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

Rhea-AI Filing Summary

Surgery Partners' Chief Financial Officer, David T. Doherty, reported a sale of common stock on 08/08/2025. The Form 4 shows 47,491 shares sold at a weighted average price of $23.39, and lists 103,377 shares held following the transaction, all shown as direct ownership.

The filing includes an explanatory note that the reported price is a weighted average and identifies Jennifer Baldock as the attorney-in-fact who signed the form on 08/08/2025. The reporting person’s address is shown as Surgery Partners' Brentwood, TN office and the form indicates the filer is an officer serving as Chief Financial Officer.

Positive

• Transaction fully disclosed with transaction date, share count, weighted average price and post-transaction holdings
• Explanatory note clarifies the reported price is a weighted average and the form is signed by an attorney-in-fact

Negative

• Officer sale of 47,491 shares reported, reducing direct holdings to 103,377 shares
• Filing provides no stated rationale for the sale or indication it was executed under a disclosed trading plan

Insights

Financial Analyst

TL;DR: CFO sold 47,491 SGRY shares at $23.39, leaving 103,377 shares; transaction disclosed but lacks contextual rationale.

The Form 4 documents a direct sale of 47,491 shares executed on 08/08/2025 at a weighted average price of $23.39. After the sale the reporting person holds 103,377 shares directly. From a trading-impact perspective, an insider sale of this size is notable because it materially changes immediate insider holdings and could attract investor attention; however, the filing provides no explanation for the sale or indication it was part of a pre-arranged plan, so market interpretation will depend on external context not present in the filing.

Corporate Governance Expert

TL;DR: Form 4 appears properly executed with weighted-average pricing note and attorney-in-fact signature; disclosure is complete though context is limited.

The filing contains the required elements: reporter identity and role as Chief Financial Officer, transaction date, security type, number of shares sold, a weighted average price disclosure, post-transaction beneficial ownership, and a signature executed by an attorney-in-fact on 08/08/2025. The explanatory note clarifies the price reporting method. The document does not provide the reporter's rationale or indicate whether the sale was under a trading plan, so governance conclusions about intent cannot be drawn solely from this filing.

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^*

Doherty David T

(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)

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

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

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	08/08/2025		S		47,491	D	$23.39(1)	103,377	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	08/08/2025
	** 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 did the Surgery Partners (SGRY) Form 4 report?

The Form 4 reports that CFO David T. Doherty sold 47,491 shares of common stock on 08/08/2025 at a weighted average price of $23.39, leaving 103,377 shares beneficially owned.

When was the transaction executed according to the filing?

The transaction date shown on the Form 4 is 08/08/2025.

What price was reported for the SGRY shares sold?

The filing reports a weighted average price of $23.39 and notes the price is a weighted average with further detail available on request.

Who signed the Form 4 for the reporting person?

The Form 4 was signed by Jennifer Baldock, Attorney-in-Fact on 08/08/2025.

What is the reporting person’s role at Surgery Partners?

The reporting person is identified as an officer serving as Chief Financial Officer and the address shown is the company's Brentwood, TN office.