Director William H. Frist gets SEM (NYSE: SEM) stock grant worth $18,000

Rhea-AI Filing Summary

Frist William H. reported acquisition or exercise transactions in this Form 4 filing.

Select Medical Holdings director William H. Frist received a grant of 1,094 shares of Common Stock on April 28, 2026. The shares are restricted stock issued under the Select Medical Holdings Corporation 2020 Equity Incentive Plan in lieu of a quarterly cash retainer of $18,000.

Each share in the grant was valued at $16.45, and following this award Frist directly holds 306,266 shares of Select Medical Holdings Common Stock. This is a compensation-related equity grant rather than an open-market stock purchase.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Frist William H.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,094	$16.45	$18K

Holdings After Transaction: Common Stock — 306,266 shares (Direct, null)

Footnotes (1)

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Key Figures

Restricted stock grant: 1,094 shares Grant price per share: $16.45 per share Quarterly retainer value: $18,000 +1 more

4 metrics

Restricted stock grant 1,094 shares Common Stock awarded on April 28, 2026

Grant price per share $16.45 per share Value used for the restricted stock award

Quarterly retainer value $18,000 Cash retainer replaced by restricted stock grant

Shares held after grant 306,266 shares Total direct Common Stock holdings after the transaction

Key Terms

restricted stock, 2020 Equity Incentive Plan, quarterly retainer, Common Stock

4 terms

restricted stock financial

"This grant of restricted stock was issued to the reporting person"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

2020 Equity Incentive Plan financial

"pursuant to the Select Medical Holdings Corporation 2020 Equity Incentive Plan"

quarterly retainer financial

"in lieu of a quarterly retainer of $18,000"

Common Stock financial

"security_title: "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
hours per response:			0.5

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^*

Frist William H.

(Last) (First) (Middle)

C/O SELECT MEDICAL HOLDINGS CORPORATION

4714 GETTYSBURG ROAD

(Street)

MECHANICSBURG PENNSYLVANIA 17055

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/28/2026

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

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

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

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	04/28/2026		A(1)		1,094	A	$16.45	306,266	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. This grant of restricted stock was issued to the reporting person pursuant to the Select Medical Holdings Corporation 2020 Equity Incentive Plan in lieu of a quarterly retainer of $18,000.

	/s/ John F. Duggan, Attorney-in-Fact	04/29/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did SEM director William H. Frist report on this Form 4?

William H. Frist reported receiving 1,094 shares of Select Medical Holdings Common Stock as a grant. The award is classified as restricted stock and represents compensation rather than an open-market purchase or sale of SEM shares.

What was the value of the restricted stock grant to William H. Frist at Select Medical (SEM)?

The restricted stock grant to William H. Frist was issued in lieu of a quarterly retainer of $18,000. It covered 1,094 shares valued at $16.45 per share under the company’s 2020 Equity Incentive Plan, according to the footnote disclosure.

How many SEM shares does William H. Frist hold after this restricted stock award?

After the April 28, 2026 restricted stock award, William H. Frist directly holds 306,266 shares of Select Medical Holdings Common Stock. This total reflects his position following the 1,094-share grant reported in the Form 4 filing.

Was the SEM Form 4 transaction a stock purchase or a compensation grant?

The Form 4 transaction was a compensation grant, not an open-market purchase. William H. Frist received 1,094 restricted shares under the 2020 Equity Incentive Plan in lieu of a $18,000 quarterly director retainer, as described in the filing footnote.

Under which plan was William H. Frist’s SEM restricted stock grant issued?

The restricted stock grant to William H. Frist was issued under the Select Medical Holdings Corporation 2020 Equity Incentive Plan. The award replaced a quarterly cash retainer and compensated him with 1,094 shares of restricted Common Stock instead of cash.