FISHER RICHARD W 4

What Happened

• Richard W. Fisher, a director of Tenet Healthcare Corp (THC), settled 1,333 restricted stock units (RSUs) on May 22, 2026. Per the filing, 63% of the RSUs were issued as shares (~840 shares) and 37% were settled for cash — 493 shares were disposed to the issuer at $173.78 each for total proceeds of $85,674.
• The Form 4 shows an M-code (exercise/conversion of a derivative) for the RSU conversion and a D-code (disposition to issuer) for the 493 shares sold. This type of transaction is typically a tax/cash settlement of RSUs rather than an open-market sale.

Key Details

• Transaction date: May 22, 2026
• Sale: 493 shares disposed to issuer at $173.78 each — proceeds $85,674
• RSU conversion: 1,333 RSUs converted; 63% (~840) issued as shares, 37% (493) settled for cash (footnote F1)
• Shares owned after transaction: not specified in the provided filing
• Filing date: May 26, 2026 — appears to be within the SEC’s two-business-day reporting window (timely)
• Notes: Footnote F1 confirms each RSU equaled one share and that the reporting person elected/was subject to a 37% cash settlement and 63% share issuance (common for tax withholding)

Context

• This was a routine RSU settlement with a cash portion used to satisfy withholding/settlement obligations, not an open-market sale intended as a directional bet. Derivative code M indicates conversion/exercise of the award; the D-code sale to the issuer reflects the cash settlement portion.