# EDGAR Filing Document

**Accession Number:** 0000010456
**File Stem:** 0001193125-25-155902
**Filing Date:** 2025-7
**Character Count:** 43387
**Document Hash:** d13787f72b0f7befe7c3a5e38a90036b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-155902.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001193125-25-155902

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250707

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAXTER INTERNATIONAL INC
- **CENTRAL INDEX KEY:** 0000010456
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 360781620
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-04448
- **FILM NUMBER:** 251107070

**BUSINESS ADDRESS:**
- **STREET 1:** ONE BAXTER PARKWAY
- **CITY:** DEERFIELD
- **STATE:** IL
- **ZIP:** 60015
- **BUSINESS PHONE:** 2249482000

**MAIL ADDRESS:**
- **STREET 1:** ONE BAXTER PARKWAY
- **CITY:** DEERFIELD
- **STATE:** IL
- **ZIP:** 60015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BAXTER TRAVENOL LABORATORIES INC
- **DATE OF NAME CHANGE:** 19880522

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BAXTER LABORATORIES INC
- **DATE OF NAME CHANGE:** 19760608

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(D)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): July 7, 2025

## Baxter International Inc.

#### (Exact name of registrant as specified in its charter)

#### Delaware

#### (State or other jurisdiction of incorporation)

---

| | |
|:---|:---|
| **1-4448** | **36-0781620** |
| **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |

---

---

| | |
|:---|:---|
| **One Baxter Parkway, Deerfield, Illinois** | **60015** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

(224) 948-2000

#### (Registrant's telephone number, including area code)

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d 2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, $1.00 par value | BAX (NYSE) | New York Stock Exchange |
| 1.3% Global Notes due 2029 | BAX 29 | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act: ☐

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

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*Appointment of Andrew Hider as President and Chief Executive Officer and Director; Transition of Brent Shafer from Interim CEO and Chair to Non-Executive Chair of the Board* 

On July 7, 2025 (the "Announcement Date"), Baxter International Inc. (the "Company") announced that the Board of Directors of the Company (the "Board") has appointed Andrew Hider as President and Chief Executive Officer ("CEO") of the Company, effective on the earlier of September 3, 2025 or such date as the Company and Mr. Hider agree, subject to Mr. Hider's compliance with his existing contractual obligations to his current employer (the "Effective Date"). In connection with Mr. Hider's appointment as CEO, the Board increased the authorized number of directors on the Board to eleven and appointed Mr. Hider to fill the resulting vacancy on the Board, in each case, effective as of the Effective Date.

Mr. Hider does not have any family relationships with any of the Company's directors or executive officers, there are no arrangements or understandings between Mr. Hider and any other persons pursuant to which he was selected as an officer or director, and there are no transactions between Mr. Hider and the Company that would be required to be reported under Item 404(a) of Regulation S-K.

On July 7, 2025, the Company and Brent Shafer entered into an amendment to the letter agreement, dated February 1, 2025 and previously filed as Exhibit 10.2 to the Company's Form 8-K filed on February 3, 2025 (the "Shafer Letter Agreement"), to extend the term of the Shafer Letter Agreement to the Effective Date (the "Shafer Amendment"), which will be filed with the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the "Q2 Form 10-Q").

As of the Effective Date, Mr. Shafer will cease to serve as Interim CEO of the Company and will transition to serving as the non-executive Chair of the Board. He will also rejoin the Audit Committee and the Nominating, Corporate Governance and Public Policy Committee of the Board as an independent director, effective as of the Effective Date.

The above description of the Shafer Amendment is qualified in its entirety by reference to the terms of the Shafer Amendment, to be attached to the Q2 Form 10-Q and incorporated herein by reference.

*Biographical Information of Mr. Hider* 

Mr. Hider, age 48, is the Chief Executive Officer and a member of the board of directors of ATS Corporation (TSX and NYSE: ATS), roles which he has held since March 2017 and May 2017, respectively. Previously, Mr. Hider served as President and Chief Executive Officer of the Taylor Made Group, LLC from May 2016 to February 2017. Prior to that, Mr. Hider served for ten years at Danaher Corporation, working in roles of increasing responsibility, most recently serving as President of Veeder Root. Mr. Hider began his career with General Electric, serving in a number of areas including manufacturing, project management, procurement and finance. He also currently serves on the board of directors of Tennant Company (NYSE: TNC). Mr. Hider received a BS in Interdisciplinary Engineering and Management and an MBA from Clarkson University.

