THC Form 4: Saumya Sutaria Earns 106,682 Performance-Based Shares

Rhea-AI Filing Summary

Saumya Sutaria, CEO and director of Tenet Healthcare Corporation (THC), received a grant of 106,682 shares of common stock that vested as performance-based restricted stock on 08/13/2025. The filing states the award was earned after the Human Resources Committee certified achievement of performance targets for the period January 1, 2021 to June 30, 2025. Following the transaction, Sutaria beneficially owns 475,365 shares. The Form 4 was signed by an attorney-in-fact on 08/15/2025.

Positive

• Performance-based award vested, indicating achievement of committee-certified targets for the period Jan 1, 2021 to Jun 30, 2025
• Insider ownership increased by 106,682 shares to a total of 475,365 shares, strengthening executive alignment with shareholders

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: CEO received a performance-based equity award that vested after multi-year goals; holding stake increased materially.

The filing documents a vested grant of 106,682 shares earned by the CEO for performance covering a multi-year period ending June 30, 2025. This reflects alignment of executive compensation with long-term objectives and increases insider ownership to 475,365 shares. Because the award is described as performance-based and certified by the Human Resources Committee, the transaction is a routine governance outcome rather than a discretionary one-off. No derivative instruments or dispositions were reported.

Executive Compensation Analyst

TL;DR: Substantial performance-based restricted stock vested, boosting executive equity without cash exercise price.

The record shows a grant settled in common stock with a reported price of $0, consistent with restricted stock awards that vest contingent on performance. The award was tied to a long performance period (January 1, 2021 to June 30, 2025), indicating multi-year incentive alignment. The increase of 106,682 shares meaningfully raises the reported beneficial ownership level to 475,365 shares, which can affect dilution metrics and total executive stake calculations in compensation analyses. The Form 4 reports no sales or derivative transactions.

Insider Trade Summary

Net Buyer: 106,682 shares

Net Buy 1 txn

Insider Sutaria Saumya

Role CEO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	106,682	$0.00	$0.00

Holdings After Transaction: Common Stock — 475,365 shares (Direct)

Footnotes (1)

1. F1. Represents a grant of performance-based restricted stock that was earned on the date the Human Resources Committee of the Company certified the achievement of the applicable performance targets based on the extent to which the applicable performance goals were attained for the performance period of January 1, 2021 to June 30, 2025.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 08/15/2025 - 08:00 PM Learn about SEC filing dates

FAQ

What transaction did Tenet Healthcare (THC) report on the Form 4?

The Form 4 reports a grant that vested into 106,682 shares of common stock on 08/13/2025 for reporting person Saumya Sutaria.

Who is the reporting person on this Form 4 for THC?

The reporting person is Saumya Sutaria, who is identified as both a Director and the CEO of Tenet Healthcare Corporation.

How many shares does the reporting person own after the transaction?

Following the reported transaction, the filing shows beneficial ownership of 475,365 shares.

What performance period governed the awarded restricted stock?

The award was earned based on performance targets for the period January 1, 2021 to June 30, 2025, as certified by the Human Resources Committee.

Was there a cash price paid for the shares reported?

The Form 4 indicates a price of $0, consistent with restricted stock that vests rather than being purchased.

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^*

Sutaria Saumya

(Last) (First) (Middle)

14201 DALLAS PARKWAY

(Street)

DALLAS TX 75254

(City) (State) (Zip)

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
X	Officer (give title below)		Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

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	08/13/2025		A(1)		106,682	A	$0	475,365	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

Explanation of Responses:

1. Represents a grant of performance-based restricted stock that was earned on the date the Human Resources Committee of the Company certified the achievement of the applicable performance targets based on the extent to which the applicable performance goals were attained for the performance period of January 1, 2021 to June 30, 2025.

	Chad J. Wiener, as Attorney-in-fact for Saumya Sutaria	08/15/2025
	** 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.