BIERMAN JAMES L 4

What Happened James L. Bierman, a director of Tenet Healthcare Corp (THC), reported a derivative conversion on 2026-05-22 in which 1,333 restricted stock units (RSUs) were converted into common shares (reported as "acquired") and an equal amount (1,333) was disposed. No per-share price or total value is disclosed in the filing (values shown as N/A). The filing treats the transactions as derivative activity (code M — exercise or conversion of a derivative).

Key Details

• Transaction date: 2026-05-22; Filing date: 2026-05-26 (filed 4 days after the reported transaction).
• Transaction type: M — exercise/conversion of derivative; one acquisition of 1,333 shares and one disposition of 1,333 shares.
• Price/value: Not disclosed in the filing (listed as N/A).
• Shares owned after transaction: Not specified in this Form 4.
• Footnote: F1 — "Each restricted stock unit was the economic equivalent of one share of Tenet Healthcare Corp (THC) common stock."
• Timeliness: Filed four days after the transaction; Form 4s are generally due within two business days, so this appears later than typical.

Context This filing shows a conversion of RSUs into shares with an immediate matching disposition of the same amount, resulting in no net increase in reported holdings. For retail investors, conversions of RSUs followed by disposals are commonly administrative (e.g., to satisfy tax withholding or for diversification), but the filing itself does not state the reason. Because no price or value is reported here, the economic impact on Bierman or signal to the market cannot be assessed from this Form 4 alone.