Document:

EX-10.48 SUPPLEMENTAL BONUS PROGRAM TRUST AGRMT.

 

EXHIBIT 10.48

WEBMD, LLC

SUPPLEMENTAL BONUS PROGRAM

TRUST AGREEMENT

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	RECITALS
	 	 	 	 	1	 
	 
	 	 	 	 	 	 
	AGREEMENT
	 	 	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE I ESTABLISHMENT, TERM, FUNDING AND ADMINISTRATION OF THE TRUST	 	 	1	 
	Section 1.01
	 	Establishment and Term of the Trust	 	 	1	 
	Section 1.02
	 	Funding, Accounts and List of Participants	 	 	2	 
	Section 1.03
	 	Committees	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE II DEFINITIONS	 	 	4	 
	Section 2.01
	 	Definitions	 	 	4	 
	 
	 	 	 	 	 	 
	ARTICLE III PAYMENTS FROM THE TRUST	 	 	5	 
	Section 3.01
	 	No Entitlement	 	 	5	 
	Section 3.02
	 	Determination of Participant Bonuses	 	 	5	 
	Section 3.03
	 	Payments by Trustee	 	 	6	 
	Section 3.04
	 	No Rights to Bonuses or Continued Employment	 	 	7	 
	Section 3.05
	 	Assignments	 	 	8	 
	Section 3.06
	 	Section 409A	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE IV POWERS, DUTIES AND RIGHTS OF TRUSTEE	 	 	8	 
	Section 4.01
	 	Investment Authority	 	 	8	 
	Section 4.02
	 	Duties of Trustee	 	 	9	 
	Section 4.03
	 	Expenses and Taxes	 	 	10	 
	Section 4.04
	 	Third Parties	 	 	10	 
	Section 4.05
	 	Joinder of Parties	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE V RESIGNATION, REMOVAL AND SUCCESSION	 	 	11	 
	Section 5.01
	 	Resignation	 	 	11	 
	Section 5.02
	 	Removal	 	 	11	 
	Section 5.03
	 	Succession	 	 	11	 
	 
	 	 	 	 	 	 
	ARTICLE VI CREDITOR CLAIMS; AMENDMENT	 	 	11	 
	Section 6.01
	 	Creditor Claims	 	 	11	 
	Section 6.02
	 	Power to Amend	 	 	12	 

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TABLE OF CONTENTS
(Continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	ARTICLE VII LIABILITIES
	 	 	12	 
	Section 7.01
	 	Liability of the Company	 	 	12	 
	Section 7.02
	 	Liability of the Trustee	 	 	12	 
	Section 7.03
	 	Freedom from Outside Interference:
Defense of Action	 	 	       12	 
	Section 7.04
	 	Indemnifications of Trustee	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE VIII MISCELLANEOUS	 	 	14	 
	Section 8.01
	 	Successors	 	 	14	 
	Section 8.02
	 	Use of Trust Funds	 	 	14	 
	Section 8.03
	 	Partial Invalidity	 	 	14	 
	Section 8.04
	 	Construction	 	 	14	 
	Section 8.05
	 	Headings	 	 	14	 
	Section 8.06
	 	Counterparts	 	 	14	 

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WEBMD, LLC

SUPPLEMENTAL BONUS PROGRAM

TRUST AGREEMENT

(As Amended And Restated Effective as of March 15, 2008)

          This Supplemental Bonus Program Trust Agreement (the “Trust Agreement”) was originally made
and entered into the 15th day of March, 2007 by and between WEBMD, LLC, a Delaware
limited liability company (the “Company”) (then known as WEBMD, INC., a Georgia corporation), and
Peter Anevski (the “Trustee”), to evidence a trust (the “Trust”) established to hold funds to
provide supplemental bonuses to certain designated employees of the Company and its Subsidiaries.
All assets were distributed from the Trust in accordance with the terms of the original Trust
Agreement on March 14, 2008. This amendment and restatement of the Trust Agreement is effective as
of March 15, 2008.

RECITALS

          A. As a result of the Company’s operating results for calendar year 2007, the Company has
adopted a supplemental bonus program for 2007 for the employees listed on the 2007 Participant List
that gives those Participants the right to receive the amounts shown opposite their respective
names (the “2007 Supplemental Bonuses”). This supplemental bonus program gives those Participants
who remain employed through March 1, 2009 the right to receive all of the assets of the Trust as of
March 1, 2009 (except for expenses as described herein), which 2007 Supplemental Bonuses will be
paid on or about March 1, 2009. The terms of such bonus program are reflected in this Trust
Agreement.

          B. The Company has decided to fund the 2007 Supplemental Bonuses with assets to be held and
administered under this Trust Agreement.

AGREEMENT

          The Company hereby adopts this amended and restated Trust Agreement, and the Trustee hereby
agrees to serve as trustee and to receive and hold any and all cash and property that may be
delivered to it as trustee hereunder from time to time in trust for the uses and purposes and upon
the terms and conditions hereinafter stated:

ARTICLE I

ESTABLISHMENT, TERM, FUNDING AND 

ADMINISTRATION OF THE TRUST

          Section 1.01 Establishment and Term of the Trust

          (a) The Trust hereby established is irrevocable and shall continue until the first to occur
of:

          (i) The Bonuses of each and every Participant have been either paid or forfeited and
all other liabilities of the Trust have been satisfied or provided for; or

 

 

          (ii) All then living Participants and the Beneficiaries of any deceased Participants
who have neither forfeited nor received the full amount of their Bonuses and shall consent;
or

          (iii) December 31, 2010.

          (b) (i) The Company may extend the supplemental bonus program for an additional year by
delivering to the Trustee a new Participant List setting forth the names of employees eligible for
bonuses for such additional year (who shall then become Participants for such year) and the amounts
of their potential bonuses (which shall be such new Participants’ Bonuses hereunder for such
additional year). Such new Participant List shall be automatically effective upon receipt by the
Trustee, provided that the Trustee receives such new Participant List no later than the April 1
immediately following the previous calendar year. The Company may further extend the term of this
Trust for up to three additional calendar years in accordance with this Section 1.01(b) (for an
aggregate of up to four annual extensions) unless this Section 1.01(b) is amended to allow for
additional extensions.

          (ii) For each year that the Company extends the supplemental bonus program pursuant to
this Section 1.01(b), the date in Section 1.01(a)(iii) shall be extended by one year.

          (iii) For each year that the Company extends the term of the supplemental bonus program
and the Trust pursuant to this Section 1.01(b), (A) the new Participant List and Bonuses for
such year shall be assigned the appropriate year and new accounts will be established, (B)
any reference in this Trust Agreement to the 2007 Participant List shall, for such extended
year, refer to the corresponding Participant List and Bonuses for such year, and (C) the
Participants’ individual bonus amounts, applicability of the forfeiture provisions and
Participant Bonus Determination Date will be defined in the corresponding Participant List
for each such year.

          (c) The principal of the Trust and any earnings thereon (collectively, the “Trust Fund”) shall
not be paid to the Company, shall be held separate and apart from funds of the Company, and shall
be used exclusively for the uses and purposes herein set forth.

          Section 1.02 Funding, Accounts and List of Participants

          (a) On or prior to March 31, 2008, the Company will pay to the Trustee a deposit in an amount
equal to the aggregate amount of the Bonuses listed on the 2007 Participant List in cash.

          (b) The Trustee shall establish an account for each Participant who is listed on the 2007
Participant List (an “Account”), and shall credit to each such Account the contributions made by
the Company in the amount listed for such Participant in the 2007 Participant List. If the term of
the Trust is extended pursuant to Section 1.01(b), the Trustee shall establish separate Accounts
for the Participants who are listed in the Participant List corresponding to such additional year.
The Trustee shall allocate investment income to a separate account (the “Income Account”) and shall
allocate forfeitures to another separate account (the “Forfeiture Account”). The Trustee shall pay
taxes and expenses of the Trust first from the Forfeiture

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Account and then from the Income Account prior to charging the Participants’ Accounts with any
expenses. Any remaining balance in the Income and Forfeiture Accounts, whether positive or
negative, shall be allocated to each 2007 Participant’s Account pursuant to Section 3.02 of this
Trust Agreement. The Accounts, the Income Account and the Forfeiture Account may be established by
book entries, and the Trust Fund need not be segregated to reflect such separate recordkeeping
accounts. The Trustee shall charge each Participant’s Account for its ratable share of
administrative and related expenses (to the extent the Forfeiture Account and Income Account are
insufficient), as well as Bonus payments to the Participant for whom such Account was established.

          (c) The Administrative Committee shall notify the Trustee in the event that any Participant
has a Termination of Employment prior to the Participant Bonus Determination Date, as well as
identify whether the Termination of Employment qualifies for acceleration of the payment of the
Participant’s Bonus as provided in Section 3.02(b). The Administrative Committee shall furnish the
Trustee with an updated 2007 Participant List from which the name of the Participant has been
removed. Unless the Termination of Employment results in an acceleration of the payment of the
Participant’s Bonus as provided in Section 3.02(b), the Participant shall automatically cease to be
a beneficiary and Participant in the supplemental bonus program, and the balance of his or her
Account shall be transferred to the Forfeiture Account.

          Section 1.03 Committees

          (a) The Company has delegated to a committee comprised of Wayne Gattinella and Anthony Vuolo
(herein referred to as the “Governing Committee”) the authority to approve the Participants and
their respective Bonus amounts as listed on the 2007 Participant List; provided, however, that,
with respect to any individual who is an Executive Officer, the Company has delegated to the
Compensation Committee of the Board of Directors of WebMD Health Corp. (the “Compensation
Committee”) the authority to approve Participants and their respective Bonus amounts. Any
reference in this Trust Agreement to “Governing Committee” shall be deemed to be a reference to the
Compensation Committee where the authority, action or determination relates to an individual or
Participant who is an Executive Officer, including without limitation the authority to determine
Participants and the amounts of Bonuses. The Governing Committee has approved the 2007 Participant
List. The Company has also delegated to the Governing Committee its powers and duties under
Section 1.01(b) with respect to the extension of the term of the Trust and designation of
Participants for any such additional years and determination of the Participants’ Bonuses for any
such additional years, as well as the administration of the supplemental bonus program. All
decisions and determinations made by the Governing Committee shall be final, binding and conclusive
on all parties.

          (b) The Governing Committee may delegate to a committee (herein referred to as the
"Administrative Committee”) its powers and duties to administer the supplemental bonus program and
this Trust Agreement. All decisions and determinations made by the Administrative Committee with
respect to the administration of the supplemental bonus program and this Trust Agreement shall be
final, binding and conclusive on all parties. If no Administrative Committee is established, all
references herein to the Administrative Committee shall be deemed references to the Governing
Committee.

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ARTICLE II

DEFINITIONS

          Section 2.01 Definitions

          Capitalized terms used in this Trust Agreement without definition have the meanings set forth
in this Section 2.01:

          “Beneficiary” means the person, persons, trust or trusts designated by a Participant or, in
the absence of a designation, entitled by will or the laws of descent and distribution, to receive
his or her Bonus payment or payments in the event of the Participant’s death.

          “Board of Directors” or “Board” means the board of directors of the Company or any successor
thereto.

          “Bonus” means the amount of the potential bonus for an employee as set forth on the applicable
Participant List.

          “Disability” means any illness or other physical or mental condition of a Participant that
renders the Participant incapable of performing his or her customary and usual duties for the
Participant’s Employer, or any medically determinable illness or other physical or mental condition
resulting from a bodily injury, disease or mental disorder which, in either case, has lasted or can
reasonably be expected to last for at least 180 days out of a period 365 consecutive days. The
Company may require such medical or other evidence as it deems necessary to judge the nature and
permanency or the Participant’s condition.

          “Division” means one or more of the lines of business of the Company or a Subsidiary.

          “Employer” means the Company or the Subsidiary by which a Participant is employed.

          “Executive Officer” means any individual who is subject to Section 16(a) of the Securities
Exchange Act of 1934.

          “HLTH Company” means HLTH Corporation, a Delaware corporation, (“HLTH”) and any wholly-owned
subsidiary of HTLH other than the Company or any of the Company’s Subsidiaries.

          “Participant” means an employee listed on an applicable Participant List.

          “Participant Bonus Determination Date” shall be March 1, 2009 or such other date as may be
determined by the Governing Committee in the event the Company extends the supplemental bonus
program and the Trust pursuant to Section 1.01(b).

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          “Participant List” means the list of employees eligible for bonuses and the amounts of their
potential bonuses as approved by the Governing Committee, or in the case of Executive Officers, as
approved by the Compensation Committee.

          “Part-Time Employment” shall mean an employee’s rendering of services to the Company or a
Subsidiary on a regular basis of less than five days and thirty-five hours per week.

          “Subsidiary” means any corporation, association, partnership, joint venture or other business
entity of which the Company (or a successor to the Company) owns or controls (directly or
indirectly) 50% or more of the voting stock or other equity interests.

          “Termination of Employment” means any voluntary or involuntary termination of the
Participant’s employment with the Company or a Subsidiary for any reason, including as the result
of the sale of the Subsidiary or Division by which the Participant is employed; provided, however,
that any Participant who is transferred from employment with the Company or a Subsidiary to
employment with a HLTH Company shall not be deemed to have had a Termination of Employment unless
and until such Participant ceases for any reason to be employed by a HLTH Company, including as the
result of the sale of the subsidiary or division of HLTH by which the Participant is employed.
Notwithstanding anything to the contrary contained herein, a Participant’s change of status to
Part-Time Employment, may, in the discretion of the Governing Committee, be deemed a Termination of
Employment for the purposes herein; and in the event of such a determination, such Participant’s
Bonus will be forfeited and reallocated to the Forfeiture Account.

ARTICLE III

PAYMENTS FROM THE TRUST

          Section 3.01 No Entitlement.

          The establishment of the Trust and the payment or delivery to the Trustee of money or other
property shall not vest in the Company or any Participant or Beneficiary any right, title of
interest in and to any assets of the Trust. Rather, such money or property are assets of the Trust
and are subject to this Trust Agreement.

          Section 3.02 Determination of Participant Bonuses

          (a) Each Participant’s right to the Bonus provided in the 2007 Participant List shall become
payable if the Participant is employed with the Company, a Subsidiary, or a HLTH Company on the
Participant Bonus Determination Date. Immediately prior to and effective on the Participant Bonus
Determination Date, the Trustee shall reallocate the amounts then credited to the Forfeiture
Account (the “First Allocable Amount”) to the Accounts of those Participants who are remaining in
the program on such date and who are not Executive Officers. The amount of the First Allocable
Amount reallocated to each such Participant’s Account shall be that portion of the First Allocable
Amount that bears the same relation to the total First Allocable Amount as the applicable
Participant’s Account balance bears to the aggregate amount of all the Account balances of those
Participants who are not Executive Officers. Immediately following the reallocation of the First
Allocable Amount and effective on the Participant Bonus

5

 

Determination Date, the Trustee shall reallocate the amounts then credited to the Income
Account (the “Second Allocable Amount”) to the Accounts of all of the Participants who are
remaining in the program on such date. The amount of the Second Allocable Amount reallocated to
the Account of each Participant shall be that part of the Second Allocable Amount that bears the
same relation to the total Second Allocable Amount as such Participant’s Account balance bears to
the aggregate amount of all of the Account balances of Participants (after giving effect to the
reallocation of the Forfeiture Account as provided above). The Participants’ Bonuses shall
automatically be increased by such reallocated amounts.

          (b) Upon a Participant’s Termination of Employment prior to the Participant Bonus
Determination Date, he or she shall forfeit all rights to any portion of his or her Bonus; provided
however that if a Participant (i) dies or (ii) the Administrative Committee determines that a
Participant’s Termination of Employment is (A) a result of a Disability, (B) in connection with the
termination of a group of employees as part of a restructuring, reorganization or a reduction in
force or (C) a result of the sale of the Subsidiary or Division by which he or she is employed,
then such Participant shall be entitled to his or her Bonus, which shall be paid within 2-1/2
months following the date of his or her Termination of Employment. The amount of the Bonus as
provided in the preceding proviso shall be the amount set forth on the 2007 Participant List, and
will not be adjusted to reflect any reallocation of amounts credited to the Income Expense Account
or the Forfeiture Account.

          Section 3.03 Payments by Trustee 

          (a) The Company agrees to provide the Trustee with the names and last known mailing address of
all Participants who become entitled to receipt of Bonus payments hereunder. The Trustee shall be
entitled to rely upon such information provided to it by the Company in making distribution of
benefits, unless the Trustee is notified that such information is incorrect or outdated.

          (b) On or as soon as practicable after, but no later than 2-1/2 months after, the Participant
Bonus Determination Date or, in the case of a Bonus that is payable pursuant to Section 3.02(b),
within 2-1/2 months after the Participant’s Termination of Employment, the Trustee shall make
payment from the Trust Fund of each Participant’s Bonus that has become due. The Trustee shall
notify the Company of the amount and date of each such payment.

          (c) The rights of the Participants to receive the Bonuses that become due and payable
hereunder shall not be affected or diminished in any way by the existence of any dispute between a
Participant and the Company. The Trustee shall be entitled to rely on information provided by and
determinations made by the Administrative Committee in making distributions from the Trust. Such
distributions shall be made notwithstanding any notice or demand by the Company that the
distributions should not be made, whether based on the Company’s claim that any Participant is not
entitled to some or all of the amount of such distributions or otherwise, and the Trustee shall
have no responsibility or liability to the Company for making any payment. No surety or other bond
shall be required as to any distribution or payment to any Participant.

          (d) The Trustee shall deduct from each payment under this Trust Agreement any federal, state,
or local withholding or other taxes or charges which the Trustee may be

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required to deduct under applicable laws, and the Trustee shall remit such withheld taxes to
the Company. In this regard, upon request by the Trustee, the Company shall calculate and provide
to the Trustee an itemization of federal, state and/or local taxes required to be withheld from
each Bonus payment to a Participant. Also, if requested by the Trustee, the Company shall be
responsible for remitting such withheld taxes to the taxing authorities and for preparing and
delivering to the appropriate persons, including Participants and governmental agencies, all tax
returns, forms and reports as may be required by applicable laws in connection with any such
withholding.

