Kevin J. Hammons - Mar 1, 2022 Form 4 Insider Report for COMMUNITY HEALTH SYSTEMS INC (CYH)

Role
President and CFO
Signature
Christopher G. Cobb, Attorney in Fact for Kevin J. Hammons
Stock symbol
CYH
Transactions as of
Mar 1, 2022
Transactions value $
-$331,827
Form type
4
Date filed
3/2/2022, 04:51 PM
Next filing
Mar 2, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CYH Common Stock Options Exercise $0 +36K +15.45% $0.00 269K Mar 1, 2022 Direct F1
transaction CYH Common Stock Award $0 +75K +27.89% $0.00 344K Mar 1, 2022 Direct F2
transaction CYH Common Stock Tax liability -$332K -32.6K -9.48% $10.18 311K Mar 1, 2022 Direct

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 -18K -100% $0.00* 0 Mar 1, 2022 Common Stock 18K $0.00 Direct F1
transaction CYH Performance Based Restricted Award $0 +150K $0.00 150K Mar 1, 2022 Common Stock 150K $0.00 Direct F3
transaction CYH Stock Options (Right to Buy) Award $0 +75K $0.00 75K Mar 1, 2022 Common Stock 75K $10.18 Direct F4
holding CYH Performance Based Restricted 95K Mar 1, 2022 Common Stock 95K $0.00 Direct F5
holding CYH Performance Based Restricted 150K Mar 1, 2022 Common Stock 150K $0.00 Direct F6
holding CYH Stock Options (Right to Buy) 18K Mar 1, 2022 Common Stock 18K $4.99 Direct
holding CYH Stock Options (Right to Buy) 47.5K Mar 1, 2022 Common Stock 47.5K $4.93 Direct F4
holding CYH Stock Options (Right to Buy) 75K Mar 1, 2022 Common Stock 75K $8.81 Direct F4
* 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 1/1/2019 and 12/31/2021 (the "2019-2021 Performance Period"). Based on the actual level of achievement of such performance objectives for the 2019-2021 Performance Period, the award vested on March 1, 2022 at 200% of the target number of the performance-based restricted shares originally reported by the reporting person on 3/4/2019.
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 vesting of these performance-based restricted shares is allocated to the attainment of the following pre-determined performance objectives between 1/1/2022 and 12/31/2024 (the "2022-2024 Performance Period"), as follows: 40% to a Cumulative Consolidated Adjusted EBITDA Growth target; 40% to a Cumulative Same-Store Net Revenue Growth target; and 20% to a Total Shareholder Return ("TSR") Percentile Rank 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 2022-2024 Performance Period.
F4 Vesting occurs in 1/3 increments on the first, second and third anniversary of the date of grant.
F5 The vesting of these performance-based restricted shares is subject to the attainment of certain performance objectives between 1/1/2020 and 12/31/2022 (the "2020-2022 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 2020-2022 Performance Period.
F6 The vesting of these performance-based restricted shares is subject to the attainment of certain performance objectives between 1/1/2021 and 12/31/2023 (the "2021-2023 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 2021-2023 Performance Period.