Document:

EX-10.40

 Exhibit 10.40 

Form of HCA Healthcare, Inc. 

Stock Appreciation Rights Agreement 

This STOCK APPRECIATION RIGHTS AGREEMENT (the “Agreement”), dated as of
                     (the “Grant Date”) is made by and between HCA Healthcare, Inc., a Delaware corporation (together with
its Subsidiaries and other Service Recipients, hereinafter referred to as the “Company”), and the individual whose name is set forth below, who is an employee of the Company and hereinafter referred to as the
“Grantee”. 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 an award of Stock Appreciation Rights (“SARs”) as provided for herein to the Grantee as an incentive for increased efforts during his or her term of office, employment
or service with the Company, and has advised the Company thereof and instructed the undersigned officers to issue said SARs; 

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: 
 STOCK APPRECIATION RIGHTS GRANT 

 

			
		
	 Grantee:
	  	 [Participant Name]

		  	 [Participant Address]

		
	 Aggregate number of SARs granted

hereunder:
	  	 [SAR Award]

		
	 Base Price of all SARs granted hereunder:
	  	 [Base Price]

		
	 Grant Date of Award (“Grant Date”):
	  	 [Grant Date]

 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 Grantee and the Company or, if there is no such employment or change-in-control agreement, “Cause” shall mean (i) willful and continued failure by Grantee (other than by reason of a Permanent Disability) to perform his or
her material duties with respect to the Company which continues beyond ten (10) business days after a written demand for substantial performance is delivered to Grantee by the Company (the “Cure Period”); (ii) willful or
intentional engaging by Grantee in material misconduct that causes material and demonstrable injury, monetarily or otherwise, to the Company or its 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) Grantee’s engaging in any action in breach of
restrictive covenants made by Grantee under any agreement containing restrictive covenants (e.g., covenants not to disclose confidential information, to compete with the business of the Company or to solicit the employees thereof to terminate their
employment) or any employment or change-in-control agreement between the Grantee and the Company, which continues beyond the Cure Period (to the extent that, in the
Board’s reasonable judgment, such breach can be cured). 
 Section 1.2. 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 Grantee and the Company, or, if there is no such employment or change-in-control agreement, “Good Reason” shall mean (i) (A) a reduction in Grantee’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 Grantee) in substantially the same proportions that the Board implements in good faith after consultation with the Chief Executive
Officer and Chief Operating Officer of the Company, if any); (B) a reduction in Grantee’s annual incentive compensation opportunity; or (C) the reduction of benefits payable to Grantee under the Company’s Supplemental Executive
Retirement Plan (if Grantee is a participant in such plan), in each case other than any isolated, insubstantial and 

  
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inadvertent failure by the Company that is not in bad faith and is cured within ten (10) business days after Grantee 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 Grantee 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 Grantee’s title, duties and responsibilities, 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 Grantee gives the Company written notice of such event; or (iii) a transfer of Grantee’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 Grantee’s willful decision to change position or status within the Company causes one or more of the occurrences described
in (i), (ii), or (iii) to come about. 
 Section 1.3. Permanent Disability 

“Permanent Disability” shall mean “Disability” as such term is defined in any employment agreement between
Grantee and the Company, or, if there is no such employment agreement, “Disability” as defined in the long-term disability plan of the Company. 

Section 1.4. Retirement 

“Retirement” shall mean Grantee’s resignation (other than for Good Reason) from service with the Company
(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. 

Section 1.5. SARs 

“SARs” shall mean the aggregate of the SARs granted under Section 2.1 of this Agreement. 

Section 1.6. Secretary 

“Secretary” shall mean the Secretary of the Company. 

ARTICLE II 
 GRANT OF SARS

 Section 2.1. Grant of SARs 

For good and valuable consideration, on and as of the date hereof the Company grants to the Grantee an award of SARs (the
“Award”) on the terms 

  
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and conditions set forth in this Agreement. Each SAR represents the right to receive pursuant to this Agreement, upon exercise of the SAR, a payment from the Company in shares of Common Stock
having a value equal to the excess of the Fair Market Value of one Share on the exercise date over the Base Price (as defined below). 