          (e) In the event that all of the Participants have had a Termination of Employment with the
Company or Subsidiary prior to the Participant Bonus Determination Date and any assets remain in
the Trust Fund, the Company shall immediately provide to the Trustee (i) the names and last known
addresses of the Participants who (A) were not Executive Officers when their employment terminated
and (B) were employed by the Company or a Subsidiary at any time during the 90-day period preceding
the last day prior to the Participant Bonus Determination Date on which any Participants were
employed by the Company or a Subsidiary (the “Final Participants”) and (ii) the amounts of such
Final Participants’ Bonuses that were payable or forfeited, as the case may be, at the time of
their Termination of Employment. The Trustee shall, as soon as practicable following receipt of
such information, pay the full amount of the remaining Trust Fund to the Final Participants. The
amount paid to each Final Participant shall be that portion of the remaining Trust Fund that bears
the same relation to the total remaining Trust Fund as the Final Participant’s Bonus that became
payable or was forfeited bears to the aggregate of such Bonus of all the Final Participants. For
avoidance of doubt, if there is only one Final Participant, all of the remaining Trust Fund shall
be paid to such Final Participant. In the event that all of the Participants who are not Executive
Officers have a Termination of Employment prior to the Participant Bonus Determination Date but one
or more Participants who are Executive Officers remain employed on the Participant Bonus
Determination Date, then the provisions of this Section 3.03 shall be applied with respect to the
remaining assets in the Forfeiture and Income Accounts immediately after the determination of and
payment of Bonuses to the Participants who are Executive Officers.

          (f) Notwithstanding the foregoing, the Trustee may deliver the full amount of each payment due
under this Trust Agreement to the Company for payment to the applicable Participant or Beneficiary
(net of applicable withholding taxes), in which case the Company shall pay the amounts due to each
Participant or Beneficiary on behalf of the Trustee in accordance with this Trust Agreement. In
addition, the Company shall have the right to require the Trustee to deliver such amounts to the
Company for payment in accordance with this Section 3.03(f).

          Section 3.04 No Rights to Bonuses or Continued Employment 

          No employee of the Company or a Subsidiary has any right to participate in any supplemental
bonus program unless such employee has been designated as a Participant on a Participant List in
accordance with Section 1.01(b)(i). Neither an employee’s participation in any supplemental bonus
program nor anything in this Trust Agreement shall be deemed to create or confer on a Participant
any right to be retained in the employ or service of the Company, a Subsidiary, or a HLTH Company,
or to interfere with or to limit in any way the right of the Company, a Subsidiary, or a HLTH
Company to terminate such employment at any time. In

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addition, participation in a given year does not entitle a Participant to participation in any
future year.

          Section 3.05 Assignments

          No part of the Trust Fund shall be liable for the debts, contracts or engagements of any
Participant (or Beneficiary) or the Company, or be taken in execution by levy, attachment or
garnishment or by any other legal or equitable proceeding, nor shall any such person have any right
to alienate, anticipate, commute, pledge, encumber or assign any benefits, payments, claims or
interests that such person may expect to receive, contingently or otherwise, hereunder in any
manner whatsoever.

          Section 3.06 Section 409A

          If any provision of this Trust Agreement contravenes any regulations or guidance promulgated
under Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) or could cause a
Bonus to be subject to the interest and penalties under Section 409A of the Code, such provision of
this Trust Agreement shall be modified to maintain, to the maximum extent practicable, the original
intent of the applicable provision without violating the provisions of Section 409A of the Code.
Moreover, any discretionary authority that the Company or the Executive Committee or the
Administrative Committee may have pursuant to this Trust Agreement shall not be applicable to a
Bonus that is subject to Section 409A of the Code to the extent such discretionary authority will
contravene Section 409A of the Code or the guidance promulgated thereunder.

ARTICLE IV

POWERS, DUTIES AND RIGHTS OF TRUSTEE

          Section 4.01 Investment Authority

          (a) The Trustee shall invest and manage the assets of the Trust in accordance with written
directions from the Governing Committee.

          (b) Subject to the foregoing provisions of this Section 4.01, the Trustee shall have, without
exclusion, all powers conferred on the Trustee by applicable law, unless expressly provided
otherwise herein, and all rights associated with assets of the Trust shall be exercised by the
Trustee or the person designated by the Trustee, and shall in no event be exercisable by or rest
with Participants. The Trustee shall have full power and authority to invest and reinvest the
Trust funds in any investment permitted by law without limiting the generality of the foregoing,
the power:

          (i) To hold, invest and reinvest the principal or income of the Trust in bonds, common
or preferred stock, other securities, or other personal, real or mixed tangible or
intangible property;

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          (ii) To deposit or invest all or any part of the assets of the Trust Fund in savings
accounts or certificates of deposit or other deposits which bear a reasonable interest rate
in a bank;

          (iii) To hold in cash, without liability for interest, such portion of the Trust Fund
which, in its discretion, shall be reasonable under the circumstances, pending investments,
or payment of expenses, or the distribution of benefits;

          (iv) To employ such agents including custodians and counsel as may be reasonably
necessary and to pay them reasonable compensation; to settle, compromise or abandon all
claims and demands in favor of or against the Trust assets;

          (v) To cause title to property of the Trust to be issued, held or registered in the
individual name of the Trustee, or in the name of its nominee(s) or agent(s), or in such
form that title will pass by delivery;

          (vi) To exercise all of the further rights, powers, options and privileges granted,
provided for, or vested in trustees generally under the laws of the State of New York, so
that the powers conferred upon the Trustee herein shall not be in limitation of any
authority conferred by law, but shall be in addition thereto;

          (vii) To institute, compromise and defend actions and proceedings; to pay or contest
any claim; to settle a claim by or against the Trustee by compromise, arbitration, or
otherwise; to release, in whole or in part, any claim belonging to the Trust to the extent
that the claim is uncollectible;

          (viii) To use securities depositories or custodians and to allow such securities as may
be held by a depository or custodian to be registered in the name of such depository or its
nominee or in the name of such custodian or its nominee;

          (ix) To invest the Trust Fund from time to time in one or more investment funds, which
funds shall be registered under the Investment Company Act of 1940; and

          (x) To do all other acts necessary or desirable for the proper administration of the
Trust Fund, as if the Trustee were the absolute owner thereof.

However, nothing in this section shall be construed to mean the Trustee assumes any responsibility
for the performance of any investment made by the Trustee in its capacity as trustee under the
operations of this Trust Agreement.

          Section 4.02 Duties of Trustee

          (a) The Trustee shall exercise its powers from time to time as may be appropriate or as
required by law.

          (b) The Trustee shall maintain or cause to be maintained suitable records, data and
information relating to its functions hereunder.

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          (c) The Trustee shall maintain accurate and detailed accounts of all investments, receipts,
disbursements and other actions hereunder. Its books and records relating thereto shall be open to
inspection and audit at all reasonable times by the Company, the Administrative Committee, the
Participants or their duly authorized representatives. The Trustee shall submit to the Company or
the Administrative Committee such valuations, reports or other information as the Company or
Administrative Committee may reasonably request.

          (d) Within 30 days after the close of business on the last business day of each calendar month
(and within 30 days after the removal or resignation of the Trustee, as provided in Article V
hereof), and at any other time as directed by the Company in writing, the Trustee shall render to
the Company a written account showing a reasonable summary of the investments, receipts,
disbursements and other transactions engaged in by the Trust during the preceding period, and
setting forth the assets and liabilities of the Trust, the value of the net assets of the Trust and
the value of the Income Account and the Forfeiture Account.

          Section 4.03 Expenses and Taxes

          (a) Such compensation to the Trustee as may be agreed upon in writing from time to time
between the Company and the Trustee shall be paid by the Company, but if not so paid, shall
constitute a charge upon the Trust Fund; provided, however, that if the Trustee is an employee of
the Company, a Subsidiary or a HLTH Company, the Trustee shall not be entitled to compensation for
serving as Trustee.

          (b) Proper expenses of the Trust, including the following, shall be paid by the Company, but
if not so paid, shall constitute a charge upon the Trust Fund:

          (i) expenses relating to the establishment and administration of the Trust Fund,
including attorney, auditor, accountant and other professional services fees;

          (ii) reasonable costs, expenses and charges of the Trustee incurred or made in the
performance of its duties;

          (iii) expenses relating to investment of the Trust Fund such as brokers’ commissions
and similar items; and

          (iv) all taxes of any and all kinds that may be levied or assessed under existing or
future laws upon or in respect of the Trust Fund or the income thereof.

          Section 4.04 Third Parties

          No person dealing with the Trustee shall be required to follow the application of purchase
money paid to the Trustee or inquire as to whether the Trustee has complied with the requirements
hereof.

          Section 4.05 Joinder of Parties

          In any judicial, arbitration or administrative proceeding, only the Company, the Trustee, and
the Participant Party (as defined below) shall be necessary parties, and no other

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person shall be entitled to any notice or service of process (except as required by law).
“Participant Party” means the interested Participant if the dispute involves payment from the Trust
of any Bonus asserted to be earned by and payable to the Participant, and otherwise means a
majority of Participants. Any judgment, decision or award entered in any such proceeding or action
shall be conclusive upon all interested persons.

ARTICLE V

RESIGNATION, REMOVAL AND SUCCESSION

          Section 5.01 Resignation

          The Trustee may resign at any time upon 30 days’ prior written notice to the Company (which
notice may be waived by the Company). In addition, in the event the Trustee is no longer employed
by the Company or a Subsidiary for any reason, the Trustee will be deemed to have automatically
resigned as of the termination date without any further action.

          Section 5.02 Removal

          The Trustee may be removed by the Company at any time upon 30 days’ prior written notice to
the Trustee (which notice may be waived by the Trustee).

          Section 5.03 Succession

          (a) Upon resignation or removal of the Trustee, the Company shall promptly appoint a successor
Trustee, who shall have the same powers and duties as those conferred herein. Any resigning or
removed Trustee shall transfer the Trust Fund to its successor and shall deliver the books,
accounts and records thereof thereto. The resigning or removed Trustee is authorized, however, to
reserve such amount as may be necessary for the payment of its fees and expenses incurred prior to
resignation or removal.

          (b) If a successor Trustee is not appointed within 30 days after the Trustee gives notice of
its resignation or within 30 days after the Trustee receives notice of its removal, then the
Trustee, the Company, or any Participant may apply to any court of competent jurisdiction or any
arbitrator identified in accordance with Section 7.03 for appointment of a successor. The Trustee
shall continue to serve until the successor assumes its office hereunder.

ARTICLE VI

CREDITOR CLAIMS; AMENDMENT

          Section 6.01 Creditor Claims

          The Trust Fund shall not be subject to the claims of the general creditors of the Company. No
part of the corpus or income of the Trust Fund shall be recoverable by the Company or used for any
purpose other than for the exclusive purpose of providing Bonus payments to Participants or their
Beneficiaries and defraying reasonable expenses of administering the Trust in accordance with the
provisions of this Trust Agreement.

11

 

          Section 6.02 Power to Amend

          The Company and the Trustee shall have the right at any time and from time to time to enter
into agreements modifying or amending this Trust Agreement in whole or in part; provided, however,
that this Trust Agreement may be amended or supplemented to cure any ambiguity, defect or
inconsistency so long as and to the extent that no such amendment or supplement shall adversely
affect the rights of Participants. Without the consent of the interested Participant, no amendment
shall materially impair any rights hereunder in respect of the payment from the Trust Fund of any
portion of a Bonus. Notwithstanding that an amendment may be permissible under this Section 6.02,
this Trust Agreement shall not be amended by an amendment that would cause any of the assets of the
Trust to be used for or diverted to purposes other than for the exclusive benefit of the
Participants or their Beneficiaries (and plan expenses).

ARTICLE VII

LIABILITIES

          Section 7.01 Liability of the Company

          The Company shall not be liable or responsible for

          (a) any debts, liabilities or obligations of the Trustee, and

          (b) the acts or omissions (except as specifically undertaken by agreement of indemnity or
insurance) of any fiduciary or other person rendering services to the Trust Fund.

          Section 7.02 Liability of the Trustee

          (a) The Trustee shall have no liability for the adequacy of contributions for the purposes of
the Bonus payment.

          (b) The Trustee shall have no liability for the acts or omissions of the Company.

          (c) The Trustee shall have no liability for following proper directions, including investment
directions, which are made in accordance with this Trust Agreement.

          Section 7.03 Freedom from Outside Interference; Defense of Action

          (a) The Trustee shall administer this Trust Agreement consistent with its terms, free of
judicial intervention and without order, approval, or other action of any court, except to the
extent the Trustee determines, in its discretion, that it is necessary or advisable to seek
instructions with respect to any matter involving the Trust from a court having jurisdiction over
the Trustee or the assets of the Trust. To the extent any person is granted the power or has the
authority under this Trust Agreement to approve or compel any act on the part of the Trustee, or to
provide information to the Trustee, or to render advice to the Trustee, or to otherwise approve or
compel any action or exercise of any power that affects or will affect any Trust asset held
hereunder, the Trustee is directed, to the extent the Trustee would not be subject to personal

12

 

liability or personal exposure (for example, by being held in contempt of court or other
sanction by a court having jurisdiction over that Trustee): (i) to accept or recognize acts,
approval, instructions, information vetoes, or advice, the effects of any approval, veto or
compelled action or the exercise of any power, only if given by or resulting from persons acting of
their own free will and not under compulsion of any legal process or like authority; and (ii) to
ignore any act or approval, instruction, information veto, advice, directive, order, or the like,
or the results or effects thereof, of past or present Trustees or any other person where (A) such
has been instigated by directive, order, or like decree of any court, administrative body or other
tribunal, or where (B) the person attempting to compel the act, or attempting to exercise the
authority to render advice, or otherwise attempting to compel any action or exercise any power
which affects or will affect this Trust Agreement, is not a person either appointed or so
authorized or the like pursuant to the terms and conditions of this Trust Agreement.

          (b) The Trustee is not obligated to defend actions in which the Trustee is named, but shall
notify the Company of any such action and may tender defense of the action to the Company,
Participants or Beneficiary whose interest is affected. The Trustee may in its discretion defend
any action in which the Trustee is named, and any expenses incurred by the Trustee shall be paid by
the Company. The Trustee is authorized to pay such amounts from the Trust Fund if the Company
fails to pay them within 30 days of presentation of a statement of the amounts due.

          Section 7.04 Indemnifications of Trustee

          (a) The Company shall indemnify and hold the Trustee harmless from and against all loss or
liability (including expenses and reasonable attorneys’ fees) to which it may be subject by reason
of its execution of its duties under this Trust, or by reason of any acts taken in good faith in
accordance with information, or acts omitted in good faith due to absence of information from the
Company, a Participant or any other person designated to act on such person’s behalf, unless such
loss or liability is (i) due to the Trustee’s gross negligence or willful misconduct, or (ii) due
to the Trustee’s negligence in matters involving the transfer of funds or the safekeeping of
assets.

          (b) In the event that the Trustee is named as a defendant in a lawsuit or proceeding involving
the Trust Fund, the Trustee shall be entitled to receive from the Company on a current basis the
indemnity payments provided for in this Section; provided, however, that if the final judgment
entered in the lawsuit or proceeding holds that the Trustee is guilty of conduct that is not
subject to indemnification under Section 7.04(a), with respect to the Trust Fund, the Trustee shall
be required to refund the indemnity payments that it has received. Any amount payable to the
Trustee under this Section 7.04 that is not paid by the Company within 30 days of written demand
may be paid from the Trust.

          (c) All releases and indemnities provided in this Trust Agreement shall survive the
termination of this Trust Agreement.

13

 

ARTICLE VIII

MISCELLANEOUS

          Section 8.01 Successors

          This Trust Agreement and the Trust created hereby shall be binding upon and shall inure to the
benefit of the heirs, executors, personal and legal representatives, successors and assigns of the
parties hereto and of the Participants.

          Section 8.02 Use of Trust Funds

          Under no circumstances shall any contributions to the Trust or any part of the Trust Fund be
recoverable by the Company from the Trustee, or be used for or diverted to purposes other than for
the exclusive purposes of providing benefits to Participants or Beneficiaries (and paying plan
expenses).

          Section 8.03 Partial Invalidity

          If any provision of this Trust Agreement is held to be illegal or invalid for any reason, such
illegality or invalidity shall not affect the remaining portions of this Trust Agreement, unless
such illegality or invalidity prevents accomplishment of the objectives and purposes of this Trust
Agreement. In the event of any such holding, the parties will immediately amend this Trust
Agreement as necessary to remedy any such defect.

          Section 8.04 Construction

          This Trust Agreement shall be construed, administered and enforced according to the laws of
New York.

          Section 8.05 Headings

          Headings in this Trust Agreement are inserted for convenience of reference only, and any
conflict between such headings and the text shall be resolved in favor of the text.

          Section 8.06 Counterparts

          This Trust Agreement may be executed in an original and any number of counterparts, each of
which will be deemed to be an original of one and the same instrument.

          Effective the day and year first written above.