*CEO Offer Letter with Mr. Hider* 

The Company and Mr. Hider entered into an offer letter (the "CEO Offer Letter"), effective upon approval by the Board on July 7, 2025, establishing the terms of Mr. Hider's service as CEO, commencing as of the Effective Date. Mr. Hider's target direct compensation will comprise an annual base salary of $1,350,000, a target annual bonus opportunity under the Company's Management Incentive Program (the "MICP") of 150% of his annual base salary (prorated for 2025 as set forth in the CEO Offer Letter), and eligibility to participate in the Company's long-term incentive program (the "LTI Plan") with an initial target annual equity grant value of $14,000,000 (the "LTI Target Value") (prorated for 2025 as set forth in the CEO Offer Letter and to be granted on the Company's first scheduled off-cycle grant on or following the Effective Date) comprised of 50% performance share units ("PSUs"), 25% restricted stock units ("RSUs") and 25% stock options.

Mr. Hider will also receive one-time sign-on compensation comprising (i) a supplemental cash payment of $1,000,000 minus applicable taxes payable within 30 days of the Effective Date and subject to clawback upon his resignation (other than for Good Reason as defined in the CEO Offer Letter) within 12 months of the Effective Date (100%

------

repayment) or between 12 and 24 months following the Effective Date (50% repayment) and (ii) on the Company's first scheduled off-cycle grant date on or following the Effective Date, a one-time supplemental equity award with a target grant value equal to $4,000,000 (the "Supplemental Equity Award") in the form of PSUs under the Company's LTI Plan.

Mr. Hider will also receive a one-time award on the Company's first scheduled off-cycle grant on or following the Effective Date as compensation for the unvested portion of certain equity awards previously granted by Mr. Hider's prior employer, comprising (i) RSUs with a target grant value equal to $5,750,000, with one-third of such award scheduled to vest on each of the first three anniversaries of the grant date and (ii) PSUs with a target grant value equal to $2,750,000 (the "Make Whole Award").

Mr. Hider will be eligible to participate in the Company's benefit plans to the same extent as provided to other senior executives of the Company, and the Company will provide Mr. Hider with an annual allowance of $150,000 for personal travel expenses. In addition, Mr. Hider will enter into the Company's Change in Control agreement (the "CIC Agreement"), which will provide that, in connection with a qualifying termination of employment in connection with a change in control, Mr. Hider will be entitled to receive, among other things: (i) a lump sum payment equal to two and a half times his annual base salary and annual target bonus opportunity and (ii) eighteen months of life, accident and health insurance benefits, in each case, subject to his execution and non-revocation of a separation and general release. Mr. Hider will be bound by standard restrictive covenants under the CIC Agreement, including, among other terms, non-competition, non-solicitation and non-disparagement provisions.

Outside the context of the CIC Agreement, if Mr. Hider's employment is terminated (i) by the Company other than for Cause (as defined in the Company's Executive Severance Plan) or (ii) by Mr. Hider for Good Reason (as defined in the CEO Offer Letter), the Company will provide Mr. Hider, not more than 60 days following the date his employment terminates with the Company ("Date of Termination"), with: (i) a lump-sum separation payment equal to two times his annual base salary and annual target bonus in effect as of the Date of Termination; (ii) in the event the Date of Termination is on or after February 1 but before the end of the applicable calendar year, a pro rata payment of his annual incentive under the MICP, calculated using the number of days worked in the applicable calendar year, based on actual financial performance of the Company and target individual performance; (iii) with respect to the Supplemental Equity Award and the Make Whole Award: (1) any outstanding and unvested RSUs will immediately vest on the Date of Termination and (2) any PSUs will remain eligible to vest based on actual performance (and if such awards have not been made prior to the Date of Termination, he will receive an equivalent amount based on an assumed grant date of the Company's first scheduled off-cycle grant on or following the Effective Date and the Company's standard calculation methodology); and (iv) a lump-sum cash amount equal to the monthly employer cost of applicable group medical, dental or vision coverage multiplied by 18. In exchange for the foregoing benefits, Mr. Hider will continue to be subject to and abide by the applicable restrictive covenants set forth in his CIC Agreement, without regard to whether a change in control has occurred.