Section 2.2. Base Price 

Subject to Section 2.4, the base price of each SAR granted pursuant to this Agreement (the “Base Price”)
shall be as set forth on the first page of this Agreement. 
 Section 2.3. No Guarantee of Employment 

Nothing in this Agreement or in the Plan shall confer upon the Grantee any right to continue in the employ of the Company nor
interfere with or restrict in any way the rights of the Company, which are hereby expressly reserved, to terminate the employment of the Grantee at any time for any reason whatsoever, with or without cause, subject to the applicable provisions of,
if any, the Grantee’s employment agreement with the Company or offer letter provided by the Company to the Grantee. 

Section 2.4. Adjustments to SARs 

The SARs 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 Base Price of each SAR shall be reduced by the amount of the dividend per share 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 Grantee; and, if such reduction cannot be fully effected due to such tax laws, second, the Company shall pay to the Grantee a cash
payment, on a per SAR basis, equal to the balance of the amount of the dividend not permitted to be applied to reduce the Base Price of the applicable SARs as follows: (a) for each Share with respect to which a vested SAR relates, promptly
following the date of such dividend payment; and (b), for each Share with respect to which an unvested SAR relates, on the date on which such SAR becomes vested and exercisable with respect to such Share. 

ARTICLE III 
 PERIOD OF
EXERCISABILITY 
 Section 3.1. Commencement of Exercisability 

(a) So long as the Grantee continues to be employed by the Company, this Award shall become vested and exercisable with respect
to 25% 

  
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 of the SARs on each of the first four anniversaries of the Grant Date (each such date, a
“Vesting Date”). Except as provided in Section 3.1(b), or as otherwise provided by the Committee, no part of this Award shall become vested as to any additional SARs as of any date following the termination
of Grantee’s employment with the Company for any reason and any SAR, which is (or determined to be) unvested as of the Grantee’s termination of employment, shall immediately expire without payment therefor. 

(b) Notwithstanding the foregoing, upon the occurrence of a Change in Control (the definition of which is set forth on
Schedule A attached hereto): 
 (1) In the event the entity surviving the Change in Control (the
“Successor”) assumes the Award granted hereby, if the Grantee’s employment with the Successor is terminated without Cause by the Successor, or terminates for Good Reason by the Grantee or on account of Grantee’s death or
Permanent Disability prior to an applicable Vesting Date, all unvested SARs not previously forfeited shall immediately vest and become exercisable as of the date of such termination of employment for the applicable period set forth in
Section 3.2. 
 (2) In the event the Successor does not assume the Award granted hereby, all unvested SARs not
previously forfeited shall vest immediately prior to the effective date of the Change in Control, and shall be cancelled in exchange for the payment described in Section 9(a)(ii)(A) of the Plan as of the effective date of the Change in Control.

 Section 3.2. Expiration of SARs 

The Grantee may not exercise any SAR granted pursuant to this Award after the first to occur of the following events: 

(a) The tenth anniversary of the Grant Date so long as the Grantee remains employed with the Company or a Successor through
such date; 
 (b) The third anniversary of the date of the Grantee’s termination of employment with the Company or a
Successor, if the Grantee’s employment terminates by reason of death or Permanent Disability; 
 (c) Immediately upon
the date of the Grantee’s termination of employment by the Company or a Successor for Cause; 
 (d) One hundred and
eighty (180) days after the date of the Grantee’s termination of employment by the Company or a Successor 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 the Grantee’s termination of employment with the Company or
a Successor by the Grantee for Good Reason; 

  
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 (f) The third anniversary of the date of the Grantee’s termination of
employment with the Company or a Successor by the Grantee upon Retirement; or 
 (g) Sixty (60) days after the date of
the Grantee’s termination of employment with the Company or a Successor by the Grantee without Good Reason (except due to Retirement, death or Permanent Disability). 

