Merger shifts 135,084 Select Medical (SEM) shares into parent LP

Rhea-AI Filing Summary

Select Medical Holdings executive John Tyler Hollenbach reported a merger-related restructuring of 135,084 common shares. The Form 4 notes these securities were disposed of under an Agreement and Plan of Merger involving Select Medical, Stallion Intermediate Corporation and Stallion MergerSub Corporation.

Immediately before the merger’s effective time, Hollenbach contributed 31,751 common shares and 103,333 restricted shares to Stallion Intermediate Corporation. In return, he received an equivalent amount of Parent common and restricted shares, which were then exchanged for equivalent interests in Stallion Group Parent, LP. Following this restructuring, the Form 4 shows zero Select Medical common shares held directly in this reporting line.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Hollenbach John Tyler

Role EXECUTIVE VICE PRESIDENT

Type	Security	Shares	Price	Value
Other	Common Stock	135,084	$0.00	--

Holdings After Transaction: Common Stock — 0 shares (Direct, null)

Footnotes (1)

1. This Form 4 reports securities disposed of under the Agreement and Plan of Merger (the "Merger Agreement"), entered into on March 2, 2026, by and among the Issuer, Stallion Intermediate Corporation ("Parent"), and Stallion MergerSub Corporation (filed as Exhibit 2.1 to the Form 8-K filed with the Securities and Exchange Commission on March 3, 2026). Immediately prior to the effective time of the merger, the Reporting Person contributed 31,751 common shares and 103,333 restricted shares to Parent in exchange for an equivalent amount of shares of common stock ("Parent Common Shares") and restricted shares, respectively, of Parent, which Parent Common Shares were then exchanged for an equivalent amount of interests in Stallion Group Parent, LP.

Key Figures

Restructured shares: 135,084 shares Contributed common shares: 31,751 shares Contributed restricted shares: 103,333 shares +1 more

4 metrics

Restructured shares 135,084 shares Common stock reported under merger-related disposition

Contributed common shares 31,751 shares Common shares contributed to Stallion Intermediate Corporation

Contributed restricted shares 103,333 shares Restricted shares contributed to Stallion Intermediate Corporation

Shares held after transaction 0 shares Direct Select Medical common stock in this reporting line

Key Terms

Agreement and Plan of Merger, restricted shares, Parent Common Shares, Stallion Group Parent, LP

4 terms

Agreement and Plan of Merger regulatory

"securities disposed of under the Agreement and Plan of Merger (the "Merger Agreement"), entered into on March 2, 2026"

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

restricted shares financial

"contributed 31,751 common shares and 103,333 restricted shares to Parent in exchange for an equivalent amount"

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

Parent Common Shares financial

"in exchange for an equivalent amount of shares of common stock ("Parent Common Shares") and restricted shares, respectively, of Parent"

Stallion Group Parent, LP financial

"Parent Common Shares were then exchanged for an equivalent amount of interests in Stallion Group Parent, LP"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/01/2026 - 02:21 PM Accepted by SEC EDGAR 07/01/2026 - 02:20 PM Learn about SEC filing dates

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

X

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^*

Hollenbach John Tyler

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

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	06/30/2026		J(1)		135,084(2)	D	$0	0	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 Form 4 reports securities disposed of under the Agreement and Plan of Merger (the "Merger Agreement"), entered into on March 2, 2026, by and among the Issuer, Stallion Intermediate Corporation ("Parent"), and Stallion MergerSub Corporation (filed as Exhibit 2.1 to the Form 8-K filed with the Securities and Exchange Commission on March 3, 2026).

2. Immediately prior to the effective time of the merger, the Reporting Person contributed 31,751 common shares and 103,333 restricted shares to Parent in exchange for an equivalent amount of shares of common stock ("Parent Common Shares") and restricted shares, respectively, of Parent, which Parent Common Shares were then exchanged for an equivalent amount of interests in Stallion Group Parent, LP.

	/s/ John F. Duggan, Attorney-in-Fact	07/01/2026
	** 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 executive John Tyler Hollenbach report?

John Tyler Hollenbach reported a merger-related restructuring of 135,084 Select Medical common shares. The shares were disposed of under an Agreement and Plan of Merger and exchanged into equity interests of Stallion Group Parent, LP, rather than sold on the open market.

How many Select Medical (SEM) shares were involved in Hollenbach’s Form 4?

The Form 4 covers 135,084 common shares of Select Medical. These consisted of 31,751 common shares and 103,333 restricted shares that were contributed to Stallion Intermediate Corporation immediately before the merger and then exchanged into parent-level equity interests.

Was Hollenbach’s SEM Form 4 a stock sale in the open market?

No, the Form 4 describes an other acquisition or disposition tied to a merger, not an open-market sale. The shares were contributed to Stallion Intermediate Corporation and converted into Parent Common Shares and then interests in Stallion Group Parent, LP as part of the transaction.

What did John Tyler Hollenbach receive for his contributed SEM shares?

Hollenbach received Parent Common Shares and restricted shares equal to the contributed 31,751 common and 103,333 restricted Select Medical shares. Those Parent Common Shares were then exchanged for an equivalent amount of interests in Stallion Group Parent, LP, reflecting a change in ownership structure.

How many Select Medical shares does Hollenbach hold after this Form 4 transaction?

After the reported restructuring, the Form 4 lists zero Select Medical common shares directly held in this reporting line. His prior holdings were converted into Parent Common Shares and then interests in Stallion Group Parent, LP as part of the merger-related exchange.

What merger agreement is referenced in SEM executive Hollenbach’s Form 4?

The Form 4 refers to an Agreement and Plan of Merger among Select Medical, Stallion Intermediate Corporation and Stallion MergerSub Corporation. The reported disposition of 135,084 shares occurred under this merger agreement, which structured the contribution and exchange of his equity interests.