EX-10.1



 Exhibit 10.1 
 FORM OF 
 STOCK OPTION AGREEMENT 

THIS STOCK OPTION AGREEMENT (the “Agreement”), dated as of
            (the “Grant Date”) is made by and between HCA Holdings, Inc., a Delaware corporation (hereinafter referred to as the “Company”), and the
individual whose name is set forth on the signature page hereof, who is an employee of the Company or a Subsidiary or Affiliate of the Company, hereinafter referred to as the “Optionee”. Any capitalized terms herein not otherwise
defined in Article I shall have the meaning set forth in the 2006 Stock Incentive Plan for Key Employees of HCA Holdings, Inc. and its Affiliates, as amended and restated (the “Plan”). 

WHEREAS, the Company wishes to carry out the Plan, the terms of which are hereby incorporated by reference and made a part of this
Agreement; and 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company, including any subcommittee
formed pursuant to Section 3(a) of the Plan, (or, if no such committee is appointed, the Board of Directors of the Company) (the “Committee”) has determined that it would be to the advantage and best interest of the Company and
its shareholders to grant the Option provided for herein to the Optionee as an incentive for increased efforts during his term of office with the Company or its Subsidiaries or Affiliates, and has advised the Company thereof and instructed the
undersigned officers to issue said Option; 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and
other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 

ARTICLE I 

DEFINITIONS 
 Whenever the following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary. 

Section 1.1.  Cause 
 “Cause” shall mean “Cause” as such term may be defined in any employment agreement or change-in-control agreement in effect at the time of termination of employment between the
Optionee and the Company or any of its Subsidiaries or Affiliates, or, if there is no such employment or change-in-control agreement, “Cause” shall mean (i) willful and continued failure by Optionee (other than by reason of a
Permanent Disability) to perform his or her material duties with respect to the Company or it Subsidiaries which continues beyond ten (10) business days after a written demand for substantial performance is delivered to Optionee by the Company
(the “Cure Period”); (ii) willful or intentional engaging by Optionee in material misconduct that causes material and demonstrable injury, monetarily or otherwise, to the Company, the Investors or their respective Affiliates;
(iii) conviction of, or a plea of nolo contendere 







 
to, a crime constituting (x) a felony under the laws of the United States or any state thereof or (y) a misdemeanor for which a sentence of more than six months’ imprisonment is
imposed; or (iv) Optionee’s engaging in any action in breach of restrictive covenants made by Optionee under any Management Stockholder’s Agreement (if applicable) or other agreement containing restrictive covenants (e.g., covenants
not to disclose confidential information, to compete with the business of the Company or its Subsidiaries or to solicit the employees thereof to terminate their employment) or any employment or change-in-control agreement between the Optionee and
the Company or any of its Subsidiaries, which continues beyond the Cure Period (to the extent that, in the Board’s reasonable judgment, such breach can be cured). 
 Section 1.2. EBITDA Performance Option 
 “EBITDA
Performance Option” shall mean the right and option to purchase, on the terms and conditions set forth herein, all or any part of an aggregate of the number of shares of Common Stock set forth on the signature page hereof opposite the term
EBITDA Performance Option. 
 Section 1.3. Fiscal Year 

“Fiscal Year” shall mean each of the 2011, 2012, 2013 and 2014 fiscal years of the Company (which, for the avoidance of doubt,
ends on December 31 of any given calendar year). 
 Section 1.4. Good Reason 

“Good Reason” shall mean “Good Reason” as such term may be defined in any employment agreement or change-in-control
agreement in effect at the time of termination of employment between the Optionee and the Company or any of its Subsidiaries or Affiliates, or, if there is no such employment or change-in-control agreement, “Good Reason” shall mean
(i) (A) a reduction in Optionee’s base salary (other than a general reduction in base salary that affects all similarly situated employees (defined as all employees within the same Company pay grade as that of Optionee) in
substantially the same proportions that the Board implements in good faith after consultation with the Chief Executive Officer (“CEO”) and Chief Operating Officer of the Company, if any); (B) a reduction in Optionee’s annual
incentive compensation opportunity; or (C) the reduction of benefits payable to Optionee under the Company’s Supplemental Executive Retirement Plan (if Optionee is a participant in such plan), in each case other than any isolated,
insubstantial and inadvertent failure by the Company that is not in bad faith and is cured within ten (10) business days after Optionee gives the Company written notice of such event; provided that the events described in (i)(A) or
(i)(B) above will not be deemed to give rise to Good Reason if employment is terminated, but Optionee declines an offer of employment involving a loss of compensation of less than 15% from a purchaser, transferee, outsourced vendor, new operating
entity or affiliated employer; (ii) a substantial diminution in Optionee’s title, duties and responsibilities, other than any isolated, insubstantial and inadvertent failure by the 

