JESSUP R JUDD

R. Judd Jessup's 350 Form 4 transactions are unusually concentrated for a multi-decade insider: 317 of them -- more than 90% -- belong to a single company, CorVel Corp (CRVL), where his disclosures run continuously from 2003 to June 2026. The directional flow is one-way: roughly 202,621 CorVel shares disposed against zero open-market purchases on record, the signature of a long-tenured executive systematically monetizing equity compensation. The mechanics are visible in the recent ledger -- a low-strike option exercise (code M, 9,000 shares at a $14.44 strike on 2026-06-11) paired with tax-withholding (code F) and periodic open-market sales (code S) at far higher prevailing prices, such as roughly 10,500 shares sold in November 2025 near $76-$77 and a series in late May through early June 2025 above $110. Beyond CorVel, two smaller healthcare-services names round out the record: NovaMed (about 107,118 shares disposed, 2003-2011) and CombiMatrix (about 15,680 disposed, 2010-2017). The pattern is a concentrated, mechanical exercise-and-sell footprint, not a diversified one; it describes how option grants converted to cash over twenty years, not a view on CorVel's path ahead.