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<TITLE>CorVel Corporation</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center"><FONT size="2">As filed with the Securities and Exchange Commission on July&nbsp;29, 2003
</FONT>


<P align="right"><FONT size="2">Registration No.&nbsp;333-_______&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

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<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION
</B></FONT>


<DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT></DIV>
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<P align="center"><FONT size="5"><B>FORM S-8
</B></FONT>


<DIV align="center"><FONT size="3"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</FONT></DIV>
<P>
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<P align="center"><FONT size="6"><B>CORVEL CORPORATION
</B></FONT>


<DIV align="center"><FONT size="2">(Exact Name of Registrant as Specified in Its Charter)
</FONT></DIV>

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    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
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    <TD align="center" valign="top"><FONT size="2"><B>Delaware</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>33-0282651</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(State or Other Jurisdiction
of Incorporation or Organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(IRS Employer Identification No.)</FONT></TD>
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</TABLE>
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<P align="center"><FONT size="2"><B>2010 Main Street, Suite&nbsp;600<BR>
Irvine, California 92614</B><BR>
(Address of Principal Executive Offices) (Zip Code)
</FONT>


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<P align="center"><FONT size="2"><B>CORVEL CORPORATION<BR>
RESTATED 1988 EXECUTIVE STOCK OPTION PLAN</B><BR>
(Full Title of the Plan)
</FONT>


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<P align="center"><FONT size="2"><B>V. Gordon Clemons<BR>
President and Chief Executive Officer<BR>
CorVel Corporation<BR>
2010 Main Street, Suite&nbsp;600, Irvine, CA 92614</B><BR>
(Name and Address of Agent For Service)<BR>
<B>(949)&nbsp;851-1473</B><BR>
(Telephone Number, Including Area Code, of Agent For Service)
</FONT>


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<P align="center"><FONT size="2"><B>Copies of all communications to:<BR>
Scott Santagata, Esq.<BR>
Parker A. Schweich, Esq.<BR>
Dorsey &#038; Whitney LLP<BR>
38 Technology Drive, Irvine, CA 92618<BR>
(714)&nbsp;424-5555</B>
</FONT>


<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
</FONT>
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<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Amount</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Title Of Securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>To Be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount Of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>To Be Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Registered (1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Per Share (2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price (2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="15" nowrap align="center"><HR size="1" noshade></TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">Common stock,
$0.0001 par value,
issuable pursuant
to CorVel
Corporation
Restated 1988
Executive Stock
Option Plan
(including
associated
preferred stock
purchase rights)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
750,000&nbsp;shares
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">$35.87</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">$26,902,500</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">$2,176.41</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Pursuant to Rule&nbsp;416(a) promulgated under the Securities Act of 1933, as
amended, this Registration Statement also covers any additional securities
that may be offered or issued to prevent dilution resulting from stock
splits, stock dividends or similar transactions.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Estimated based upon the average of the high and low sales prices per
share of the Registrant&#146;s common stock on July&nbsp;25, 2003, as reported on
the Nasdaq National Market, solely for the purpose of calculating the
registration fee pursuant to Rule&nbsp;457(h) promulgated under the Securities
Act of 1933, as amended.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>

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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="a91860orexv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="a91860orexv23w1.htm">EXHIBIT 23.1</A></TD></TR>
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<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center"><FONT size="2"><B>PART II</B>
</FONT>