  
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Company that is not in bad faith and is cured within ten (10) business days after Optionee gives the Company written notice of such event; or (iii) a transfer of Optionee’s primary
workplace to a location that is more than twenty (20) miles from his or her workplace as of the date of this Agreement; provided that Good Reason shall not be deemed to occur merely because Optionee’s willful decision to change
position or status within the Company or any of its Subsidiaries causes one or more of the occurrences described in (i), (ii), or (iii) to come about. 
 Section 1.5. Option 
 “Option” shall mean the
aggregate of the Time Option and the EBITDA Performance Option granted under Section 2.1 of this Agreement. 
 Section 1.6.
Permanent Disability 
 “Permanent Disability” shall mean “Disability” as such term is defined in
any employment agreement between Optionee and the Company or any of its Subsidiaries, or, if there is no such employment agreement, “Disability” as defined in the long-term disability plan of the Company. 

Section 1.7. Retirement 
 “Retirement” shall mean Optionee’s resignation (other than for Good Reason) from service with the Company and its Service Recipients (i) after attaining 65 years of age or
(ii) after attaining 55 years of age and completing ten (10) years of service with the Company or any Service Recipient. 

Section 1.8. Secretary 
 “Secretary” shall mean the Secretary of the Company. 
 Section 1.9. Time
Option 
 “Time Option” shall mean the right and option to purchase, on the terms and conditions set forth
herein, all or any part of an aggregate of the number of shares of Common Stock set forth on the signature page hereof opposite the term Time Option. 

  
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 ARTICLE II 
 GRANT OF OPTIONS 
 Section 2.1. Grant of Options 

For good and valuable consideration, on and as of the date hereof the Company irrevocably grants to the Optionee the following Stock
Options: (a) the Time Option and (b) the EBITDA Performance Option, in each case on the terms and conditions set forth in this Agreement. No part of the Option shall be treated as an “incentive stock option” within the meaning of
Section 422 of the Code. 
 Section 2.2. Exercise Price 

Subject to Section 2.4, the exercise price of the shares of Common Stock covered by the Option (the “Exercise
Price”) shall be as set forth on the signature page hereof. 
 Section 2.3. No Guarantee of Employment 

Nothing in this Agreement or in the Plan shall confer upon the Optionee any right to continue in the employ of the Company or any
Subsidiary or Affiliate or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries or Affiliates, which are hereby expressly reserved, to terminate the employment of the Optionee at any time for any reason
whatsoever, with or without cause, subject to the applicable provisions of, if any, the Optionee’s employment agreement with the Company or offer letter provided by the Company to the Optionee. 

Section 2.4. Adjustments to Option 
 The Option shall be subject to the adjustment provisions of Sections 8 and 9 of the Plan, provided, however, that in the event of the payment of an extraordinary dividend by the Company to
its stockholders, then; first, the Exercise Prices of the Option shall be reduced by the amount of the dividend paid, but only to the extent the Committee determines it to be permitted under applicable tax laws and it will not have adverse
tax consequences to the Optionee; and, if such reduction cannot be fully effected due to such tax laws, second, the Company shall pay to the Optionee a cash payment, on a per Share basis, equal to the balance of the amount of the dividend not
permitted to be applied to reduce the Exercise Price of the applicable Option as follows: (a) for each Share subject to a vested Option, promptly following the date of such dividend payment; and (b), for each Share subject to an unvested
Option, on the date on which such Option becomes vested and exercisable with respect to such Share. 

  
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 ARTICLE III 
 PERIOD OF EXERCISABILITY 
  

	Section 3.1. 	Commencement of Exercisability 

 (a) So long as the Optionee continues to be employed by the Company or any other Service Recipients, the Option shall become exercisable pursuant to the following schedules: 

(i) Time Option. The Time Option shall become vested and exercisable with respect to 25% of the Shares subject to such Time Option
on each of the first four anniversaries of the Grant Date. 
 (ii) EBITDA Performance Option. The EBITDA Performance
Option shall be eligible to become vested and exercisable as to 25% of the Shares subject to such EBITDA Performance Option (the “Eligible Option”) at the end of each of the four Fiscal Years if the Company, on a consolidated basis,
achieves its annual EBITDA targets for the given Fiscal Year, as each such target shall be established by the Committee on the attached Schedule A or otherwise within the first ninety days of each such Fiscal Year (each, once so established,
an “EBITDA Target”) for the given Fiscal Year. In the event the actual EBITDA for a Fiscal Year equals or exceeds 96% of the EBITDA Target for such year, a portion of the Eligible Option shall become vested and exercisable as
provided in the attached Schedule A. Subject to the immediately preceding sentence, in the event that the EBITDA Target is not achieved in a particular Fiscal Year, then that portion of the Eligible Option that failed to vest due to the
Company’s failure to achieve 100% of its EBITDA Target shall be forfeited and immediately terminated as of the date the actual EBITDA for the Fiscal Year has been certified by the Committee; 

