# EDGAR Filing Document

**Accession Number:** 0001320414
**File Stem:** 0000950157-26-000173
**Filing Date:** 2026-2
**Character Count:** 22733
**Document Hash:** ecb191c6b2a5540a5e28f37f52f399db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950157-26-000173.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000950157-26-000173

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SELECT MEDICAL HOLDINGS CORP
- **CENTRAL INDEX KEY:** 0001320414
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HOSPITALS [8060]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-85191
- **FILM NUMBER:** 26662073

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SELECT MEDICAL CORP
- **STREET 2:** 4714 GETTYSBURG RD
- **CITY:** MECHANICSBURG
- **STATE:** PA
- **ZIP:** 17055
- **BUSINESS PHONE:** 717-972-1100

**MAIL ADDRESS:**
- **STREET 1:** C/O SELECT MEDICAL CORP
- **STREET 2:** 4714 GETTYSBURG RD
- **CITY:** MECHANICSBURG
- **STATE:** PA
- **ZIP:** 17055
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ORTENZIO ROBERT A
- **CENTRAL INDEX KEY:** 0000918697
- **STANDARD INDUSTRIAL CLASSIFICATION:** UNKNOWN SIC - 0000 [0000]

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 4718 OLD GETTYSBURG RD
- **STREET 2:** POST OFFICE BOX 2034
- **CITY:** MECHANICSBURG
- **STATE:** PA
- **ZIP:** 30309

## Exhibit 99.3

**Exhibit 99.3**<br>

February 22, 2026

The Special Committee of the Board of Directors

Select Medical Holdings Corporation

4714 Gettysburg Road

Mechanicsburg, Pennsylvania 17055

Re: Non-Binding Offer to Acquire Select Medical Holdings Corporation ("SEM" or the "Company")

Dear Members of the Special Committee:

I would like to thank you and your advisors for your responsiveness and constructive engagement to-date. As a result of extensive analysis and diligence, and in light of the Company's recent performance and outlook, I am pleased to submit this refined non-binding indication of interest (this "Refined Proposal") to acquire all the Company's outstanding shares of common stock (the "Potential Transaction") at an all-cash purchase price of $16.00 per share (the "Refined Offer Price"). The Refined Offer Price is within the price range presented in my initial offer on November 24, 2025, and represents a premium of 17.2% to the Company's unaffected share price of $13.65 per share as of market close on November 21, 2025, the last trading day prior to the announcement of my initial offer.

I reaffirm that this Refined Proposal is not subject to any financing conditions and would be fully financed by committed equity financing from funds affiliated with Welsh, Carson, Anderson & Stowe ("WCAS") and committed debt financing from J.P. Morgan and Wells Fargo (together with WCAS, the "Financing Sources"). The Financing Sources and I have substantially completed our due diligence and are prepared to move forward expeditiously to signing definitive documentation for the Potential Transaction. Martin Jackson, SEM's Senior Executive Vice President of Strategic Finance & Operations, remains a committed member of the equity consortium supporting this Refined Proposal (the "Consortium"). Members of the Consortium continue to intend to roll over the approximately 12.4% of the outstanding shares of the Company they own. I may, at the appropriate time and in consultation with the Special Committee, invite other members of management or the Board of Directors of the Company (other than the Special Committee) to roll over their outstanding equity of the Company as well.

I reaffirm based on our diligence that the Consortium does not anticipate substantial regulatory or other hurdles or delays to consummating a Potential Transaction. The Potential Transaction will be subject to customary closing conditions and approvals substantially as presented in the draft Agreement and Plan of Merger delivered to the Special Committee's legal counsel, including the approval of a majority of the votes cast by the shares of SEM stock that are not held by members of the Consortium and its affiliates.

As required by applicable law, I intend to promptly amend and supplement my previously filed Schedule 13D with the SEC to include a copy of this letter.