14

 

	 	 	 	 	 	 	 	 	 	 	 
	TRUSTEE	 	 	 	WEBMD, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By

	 	/s/ Peter Anevski
 

Peter Anevski
	 	 
	 	By:
	 	/s/ Wayne Gattinella
 

Wayne Gattinella
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Anthony Vuolo
 

Anthony Vuolo
	 	 

15EX-10.3 Form of Amended and Restated

 

Exhibit 10.3

 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

OF

HERCULES HOLDING II, LLC

Dated as of November 17, 2006

 

THE LIMITED LIABILITY COMPANY UNITS EVIDENCED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY
STATE OR FOREIGN JURISDICTION. SUCH LIMITED LIABILITY COMPANY UNITS ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE, AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT IN COMPLIANCE WITH THE
SECURITIES ACT AND THE APPLICABLE STATE OR FOREIGN SECURITIES LAWS, PURSUANT TO REGISTRATION
THEREUNDER OR EXEMPTION THEREFROM. IN ADDITION, TRANSFER OR OTHER DISPOSITION OF SUCH LIMITED
LIABILITY COMPANY UNITS IS FURTHER RESTRICTED AS PROVIDED IN THIS AGREEMENT. PURCHASERS OF LIMITED
LIABILITY COMPANY UNITS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF
THEIR INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	SECTION 1.1. Definitions
	 	 	1	 
	SECTION 1.2. Construction
	 	 	10	 
	ARTICLE II FORMATION AND TERM
	 	 	10	 
	SECTION 2.1. Formation
	 	 	10	 
	SECTION 2.2. Name
	 	 	10	 
	SECTION 2.3. Term
	 	 	10	 
	SECTION 2.4. Principal Place of Business
	 	 	10	 
	SECTION 2.5. Registered Agent and Office
	 	 	10	 
	SECTION 2.6. Qualification in Other Jurisdictions; Conduct of Business
	 	 	10	 
	ARTICLE III PURPOSE AND POWERS
	 	 	10	 
	SECTION 3.1. Purpose and Powers
	 	 	11	 
	ARTICLE IV MEMBERS; ADDITIONAL INTERESTS; CONVERSION
	 	 	11	 
	SECTION 4.1. General
	 	 	11	 
	SECTION 4.2. Powers of Members
	 	 	11	 
	SECTION 4.3. Nature of a Member’s Interest
	 	 	11	 
	SECTION 4.4. No Other Persons Deemed Members
	 	 	11	 
	SECTION 4.5. No Cessation of Membership Upon Bankruptcy, etc.
	 	 	11	 
	SECTION 4.6. Admission of Additional Members and Creation of Additional Units
	 	 	12	 
	ARTICLE V CAPITAL CONTRIBUTIONS; DEFAULT; LIABILITY OF MEMBERS
	 	 	12	 
	SECTION 5.1. Capital Contributions
	 	 	12	 
	SECTION 5.2. Liability of Members
	 	 	13	 
	SECTION 5.3. Units Uncertificated
	 	 	13	 
	ARTICLE VI DISTRIBUTIONS; ALLOCATION OF PROFITS AND LOSSES
	 	 	13	 
	SECTION 6.1. Distributions
	 	 	13	 
	SECTION 6.2. Allocations
	 	 	14	 
	SECTION 6.3. Tax Allocations
	 	 	14	 
	ARTICLE VII MANAGEMENT
	 	 	14	 
	SECTION 7.1. Management Under Direction of the Board
	 	 	14	 
	SECTION 7.2. Meetings of the Board
	 	 	17	 
	SECTION 7.3. Quorum and Acts of the Board and Committees
	 	 	17	 
	SECTION 7.4. Telephonic or Video Communications
	 	 	17	 
	SECTION 7.5. Action by Consent
	 	 	18	 
	SECTION 7.6. HCA Directors
	 	 	18	 
	SECTION 7.7. VCOC Members; Information Rights
	 	 	18	 
	SECTION 7.8. Outside Businesses and Corporate Opportunities
	 	 	20	 
	SECTION 7.9. Committees of the Board
	 	 	21	 
	ARTICLE VIII LIABILITY, EXCULPATION, INDEMNIFICATION AND INSURANCE
	 	 	21	 
	SECTION 8.1. Liability
	 	 	21	 
	SECTION 8.2. Duties and Liabilities of Covered Persons
	 	 	21	 
	SECTION 8.3. Exculpation
	 	 	21	 

i

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 8.4. Indemnification
	 	 	22	 
	SECTION 8.5. Advancement of Expenses
	 	 	22	 
	SECTION 8.6. Notice of Proceedings
	 	 	22	 
	SECTION 8.7. Insurance
	 	 	23	 
	ARTICLE IX TRANSFERABILITY OF UNITS; PREEMPTIVE RIGHTS
	 	 	23	 
	SECTION 9.1. General Transfer Restrictions
	 	 	23	 
	SECTION 9.2. Right of First Offer
	 	 	25	 
	SECTION 9.3. Tag-Along Rights
	 	 	27	 
	SECTION 9.4. Drag-Along Rights.
	 	 	30	 
	SECTION 9.5. Coordination Committee.
	 	 	31	 
	SECTION 9.6. Other Transfer Restrictions
	 	 	32	 
	SECTION 9.7. Substituted Members
	 	 	34	 
	SECTION 9.8. Preemptive Rights
	 	 	35	 
	SECTION 9.9. VCOC Distributions
	 	 	37	 
	SECTION 9.10. HCA Common Stock.
	 	 	38	 
	ARTICLE X RECORDS AND REPORTS; FISCAL AFFAIRS
	 	 	38	 
	SECTION 10.1. Records and Accounting
	 	 	38	 
	ARTICLE XI TAX MATTERS
	 	 	39	 
	SECTION 11.1. Preparation of Tax Returns
	 	 	39	 
	SECTION 11.2. Tax Matters Member
	 	 	39	 
	SECTION 11.3. Organizational Expenses
	 	 	41	 
	SECTION 11.4. Withholding
	 	 	41	 
	SECTION 11.5. Classification
	 	 	41	 
	SECTION 11.6. Partnership Status.
	 	 	41	 
	SECTION 11.7. Listed and Reportable Transactions.
	 	 	41	 
	ARTICLE XII DISSOLUTION, LIQUIDATION AND TERMINATION
	 	 	42	 
	SECTION 12.1. Dissolution
	 	 	42	 
	SECTION 12.2. Death, Legal Incapacity, etc.
	 	 	42	 
	SECTION 12.3. Liquidation of the Company’s Assets Upon Dissolution
	 	 	42	 
	SECTION 12.4. Termination
	 	 	43	 
	SECTION 12.5. Claims of the Members
	 	 	43	 
	ARTICLE XIII CONSENTS, VOTING AND MEETINGS OF MEMBERS
	 	 	43	 
	SECTION 13.1. Meetings
	 	 	43	 
	SECTION 13.2. Record Dates
	 	 	44	 
	SECTION 13.3. Consent Rights
	 	 	44	 
	SECTION 13.4. Voting and Other Rights
	 	 	45	 
	ARTICLE XIV REPRESENTATIONS AND WARRANTIES OF EACH MEMBER
	 	 	45	 
	SECTION 14.1. Representations and Warranties of each Member
	 	 	45	 
	ARTICLE XV GENERAL PROVISIONS
	 	 	47	 
	SECTION 15.1. Notices
	 	 	47	 
	SECTION 15.2. Amendments
	 	 	49	 
	SECTION 15.3. Confidentiality
	 	 	49	 
	SECTION 15.4. Entire Agreement
	 	 	50	 
	SECTION 15.5. Successors and Assigns; Binding Effect
	 	 	50	 
	SECTION 15.6. Severability
	 	 	50	 
	SECTION 15.7. No Waiver
	 	 	51	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 15.8. Governing Law
	 	 	51	 
	SECTION 15.9. Judicial Proceedings
	 	 	51	 
	SECTION 15.10. Aggregation of Units
	 	 	51	 
	SECTION 15.11. Equitable Relief
	 	 	51	 
	SECTION 15.12. Table of Contents, Headings and Captions
	 	 	52	 
	SECTION 15.13. Counterparts
	 	 	52	 
	SECTION 15.14. Recapitalizations, Exchanges, Etc., Affecting Units, HCA Common Stock
	 	 	52	 

	 	 	 
	SCHEDULE A

	 	MEMBERS’ CONTRIBUTIONS AND UNITS
	 
	 	 
	SCHEDULE B

	 	MANAGERS
	 
	 	 
	EXHIBIT A

	 	FAMILY GROUP

iii

 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

of

HERCULES HOLDING II, LLC

     THE UNDERSIGNED are executing this Amended and Restated Limited Liability Company Agreement of
HERCULES HOLDING II, LLC (the “Company”) as of November 17, 2006.

R E C I T A L S :

     WHEREAS, the Certificate (as defined below) was executed and filed with the Office of the
Secretary of State of the State of Delaware on July 21, 2006, thereby forming the Company as a
limited liability company under and pursuant to the Delaware Limited Liability Company Act (as
amended from time to time, the “Act”);

     WHEREAS, certain of the parties hereto entered into a limited liability company agreement
dated as of July 21, 2006 and now desire to amend and restate that agreement on the terms and
conditions set forth herein;

     NOW, THEREFORE, in consideration of the premises and of the covenants and agreements
hereinafter set forth, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     SECTION 1.1. Definitions. (a) Capitalized terms used herein shall have the following meanings:

     “Affiliate” means, with respect to any Person, an “affiliate” as defined in Rule 405
of the regulations promulgated under the Securities Act.

     “Affiliated Entity” means, with respect to any Member other than a Family Member, any
investment fund or holding company that is directly or indirectly managed or advised by the primary
manager or advisor of such Member or any of its Affiliates or that is otherwise an Affiliate of
such Member, provided, however, that neither HCA nor any of its subsidiaries shall be deemed to be
an Affiliate of any Member (and vice versa).

     “Agreement” means this Amended and Restated Limited Liability Company Agreement as it
may be amended, modified, restated or supplemented from time to time.

     “Bain Group” means Bain Capital Integral Investors 2006, LLC, BCIP TCV, LLC and Bain
Capital Hercules Investors, LLC and their Permitted Transferees, in each case that from time to
time hold any interest in the Company and its Affiliates.

1

 

     “B of A” means Banc of America Capital Investors, L.P. and Banc of America Capital
Investors V, L.P. Bank of America Corporation and its Affiliates are deemed to be Affiliated
Entities of B of A under this Agreement.

     “Capital Account” means, with respect to any Member, the Capital Account maintained
for such Member in accordance with the following provisions:

     (a) To each Member’s Capital Account there shall be credited such Member’s Capital
Contributions on the date paid to the Company, such Member’s allocable share of Net Income
of the Company pursuant to Section 6.2, and the amount of any liabilities of the Company
assumed by such Member or which are secured by any property distributed to such Member.

     (b) From each Member’s Capital Account there shall be debited the amount of cash and
the Gross Asset Value of any property distributed to such Member pursuant to any provision
of this Agreement, such Member’s allocable share of Net Losses of the Company pursuant to
Section 6.2, the amount of any liabilities of such Member assumed by the Company or which
are secured by any property contributed by such Member to the Company.

     (c) In the event any Units in the Company are transferred in accordance with the terms
of this Agreement, the transferee shall succeed to the Capital Account of the transferor to
the extent it relates to the transferred Units.

     (d) In determining the amount of any liability for purposes of subsections (a) and (b)
hereof, there shall be taken into account Code section 752(c) and any other applicable
provisions of the Code and Regulations.

     (e) The foregoing provisions and the other provisions of this Agreement relating to the
maintenance of Capital Accounts are intended to comply with Regulations Sections 1.704-1(b)
and 1.704-2, and shall be interpreted and applied in a manner consistent with such
Regulations. In the event the Board shall reasonably determine that it is prudent to modify
the manner in which the Capital Accounts, or any debits or credits thereto (including debits
or credits relating to liabilities which are secured by contributed or distributed property
or which are assumed by the Company or the Members) are computed in order to comply with
such Regulations, the Board may direct any Member to make such modification. The Board also
shall (i) make any adjustments that are necessary or appropriate to maintain equality
between the Capital Accounts of the Members and the amount of the Company capital reflected
on the Company balance sheet, as computed for book purposes, in accordance with Regulations
Section 1.704-1(b)(2)(iv)(q), and (ii) make any appropriate modifications in the event
unanticipated events might otherwise cause this Agreement not to comply with Regulations
Section 1.704-1(b) or Section 1.704-2.

     “Capital Contributions” means, with respect to any Member, the aggregate amount
contributed from time to time by such Member in respect of any Units. To the extent any

2

 

Member makes any contribution “in-kind”, the Board shall determine in good faith the “amount”
that such Member will be deemed to have contributed.

     “Cause” means, with respect to a Manager, conviction of a felony.

     “Certificate” means the Certificate of Formation of the Company, as it may be amended,
modified, restated or supplemented from time to time, filed on behalf of the Company with the
Office of the Secretary of State of the State of Delaware pursuant to the Act.

     “Certificate of Cancellation” means a Certificate of Cancellation of the Certificate
filed on behalf of the Company with the Office of the Secretary of State of the State of Delaware
pursuant to the Act.

     “Change of Control” has the meaning set forth, as of the date hereof, in the
management stockholders agreement to be entered by the Company and the employees participating in
the HCA equity compensation plan.

     “Citigroup” means Citigroup Capital Partners II 2006, Citigroup Investment L.P.,
Citigroup Capital Partners II Employee Master Fund, L.P., Citigroup Capital Partners II Onshore,
L.P., Citigroup Capital Partners II Cayman Holdings, L.P.,

     “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any
successor federal income tax code.

     “Covered Person” means: (a) each Manager, the Members, the Tax Matters Member or a
liquidating trustee, in each case in his or its capacity as such, (b) any Affiliate of each
Manager, the Members, the Tax Matters Member or a liquidating trustee and (c) any Person of which a
Manager is an officer, director, shareholder, partner, member, employee, trustee, executor,
representative or agent, or any Affiliate, officer, director, shareholder, partner, member,
manager, employee, representative or agent of any of the foregoing, in each case in clauses (a),
(b) and (c), whether or not such Person continues to have the applicable status referred to in such
clauses.

     “Credit Agreement” means the Credit Agreement, dated as of November 17, 2006, among
HCA, Bank of America, N.A., as Administrative Agent, Swingline Lender and Letter of Credit Issuer
and the other parties thereto (as the same may be amended, restated, supplemented or otherwise
modified from time to time.

     “Delayed Equity Amount” has the meaning set forth in the Credit Agreement.

     “Delayed Equity Amount Shortfall” means the difference between the Delayed Equity
Amount and the proceeds received by HCA in connection with its offering of shares of HCA Common
Stock to employees of HCA, which offering is expected to be completed on or prior to March 31,
2007.

     “Disabling Conduct” means, in respect of any Person, an act or omission (a) that
constitutes fraud or willful misconduct by such Person or (b) in the case of any director or
officer, that would constitute a breach of the duty of such director or officer to the Company or

3

 

its Members were the Company a corporation incorporated under Delaware law (and the Members
stockholders of such a corporation) and for which such director or officer would not be entitled to
indemnification under Delaware law (assuming that the Company had elected to indemnify its officers
and directors to the fullest extent permitted under Section 145 of the Delaware General Corporation
Law or any successor provision).

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

     “ERISA Member” means any Member that is (i) an “employee benefit plan” within the
meaning of Section 3(3) of ERISA, (ii) a “plan” within the meaning of Section 4975(e)(1) of the
Code or (iii) a “benefit plan investor” within the meaning of the Plan Asset Regulations.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, and the rules and regulations promulgated pursuant thereto.

     “Family Affiliate” means, with respect to any Family Member, (i) any family member
(including any child, stepchild, grandchild or more remote issue, parent, stepparent, grandparent,
spouse, former spouse, domestic partner, sibling, child of sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, sister-in-law, cousin and adoptive relationships) or
heir, legatee, beneficiary, devisee or estate of such Family Member or (ii) any foundation, trust,
family limited partnership, family limited liability company or other entity created and used for
estate planning purposes, so long as any such foundation, trust, family limited partnership, family
limited liability company or other entity is controlled by, for the benefit of, or owned by one or
more Persons described in clause (i) and/or clause (ii).

     “Family Group” means, as of any date, any of the individuals or entities identified in
Exhibit A hereto and their respective Permitted Transferees that from time to time hold any
interest in the Company and/or HCA.

     “Family Member” means any Member that is a member of the Family Group.

     “Fiscal Year” means the calendar year.

     “Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for
federal income tax purposes, except as follows:

     (a) The initial Gross Asset Value of any asset contributed by a Member to the Company
shall be the gross fair market value of such asset at the time of such contribution, as
reasonably determined by the Board.

     (b) The Gross Asset Value of any of the Company’s assets distributed to a Member shall
be the gross fair market value of such asset on the date of distribution, as reasonably
determined by the Board.

     (c) The Gross Asset Values of all of the Company’s assets shall be adjusted to equal
their respective gross fair market values, as reasonably determined by the Board using such
reasonable method of valuation as it may adopt, as of the times listed below:

4

 

     (i) immediately prior to the acquisition of an additional interest in the
Company by a new or existing Member in exchange for more than a de minimis Capital
Contribution, if it is determined by the Board that such adjustment is necessary or
appropriate to reflect the relative economic interests of the Members in the
Company;

     (ii) immediately prior to the distribution by the Company to a Member of more
than a de minimis amount of the Company’s property as consideration for an interest
in the Company (including upon a sale of HCA Common Stock not in accordance with the
Members’ Percentage Interests), if it is determined by the Board that such
adjustment is necessary or appropriate to reflect the relative economic interests of
the Members in the Company;

     (iii) immediately prior to the liquidation of the Company within the meaning of
Regulations Section 1.704-1(b)(2)(ii)(g) (other than by operation of Section
708(b)(1)(B) of the Code); and

     (iv) immediately prior to such other times as the Board shall reasonably
determine necessary or advisable, in order to comply with Regulations Sections
1.704-1(b) and 1.704-2.

     (d) The Gross Asset Values of the Company assets shall be increased (or decreased) to
reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b)
or Code Section 743(b), but only to the extent that such adjustments are taken into account
in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m);
provided , however , that Gross Asset Values shall not be adjusted pursuant to
this subparagraph (d) to the extent that the Board determines that an adjustment pursuant to
subparagraph (b) or (c) is necessary or appropriate in connection with a transaction that
would otherwise result in an adjustment pursuant to this subparagraph (d).

     (e) If the Gross Asset Value of any of the Company’s assets has been determined or
adjusted pursuant to subparagraph (a), (c) or (d), such Gross Asset Value shall thereafter
be adjusted by the depreciation taken into account with respect to such asset for purposes
of computing Net Income and Net Losses.