(b) Notwithstanding the foregoing, upon the occurrence of a Change in Control (the definition of which is set forth on
Schedule B attached hereto): 
 (i) the Time Option shall become immediately exercisable as to 100% of the shares of
Common Stock subject to such Option immediately prior to a Change in Control (but only to the extent such Option has not otherwise terminated or become exercisable); 
 (ii) the EBITDA Performance Option shall become immediately exercisable as to 100% of the Eligible Option with respect to (i) the Fiscal Year in which the Change in Control occurs and (ii) each
subsequent Fiscal Year (but only to the extent such Option has not otherwise terminated or become exercisable); and 
 (c)
Notwithstanding the foregoing, no Option shall become exercisable as to any additional shares of Common Stock following the termination of employment of the Optionee for any reason and any Option, which is unexercisable as of the Optionee’s
termination of employment, shall immediately expire without payment therefor. 

  
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 Section 3.2. Expiration of Option 

The Optionee may not exercise the Option to any extent after the first to occur of the following events: 

(a) The tenth anniversary of the Grant Date so long as the Optionee remains employed with the Company or any Service Recipient through
such date; 
 (b) The third anniversary of the date of the Optionee’s termination of employment with the Company and all
Service Recipients, if the Optionee’s employment is terminated by reason of death or Permanent Disability; 
 (c)
Immediately upon the date of the Optionee’s termination of employment by the Company and all Service Recipients for Cause; 

(d) One hundred and eighty (180) days after the date of an Optionee’s termination of employment by the Company and all Service
Recipients without Cause (for any reason other than as set forth in Section 3.2(b)); 
 (e) One hundred and eighty
(180) days after the date of an Optionee’s termination of employment with the Company and all Service Recipients by the Optionee for Good Reason; 
 (f) One hundred and eighty (180) days after the date of an Optionee’s termination of employment with the Company and all Service Recipients by the Optionee upon Retirement. 

(g) Thirty (30) days after the date of an Optionee’s termination of employment with the Company and all Service Recipients by
the Optionee without Good Reason (except due to Retirement, death or Permanent Disability); or 
 (h) At the discretion of the
Company, if the Committee so determines pursuant to Section 9 of the Plan. 
 ARTICLE IV 

EXERCISE OF OPTION 

Section 4.1. Person Eligible to Exercise 
 During the lifetime of the Optionee, only the Optionee (or his or her duly authorized legal representative) may exercise an Option or any portion thereof. After the death of the Optionee, any exercisable
portion of an Option may, prior to the time when an Option becomes unexercisable under Section 3.2, be exercised by his personal representative or by any person empowered to do so under the Optionee’s will or under the then applicable laws
of descent and distribution. 

  
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 Section 4.2. Partial Exercise 

Any exercisable portion of an Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time
prior to the time when the Option or portion thereof becomes unexercisable under Section 3.2; provided, however, that any partial exercise shall be for whole shares of Common Stock only. 

Section 4.3. Manner of Exercise 
 Subject to the Company’s code of conduct and securities trading policies as in effect from time to time, an Option, or any exercisable portion thereof, may be exercised solely by delivering to the
Company or its designated agent all of the following prior to the time when the Option or such portion becomes unexercisable under Section 3.2: 
 (a) Notice in writing (or such other medium acceptable to the Company or its designated agent) signed or acknowledged by the Optionee or other person then entitled to exercise the Option or portion
thereof, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Committee; 
 (b) (i) Full payment (in cash or by check or by a combination thereof) for the shares with respect to which such Option or portion thereof is exercised, (ii) indication that the Optionee elects to
pay the Exercise Price of the Option (or portion thereof) through an arrangement that is compliant with the Sarbanes-Oxley Act of 2002 (and any other applicable laws and exchange rules) and that provides for the delivery of irrevocable instructions
to a broker to sell Common Stock obtained upon the exercise of the Option (or portion thereof) and to deliver promptly to the Company an amount that would otherwise be paid by Optionee to the Company pursuant to clause (i) of this subsection
(b), or (iii) if made available by the Company, indication that the Optionee elects to have the number of Shares that would otherwise be issued to the Optionee reduced by a number of Shares having an equivalent Fair Market Value to the payment
that would otherwise be made by Optionee to the Company pursuant to clause (i) of this subsection (b). 
 (c) (i) Full
payment (in cash or by check or by a combination thereof) to satisfy the minimum withholding tax obligation with respect to which such Option or portion thereof is exercised or (ii) indication that the Optionee elects to satisfy the withholding
tax obligation through an arrangement that is compliant with the Sarbanes-Oxley Act of 2002 (and any other applicable laws and exchange rules) and that provides for the delivery of irrevocable instructions to a broker to sell Common Stock obtained
upon the exercise of the Option and to deliver promptly to the Company an amount to satisfy the minimum withholding tax obligation that would otherwise be required to be paid by the Optionee to the Company pursuant to clause (i) of this
subsection (c), or (iii) if made available by the Company, indication that the Optionee elects to have the number of Shares that would otherwise be issued to the Optionee upon exercise of such Option (or portion thereof) reduced by a number of
Shares having an aggregate Fair Market 