<!-- link1 "INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</FONT>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CorVel Corporation (the &#147;Registrant&#148;) hereby incorporates by reference
into this Registration Statement the following documents previously filed with
the Securities and Exchange Commission:
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="90%"><FONT size="2">The Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal
year ended March&nbsp;31, 2003 filed on June&nbsp;30, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="90%"><FONT size="2">The Registrant&#146;s Definitive Proxy Statement on Schedule&nbsp;14A
filed on July&nbsp;2, 2003 pursuant to Section&nbsp;14(a) of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="90%"><FONT size="2">The description of the Registrant&#146;s common stock, par value
$0.0001 per share, contained in the Registrant&#146;s Registration
Statement on Form&nbsp;8-A filed on May&nbsp;16, 1991 pursuant to Section&nbsp;12
of the Exchange Act, including Amendment No.&nbsp;1 thereto filed on June
28, 1991 and any other amendments or reports filed for the purpose
of updating such description; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="90%"><FONT size="2">The description of the Registrant&#146;s preferred stock purchase
rights contained in the Registrant&#146;s Registration Statement on Form
8-A filed on December&nbsp;29, 1998 pursuant to Section&nbsp;12 of the
Exchange Act, including Amendment No.&nbsp;1 thereto filed on May&nbsp;24,
2002 and any other amendments or reports filed for the purpose of
updating such description.</FONT></TD>
</TR>
</TABLE>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and definitive proxy or information statements filed pursuant
to Sections&nbsp;13(a), 13(c), 14 or 15(d) of 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 hereby have been sold or
which deregisters all securities then remaining unsold shall be deemed to be
incorporated by reference into this Registration Statement and to be a part
hereof from the date of filing of such documents. Registrant expressly
excludes from such incorporation information furnished pursuant to Item&nbsp;9 or
Item&nbsp;12 of any Current Report on Form&nbsp;8-K. Any document or any statement
contained in a document incorporated or deemed to be incorporated herein by
reference shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a subsequently filed document or a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated herein by reference modifies or
supersedes such document or such statement. Any such document or statement so
modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
</FONT>

<!-- link2 "Item&nbsp;4. Description of Securities." -->
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<P align="left"><FONT size="2"><B>Item&nbsp;4. Description of Securities.</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</FONT>

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</FONT>

<P align="center"><FONT size="2">II-1</FONT>

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<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;145 of the Delaware General Corporation Law (&#147;Delaware
Law&#148;), the Registrant has broad powers to indemnify its directors and officers
against liabilities they may incur in such capacities. Subsection (a)&nbsp;of
Section&nbsp;145 of the Delaware Law empowers a corporation to indemnify any present
or former director or officer against liabilities and expenses actually and
reasonably incurred in connection with any action, suit or proceeding (other
than an action by or in the right of the corporation), provided that he or she
acted in good faith and in a manner he or she reasonably believed to be in or
not opposed to the best interests of the corporation, and, with respect to any
criminal proceeding, provided that he or she had no reasonable cause to believe
his or her conduct was unlawful. Subsection (b)&nbsp;of Section&nbsp;145 of the Delaware
Law empowers a corporation to indemnify any present or former director or
officer against expenses actually and reasonably incurred in connection with
the defense or settlement of any action or suit brought against him or her by
or in the right of the corporation, provided that he or she acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the
best interests of the corporation, except that no such indemnification may be
made if he or she is adjudged to be liable to the corporation unless the court
determines that, in view of all the circumstances, he or she is fairly and
reasonably entitled to indemnity for such expenses.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware Law further provides that (i)&nbsp;to the extent a
director or officer of a corporation has been successful in the defense of any
action, suit or proceeding referred to in subsections (a)&nbsp;and (b), he or she
must be indemnified against expenses actually and reasonably incurred in
connection therewith; (ii)&nbsp;the corporation is empowered to advance indemnified
expenses to a director or officer who undertakes to repay such advancement if
it is ultimately determined that he or she is not entitled to indemnification;
(iii)&nbsp;indemnification provided for by Section&nbsp;145 shall not be deemed exclusive
of any other rights to which the indemnified party may be entitled; and (iv)
the corporation shall have power to purchase and maintain insurance on behalf
of its directors or officers against any liabilities they may incur in such
capacities, regardless of whether or not such liabilities are permitted to be
indemnified under Section&nbsp;145.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Amended and Restated Certificate of Incorporation
provides that the Registrant&#146;s directors shall not be personally liable for
monetary damages for breach of their fiduciary duties to the Registrant or its
stockholders, except for liability for (i)&nbsp;breach of their duty of loyalty to
the Registrant or its stockholders; (ii)&nbsp;acts or omissions not in good faith or
involving intentional misconduct or knowing violations of law; (iii)&nbsp;unlawful
payments of dividends, stock repurchases or redemptions as provided in Section
174 of the Delaware Law; or (iv)&nbsp;any transaction from which the director
derives an improper personal benefit.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Amended and Restated Bylaws (the &#147;Bylaws&#148;) provide that
the Registrant shall indemnify its directors to the fullest extent permitted by
Section&nbsp;145 of the Delaware Law against liabilities and expenses referred to in
Section&nbsp;145 incurred in such person&#146;s capacity as a director, officer, employee
or agent of the Registrant or as a director, officer, employee or agent of any
other company or enterprise to which the person provides services at the
request of the Registrant. The Bylaws also require the Registrant to advance
expenses, upon receipt by the Registrant of an undertaking by the director to
repay such advances if it is ultimately determined that the he or she is not
entitled to indemnification, unless the director commenced the suit as a
plaintiff and such advance is not specifically approved by a majority of the
Registrant&#146;s Board of Directors, or the suit is brought against the director by
the Registrant and approved by a majority of the Registrant&#146;s Board of
Directors alleging willful misappropriation of corporate assets, disclosure of
confidential information or any other willful breach of duty in bad faith. The
Bylaws further provide that rights conferred under such Bylaws shall not be
deemed to be exclusive of any other right such indemnified persons may have
under any bylaw, agreement, vote of stockholders or disinterested directors or
otherwise.
<P align="center"><FONT size="2">II-2</FONT>