     “HCA” means HCA Inc. or any successor thereof.

     “HCA Common Stock” means the common stock, par value $0.01 per share, of HCA.

     “Individual Retirement Account” has the meaning set forth in Section 408(a) of the
Code.

     “Initial Equity Stake” means, with respect to an Investor Member, the Units owned by
such Investor Member immediately following the closing of the acquisition of HCA by the Company.

5

 

     “Interest” means the entire limited liability company interest of a Member in the
Company at any particular time, including the right of such Member to any and all benefits to which
a Member may be entitled as provided in this Agreement, together with the obligations of such
Member to comply with all the terms and provisions of this Agreement. Interests shall be expressed
as a number of Units.

     “Investor Group” means any Sponsor Group or the Family Group.

     “Investor Members” means those Members who are members of an Investor Group.

     “KKR Group” means, as of any date, KKR Millennium Fund L.P., KKR PEI Investments,
L.P., KKR 2006 Fund L.P., KKR Partners III, L.P., OPERF Co-Investment LLC and their respective
Permitted Transferees, in each case, that from time to time hold any interest in the Company and
its Affiliates.

     “Member” means each Person that executes a counterpart of this Agreement as a Member
and becomes a Member as provided herein, so long as such Person continues as a Member and is
reflected as such in the records of the Company, in each case in such Person’s capacity as a member
of the Company, and “Members” means all such Persons.

     “ML Group” means, as of any date, ML Global Private Equity Fund, L.P., Merrill Lynch
Ventures L.P. 2001 and their respective Permitted Transferees, in each case, that from time to time
hold any interest in the Company and its Affiliates.

     “Net Income” or “Net Loss” means, for each Fiscal Year or other period of the
Company, an amount equal to the Company’s taxable income or loss for such Fiscal Year of the
Company or other period, as applicable, determined in accordance with Code Section 703(a) (for this
purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to
Code Section 703(a)(1) shall be included in taxable income or loss), with the following
adjustments:

     (a) Any income of the Company that is exempt from federal income tax and not otherwise
taken into account in computing Net Income or Net Loss pursuant to this definition of Net
Income or Net Loss shall be added to such taxable income or loss;

     (b) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated
as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section
1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net
Loss pursuant to this definition of Net Income or Net Loss shall be subtracted from such
taxable income or loss;

     (c) In the event the Gross Asset Value of any of the Company’s asset is adjusted
pursuant to subparagraph (b) or subparagraph (c) of the definition of Gross Asset Value, the
amount of such adjustment shall be taken into account as gain or loss from the disposition
of such asset for purposes of computing Net Income or Net Loss;

     (d) Gain or loss resulting from any disposition of property with respect to

6

 

which gain or loss is recognized for federal income tax purposes shall be computed by
reference to the Gross Asset Value of the property disposed of, notwithstanding that the
adjusted tax basis of such property differs from its Gross Asset Value;

     (e) Depreciation, amortization, and other cost recovery deductions shall be computed by
reference to the Gross Asset Value of the property if the Gross Asset Value differs from its
adjusted tax basis; and

     (f) To the extent an adjustment to the adjusted tax basis of any of the Company’s
assets pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to
Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital
Accounts as a result of a distribution other than in liquidation of a Member’s interest in
the Company, the amount of such adjustment shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis
of the asset) from the disposition of the asset and shall be taken into account for purposes
of computing Net Income or Net Loss.

     “Non-Profit Participants” means the Frist Foundation, the Frist Center for the Visual
Arts and the Ensworth School.

     “Permitted Transferee” means (a) in respect of a Family Member, a Family Affiliate and
(b) in respect of any other Member, (i) an Affiliated Entity of such Member, (ii) any successor
entity of such Member or (iii) in the case of any member of a Sponsor Group, all other members of
such Sponsor Group; provided, in each case, that such Person has agreed to become a party to this
Agreement pursuant to Section 9.7; provided that an entity of the type described in clause (b) of
the definition of Transfer shall only be a “Permitted Transferee” with respect to the Transfer of
Units to such entity in an amount and at such times as a Transfer of equity interests in such
entity would be permitted by Section 9.1(a).

     “Person” means any individual, corporation, partnership, trust, joint stock company,
business trust, unincorporated association, joint venture or other entity of any nature whatsoever.

     “Plan Asset Regulations” means the regulations issued by the U.S. Department of Labor
at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or
any successor regulations.

     “Proportionate Event” shall mean, at any time that immediately prior thereto there is
more than one Investor Member, the consummation of any transaction or series of related
transactions, whether or not the Company or HCA is a party thereto, that effects a reduction (a
“Proportionate Reduction Event”) or increase (a “Proportionate Increase Event”) in
the number of Units held by each Investor Member that, in the good faith determination of the
Requisite Managers (identified immediately prior to such consummation), is substantially
proportionate with respect to each such Investor Member.

     “Regulations” means the Federal income tax regulations promulgated under the Code, as
such Regulations may be amended from time to time (it being understood that all reference

7

 

herein to specific sections of the Regulations shall be deemed also to refer to any
corresponding provisions of succeeding Regulations).

     “Requisite Members” means Members holding a majority of the outstanding Units,
including at all times for so long as there are at least two Sponsor Groups that each beneficially
own at least 20% of its Initial Equity Stake, at least two of the Sponsor Groups and at any time as
there is only one Sponsor Group that beneficially owns at least 20% of its Initial Equity Stake,
such Sponsor Group.

     “SEC” means the Securities and Exchange Commission or any successor agency.

     “Securities” means capital stock, limited partnership interests, limited liability
company interests, beneficial interests, warrants, options, notes, bonds, debentures, and other
securities, equity interests, ownership interests and similar obligations of every kind and nature
of any Person.

     “Securities Act” means the Securities Act of 1933, as amended from time to time, and
the rules and regulations promulgated pursuant thereto.

     “Sharing Percentage” means, as of any date of determination, with respect to any
Member, a percentage calculated by dividing (x) the aggregate number of Units held by such Member
by (y) the aggregate number of Units of the Company issued and outstanding on such date.

     “Sponsor Group” means, as applicable, (i) the Bain Group, (ii) the KKR Group and (iii)
the ML Group.

     “Sponsor Members” means Members who are members of a Sponsor Group.

     “Substituted Member” means any Person admitted to the Company as a Member pursuant to
the provisions of Section 9.7.

     “Subscription Agreement” means the subscription agreements to acquire Units and/or
shares of HCA Common Stock, executed by members of the Frist Group on or prior to the date of the
acquisition of HCA by the Company.

     “Taxable Year” means the taxable year of the Company determined under Section 706 of
the Code.

     “Transfer” or “Transferred” means any direct or indirect transfer, sale,
assignment, exchange, mortgage, pledge, hypothecation or other disposition of any Units. For the
avoidance of doubt, it shall constitute a “Transfer” subject to the restrictions on Transfer
contained or referenced herein (a) if a transferee is not an individual, a trust or an estate, and
the transferor or an Affiliate (including a Family Affiliate) thereof ceases to control such
transferee or (b) with respect to a holder of Units which was formed for the purpose of holding
Units, there is a Transfer of the equity interests of such holder other than to a Permitted
Transferee of such holder or of the party transferring the equity of such holder.

8

 

     “Unit” shall mean the fractional share of the Interests of all Members. The number of
Units outstanding and the holders thereof are set forth on Schedule A, as Schedule A may be amended
from time to time pursuant hereto.

     (b) As used in this Agreement, each of the following capitalized terms shall have the meaning
ascribed to them in the Section set forth opposite to such term:

	 	 	 	 	 
	Term	 	Section	 
	Act
	 	Recitals
	Board
	 	 	7.1	(a)
	Claims and Expenses
	 	 	8.4	 
	Company
	 	Preamble
	final adjustment
	 	11.2(b)(ii)
	flow-through entity
	 	 	14.1	(e)
	IPO
	 	 	9.1	(a)
	IRS
	 	 	11.2	(a)
	Manager
	 	 	7.1	(a)
	Non-Selling Member
	 	 	9.3	(a)
	Offer Notice
	 	 	9.2	(a)
	Offered Price
	 	 	9.2	(b)(i)
	Offeree
	 	 	9.2	(a)
	Offeror
	 	 	9.2	(a)
	Participating Member
	 	 	9.8	(a)
	Participating Members
	 	 	9.8	(a)
	Participation Share
	 	 	9.2	(e)(i)
	Permitted Distribution
	 	 	9.1	(b)
	Pro Rata Share
	 	 	9.3	(e)(i)
	Proposed Sale
	 	 	9.3	(a)
	Proposed Transferee
	 	 	9.3	(b)(i)
	Purchase Notice
	 	 	9.2	(c)
	Purchasing Members
	 	9.2(b)(ii)
	Selling Member
	 	 	9.3	(a)
	Subject Units
	 	 	9.2	(b)(i)
	Subscription Period
	 	 	9.8	(a)
	Tag Along Notice
	 	 	9.3	(a)
	Tag Along Offer
	 	 	9.3	(c)
	Tag Along Sale Percentage
	 	 	9.3	(b)(i)
	Tag Along Sellers
	 	9.3(b)(ii)
	Tagging Members
	 	9.3(b)(ii)
	Tax Items
	 	 	6.4	 
	Tax Matters Member
	 	 	11.2	(a)
	VCOC Members
	 	 	7.7	(a)

9

 

     SECTION 1.2. Construction. Whenever the context requires, the gender of all words used in this
Agreement includes the masculine, feminine and neuter forms and the singular form of words shall
include the plural and vice versa. All references to Articles and Sections refer to articles and
sections of this Agreement, and all references to Schedules are to Schedules attached hereto, each
of which is made a part hereof for all purposes. Whenever the words “include,” “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” This Agreement shall be construed without regard to any presumption or rule requiring
construction or interpretation against the party drafting or causing any instrument to be drafted.

ARTICLE II

FORMATION AND TERM

     SECTION 2.1. Formation. The Company was formed as a limited liability company under and pursuant
to the provisions of the Act upon the filing of the Certificate. The rights, duties and
liabilities of the Members shall be as provided in the Act, except as otherwise provided in this
Agreement.

     SECTION 2.2. Name. The name of the limited liability company is “Hercules Holding II, LLC”. The
business of the Company may be conducted upon compliance with all applicable laws under any other
name designated by the Board.

     SECTION 2.3. Term. The term of the Company commenced on July 21, 2006 and shall continue in
perpetuity; provided that the Company may be dissolved in accordance with the provisions of this
Agreement or by operation of law. The existence of the Company as a separate legal entity will
continue until filing of the Certificate of Cancellation.

     SECTION 2.4. Principal Place of Business. The principal place of business of the Company shall be
located at, and the Company’s business shall be conducted from, such place or places as the Board
may determine in accordance with Article VII hereof.

     SECTION 2.5. Registered Agent and Office. The Company’s registered agent and office in the State
of Delaware shall be c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange
Street, New Castle County, Wilmington, Delaware 19801. The Board may at any time designate another
registered agent and/or registered office.

     SECTION 2.6. Qualification in Other Jurisdictions; Conduct of Business. The Company shall be
qualified or registered under foreign limited liability company statutes or assumed or fictitious
name statutes or similar laws in any jurisdiction in which the Company owns property or transacts
business to the extent, in the judgment of the Board, such qualification or registration is
necessary or advisable in order to protect the limited liability of the Members or to permit the
Company lawfully to own property or transact business.

10

 

ARTICLE III

PURPOSE AND POWERS

     SECTION 3.1. Purpose and Powers. The Company is formed for the purpose of, and the nature of the
business to be conducted by the Company is, engaging in any lawful act or activity for which
limited liability companies may be formed under the Act and engaging in any activities necessary,
convenient or incidental thereto.

ARTICLE IV

MEMBERS; ADDITIONAL INTERESTS; CONVERSION

     SECTION 4.1. General. The names of, Capital Contributions of, and Units held by the Members are
set forth on Schedule A hereto, effective immediately following the execution of this Agreement. A
Member will cease to be a Member only in the manner described in Section 9.7 and Article XII. The
Board shall amend and revise Schedule A from time to time to properly reflect any changes to the
information included therein, including to reflect the admission or withdrawal of Members or the
making of additional Capital Contributions in each case in accordance with this Agreement. Any
amendment or revision to Schedule A hereto or to the Company’s records that is made solely to
reflect information regarding Members shall not require Member approval.

     SECTION 4.2. Powers of Members. The Members shall have the power to exercise only those rights or
powers granted to the Members pursuant to the express terms of this Agreement. Except as
specifically provided herein or by the Board, the Members shall have no power or authority to act
for or on behalf of, or to bind, the Company.

     SECTION 4.3. Nature of a Member’s Interest. A Member’s Interest (including a Member’s Units) shall
for all purposes be personal property. A Member has no interest in any specific Company property.

     SECTION 4.4. No Other Persons Deemed Members. Unless admitted to the Company as a Member as
provided in this Agreement, no Person shall be, or shall be considered, a Member. In respect of
matters pertaining to Members, the Company shall deal only with Persons so admitted as Members
(including their duly authorized representatives). Notwithstanding any notification to the
contrary, any distribution by the Company to the Person shown on the Company’s records as a Member
or to its legal representatives shall relieve the Company of all liability to any other Person who
may be interested in such distribution by reason of any other Transfer by the Member, or for any
other reason.

     SECTION 4.5. No Cessation of Membership Upon Bankruptcy, etc. A Person shall not cease to be a
Member of the Company upon the happening, with respect to such Person, of any of the events
specified in §18-304 of the Act. Upon the occurrence of any event specified in §18-304 of the Act,
the business of the Company shall be continued pursuant to the terms hereof without dissolution.

11

 

     SECTION 4.6. Admission of Additional Members and Creation of Additional Units.

     (a) Subject to the limitations set forth in this Article IV, in Article VII and Article IX and
in Sections 5.1(b), 13.3 and 15.2, the Company may admit additional Members to the Company, issue
additional Units or create and issue such additional classes or series of Units, having such
designations, preferences and relative, participating or other special rights, powers and duties as
the Board shall determine, including: (i) the right of any such class or series of Units to share
in the Company’s distributions; (ii) the allocation to any such class or series of Units of items
of Net Income, Net Loss, or items of the Company’s income, gains, losses and deductions; (iii) the
rights of any such class or series of Unit upon dissolution or liquidation of the Company; and (iv)
the right of any such class or series of Units to vote on matters relating to the Company and this
Agreement. Upon the issuance pursuant to and in accordance with this Agreement of any class or
series of Units, the Board may, in accordance with, and subject to, Sections 4.1 and 15.2, as
applicable, amend any provision of this Agreement, and authorize any Person to execute,
acknowledge, deliver, file and record, if required, such documents, to the extent necessary or
desirable to reflect the admission of any additional Member to the Company or the authorization and
issuance of such class or series of Unit, and the related rights and preferences thereof.

     (b) No additional Member shall be admitted to the Company (i) in connection with newly issued
Units, unless and until such prospective additional Member has executed a signature page
counterpart to this Agreement and an acceptance of all of the terms and conditions of this
Agreement, and such other documents or instruments as may be required to effect the admission in
the Board’s reasonable judgment or (ii) in connection with a Transfer of a Unit, unless and until
all the conditions of Article IX are satisfied, and such prospective additional member executes and
delivers to the Company the documentation contemplated by Section 9.7.

ARTICLE V

CAPITAL CONTRIBUTIONS; DEFAULT; LIABILITY OF MEMBERS

     SECTION 5.1. Capital Contributions.

     (a) Subject to the terms and provisions of this Agreement, each Person set forth on Schedule A
has agreed to make Capital Contributions to the Company in the respective amounts and form of
consideration and in exchange for the respective number of Units set forth on Schedule A to this
Agreement and to become a Member. The Company shall issue to each Member the respective number of
Units set forth on Schedule A to this Agreement (opposite the name of such Member) upon execution
of this Agreement by such Member and the payment of such Member’s Capital Contribution in the
amount set forth on Schedule A. In the event of any Capital Contribution after the date of the
Company’s acquisition of HCA, the Company shall issue to the Member(s) making such Capital
Contribution Units representing the increased Interests of such Member(s).

12

 

     (b) No member shall be obligated by this Agreement to purchase additional Units or make any
contributions to the capital of the Company, except (i) in the event that the Delayed Equity Amount
Shortfall is in excess of $0 on March 31, 2007, then the Sponsor Members shall be required to make
pro rata Contributions (with their pro rata share determined as if such Members were the only
Members of the Company) equal in the aggregate to the Delayed Equity Amount Shortfall on March 31,
2007 at a price of $51 per Unit; provided that each Sponsor Group may allocate its Capital
Contribution among the members of its group at its discretion, or (ii) as may be expressly agreed
by such Member in writing.

     SECTION 5.2. Liability of Members.

     (a) General. Except as may otherwise be expressly agreed by such Member in writing,
in no event shall any Member (or former Member) be obligated to guarantee any indebtedness or other
obligations of the Company at any time outstanding or have any liability for the repayment or
discharge of the debts and obligations of the Company or for the repayment of any Capital
Contribution of any other Member.

     (b) Liability for Amounts Distributed. The Members hereby agree that, except as
otherwise expressly provided herein or required by applicable Law, no Member shall have an
obligation to return money or other property paid or distributed to such Member whether or not such
distribution was in violation of the Act, except to the extent arising from Disabling Conduct of
such Member. The agreement set forth in the immediately preceding sentence shall be deemed to be a
compromise for purposes of §18-502(b) of the Act. However, if any court of competent jurisdiction
holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any
such return, such obligation shall be the obligation of such Member and not of any other Person.

     SECTION 5.3. Units Uncertificated. Unless and until the Board shall determine otherwise, Units
shall be uncertificated and recorded in the books and records of the Company (including Schedule
A). If at any time the Board shall determine to certificate Units, such certificates will contain
such legends as the Board shall reasonably determine are necessary or advisable.