  
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Value, on the date of such exercise, equal to the payment to satisfy the minimum withholding tax obligation that would otherwise be required to be made by the Optionee to the Company pursuant to
clause (i) of this subsection (c). 
 (d) If required by the Company, a bona fide written representation and agreement, in a
form satisfactory to the Company, signed by the Optionee or other person then entitled to exercise such Option or portion thereof, stating that the shares of Common Stock are being acquired for his own account, for investment and without any present
intention of distributing or reselling said shares or any of them except as may be permitted under the Securities Act of 1933, as amended (the “Act”), and then applicable rules and regulations thereunder, and that the Optionee or other
person then entitled to exercise such Option or portion thereof will indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the shares by such
person is contrary to the representation and agreement referred to above; provided, however, that the Company may, in its reasonable discretion, take whatever additional actions it deems reasonably necessary to ensure the observance and performance
of such representation and agreement and to effect compliance with the Act and any other federal or state securities laws or regulations; and 
 (e) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by any person or persons other than the Optionee, appropriate proof of the right of such person or persons to
exercise the option. 
 Without limiting the generality of the foregoing, the Company may require an opinion of counsel acceptable to it to the
effect that any subsequent transfer of shares acquired on exercise of an Option does not violate the Act, and may issue stop-transfer orders covering such shares. Share certificates evidencing stock issued on exercise of this Option shall bear an
appropriate legend referring to the provisions of subsection (d) above and the agreements herein. The written representation and agreement referred to in subsection (d) above shall, however, not be required if the shares to be issued
pursuant to such exercise have been registered under the Act, and such registration is then effective in respect of such shares. 

Section 4.4. Conditions to Issuance of Stock Certificates 
 The shares of stock deliverable upon the exercise of an Option, or any portion thereof, may be either previously authorized but unissued shares or issued shares, which have then been reacquired by the
Company. Such shares shall be fully paid and nonassessable. If share certificates are to be issued, the Company shall not be required to issue or deliver any certificate or certificates for shares of stock purchased upon the exercise of an Option or
portion thereof prior to fulfillment of all of the following conditions: 
 (a) The obtaining of approval or other clearance from
any state or federal governmental agency which the Committee shall, in its reasonable and good faith discretion, determine to be necessary or advisable; and 
 (b) The lapse of such reasonable period of time following the exercise of the Option as the Committee may from time to time establish for reasons of administrative convenience or as may otherwise be
required by applicable law. 

  
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 Section 4.5. Rights as Stockholder 

Except as otherwise provided in Section 2.4 of this Agreement, the holder of an Option shall not be, nor have any of the rights or
privileges of, a stockholder of the Company in respect of any shares purchasable upon the exercise of the Option or any portion thereof unless and until certificates representing such shares shall have been issued by the Company to such holder, or
the Company or its designated agent has otherwise recorded the appropriate book entries evidencing Optionee’s ownership of the shares. 
 ARTICLE V 
 MISCELLANEOUS 

Section 5.1. Administration 
 The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to
interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Optionee, the Company and all other interested persons. No member of the Committee shall be
personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Option. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the
Committee under the Plan and this Agreement. 
 Section 5.2. Option Not Transferable 

Neither the Option nor any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of the
Optionee or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by
judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 5.2 shall not
prevent transfers by will or by the applicable laws of descent and distribution. 
 Section 5.3. Notices 

Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Secretary, and
any notice to be given to the Optionee shall be addressed to him at the address (including an electronic address) 

