# EDGAR Filing Document

**Accession Number:** 0000874866
**File Stem:** 0001193125-25-270014
**Filing Date:** 2025-11
**Character Count:** 32440
**Document Hash:** eaa931775391d9ab83b444723f71ff16
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-270014.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-270014

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CORVEL CORP
- **CENTRAL INDEX KEY:** 0000874866
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 330282651
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291331
- **FILM NUMBER:** 251459339

**BUSINESS ADDRESS:**
- **STREET 1:** 2010 MAIN STREE
- **STREET 2:** SUITE 1020
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92614
- **BUSINESS PHONE:** 9498511473

**MAIL ADDRESS:**
- **STREET 1:** 2010 MAIN STREET
- **STREET 2:** SUITE 1020
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92614

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORTIS CORP
- **DATE OF NAME CHANGE:** 19600201

**As Filed With the Securities and Exchange Commission on November 6, 2025** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## CORVEL CORPORATION
**(Exact name of registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Delaware** | **33-0282651** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**5128 Apache Plume Road, Suite 400** 

**Fort Worth, Texas 76109** 

**(Address of principal executive offices and zip code)** 

**CorVel Corporation 2025 Stock Incentive Plan** 

**(Full title of the plan)** 

**Michael G. Combs** 

**5128 Apache Plume Road, Suite 400** 

**Fort Worth, Texas 76109** 

**(949) 851-1473** 

**(Name, address and telephone number, including area code, of agent for service)** 

***Copies to:***

**Ryan C. Wilkins, Esq.** 

**Stradling Yocca Carlson & Rauth LLP** 

**660 Newport Center Drive, Suite 1600** 

**Newport Beach, California 92660** 

**(949) 725-4000** 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**EXPLANATORY NOTE** 

This Registration Statement on Form S-8 (this "***Registration Statement***") is being filed by CorVel Corporation, a Delaware corporation (the "***Registrant***"), to register 1,775,459 shares of the Registrant's common stock, par value $0.0001 per share (the "***Common Stock***"), to be issued under the CorVel Corporation 2025 Stock Incentive Plan (the "***2025 Plan***"), which was approved by the Registrant's stockholders on August 7, 2025.

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**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** 

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933, as amended (the "***Securities Act***"), and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the 2025 Plan as specified by Rule 428(b)(1) under the Securities Act.

------

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3.** **Incorporation of Documents by Reference.** <br>

The following documents, which have been filed by the Registrant with the Commission, are hereby incorporated by reference herein, and shall be deemed to be a part of, this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant's Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/874866/000095017025076999/crvl-20250331.htm) for the fiscal year ended March 31, 2025, filed with the Commission on May 
23, 2025 (the "  ***Annual Report*** "), including the Description of Securities set forth in [Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/874866/000095017025076999/crvl-ex4_1.htm) attached thereto, as well as any
amendments to such exhibit filed for the purpose of updating such description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information specifically incorporated by reference into the Registrant's Annual Report on Form 10-K from the Registrant's Definitive Proxy Statement on [Schedule 14A](http://www.sec.gov/Archives/edgar/data/874866/000119312525145771/d912651ddefa14a.htm) filed with the SEC on [June 24, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000874866/000119312525145760/d912651ddef14a.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant's Quarterly Reports on Form 10-Q for the fiscal
quarters ended June 30, 2025, filed with the Commission on [August 7, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/874866/000119312525175476/crvl-20250630.htm) , and September 30, 2025,
filed with the Commission on November 6, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant's Current Reports on Form 8-K, filed with the
Commission on [August 13, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/874866/000119312525179157/d97313d8k.htm) and [September 12, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/874866/000119312525202292/d133684d8k.htm) .

All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold, or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part of it from the respective dates of filing such documents; except as to any portion of any future annual, quarterly or current report or other document, or any portion thereof, that is deemed furnished and not deemed filed under such provisions. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document, which also is or is deemed to be incorporated by reference herein, modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4.** **Description of Securities.** <br>

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.** <br>

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.** <br>

The following summary is qualified in its entirety by reference to the Delaware General Corporation Law (the "***DGCL***"), the Registrant's Fourth Amended and Restated Certificate of Incorporation, as amended (the "***Charter***"), and the Registrant's Second Amended and Restated Bylaws (the "***Bylaws***").