ARTICLE VI

DISTRIBUTIONS; ALLOCATION OF PROFITS AND LOSSES

     SECTION 6.1. Distributions. Subject to the last sentence of this section, distributions shall be
made to the Members in accordance with their Sharing Percentages. Distributions by the Company will
be made if, when and in such amounts determined by the Board of Directors. Notwithstanding
anything to the contrary contained in this Agreement, distributions to Members shall be subject to
the restrictions contained in the Act. In the event that any shares of HCA Common Stock or other
equity securities are sold by the Company on behalf of a Member in accordance with this Agreement,
proceeds generated from such sale shall be used to redeem a proportionate number of Units from such
Member in order to reflect the change in such Member’s beneficial ownership of HCA Common Stock
following such sale.

13

 

     SECTION 6.2. Allocations. Net Income and Net Loss of the Company shall be determined and allocated
with respect to each Taxable Year by the Board as of the end of each such year and at such other
times as the Board shall determine, provided that such time will allow the Company to meet its
obligations under Section 11.1. Net Income and Net Loss shall be allocated among the Members pro
rata in accordance with their Sharing Percentages, except that, in the case of a sale of HCA Common
Stock or other equity securities not in accordance with the Members’ Sharing Percentages, gain or
loss on the sale of such HCA Common Stock or equity securities shall be allocated among the Members
based upon the shares of HCA Common Stock or equity securities that each Member elects to cause the
Company to sell. In the event that, at any time, the Company owns more than one type of security
of HCA and the Members do not beneficially own each such type in the same proportions, the Members
shall cooperate in good faith to amend the provisions of this Section 6.2 (and any other applicable
provision of this Agreement) as necessary to reflect that Net Income and Net Loss from each such
security shall be allocated in proportion to the Members’ beneficial ownership of such security.

     SECTION 6.3. Tax Allocations. Except as otherwise provided in this Section 6.3, for income tax
purposes each item of income, gain, loss and deduction (collectively, “Tax Items”) shall be
allocated among the Members in the same manner as its correlative item of “book” income, gain, loss
or deduction is allocated pursuant to Section 6.2; provided, (a) in the case of a sale of HCA
Common Stock or other equity securities not in accordance with the Members’ Sharing Percentages
pursuant to Section 9.10, gain or loss on the sale of such HCA Common Stock or equity securities
shall be allocated among the Members based upon the shares of HCA Common Stock or equity securities
that each Member elects to cause the Company to sell and (b) in the case of any Company asset the
Gross Asset Value of which differs from its adjusted tax basis for U.S. federal income tax
purposes, Tax Items with respect to such asset shall be allocated solely for income tax purposes in
accordance with the principles of Sections 704(b) and (c) of the Code (in any permitted manner
determined by the Board) so as to take account of the difference between Gross Asset Value and
adjusted basis of such asset; provided further, any gain or loss on the sale of HCA Common Stock or
other equity securities purchased out of Capital Contributions made other than in accordance with
each Members’ Sharing Percentages pursuant to Section 9.10, shall, to the extent possible, be
allocated to the Members based upon the shares of HCA Common Stock or other equity securities that
each Member elects to cause the Company to sell pursuant to Section 9.10.

ARTICLE VII

MANAGEMENT

     SECTION 7.1. Management Under Direction of the Board.

     (a) Subject to the consent rights of the Members provided in Section 13.3, the business and
affairs of the Company shall be managed and controlled by a board of managers (the “Board”,
and each member of the Board, a “Manager”). The Board shall initially consist of thirteen
individuals and may be decreased as provided below. Except as otherwise provided in this Section,
the Board initially shall consist of three designees of each Sponsor Group, two designees of the
Family Group and two representatives of management of HCA. The initial

14

 

Managers are set forth on Schedule B hereto.

     At each annual or special meeting of holders of Units or the taking of action by written
consent of holders of Units with respect to which any Managers are to be elected, (i) each Sponsor
Group shall have the right (but not the obligation) pursuant to this Agreement to nominate and
cause to be elected to the Board that number of Managers which, when added to the number of
Managers who are then Managers designated by such Sponsor Group and who will continue to serve as
directors without regard to the outcome of the election at such meeting or by such consent, is not
more than (x) three, in the event that, at the applicable time, such Sponsor Group beneficially
owns an amount of outstanding Units which shall equal at least 30% of such Sponsor Group’s Initial
Equity Stake, (y) two, in the event that, at the applicable time, such Sponsor Group collectively
beneficially owns an amount of outstanding Units which shall equal at least 20% of such Sponsor
Group’s Initial Equity Stake or (z) one, in the event that, at the applicable time, such Sponsor
Group collectively, beneficially owns an amount of outstanding Units which shall equal at least 10%
of such Sponsor Group’s Initial Equity Stake and (ii) the Family Group shall have the right (but
not the obligation) pursuant to this Agreement to nominate and cause to be elected to the Board
that number of Managers which, when added to the number of Managers who are then Managers
designated by the Family Group and who will continue to serve as directors without regard to the
outcome of the election at such meeting or by such consent, is not more than (x) two, in the event
that, at the applicable time, the Family Group beneficially owns an amount of outstanding Units
which shall equal at least 20% of the Family Group’s Initial Equity Stake (adjusted to take account
of shares of HCA Common Stock owned directly by the Non-Profit Participants) or (y) one, in the
event that, at the applicable time, the Family Group collectively beneficially owns an amount of
outstanding Units which shall equal at least 10% of the Family Group’s Initial Equity Stake
(adjusted to take account of shares of HCA Common Stock owned directly by the Non-Profit
Participants). The percentages set forth in this clause (a) shall automatically be
proportionately reduced effective immediately prior to any Proportionate Reduction Event, provided,
however, that no such adjustments shall be made to the extent that the effect of such Proportionate
Reduction Event is to offset the effect of any Proportionate Increase Event occurring since the
later of (1) the most recent Proportionate Reduction Event, if any, for which an adjustment was
made pursuant to this sentence and (2) the date of this Agreement. No increase in the number of
Units held by an Investor Member, nor any adjustment to the percentages set forth in this clause
(a) pursuant to the preceding sentence shall entitle the Investor Member in question to designate a
Manager (or an increased number of Managers) if such Investor Member’s right to designate a Member
(or such increased number of Managers) had previously been terminated pursuant to clause (i) or
(ii) above, as applicable.

     (b) In the event that an Investor Group loses its right to designate a Manager, one of such
Investor Group’s designees to the Board shall resign immediately, and the Investor Groups shall
take all action necessary to remove such designee and the size of the Board shall be reduced in
size accordingly.

     (c) Notwithstanding anything to the contrary herein, for as long as an Investor Group
beneficially owns any amount of Units, such Investor Group shall have the right (but not the
obligation) pursuant to this Agreement to have an individual designated by such Investor Group (an
“Observer”) attend all meetings of the Board; provided, however, that such Observer

15

 

shall not have the right to participate in any vote, consent or other action of the Board, nor
shall such Observer’s vote, consent or other action be required for any vote, consent or other
action of the Board.

     (d) An Investor Group’s right to designate Managers may only be assigned (i) in the case of a
Sponsor Group, (x) to a Permitted Transferee that is not a portfolio company of any member of the
Sponsor Group or (y) with the consent (not to be unreasonably withheld or delayed) of a majority of
the non-transferring Investor Groups (based on the number of Units owned by such Investors Groups,
and adjusted to take account of shares of HCA Common Stock owned directly by the Non-Profit
Entities) in connection with a transfer of all of such Sponsor Group’s Units and (ii) in the case
of the Family Group, (x) to a Family Affiliate or (y) with the consent (not to be unreasonably
withheld or delayed) of a majority of the non-transferring Investor Groups (based on the number of
Units owned by such Investors Groups, and adjusted to take account of shares of HCA Common Stock
owned directly by the Non-Profit Entities) in connection with a transfer of all of such Family
Group’s Units (it being understood that in such case all references in this Section 7.1 to such
Investor Group shall thereafter be deemed to be references to such assignee and not to such
Investor Group).

     (e) An Investor Group shall notify the other Investor Groups and the Company of any proposed
designee to the Board.

     (f) Any Manager designated by an Investor Group may be removed (with or without cause) from
time to time and at any time by such Investor Group, upon notice to the Company and the other
Investor Groups, if any, and may be removed by other Investor Groups only for Cause. Any vacancy
on the Board in respect of a Manager designated by an Investor Group may be filled by the Investor
Group entitled to designate such Manager, subject to Section 7.1(e).

     (g) The Requisite Members shall have the power to designate or remove (with or without cause)
any Managers other than those which were designated by a particular Investor Group pursuant to
Section 7.1(a).

     (h) The members of the Board shall be “managers” within the meaning of the Act. Subject to
the consent rights of the Members provided in Section 13.3, the Board shall have full and complete
discretion to manage and control the business and affairs of the Company, to make all decisions
affecting the business and affairs of the Company and to take all such actions as it deems
necessary or appropriate to accomplish the purposes of the Company as set forth herein, including
to exercise all powers of the Company set forth in Section 3.1 of this Agreement. Notwithstanding
anything to the contrary in this Agreement, no Manager, acting solely in its capacity as such,
shall have the right, power or authority to act as an agent of the Company, to bind the Company or
to execute any documents to be signed by the Company unless expressly authorized in writing by the
Board.

     (i) To the fullest extent permitted by law, including Section 18-1101(c) of the Act, each
Manager shall be deemed an agent of the Member who designated such Manager and shall have no duty
(fiduciary or otherwise) to the Company or any Member other than the Member that designated such
Manager.

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     SECTION 7.2. Meetings of the Board. Regular meetings of the Board may be called on at least two
business days notice to each Manager, either personally, by telephone, by mail, by telecopier, by
electronic mail or by any other means of communication reasonably calculated to give notice, at
such times and at such places as shall from time to time be determined by the Board, or the
chairman thereof (if any), as applicable. Any two Managers (who must not both have been designated
by a single Investor Group) may call a special meeting of the Board on not less than two business
days’ notice to each other Manager, either personally, by telephone, by mail, by telecopier, by
electronic mail or by any other means of communication reasonably calculated to give notice.
Notice of a special meeting need not be given to any Manager if a written waiver of notice,
executed by such Manager before or after the meeting, is filed with the records of the meeting, or
to any Manager who attends the meeting without protesting the lack of notice prior thereto or at
its commencement. The notice shall state the purposes of the meeting.

     SECTION 7.3. Quorum and Acts of the Board and Committees. At all duly called meetings of the Board
or committees thereof, a majority of the total number of Board or committee members (including at
least one designee of each Investor Group that is entitled at that time to designate, and has
designated, a Manager, unless such requirement is waived by a designee of the applicable Investor
Group), shall constitute a quorum for the transaction of business. If a quorum shall not be
present at any meeting of the Board or a committee, the Board or committee members present thereat
may adjourn the meeting from time to time, without notice other than announcement at the meeting,
until a quorum shall be present; provided, however, that for any such reconvened meeting, a
majority of the total number of Board or committee members (without regard to whether at least one
designee of each Investor Group that is entitled at that time to designate, and has designated, a
Manager, is present) shall constitute a quorum for the transaction of business; provided further,
however, that notice for any reconvened meeting shall have been given in accordance with Section
7.2. No action may be taken by the Board or any committee thereof under this Agreement or the Act
without the consent of a majority of the Managers that are members of such body (including, for so
long as there are at least two Sponsor Groups entitled to designate Managers to the Board, the
consent of a Manager designated by each of at least two Sponsor Groups and if there is only one
Sponsor Group, such Sponsor Group) (the “Requisite Managers”). Each Board or committee
member shall be entitled to one vote; provided , that, except to the extent prohibited by
law, any Manager shall be entitled to vote on behalf of another Manager if such other Manager is
not present at a meeting of the Board or a committee and has given a proxy to vote at the
applicable meeting to the attending Manager. Any instrument or writing executed on behalf of the
Company by any one or more of the members of the Board shall be valid and binding upon the Company
when authorized by the Board in accordance with this Section 7.3.

     SECTION 7.4. Telephonic or Video Communications. Members of the Board may participate in a meeting
of the Board by means of conference telephone, video conference or similar communications equipment
by means of which all persons participating in the meeting can hear and speak to each other, and
such participation in a meeting shall constitute presence in person at the meeting.

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     SECTION 7.5. Action by Consent. Any action required or permitted to be taken at any meeting of the
Board may be taken without a meeting and without a vote, if a consent or consents in writing
(including by email), setting forth the action so taken, shall be signed by the Requisite Managers
(provided, that for such purposes an electronic signature shall be valid); provided that no action
by written consent shall be taken without 48 hours (including at least one Business Day) prior
notice to all of the Managers. Notice of a consent need not be given to any Manager if a written
waiver of notice, executed before or after the consent is executed is filed with the consent.

     SECTION 7.6. HCA Directors. The Company and the Members shall take all action required to ensure
that (a) each of the Managers are also members of the board of directors (or similar governing
body) of HCA and, at their request, subsidiaries thereof subject to any legal or regulatory
restrictions and (b) that the applicable organizational and governing documents for HCA (including
its committees) contain provisions substantially similar to those set forth in Section 7.3. The
Company’s vote as a stockholder of HCA with respect to any matter requiring stockholder approval
will be determined by the Board of the Company, in accordance with this Agreement.

     SECTION 7.7. VCOC Members; Information Rights.

     (a) With respect to each Sponsor Member, and at the request of a Sponsor Member, each
Affiliate thereof that directly or indirectly has an interest in the Company, in each case that is
intended to qualify as a “venture capital operating company” as defined in the Plan Asset
Regulations (each, a “VCOC Member”), for so long as the VCOC Member, directly or through
one or more conduit subsidiaries, continues to hold any Units, without limitation or prejudice of
any of the rights provided to the Members hereunder, the Company shall, with respect to each such
VCOC Member:

     (i) Provide such VCOC Member or its designated representative with:

     (A) the right to visit and inspect any of the offices and properties of the
Company and its Subsidiaries and inspect and copy the books and records of the
Company and its Subsidiaries, as the VCOC Member shall reasonably request;

     (B) as soon as available and in any event within 45 days after the end of each
of the first three quarters of each fiscal year of the Company, consolidated balance
sheets of the Company and its Subsidiaries as of the end of such period, and
consolidated statements of income and cash flows of the Company and its Subsidiaries
for the period then ended prepared in conformity with generally accepted accounting
principles in the United States applied on a consistent basis, except as otherwise
noted therein, and subject to the absence of footnotes and to year-end adjustments;

     (C) as soon as available and in any event within 90 days after the end of each
fiscal year of the Company, a consolidated balance sheet of the Company and its
Subsidiaries as of the end of such year, and consolidated

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statements of income and cash flows of the Company and its Subsidiaries for the
year then ended prepared in conformity with generally accepted accounting principles
in the United States applied on a consistent basis, except as otherwise noted
therein, together with an auditor’s report thereon of a firm of established national
reputation; and

     (D) copies of all materials provided to the Board, provided, that the Company
shall be entitled to exclude portions of such materials to the extent providing such
portions would be reasonably likely to result in the waiver of attorney-client
privilege.

provided, that for purposes of this clause (a)(i), each of Dr. Frist, as the
representative of the Family Group, the ML Group, Citigroup Capital Partners II
2006, as the representative of Citigroup, and Banc of America Capital Investors,
L.P., as the representative of B of A, shall be considered a VCOC Member for so long
as it directly or through one or more conduit subsidiaries, continues to hold any
Units.

     (ii) Make all senior management and other appropriate personnel of the Company
available periodically and at such times as reasonably requested by the VCOC Member for
consultation with the VCOC Member or its designated representative with respect to matters
relating to the business and affairs of the Company and its Subsidiaries, including
significant changes in management personnel and compensation of employees, introduction of
new products or new lines of business, important acquisitions or dispositions of plants and
equipment, significant research and development programs, the purchasing or selling of
important trademarks, licenses or concessions or the proposed commencement or compromise of
significant litigation;

     (iii) To the extent that such VCOC Member does not have the direct right to designate a
Manager, give the VCOC Member the right to designate one non-voting board observer who will
be entitled to attend all meetings of the Board, participate in all deliberations of the
Board and receive copies of all materials provided to the Board, provided that such observer
shall have no voting rights with respect to actions taken or elected not to be taken by the
Board, and provided, further, that the Company shall be entitled to exclude such observer
from such portions of a Board meeting to the extent such observer’s presence would be
reasonably likely to result in the waiver of attorney-client privilege or if the matter to
be discussed at such Board meeting is one in which such VCOC Member has a conflict of
interest with the Company;

     (iv) To the extent consistent with applicable law (and with respect to events which
require public disclosure, only following the Company’s public disclosure thereof through
applicable securities law filings or otherwise), inform the VCOC Member or its designated
representative in advance with respect to any significant corporate actions, including
extraordinary dividends, mergers, acquisitions or dispositions of assets, issuances of
significant amounts of debt or equity and material amendments to the organizational
documents of the Company, and to provide the VCOC Member or its

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designated representative with the right to consult with the Company with respect to
such actions; and

     (v) Provide the VCOC Member or its designated representative with such other rights of
consultation which the VCOC Member’s counsel may determine to be reasonably necessary under
applicable legal authorities promulgated after the date hereof to qualify its investment in
the Company as a “venture capital investment” for purposes of the Plan Assets Regulation.

     (b) The Company agrees to consider, in good faith, the recommendations of the VCOC Member or
its designated representative in connection with the matters on which it is consulted as described
above, recognizing that the ultimate discretion with respect to all such matters shall be retained
by the Company.

     SECTION 7.8. Outside Businesses and Corporate Opportunities.

     (a) (i) any Member, any Manager or any Affiliate of the foregoing may engage in or possess an
interest in other investments, business ventures or Persons of any nature or description,
independently or with others, similar or dissimilar to, or that compete with, the investments or
business of the Company or its subsidiaries, and may provide advice and other assistance to any
such investment, business venture or Person, (ii) the Company and the Members shall have no rights
by virtue of this Agreement in and to such investments, business ventures or Persons or the income
or profits derived therefrom, and (iii) the pursuit of any such investment or venture, even if
competitive with the business of the Company, shall not be deemed wrongful or improper.