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</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant has entered into indemnification agreements
with each of its directors and certain of its officers. These agreements
provide the Registrant&#146;s directors and certain of its officers with
indemnification for certain liabilities and expenses reasonably incurred by
such persons in any action or proceeding, including any action by or in the
right of the Registrant, on account of services as a director or officer of the
Registrant or as a director or officer of any other company or enterprise to
which the person provides services at the request of the Registrant. The
Registrant also maintains directors&#146; and officers&#146; liability insurance covering
its directors and officers.
</FONT>

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->
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<P align="left"><FONT size="2"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</FONT>

<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;8. Exhibits.</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Description of Exhibit</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><HR size="1" noshade></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Instruments Defining the Rights of Stockholders. Reference is made to
the Registrant&#146;s Registration Statement on<BR>
Form&nbsp;8-A, together with the
amendments and exhibits thereto, which are incorporated herein by
reference pursuant to Item&nbsp;3(c) to this Registration Statement.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Instruments Defining the Rights of Stockholders. Reference is made to
the Registrant&#146;s Registration Statement on<BR>
Form&nbsp;8-A, together with the
amendments and exhibits thereto, which are incorporated herein by
reference pursuant to Item&nbsp;3(d) to this Registration Statement.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amended and Restated Certificate of Incorporation. Incorporated by
reference to Exhibit&nbsp;3.1 to the Registrant&#146;s Quarterly Report on Form
10-Q for the quarterly period ended September&nbsp;30, 2002 filed on November
14, 2002.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion and consent of Dorsey &#038; Whitney LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Grant Thornton LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Dorsey &#038; Whitney LLP (contained in Exhibit&nbsp;5.1 to this
Registration Statement).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney. Reference is made to pages II-5 and II-6 of this
Registration Statement.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restated 1988 Executive Stock Option Plan. Incorporated by reference
to the appendices to the Registrant&#146;s Definitive Proxy Statement on
Schedule&nbsp;14A filed on July&nbsp;6, 2001.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;9. Undertakings.</B>
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="90%"><FONT size="2">The undersigned Registrant hereby undertakes:</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;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</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">II-3</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">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 Securities and Exchange Commission pursuant to
Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20&nbsp;percent change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table
in the effective Registration Statement; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;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;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2"><I>provided, however, </I>that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or
furnished to the Securities and Exchange Commission by the Registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of
1934 that are incorporated by reference in the Registration Statement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act of 1933, 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 <I>bona fide </I>offering thereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;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.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the
Securities Exchange Act of 1934 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 <I>bona fide </I>offering thereof.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act of 1933 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 Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Securities Act of 1933 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 of 1933 and will be governed by the final
adjudication of such issue.
</FONT>