This letter, the initial offer and the Refined Proposal constitute a non-binding indication of my interest in a transaction with the Company and are not intended to create a legally binding obligation or agreement of the Consortium, the Company, the Financing Sources or of their respective shareholders, representatives or affiliates concerning the Potential Transaction, which is expressly subject to the negotiation and execution of appropriate and acceptable definitive agreements. I reserve the right to withdraw or modify the Refined Proposal at any time.

I look forward to continuing to work with the Special Committee and your advisors to quickly consummate a successful transaction.

---

| | | |
|:---|:---|:---|
| Sincerely, | Sincerely, | Sincerely, |
| By:  | /s/ Robert Ortenzio | /s/ Robert Ortenzio |
|  | Name: | Robert Ortenzio  |
|  | Title: | Executive Chairman and Co-Founder, Select Medical Corporation  |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**SELECT MEDICAL HOLDINGS CORP**

*(Name of Issuer)*

**Common Stock, par value $0.001**

*(Title of Class of Securities)*

**81619Q105**

*(CUSIP Number)*

**Robert A. Ortenzio**<br>4714 Gettysburg Road, P.O. Box 2034<br>Mechanicsburg PA 17055<br>(717) 972-1100

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**02/23/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **81619Q105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**ORTENZIO ROBERT A** | Name of reporting person<br>**ORTENZIO ROBERT A** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7081788.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6937947.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7081788.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6937947.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**14019735.00** | Aggregate amount beneficially owned by each reporting person<br>**14019735.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.3%** | Percent of class represented by amount in Row (11)<br>**11.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** 1.  Items 8, 10, 11 and 13 include 7,081,788 shares over which the Reporting Person has the sole power to vote and dispose of as well as the following shares that the Reporting Person may be deemed to beneficially own, as the Reporting Person may be deemed to have current shared power to vote or direct the vote of and to dispose of or direct the disposition therefor:  (a) 200,000 shares held by the Robert and Angela Ortenzio Family Foundation, of which the Reporting Person is a co-trustee, (b) 532,152 shares held by the Rocco and Nancy Ortenzio Family Foundation, of which the Reporting Person is a co-trustee, (c) 1,279,000 shares owned by the Robert A. Ortenzio Descendants Trust, for which the Reporting Person serves as a member of the board of directors of Select Asset Management & Trust LLC (the "Select Trustee"), a co-trustee, (d) 280,415 shares held by the Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio, for which the Reporting Person serves as a member of the board of directors of the Select Trustee, a co-trustee, (e) 280,415 shares held by the Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio for which Mr. Robert A. Ortenzio, for which the Reporting Person serves as a member of the board of directors of the Select Trustee, a co-trustee, (f) 280,415 shares held by the Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio, for which the Reporting Person serves as a member of the board of directors of the Select Trustee, a co-trustee, (g) 4,028,767 shares held by the Rocco A. Ortenzio Revocable Trust, of which the Reporting Person is a co-trustee, (h) 16,182 shares beneficially owned by the Estate of Rocco A. Ortenzio through Select AP Investors, L.P., for which the Reporting Person may be deemed to exercise control in his capacity as a trustee of such Estate, (i) 30,601 shares beneficially owned by the Estate of Rocco A. Ortenzio through Select Investments III, L.P., for which the Reporting Person may be deemed to exercise control in his capacity as a trustee of such Estate, and (j) 10,000 shares held by the spouse of the deceased Rocco A. Ortenzio, over which the Reporting Person shares a power of attorney.

2.  The percentage in Item 13 is based on 124,017,191 Common Stock shares outstanding of Select Medical Holdings Corporation as of February 1, 2026.

| **CUSIP No.** | **81619Q105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**JACKSON MARTIN F** | Name of reporting person<br>**JACKSON MARTIN F** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1383421.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2634.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1383421.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2634.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1383421.00** | Aggregate amount beneficially owned by each reporting person<br>**1383421.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.1%** | Percent of class represented by amount in Row (11)<br>**1.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** 1.  Items 8 and 10 contain 2,634 shares beneficially owned by the Reporting Person's child over whom the Reporting Person is a court-appointed guardian. The Reporting Person disclaims beneficial ownership in all such shares.

