SEM director shares cashed out at $16.50 in merger

Khanuja Parvinderjit S. reported disposition transactions in this Form 4 filing.

Accepted by SEC EDGAR 07/01/2026 - 02:22 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Khanuja Parvinderjit S. reported disposition transactions in this Form 4 filing.

SELECT MEDICAL HOLDINGS CORP director Parvinderjit S. Khanuja had all of his common shares cashed out in a merger-related transaction. A total of 79,124 shares of common stock, including previously unvested restricted shares, were converted into the right to receive $16.50 per share in cash at the merger effective time, leaving him with no remaining shares.

Insider Trade Summary

Disposition: 79,124 shares

Disposition 1 txn

Insider Khanuja Parvinderjit S.

Role Director

Type	Security	Shares	Price	Value
Disposition	Common Stock	79,124	$16.50	$1.31M

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

Footnotes (2)

1. F1. Pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), entered into on March 2, 2026, by and among the Issuer, Stallion Intermediate Corporation, 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). At the effective time of the merger, each of the Reporting Person's shares of common stock issued and outstanding immediately prior to the effective time of the merger was converted into the right to receive $16.50 per share in cash without interest ("Merger Consideration").
2. F2. Includes unvested shares of Company common stock subject to forfeiture conditions (the "Company Restricted Shares"). Pursuant the Merger Agreement, each Company Restricted Share held by the Reporting Person that was outstanding immediately prior to the effective time vested in full as of immediately prior to the effective time of the merger and was automatically converted into the right to receive the Merger Consideration, less any applicable tax withholdings.

Key Figures

Shares disposed: 79,124 shares Merger cash price: $16.50 per share Post-transaction holdings: 0 shares

3 metrics

Shares disposed 79,124 shares Common stock converted in merger

Merger cash price $16.50 per share Merger consideration for each common share

Post-transaction holdings 0 shares Total shares following transaction

Key Terms

Agreement and Plan of Merger, Merger Consideration, Company Restricted Shares, effective time of the merger

4 terms

Agreement and Plan of Merger regulatory

"Pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), entered into on March 2, 2026, by and among the Issuer..."

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.

Merger Consideration financial

"was converted into the right to receive $16.50 per share in cash without interest ("Merger Consideration")."

Merger consideration is the total payment a company or buyer offers to shareholders of a target company in exchange for combining the two businesses, and can include cash, shares in the surviving company, debt assumption, or a mix of these. Investors care because the form and amount affect the deal’s value, tax consequences, immediate cash received versus future ownership, and the risk and upside of holding new shares — similar to choosing between cash now or stock that could grow later.

Company Restricted Shares financial

"Includes unvested shares of Company common stock subject to forfeiture conditions (the "Company Restricted Shares")."

effective time of the merger regulatory

"immediately prior to the effective time of the merger and was automatically converted into the right to receive the Merger Consideration"

The effective time of the merger is the exact moment when a planned combination of two companies legally takes effect, usually specified in the merger agreement and reflected by the formal filing or timestamp. For investors, it is the point when ownership, voting rights, financial reporting and control shift—like a light switch flipping that joins two rooms into one—so it determines when shares convert, who controls corporate decisions and which results appear in financial statements.

FAQ

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

What insider transaction did SEM director Parvinderjit S. Khanuja report?

Parvinderjit S. Khanuja reported a disposition of all his SEM common shares. 79,124 shares were converted into cash consideration as part of a merger, removing his direct equity stake in the company.

How many SELECT MEDICAL (SEM) shares were disposed of in this Form 4?

The Form 4 shows a disposition of 79,124 shares of SEM common stock. These shares were converted into the right to receive cash in connection with the closing of a merger transaction.

What price per share did SEM director Khanuja receive in the merger?

Each share was converted into the right to receive $16.50 in cash. This merger consideration applied to all of Khanuja’s common shares, including those that were previously unvested restricted shares.

Does Parvinderjit S. Khanuja hold any SEM shares after this transaction?

Following the merger-related disposition, Khanuja’s reported holdings fell to zero shares. The Form 4 states his total shares following the transaction were 0.0000, indicating no remaining direct ownership.

Were restricted SEM shares included in Khanuja’s merger consideration?

Yes. The filing notes that unvested restricted shares vested in full immediately prior to the merger. Those restricted shares were then converted into the same $16.50 per-share cash merger consideration, subject to applicable tax withholdings.

What agreement governed the SEM share conversion reported in this Form 4?

The share conversion was governed by an Agreement and Plan of Merger. Under this merger agreement, each outstanding SEM common share held by Khanuja was converted into the right to receive the $16.50 per-share cash merger consideration.

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

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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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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^*

Khanuja Parvinderjit S.

(Last) (First) (Middle)

C/O SELECT MEDICAL 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)
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		D(1)		79,124(2)	D	$16.5	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. Pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), entered into on March 2, 2026, by and among the Issuer, Stallion Intermediate Corporation, 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). At the effective time of the merger, each of the Reporting Person's shares of common stock issued and outstanding immediately prior to the effective time of the merger was converted into the right to receive $16.50 per share in cash without interest ("Merger Consideration").

2. Includes unvested shares of Company common stock subject to forfeiture conditions (the "Company Restricted Shares"). Pursuant the Merger Agreement, each Company Restricted Share held by the Reporting Person that was outstanding immediately prior to the effective time vested in full as of immediately prior to the effective time of the merger and was automatically converted into the right to receive the Merger Consideration, less any applicable tax withholdings.

	/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.
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* Form 4: SEC 1474 (03-26)