     (b) None of the Members, the Managers or any Affiliate thereof shall be obligated to present
any particular investment or business opportunity to the Company even if such opportunity is of a
character that, if presented to the Company, could be pursued by the Company, and any Member, any
Manager or any Affiliate thereof shall have the right to pursue for its own account (individually
or as a partner or fiduciary) or to recommend to others any such particular investment opportunity.

     (c) Nothing in this Section 7.8 as it relates to (i) any employee or former employee shall
limit the obligations of such Person under any other agreements with the Company or its
subsidiaries or under any policy of the Company or its subsidiaries to which such Person may be
subject from time to time, or (ii) any Member or Manager shall limit the obligations of any such
Member which is, or has an Affiliate which is, subject to confidentiality or non-competition or
similar obligations to the Company or its subsidiaries under any other agreements (including
Section 15.3 hereof).

     (d) No amendment or repeal of this Section 7.8 shall apply to or have any effect on the
liability or alleged liability of any officer or any Manager for or with respect to any
opportunities of which any such Manager becomes aware prior to such amendment or repeal.

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     (e) The Company shall cause the organizational documents of its material subsidiaries (as
determined by the Board) to include provisions substantially similar to this Section 7.8.

     SECTION 7.9. Committees of the Board. The Board shall establish an Audit Committee and a
Compensation Committee and any other committee of the Board that may be formed upon the approval of
the Board, the authority of each to be determined from time to time by the Board. Each Investor
Group shall be entitled to appoint one member to each committee of the Board; provided, however,
that an Investor Group shall lose such right at such time as it is no longer entitled to designate
at least two Managers or except as required by law and, provided, further, that the Board shall not
delegate substantially all of its responsibility or authority to any committee at such time as one
or more Investor Groups is not entitled to representation on such committee, but is still entitled
to designate a Manager. Additional members of each committee, if any, shall be as appointed by the
Board.

ARTICLE VIII

LIABILITY, EXCULPATION, INDEMNIFICATION AND INSURANCE

     SECTION 8.1. Liability. To the fullest extent permitted by law, the debts, obligations and
liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the
debts, obligations and liabilities of the Company, and no Covered Person shall be obligated
personally for the repayment, satisfaction or discharge of any such debt, obligation or liability
of the Company solely by reason of being a Covered Person. All Persons dealing with the Company
shall have recourse solely to the assets of the Company for the payment of debts, obligations or
liabilities of the Company.

     SECTION 8.2. Duties and Liabilities of Covered Persons. No Covered Person shall be liable or
accountable in damages or otherwise to the Company or to any Member for any loss or liability
arising out of any act or omission on behalf of the Company taken or omitted by such Covered
Person, so long as such act or omission did not constitute Disabling Conduct.

     SECTION 8.3. Exculpation.

     (a) To the fullest extent permitted by law, and except as otherwise expressly provided herein,
no Covered Person shall be liable to the Company or any Member for any Claims and Expenses (as
defined below) arising out of any act or omission of such Covered Person on behalf of the Company
to the extent that such act or omission did not constitute Disabling Conduct.

     (b) A Covered Person shall be fully protected in relying in good faith upon the records of the
Company and upon such information, opinions, reports or statements presented to the Company by any
Person as to matters the Covered Person believes are within such other Person’s professional or
expert competence and who has been selected with reasonable care by or on behalf of the Company,
including information, opinions, reports or statements as to the value and amount of assets,
liabilities, profits or losses or any other facts pertinent to the existence and amount of assets
from which distributions to Members might properly be paid.

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     SECTION 8.4. Indemnification. To the fullest extent permitted by applicable law, the Company
shall, and shall cause its controlled Affiliates to, indemnify and hold harmless each of the
Covered Persons from and against any and all liabilities, obligations, losses, damages, fines,
taxes and interest and penalties thereon (other than taxes based on fees or other compensation
received by such Covered Person from the Company), claims, demands, actions, suits, proceedings
(whether civil, criminal, administrative, investigative or otherwise), costs, expenses and
disbursements (including reasonable and documented legal and accounting fees and expenses, costs of
investigation and sums paid in settlement) of any kind or nature whatsoever (collectively,
“Claims and Expenses”) which may be imposed on, incurred by or asserted at any time against
such Covered Person in connection with the business or affairs of the Company or its controlled
Affiliates or the activities of such Covered Person on behalf of the Company; provided, that a
Covered Person shall not be entitled to indemnification hereunder against Claims and Expenses that
are finally determined by a court of competent jurisdiction to have resulted from such Covered
Person’s Disabling Conduct; provided, further, that indemnification hereunder and the advancement
of expenses under Section 8.5 shall be recoverable only from the assets of the Company and its
controlled Affiliates and not from assets of the Members. The Company shall cause its material
subsidiaries (as determined by the Board) to execute a joinder agreeing to assume responsibility
for their respective obligations pursuant to this Section 8.4 and Section 8.5.

     SECTION 8.5. Advancement of Expenses. To the fullest extent permitted by applicable law, the
Company shall, and shall cause its controlled Affiliates to, pay the expenses (including reasonable
legal fees and expenses and costs of investigation) incurred by a Covered Person in defending any
claim, demand, action, suit or proceeding contemplated in Section 8.4 (other than a claim, demand,
action, suit or proceeding brought by the Company against a Member for such Member’s material
breach or violation of this Agreement) as such expenses are incurred by such Covered Person and in
advance of the final disposition of such matter, provided that such Covered Person undertakes to
repay such expenses if it is determined by agreement between such Covered Person and the Company
or, in the absence of such an agreement, by a final judgment of a court of competent jurisdiction
that such Covered Person is not entitled to be indemnified pursuant to Section 8.4.

     SECTION 8.6. Notice of Proceedings. Promptly after receipt by a Covered Person of notice of the
commencement of any proceeding against such Covered Person, such Covered Person shall, if a claim
for indemnification in respect thereof is to be made against the Company, give written notice to
the Board of the commencement of such proceeding, provided that the failure of a Covered Person to
give notice as provided herein shall not relieve the Company of its obligations under Sections 8.4
and 8.5, except to the extent that the Company is prejudiced by such failure to give notice. In
case any such proceeding is brought against a Covered Person (other than a proceeding by or in the
right of the Company), after the Company has acknowledged in writing its obligation to indemnify
and hold harmless the Covered Person, the Company will be entitled to assume the defense of such
proceeding; provided , that (i) the Covered Person shall be entitled to participate in such
proceeding and to retain its own counsel at its own expense and (ii) if the Covered Person shall
give notice to the Company that in its good faith judgment certain claims made against it in such
proceeding could have a material adverse effect on the Covered Person or its Affiliates other than
as a result of monetary damages, the

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Covered Person shall have the right to control (at its own expense and with counsel reasonably
satisfactory to the Company) the defense of such specific claims with respect to the Covered Person
(but not with respect to the Company or any other Member); and provided , further ,
that if a Covered Person elects to control the defense of a specific claim with respect to such
Covered Person, such Covered Person shall not consent to the entry of a judgment or enter into a
settlement that would require the Company to pay any amounts under Section 8.4 without the prior
written consent of the Company, such consent not to be unreasonably withheld. After notice from
the Company to such Covered Person acknowledging the Company’s obligation to indemnify and hold
harmless the Covered Person and electing to assume the defense of such proceeding, the Company will
not be liable for expenses subsequently incurred by such Covered Person in connection with the
defense thereof. Without the consent of such Covered Person, the Company will not consent to the
entry of any judgment or enter into any settlement that (i) does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Covered Person of a release from all
liability arising out of the proceeding and claims asserted therein or, (ii) requires or involves
any admission on the part of the Covered Person and (iii) requires the Covered Person to take any
action or to forego taking any action. Any decision that is required to be made by the Company
pursuant to Section 8.4 or 8.5 or this Section 8.6 shall be made on behalf of the Company by the
affirmative vote of a majority of the Managers who are not Covered Persons; provided that if all
such Managers are less than a quorum, they shall be deemed to constitute a quorum.

     SECTION 8.7. Insurance. The Company may, or may cause a controlled Affiliate to, purchase and
maintain directors and officers insurance, to the extent and in such amounts as the Board may, in
its discretion, deem reasonable.

ARTICLE IX

TRANSFERABILITY OF UNITS; PREEMPTIVE RIGHTS

     SECTION 9.1. General Transfer Restrictions.

     (a) A Member may only Transfer its Units as follows:

     (i) During the period commencing on the date hereof and ending on the earlier of (x) the
completion of an initial public offering of equity securities in the Company (or any successor
thereto), HCA or any other subsidiary of the Company pursuant to a registration statement effective
under the Securities Act (“IPO”) and (y) the fifth anniversary of the date hereof,

     (A) to a Permitted Transferee of such Member (subject to the provisions of Sections
9.1(b), 9.4, 9.6, 9.7, 9.9 and 9.10); or

     (B) with the written consent of the Board (subject to the provisions of Sections
9.1(b), 9.2, 9.3, 9.4, 9.6, 9.7, 9.9 and 9.10);

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     (ii) During the period commencing after the fifth anniversary of the date hereof (if no IPO
has yet been completed) and ending on the completion of an IPO, if any, subject only to the
provisions of Sections 9.1(b), 9.2, 9.3, 9.4, 9.6, 9.7, 9.9 and 9.10.

     (iii) During the period commencing after the completion of an IPO (whether before or after the
fifth anniversary of the date hereof):

     (A) to a Permitted Transferee (subject to the provisions of Sections 9.5, 9.6, 9.7, 9.9
and 9.10);

     (B) in a Transfer pursuant to the Registration Rights Agreement (subject to the
provisions of Sections 9.5, 9.6, 9.9 and 9.10); or

     (C) with the consent of the Coordination Committee or as otherwise permitted under the
provisos contained in Section 9.5(a) (subject to the provisions of Sections 9.6, 9.7, 9.9
and 9.10).

     Notwithstanding anything to the contrary in the foregoing, at any time prior to June 30, 2007,
a Transfer by a member, stockholder or partner of a Member of the sort described in clause (b) of
the definition of “Transfer” of such Person’s beneficial interest in any Units to another member,
stockholder or partner of such Member or any other Member that is in the same Investor Group shall
not be considered a Transfer restricted by this Section 9.1(a) or a Transfer subject to Sections
9.2, 9.3, 9.4 and 9.5 hereof if, following such Transfer, the Member is not in violation of any
other provision of this Agreement, including its representations and warranties and provided that,
in the aggregate, all such Transfers by members of each Investor Group do not exceed $200 million.
Notwithstanding anything to the contrary in this Agreement, in no event will the Transfer of equity
securities of Merrill Lynch & Co., Inc., Bank of America Corporation or Citigroup, Inc. constitute
a “Transfer” for purposes of this Agreement.

     (b) Notwithstanding anything to the contrary in this Agreement, prior to an IPO, no Units may
be Transferred to a Competitor without the consent of the Board. A “Competitor” shall mean (i)
Person that is determined, in good faith, by the Board to be a competitor of HCA or any of its
subsidiaries in any material respect or a potential Competitor in HCA or any of its subsidiaries
and (ii) any Affiliate of any such Person specified in clause (i). If any Member proposes to
Transfer any Units to a transferee, the Member shall furnish a written notice to the Board at least
ten business days prior to such proposed Transfer. Such notice shall set forth the principal terms
of the proposed Transfer, including (A) the number of Units to be Transferred, (B) the per share
purchase price or the formula by which such price is to be determined and (C) the name and address
of the prospective transferee. If the prospective transferee (or an Affiliate thereof) has
previously been determined by the Board to be a Competitor and such determination has not been
reversed by written notice to all Members, the Member proposing such transfer shall not Transfer
any Units to such prospective transferee without the written approval of the Board. If the
prospective transferee (and any Affiliate thereof) has not previously been determined by the Board
to be a Competitor, the Member proposing such Transfer may Transfer Units to such prospective
transferee unless, within seven business days after the date of delivery of the notice required by
the second preceding sentence, the Board delivers written notice to the Member proposing such
Transfer that such prospective

24

 

transferee has been designated a Competitor. If, within such time period, a notice
designating such prospective transferee a Competitor is delivered, then the Member proposing such
Transfer shall not Transfer any Units to such prospective transferee without the approval of the
Board. In the event any proposed Transfer to a Competitor is approved in accordance with the
foregoing, (i) such approval shall also apply to Transfers made to such prospective transferee by
any Tag Along Sellers and (ii) such Transfer must nevertheless comply with Section 9.1(a).
Notwithstanding anything in this Agreement to the contrary, the restrictions in this Section 9.1(b)
shall not apply to any Transfers (w) to the Company or any of its subsidiaries, (x) to any Investor
Member, (y) to any Affiliated Entity of any Sponsor Member, Citigroup or B of A or (z) to a
Permitted Transferee in connection with the death or incapacity of any Member who is a natural
person.

     (c) Any purported Transfer in violation of this Agreement shall be null and void, and the
Company shall not in any way give effect to any such impermissible Transfer.

     SECTION 9.2. Right of First Offer.

     (a) Prior to making any Transfer of Units, a Member shall comply with the provisions of this
Section 9.2. If any Member (the “Offeror”) proposes to Transfer any or all of such
Member’s Units in accordance with Section 9.1 (other than to a Permitted Transferee or any Transfer
by a Tagging Member pursuant to Section 9.3, or any Transfer that comprises a Required Sale
pursuant to Section 9.4), including any Transfer to another Member who is not a Permitted
Transferee, then the Offeror shall furnish to each Investor Member who is not an Offeror and, if
the Offeror is an Investor Member, who is not a member of the Offeror’s Investor Group (each, an
“Offeree”), a written notice of such proposed Transfer (an “Offer Notice”).

     (b) The Offer Notice will include:

     (i) (A) the number of Units proposed by the Offeror to be Transferred (the “Subject
Units”), (B) the per Unit purchase price which the Offeror is prepared to Transfer such
Units (the “Offered Price”), (C) the proposed Transfer date, if known and (D) all
other material terms and conditions, if any, proposed by Offeror; and

     (ii) an irrevocable offer to each Offeree to purchase (Offerees who so elect to
purchase being “Purchasing Members”) any number of the Subject Units at the Offered
Price and on the other material terms and conditions specified therein.

     (c) Each Purchasing Member who wishes to purchase Subject Units pursuant to the right of first
offer provided by this Section 9.2 must, within ten business days following the date of delivery of
the Offer Notice, deliver a notice (the “Purchase Notice”) to the Offeror indicating its
irrevocable offer to purchase a specified number of the Subject Units (not to exceed the number of
Subject Units) it is offering to purchase at the Offered Price and other material terms in the
Offer Notice. Each Offeree who does not deliver a Purchase Notice in compliance with the above
requirements, including the time period, shall be deemed to have waived all of such Offeree’s
rights with respect to the offer contained in the Offer Notice.

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     (d) If the aggregate number of Units offered to be purchased by Purchasing Members as set
forth in their Purchase Notices does not equal or exceed the number of the Subject Units, the
Offeror shall provide notice of such shortfall to the Purchasing Members. Each Purchasing Member
shall provide notice to the Offeror within two business days of receipt of such notice from the
Offeror if it wishes to purchase all or any portion of the Subject Units comprising such shortfall.
In the event that, after such two additional business days, the aggregate number of Units offered
to be purchased by the Purchasing Members still does not equal or exceed the number of Subject
Units, the Offeror may, subject to the other provisions of this Article IX, not later than 90 days
after the date of the Offer Notice, as such period may be extended to obtain any required
regulatory approvals, Transfer the Subject Units, at a per Unit cash purchase price not less than
the Offered Price, and if any other material terms and conditions are identified in the Offer
Notice, on those terms and conditions (or those terms and conditions modified in a manner which are
not more favorable to the transferee), without any further obligation to the Offerees pursuant to
this Section 9.2 (but subject to compliance with Section 9.3). If, at the end of such 90-day
period, as such period may be extended to obtain any required regulatory approvals (and subject to
the preceding sentence), the Offeror has not completed the Transfer of the Subject Units as
aforesaid or to the Purchasing Members, the Purchasing Members shall be released from their
obligations under their irrevocable offer (unless such failure to complete the Transfer was due to
the failure of such Purchasing Member to perform its obligations under this Section 9.2) and the
restrictions on transfer contained herein shall again be in effect with respect to such Units.

     (e) If the aggregate number of Units offered to be purchased by Purchasing Members as set
forth in their Purchase Notices equals or exceeds the number of the Subject Units, the Offeror
shall sell to each Purchasing Member a number of Subject Units calculated as follows:

     (i) First there shall be allocated to each Purchasing Member a number of Subject Units
equal to the lesser of (A) the number of Units such Purchasing Member has offered to
purchase in its Purchase Notice and (B) the number of Units determined by multiplying (x)
the number of Subject Units by (y) a fraction the numerator of which is the number of Units
owned by such Purchasing Member and the denominator of which is the total Units owned by all
Purchasing Members (the “Participation Share”); and

     (ii) Any remaining Subject Units shall be allocated to those Purchasing Members that
offered to purchase in excess of their Participation Share, pro rata to such Purchasing
Members based upon each such Purchasing Members’ relative Participation Shares or as such
Purchasing Members may otherwise agree.

The Offeror shall notify all Purchasing Members of the results of such calculations by the
fifteenth business day following delivery of the Offer Notice and concurrently therewith shall
furnish a Tag Along Notice pursuant to Section 9.3(a) to any member of an Investor Group which does
not contain a Purchasing Member or an Offeror. If no Member delivers a Tag Along Offer in
accordance with Section 9.3(c), then the Purchasing Members and the Offeror shall arrange a
mutually convenient time (not later than 60 days after the date of the Offer Notice, as such period
may be extended to obtain any required regulatory approval) to consummate the purchase and sale of
the Subject Units and, at that time, the Purchasing Members shall pay to the

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Offeror the Offer Price for each of the Subject Units which are being purchased, paid by wiring
same day funds upon the instructions of the Offeror against delivery to the Purchasing Members of
the Subject Units, as applicable.

