Tenet Healthcare (NYSE: THC) director settles RSUs in cash and stock

Rhea-AI Filing Summary

Tenet Healthcare Corp director Cecil D. Haney reported routine equity compensation activity involving restricted stock units and common shares. He exercised derivative securities labeled as 2025 May Restricted Stock Units into 1,333 shares of common stock, with the units economically equivalent to Tenet common stock. A portion of this award was settled in cash and the remainder in shares, as described in the footnote. The filing also shows a disposition of 493 common shares back to the issuer at $173.78 per share. After these transactions, Haney directly holds 14,346 shares of Tenet common stock.

Insider Trade Summary

1,333 shares exercised/converted

Mixed 3 txns

Insider HANEY CECIL D

Role null

Type	Security	Shares	Price	Value
Exercise	2025 May Restricted Stock Units	1,333	$0.00	--
Exercise	Common Stock	1,333	$0.00	--
Disposition	Common Stock	493	$173.78	$86K

Holdings After Transaction: 2025 May Restricted Stock Units — 0 shares (Direct, null); Common Stock — 14,346 shares (Direct, null)

Footnotes (1)

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Key Figures

RSU shares exercised: 1,333 shares Shares disposed to issuer: 493 shares Disposition price: $173.78/share +2 more

5 metrics

RSU shares exercised 1,333 shares Exercise of 2025 May Restricted Stock Units into common stock

Shares disposed to issuer 493 shares Disposition to issuer at $173.78 per share

Disposition price $173.78/share Price for 493 common shares returned to issuer

Shares held after transactions 14,346 shares Director’s direct Tenet common stock holdings post‑transaction

RSU settlement mix 37% cash, 63% shares Allocation of restricted stock units between cash and stock

Key Terms

restricted stock units, Disposition to issuer, derivative security, economic equivalent

4 terms

restricted stock units financial

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

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Disposition to issuer financial

"The common stock transaction was coded as a Disposition to issuer at $173.78 per share."

derivative security financial

"The 2025 May Restricted Stock Units were reported as a derivative security exercised into common stock."

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.

economic equivalent financial

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

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Form 4 Insider Transactions: What Each Field Means →

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^*

HANEY CECIL D

(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)	14,346	D
Common Stock	05/22/2026		D		493	D	$173.78	13,853	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. The reporting person settled 37% of his restricted stock units for cash and 63% for shares of THC common stock.

	Chad J. Wiener, as Attorney-in-fact for Cecil D Haney	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)

FAQ

What insider transactions did Tenet Healthcare (THC) director Cecil D. Haney report?

Cecil D. Haney exercised restricted stock units into common shares and disposed of some shares back to Tenet. The filing shows a derivative exercise of 1,333 shares and a disposition of 493 common shares to the issuer on the same date.

How many Tenet Healthcare (THC) shares did Cecil D. Haney acquire through RSU conversion?

He acquired 1,333 Tenet common shares through the exercise of 2025 May Restricted Stock Units. Each unit was economically equivalent to one share of common stock, and this conversion is recorded as a derivative exercise transaction in the Form 4 filing.

How many Tenet Healthcare (THC) shares did Cecil D. Haney dispose of in this Form 4?

He disposed of 493 shares of Tenet common stock in a transaction coded as a disposition to the issuer. The reported price for this issuer-related disposition was $173.78 per share, reflecting a non‑market transaction rather than an open‑market sale.

What does the footnote about Tenet Healthcare (THC) restricted stock units explain?

The footnote explains each restricted stock unit equaled one Tenet common share economically. It also notes that Haney settled 37% of his restricted stock units for cash and 63% for Tenet common shares, clarifying how the award was split between cash and stock.

How many Tenet Healthcare (THC) shares does Cecil D. Haney hold after these transactions?

After completing the RSU exercise and the disposition to the issuer, Haney directly holds 14,346 Tenet common shares. This post‑transaction balance reflects the net result of acquiring 1,333 shares from RSUs and returning 493 shares to the company.

Were any Tenet Healthcare (THC) derivative securities left outstanding after the RSU exercise?

No derivative securities remain from this RSU grant after the exercise. The derivative position tied to the 2025 May Restricted Stock Units shows zero units following the transaction, indicating the entire RSU award covered in this filing has been fully settled.