Select Medical (SEM) president rolls 736,412 shares into merger

Rhea-AI Filing Summary

SELECT MEDICAL HOLDINGS CORP president John A. Saich reported an internal restructuring of his equity stake tied to a merger transaction. The filing shows 736,412 common shares were disposed of at a stated price of $0.00 per share under an Agreement and Plan of Merger with Stallion Intermediate Corporation and Stallion MergerSub Corporation.

Immediately before the merger’s effective time, Saich contributed 519,745 common shares and 216,667 restricted shares to Stallion Intermediate Corporation in exchange for equivalent Parent common and restricted shares, which were then exchanged for interests in Stallion Group Parent, LP. Following this restructuring, the Form 4 reports zero shares of SELECT MEDICAL HOLDINGS CORP common stock held directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Saich John A.

Role PRESIDENT

Type	Security	Shares	Price	Value
Other	Common Stock	736,412	$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 519,745 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: 736,412 shares Common shares contributed: 519,745 shares Restricted shares contributed: 216,667 shares +2 more

5 metrics

Restructured shares 736,412 shares Common stock disposed of in merger-related transaction

Common shares contributed 519,745 shares Common shares contributed to Stallion Intermediate Corporation

Restricted shares contributed 216,667 shares Restricted shares contributed to Stallion Intermediate Corporation

Reported price $0.00 per share Stated transaction price for common stock disposition

Post-transaction SEM holdings 0 shares Direct SEM common stock held following the transaction

Key Terms

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

4 terms

Agreement and Plan of Merger financial

"reports securities disposed of under the Agreement and Plan of Merger"

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 519,745 common shares and 216,667 restricted shares to Parent"

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")"

interests in 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 - 02:17 PM Accepted by SEC EDGAR 07/01/2026 - 02:16 PM Learn about SEC filing dates

FAQ

What transaction did John A. Saich report in the latest SEM Form 4?

John A. Saich reported an internal restructuring of his SEM equity tied to a merger. He contributed common and restricted shares to Stallion Intermediate Corporation and ultimately received interests in Stallion Group Parent, LP instead of directly holding Select Medical common stock.

How many SELECT MEDICAL (SEM) shares were affected in Saich’s Form 4 filing?

The Form 4 shows 736,412 SEM common shares disposed of in connection with the merger. Footnotes specify this comprised 519,745 common shares and 216,667 restricted shares contributed to Stallion Intermediate Corporation before being exchanged into interests in Stallion Group Parent, LP.

Was John A. Saich’s SEM transaction an open-market sale of stock?

No, the filing describes an internal restructuring under a merger agreement, not an open-market sale. Shares were contributed to Stallion Intermediate Corporation and exchanged into interests in Stallion Group Parent, LP, with a reported transaction price of $0.00 per share for SEM common stock.

Does John A. Saich still directly own SELECT MEDICAL (SEM) shares after this Form 4?

According to the Form 4, Saich’s direct holdings of SEM common stock are zero after the transaction. His contributed common and restricted shares were converted into equity interests in Stallion Group Parent, LP as part of the merger-related restructuring described in the filing footnotes.

Which merger agreement is referenced in John A. Saich’s SEM Form 4 footnotes?

The footnotes reference an Agreement and Plan of Merger entered March 2, 2026 among SELECT MEDICAL HOLDINGS CORP, Stallion Intermediate Corporation (Parent), and Stallion MergerSub Corporation. The Form 4 states the reported disposition of shares occurred under this merger agreement framework.

How were Saich’s SEM restricted shares treated in the merger restructuring?

Immediately before the merger’s effective time, Saich contributed 216,667 restricted SEM shares to Stallion Intermediate Corporation. In return, he received an equivalent number of restricted Parent shares, which were then exchanged for equivalent interests in Stallion Group Parent, LP under the same terms.

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^*

Saich John A.

(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)
	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)		736,412(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 519,745 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)