. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on August 4, 2022 covering an aggregate of 600 shares.

7. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on November 3, 2022 covering an aggregate of 900 shares.

8. Reflects the number of shares that remain subject to issuance upon exercise of a stock option initially issued to the Reporting Person on January 14, 2025 covering an aggregate of 225 shares.

Remarks:

Exhibit 24.1 - Power of Attorney

	/s/ Sharon O'Connor, Attorney-in-Fact for Brian Nichols	02/02/2026
	** 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 5 (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.

SEC Form 3 filed by new insider Nichols Brian S.