For the avoidance of doubt, for purposes of this Agreement, Grantee’s employment shall not be deemed to have terminated so long as
Grantee remains employed by any Service Recipient. 
 ARTICLE IV 

EXERCISE 

Section 4.1. Person Eligible to Exercise 

The Grantee may exercise only that portion of this Award that has both vested and become exercisable at the time Grantee
desires to exercise this Award and that has not expired pursuant to Section 3.2. During the lifetime of the Grantee, only the Grantee (or his or her duly authorized legal representative) may exercise the SARs granted pursuant to this Award or
any portion thereof. After the death of the Grantee, any vested and exercisable portion of this Award may, prior to the time when such portion becomes unexercisable under Section 3.2, be exercised by his personal representative or by any person
empowered to do so under the Grantee’s will or under the then applicable laws of descent and distribution. 
 Section 4.2.
Partial Exercise 
 Any vested and exercisable portion of this Award, or the entire Award, if then wholly vested
and exercisable, may be exercised in whole or in part at any time prior to the time when the Award or portion thereof becomes unexercisable under Section 3.2. 

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, this Award, 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 Award or such portion becomes unexercisable under Section 3.2: 

  
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 (a) Notice in writing (or such other medium acceptable to the Company or its
designated agent) signed or acknowledged by the Grantee or other person then entitled to exercise the Award, stating the number of SARs subject to the Award in respect of which the Award is thereby being 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) to satisfy the minimum withholding tax obligation with respect to which the Award or portion thereof is exercised or (ii) indication that the Grantee 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 Shares obtained upon the exercise of the Award 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 Grantee to the Company pursuant to clause (i) of this subsection (b), or (iii) if made available by the
Company, indication that the Grantee elects to have the number of Shares that would otherwise be issued to the Grantee upon exercise of such Award (or portion thereof) reduced by a number of Shares having an aggregate Fair Market 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 Grantee to the Company pursuant to clause (i) of this subsection (b). 

(c) If required by the Company, a bona fide written representation and agreement, in a form satisfactory to the Company,
signed by the Grantee or other person then entitled to exercise such Award 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 Grantee or other person then entitled to
exercise such Award 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 
 (d) In
the event the Award or portion thereof shall be exercised pursuant to Section 4.1 by any person or persons other than the Grantee, appropriate proof of the right of such person or persons to exercise the Award. 

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 this Award (or portion thereof) does not violate 

  
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the Act, and may issue stop-transfer orders covering such Shares. Share certificates evidencing stock issued on exercise of any portion of this Award shall bear an appropriate legend referring to
the provisions of subsection (c) above and the agreements herein. The written representation and agreement referred to in subsection (c) 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 issuable (whether by certificate or otherwise) upon the exercise of this
Award, 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 purchased upon the exercise of this Award 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 Award as the Committee may from time to time establish for reasons of administrative convenience or as may otherwise be required by applicable law. 

Section 4.5. Rights as Stockholder 

Except as otherwise provided in Section 2.4 of this Agreement, the holder of any SARs subject to this Award shall not be,
nor have any of the rights or privileges of, a stockholder of the Company in respect of any Shares issuable upon the exercise of this Award 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 Grantee’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 

  
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such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Grantee, 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 this Award. 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. Award Not Transferable 

No part of, or interest in, this Award shall be liable for the debts, contracts or engagements of the Grantee 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 or its designee, and any notice to be given to the Grantee shall be addressed to him at the address (including an electronic address) 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 Grantee, shall, if the Grantee is then deceased, be given to the Grantee’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. 

  
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 Section 5.5. Applicability of Plan  

The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof.
The terms of this Agreement are governed by the terms of the Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern. 

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 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
Grantee 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 Grantee to arbitrate the dispute. 

  
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 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties
hereto. 
  

			
	 HCA HEALTHCARE, INC.

