[Form 4] Surgery Partners, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Surgery Partners insider sale disclosed on Form 4. The reporting person, Patricia Anne Maryland, identified as a Director of Surgery Partners, Inc. (SGRY), reported a sale of common stock on 08/11/2025. The form lists a sale transaction (Code S) of 20,018 shares at a weighted-average price of $22.74, with 4,565 shares reported as beneficially owned following the transaction; both amounts are marked as Direct (D).

The filing shows no derivative securities reported and includes an explanation that the reported price is a weighted average; the signature block indicates the report was submitted by an attorney-in-fact. The reporting person’s address is shown c/o Surgery Partners, Inc., Brentwood, TN.

Positive

• Timely disclosure: The Form 4 reports the insider sale and complies with Section 16 reporting requirements.
• Transparent pricing: The filing states the sale price as a weighted-average $22.74 and offers to provide breakdowns on request.

Negative

• Insider selling: A director disposed of 20,018 shares, which reduces direct holdings and may prompt investor questions about insider sentiment.

Insights

Securities Analyst

TL;DR: A company director sold 20,018 SGRY shares at a weighted-average $22.74, leaving 4,565 shares directly owned; no derivatives reported.

The Form 4 documents a direct sale (Transaction Code S) by a director on 08/11/2025 for 20,018 shares at a reported weighted-average price of $22.74, with 4,565 shares remaining beneficially owned directly. For investors, the filing is a transparent Section 16 disclosure of insider activity; it neither documents option exercises nor derivative positions. On its face this is a routine insider sale disclosure rather than an event that, by itself, provides new operational or financial information about the company.

Corporate Governance Expert

TL;DR: Director sale recorded and properly disclosed; filing shows compliance but provides no rationale for the transaction.

The filing identifies the reporting person as a director and records a direct disposition of 20,018 common shares at a weighted-average price of $22.74, with 4,565 shares held after the sale. The document includes the standard explanatory note about weighted-average pricing and the attorney-in-fact signature. From a governance perspective, the form satisfies disclosure obligations under Section 16, but it does not include any explanatory statement about the reason for the sale or indicate any hedging, pledging or derivative arrangements.

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

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^*

Maryland Patricia Anne

(Last) (First) (Middle)

C/O SURGERY PARTNERS, INC.

340 SEVEN SPRINGS WAY, SUITE 600

(Street)

BRENTWOOD TN 37027

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Surgery Partners, Inc. [ SGRY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	08/11/2025		S		20,018	D	$22.74(1)	4,565	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. The price reported in Column 4 is a weighted average price. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price.

Remarks:

	/s/ Jennifer Baldock, Attorney-in-Fact	08/13/2025
	** 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.

FAQ

What transaction did the SGRY director report on the Form 4?

The Form 4 reports a sale (Code S) of 20,018 common shares of Surgery Partners (SGRY) on 08/11/2025 at a weighted-average price of $22.74.

How many SGRY shares does the reporting person own after the transaction?

The form lists 4,565 shares as beneficially owned following the reported transaction, marked as Direct (D) ownership.

Was any derivative or option activity reported for the reporting person on this Form 4?

No derivative securities are reported in Table II; the filing shows only the non-derivative common stock transaction in Table I.

Who is the reporting person and what is their relationship to SGRY?

The reporting person is listed as Patricia Anne Maryland, whose relationship to the issuer is marked as Director.

Does the Form 4 indicate the sale was executed under a 10b5-1 plan?

The filing includes the standard checkbox language for Rule 10b5-1 plans, but the form content does not indicate an affirmative 10b5-1 plan designation for this transaction.