Justin D. Pitt - Mar 1, 2024 Form 4 Insider Report for COMMUNITY HEALTH SYSTEMS INC (CYH)

Role
EVP and General Counsel
Signature
Christopher G. Cobb, Attorney in Fact for Justin D. Pitt
Stock symbol
CYH
Transactions as of
Mar 1, 2024
Transactions value $
-$51,605
Form type
4
Date filed
3/1/2024, 07:57 PM
Previous filing
Mar 2, 2023
Next filing
Mar 15, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CYH Common Stock Options Exercise $0 +20K +11.45% $0.00 195K Mar 1, 2024 Direct F1
transaction CYH Common Stock Award $0 +30K +15.42% $0.00 225K Mar 1, 2024 Direct F2
transaction CYH Common Stock Tax liability -$47.3K -16.5K -7.34% $2.87 208K Mar 1, 2024 Direct
transaction CYH Common Stock Tax liability -$4.26K -1.48K -7.78% $2.87 17.6K Mar 1, 2024 By spouse F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CYH Performance Based Restricted Options Exercise $0 -20K -100% $0.00* 0 Mar 1, 2024 Common Stock 20K $0.00 Direct F1
transaction CYH Performance Based Restricted Award $0 +30K $0.00 30K Mar 1, 2024 Common Stock 30K $0.00 Direct F4
transaction CYH Stock Options (Right to Buy) Award $0 +30K $0.00 30K Mar 1, 2024 Common Stock 30K $2.87 Direct F5
holding CYH Performance Based Restricted 30K Mar 1, 2024 Common Stock 30K $0.00 Direct F6
holding CYH Performance Based Restricted 30K Mar 1, 2024 Common Stock 30K $0.00 Direct F7
holding CYH Stock Options (Right to Buy) 5K Mar 1, 2024 Common Stock 5K $4.99 Direct
holding CYH Stock Options (Right to Buy) 20K Mar 1, 2024 Common Stock 20K $4.93 Direct
holding CYH Stock Options (Right to Buy) 20K Mar 1, 2024 Common Stock 20K $8.81 Direct
holding CYH Stock Options (Right to Buy) 30K Mar 1, 2024 Common Stock 30K $10.18 Direct F5
holding CYH Stock Options (Right to Buy) 30K Mar 1, 2024 Common Stock 30K $6.15 Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The vesting of these performance-based restricted shares was based on the attainment of certain performance objectives between 1/1/2021 and 12/31/2023 (the "2021-2023 Performance Period"). Based on the actual level of achievement of such performance objectives for the 2021-2023 Performance Period, the award vested on March 1, 2024 at 100% of the target number of the performance-based restricted shares originally reported by the Reporting Person on 3/2/2021.
F2 The time-vesting restrictions on this award of restricted stock will lapse in 1/3 increments on the first, second and third anniversary of the date of grant.
F3 The Reporting Person's spouse is employed by an affiliate of the Issuer. The Reporting Person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 or for any other purposes.
F4 The vesting of these performance-based restricted shares is allocated to the attainment of the following pre-determined performance objectives between 1/1/2024 and 12/31/2026 (the "2024-2026 Performance Period"), as follows: 50% to a Cumulative Consolidated Adjusted EBITDA Growth target; and 50% to a Cumulative Same-Store Net Revenue Growth target. The target number (100%) of the total performance-based restricted shares is reported in the table set forth above. Between 0% and 200% of the portion of the target number of performance-based restricted shares allocated to each performance objective will ultimately vest on the third anniversary of the date of grant, subject to the attainment of the applicable performance objective, with the vesting percentage to be determined based upon the level of achievement with respect to the applicable performance objective during the 2024-2026 Performance Period.
F5 Vesting occurs in 1/3 increments on the first, second and third anniversary of the date of grant.
F6 The vesting of these performance-based restricted shares is subject to the attainment of certain performance objectives between 1/1/2022 and 12/31/2024 (the "2022-2024 Performance Period"). The target number (100%) of the total performance-based restricted shares is reported in the table set forth above. Between 0% and 200% of the portion of the target number of performance-based restricted shares allocated to each applicable performance objective will ultimately vest on the third anniversary of the date of grant, subject to the attainment of the applicable performance objective, with the vesting percentage to be determined based upon the level of achievement with respect to the applicable performance objective during the 2022-2024 Performance Period.
F7 The vesting of these performance-based restricted shares is subject to the attainment of certain performance objectives between 1/1/2023 and 12/31/2025 (the "2023-2025 Performance Period"). The target number (100%) of the total performance-based restricted shares is reported in the table set forth above. Between 0% and 200% of the portion of the target number of performance-based restricted shares allocated to each applicable performance objective will ultimately vest on the third anniversary of the date of grant, subject to the attainment of the applicable performance objective, with the vesting percentage to be determined based upon the level of achievement with respect to the applicable performance objective during the 2023-2025 Performance Period.