Cuffe Michael S. 4

What Happened

• Michael S. Cuffe, EVP and Chief Clinical Officer of HCA Healthcare, was granted 8,067 stock appreciation rights (SARs) on January 29, 2026. The Form 4 reports the acquisition as a derivative grant at $0.00 per unit (typical for SAR grants — value realized only if/when exercised).

Key Details

• Transaction date: 2026-01-29; filing date: 2026-02-02 (filed timely).
• Grant: 8,067 stock appreciation rights; reported price per unit: $0.00 (derivative award).
• Vesting: SARs vest in four equal annual installments beginning January 29, 2027 (per footnote).
• Shares owned after transaction: not specified in the provided filing.
• No 10b5-1 plan, tax-withholding sell-to-cover, or immediate exercise/sale was reported.

Context

• SARs are a derivative award that give the holder the right to receive the appreciation in the company’s stock (usually settled in cash or shares) upon future exercise; they are not an immediate purchase of stock. Grants are common form of executive compensation and do not by themselves indicate the insider bought or sold shares.