Tenet director exercises RSUs, returns shares

Tenet Healthcare director J. Robert Kerrey reported routine equity compensation activity involving company stock.

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Form Type

Rhea-AI Filing Summary

Tenet Healthcare director J. Robert Kerrey reported routine equity compensation activity involving company stock. He exercised 1,643 restricted stock units, which were each the economic equivalent of one share of Tenet common stock, receiving value partly in cash and partly in shares.

According to the footnote, Kerrey settled 37% of these units for cash and 63% for shares. On the same date, he also disposed of 607 common shares to the issuer in a transaction coded as a disposition to issuer. After these transactions, he directly held 22,442 shares of Tenet common stock, indicating that the activity represents a relatively small adjustment to his overall ownership position.

Insider Trade Summary

1,643 shares exercised/converted

Exercise 3 txns

Insider KERREY J ROBERT

Role Director

Type	Security	Shares	Price	Value
Exercise	2025 May Restricted Stock Units	1,643	$0.00	$0.00
Exercise	Common Stock	1,643	$0.00	$0.00
Disposition	Common Stock	607	$173.78	$105K

Holdings After Transaction: 2025 May Restricted Stock Units — 0 contracts (Direct); Common Stock — 22,442 shares (Direct)

Footnotes (1)

F1. 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.

Key Figures

RSUs exercised: 1,643 units Cash vs share settlement: 37% cash, 63% shares Shares disposed to issuer: 607 shares at $173.78 +1 more

4 metrics

RSUs exercised 1,643 units Restricted stock units converted on May 22, 2026

Cash vs share settlement 37% cash, 63% shares Allocation for 1,643 restricted stock units

Shares disposed to issuer 607 shares at $173.78 Disposition to issuer on May 22, 2026

Post-transaction holdings 22,442 shares Common stock directly held after transactions

Key Terms

restricted stock unit, Disposition to issuer, derivative security, 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.

Disposition to issuer financial

"transaction code description listed as Disposition to issuer"

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.

economic equivalent financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Tenet Healthcare (THC) director J. Robert Kerrey report?

J. Robert Kerrey reported exercising 1,643 restricted stock units and disposing of 607 Tenet common shares to the issuer. These actions reflect routine equity compensation activity rather than open-market buying or selling of Tenet Healthcare stock.

How many Tenet Healthcare (THC) shares does J. Robert Kerrey hold after these transactions?

After the reported transactions, J. Robert Kerrey directly holds 22,442 shares of Tenet Healthcare common stock. This post-transaction balance suggests the exercised units and disposition to the issuer changed his overall ownership position only modestly.

How were J. Robert Kerrey’s restricted stock units in Tenet Healthcare (THC) settled?

Kerrey’s restricted stock units were settled using a mix of cash and shares. The footnote states he settled 37% of the units for cash and 63% for Tenet Healthcare common stock, reflecting a standard equity compensation settlement structure.

Was there an open-market sale of Tenet Healthcare (THC) shares by J. Robert Kerrey?

The transactions do not show an open-market sale. The 607 Tenet shares were coded as a disposition to the issuer, meaning they were returned to the company rather than sold on the open market to outside investors.

What does the exercise of 1,643 restricted stock units mean for Tenet Healthcare (THC) shareholders?

The exercise of 1,643 restricted stock units represents routine director compensation being converted into cash and shares. It slightly adjusts J. Robert Kerrey’s holdings but does not by itself indicate any change in Tenet Healthcare’s broader financial condition or strategy.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/26/2026 - 08:00 PM EDT

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^*

KERREY J ROBERT

(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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/22/2026		M		1,643	A	⁽¹⁾	23,049	D
Common Stock	05/22/2026		D		607	D	$173.78	22,442	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
2025 May Restricted Stock Units	⁽¹⁾	05/22/2026		M			1,643	05/22/2026	05/22/2026	Common Stock	1,643	⁽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 J. Robert Kerrey	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)

Source: View Original Filing on SEC EDGAR