2.  The percentage in Item 13 is based on 124,017,191 Common Stock shares outstanding of Select Medical Holdings Corporation as of February 1, 2026.

| **CUSIP No.** | **81619Q105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**ESTATE OF ROCCO A. ORTENZIO** | Name of reporting person<br>**ESTATE OF ROCCO A. ORTENZIO** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4085550.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4085550.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4085550.00** | Aggregate amount beneficially owned by each reporting person<br>**4085550.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.3%** | Percent of class represented by amount in Row (11)<br>**3.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** 1.  Items 8, 10, 11 and 13 include the following shares that the Reporting Person may be deemed to beneficially own, as the Reporting Person may be deemed to have current shared power to vote or direct the vote of and to dispose of or direct the disposition therefor:  (a) 4,028,767 shares held by the Rocco A. Ortenzio Revocable Trust, (b) 16,182 shares held by Select AP Investors, L.P., (c) 30,601 shares held through Select Investments III, L.P., and (d) 10,000 shares held by the spouse of the deceased Rocco A. Ortenzio.

2.  The percentage in Item 13 is based on 124,017,191 Common Stock shares outstanding of Select Medical Holdings Corporation as of February 1, 2026.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.001

**(b) Name of Issuer:**
SELECT MEDICAL HOLDINGS CORP

**(c) Address of Issuer's Principal Executive Offices:**
4714 Gettysburg Road, P.O. Box 2034, Mechanicsburg, PA, 17055

This Schedule 13D constitutes Amendment No. 1 to the Schedule 13D filed as of November 24, 2025 (the "Original Schedule 13D"), which relates to the Common Stock shares, par value $0.001 (the "Shares"), issued by Select Medical Holdings Corp (the "Issuer"). The Issuer's principal executive office is located at 4714 Gettysburg Road, Mechanicsburg, Pennsylvania 17055.

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule 13D is hereby amended and supplemented to incorporate the following:

On February 22, 2026, Mr. Ortenzio delivered a refined non-binding proposal (the "Refined Proposal Letter") to the Special Committee of the Board to offer to acquire all outstanding Shares of the Issuer not already owned by the Reporting Persons at a price of $16.00 per share, payable in cash (the "Refined Proposal").

The foregoing description of the Refined Proposal Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Refined Proposal Letter, which is filed as Exhibit 99.3 hereto and is incorporated by reference into this Item 4.

There can be no assurance that any discussions that may occur between the Reporting Persons and the Issuer with respect to the Refined Proposal will result in the entry into a definitive agreement concerning a transaction or, if such a definitive agreement is reached, will result in the consummation of a transaction provided for in such definitive agreement. Discussions concerning a transaction may be terminated at any time and without prior notice. Entry into a definitive agreement concerning a transaction and the consummation of any such transaction will be subject to a number of contingencies that are beyond the control of the Reporting Persons, including the approval of the Special Committee, and the satisfaction of any conditions to the consummation of a transaction set forth in any such definitive agreement, including receipt of all necessary regulatory approvals.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The aggregate number and percentage of Shares beneficially owned by each Reporting Person (on the basis of a total of 124, 017,191 Shares outstanding of the Issuer as of February 1, 2026) is as follows:

**(b)**
Robert A. Ortenzio

(a)  The following amount of shares may be deemed beneficially owned by Mr. Ortenzio: 14,019,735;  Percentage: 11.3%.