 

			
		
	 By:
	 	  

			
		
	 Its:
	 	
	  

	
	 Grantee:

	
	 (electronically accepted)

  
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 Schedule A 

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 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 (a “Permitted Holder”); or 
 (ii)
any Person or Group, other than a Permitted Holder, 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.EX-10.41

 Exhibit 10.41 

Form of HCA Healthcare, Inc. 

Performance Share Unit Agreement 

This PERFORMANCE SHARE UNIT AGREEMENT (this “Agreement”) is made and entered into as of the
         day of                     ,
20     (the “Grant Date”), between HCA Healthcare, Inc., a Delaware corporation (together with its Subsidiaries and Affiliates, as applicable, the “Company”), and [Participant Name], (the
“Grantee”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Company’s 2006 Stock Incentive Plan for Key Employees of HCA Holdings, Inc. and its Affiliates, as Amended and Restated
(the “Plan”). 
 WHEREAS, the Company has adopted the Plan, which permits the issuance of Other Stock-Based
Awards, including an award that provides the right to receive Shares upon the completion of the attainment of performance objectives (a “Performance Share Unit”); and 

WHEREAS, in the Compensation Committee of Board of Directors of the Company or a subcommittee thereof (or if no such committee
is appointed, the Board of Directors of the Company) (each, the “Committee”) has determined that Grantee is entitled to an award thereunder, a portion of which is payable as a Performance Share Unit award under the Plan; 

NOW, THEREFORE, the parties hereto agree as follows: 

PERFORMANCE SHARE UNIT GRANT 
  

			
	 Grantee:
	  	 [Participant Name]

		  	 [Participant Address]

		
	 Target Number of Performance Share Units
	  	
	 Granted Hereunder (“Target Award”):
	  	 [Award]

		
	 Grant Date:
	  	 [Grant Date]

 1. Grant of Performance Share Unit Award. 

1.1 The Company hereby grants to the Grantee the award (“Award”) of Performance Share Units (“PSUs”) set
forth above on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. A bookkeeping account will be maintained by the Company to keep track of the PSUs and any dividend equivalent units that may accrue as
provided in Section 3. 

 1.2 The Grantee’s rights with respect to the Award shall remain forfeitable
at all times prior to the dates on which the PSUs shall vest in accordance with Section 2 hereof. This Award may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Grantee other
than by will or the laws of descent and distribution. Any sale, assignment, transfer, pledge, hypothecation, loan or other disposition other than in accordance with this Section 1.2 shall be null and void. 

2. Vesting and Payment. 

2.1 General. Except as provided in Section 2.2, Section 2.3 or
Section 2.4, the Award shall vest as of the end of the Performance Period (as defined in this Section 2.1(a)) (the “Normal Vesting Date”), but only if (a) and to the extent the Company has achieved the
performance targets over the period (the “Performance Period”) set forth on Exhibit A attached hereto as certified by the Committee, and (b) the Grantee has remained in service with the Company continuously until the Normal
Vesting Date. The number of PSUs that vest may be greater than or less than the Target Award, as more specifically set forth on Exhibit A. 

2.2 Death; Disability; Retirement; Involuntary Termination Without Cause. 

(a) Notwithstanding Section 2.1, in the event the Grantee’s employment with the Company
terminates prior to the Normal Vesting Date on account of Grantee’s death, Grantee shall immediately vest in a number of PSUs equal to the Target Award, multiplied by a fraction, the numerator of which is the number of days during the
Performance Period during which Grantee was employed by the Company, and the denominator of which is the total number of days in the Performance Period (such fraction, the “Proration Factor”); provided, that this
Section 2.2(a) shall not apply if Grantee’s death occurs prior to the first anniversary of the Grant Date. 

