Kevin J. Hammons - Mar 1, 2023 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, 2023
Transactions value $: -$389,234
Form type: 4
Date filed: 3/2/2023, 03:28 PM
Previous filing: Mar 2, 2022
Next filing: Mar 1, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CYH	Common Stock	Options Exercise	$0	+95K	+30.51%	$0.00	406K	Mar 1, 2023	Direct	F1
transaction	CYH	Common Stock	Award	$0	+90K	+22.15%	$0.00	496K	Mar 1, 2023	Direct	F2
transaction	CYH	Common Stock	Tax liability	-$389K	-63.3K	-12.75%	$6.15	433K	Mar 1, 2023	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	-95K	-100%	$0.00^*	0	Mar 1, 2023	Common Stock	95K	$0.00	Direct	F1
transaction	CYH	Performance Based Restricted	Award	$0	+180K		$0.00	180K	Mar 1, 2023	Common Stock	180K	$0.00	Direct	F3
transaction	CYH	Stock Options (Right to Buy)	Award	$0	+90K		$0.00	90K	Mar 1, 2023	Common Stock	90K	$6.15	Direct	F4
holding	CYH	Performance Based Restricted						150K	Mar 1, 2023	Common Stock	150K	$0.00	Direct	F5
holding	CYH	Performance Based Restricted						150K	Mar 1, 2023	Common Stock	150K	$0.00	Direct	F6
holding	CYH	Stock Options (Right to Buy)						18K	Mar 1, 2023	Common Stock	18K	$4.99	Direct
holding	CYH	Stock Options (Right to Buy)						47.5K	Mar 1, 2023	Common Stock	47.5K	$4.93	Direct
holding	CYH	Stock Options (Right to Buy)						75K	Mar 1, 2023	Common Stock	75K	$8.81	Direct	F4
holding	CYH	Stock Options (Right to Buy)						75K	Mar 1, 2023	Common Stock	75K	$10.18	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 1/1/2020 and 12/31/2022 (the "2020-2022 Performance Period"). Based on the actual level of achievement of such performance objectives for the 2020-2022 Performance Period, the award vested on March 1, 2023 at 100% of the target number of the performance-based restricted shares originally reported by the Reporting Person on 3/2/2020.
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 1/1/2023 and 12/31/2025 (the "2023-2025 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 2023-2025 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 1/1/2021 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.
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.