COMBS MICHAEL G (CEO & President) exercised options at CORVEL CORP

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 3 exercises

COMBS MICHAEL G

Filed: 1/7/2026ACC: 0001641248-26-000002

InsiderCOMBS MICHAEL GCIK 1641248

→

IssuerCORVEL CORPCIK 874866

Officer· CEO & President

Since Mar 2026

-23.96K

Net shares

Net seller

$1.63M

Total sold

Open market trades

0B · 0S

Total transactions

28.41K acquired · 52.37K disposed

Non-Derivative Transactions9

Common Stock

Direct

M · Option Exercise

+27.75K

Price / share

$52.00

Trade value

$1.44M

% of position

62.6%

1/5/2026

44.33K→72.08K

Common Stock

Direct

F · Tax Withholding

−21.18K

Price / share

$68.14

Trade value

$1.44M

% of position

29.4%

1/5/2026

72.08K→50.90K

Common Stock

Direct

F · Tax Withholding

−2.31K

Price / share

$68.14

Trade value

$157.13K

% of position

4.5%

1/5/2026

50.90K→48.59K

Common Stock

Direct

M · Option Exercise

+156.00

Price / share

$34.44

Trade value

$5.37K

% of position

0.3%

1/5/2026

48.59K→48.75K

Common Stock

Direct

F · Tax Withholding

−78.00

Price / share

$68.14

Trade value

$5.31K

% of position

0.2%

1/5/2026

48.75K→48.67K

Common Stock

Direct

F · Tax Withholding

−29.00

Price / share

$68.14

Trade value

$1.98K

% of position

0.1%

1/5/2026

48.67K→48.64K

Common Stock

Direct

M · Option Exercise

+501.00

Price / share

$39.83

Trade value

$19.95K

% of position

1.0%

1/5/2026

48.64K→49.14K

Common Stock

Direct

F · Tax Withholding

−292.00

Price / share

$68.14

Trade value

$19.90K

% of position

0.6%

1/5/2026

49.14K→48.85K

Common Stock

Direct

F · Tax Withholding

−79.00

Price / share

$68.14

Trade value

$5.38K

% of position

0.2%

1/5/2026

48.85K→48.77K

Total

Net shares

+4.45K

Net value

-$164.32K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	1/5/2026	M · Option Exercise	+27.75K	$52.00	$1.44M	62.6%	44.33K	72.08K
Common Stock Direct	1/5/2026	F · Tax Withholding	−21.18K	$68.14	$1.44M	29.4%	72.08K	50.90K
Common Stock Direct	1/5/2026	F · Tax Withholding	−2.31K	$68.14	$157.13K	4.5%	50.90K	48.59K
Common Stock Direct	1/5/2026	M · Option Exercise	+156.00	$34.44	$5.37K	0.3%	48.59K	48.75K
Common Stock Direct	1/5/2026	F · Tax Withholding	−78.00	$68.14	$5.31K	0.2%	48.75K	48.67K
Common Stock Direct	1/5/2026	F · Tax Withholding	−29.00	$68.14	$1.98K	0.1%	48.67K	48.64K
Common Stock Direct	1/5/2026	M · Option Exercise	+501.00	$39.83	$19.95K	1.0%	48.64K	49.14K
Common Stock Direct	1/5/2026	F · Tax Withholding	−292.00	$68.14	$19.90K	0.6%	49.14K	48.85K
Common Stock Direct	1/5/2026	F · Tax Withholding	−79.00	$68.14	$5.38K	0.2%	48.85K	48.77K
Total			+4.45K		-$164.32K

Derivative Transactions3

Non-Qualified Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Common Stock

156.00 shares

−156.00

Strike price

34.437

Held after

0.00

Exercisable

—

1/5/2026

Non-Qualified Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Common Stock

501.00 shares

−501.00

Strike price

39.827

Held after

0.00

Exercisable

—

1/5/2026

Non-Qualified Stock Option (right to buy)

Direct

M · Option Exercise

Converts to

Common Stock

27.75K shares

−27.75K

Strike price

51.997

Held after

22.87K

Exercisable

—

1/5/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Non-Qualified Stock Option (right to buy) Direct	Common Stock156.00 shares	1/5/2026	M · Option Exercise	−156.00	34.437	—	0.00
Non-Qualified Stock Option (right to buy) Direct	Common Stock501.00 shares	1/5/2026	M · Option Exercise	−501.00	39.827	—	0.00
Non-Qualified Stock Option (right to buy) Direct	Common Stock27.75K shares	1/5/2026	M · Option Exercise	−27.75K	51.997	—	22.87K