[Form 4] SunLink Health Systems, Inc Insider Trading Activity

Rhea-AI Filing Summary

SunLink Health Systems insider reporting: disposition of common stock tied to merger conversion. The filing shows that Mark J. Stockslager, identified as a former director and former CFO/accounting officer, reported a disposition on 08/14/2025 of 108,051 shares of SunLink common stock, resulting in 0 shares beneficially owned following the transaction. The explanation states that at the effective time of the merger between SunLink and Regional Health Properties, each five SunLink shares were converted into 1.1330 shares of Regional common stock plus one share of Series D preferred of Regional. The Form 4 was signed via power of attorney.

Positive

• None.

Negative

• Disposition of 108,051 SunLink common shares reported, leaving the reporting person with 0 shares following the transaction

Insights

Financial Analyst

TL;DR: Insider reported a full disposition of SunLink shares related to a merger conversion; transaction appears administrative rather than open-market sale.

The filing documents a single disposition of 108,051 SunLink common shares on 08/14/2025, leaving the reporting person with zero reported SunLink shares. The explanatory note clarifies this occurred at the Effective Time of a merger, when SunLink shares converted into Regional Health Properties securities on a fixed ratio. Because the transaction is described as a conversion at the merger Effective Time rather than a voluntary open-market sale, the immediate market-impact interpretation is limited by information provided in the form. The filing was executed by power of attorney.

Corporate Governance Expert

TL;DR: The disclosure shows an insider's holdings were converted and disposed as part of a corporate transaction; governance implications are routine for a merger.

The report indicates Mark J. Stockslager no longer beneficially owns SunLink common stock following the merger conversion. The conversion mechanics—five SunLink shares exchanging for Regional common and a Series D preferred—are stated, but the Form 4 does not provide post-merger holdings in Regional securities for this reporting person. From a governance perspective, the filing fulfills Section 16 reporting obligations by documenting the change in beneficial ownership tied to the corporate reorganization.

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^*

STOCKSLAGER MARK J

(Last) (First) (Middle)

900 CIRCLE 75 PARKWAY STE. 690

(Street)

ATLANTA GA 30339

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SUNLINK HEALTH SYSTEMS INC [ SSY ]

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

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Former Dir, CFO & Acctg Ofcr

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

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	08/14/2025		D		108,051	D	(1)	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. At the effective time of the merger (the "Effective Time") between SunLink Health Systems, Inc. ("SunLink") and Regional Health Properties, Inc. ("Regional"), each five shares of Common Stock, no par value per share, of SunLink held by the Reporting Person prior to the Effective Time were converted into the right to receive (i) 1.1330 shares of Common Stock, no par value per share, of Regional, and (ii) one share of Series D 8% Cumulative Convertible Redeemable Participating Preferred Shares, no par value per share, of Regional.

	M. Timothy Elder, pursuant to a power of attorney	08/14/2025
	** 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 Mark J. Stockslager report in the Form 4 for SSY?

He reported a disposition of 108,051 SunLink common shares on 08/14/2025, resulting in 0 shares beneficially owned.

Why were the SunLink shares disposed according to the filing?

The filing explains the shares were converted at the Effective Time of a merger with Regional Health Properties under a specified conversion ratio.

What conversion terms does the Form 4 disclose?

Each five SunLink shares converted into 1.1330 shares of Regional common stock plus one share of Series D 8% cumulative convertible redeemable participating preferred of Regional.

Does the Form 4 show an open-market sale or transfer?

The Form 4 records a disposition tied to the merger conversion; it does not state an open-market sale transaction.

Who signed the Form 4 filing for the reporting person?

The form was signed by M. Timothy Elder pursuant to a power of attorney on 08/14/2025.