  
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reflected in the Company’s books and records. By a notice given pursuant to this Section 5.3, either party may hereafter designate a different address for notices to be given to him.
Any notice, which is required to be given to the Optionee, shall, if the Optionee is then deceased, be given to the Optionee’s personal representative if such representative has previously informed the Company of his status and address by
written notice under this Section 5.3. Any notice shall have been deemed duly given when (i) delivered in person, (ii) delivered in an electronic form approved by the Company, (iii) enclosed in a properly sealed envelope or
wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service, or (iv) enclosed in a properly sealed envelope or wrapper addressed as aforesaid,
deposited (with fees prepaid) in an office regularly maintained by FedEx, UPS, or comparable non-public mail carrier. 
 Section 5.4.
Titles; Pronouns 
 Titles are provided herein for convenience only and are not to serve as a basis for interpretation
or construction of this Agreement. The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates. 
 Section 5.5. Applicability of Plan  
 The Option and the shares
of Common Stock issued to the Optionee upon exercise of the Option shall be subject to all of the terms and provisions of the Plan. 

Section 5.6. Amendment 
 Subject to Section 10 of the Plan, this Agreement may be amended only by a writing executed by the parties hereto, which specifically states that it is amending this Agreement. 

Section 5.7 Governing Law 
 The laws of the State of Delaware shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of
laws. 
 Section 5.8 Arbitration 
 In the event of any controversy among the parties hereto arising out of, or relating to, this Agreement which cannot be settled amicably by the parties, such controversy shall be finally, exclusively and
conclusively settled by mandatory arbitration conducted expeditiously in accordance with the American Arbitration Association rules, by a single independent arbitrator. Such arbitration process shall take place within the Nashville, Tennessee
metropolitan area. The decision of the arbitrator 

  
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shall be final and binding upon all parties hereto and shall be rendered pursuant to a written decision, which contains a detailed recital of the arbitrator’s reasoning. Judgment upon the
award rendered may be entered in any court having jurisdiction thereof. Each party shall bear its own legal fees and expenses, unless otherwise determined by the arbitrator. If the Optionee substantially prevails on any of his or her substantive
legal claims, then the Company shall reimburse all legal fees and arbitration fees incurred by the Optionee to arbitrate the dispute. 
 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto. 
  

			
	 HCA HOLDINGS, INC.

		
	By:	 	  
		
	Its:	 	  



  
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 Option Grants: 

 

					
	Aggregate number of shares of Common Stock	 	  	  	 
	for which the Time Option granted hereunder is	 		  	
	exercisable (100% of number of shares):	 		  	
		 		  	
	Aggregate number of shares of Common Stock	 		  	
	for which the EBITDA Performance Option 	 		  	
	granted hereunder is exercisable (100% of the	 		  	
	number of shares):             	 		  	
		 		  	
	Exercise Price of all options: 	 	$            per share	  	
		 		  	
	Grant Date:             	 		  	


  








 Schedule B 

Definition of Change in Control 
 For purposes of this Agreement, the term “Change in Control” shall mean, in lieu of any definition contained in the Plan: 
 (i) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company to any Person or Group other than, as of the date of determination,
(A) any and all of an employee benefit plan (or trust forming a part thereof) maintained by (1) the Company or (2) any corporation or other Person of which a majority of its voting power of its voting equity securities or equity
interest is owned, directly or indirectly, by the Company; (B) Hercules Holding II, LLC, a Delaware limited liability company (or any successor) (“Hercules Holding II”), but only for so long as Hercules Holding II continues to hold at
least 30% of the voting power of the Company’s voting equity securities, or (C) any Equity Sponsor (as defined in the Company’s Amended and Restated Certificate of Incorporation dated as of March 8, 2011), but only for so long as
the Equity Sponsors, in the aggregate, continue to hold at least 30% of the voting power of the Company’s voting equity securities (any of the foregoing, “Permitted Holders”); or 

(ii) any Person or Group, other than the Permitted Holders, becomes the Beneficial Owner (as such term is defined in Rule 13d-3 under the
Exchange Act (or any successor rule thereto) (except that a Person shall be deemed to have “beneficial ownership” of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or only after the
passage of time), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Company (or any entity which controls the Company), including by way of merger, consolidation, tender or exchange offer or otherwise; or

 (iii) a reorganization, recapitalization, merger or consolidation (a “Corporate Transaction”) involving the Company,
unless securities representing more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation resulting from such Corporate Transaction
(or the parent of such corporation) are Beneficially Owned subsequent to such transaction by the Person or Persons who were the Beneficial Owners of the outstanding voting securities entitled to vote generally in the election of directors of the
Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction; or 
 (iv) during any period of 12 months, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by
the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the beginning of such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the Board then in office.