Surgery Partners Insider Sales: 719,604 Shares Sold in Last 3 Months

Rhea-AI Filing Summary

Surgery Partners, Inc. (SGRY) Form 144 notice reports a planned sale of 18,134 common shares through UBS on 09/29/2025 with an aggregate market value of $399,822. The filer states these shares were acquired the same day via an equity option exercise, and the proposed sale will be executed on NASDAQ. The filing lists extensive insider selling by Wayne DeVeydt over the prior three months totaling 719,604 shares sold across multiple dates, generating cumulative gross proceeds reported in the filing. The company has 128,209,410 shares outstanding, which provides context for the scale of these transactions relative to the float.

Positive

• Securities were acquired via equity option exercise, indicating the sale follows compensation-related acquisition rather than an external purchase
• Planned sale size ($399,822) is small relative to total shares outstanding (128,209,410), limiting immediate market supply impact from this single transaction

Negative

• Substantial insider selling: 719,604 shares sold by Wayne DeVeydt in the past three months, which may concern investors
• Multiple large trades including blocks of 100,000 and 150,000 shares, increasing perceived selling pressure
• No accompanying disclosure of a 10b5-1 trading plan or reasons for sales in the filing text

Insights

Securities Analyst

TL;DR: Insider sold large volumes recently; this filing not accompanied by company operational data.

The Form 144 shows a director/officer-level seller executing frequent, sizable sales totaling 719,604 shares over three months and a planned sale of 18,134 shares after exercising options. From a market perspective, the planned sale of 18,134 shares ($399,822) is modest relative to 128.2 million shares outstanding, suggesting limited direct supply pressure from this single planned trade. However, the record of repeated large disposals earlier in the period may be interpreted by market participants as liquidity-driven or portfolio rebalancing rather than company-specific news because the filing contains no operational or financial disclosures.

Corporate Governance Expert

TL;DR: Sustained insider selling raises governance and signaling considerations.

The schedule of numerous transactions by Wayne DeVeydt—including multiple six-figure share disposals—warrants attention from governance stakeholders. Frequent large sales by insiders can prompt questions about personal diversification, exercise-and-sell behavior following option vesting, or the absence of a disclosed 10b5-1 trading plan in this notice. The filing includes a representation that the seller is not aware of undisclosed material information. Absent further context on motivations or trading-plan dates, these repeated sales represent a negative governance signal to some investors.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
common	UBS Financial Services Inc 1000 Harbor Blvd 3rd Floor Weehawken NJ 07086	18134	399822	128209410	09/29/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
common	09/29/2025	equity compensation	Surgery Partners, Inc.			18134	09/29/2025	equity option exercise

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	08/21/2025	100000	2299011
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	08/26/2025	25000	572717
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	08/27/2025	11865	271756
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/02/2025	25000	562150
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/03/2025	25000	560251
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/04/2025	25000	562756
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/05/2025	25000	563682
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/08/2025	2014	45207
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/11/2025	100000	2200741
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/12/2025	28700	628929
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/16/2025	25000	541518
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/17/2025	85785	1873875
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/18/2025	150000	3294425
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/19/2025	10613	234547
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/22/2025	50000	1092666
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/23/2025	25000	550386
Wayne DeVeydt 9910 Cumberland Drive Fishers IN 46037	common	09/26/2025	5627	123794

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 for Surgery Partners (SGRY) report?

The Form 144 reports a proposed sale of 18,134 common shares via UBS on 09/29/2025 valued at $399,822; the shares were acquired by equity option exercise.

Who conducted significant sales disclosed in this filing?

The filing lists multiple prior sales by Wayne DeVeydt totaling 719,604 shares sold over the past three months.

How large is the company’s share base compared with these sales?

Surgery Partners has 128,209,410 shares outstanding, so the planned sale of 18,134 shares represents a small fraction of the total.

Were the acquired shares purchased or granted?

The listed acquisition method is equity compensation via an equity option exercise on 09/29/2025.

Does the Form 144 state whether a 10b5-1 plan governs these sales?

The filing text does not disclose a 10b5-1 trading plan adoption date or explicit trading-plan instructions for these sales.