<P align="center"><FONT size="2">II-4</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;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, State of California, on this 29th day of
July, 2003.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2"><B>CORVEL CORPORATION<BR>
(Registrant)</B></FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">By:</FONT></TD>
    <TD width="45%"><FONT size="2">/s/ V. Gordon Clemons<BR>
    <HR size="1" width="75%" align="left" noshade>
V. Gordon Clemons<BR>
Chairman of the Board, Chief Executive
Officer<BR>
and President</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2"><B>POWER OF ATTORNEY</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>KNOW ALL PERSONS BY THESE PRESENTS</B>, that each of the undersigned officers
and directors of CorVel Corporation does hereby constitute and appoint V.
Gordon Clemons and Richard J. Schweppe, and each of them, or their substitute
or substitutes, his or her true and lawful attorneys-in-fact and agents with
full power and authority to do any and all acts and things and to execute and
file any and all instruments, documents or exhibits which said attorneys and
agents, and any one of them, determine may be necessary or advisable or
required to enable said corporation to comply with the Securities Act of 1933,
as amended, and any rules or regulations or requirements of the Securities and
Exchange Commission in connection with this Registration Statement. Without
limiting the generality of the foregoing power and authority, the powers
granted include the power and authority to sign the names of the undersigned
officers and directors in the capacities indicated below to this Registration
Statement, to any and all amendments, both pre-effective and post-effective,
and supplements to this Registration Statement, and to any and all instruments,
documents or exhibits filed as part of or in conjunction with this Registration
Statement or amendments or supplements thereof, with the powers of substitution
and revocation, and each of the undersigned hereby ratifies and confirms that
all said attorneys and agents, or any one of them, or their substitute or
substitutes, shall lawfully do or cause to be done by virtue hereof. This
Power of Attorney may be signed in several counterparts.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, each of the undersigned has executed this Power of
Attorney as of the date indicated.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ V. Gordon Clemons<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
V. Gordon Clemons</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chairman of the Board,<BR>
Chief Executive Officer,<BR>
President (Principal<BR>
Executive Officer) and Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July 29, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Richard J. Schweppe<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Richard J. Schweppe</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Financial Officer and<BR>
Secretary (Principal Financial<BR>
and Accounting Officer)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July 29, 2003</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">II-5</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Alan R. Hoops<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Alan R. Hoops</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July 29, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Steven J. Hamerslag</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ R. Judd Jessup<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
R. Judd Jessup</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July 29, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Jeffrey J. Michael</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">II-6</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Description of Exhibit</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Instruments Defining the Rights of Stockholders. Reference is made to
the Registrant&#146;s Registration Statement on Form&nbsp;8-A, together with the
amendments and exhibits thereto, which are incorporated herein by
reference pursuant to Item&nbsp;3(c) to this Registration Statement.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Instruments Defining the Rights of Stockholders. Reference is made to
the Registrant&#146;s Registration Statement on Form&nbsp;8-A, together with the
amendments and exhibits thereto, which are incorporated herein by
reference pursuant to Item&nbsp;3(d) to this Registration Statement.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amended and Restated Certificate of Incorporation. Incorporated by
reference to Exhibit&nbsp;3.1 to the Registrant&#146;s Quarterly Report on Form
10-Q for the quarterly period ended September&nbsp;30, 2002 filed on November
14, 2002.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion and consent of Dorsey &#038; Whitney LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Grant Thornton LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Dorsey &#038; Whitney LLP (contained in Exhibit&nbsp;5.1 to this
Registration Statement).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney. Reference is made to pages II-5 and II-6 of this
Registration Statement.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restated 1988 Executive Stock Option Plan. Incorporated by reference
to the appendices to the Registrant&#146;s Definitive Proxy Statement on
Schedule&nbsp;14A filed on July&nbsp;6, 2001.</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">&nbsp;</FONT>



