SEM CEO shifts 391,709 shares in merger deal

SELECT MEDICAL HOLDINGS CORP’s chief executive officer, Thomas P. Mullin, reported an internal restructuring of 391,709 shares of Common Stock under a previously signed merger agreement.

Rhea-AI Filing Summary

SELECT MEDICAL HOLDINGS CORP’s chief executive officer, Thomas P. Mullin, reported an internal restructuring of 391,709 shares of Common Stock under a previously signed merger agreement. This was not an open‑market trade and carried a reported price of $0.00 per share.

Footnotes explain that immediately before the merger became effective, Mullin contributed 175,042 common shares and 216,667 restricted shares of Select Medical to Stallion Intermediate Corporation, the merger parent. In exchange, he received an equivalent number of parent common and restricted shares, which were then exchanged for interests in Stallion Group Parent, LP.

After this restructuring, the Form 4 shows 0 shares of Select Medical Common Stock held directly by Mullin, with his economic interest shifted into the new parent structure created for the merger.

Insider Trade Summary

Other: 391,709 shares

Other 1 txn

Insider Mullin Thomas P

Role CHIEF EXECUTIVE OFFICER

Type	Security	Shares	Price	Value
Other	Common Stock	391,709	$0.00	$0.00

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

Footnotes (2)

1. F1. 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. F2. Immediately prior to the effective time of the merger, the Reporting Person contributed 175,042 common shares and 216,667 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: 391,709 shares Common shares contributed: 175,042 shares Restricted shares contributed: 216,667 shares +2 more

5 metrics

Restructured shares 391,709 shares Common Stock affected in merger-related restructuring

Common shares contributed 175,042 shares Common shares contributed to merger parent

Restricted shares contributed 216,667 shares Restricted shares contributed to merger parent

Price per share $0.00 per share Reported transaction price in restructuring

Direct holdings after transaction 0 shares Select Medical common stock directly held post-transaction

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 175,042 common shares and 216,667 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."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did SEM CEO Thomas P. Mullin report in this Form 4 transaction?

Thomas P. Mullin reported an internal restructuring of 391,709 shares of SELECT MEDICAL HOLDINGS CORP common stock, tied to a merger agreement. The filing shows these shares were disposed of and exchanged for equity in the new parent structure, not sold on the open market.

How many SEM shares were involved in Thomas P. Mullin’s restructuring?

The Form 4 for SELECT MEDICAL HOLDINGS CORP (SEM) reports 391,709 shares affected. This includes 175,042 common shares and 216,667 restricted shares, all contributed to the merger parent entity in exchange for equivalent interests in the new ownership structure.

Was Thomas P. Mullin’s SEM Form 4 transaction an open-market sale or purchase?

The SEM Form 4 does not show an open-market sale or purchase. It records an “other” transaction under code J, where shares were disposed of under a merger agreement and exchanged for parent company equity, reflecting an ownership restructuring rather than trading activity.

What does the SEM Form 4 say about Mullin’s holdings after the transaction?

After the transaction, the Form 4 shows 0 shares of SELECT MEDICAL HOLDINGS CORP common stock held directly by Thomas P. Mullin. His economic interest was shifted into parent common shares and then into interests in Stallion Group Parent, LP under the merger structure.

How is the SEM merger described in Thomas P. Mullin’s Form 4 footnotes?

Footnotes describe securities disposed of under an Agreement and Plan of Merger among SEM, Stallion Intermediate Corporation, and Stallion MergerSub Corporation. Immediately before the effective time, Mullin’s SEM shares were contributed to the parent and converted into parent equity and then partnership interests.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/01/2026 - 02:17 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^*

Mullin Thomas P

(Last) (First) (Middle)

C/O SELECT MEDICAL CORPORATION

4714 GETTYSBURG ROAD P.O. BOX 2034

(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)
	CHIEF EXECUTIVE OFFICER

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)		391,709(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 175,042 common shares and 216,667 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)