The above description of the CEO Offer Letter is qualified in its entirety by reference to the terms of the CEO Offer Letter, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.**  |

---

A copy of the Company's press release relating to the announcements described in Item 5.02, dated July 7, 2025, is furnished as Exhibit 99.1 to this Form 8-K.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description of Exhibits** |
| 10.1 | [Offer Letter, effective as of July 7, 2025, by and between Andrew Hider and the Company](d833628dex101.htm) |
| 99.1 | [Press Release, dated July 7, 2025](d833628dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | BAXTER INTERNATIONAL INC. | BAXTER INTERNATIONAL INC. |
| Date: July 7, 2025 | By: | /s/ Ellen K. Bradford |
|  | Name: | Ellen K. Bradford |
|  | Title: | Senior Vice President and Corporate Secretary |

---

## Exhibit 10.1

**Exhibit 10.1**![LOGO](g833628g03x35.jpg)

July 3, 2025

Mr. Andrew Hider

Dear Andrew,

We are pleased to welcome you to Baxter International Inc. ("Baxter" or the "Company") and to confirm our verbal offer of employment. This is where your purpose accelerates our mission to Save and Sustain Lives. At Baxter, you will join around 38,000 colleagues, in 100 countries, who share common traits like being reliable, ethical, and caring. Together, we create a place where we are happy, successful and inspire each other.

Your first day of employment will be September 3, 2025 (or such earlier date as we agree with you, subject to compliance with your existing contractual obligations). Your job title will be President and Chief Executive Officer, reporting to the Board of Directors of Baxter (the "Board"). This role, which is a full-time exempt position, is based in Deerfield, Illinois and is not remote. In accordance with and subject to the Company's Corporate Governance Guidelines, the Board will appoint you as an executive officer of the Company and as a non-independent director of the Board (subject to reelection by Baxter stockholders at the 2026 Annual Meeting of the Company in May 2026 with respect to your proposed Board appointment).

**TERMS OF EMPLOYMENT** 

The following explains the terms of your employment. Please note that all compensation actions have been approved by the Compensation and Human Capital Committee ("CHCC") of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your base salary will be $1,350,000 annualized, less applicable deductions and withholdings. Your base salary
will be reviewed by the Board annually for increase but will not be decreased without your prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will participate in the Management Incentive Compensation Program or such successor program (the
"Program") with a bonus target opportunity of 150% of your annual base salary (the "Bonus Target"). For 2025, you will be eligible for a prorated bonus opportunity based on the MICP Proration Percentage (as defined below). The
actual bonus you will receive will vary depending on both Baxter's performance and/or your individual assessment for the year, as determined by Baxter in its good faith discretion, and the bonus is subject to the other terms and conditions of
the Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will participate in the Company's annual equity program. The next annual equity grant is scheduled for
March 2026. Your initial target annual equity grant value will be $14,000,000 (the "LTI Target Value"), and your annual grants thereafter will have a target grant value of no less than such amount. The annual equity grant is expected to be
a mix of 50% performance share units ("PSUs"), 25% restricted stock units ("RSUs") and 25% stock options. Your target grant value will be converted into the applicable number of PSUs, RSUs and stock options using the
Company's standard calculation methodology. The Company's equity mix is assessed annually and is subject to change based on market competitiveness and the Company's financial performance. Therefore, your equity mix in the future may
be different than what is stated in this letter. All equity grants are subject to the terms and conditions of the underlying equity plan and corresponding agreements (which may change from time to time, including as they relate to such individual or
corporate performance goals and other factors used to determine the actual equity value, if any, you will actually receive upon vesting of the awards), including entering into the Company's standard Agreement Regarding Competition and
Protection of Proprietary Interests (the "CPPI Agreement").

![LOGO](g833628g0706205000468.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provided you are actively employed with the Company as of such date, on the Company's first scheduled off-cycle grant date on or following your first day of employment, you will receive three off-cycle equity grants (the "Off-Cycle Equity Awards"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The first has a target grant value equal to the LTI Target Value prorated based on the LTI Proration Percentage
(as defined below), which will be delivered 50% in PSUs, 25% in RSUs, and 25% in stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The second is a one-time, supplemental equity award with a target grant
value equal to $4,000,000 (the "Supplemental Equity Award") in the form of PSUs under the Company's annual equity program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The third, as compensation for the unvested portion of certain equity awards previously granted by your prior
employer in 2022, 2023 and 2024, will comprise: (i) a one-time RSU award with a target grant value equal to $5,750,000, with one-third of such award scheduled to
vest on each of the first three anniversaries of the grant date, so long as you remain employed with the Company through the vesting dates, and (ii) a one-time PSU award with a target grant value equal to
$2,750,000 under the Company's annual equity program (the foregoing (i) and (ii), the "Make Whole Award").

