Company: THC
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001193125-25-079143
Chunk: 42

Company: TENET HEALTHCARE CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 42
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 first lien notes. As of December 31, 2024, our leverage ratio was 2.54x Adjusted EBITDA. |                                                                                                                                                                                                                                                                                                                                                                                                     | Workforce Development We effectively managed labor costs by increasing our new graduate hiring pipeline through nursing school relationships, strengthening our internal clinical bench, and delivering facility level workforce targets. We employed agile frontline staffing models to optimize utilization of skills from entry level to higher specialty competencies. Our system-wide wholistic retention strategy continued to drive facility level accountability to execute leading practices, improve manager quality, and reduce turnover. |                                                                                                                                                                                                                                                                                                                                        | Clinical Quality and Patient Safety We continue to execute our disciplined strategy to prevent life-threatening infections and injuries and deliver high-quality care to our patients. In 2024, we delivered improvements in the metrics we track for patient safety and quality care. Our commitment to quality is driving a strong patient experience and continued improvement. |                                                                                                                                                                                                                                                                                                                                                   |

| 2025 PROXY STATEMENT |     | 47 |

Compensation Discussion & Analysis Strong Long-Term Performance 2024 Compensation Program Highlights

| * | See Appendix A for definitions of Adjusted EPS and Adjusted Free Cash Flow; cash distributions paid to NCI are as reflected on the Company’s consolidated statements of cash flows. |

2024 Say-on-Pay Vote Our annual Say-on-Pay vote is one of our opportunities to receive feedback from shareholders regarding our executive compensation program, and the HR Committee takes the result of this vote into account when shaping the compensation program for the Company’s NEOs. At our 2024 Annual Meeting, the Say-on-Pay proposal received over 96% approval, demonstrating ongoing strong support for our executive compensation program. In light of this continued shareholder support, our HR Committee did not make any changes to the structure of our executive compensation program as a result of the 2024 vote.

| 48 |

Compensation Discussion & Analysis Best Practices Support Strong Compensation Governance We maintain the following best practices so that our governance of executive compensation reflects our pay-for-performancephilosophy and aligns the interests of our executives and shareholders.

| Actively engage with investors                   |     | Emphasize pay-for-performance                                                                           |
| Maintain stock ownership and retention           
 requirements for executives and non-employee     
 directors                                        |     | No backdating stock option grants or repricing of underwater stock options without shareholder approval |
| Conduct annual compensation risk assessments     |     | Retain an independent compensation consultant                                                           |
| Cap payouts under our annual incentive plans and 
 performance-based RSU awards