(b) Notwithstanding Section 2.1, in the event of the Grantee’s employment with the Company
terminates prior to the Normal Vesting Date on account of Grantee’s Permanent Disability, Grantee shall vest on the Normal Vesting Date in a number of PSUs equal to the number of PSUs that would have vested if the Grantee had remained employed
with the Company until the Normal Vesting Date (based on the attainment of the performance targets determined by the Committee in accordance with Exhibit A hereto), multiplied by the Proration Factor; provided, that this
Section 2.2(b) shall not apply if Grantee’s employment terminates prior to the first anniversary of the Grant Date. Any such PSUs shall settle at the time set forth in Section 2.5 as if they
had vested on the Normal Vesting Date, or if earlier, upon the determination of the number of PSUs that shall be eligible to vest in connection with a Change in Control as described in Section 2.4. For purposes of this
Agreement, “Permanent Disability” shall have the meaning as set forth in any employment agreement between Grantee and the Company, or if there is no such employment agreement, as defined in the long-term disability plan of the Company.

 (c) Notwithstanding Section 2.1, in the event
Grantee’s employment terminates on account of Retirement or as a result of an involuntary termination without Cause by the Company, Grantee shall vest on the Normal Vesting Date in a number of PSUs equal to the number of PSUs that would have
vested if the Grantee had remained employed with the Company until the Normal Vesting Date (based on the attainment of the performance targets determined by the Committee in accordance with Exhibit A hereto), multiplied by the Proration
Factor; provided, that this Section 2.2(c) shall not apply if Grantee’s employment terminates prior to the first anniversary of the Grant Date. Subject to Section 2(d), any such PSUs shall
settle at the time set forth in Section 2.5 as if they had vested on the Normal Vesting Date, or if earlier, upon the determination of the number of PSUs that shall be eligible to vest in connection with a Change in Control
as described in Section 2.4. 
 For purposes of this Agreement, unless otherwise defined in any other contractual
agreement between Grantee and the Successor, (1) “Retirement” means Grantee’s resignation from service with the Company (i) after attaining 65 years of age, or (ii) after attaining 55 years of age and completing ten
years of service with the Company; and (2) “Cause” means “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 Grantee and the Company, or, if there is no such employment or change-in-control agreement,
“Cause” shall mean (i) willful and continued failure by Grantee (other than by reason of a Permanent Disability) to perform his or her material duties with respect to the Company which continues beyond ten (10) business days
after a written demand for substantial performance is delivered to Grantee by the Company (the “Cure Period”); (ii) willful or intentional engaging by Grantee in material misconduct that causes material and demonstrable injury, monetarily
or otherwise, to the Company; (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) Grantee’s engaging in any action in breach of restrictive covenants made by Grantee under any agreement containing restrictive covenants (e.g., covenants not to disclose confidential
information, to compete with the business of the Company or to solicit the employees thereof to terminate their employment) or any employment or change-in-control
agreement between the Grantee and the Company, which continues beyond the Cure Period (to the extent that, in the Company reasonable judgment, such breach can be cured). 

(d) In the event Grantee’s employment has terminated as described in Section 2.2(b) or
Section 2.2(c), and Grantee subsequently dies more than six months prior to the Normal Vesting Date, the provisions of Section 2(b) or Section 2(c) shall be applied as if
the performance targets had been achieved at the 100% Target Award level, and the applicable number of PSUs (after applying the applicable proration) shall immediately thereupon vest. 

 2.3 Termination of Employment. Except as provided in
Section 2.2, Section 2.4 or as otherwise provided by the Committee, if the Grantee’s service as an employee of the Company terminates for any reason, the Grantee shall forfeit all rights with
respect to all PSUs that are not vested on such date. 
 2.4 Change in Control. Upon the occurrence of a Change in
Control (the definition of which is set forth on Schedule A attached hereto), 
 (a) Subject to
Section 2.4(c), in the event the entity surviving the Change in Control (together with its Affiliates, the “Successor”) assumes the Award granted hereby, (1) any in process Performance Periods shall end upon
the date immediately preceding the Change in Control, (2) the number of PSUs that shall be eligible to vest shall be the Target Award, (3) such Target Award shall vest on the Normal Vesting Date, provided that Grantee remains employed with
the Successor through the Normal Vesting Date and (4) notwithstanding Section 2.3 and the previous clause, in the event the Grantee’s employment with the Successor is terminated without Cause by the Successor, or
terminates for Good Reason by the Grantee or on account of Grantee’s death or Disability prior to the Normal Vesting Date, the Target Award shall immediately vest and the applicable shares be released to the Grantee (or Grantee’s estate or
other legal representative) upon the Grantee’s termination of employment. 
 (b) In the event the Successor does not
assume the Award granted hereby, a number of PSUs equal to the Target Award shall vest as of the effective date of the Change in Control and the appropriate number of Shares shall be released in accordance with Section 2.5.