All target grant amounts will be converted into the applicable number of PSUs, RSUs, and stock options using the Company's standard calculation methodology. The performance period against which any off-cycle PSUs will be measured will be January 1, 2025 through December 31, 2027, using the metrics and targets set for that performance period for all other eligible participants, with vesting expected following CHCC certification of the results in the first quarter of 2028. Each of the Off-Cycle Equity Awards is subject to the terms and conditions of the underlying equity plan and corresponding agreements, including entering into the CPPI Agreement. For purposes of this letter, the "MICP Proration Percentage" means a fraction equal to 3/4, and the "LTI Proration Percentage" means a fraction equal to 11/12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will receive a one-time, supplemental cash payment of $1,000,000
minus applicable taxes. You will receive this supplemental cash payment as soon as practicable but no more than thirty (30) days after your first day of employment with Baxter. This supplemental payment will not be considered eligible earnings
for Baxter's qualified retirement or welfare benefit plans. Should your employment with the Company be terminated for any reason by you or by Baxter (except through an involuntary termination or voluntary resignation for Good Reason (as defined
in this letter outside the context of the CIC Agreement), in either case, for which you are eligible for severance in accordance with this letter or due to your death or disability) within twelve (12) months of your start date, you will be
responsible for 100% re-payment of this bonus, and if within 12-24 months you will be responsible for 50% re-payment of this
bonus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will provide you with an annual allowance of $150,000 for personal travel expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company confirms that your current residence is approved for participation in the Home Sale Assistance
Program under the Company's Relocation Program; for the avoidance of doubt, the standard appraisal terms of the program will apply. In addition, for the avoidance of doubt, you will not be required to repay any amount of relocation payments
provided under the Company's Relocation Program in the event of your voluntary resignation for Good Reason (as defined in this letter outside the context of the CIC Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any compensation adjustments are approved by the Board through a "pay for performance" philosophy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will be eligible for the Company's standard Change in Control agreement (the "CIC Agreement"),
which governs in the event of a change in control of the Company; provided that your cash severance benefit under such agreement will be equal to 2.5 times your annual base salary and annual target bonus. Upon joining the Company, you will be
provided a copy of the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will be eligible for 30 days of paid time off per year. Should your employment terminate, you will be paid
for any earned and unused paid time off in accordance with Baxter's standard policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term of your employment is "at will", which means that you or the Company may end your employment
at any time and for any reason.

![LOGO](g833628g0706205000468.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will devote substantially all of your business time and attention to the business and affairs of the Company
and will limit your service on any outside boards of directors, trustees or other for-profit entities consistent with the Company's Corporate Governance Guidelines, subject to any consent the Board may
provide with respect to any other outside activities. It is acknowledged and agreed that your current board service as set forth in Annex A is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will generally be indemnified and held harmless and receive advancement of expenses to the fullest extent
permitted by applicable law, the Company's bylaws and certificate of incorporation, as may hereafter be amended, in each case, subject to the terms and conditions of the Company's standard form indemnification agreement entered into with
directors and officers. You shall be covered by directors and officers insurance on the same terms and conditions as all other directors and officers.

**STOCK OWNERSHIP GUIDELINES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will be required to attain and hold Company stock equal in value to six (6) times your annual base
salary. Under current guidelines, you will have five years from your date of hire to achieve this level of ownership. Stock held for ownership determination includes common stock held directly or indirectly and unvested RSUs. It does not include
stock options or unvested PSUs. The Company reserves the right to change the guidelines at any time.

**BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Baxter provides a comprehensive benefits program. More detailed information regarding Baxter's benefits
program will be discussed in your new employee orientation. If you have immediate questions about benefits and coverage, you may contact Martha Peterson, Vice President, Total Rewards at \* \* \*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of your start date, you will be eligible to participate in Baxter's Flexible Benefits Program which
includes: Medical Benefits, Dental Benefits, Prescription Service, and Personal Accident Insurance, subject to the Plan's provisions. Please note that you must enroll within 21 days of your start date to receive this coverage. You are also
immediately eligible for Basic Employee Term Life Insurance, Long Term Disability Insurance, and Business Travel Insurance. You will be eligible to contribute to the 401(k) plan upon hire. At that time, you will also be eligible to participate in
the company's matching in the plan. All Company benefits are subject to amendment, modification, and cancellation from time to time and are subject to the governing plan documents. The benefits described under this bullet will be the
"Benefits" under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will reimburse you for (or pay directly) documented attorneys' fees incurred by you in
connection with negotiating this offer letter up to $50,000 (and any fees in excess of such amount will be reviewed for reasonableness).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For purposes of the vesting of your equity awards and exercise of any option grants, you will be eligible for a
"Qualifying Retirement" under the Company's equity plan when you attain the age of sixty-five (65), or the age of fifty-five (55) with at least ten (10) years of employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will be eligible for reimbursement for an annual executive physical examination. The Company has a preferred
vendor relationship with Northwestern Executive Health. Information about the program is available upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will be eligible to participate in the U.S. Deferred Compensation Plan. Through this plan, you can elect to
defer eligible compensation (base salary and Management Incentive Compensation Program bonuses) and receive Company contributions in respect to amounts above the Internal Revenue Service limits set for qualified 401(k) plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will be eligible to participate in the Employee Stock Purchase Program (the "ESPP"). However, as a
designated Company insider, your participation in the ESPP (including with respect to any proposed changes to your participation levels) will be contingent on receiving the appropriate pre-clearance to
participate in accordance with the terms of Baxter's Securities Trading Policy. Your subscription will begin on the first day of the calendar quarter (January 1, April 1, July 1 or October 1) following your enrollment. However, the
deadline for entering your subscription is the 15th day of the month prior to the beginning of each calendar quarter (December 15, March 15, June 15 or September 15). If the first day of your subscription period is not a trading day, then
the next preceding trading day will be used. Please also note that these dates are subject to change and additional blackout periods may arise in accordance with the terms of Baxter's Securities Trading Policy.

![LOGO](g833628g0706205000468.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside the context of the CIC Agreement, if your employment is terminated (a) by the Company other than for
Cause (as defined in the Baxter International Inc. Executive Severance Plan) or (b) by you for Good Reason (as defined below), the Company will provide you, not more than sixty days following the date your employment terminates with the Company
("Date of Termination"), provided you have properly executed within the applicable timeline and not timely revoked a customary release of claims substantially in the form attached hereto, with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a lump-sum separation payment equal to two times your annual base salary
and annual target bonus in effect as of the Date of Termination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event your Date of Termination is on or after February 1 but before the end of the applicable
calendar year, a pro rata payment of your annual incentive under the Program, calculated using the number of days worked in the applicable calendar year, based on actual financial performance of the Company and target individual performance, with
any payment made consistent with the timing of annual incentive payments under the Program in the ordinary course to all United States employees generally; provided, however, the payment shall be made no later than March 15 of the calendar year
following the calendar year of your Date of Termination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to the Supplemental Equity Award and the Make Whole Award: (i) any outstanding and unvested
RSUs will immediately vest on your Date of Termination and (ii) any PSUs will remain eligible to vest based on actual performance (and if such awards have not been made prior to your Date of Termination, you will receive an equivalent amount
based on an assumed grant date of the Company's first scheduled off-cycle grant on or following your start date and the Company's standard calculation methodology), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a lump-sum cash amount equal to the monthly employer cost of applicable
group medical, dental or vision coverage multiplied by 18.

In exchange for the foregoing benefits, you agree to continue to abide by the non-competition, non-solicitation, and non-disparagement provisions provided in the CIC Agreement outside the context of the CIC Agreement.

"Good Reason" for termination by you of your employment outside the context of the CIC Agreement shall mean the occurrence (without your express written consent) of any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an adverse change by the Company in your titles or reporting relationship,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a material diminution by the Company in your duties, responsibilities or authorities as contemplated by this
letter or as may be subsequently increased,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a material reduction by the Company in your annual base salary, Bonus Target or LTI Target Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any relocation of your principal place of employment more than fifty (50) miles from your principal place
of employment as contemplated by this letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any failure by the Company to pay material amounts due to you when due or any material breach of the Agreement.