Section 102(b)(7) of the DGCL provides that a corporation may in its certificate of incorporation eliminate or limit the personal liability of a director or officer to the corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director or officer, except for liability: (i) for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve

------

intentional misconduct or a knowing violation of law, (iii) under Section 174 of the DGCL (pertaining to certain prohibited acts including unlawful payment of dividends or unlawful purchase or redemption of the corporation's capital stock, or (iv) for any transaction from which the director or officer derived an improper personal benefit. The Charter provides that to the fullest extent permitted by the DGCL, no director of the Registrant shall be personally liable to the Registrant or its stockholders for monetary damages for any breach of fiduciary duty as a director.

Section 145(a) of the DGCL provides, in relevant part, that a corporation may indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding (other than an action by or in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful.

Section 145(b) of the DGCL provides, in relevant part, that a corporation may indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person acted in any of the capacities set forth above, including against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Delaware Court of Chancery or such other court shall deem proper.

Section 145 of the DGCL further provides that, to the extent a director or officer of a corporation has been successful on the merits or otherwise in the defense of any action, suit or proceeding referred to in Section 145(a) and (b), or in defense of any claim, issue or matter therein, such person shall be indemnified, including against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith; that indemnification provided for by Section 145 shall not be deemed exclusive of any other rights to which the indemnified party may be entitled; and the indemnification provided for by Section 145 shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of such person's heirs, executors and administrators. Section 145 also empowers the corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify such person against such liabilities under Section 145.

The Bylaws provide that the Registrant shall, to the fullest extent permitted by Section 145 of the DGCL, indemnify any director or officer of the Registrant against expenses (including attorneys' fees), judgements, fines, amounts paid in settlement, and/or other matters referred to in or covered by Section 145 of the DGCL, by reason of the fact that such individual is or was a director, officer, employee or agent of the Registrant, or is or was serving at the request of the Registrant as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise; and that the Registrant shall also pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking, by or on behalf of an indemnified person, to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under the DGCL or otherwise.

The Registrant provides liability insurance for its directors and officers which provides for coverage against loss from claims made against directors and officers in their capacity as such, including liabilities under the Securities Act.

------

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy and is, therefore, unenforceable.

**Item 7.** **Exemption from Registration Claimed.** <br>

Not applicable.

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| | |
|:---|:---|
| **Item 8*.*** | **Exhibits.**  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Exhibit<br>Number** | **Description** | **Registrant's**<br> **Form** | **Filing**<br> **Date** | **Exhibit**<br> **Number** |
| 3.1† | [Fourth Amended and Restated Certificate of Incorporation of CorVel Corporation](http://www.sec.gov/Archives/edgar/data/874866/000156459020037803/crvl-ex31_279.htm) | 10-Q | 8/6/2020 | 3.1 |
| 3.2† | [Certificate of Amendment of Fourth Amended and Restated Certificate of Incorporation of CorVel Corporation](http://www.sec.gov/Archives/edgar/data/874866/000119312524285219/d872268dex31.htm) | 8-K | 12/26/2024 | 3.1 |
| 3.3† | [Second Amended and Restated Bylaws of CorVel Corporation](http://www.sec.gov/Archives/edgar/data/874866/000156459020037803/crvl-ex32_280.htm) | 10-Q | 8/6/2020 | 3.2 |
| 5.1\* | [Opinion of Stradling Yocca Carlson & Rauth LLP](d82229dex51.htm) |  |  |  |
| 10.1† | [CorVel Corporation 2025 Stock Incentive Plan](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/874866/000119312525145760/d912651ddef14a.htm) | DEF 14A | 6/24/2025 | Appendix A |
| 10.2\* | [Notice of Stock Option Grant and Stock Option Agreement](d82229dex102.htm) |  |  |  |
| 23.1\* | [Consent of Independent Registered Public Accounting Firm](d82229dex231.htm) |  |  |  |
| 23.2\* | [Consent of Stradling Yocca Carlson & Rauth LLP (included in Exhibit 5.1 hereto)](d82229dex51.htm) |  |  |  |
| 24.1\* | [Power of Attorney (included on signature page hereto)](#sig) |  |  |  |
| 107\* | [Filing Fee Table](d82229dexfilingfees.htm) |  |  |  |

---

† Filed as an exhibit to the referenced form and incorporated by reference herein.