 (c) In the event Grantee is Retirement eligible at the time of a Change in Control and the Successor assumes the Award
granted hereby, a number of PSUs equal to the Target Award, multiplied by the Proration Factor applied as if the Grantee’s employment terminated on account of Retirement on the effective date of the Change in Control, shall vest as of the
effective date of the Change in Control and the appropriate number of Shares shall be released in accordance with Section 2.5. In addition, a number of PSUs equal to the difference between the Target Award and the number of
PSUs settled on the effective date of the Change in Control shall remain unvested but shall become eligible to vest under terms and conditions similar to those set forth in Section 2.4(a)(3) and
Section 2.4(a)(4). 
 (d) For purposes of this Agreement, unless otherwise defined in any other
contractual agreement between Grantee and the Successor, “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 Grantee and the Successor, or, if there is no such employment or change-in-control agreement, “Good Reason” shall mean (i) (A) a reduction in Grantee’s base salary (other than a general reduction in base salary that
affects all similarly situated employees (defined as all employees within the same Successor pay grade as that of Grantee) in substantially the same proportions that the Successor implements in good faith, if

 
any); (B) a reduction in Grantee’s annual incentive compensation opportunity; or (C) the reduction of benefits payable to Grantee under the Company’s Supplemental Executive
Retirement Plan (if Grantee is a participant in such plan), in each case other than any isolated, insubstantial and inadvertent failure by the Successor that is not in bad faith and is cured within ten (10) business days after Grantee gives the
Successor 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 Grantee declines an offer of employment involving a loss of
compensation of less than 15% from the Successor; (ii) a substantial diminution in Grantee’s title, duties and responsibilities, other than any isolated, insubstantial and inadvertent failure by the Successor that is not in bad faith and
is cured within ten (10) business days after Grantee gives the Successor written notice of such event; or (iii) a transfer of Grantee’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 Grantee’s willful decision to change position or status within the Successor causes one or more of the occurrences described in (i),
(ii), or (iii) to come about. For purposes of this Section 2.4, the definitions of “Cause” and “Permanent Disability” shall be applied with respect to the Successor as well as the Company. 

2.5 Settlement. The Grantee shall be entitled to settlement of the PSUs covered by this Agreement at the time that such
PSUs vest pursuant to Section 2.1, Section 2.2 or Section 2.4, as applicable, or if applicable, the date on which the Committee provides the certification set forth in
Section 2.1(a) (any such date, the “Settlement Date”). Such settlement shall be made as promptly as practicable thereafter (but in no event after the thirtieth day following the Settlement Date), through the issuance to the Grantee
(or to the executors or administrators of Grantee’s estate in the event of the Grantee’s death) of a stock certificate (or evidence such Shares have been registered in the name of the Grantee with the relevant stock agent) for a number of
Shares equal to the number of such vested PSUs and any Dividend Equivalent Units that may have accrued pursuant to Section 3 hereof; provided, that any cash-based dividend equivalent rights granted pursuant to
Section 3 hereof and any fractional Dividend Equivalent Units shall be paid in cash when (and only if) the PSUs to which they relate settle to the Grantee. 

2.6 Withholding Obligations. Except as otherwise provided by the Committee, upon the settlement of any PSUs subject to
this Award, the Company shall reduce the number of Shares (and the amount of cash, in the case of cash-based dividend equivalent rights) that would otherwise be issued to the Grantee upon settlement of the Award by a number of Shares (and cash, if
applicable) having an aggregate Fair Market Value on the date of such issuance equal to the payment to satisfy the minimum withholding tax obligation of the Company with respect to which the Award is being settled. 