You will not be deemed to have resigned for Good Reason unless (A) you have provided notice to the Company of the occurrence of the event or circumstance described in this definition within 60 days of your knowledge of the occurrence thereof; (B) if curable, the Company has failed to cure such event or circumstance within 10 days of receipt of such notice; and (C) you resign within 180 days of the end of the period described in clause (B) or, if the event or circumstance is not curable, the end of the period described in clause (A).

Please note that Baxter's Benefits are subject to change in accordance with their terms and any such change would supersede this letter.

**CONDITIONS OF EMPLOYMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Board Approval:** This offer letter and your employment hereunder is contingent upon approval by the Board.

![LOGO](g833628g0706205000468.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reference Verification:** Your employment is contingent upon successful completion of and verification by
your personal references you provide to Baxter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This letter also confirms that you have no obligations, oral or in writing, with any of your existing or former
employers which restrict your ability to be employed by Baxter. You understand that your continued employment is contingent upon this representation. Additionally, Baxter has not made this offer of employment to you in order to obtain from you any
confidential or trade secret information of your existing or former employers, and Baxter will not ask you to use or disclose such confidential and trade secret information in your Baxter employment. Indeed, you have a continuing obligation not to
use or disclose the confidential and trade secret information of your former employers, and, by entering into Baxter employment, you acknowledge that you will not use or disclose any of the confidential and trade secret information of your former
employers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Drug Screening:** Your employment is contingent upon your timely scheduling and completion of a drug
screening test in accordance with Company policy and receiving a negative result. If you have not already indicated your consent, you will be asked to do so before the screening is done. Please complete your drug screen within 72 hours of receiving
notification to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Authorization to Work:** This offer and continued employment at Baxter are contingent upon providing valid
authorization to work in the United States. Federal guidelines require all new employees to complete I-9 forms within 72 hours of their start dates. You will receive an email with instructions on how to
electronically complete the Employee Section, or Section 1 prior and a link to the acceptable forms of identification that you must bring on your first day. They will be used by your Human Resources representative to complete Section 2 of
the I-9 form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employment Agreement**: You have accepted a position of trust, which requires the maintenance of confidence.
Therefore, you are required to sign the Company Employment Agreement as part of your job tasks prior to start date. The benefits set forth in this offer letter, including the annual bonus opportunities, supplemental cash bonus, equity grants, Change
in Control agreement and participation in the Executive Severance Plan are contingent upon your execution of the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Baxter Code of Conduct and Executive Compensation Recoupment Policy**: You will be emailed about our
Code of Conduct that communicates Baxter's business ethics policies and procedures. Please read it as soon as practicable. You will be asked to acknowledge your receipt and understanding of Baxter's Code of Conduct following your start
date. You and all applicable compensation will be subject to the Company's Mandatory Clawback Policy and Compensation Recoupment Policy and such other clawback or recoupment policies that may be adopted from time to time that are generally
applicable to senior management members of the Company or as otherwise may be required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entire Agreement and Modifications**: Together with the Employment Agreement and other agreements referenced
herein, this offer letter includes the entire agreement between the parties on the subject matter hereof, and supersedes and replaces any prior offer or promise. Any subsequent modifications to this offer letter must be in writing and signed by a
duly authorized representative of the Company.

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Andrew, we are confident that you will make a significant contribution to the Company. Please indicate your acceptance by signing the offer and returning it to me. Please do not hesitate to contact me at \* \* \* if you need any assistance or have any questions.

Sincerely,

/s/ Jeanne Mason

Jeanne Mason

EVP, Chief Human Resources Officer

\* \* \*

\* \* \*

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| | |
|:---|:---|
| AGREED TO AND ACCEPTED BY: | AGREED TO AND ACCEPTED BY: |
| /s/ Andrew Hider | 7/5/2025 |
| Andrew Hider | Date |

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cc: Nancy Schlichting, Chair, Compensation and Human Capital Committee of the Board

![LOGO](g833628g0706205000468.jpg)

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**Annex A** 

Service as an outside director for Tennant Company

![LOGO](g833628g0706205000468.jpg)

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g833628g0706220953756.jpg)

<u>FOR IMMEDIATE RELEASE</u> 

BAXTER APPOINTS ANDREW HIDER CHIEF EXECUTIVE OFFICER

DEERFIELD, Ill., JULY 7, 2025 – Baxter International Inc. (NYSE:BAX), a global medtech leader, today announced the appointment of Andrew Hider as president and chief executive officer (CEO), and a member of its board of directors. Mr. Hider will assume his responsibilities at Baxter no later than Sept. 3, 2025, or an earlier date pending completion of his current employment commitments. Brent Shafer, who has served as chair and interim CEO since February 2025, will then transition to independent chair of the Baxter Board.