\* Filed herewith.

**Item 9.** **Undertakings.** <br>

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in Exhibit 107 (Filing Fee Table) to the effective
Registration Statement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in the Registration Statement;

*Provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration Statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Exchange Act), that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial *bona fide* offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Irvine, California, on November 6, 2025.

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| | |
|:---|:---|
| **CORVEL CORPORATION** | **CORVEL CORPORATION** |
| By: | /s/ Michael G. Combs |
|  | Michael G. Combs |
|  | Chairman of the Board, Chief Executive Officer and President<br> (*Principal Executive Officer*) |

---

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Michael G. Combs and Brian S. Nichols, and each of them individually, his or her true and lawful attorney-in-fact and agent, with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, or his, her or their substitute or substitutes, may lawfully do or cause to be done or by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Michael G. Combs* | Chairman of the Board, Chief Executive Officer and President | November 6, 2025 |
| Michael G. Combs | *(Principal Executive Officer)* |  |
| */s/ Brian S. Nichols* | Chief Financial Officer | November 6, 2025 |
| Brian S. Nichols | (*Principal Financial Officer*) |  |
| */s/ Jennifer L. Yoss* | Vice President, Accounting | November 6, 2025 |
| Jennifer L. Yoss | (*Principal Accounting Officer*) |  |
| */s/ Joanna C. Burkey* | Director | November 6, 2025 |
| Joanna C. Burkey |  |  |
| */s/ Steven J. Hamerslag* | Director | November 6, 2025 |
| Steven J. Hamerslag |  |  |
| */s/ Alan R. Hoops* | Director | November 6, 2025 |
| Alan R. Hoops |  |  |
| */s/ R. Judd Jessup* | Director | November 6, 2025 |
| R. Judd Jessup |  |  |
| */s/ Jeffrey J. Michael* | Director | November 6, 2025 |
| Jeffrey J. Michael |  |  |

---

## Exhibit 5.1

**Exhibit 5.1** 

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| | |
|:---|:---|
| ![LOGO](g82229snap1.jpg)  | Stradling Yocca Carlson & Rauth LLP<br> 660 Newport Center Drive, Suite 1600<br> Newport Beach, CA 92660-6422<br> 949 725 4000<br> stradlinglaw.com |

---

November 6, 2025

CorVel Corporation

Apache Plume Road, Suite 400

Fort Worth, Texas 76109

Re: *Registration Statement on Form S-8*

Ladies and Gentlemen:

You have requested our opinion with respect to certain matters in connection with the filing by CorVel Corporation, a Delaware corporation (the "***Company***"), of a Registration Statement on Form S-8 (as such may be amended or supplemented from time to time, the "***Registration Statement***") with the Securities and Exchange Commission on the date hereof under the Securities Act of 1933, as amended (the "***Securities Act***").

The Registration Statement covers the offer, issuance and sale of up to 1,775,459 shares (the "***Shares***") of the Company's common stock, par value $0.0001 per share (the "***Common Stock***"), reserved for issuance under the CorVel Corporation 2025 Stock Incentive Plan (the "***Plan***").

In connection with this opinion, we have examined such documents and considered such questions of law as we have deemed necessary or appropriate. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and the conformity to originals of all documents submitted to us as copies. As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not independently verified such matters.

Subject to the foregoing, and the other matters set forth herein, it is our opinion that the Shares, when issued and sold in accordance with the terms of the Plan, and the related award agreements, will be validly issued, fully paid and non-assessable.

Our opinion is expressed only with respect to the General Corporation Law of the State of Delaware. We express no opinion to the extent that any other laws are applicable to the subject matter hereof, and express no opinion and provide no assurance as to compliance with any federal or state securities law, rule or regulation.

We consent to the use of this opinion as Exhibit 5.1 to the Registration Statement, and to the reference to our firm in the Registration Statement and any amendments or supplements thereto. In giving such consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.