     (f) The receipt of consideration by any Offeror selling Units in payment for the transfer of
such Units pursuant to this Section 9.2 shall be deemed a representation and warranty by such
Offeror that: (i) such Offeror has full right, title and interest in and to such Units; (ii) such
Offeror has all necessary power and authority and has taken all necessary actions to sell such
Units as contemplated by this Section 9.2; and (iii) such Units are free and clear of any and all
liens or encumbrances except pursuant to this Agreement.

     (g) The provisions of this Section 9.2 shall terminate upon the completion of an IPO.

     SECTION 9.3. Tag-Along Rights.

     (a) Subject to prior compliance with Section 9.2, if any Member (a “Selling Member”)
proposes to Transfer any or all of such Member’s Units in accordance with Section 9.1 (other than
to a Permitted Transferee or in a transaction subject to Section 9.4), including any Transfer
pursuant to Section 9.2 or to the Company or to another Member who is not a Permitted Transferee (a
“Proposed Sale”), then the Selling Member shall furnish to each Member who is not the
Selling Member, a Proposed Transferee, a Purchasing Member or, if the Selling Member or Proposed
Transferee is an Investor Member, who is not a member of such Selling Member’s or Proposed
Transferee’s Investor Group (each, a “Non-Selling Member”), a written notice of such
Proposed Sale (the “Tag Along Notice”).

     (b) The Tag Along Notice will include:

     (i) the material terms and conditions of the Proposed Sale, including (A) the number of
Units proposed to be so Transferred, (B) the name and address of the Proposed Transferee
(the “Proposed Transferee”), (C) the proposed amount and form of consideration, (D)
the fraction, expressed as a percentage, determined by dividing the number of Units to be
purchased from the Selling Member by the total number of Units held by the Selling Member
and, if applicable, other members of the Selling Member’s Investor Group (the “Tag Along
Sale Percentage”) and (E) the proposed Transfer date, if known; and

     (ii) an invitation to each Non-Selling Member to make an offer (Non-Selling Members who
elect to make such an offer being “Tagging Members”, and, together with the Selling
Member, the “Tag Along Sellers”) to include in the Proposed Sale to the applicable
Proposed Transferee(s) Units held by such Tagging Members (not in any event to exceed the
Tag Along Sale Percentage of the total number of Units held by such Tagging Member). The
Selling Member will deliver or cause to be delivered to each Tagging Member copies of all
transaction documents relating to the Proposed Sale as the same become available.

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     (c) Each Tagging Member must exercise the tag-along rights provided by this Section 9.3 within
ten business days following delivery of the Tag Along Notice by delivering a notice (the “Tag
Along Offer”) to the Selling Member indicating its desire to exercise its rights and specifying
the number of Units it desires to Transfer (not in any event to exceed the Tag Along Sale
Percentage of the total number of Units held by such Tagging Member). Each Tagging Member who does
not make a Tag Along Offer in compliance with the above requirements, including the time period,
shall be deemed to have waived all of such Tagging Member’s rights with respect to such Proposed
Sale, and the Tag Along Sellers shall thereafter be free to Transfer the Units to the Proposed
Transferee, for the same form of consideration, at a per Unit price no greater than the per Unit
price set forth in the Tag Along Notice and on other terms and conditions which are not materially
more favorable to the Selling Members than those set forth in the Tag Along Notice. In order to be
entitled to exercise its right to sell Units to the Proposed Transferee pursuant to this Section
9.3, each Tagging Member must agree to make to the Proposed Transferee the same representations,
warranties, covenants (other than, (i) in the case of a Sponsor Member, Citigroup or B of A,
non-compete and non-solicitation covenants that bind Affiliates of the Sponsor Members, Citigroup
or B of A (other than the Company and its controlled Affiliates) that (A) in the case of the Bain
Group, the KKR Group, Citigroup and B of A, are not engaged in the private equity business, and (B)
in the case of the ML Group, are not expressly part of the Global Private Equity Division of
Merrill Lynch & Co., Inc. of which Nathan Thorne currently is the President, and (ii) in the case
of a Family Member, licenses, employment or consulting agreements and, with respect to Family
Members not involved in the management of the Company, non-compete and non-solicitation covenants),
indemnities and agreements as the Selling Member agrees to make in connection with the Proposed
Sale and to take or cause to be taken all other actions as may be reasonably necessary to
consummate the Proposed Sale; provided that (x) unless otherwise agreed, a Tagging Member
shall not be required to make representations and warranties or covenants or provide indemnities as
to any other Member (other than Permitted Transferees of such Tagging Member) and (y) any liability
relating to representations and warranties (and related indemnities), covenants or other
indemnification obligations regarding the business of the Company in connection with the Proposed
Sale shall be shared by all Tagging Members and the Selling Member pro rata in proportion to the
number of Units actually being Transferred by each of those Members and in any event shall not
exceed the proceeds received by such Tagging Member in the Proposed Sale. Each Tagging Member will
be responsible for its proportionate share of the costs of the Proposed Sale to the extent not paid
or reimbursed by the Proposed Transferee.

     (d) The offer of each Tagging Member contained in such Tagging Member’s Tag Along Offer shall
be irrevocable, and, to the extent such offer is accepted, such Tagging Member shall be bound and
obligated to Transfer in the Proposed Sale on the same terms and conditions, with respect to each
Unit Transferred, as the Selling Member, up to such number of Units as such Tagging Member shall
have specified in its Tag Along Offer; provided , however , that if the material
terms of the Proposed Sale change with the result that the per share price shall be less than the
per share price set forth in the Tag Along Notice, the form of consideration shall be different or
the other terms and conditions shall be materially less favorable to the Tag Along Sellers than
those set forth in the Tag Along Notice, each Tagging Member shall be permitted to withdraw the
offer contained in such holder’s Tag Along Offer by written notice to the Selling Member and upon
such withdrawal shall be released from such holder’s obligations. If there are

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any Tagging Members, the Selling Member shall not Transfer any Units except at a per Unit
price and on other terms and conditions as are no more favorable to the Selling Member and its
Affiliates than to the Tagging Members and their Affiliates.

     (e) The Selling Member shall attempt to obtain the inclusion in the Proposed Sale of the
entire number of Units which the Tag Along Sellers requested to have included in the Proposed Sale.
However, to the extent the Selling Member is unable to do so, the Tag Along Sellers shall be
entitled to sell in the Proposed Sale a number of Units calculated as follows:

     (i) First there shall be allocated to each Tag Along Seller a number of Units equal to
the lesser of (A) the number of Units such Tag Along Seller has offered to sell in the Tag
Along Offer (or specified in the Tag Along Notice in the case of the Selling Member) and (B)
the number of Units determined by multiplying (x) the number of Units subject to the
Proposed Sale by (y) a fraction the numerator of which is the number of Units owned by such
Tag Along Seller and the denominator of which is the total Units owned by all Tag Along
Sellers (including, for purposes of this clause (i) and clause (ii) persons participating in
such sale as tag-along sellers pursuant to other agreements) (the “Pro Rata Share”);
and

     (ii) Any remaining Units subject to the Offer shall be allocated to the Tag Along
Sellers that offered to sell in excess of their Pro Rata Share, pro rata to such Tag Along
Sellers based upon such Tag Along Sellers’ relative Pro Rata Shares, or as such Tag Along
Sellers may otherwise agree.

The Selling Member shall notify all Tagging Members of the results of this calculation within
thirteen business days following receipt by the last Tagging Member of the Tag Along Notice.

     (f) If any Tagging Member exercises its rights under this Section 9.3, the closing of the
purchase of the Units with respect to which such rights have been exercised will take place
concurrently with the closing of the sale of the Selling Member’s Units to the Proposed Transferee
and the Selling Member shall provide the Tagging Member with at least two business days prior
notice thereof. If the closing to the Proposed Transferee (whether or not a Tagging Member has
exercised its rights under this Section 9.3) shall not have occurred by the date 90 days after the
date of the Tag Along Notice, as such period may be extended to obtain any required regulatory
approvals, or such earlier date pursuant to Section 9.2, and on terms and conditions not materially
more favorable to the Selling Members than those set forth in the Tag Along Notice, the Tagging
Sellers shall be released from their obligations under their irrevocable offer (unless such failure
to complete the Transfer was due to the failure of such Tagging Member to perform its obligations
under this Section 9.3) all the restrictions on transfer contained herein shall again be in effect
with respect to such Units.

     (g) Notwithstanding anything to the contrary herein, no Member shall be permitted to be a
Tagging Member in any Proposed Sale in respect of which such Member is a Purchasing Member pursuant
to Section 9.2, and in such case such Member shall not be entitled to receive a Tag Along Notice.

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     (h) The Selling Member shall, in its sole discretion, decide whether or not to pursue,
consummate, postpone or abandon any Proposed Sale and the terms and conditions thereof. No holder
of Units nor any Affiliate of any such holder shall have any liability to any other holder of Units
or the Company arising from, relating to or in connection with the pursuit, consummation,
postponement, abandonment or terms and conditions of any Proposed Sale except to the extent such
holder shall have failed to comply with the provisions of this Section 9.2.

     (i) The provisions of this Section 9.3 shall terminate upon the completion of an IPO.

     SECTION 9.4. Drag-Along Rights.

     (a) Notwithstanding anything contained in this Article IX to the contrary, if at least two
Sponsor Groups (or, if there is only one Sponsor Group remaining, such Sponsor Group) who own more
than 50% of the Units then owned by all Members of all Sponsor Groups (all of the Members of each
such Sponsor Group, the “Dragging Members”) propose to Transfer Units in a single
transaction, including a merger (a “Sale Proposal”), that would constitute a Change of
Control to a Person that is not an Affiliate of any such Member (each, a “Required Sale”),
then the Dragging Members shall deliver a written notice (a “Required Sale Notice”) with
respect to such Sale Proposal at least ten Business Days prior to the anticipated closing date of
such Required Sale to all other Members, provided, however, that if the purchaser is an Affiliate
of any Dragging Member, such transaction must be approved by those Investor Groups which are not
Affiliates of the acquirer. All Units to be sold pursuant to this Section 9.4 shall be included in
determining whether or not a proposed transaction constitutes a
Change of Control.

     (b) The Required Sale Notice will include the material terms and conditions of the Required
Sale, including (A) the number of Units proposed to be so Transferred, (B) the name and address of
the proposed Transferee, (C) the proposed amount and form of consideration (and if such
consideration consists in part or in whole of property other than cash, the Dragging Members will
provide such information, to the extent reasonably available to the Dragging Members, relating to
such non-cash consideration as the other Members may reasonably request in order to evaluate such
non-cash consideration, provided, however, that the provision of such information (or lack thereof)
shall not relieve any Member of its obligation to sell Units under this Section 9.4) and (D) the
proposed Transfer date, if known. The Dragging Members will deliver or cause to be delivered to
each other Member copies of all transaction documents relating to the Required Sale promptly as the
same become available.

     (c) Each Member, upon receipt of a Required Sale Notice, shall be obligated to sell a number
of its Units equal to the product of (i) the number of Units owned by such Member, multiplied by
(ii) a fraction in which the numerator is the number of Units owned by the Dragging Members, in
aggregate, that are being transferred in such Required Sale, and the denominator is the aggregate
number of Units owned by the Dragging Members, and participate in the Required Sale contemplated by
the Sale Proposal, to vote their Units in favor of the Required Sale at any meeting of Members
called to vote on or approve the Required Sale and/or to consent in writing to the Required Sale,
to use its reasonable efforts to cause any individuals designated by such Member to serve on the
Board to vote in favor of the Required Sale at any

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meeting of the Board called to vote on or approve the Required Sale and/or to consent in
writing to the Required Sale, to waive all dissenters’ or appraisal rights in connection with the
Required Sale, to enter into agreements relating to the Required Sale, to agree (as to itself) to
make to the proposed purchaser the same representations, warranties, covenants (other than
non-compete and non-solicitation provisions and licenses, employment or consulting agreements),
indemnities and agreements as the Dragging Members agree to make in connection with the Required
Sale, and to take or cause to be taken all other actions as may be reasonably necessary to
consummate the Required Sale; provided that (x) unless otherwise agreed, a Member be
required to make representations and warranties or provide indemnities as to any other Member
(other than Permitted Transferees of such Member) and (y) any liability relating to representations
and warranties (and related indemnities) and other indemnification obligations regarding the
business of the Company in connection with the Required Sale shall be shared by all Members pro
rata based on their respective Units being sold in the Required Sale and in any event shall not
exceed the proceeds received by such Member in the Required Sale.

     (d) The obligations of the Members pursuant to this Section 9.4 are subject to the
satisfaction of the following conditions:

     (i) each of the Members shall receive the same proportion of the aggregate
consideration from such Required Sale that such Member would have received if such aggregate
consideration had been distributed by the Company to the Members in complete liquidation
pursuant to Section 6.1(e); and

     (ii) any expenses incurred for the benefit of the Company or all Members, and any
indemnities, holdbacks, escrows and similar items relating to the Required Sale, that are
not paid or established by the Company (other than those that relate to representations or
indemnities concerning a Member’s (or its Permitted Transferee’s) valid ownership of its or
his Units free and clear of all liens, claims and encumbrances or a Member’s (or its
Permitted Transferee’s) authority, power and legal right to enter into and consummate a
purchase or merger agreement or ancillary documentation) shall be paid or established by the
Members in accordance with their respective Sharing Percentages.

     (e) The Dragging Members shall, in their sole discretion, decide whether or not to pursue,
consummate, postpone or abandon any Required Sale and the terms and conditions thereof. No holder
of Units nor any Affiliate of any such holder shall have any liability to any other holder of Units
or the Company arising from, relating to or in connection with the pursuit, consummation,
postponement, abandonment or terms and conditions of any Required Sale except to the extent such
holder shall have failed to comply with the provisions of this Section 9.4.

     (f) The provisions of this Section 9.4 shall terminate upon an IPO.

     SECTION 9.5. Coordination Committee.

     (a) Prior to an IPO, there shall be established a coordination committee (the
“Committee”) consisting of one representative designated by each then-Investor Group (the

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“Committee Members”). Except as permitted under Section 9.1(a) or for sales effected
under a registration statement pursuant to the Registration Rights Agreement, no Member shall
Transfer Units following an IPO without the consent of the Committee; provided that, subject to any
underwriter lock-up, a Member shall be entitled to sell, without the consent of the Committee, its
pro rata portion of Units or shares of HCA Common Stock, as the case may be, that the Members are
entitled to sell pursuant to Rule 144 under the Securities Act (assuming that the Members are a
group subject to a single volume limit under Rule 144); provided further, that such Member has
provided notice to the Committee at least five Business Days prior to such sale. The Committee
will keep the Members reasonably informed of the times when they are entitled to sell in a Rule 144
transaction and the amounts they are entitled to sell. To the extent that the Committee approves a
sale, the Committee shall give Members the opportunity to sell pro rata in such sale.

     (b) Each Investor Group shall be permitted to remove and replace the Committee Member
designated by it from time to time. Subject to the notice requirements of the following sentence,
the presence, in person or by telephone, of Committee Members representing a majority of the votes
entitled to be cast by all Committee Members shall constitute a quorum for action, and, except as
otherwise expressly provided in this Agreement, the Committee shall act by affirmative vote of
Committee Members representing a three-fourths of the votes entitled to be cast by all Committee
Members (or two-thirds in the event that there are fewer than four Investor Groups at such time).
Meetings of the Committee may be called by any two Committee Members on at least two business days
notice to each Committee Member, either personally, by telephone, by mail, by telecopier, by
electronic mail or by any other means of communication reasonably calculated to give notice. The
Committee shall meet and make a determination regarding a requested Transfer of Units reasonably
promptly upon receipt of a bona fide written request from a Member or Members requesting Committee
approval to Transfer Units. For so long as a Family Member holds any Units or shares of HCA Common
Stock, it shall be bound by whatever underwriter lock-up that Frisco Inc. and Frisco Partners agree
to, unless otherwise expressly provided by the terms of that lock-up.

     SECTION 9.6. Other Transfer Restrictions.

     (a) In addition to any other restrictions on Transfer herein contained, in no event may any
Transfer of any Units or Interest by any Member be made:

     (i) to any Person who lacks the legal right, power or capacity to own an Interest or
Units;

     (ii) if such Transfer would cause the assets of the Company to become “plan assets” of
any benefit plan investor within the meaning of DOL Regulation Section 2510.3-101 or to be
regulated under ERISA;

     (iii) for as long as the Company is a partnership for U.S. federal income tax purposes,
if such Transfer would, in the opinion of counsel to the Company, cause any portion of the
assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan
Asset Regulations;

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     (iv) if such Transfer requires the registration of such Units pursuant to any
applicable federal or state securities laws, other than in connection with a Transfer
pursuant to the Registration Rights Agreement;

     (v) for so long as the Company is a partnership for federal income tax purposes, unless
such transfer will not result in the Company being treated as a “publicly traded
partnership,” as such term is defined in Sections 469(k)(2) or 7704(b) of the Code and the
regulations promulgated thereunder as determined by the Board;

     (vi) unless the transferee makes the representations and warranties set forth in
Section 14.1;

     (vii) if such Transfer subjects the Company to be regulated under the Investment
Company Act or the Investment Advisors Act of 1940; or

     (viii) if in the reasonable determination of the Board, such Transfer would require the
prior consent of any federal or state regulatory agency and such prior consent has not been
obtained.

     (b) Unless admitted as a Substituted Member, no transferee, whether by a voluntary transfer,
by operation of law or otherwise, shall have rights hereunder.

     (c) Except as otherwise provided in Section 9.4, the Members effecting any Transfer permitted
hereunder shall pay all reasonable costs and expenses, including attorneys’ fees and disbursements,
incurred by the Company in connection with the Transfer.