Since 2017, Mr. Hider has served as CEO of ATS Corporation (TSX and NYSE: ATS), an industry-leading provider of advanced automation solutions for companies in the life sciences, food and beverage, transportation, consumer products, and energy industries. Under Mr. Hider's leadership, ATS has optimized its portfolio by strategically shifting investments towards higher-growth end markets, while also delivering meaningful margin improvement. Over a five-year period ending with the company's last fiscal year, ATS's adjusted revenues have nearly doubled, representing a low-to-mid teens CAGR (compound annual growth rate) and similar adjusted EBITDA CAGR over the same period<sup>1</sup>. Since Mr. Hider's appointment in 2017, ATS's stock price has more than tripled on the TSX, significantly outperforming major indices over the same period.

Like Baxter, ATS is a global, diversified, customer-centric company with a broad scale and range of capabilities. As of 2025, ATS operates 65+ manufacturing facilities globally. ATS's largest end-market is now its life sciences segment where its teams play a critical role enabling the development of automation solutions for medical devices, diagnostic, pharmaceutical, and laboratory operations.

<sup>1</sup> Source: ATS Investor Presentation (May 2025). Data is subject to disclaimers set forth in the presentation, including regarding non-lnternational Financial Reporting Standards measures used in this sentence.

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![LOGO](g833628g0706221459506.jpg)

"Andrew is an exceptional leader with a strong track record of operational excellence, disciplined execution and innovation. We are excited that he will be Baxter's next CEO," said Mr. Shafer. "Andrew's leadership at global, diversified companies underscores his ability to manage complex operations and generate value for shareholders while maintaining a focus on quality and important customer-centric missions. We are confident he is the right executive to lead Baxter into its next chapter."

"I am energized by Baxter's mission-driven culture and strong legacy of creating medically essential products that help address patients' and customers' most pressing needs," said Mr. Hider. "Baxter has undergone a significant transformation over the last few years, refocusing the company and better positioning it for the future. I look forward to partnering with the Board and working alongside my talented future colleagues to accelerate innovation, further enhance our performance and redefine healthcare delivery while driving sustainable, long-term growth."

About Andrew Hider

Andrew Hider brings 25 years of cross-industry experience and global expertise, a growth orientation and an operationally focused, people-centric leadership approach to Baxter. Since 2017, Mr. Hider has served as CEO and a director of ATS, an industry-leading automation solutions provider for multinational customers in markets including life sciences, food and beverage, transportation, consumer products, and energy. Mr. Hider previously served as president and CEO of the Taylor Made Group, LLC, a global leader in the supply of products and systems for marine, transportation, agriculture, and construction markets. Before Taylor Made, Mr. Hider spent 10 years at Danaher Corporation, a leading global life sciences and diagnostics innovator, in various leadership roles, including as president of Veeder-Root, a global supplier of automated tank gauges. Mr. Hider began his career with General Electric Co. in 2000, concluding his six-year tenure as president and general manager of GE Tri-Remanufacturing. In addition, he serves as a member of the board of Tennant Company, which designs, manufactures and sells cleaning products used primarily for non-residential surfaces. Mr. Hider holds a bachelor's degree in interdisciplinary engineering and management and an MBA from Clarkson University.

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![LOGO](g833628g0706221459506.jpg)

About Baxter

At Baxter, we are everywhere healthcare happens – and everywhere it is going, with essential solutions in the hospital, physician's office and other sites of care. For nearly a century, our customers have counted on us as a vital and trusted partner. And every day, millions of patients and healthcare providers rely on our unmatched portfolio of connected solutions, medical devices, and advanced injectable technologies. Approximately 38,000 Baxter team members live our enduring Mission: to Save and Sustain Lives. Together, we are redefining how care is delivered to make a greater impact today, tomorrow, and beyond. To learn more, visit <u>www.baxter.com</u> and follow us on <u>X</u>, <u>LinkedIn</u> and <u>Facebook</u>.

Media Contact

Stacey Eisen, (224) 948-5353

<u>media@baxter.com</u> 

Investor Contact

Clare Trachtman, (224) 948-3020

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