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CorVel Corporation
Table of Contents
As filed with the Securities and Exchange Commission on July 29, 2003
Registration No. 333-_______
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 Incorporation or Organization)
(IRS Employer Identification No.)
2010 Main Street, Suite 600
Irvine, California 92614
(Address of Principal Executive Offices) (Zip Code)
CORVEL CORPORATION
RESTATED 1988 EXECUTIVE STOCK OPTION PLAN
(Full Title of the Plan)
V. Gordon Clemons
President and Chief Executive Officer
CorVel Corporation
2010 Main Street, Suite 600, Irvine, CA 92614
(Name and Address of Agent For Service)
(949) 851-1473
(Telephone Number, Including Area Code, of Agent For Service)
Copies of all communications to:
Scott Santagata, Esq.
Parker A. Schweich, Esq.
Dorsey & Whitney LLP
38 Technology Drive, Irvine, CA 92618
(714) 424-5555
CALCULATION OF REGISTRATION FEE
Amount
Proposed Maximum
Proposed Maximum
Title Of Securities
To Be
Offering Price
Aggregate
Amount Of
To Be Registered
Registered (1)
Per Share (2)
Offering Price (2)
Registration Fee
Common stock,
$0.0001 par value,
issuable pursuant
to CorVel
Corporation
Restated 1988
Executive Stock
Option Plan
(including
associated
preferred stock
purchase rights)
750,000 shares
$35.87
$26,902,500
$2,176.41
(1)
Pursuant to Rule 416(a) promulgated under the Securities Act of 1933, as
amended, this Registration Statement also covers any additional securities
that may be offered or issued to prevent dilution resulting from stock
splits, stock dividends or similar transactions.
(2)
Estimated based upon the average of the high and low sales prices per
share of the Registrant's common stock on July 25, 2003, as reported on
the Nasdaq National Market, solely for the purpose of calculating the
registration fee pursuant to Rule 457(h) promulgated under the Securities
Act of 1933, as amended.
TABLE OF CONTENTS
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption from Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
SIGNATURES
EXHIBIT INDEX
EXHIBIT 5.1
EXHIBIT 23.1
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
CorVel Corporation (the "Registrant") hereby incorporates by reference
into this Registration Statement the following documents previously filed with
the Securities and Exchange Commission:
(a)
The Registrant's Annual Report on Form 10-K for the fiscal
year ended March 31, 2003 filed on June 30, 2003;
(b)
The Registrant's Definitive Proxy Statement on Schedule 14A
filed on July 2, 2003 pursuant to Section 14(a) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act");
(c)
The description of the Registrant's common stock, par value
$0.0001 per share, contained in the Registrant's Registration
Statement on Form 8-A filed on May 16, 1991 pursuant to Section 12
of the Exchange Act, including Amendment No. 1 thereto filed on June
28, 1991 and any other amendments or reports filed for the purpose
of updating such description; and
(d)
The description of the Registrant's preferred stock purchase
rights contained in the Registrant's Registration Statement on Form
8-A filed on December 29, 1998 pursuant to Section 12 of the
Exchange Act, including Amendment No. 1 thereto filed on May 24,
2002 and any other amendments or reports filed for the purpose of
updating such description.
All reports and definitive proxy or information statements filed pursuant
to Sections 13(a), 13(c), 14 or 15(d) of 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 hereby have been sold or
which deregisters all securities then remaining unsold shall be deemed to be
incorporated by reference into this Registration Statement and to be a part
hereof from the date of filing of such documents. Registrant expressly
excludes from such incorporation information furnished pursuant to Item 9 or
Item 12 of any Current Report on Form 8-K. Any document or any statement
contained in a document incorporated or deemed to be incorporated herein by
reference shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a subsequently filed document or a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated herein by reference modifies or
supersedes such document or such statement. Any such document or 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.
Not Applicable.
Item 5. Interests of Named Experts and Counsel.
Not Applicable.
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Item 6. Indemnification of Directors and Officers.
Under Section 145 of the Delaware General Corporation Law ("Delaware
Law"), the Registrant has broad powers to indemnify its directors and officers
against liabilities they may incur in such capacities. Subsection (a) of
Section 145 of the Delaware Law empowers a corporation to indemnify any present
or former director or officer against liabilities and expenses actually and
reasonably incurred in connection with any action, suit or proceeding (other
than an action by or in the right of the corporation), provided that he or she
acted in good faith and in a manner he or she reasonably believed to be in or
not opposed to the best interests of the corporation, and, with respect to any
criminal proceeding, provided that he or she had no reasonable cause to believe
his or her conduct was unlawful. Subsection (b) of Section 145 of the Delaware