(b)  Mr. Ortenzio may be deemed to have (i) the sole power to vote or direct the vote of and to dispose of or to direct the disposition of 7,081,788 Shares and (ii) the current shared power to vote or direct the vote of and to dispose of or direct the disposition of 6,937,947 Shares (including (a) 200,000 Shares held by the Robert and Angela Ortenzio Family Foundation, of which the Mr. Ortenzio is a co-trustee, (b) 532,152 Shares held by the Rocco and Nancy Ortenzio Family Foundation, of which the Mr. Ortenzio is a co-trustee, (c) 1,279,000 Shares owned by the Robert A. Ortenzio Descendants Trust, for which the Mr. Ortenzio serves as a member of the board of directors of Select Asset Management & Trust LLC (the "Select Trustee"), a co-trustee, (d) 280,415 Shares held by the Robert A. Ortenzio April 2014 Trust for Kevin M. Ortenzio, for which the Mr. Ortenzio serves as a member of the board of directors of the Select Trustee, a co-trustee, (e) 280,415 Shares held by the Robert A. Ortenzio April 2014 Trust for Bryan A. Ortenzio for which Mr. Robert A. Ortenzio, for which the Mr. Ortenzio serves as a member of the board of directors of the Select Trustee, a co-trustee, (f) 280,415 Shares held by the Robert A. Ortenzio April 2014 Trust for Madeline G. Ortenzio, for which the Mr. Ortenzio serves as a member of the board of directors of the Select Trustee, a co-trustee, (g) 4,028,767 Shares held by the Rocco A. Ortenzio Revocable Trust, of which the Mr. Ortenzio is a co-trustee, (h) 16,182 Shares beneficially owned by the Estate of Rocco A. Ortenzio through Select AP Investors, L.P., for which the Reporting Person may be deemed to exercise control in his capacity as a trustee of such Estate, (i) 30,601 Shares beneficially owned by the Estate of Rocco A. Ortenzio through Select Investments III, L.P., for which the Reporting Person may be deemed to exercise control in his capacity as a trustee of such Estate, and (j) 10,000 Shares held by the spouse of the deceased Rocco A. Ortenzio, over which the Mr. Ortenzio Shares a power of attorney).

Martin F. Jackson

(a)  Amount of shares beneficially owned: 1,383,421;  Percentage: 1.1%.

(b)  Mr. Jackson may be deemed to have (i) the sole power to vote or to direct the vote of and to dispose or direct the disposition of 1,383,421 Shares and (ii) the shared power to vote or to direct the vote of and to dispose or direct the disposition of 2,634 Shares held by Mr. Jackson's child, over whom he is a court-appointed guardian. Mr. Jackson disclaims the beneficial ownership of all Shares not directly owned by him.

The Estate of Rocco A. Ortenzio

(a)  Amount of shares beneficially owned: 4,085,550;  Percentage: 3.3%.

(b)  The Estate of Rocco A. Ortenzio may be deemed to have the current shared power to vote or direct the vote of and to dispose of or direct the disposition of 6,937,947 Shares (including (a)  4,028,767 Shares held by the Rocco A. Ortenzio Revocable Trust, (b) 16,182 shares held by Select AP Investors, L.P., (c) 30,601 Shares held through Select Investments III, L.P., and (d) 10,000 Shares held by the spouse of the deceased Rocco A. Ortenzio).

**(c)**
No transactions in Issuer Stock were affected by, or with respect to, the Reporting Persons listed in Item 2 within the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Items 3, 4, and 5 (a)-(b) is hereby incorporated by reference in this Item 6. The descriptions of the any contracts, arrangements, understandings, or relationships in Items 3, 4, and 5(a)-(b) in this Item 6 are not intended to be complete and are qualified in their entirety by reference to such documents and descriptions and are hereby incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** ORTENZIO ROBERT A

**Signature:** /s/ Robert A. Ortenzio

**Name/Title:** Robert A. Ortenzio

**Date:** 02/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** JACKSON MARTIN F

**Signature:** /s/ Martin F. Jackson

**Name/Title:** Martin F. Jackson

**Date:** 02/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** ESTATE OF ROCCO A. ORTENZIO

**Signature:** /s/ Robert A. Ortenzio

**Name/Title:** Robert A. Ortenzio, Authorized Signatory

**Date:** 02/23/2026