 3. Dividend Rights. 

The Grantee shall receive dividend equivalent rights in respect of the PSUs covered by this Award at the time of any payment of
dividends to stockholders on Shares. At the Company’s option, the PSUs will be credited with either (a) additional Performance Share Units (the “Dividend Equivalent Units”) (including fractional units) for cash dividends paid on
shares of the Company’s Common Stock by (i) multiplying the cash dividend paid per Share by the number of PSUs (and previously credited Dividend Equivalent Units) outstanding and unpaid, and (ii) dividing the product determined above
by the Fair Market Value of a Share, in each case, on the date the dividend record date, or (b) a cash amount equal to the amount that would be payable to the Grantee as a stockholder in respect of a number of Shares equal to the number of PSUs
(and previously credited Dividend Equivalent Units) outstanding and unpaid as of the dividend record date; provided, that cash-based dividend equivalents shall be credited unless the Committee affirmatively elects to credit Dividend Equivalent
Units. The PSUs will be credited with Dividend Equivalent Units for stock dividends paid on shares of the Company’s Common Stock by multiplying the stock dividend paid per Share by the number of PSUs (and previously credited Dividend Equivalent
Units) outstanding and unpaid on the dividend record date. Each Dividend Equivalent Unit shall have a value equal to one Share. Each Dividend Equivalent Unit or cash dividend equivalent right will vest and be settled or payable at the same time as
the PSU to which the dividend equivalent right relates. For the avoidance of doubt, no dividend equivalent rights shall accrue under this Section 3 in the event that any dividend equivalent rights or other applicable
adjustments pursuant to Section 5 hereof provide similar benefits. 
 4. No Right to Continued
Service. 
 Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the Grantee any right
to continue service as an officer or employee of the Company. 
 5. Adjustments. 

The provisions of Section 8 and Section 9 of the Plan are hereby incorporated by reference, and the PSUs (and any
Dividend Equivalent Units) are subject to such provisions. Any determination made by the Committee or the Board pursuant to such provisions shall be made in accordance with the provisions of the Plan and shall be final and binding for all purposes
of the Plan and this Agreement. 
 6. Administration Subject to Plan. 

The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof.
The terms of this Agreement are governed by the terms of the Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern. 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 Grantee, 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 this Award. 
 7. Modification of
Agreement. 
 Subject to the restrictions contained in Sections 6 and 10 of the Plan, the Committee may waive any
conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, the Award, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or
termination that would adversely affect the rights of the Grantee or any holder or beneficiary of the Award in more than a de minimis way shall not to that extent be effective without the consent of the Grantee, holder or beneficiary
affected. 
 8. Section 409A. 

Notwithstanding anything herein to the contrary, to the maximum extent permitted by applicable law, the settlement of the PSUs
(including any dividend equivalent rights related thereto) to be made to the Grantee pursuant to this Agreement is intended to qualify as a “short-term deferral” pursuant to
Section 1.409A-1(b)(4) of the Regulations and this Agreement shall be interpreted consistently therewith. However, under certain circumstances, settlement of the PSUs or any dividend equivalent rights may
not so qualify, and in that case, the Committee shall administer the grant and settlement of such PSUs and any dividend equivalent rights in strict compliance with Section 409A of the Code. Further, notwithstanding anything herein to the
contrary, if at the time of a Participant’s termination of employment with the Company and all Service Recipients, the Participant is a “specified employee” as defined in Section 409A of the Code, and the deferral of the
commencement of any payments or benefits otherwise payable hereunder as a result of such termination of service is necessary in order to prevent the imposition of any accelerated or additional tax under Section 409A of the Code, then the
Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Participant) to the minimum extent necessary to satisfy
Section 409A of the Code until the date that is six months and one day following the Participant’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code), if such payment or
benefit is payable upon a termination of employment. For purposes of this Agreement, a “termination of employment” shall have the same meaning as “separation from service” under Section 409A of the Code and Grantee shall be
deemed to have remained employed so long as Grantee has not “separated from service” with the Company or Successor. Each payment of PSUs (and related dividend equivalent units) constitutes a “separate payment” for purposes of
Section 409A of the Code. 