Law empowers a corporation to indemnify any present or former director or
officer against expenses actually and reasonably incurred in connection with
the defense or settlement of any action or suit brought against him or her by
or in the right of the corporation, provided that he or she acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the
best interests of the corporation, except that no such indemnification may be
made if he or she is adjudged to be liable to the corporation unless the court
determines that, in view of all the circumstances, he or she is fairly and
reasonably entitled to indemnity for such expenses.
Section 145 of the Delaware Law further provides that (i) to the extent a
director or officer of a corporation has been successful in the defense of any
action, suit or proceeding referred to in subsections (a) and (b), he or she
must be indemnified against expenses actually and reasonably incurred in
connection therewith; (ii) the corporation is empowered to advance indemnified
expenses to a director or officer who undertakes to repay such advancement if
it is ultimately determined that he or she is not entitled to indemnification;
(iii) indemnification provided for by Section 145 shall not be deemed exclusive
of any other rights to which the indemnified party may be entitled; and (iv)
the corporation shall have power to purchase and maintain insurance on behalf
of its directors or officers against any liabilities they may incur in such
capacities, regardless of whether or not such liabilities are permitted to be
indemnified under Section 145.
The Registrant's Amended and Restated Certificate of Incorporation
provides that the Registrant's directors shall not be personally liable for
monetary damages for breach of their fiduciary duties to the Registrant or its
stockholders, except for liability for (i) breach of their duty of loyalty to
the Registrant or its stockholders; (ii) acts or omissions not in good faith or
involving intentional misconduct or knowing violations of law; (iii) unlawful
payments of dividends, stock repurchases or redemptions as provided in Section
174 of the Delaware Law; or (iv) any transaction from which the director
derives an improper personal benefit.
The Registrant's Amended and Restated Bylaws (the "Bylaws") provide that
the Registrant shall indemnify its directors to the fullest extent permitted by
Section 145 of the Delaware Law against liabilities and expenses referred to in
Section 145 incurred in such person's capacity as a director, officer, employee
or agent of the Registrant or as a director, officer, employee or agent of any
other company or enterprise to which the person provides services at the
request of the Registrant. The Bylaws also require the Registrant to advance
expenses, upon receipt by the Registrant of an undertaking by the director to
repay such advances if it is ultimately determined that the he or she is not
entitled to indemnification, unless the director commenced the suit as a
plaintiff and such advance is not specifically approved by a majority of the
Registrant's Board of Directors, or the suit is brought against the director by
the Registrant and approved by a majority of the Registrant's Board of
Directors alleging willful misappropriation of corporate assets, disclosure of
confidential information or any other willful breach of duty in bad faith. The
Bylaws further provide that rights conferred under such Bylaws shall not be
deemed to be exclusive of any other right such indemnified persons may have
under any bylaw, agreement, vote of stockholders or disinterested directors or
otherwise.
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In addition, the Registrant has entered into indemnification agreements
with each of its directors and certain of its officers. These agreements
provide the Registrant's directors and certain of its officers with
indemnification for certain liabilities and expenses reasonably incurred by
such persons in any action or proceeding, including any action by or in the
right of the Registrant, on account of services as a director or officer of the
Registrant or as a director or officer of any other company or enterprise to
which the person provides services at the request of the Registrant. The
Registrant also maintains directors' and officers' liability insurance covering
its directors and officers.
Item 7. Exemption from Registration Claimed.
Not Applicable.
Item 8. Exhibits.
Exhibit Number
Description of Exhibit
4.1
Instruments Defining the Rights of Stockholders. Reference is made to
the Registrant's Registration Statement on
Form 8-A, together with the
amendments and exhibits thereto, which are incorporated herein by
reference pursuant to Item 3(c) to this Registration Statement.
4.2
Instruments Defining the Rights of Stockholders. Reference is made to
the Registrant's Registration Statement on
Form 8-A, together with the
amendments and exhibits thereto, which are incorporated herein by
reference pursuant to Item 3(d) to this Registration Statement.
4.3
Amended and Restated Certificate of Incorporation. Incorporated by
reference to Exhibit 3.1 to the Registrant's Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2002 filed on November
14, 2002.
5.1
Opinion and consent of Dorsey & Whitney LLP.
23.1
Consent of Grant Thornton LLP.
23.2
Consent of Dorsey & Whitney LLP (contained in Exhibit 5.1 to this
