Sec Form 4 Filing - Pitt Justin D @ COMMUNITY HEALTH SYSTEMS INC - 2024-03-15

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Pitt Justin D
2. Issuer Name and Ticker or Trading Symbol
COMMUNITY HEALTH SYSTEMS INC [ CYH]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
EVP and General Counsel
(Last) (First) (Middle)
4000 MERIDIAN BOULEVARD
3. Date of Earliest Transaction (MM/DD/YY)
03/15/2024
(Street)
FRANKLIN, TN37067
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/15/2024 D 5,001 D $ 0 12,584 I By spouse ( 1 )
Common Stock 208,116 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Performance Based Restricted $ 0 ( 2 ) ( 2 ) Common Stock 30,000 30,000 D
Performance Based Restricted $ 0 ( 3 ) ( 3 ) Common Stock 30,000 30,000 D
Performance Based Restricted $ 0 ( 4 ) ( 4 ) Common Stock 30,000 30,000 D
Stock Options (Right to Buy) $ 4.99 03/01/2020 02/28/2029 Common Stock 5,000 5,000 D
Stock Options (Right to Buy) $ 4.93 03/01/2021 02/28/2030 Common Stock 20,000 20,000 D
Stock Options (Right to Buy) $ 8.81 03/01/2022 02/28/2031 Common Stock 20,000 20,000 D
Stock Options (Right to Buy) $ 10.18 03/01/2023( 5 ) 02/29/2032 Common Stock 30,000 30,000 D
Stock Options (Right to Buy) $ 6.15 03/01/2024( 5 ) 02/28/2033 Common Stock 30,000 30,000 D
Stock Options (Right to Buy) $ 2.87 03/01/2025( 5 ) 02/28/2034 Common Stock 30,000 30,000 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Pitt Justin D
4000 MERIDIAN BOULEVARD
FRANKLIN, TN37067
EVP and General Counsel
Signatures
Christopher G. Cobb, Attorney in Fact for Justin D. Pitt 03/15/2024
Signature of Reporting Person Date
Explanation of Responses:
( 1 )The Reporting Person's spouse is no longer employed by an affiliate of the Issuer. The remaining unvested portion of her prior awards of restricted stock was forfeited in conjunction with her ceasing to be employed by an affiate of the Issuer. The Reporting Person disclaims beneficial ownership of the securities of the Issuer owned by his spouse, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
( 2 )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.
( 3 )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.
( 4 )The vesting of these performance-based restricted shares is subject to the attainment of certain performance objecti ves between 1/1/2024 and 12/31/2026 (the "2024-2026 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 2024-2026 Performance Period.
( 5 )Vesting occurs in 1/3 increments on the first, second and third anniversary of the date of grant.

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