 9. Severability. 

If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or
as to any Person or the Award, or would disqualify the Plan or Award under any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed
amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the Plan and Award shall remain in full
force and effect. 
 10. Governing Law. 

The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of
Delaware without giving effect to the conflicts of law principles thereof, except to the extent that such laws are preempted by Federal law. 

11. Successors in Interest. 

This Agreement shall inure to the benefit of and be binding upon any successor to the Company. This Agreement shall inure to
the benefit of the Grantee’s legal representatives. All obligations imposed upon the Grantee and all rights granted to the Company under this Agreement shall be binding upon the Grantee’s heirs, executors, administrators and successors.

 12. Resolution of Disputes. 

Any dispute or disagreement which may arise under, or as a result of, or in any way related to, the interpretation,
construction or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding and conclusive on the Grantee and the Company for all purposes. 

13. 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 or its designee, and any notice to be given to the Grantee shall be addressed to him at the address (including an electronic address) then reflected in the Company’s books and records. By a notice given pursuant to this
Section 13, 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 Grantee, shall, if the Grantee is then deceased, be given to the
Grantee’s personal representative if such representative has previously informed the Company of his status and address by written notice 

 
under this Section 13. 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. 

IN WITNESS WHEREOF, the parties have caused this Performance Share Unit Agreement to be duly executed effective as of the day
and year first above written. 
  

			
	 HCA Healthcare, Inc.

 

			
		
	 By:
	 	  

			
	
	 Grantee:

	
	 (electronically accepted)

 Schedule A 

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 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 (a “Permitted Holder”); or 
 (ii)
any Person or Group, other than a Permitted Holder, 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. 

 Exhibit A 

HCA Healthcare, Inc. 

2018 Performance Share Unit Award 

Performance Targets 

1. Target Award. The target number of PSUs for the Grantee is as set forth on the first page of the Award Agreement.
For the avoidance of doubt, all percentages associated with the Award shall be of the Target Award. 
 2. Performance
Period. The Performance Period for this Award shall begin on January 1, 2018 and end on December 31, 2020. 

3. Performance Goal. The “Performance Goal” for this Award is Cumulative EPS over the Performance Period. For
purposes of this Exhibit A, Cumulative EPS means the sum of the Company’s “diluted earnings per share” of each of the three fiscal years of the Company within the Performance Period as reported in the Company’s audited financial
statements for each such year, adjusted to exclude the effects of: (a) gains or losses on sales of facilities, (b) gains or losses on extinguishment of debt, (c) asset or investment impairment charges, (d) legal claim costs
(disclosed as separate line item in consolidated income statement), (e) expenses, or adjustments to expenses, for share-based compensation recognized under ASC Topic 718 related to the Performance Share Units that results from EPS performance above
or below the Target EPS during the Performance Period, (f) gains or losses on acquisition or disposition of controlling interest in equity investment or consolidated entity, and (g) any other gains, expenses or losses resulting from
significant, unusual and/or nonrecurring events, as described in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report for the applicable fiscal year, as determined
in good faith by the Board or the Committee. 
 4. Percentage of PSUs Earned. Following the end of the Performance
Period, the Committee will determine the extent to which PSUs have become earned and shall vest according to the following schedule: 
  

			
	 Cumulative EPS
	  	 Percentage of Target

PSUs Earned

	 Greater than or equal to 120% of Target EPS
	  	200%
	 100% of Target EPS
	  	100%
	 80% of Target EPS
	  	25%
	 Less than 80% of Target EPS
	  	0%

 Thus, up to 200% of the Target Award may be earned if maximum performance is achieved for the Performance
Period. Vesting related to performance between the percentages of Target EPS listed above will be determined by straight line interpolation. Any PSUs not earned and vested as provided above on the applicable determination date shall be
forfeited.

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