Tenet Healthcare (THC) director exercises 1,333 RSUs into common shares, now holding 36,604

Rhea-AI Filing Summary

Tenet Healthcare director James L. Bierman exercised 1,333 restricted stock units into common stock. On this transaction date, 1,333 units, each economically equivalent to one share of Tenet Healthcare common stock, converted into 1,333 shares at a stated price of $0.00 per share.

Following the exercise, Bierman directly holds 36,604 shares of Tenet Healthcare common stock. The derivative award labeled as 2025 May Restricted Stock Units now shows zero remaining units, indicating this specific RSU grant has been fully settled into shares.

Insights

Equity compensation analyst

Director executes routine RSU conversion, increasing direct share holdings modestly.

Director James L. Bierman converted 1,333 2025 May Restricted Stock Units into the same number of Tenet Healthcare common shares at a stated price of $0.00 per share. RSUs typically convert upon vesting as part of standard board or executive compensation.

The derivative entry now shows 0 units remaining, so this specific RSU grant is fully settled. After the transaction, Bierman directly owns 36,604 common shares. With no remaining derivative position disclosed in this filing and no sales or tax withholdings, this looks like a straightforward exercise-and-hold event rather than a liquidity-driven trade.

Insider Trade Summary

Net Buyer: 1,333 shares

Net Buy 2 txns

Insider BIERMAN JAMES L

Role Director

Type	Security	Shares	Price	Value
Exercise	2025 May Restricted Stock Units	1,333	$0.00	$0.00
Exercise	Common Stock	1,333	$0.00	$0.00

Holdings After Transaction: 2025 May Restricted Stock Units — 0 shares (Direct); Common Stock — 36,604 shares (Direct)

Footnotes (1)

1. F1. Each restricted stock unit was the economic equivalent of one share of Tenet Healthcare Corp (THC) common stock.

Key Figures

RSUs exercised: 1,333 units Shares acquired via exercise: 1,333 shares Post-transaction holdings: 36,604 shares +1 more

4 metrics

RSUs exercised 1,333 units 2025 May Restricted Stock Units converted on May 22, 2026

Shares acquired via exercise 1,333 shares Common stock received from RSU conversion

Post-transaction holdings 36,604 shares Common stock directly owned after the Form 4 transactions

Exercise price per share $0.00 per share Stated transaction price for RSU conversion

Key Terms

restricted stock unit, derivative security, Common Stock, economic equivalent

4 terms

restricted stock unit financial

"Each restricted stock unit was the economic equivalent of one share"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Common Stock financial

"Each restricted stock unit was the economic equivalent of one share of Tenet Healthcare Corp common stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

economic equivalent financial

"Each restricted stock unit was the economic equivalent of one share"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 05/26/2026 - 08:00 PM Learn about SEC filing dates

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^*

BIERMAN JAMES L

(Last) (First) (Middle)

14201 DALLAS PARKWAY

(Street)

DALLAS TEXAS 75254

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TENET HEALTHCARE CORP [ THC ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026

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

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

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

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	05/22/2026		M		1,333	A	(1)	36,604	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
2025 May Restricted Stock Units	(1)	05/22/2026		M			1,333	05/22/2026	05/22/2026	Common Stock	1,333	(1)	0	D

Explanation of Responses:

1. Each restricted stock unit was the economic equivalent of one share of Tenet Healthcare Corp (THC) common stock.

	Chad J. Wiener, as Attorney-in-fact for James L. Bierman	05/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)