[Form 4] SELECT MEDICAL HOLDINGS CORP Insider Trading Activity

Rhea-AI Filing Summary

Insider activity: Director Thomas Daniel filed Form 4 for Select Medical Holdings (SEM) disclosing a grant of 14,035 restricted shares on 07/29/2025 (transaction code “A”). The award carries a $0 purchase price and vests in full on 07/29/2026. Following the grant, Daniel directly owns 80,035 common shares; no derivative securities or sales were reported.

The filing represents routine director compensation and modestly increases insider ownership. No cash outlay, option exercises or open-market purchases occurred, so the transaction is unlikely to materially affect near-term supply-demand dynamics for SEM shares.

Positive

• Increased insider ownership: Director’s stake rises by 14,035 shares, strengthening alignment with shareholders.

Negative

• No open-market purchase: Shares were granted at $0, so the filing lacks the bullish signal of a cash-backed buy.
• Minor dilution: Issuance of new shares, though immaterial relative to total outstanding, is incrementally dilutive.

Insights

Financial Analyst

TL;DR: Routine restricted-stock grant; immaterial dilution but slightly better alignment of director and shareholder interests.

The Form 4 shows a typical board compensation grant rather than an open-market buy, so signalling value is limited. The additional 14,035 shares lift Daniel’s direct stake to 80,035, a ~21% increase in his holdings but negligible versus SEM’s ~128 million shares outstanding. Because the shares were issued at no cost and vest over one year, they contribute minor dilution yet improve incentive alignment in 2026. Overall impact on valuation, liquidity and governance is neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Thomas Daniel

(Last) (First) (Middle)

C/O SELECT MEDICAL CORPORATION

4714 GETTYSBURG ROAD

(Street)

MECHANICSBURG PA 17055

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SELECT MEDICAL HOLDINGS CORP [ SEM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/29/2025		A(1)		14,035	A	$0	80,035	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Grant of restricted stock which, subject to certain exceptions, will vest in full on July 29, 2026, the first anniversary of the grant date.

	/s/ Michael E. Tarvin, Attorney-in-Fact	07/31/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did SEM report on 07/29/2025?

Director Thomas Daniel received 14,035 restricted shares as compensation, disclosed in a Form 4.

At what price were the shares acquired?

The restricted stock was granted at $0 cost; no cash changed hands.

When will the granted shares vest?

All 14,035 shares vest on 07/29/2026, one year after the grant date.

How many SEM shares does the director now own?

After the grant, Daniel directly owns 80,035 common shares.

Did the filing include any stock sales or option exercises?

No, the Form 4 reported no sales or derivative transactions.