Why does Christopher S. Lynch’s Tenet Healthcare (THC) Form 4 mention a 278-share decrease?

A footnote explains that the total share count reflects a decrease of 278 shares from previously filed Forms 4 to correct an error. This adjustment revises earlier reported holdings; it is presented as a reporting correction rather than a new purchase or sale transaction.

Tenet Healthcare (THC) director converts 1,333 RSUs into 13,405 total shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Tenet Healthcare director Christopher S. Lynch reported a routine equity compensation event. On May 22, 2026, he exercised 1,333 2025 May Restricted Stock Units, each equivalent to one share of Tenet Healthcare common stock, receiving 1,333 shares of Common Stock at a stated price of $0.00 per share.

Following the transaction, Lynch directly held 13,405 shares of Tenet Healthcare common stock. The derivative position in the 2025 May Restricted Stock Units was reduced to zero. A footnote states that his total reported holdings reflect a decrease of 278 shares from previously filed Forms 4 to correct an error.

Insider Trade Summary

1,333 shares exercised/converted

Mixed 2 txns

Insider Lynch Christopher S.

Role null

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

Holdings After Transaction: 2025 May Restricted Stock Units — 0 shares (Direct, null); Common Stock — 13,405 shares (Direct, null)

Footnotes (1)

Each restricted stock unit was the economic equivalent of one share of Tenet Healthcare Corp (THC) common stock. Total reflects a decrease of 278 shares from previously filed Forms 4 to correct an error.

Key Figures

RSUs exercised: 1,333 units Common shares received: 1,333 shares Shares held after transaction: 13,405 shares +1 more

4 metrics

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

Common shares received 1,333 shares Common Stock issued from RSU conversion at $0.00 per share

Shares held after transaction 13,405 shares Total direct Tenet Healthcare common stock holdings after Form 4 transactions

Correction to prior reports 278 shares Decrease in previously reported holdings to correct an error

Key Terms

Restricted Stock Units, derivative security, transaction code "M", economic equivalent

4 terms

Restricted Stock Units financial

"2025 May Restricted Stock Units"

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.

derivative security financial

"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.

transaction code "M" financial

"transaction_code_description: Exercise or conversion of derivative security"

economic equivalent financial

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

Form 4 Insider Transactions: What Each Field Means →

05/26/2026 - 08:00 PM

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^*

Lynch Christopher S.

(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		1,333	A	⁽¹⁾	13,405⁽²⁾	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			1,333	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.

2. Total reflects a decrease of 278 shares from previously filed Forms 4 to correct an error.

	Chad J. Wiener, as Attorney-in-fact for Christopher S. Lynch	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

FAQ

What insider transaction did Christopher S. Lynch report for Tenet Healthcare (THC)?

Christopher S. Lynch reported exercising 1,333 2025 May Restricted Stock Units into 1,333 shares of Tenet Healthcare common stock. This was recorded as a derivative exercise at a stated price of $0.00 per share, reflecting routine equity compensation rather than an open-market trade.

How many Tenet Healthcare (THC) shares does Christopher S. Lynch hold after this Form 4?

After the reported transactions, Christopher S. Lynch directly holds 13,405 shares of Tenet Healthcare common stock. This total includes the 1,333 shares received from exercising 2025 May Restricted Stock Units and incorporates a 278-share downward correction to past reported holdings.

Were there any open-market buys or sells in Christopher S. Lynch’s latest Tenet Healthcare (THC) Form 4?

No open-market buys or sells were reported. The Form 4 shows a derivative exercise coded “M,” where 1,333 restricted stock units converted into 1,333 common shares at $0.00, with no separate purchase or sale transactions disclosed in the filing data provided.

What happened to Christopher S. Lynch’s 2025 May Restricted Stock Units at Tenet Healthcare (THC)?

The 2025 May Restricted Stock Units were fully exercised, converting 1,333 units into 1,333 shares of common stock. After this transaction, the reported balance of these specific restricted stock units is zero, indicating that this grant has been completely settled into common shares.