Select Medical (NYSE: SEM) details new CEO contract and $700k base pay

Rhea-AI Filing Summary

Select Medical Holdings Corporation reported that its subsidiary, Select Medical Corporation, has entered into a new employment agreement with its Chief Executive Officer, Thomas P. Mullin, effective January 1, 2026. Under this agreement, Mr. Mullin will continue as CEO for an initial one-year term, with automatic one-year renewals unless either party ends the arrangement under the contract terms.

Mr. Mullin will receive a base salary of $700,000 per year. If Select terminates his employment for reasons other than cause, death, or disability, he is entitled to a severance payment equal to twelve months of base salary, paid over the year following termination, subject to an existing change of control letter. The agreement also includes non-competition and non-solicitation restrictions during employment and for two years after it ends. The company states there are no disclosable family relationships or related-party transactions involving Mr. Mullin.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

current report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 17, 2025

SELECT MEDICAL HOLDINGS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		001-34465		20-1764048
(State or other jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

4714 Gettysburg Road, P.O. Box 2034

Mechanicsburg, PA 17055

(Address of principal executive offices)  (Zip Code)

(717) 972-1100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	SEM	New York Stock Exchange (NYSE)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether either registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if either registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 17, 2025, Select Medical Corporation (“Select”), a wholly owned subsidiary of Select Medical Holdings Corporation (the “Company”), entered into an employment agreement with Select’s Chief Executive Officer, Thomas P. Mullin (the “Employment Agreement”), effective January 1, 2026.

Pursuant to the Employment Agreement, Mr. Mullin will continue to serve as Chief Executive Officer for an initial term of one year, after which time the term of the Employment Agreement will automatically renew for successive one year terms unless terminated by Mr. Mullin or Select on the terms set forth in the Employment Agreement. Mr. Mullin will receive a base salary of $700,000 per year. Except that as provided in that certain change of control letter between Select and Mr. Mullin, dated February 18, 2021, if Select terminates Mr. Mullin’s employment for any reason other than for Cause (as defined in the Employment Agreement) and other than due to death or Disability (as defined in the Employment Agreement), Mr. Mullin will be entitled to receive an amount equal to twelve months of his base salary, payable over the twelve month period following such termination. In addition, during employment and for a period of two years thereafter, Mr. Mullin is subject to non-competition and non-solicitation restrictions.

There is no arrangement or understanding between Mr. Mullin and any other person pursuant to which Mr. Mullin is to be selected as an officer of the Company that would require disclosure under Item 401(b) of Regulation S-K. Additionally, there is no family relationship between Mr. Mullin and any other person that would require disclosure under Item 401(d) of Regulation S-K. Mr. Mullin has not entered into any related party transactions with the Company that are required to be disclosed pursuant to Item 404(a) of Regulation S-K.

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the text of the Employment Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
10.1	Employment Agreement, dated December 17, 2025, between Select Medical Corporation and Thomas P. Mullin.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SELECT MEDICAL HOLDINGS CORPORATION
Date: December 19, 2025	By:	/s/ John F. Duggan
		John F. Duggan
		Executive Vice President, General Counsel and Secretary

FAQ

What executive employment change did Select Medical Holdings Corporation (SEM) disclose?

The company disclosed that its subsidiary, Select Medical Corporation, entered into a new employment agreement with its Chief Executive Officer, Thomas P. Mullin, effective January 1, 2026.

What is Thomas P. Mullins base salary under the new SEM CEO employment agreement?

Under the new agreement, Thomas P. Mullin will receive a base salary of $700,000 per year while serving as Chief Executive Officer of Select Medical Corporation.

How long is the term of the new CEO employment agreement at Select Medical?

The agreement provides an initial one-year term starting January 1, 2026, and then automatically renews for successive one-year terms unless terminated by Mr. Mullin or Select under the agreements terms.

What severance is Thomas P. Mullin entitled to if terminated without cause at SEM?

If Select terminates Mr. Mullins employment for any reason other than Cause, death, or Disability, he is entitled to an amount equal to twelve months of his base salary, payable over the twelve months following termination, as provided alongside his existing change of control letter.

Does the SEM CEO employment agreement include non-compete or non-solicitation clauses?

Yes. During his employment and for two years after it ends, Thomas P. Mullin is subject to non-competition and non-solicitation restrictions under the employment agreement.

Are there any disclosable family or related-party relationships involving SEM CEO Thomas P. Mullin?

The company states there is no arrangement or understanding requiring disclosure under Item 401(b), no family relationship requiring disclosure under Item 401(d), and no related party transactions requiring disclosure under Item 404(a) of Regulation S-K involving Mr. Mullin.

Where can investors find the full text of Thomas P. Mullins new employment agreement with Select Medical?

The full text of the employment agreement is filed as Exhibit 10.1, titled Employment Agreement, dated December 17, 2025, between Select Medical Corporation and Thomas P. Mullin.