This opinion is intended solely for use in connection with the issuance and sale of the Shares pursuant to the Registration Statement and is not to be relied upon for any other purpose or delivered to or relied upon by any other person without our prior written consent. This opinion is rendered as of the date hereof and based solely on our understanding of facts in existence as of such date after the examination described in this opinion. We assume no obligation to advise you of any fact, circumstance, event or change in the law or the facts that may hereafter be brought to our attention whether or not such occurrence would affect or modify the opinions expressed herein.

---

| |
|:---|
| Very truly yours, |
| STRADLING YOCCA CARLSON & RAUTH LLP |
| */s/ Stradling Yocca Carlson & Rauth LLP* |

---

## Exhibit 10.2

**Exhibit 10.2** 

**CORVEL CORPORATION** 

1920 Main Street, Suite 900

Irvine, California 92614

***Notice of Grant of Stock Option*** 

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| | |
|:---|:---|
| **Option Number:** |  |
| **Plan:** | 2025 Plan |

---

Effective ___ (the "**Grant Date**"), you have been granted a Non-Qualified Stock Option (the "**Option**") to buy shares of common stock (the "**Shares**") of CORVEL CORPORATION (the "**Company**") at an exercise price of $___ per share (the "**Exercise Price**"). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Company's 2025 Stock Incentive Plan (the "**2025 Plan**").

The total Exercise Price of the Option is $___.

Shares will become fully vested on the dates and subject to the terms described below:<sup>(1)</sup>

<u> Shares</u> <u> Vesting Type</u> <u> Fully Vested Date</u> <u> Expiration Date</u>

(1) Subject to your continuous Service through each applicable vesting date, ___% of the total Shares subject to
this Option will vest on the ___-year anniversary of the Grant Date, and the balance of the Shares will vest in ___ (___) successive, equal, monthly installments on the last day of each calendar month measured from the ___ (___) year anniversary of
the Grant Date (the "**Vesting Schedule** ").

By accepting this Option, you and the Company agree that this Option is granted under and governed by the terms and conditions of the 2025 Plan, the Stock Option Agreement and this Notice of Grant of Stock Option. You acknowledge that the Vesting Schedule may change prospectively in the event your Service status changes. You further acknowledge that the grant of this Option by the Company (i) is at the Company's sole discretion, (ii) does not entitle you to further grants of Options or any other Awards under the Plan or any other plan or program maintained by the Company or any Subsidiary, and (iii) does not confer on you any right to continue in the employ of or to continue any other relationship with the Company or any Subsidiary. By accepting this Option, you consent to electronic delivery as set forth in the Stock Option Agreement.

**CORVEL CORPORATION**

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| | |
|:---|:---|
| <br> Name: | <br> Date: |
| Title: |  |
| **PARTICIPANT** |  |
|  | Date |

---

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in the Registration Statement on Form S-8 of CorVel Corporation (the "Company"), pertaining to the CorVel Corporation 2025 Stock Incentive Plan, of our report dated May 23, 2025, relating to the Company's consolidated financial statements, financial statement schedule and internal controls, included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

---

| |
|:---|
| */s/ Haskell & White LLP* |
| HASKELL & WHITE LLP |

---

Irvine, California

November 6, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**CORVEL CORP**  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Fee Calculation Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| 1 | Equity | Common Stock, par value $0.0001 per share | Other | 1775459 | $72.69 | $129058114.71 | 0.0001381 | $17822.93 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $129058114.71  |  | $17822.93  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $17822.93  |

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 **Offering Note** <br>

<sup>1</sup> (1) Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of the Registrant's common stock, par value $0.0001 per share ("Common Stock"), that become issuable under the CorVel Corporation 2025 Stock Incentive Plan (the "2025 Plan"), by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of outstanding shares of Common Stock. (2) Represents shares of Common Stock that were authorized for issuance under the 2025 Plan, which was approved by the Registrant's stockholders on August 7, 2025. (3) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rules 457(c) and 457(h) under the Securities Act. The proposed maximum offering price per share and the proposed maximum aggregate offering price with respect to the shares are calculated based on $72.69 per share, which is the average of the high ($73.69) and low ($71.69) prices of the Common Stock as reported on the Nasdaq Global Select Market on November 3, 2025, a date within five business days prior to the filing of this Registration Statement.

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| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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