Wayne T. Smith - Mar 1, 2022 Form 4 Insider Report for COMMUNITY HEALTH SYSTEMS INC (CYH)

Role: Executive Chairman, Director
Signature: Christopher G. Cobb, Attorney in Fact for Wayne T. Smith
Stock symbol: CYH
Transactions as of: Mar 1, 2022
Transactions value $: -$1,637,402
Form type: 4
Date filed: 3/2/2022, 05:03 PM
Next filing: Aug 2, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CYH	Common Stock	Options Exercise	$0	+315K	+11.19%	$0.00	3.13M	Mar 1, 2022	Direct	F1
transaction	CYH	Common Stock	Award	$0	+90K	+2.88%	$0.00	3.22M	Mar 1, 2022	Direct	F2
transaction	CYH	Common Stock	Tax liability	-$1.64M	-161K	-5%	$10.18	3.06M	Mar 1, 2022	Direct
holding	CYH	Common Stock						1.61M	Mar 1, 2022	by 2009 WTS Irrevocable Trust Dated 2/27/09
holding	CYH	Common Stock						482K	Mar 1, 2022	WAC LLC

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	-158K	-100%	$0.00^*	0	Mar 1, 2022	Common Stock	158K	$0.00	Direct	F1
transaction	CYH	Performance Based Restricted	Award	$0	+180K		$0.00	180K	Mar 1, 2022	Common Stock	180K	$0.00	Direct	F3
transaction	CYH	Stock Options (Right to Buy)	Award	$0	+90K		$0.00	90K	Mar 1, 2022	Common Stock	90K	$10.18	Direct	F4
holding	CYH	Performance Based Restricted						225K	Mar 1, 2022	Common Stock	225K	$0.00	Direct	F5
holding	CYH	Performance Based Restricted						180K	Mar 1, 2022	Common Stock	180K	$0.00	Direct	F6
holding	CYH	Stock Options (Right to Buy)						78.8K	Mar 1, 2022	Common Stock	78.8K	$4.99	Direct
holding	CYH	Stock Options (Right to Buy)						113K	Mar 1, 2022	Common Stock	113K	$4.93	Direct	F4
holding	CYH	Stock Options (Right to Buy)						90K	Mar 1, 2022	Common Stock	90K	$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.