Registration Statement).
24.1
Power of Attorney. Reference is made to pages II-5 and II-6 of this
Registration Statement.
99.1
Restated 1988 Executive Stock Option Plan. Incorporated by reference
to the appendices to the Registrant's Definitive Proxy Statement on
Schedule 14A filed on July 6, 2001.
Item 9. Undertakings.
(a)
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(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
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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 Securities and Exchange Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table
in the effective Registration Statement; and
(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 information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or
furnished to the Securities and Exchange Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of
1934 that are incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, 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.
(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 of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 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 of 1933 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 Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Securities Act of 1933 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 of 1933 and will be governed by the final
adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, 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, State of California, on this 29th day of
July, 2003.
CORVEL CORPORATION
(Registrant)
By:
/s/ V. Gordon Clemons
V. Gordon Clemons
Chairman of the Board, Chief Executive
Officer
and President
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
, that each of the undersigned officers
and directors of CorVel Corporation does hereby constitute and appoint V.
Gordon Clemons and Richard J. Schweppe, and each of them, or their substitute
or substitutes, his or her true and lawful attorneys-in-fact and agents with
full power and authority to do any and all acts and things and to execute and
file any and all instruments, documents or exhibits which said attorneys and
agents, and any one of them, determine may be necessary or advisable or
required to enable said corporation to comply with the Securities Act of 1933,
as amended, and any rules or regulations or requirements of the Securities and
Exchange Commission in connection with this Registration Statement. Without
limiting the generality of the foregoing power and authority, the powers
granted include the power and authority to sign the names of the undersigned
officers and directors in the capacities indicated below to this Registration
Statement, to any and all amendments, both pre-effective and post-effective,
and supplements to this Registration Statement, and to any and all instruments,
documents or exhibits filed as part of or in conjunction with this Registration
Statement or amendments or supplements thereof, with the powers of substitution
and revocation, and each of the undersigned hereby ratifies and confirms that
all said attorneys and agents, or any one of them, or their substitute or
substitutes, shall lawfully do or cause to be done by virtue hereof. This
Power of Attorney may be signed in several counterparts.
IN WITNESS WHEREOF
, each of the undersigned has executed this Power of
Attorney as of the date indicated.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
Signature
Title
Date
/s/ V. Gordon Clemons
V. Gordon Clemons
Chairman of the Board,
Chief Executive Officer,
President (Principal
Executive Officer) and Director
July 29, 2003
/s/ Richard J. Schweppe
Richard J. Schweppe
Chief Financial Officer and
Secretary (Principal Financial
and Accounting Officer)
July 29, 2003
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/s/ Alan R. Hoops
Alan R. Hoops
Director
July 29, 2003
Steven J. Hamerslag
Director
/s/ R. Judd Jessup
R. Judd Jessup
Director
July 29, 2003
Jeffrey J. Michael
Director
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EXHIBIT INDEX
Exhibit Number
Description of Exhibit
4.1
Instruments Defining the Rights of Stockholders. Reference is made to
the Registrant's Registration Statement on Form 8-A, together with the
amendments and exhibits thereto, which are incorporated herein by
reference pursuant to Item 3(c) to this Registration Statement.
4.2
Instruments Defining the Rights of Stockholders. Reference is made to
the Registrant's Registration Statement on Form 8-A, together with the
amendments and exhibits thereto, which are incorporated herein by
reference pursuant to Item 3(d) to this Registration Statement.
4.3
Amended and Restated Certificate of Incorporation. Incorporated by
reference to Exhibit 3.1 to the Registrant's Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2002 filed on November
14, 2002.
5.1
Opinion and consent of Dorsey & Whitney LLP.
23.1
Consent of Grant Thornton LLP.
23.2
Consent of Dorsey & Whitney LLP (contained in Exhibit 5.1 to this
Registration Statement).
24.1
Power of Attorney. Reference is made to pages II-5 and II-6 of this
Registration Statement.
99.1
Restated 1988 Executive Stock Option Plan. Incorporated by reference
to the appendices to the Registrant's Definitive Proxy Statement on
Schedule 14A filed on July 6, 2001.