Company: THC
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001193125-25-079143
Chunk: 46

Company: TENET HEALTHCARE CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 46
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 the HR Committee decided to continue using it in both the 2024 AIP and LTI programs. The HR Committee is focused on establishing corporate performance metrics that are challenging, but achievable, and in line with the Company’s public outlook guidance, with the threshold level based on the low end of the range provided and the maximum level based on the high end of the range provided. As a result, targets for 2024 were set below 2023 results in light of anticipated reductions from certain hospital divestitures and reductions in government program payments, including the expiration of COVID-19relief programs.

| 2025 PROXY STATEMENT |     | 51 |

Compensation Discussion & Analysis The Adjusted EBITDA and Adjusted FCF Less NCI threshold, target and maximum levels and actual performance, as well as the final funding pool, are set forth below:

| Metric                   |     | Threshold  Target  Maximum    Level      Level     Level |     | Actual      
 Performance |          |     | Percentage 
 of Target  |     | Weighted  Payout |
| Adjusted EBITDA(1)       |     |                                                          |     |             | $3.995 B |     | 200%       |     | 140%             |
| Adjusted FCF Less NCI(2) |     |                                                          |     |             | $588 M   |     | 200%       |     | 60%              |
| Final Funding Pool       |     |                                                          |     |             |          |     |            |     | 200% of Target   |

| (1) | See Appendix A for definition of Adjusted EBITDA. |

| (2) | Adjusted Free Cash Flow (see Appendix A for definition) minus cash distributions paid to NCI as reflected on the Company’s consolidated statements of cash flows and actual performance reflects adjustments made at the discretion of the HR Committee after considering certain items that impacted cash flows in 2024. |

Individual Performance Modifiers After completion of the fiscal year, the HR Committee undertakes a robust individual performance review for our executive officers. These reviews allow the HR Committee to incorporate into the AIP program certain quantitative and qualitative elements tailored specifically to each executive’s role and circumstances. These reviews also allow the HR Committee to take into consideration factors such as integrity, promotion of Company values, and a positive