Company: THC
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001193125-25-079143
Chunk: 78

Company: TENET HEALTHCARE CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 78
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 and 2020. |

| (5) | We determinedAdjusted EBITDAto be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and other NEOs in 2024, consistent with 2023. This performance measure may not have been the most important financial performance measure for prior fiscal years, and we may determine a different financial performance measure to be the most important measure in future years.Adjusted EBITDA, anon-GAAPmeasure, is defined in Appendix A, and reconciliations of thisnon-GAAPfinancial measure to the most directly comparable GAAP measure may be found in the Company’s Annual Report on Form10-Kfor each of Fiscal Years 2024, 2023, 2022, 2021 and 2020. |

Description of Certain Relationships of Information Presented in the Pay Versus Performance Table As described in more detail in Compensation Discussion & Analysis, the Company’s executive compensation program reflects a pay-for-performancephilosophy. While the Company utilizes several performance measures to align executive compensation with Company performance, all of those Company measures are not presented in the Pay Versus Performance Table. Moreover, the Company generally seeks to incentivize long-term performance and, therefore, does not specifically align the Company’s performance measures with “compensation actually paid.” In accordance with SEC rules, the Company is providing the following representations of the relationships between information presented in the Pay Versus Performance Table.

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Pay Versus Performance Company vs Peer Group TSR and Compensation Actually Paid vs Company TSR Compensation Actually Paid vs Net Income

| 2025 PROXY STATEMENT |     | 77 |

Pay Versus Performance Compensation Actually Paid vs Adjusted EBITDA

Financial Performance Measures

The following list presents the financial performance measures that the Company has determined represent the most important in linking “Compensation Actually Paid” to our PEO and the other NEOs for 2024 to Company performance. These measures are not ranked.

| • |     | Adjusted EBITDA; |

| • |     | Adjusted Free Cash Flow less cash distributions paid to noncontrolling interests as reflected on the Company’s consolidated statements of cash flows; and |

| • |     | Adjusted EPS. |

See Appendix A for definitions of each of these non-GAAPmeasures, and see Compensation Discussion & Analysis beginning on page 46 for information regarding how these measures were used in our 2024 executive compensation program.

| 78 |

Securities Authorized for Issuance Under