[Form 4] Tenet Healthcare Corporation New Insider Trading Activity

Rhea-AI Filing Summary

Tenet Healthcare exec Sun Park had 20,707 restricted stock units (RSUs) convert into common stock on 08/13/2025 after a relocation-based vesting condition was met. The RSUs convert one-for-one into common shares, bringing Park's post-transaction direct beneficial ownership to 23,392 shares. To cover taxes on vesting, 8,813 shares were withheld at an effective value of $171.87 per share, leaving 14,579 shares retained. The RSUs were originally granted on July 17, 2023 under the 2019 Stock Incentive Plan and exercised via standard vesting mechanics.

Positive

• Vesting demonstrates alignment of executive compensation with company objectives via the 2019 Stock Incentive Plan
• RSUs converted one-for-one to common stock, increasing the reporting person's direct ownership to 23,392 shares

Negative

• 8,813 shares withheld for taxes reduced the net number of shares added from the vesting event to 14,579 shares
• No cash purchase was reported; the transaction is a compensation vesting event rather than a market purchase that would signal additional insider conviction

Insights

Corporate Governance Expert

TL;DR RSU vesting triggered by a relocation condition caused an equity increase and a tax-withholding disposition; this is a routine insider issuance tied to compensation.

The transaction reflects standard compensation enforcement: restricted stock units granted under the 2019 Stock Incentive Plan vested when a specified relocation condition was satisfied. The conversion is one-for-one into common shares and the withholding of 8,813 shares to satisfy tax obligations is consistent with Rule 16b-3 practices. There is no indication of sales or open-market dispositions; the change is purely a compensation realization event.

Financial Analyst

TL;DR Vesting increased insider-owned shares by 20,707 gross; net additions were 14,579 shares after tax withholding at a $171.87 closing price.

From an ownership perspective, the reporting person’s direct holdings rose to 23,392 shares following conversion. The withheld 8,813 shares represent a material portion of the vested award but do not constitute a sale for liquidity; they are a tax-remittance mechanism. The transaction does not disclose any cash proceeds to the reporting person and appears non-dilutive beyond usual share issuance for compensation.

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^*

Park Sun

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Financial Officer

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		M		20,707	A	(1)	23,392	D
Common Stock	08/13/2025		F		8,813(2)	D	$171.87(3)	14,579	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
2023 July Restricted Stock Units	(4)	08/13/2025		M			20,707	(4)	(4)	Common Stock	20,707	$0	0	D

Explanation of Responses:

1. Restricted stock units convert into common stock on a one-for-one basis.

2. Shares withheld for payment of taxes upon vesting of restricted stock units in accordance with Rule 16b-3.

3. Represents the closing price of the common stock of the Issuer on August 13, 2025.

4. The restricted stock units were granted on July 17, 2023, pursuant to the 2019 Stock Incentive Plan. The vesting condition that the Reporting Person relocate his primary residence to the Dallas, Texas area was determined to be satisfied on August 13, 2025.

	Chad J. Wiener, as Attorney-in-fact for Sun Park	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.

FAQ

What happened in the Tenet Healthcare (THC) Form 4 filing for Sun Park?

The filing reports 20,707 RSUs vested and converted into common stock on 08/13/2025, with 8,813 shares withheld for taxes, leaving 14,579 net shares retained.

Why were 8,813 shares disposed of in the Form 4?

Those shares were withheld to satisfy tax withholding obligations upon vesting of restricted stock units, per the filing.

What plan governed the RSU grant to Sun Park?

The restricted stock units were granted under the 2019 Stock Incentive Plan on July 17, 2023, according to the filing.

At what price were withheld shares valued in the disclosure?

The filing uses the issuer's closing price on 08/13/2025 of $171.87 per share to represent the value used for the withholding.

Did the Form 4 report any open-market sales by Sun Park?

No. The filing reports RSU conversion and share withholding for taxes; it does not report any open-market sales or cash proceeds to the reporting person.