Community Health (NYSE: CYH) grants Justin Pitt new equity awards

Rhea-AI Filing Summary

Community Health Systems executive Justin D. Pitt, President and Chief Legal & Administrative Officer, reported multiple equity transactions on 3/1/2026. He exercised 30,000 performance-based restricted shares, receiving 30,000 shares of common stock, and was granted 80,000 new performance-based restricted shares and 40,000 stock options. He also received a grant of 40,000 shares of restricted common stock. To cover tax obligations, 24,922 common shares were withheld at $3.46 per share. Following these transactions, Pitt directly held 287,750 shares of common stock. The new performance-based awards vest over multi‑year performance periods from 2024–2028 tied to revenue and Adjusted EBITDA growth, with potential vesting between 0% and 200% of target based on results.

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

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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^*

Pitt Justin D

(Last) (First) (Middle)

4000 MERIDIAN BOULEVARD

(Street)

FRANKLIN TN 37067

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COMMUNITY HEALTH SYSTEMS INC [ CYH ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Pres,Chief Legal&Admin Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

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	03/01/2026		M		30,000(1)	A	$0	272,672	D
Common Stock	03/01/2026		A		40,000(2)	A	$0	312,672	D
Common Stock	03/01/2026		F		24,922	D	$3.46	287,750	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
Performance Based Restricted	$0	03/01/2026		M			30,000	(1)	(1)	Common Stock	30,000	$0	0	D
Performance Based Restricted	$0	03/01/2026		A		80,000		(3)	(3)	Common Stock	80,000	$0	80,000	D
Stock Options (Right to Buy)	$3.46	03/01/2026		A		40,000		03/01/2027(4)	02/29/2036	Common Stock	40,000	$0	40,000	D
Performance Based Restricted	$0							(5)	(5)	Common Stock	30,000		30,000	D
Performanced Based Restricted	$0							(6)	(6)	Common Stock	80,000		80,000	D
Stock Options (Right to Buy)	$4.99							03/01/2020	02/28/2029	Common Stock	5,000		5,000	D
Stock Options (Right to Buy)	$4.93							03/01/2021	02/28/2030	Common Stock	20,000		20,000	D
Stock Options (Right to Buy)	$8.81							03/01/2022	02/28/2031	Common Stock	20,000		20,000	D
Stock Options (Right to Buy)	$10.18							03/01/2023	02/29/2032	Common Stock	30,000		30,000	D
Stock Options (Right to Buy)	$6.15							03/01/2024	02/28/2033	Common Stock	30,000		30,000	D
Stock Options (Right to Buy)	$2.87							03/01/2025(4)	02/28/2034	Common Stock	30,000		30,000	D
Stock Options (Right to Buy)	$3.01							03/01/2026(4)	02/28/2035	Common Stock	40,000		40,000	D

Explanation of Responses:

1. The vesting of these performance-based restricted shares was based on the Issuer's attainment of certain performance objectives between 1/1/2023 and 12/31/2025 (the "2023-2025 Performance Period"). Based on the actual level of achievement of such performance objectives for the 2023-2025 Performance Period, the award vested on 3/1/2026 at 100% of the target number of the performance-based restricted shares originally reported by the Reporting Person on 3/2/2023.

2. The time-vesting restrictions on this award of restricted stock will lapse in 1/3 increments on the first, second and third anniversary of the date of grant.

3. The vesting of these performance-based restricted shares is allocated to the Issuer's attainment of the following predetermined performance objectives between 1/1/2026 and 12/31/2028 (the "2026-2028 Performance Period"), as follows: 50% to a Cumulative Same-Store Adjusted EBITDA Growth target; and 50% to a Cumulative Same-Store Net Revenue Growth target. The target number (100%) of the total performance-based restricted shares is reported in the table set forth above. Between 0% and 200% of the portion of the target number of performance-based restricted shares allocated to each performance objective will ultimately vest on the third anniversary of the date of grant, subject to the attainment of the applicable performance objective, with the vesting percentage to be determined based upon the level of achievement with respect to the applicable performance objective during the 2026-2028 Performance Period.

4. Vesting occurs in 1/3 increments on the first, second and third anniversary of the date of grant.

5. The vesting of these performance-based restricted shares is subject to the Issuer's attainment of certain performance objectives between 1/1/2024 and 12/31/2026 (the "2024-2026 Performance Period"). The target number (100%) of the total performance-based restricted shares is reported in the table set forth above. Between 0% and 200% of the portion of the target number of performance-based restricted shares allocated to each applicable performance objective will ultimately vest on the third anniversary of the date of grant, subject to the attainment of the applicable performance objective, with the vesting percentage to be determined based upon the level of achievement with respect to the applicable performance objective during the 2024-2026 Performance Period.

6. The vesting of these performance-based restricted shares is subject to the Issuer's attainment of certain performance objectives between 1/1/2025 and 12/31/2027 (the "2025-2027 Performance Period"). The target number (100%) of the total performance-based restricted shares is reported in the table set forth above. Between 0% and 200% of the portion of the target number of performance-based restricted shares allocated to each applicable performance objective will ultimately vest on the third anniversary of the date of grant, subject to the attainment of the applicable performance objective, with the vesting percentage to be determined based upon the level of achievement with respect to the applicable performance objective during the 2025-2027 Performance Period.

	Christopher G. Cobb, Attorney in Fact for Justin D. Pitt	03/03/2026
	** Signature of Reporting Person	Date
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FAQ

What insider equity activity did CYH executive Justin Pitt report?

Justin Pitt reported equity awards and related share activity on 3/1/2026. He exercised 30,000 performance-based restricted shares into common stock, received new grants of restricted stock and options, and had shares withheld to satisfy tax obligations associated with the awards.

How many Community Health Systems (CYH) shares does Justin Pitt hold after these transactions?

After the reported transactions, Justin Pitt directly holds 287,750 shares of Community Health Systems common stock. This figure reflects the exercise of performance-based awards, new restricted stock grants, and 24,922 shares withheld to cover tax liabilities tied to the equity compensation.

What new performance-based restricted share awards did CYH grant to Justin Pitt?

Justin Pitt received 80,000 performance-based restricted shares on 3/1/2026. Vesting depends on Community Health Systems meeting predefined performance objectives, including cumulative same-store Adjusted EBITDA growth and cumulative same-store net revenue growth over specified multi‑year performance periods through 2028.

What new stock option grant did Justin Pitt receive from Community Health Systems?

On 3/1/2026, Justin Pitt was granted 40,000 stock options described as “Stock Options (Right to Buy).” The time-vesting restrictions on related awards lapse in one‑third increments on the first, second, and third anniversaries of the grant date, subject to continued service conditions.

How were performance goals used in CYH’s 2023–2025 award to Justin Pitt?

A prior performance-based restricted share award covering 1/1/2023 to 12/31/2025 vested at 100% of target. Vesting was based on Community Health Systems achieving specified performance objectives, with the award vesting on 3/1/2026 at the target number originally reported in March 2023.

How do the 2024–2027 CYH performance periods affect Justin Pitt’s awards?

Performance-based restricted shares tied to 2024–2026 and 2025–2027 periods vest on the third anniversary of grant. Between 0% and 200% of target may vest, depending on Community Health Systems’ achievement of predetermined performance objectives during each respective performance period.

Were any CYH shares sold by Justin Pitt in open-market transactions?

The filing shows a disposition of 24,922 common shares coded “F,” indicating shares delivered to cover exercise price or tax liability. This reflects tax-withholding disposition rather than an open-market sale, consistent with equity compensation settlement mechanics disclosed in the transaction details.