     (d) No Transfer may be made or recorded in the books and records of the Company unless the
transferee shall deliver to the Company notice of such Transfer, including a fully executed copy of
all documentation and agreements relating to the Transfer and any agreements or other documents
required by Section 9.6, including the written agreement (as required pursuant to Section 9.7) of
the transferee to be bound by the terms of this Agreement and to assume all obligations of the
transferring Member under this Agreement in respect of the Units that are the subject of the
Transfer.

     (e) No Member may withdraw from this Agreement except (i) as a result of a permitted Transfer
of all of such Member’s Units in accordance with this Article IX and the transferee(s) of such
Units being admitted to the Company as a Substituted Member or (ii) following an IPO, if such
Member, together with its Permitted Transferees and, in the event that it is a member of an
Investor Group, the other members of the Investor Group, owns less than 1% of the outstanding Units
(in which case such Member may elect at any time thereafter to withdraw from this Agreement). In
the event of a withdrawal pursuant to clause (ii) above, the withdrawing Member shall be entitled
to receive the shares of HCA Common Stock beneficially owned by such Member and held by the
Company, in a manner determined by the Board. Following withdrawal, a Member shall have no rights
or obligations under the Registration Rights Agreement or this Agreement (other than Sections 8.4
and 15.3).

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     (f) Any Member who shall Transfer all of such Member’s Units in a Transfer permitted pursuant
to this Article IX shall cease to be a Member.

     (g) If any Units are Transferred or redeemed during any quarterly segment of the Company’s
Fiscal Year in compliance with the provisions of this Article IX, on any day other than the first
day of a Fiscal Year of the Company, then Net Income, Net Losses, each item thereof and all other
items attributable to such interest for such Company Fiscal Year shall be divided and allocated
between the transferor Member and the transferee Member using any method permitted under Section
706 of the Code or determined by the Board. All distributions with respect to which the record
date is before the date of such Transfer or redemption shall be made to the transferor Member, and
all distributions with respect to which the record date is after the date of such Transfer, in the
case of a Transfer other than a redemption, shall be made to the transferee Member.

     SECTION 9.7. Substituted Members.

     (a) In addition to the limitations on a Member assigning its rights to designate Managers
contained in Section 7.1(d), no Member shall have the right to substitute a transferee as a Member
in its place with respect to any Units so Transferred unless (i) such Transfer is made in
compliance with the terms of this Agreement and (ii) the transferee executes and delivers to the
Company a signature page counterpart to this Agreement and an acceptance of all of the terms and
conditions of this Agreement (including such other documents or instruments as may be required to
effect the admission in the Company’s reasonable judgment).

     (b) A transferee who has been admitted as a Substituted Member in accordance with this Section
9.7 shall have all the rights and powers and be subject to all the restrictions and liabilities of
a Member under this Agreement holding Units; provided, that unless such Substituted Member is a
Permitted Transferee of an Investor Member, such Substituted Member shall not have any rights of an
Investor Member except to the extent rights under Section 7.1 are assigned to such Substituted
Member as permitted by such section.

     (c) Admission of a Substituted Member shall become effective on the date such Person’s name is
recorded on the books and records of the Company. Upon the admission of a Substituted Member, (i)
the Company shall amend Schedule A to reflect the name and address of, and number and class of
Units held by, such Substituted Member and to eliminate or adjust, if necessary, the name, address
and interest of the predecessor of such Substituted Member (such revisions to be presented to the
Board no later than at the next regular meeting of the Board) and (ii) to the extent of the
Transfer to such Substituted Member, the transferor Member shall be relieved of its obligations
under this Agreement.

     (d) The provisions of this Section 9.7 shall not apply in connection with a Transfer pursuant
to the Registration Rights Agreement or Rule 144 promulgated under the Securities Act.

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     SECTION 9.8. Preemptive Rights.

     (a) Prior to an IPO, if the Company proposes to issue additional equity securities (including
securities exercisable for or convertible into equity securities) of the Company or any subsidiary
of the Company proposes to issue additional equity securities, the Company shall deliver to each
Member (each, a “Participating Member”, or, collectively, the “Participating
Members”) a written notice of such proposed issuance at least thirty (30) days prior to the
date of the proposed issuance (the period from the effectiveness pursuant to Section 15.1(c) of
such notice until the date of such proposed issuance, the “Subscription Period”). Such
notice shall include (i) the amount, kind and terms of the equity securities to be included in the
issuance, (ii) the maximum and minimum price per unit of the equity securities to be included in
the issuance, (iii) the name and address of the proposed purchaser and (iv) the proposed issuance
date, if known.

     (b) Each Participating Member shall have the option, exercisable at any time during the first
twenty (20) days of the Subscription Period by delivering written notice to the Company and on the
same terms as those of the proposed issuance of such additional equity securities (including
securities exercisable for or convertible into equity securities), to irrevocably subscribe for not
more than its Sharing Percentage (in the case of an issuance by a subsidiary, adjusted to take
account of the ownership interests of stockholders of such subsidiary, including those who may also
have preemptive rights) of any such additional equity securities (including securities exercisable
for or convertible into equity securities) on the same terms and conditions as are to be issued to
the proposed purchaser in the issuance in question. Each Participating Member who does not
exercise such option in accordance with the above requirements shall be deemed to have waived all
of such Participating Member’s rights with respect to such issuance. In the event that any
Participating Member does not elect to purchase its aggregate Sharing Percentage of the additional
equity securities (including securities exercisable for or convertible into equity securities), the
Company shall deliver to each Participating Member (other than declining Participating Members) a
written notice thereof not later than the twenty-fifth day of the Subscription Period, including
the number of equity securities which were subject to the purchase right of such declining
Participating Member(s), and each other Participating Member may subscribe for not more than its
Sharing Percentage (calculated using a denominator equal to the number of Units owned by the
non-declining Members and adjusted for other equity holders with similar pre-emptive rights) of
such declined equity securities before the expiration of the Subscription Period.

     (c) In the case of issuances of equity securities by HCA, a Participating Member may elect to
subscribe for such securities by making a payment to the Company which the Company shall apply to
the purchase of, and hold (but not in the Capital Account of such Member and not as an asset of the
Company), such securities on behalf of such Member.

     (d) If, prior to consummation, the terms of the proposed issuance shall change with the result
that the price shall be less than the minimum price set forth in the notice contemplated by clause
(a) above or the other principal terms shall be substantially more favorable to the prospective
buyer than those set forth in such notice, it shall be necessary for a separate notice to be
furnished, and the terms and provisions of this Section 9.8 separately complied with.

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     (e) If at the end of the 90th day after the date of the effectiveness of the notice
contemplated by clause (a) above as such period may be extended to obtain any required regulatory
approvals, the Company or its subsidiary, as applicable, has not completed the issuance, each
Participating Member shall be released from such Participating Member’s obligations under the
written commitment, the notice shall be null and void, and it shall be necessary for a separate
notice to be furnished, and the terms and provisions of this Section 9.8 separately complied with,
in order to consummate such issuance;

     (f) In the event that the participation in the issuance by a Participation Member as a
purchaser would require under applicable law (i) the registration or qualification of such
securities or of any Person as a broker or dealer or agent with respect to such securities where
such registration or qualification is not otherwise required for the issuance or (ii) the provision
to any participant in the issuance of any specified information regarding the Company or any of its
subsidiaries or the securities to be issued that is not otherwise required to be provided for the
issuance, such Participation Member shall not have the right to participate in the issuance.

     (g) Each Participating Buyer shall take or cause to be taken all such reasonable actions as
may be necessary or reasonably desirable in order expeditiously to consummate each issuance
pursuant to this Section 9.8.

     (h) Notwithstanding the requirements of this Section 9.8, the Company or its subsidiary, as
applicable, may proceed with any issuance prior to having complied with the provisions of this
Section 9.8 so long as such entity has used reasonable best efforts to give the Members the
opportunity to invest in the issuance; provided that the Company or its subsidiary, as applicable,
shall:

     (i) provide to each Member in connection with such issuance (A) with prompt notice of
such issuance and (B) the notice described in clause (a) above in which the actual price per
unit of the equity securities shall be set forth;

     (ii) offer to issue to such holder of Units such number of securities of the type
issued in the issuance as may be requested by such holder of Units (not to exceed the
Sharing Percentage that such holder of Units would have been entitled to pursuant to Section
9.8 multiplied by the sum of (a) the number of equity securities included in the issuance
and (b) the maximum aggregate number of shares issuable pursuant to this clause (g) with
respect to such issuance) on the same economic terms and conditions with respect to such
securities as the subscribers in the issuance received; and

     (iii) keep such offer open for a period of thirty business days, during which period,
each such holder may accept such offer by sending a written acceptance to the Company or its
subsidiary, as applicable, committing to purchase an amount of such securities (not in any
event to exceed the Sharing Percentage that such holder would have been entitled to pursuant
to this Section 9.8 otherwise, multiplied by the sum of (a) the number of equity securities
included in such issuance and (b) the aggregate number of shares issued pursuant to this
clause (h) with respect to such issuance).

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     (i) The provisions of this Section 9.8 shall not apply to issuances by the Company or any
subsidiary of the Company as follows:

     (i) any issuance to the Company or any wholly owned subsidiary of the Company;

     (ii) any issuance of securities upon the exercise or conversion of any stock, options,
warrants or convertible securities outstanding on the date hereof or issued after the date
hereof in a transaction that complied with the provisions of this Section 9.8;

     (iii) any issuance of shares of equity securities, options, warrants or convertible to
officers, employees, directors or consultants (other than a Member or an Affiliate thereof)
of the Company or its subsidiaries in connection with such Person’s employment or consulting
arrangements with the Company or its subsidiaries, in each case to the extent approved by
the Board or pursuant to an employment benefit plan or arrangement approved by the Board;

     (iv) any issuance of equity securities, options, warrants or convertible securities, in
each case to the extent approved by the Board, (A) in any business combination or
acquisition transaction involving the Company or any of its subsidiaries, including a Change
of Control, (B) in connection with any joint venture or strategic partnership entered into
primarily for purposes other than raising capital (as determined by the Board in its sole
discretion) or (C) to financial institutions, commercial lenders, broker/finders or any
similar party, or their respective designees, in connection with the incurrence or guarantee
of indebtedness by the Company or any of its subsidiaries;

     (v) any issuance of equity securities pursuant to a public offering;

     (vi) any issuance of Units in connection with a Delayed Equity Amount Shortfall;

     (vii) the issuance of Units to the Members and shares of HCA stock to its various
stockholders in connection with the closing of the Company’s acquisition of HCA; or

     (viii) any issuance of securities in connection with any stock split, stock dividend
paid on a proportionate basis to all holders of the affected class of equity interest or
recapitalization approved by the Board.

     SECTION 9.9. VCOC Distributions.

     (a) In the event that the Company ceases to qualify as an “operating company” (as defined in
29 C.F.R. § 2510.3-101(c)) (a “VCOC Event”), then the Company and each Member will
cooperate in good faith to take all reasonable action necessary to provide that the investment (or
at least 51% of the investment valued at cost) of each VCOC Member shall continue to qualify as a
“venture capital investment” (as defined in 29 C.F.R. § 2510.3-101(d)) (a “VC Investment”).

37

 

     (b) Upon the occurrence of a VCOC Event, the Company shall distribute to each VCOC Member
(including, only for purposes of this clause (b) and clause (c) below, any Member that is intended
to qualify as a “venture capital operating company” as defined in the Plan Asset Regulations), a
number of shares of HCA Common Stock held by the Company sufficient to cause such VCOC Member’s
investment in the Company to qualify as a VC Investment (a “VC Distribution”), pursuant to
a redemption for a proportional number of Units (based on the then-current ratio of shares of HCA
Common Stock to Units and taking into account any other assets and any liabilities of the Company).

     (c) Following a VC Distribution, the VCOC Member shall continue to be a party to, and subject
to the terms of, this Agreement as a Sponsor Member or a Member, as the case may be, and the shares
of HCA Common Stock distributed in any VC Distribution shall remain subject to the other applicable
provisions of this Article IX, as if such shares of HCA Common Stock were a corresponding number of
Units (based on the then-current ratio of shares of HCA Common Stock to Units) and any such shares
shall be deemed to be a corresponding number of Units held by such Sponsor Group, if applicable,
for the purpose of determining the rights of such Sponsor Group to designate Managers.

     SECTION 9.10. HCA Common Stock. For purposes of this Article IX, references to
“Units” shall also be deemed to refer to shares of HCA Common Stock owned beneficially by a Member
(based on such Member’s Sharing Percentage) (and, in the case of the Family Group, shall be deemed
to refer to shares of HCA Common Stock owned directly by the Non-Profit Participants). If a Member
acquires beneficial ownership of securities issued by HCA, such Person shall enter into an
amendment to this Agreement, and such other agreements as reasonably requested by the Requisite
Managers to effect the rights and obligations of such Member hereunder with respect to such
securities. A Member or Non-Profit Participant shall be entitled to cause the Company to Transfer,
at the Member’s or Non-Profit Participant’s cost, shares of HCA Common Stock at such time as such
Member or Non-Profit Participant would otherwise be entitled to Transfer Units under this
Agreement, and the Company shall make such Transfer and shall comply with the provisions of this
Article IX as if such shares were Units, with such changes as necessary to effect the intent of
such provisions, including requiring any transferee to enter into such agreements as the Requisite
Managers deem appropriate in order to replicate the rights and obligations that such transferee
would have had and been subject to had such transferee been a Member. For purposes of calculating
the Tag-Along Sale Percentage, the Pro Rata Share or the Units subject to sale as provided in
Section 9.4(c), the “number of Units” shall be calculated on an HCA Common Stock-equivalent basis,
so that the number of Units shall be determined according to the corresponding aggregate number
(without duplication) of shares of HCA Common Stock that are held directly or indirectly.

ARTICLE X

RECORDS AND REPORTS; FISCAL AFFAIRS

     SECTION 10.1. Records and Accounting.

     (a) Appropriate records and books of account of the business of the Company, including a list
of the names, addresses, Units and Capital Contributions of all Members, shall be

38

 

maintained at the Company’s principal place of business. In any event, the Board shall have
the right in its discretion to keep confidential from the Members, for such period of time as the
Board deems appropriate, any information which the Board reasonably believes to be in the nature of
trade secrets or other information the disclosure of which the Board in good faith believes is not
in the best interest of the Company or its business or that the Company is required by law or
agreement with a third party to keep confidential.

     (b) The books and records of the Company shall be kept in accordance with generally accepted
accounting principles as in effect from time to time in the United States. The accrual basis of
accounting shall be followed by the Company for federal income tax purposes.

ARTICLE XI

TAX MATTERS

     SECTION 11.1. Preparation of Tax Returns. The Tax Matters Member shall arrange for the preparation
and timely filing of all returns of the Company’s income, gains, deductions, losses and other items
required of the Company for federal, state and local income tax purposes. The Company shall use
reasonable best efforts to supply each Member with the Company information necessary, by February
28th of each year, to enable such Member to prepare in a timely manner its federal,
state and local income tax returns and such other financial or other statements and reports.

     SECTION 11.2. Tax Matters Member.

     (a) The KKR 2006 Fund L.P. (or its designee that is a Member) shall be the “tax matters
partner” of the Company for United States federal income tax purposes (the “Tax Matters
Member”). Pursuant to Section 6223(c) of the Code, upon receipt of notice from the
Internal Revenue Service (the “IRS”) of the beginning of an administrative
proceeding with respect to the Company, the Tax Matters Member shall furnish the IRS with
the name, address and profit interest of each of the Members provided ,
however , that such information is provided to the Tax Matters Member by the Members.

     (b) The Tax Matters Member shall, if and only if it receives the prior consent of the
Board in accordance with Article VII, be permitted to:

     (i) enter into any settlement with the IRS with respect to any administrative or
judicial proceedings for the adjustment of the Company items required to be taken into
account by a Member for income tax purposes (such administrative proceedings being referred
to as a “tax audit” and such judicial proceedings being referred to as “judicial review”);

     (ii) in the event that a notice of a final administrative adjustment at the Company
level of any item required to be taken into account by a Member for tax purposes (a
“final adjustment”) is mailed to the Tax Matters Member, seek judicial review of
such final adjustment, including the filing of a petition for readjustment with the Tax
Court or the United States Claims Court, or the filing of a complaint for refund

39

 

with the District Court of the United States for the district in which the Company’s
principal place of business is located;

     (iii) file a request for an administrative adjustment with the IRS at any time and, if
any part of such request is not allowed by the IRS, to file an appropriate pleading
(petition or complaint) for judicial review with respect to such request;

     (iv) enter into an agreement with the IRS to extend the period for assessing any tax
which is attributable to any item required to be taken into account by a Member for tax
purposes, or an item affected by such item;

     (v) take any other action on behalf of the Members in connection with any tax audit or
judicial review proceeding; and

     (vi) the Tax Matters Member shall at the request of any Member cause the Company to
elect, pursuant to Section 754 of the Code, to adjust the basis of the Company’s property.

     For the avoidance of doubt, the provisions relating to indemnification of a Member set
forth in Article VIII of this Agreement shall be fully applicable to the Tax Matters Member
in its capacity as such. The Tax Matters Member shall receive no compensation for its
services. All third party costs and expenses incurred by the Tax Matters Member in
performing its duties as such (including legal and accounting fees and any out-of-pocket
expenses) shall be borne by the Company. Nothing herein shall be construed to restrict the
Company from engaging an accounting firm or other experts or consultants to assist the Tax
Matters Member in discharging its duties hereunder, so long as the compensation paid by the
Company for such services is reasonable. Notwithstanding anything to the contrary, the Tax
Matters Member shall reasonably consult with the Members and their representatives
(including their accountants) with respect to all tax matters. The Tax Matters Member shall
keep the Members fully advised of the progress of any audit or other tax proceeding and
shall, within five business days of receipt, supply the Members with copies of any written
communications and notice of any oral communications received from the Internal Revenue
Service, or other taxing authority, and shall, at least five business days prior to
submitting any materials to the Internal Revenue Service, or other taxing authority, provide
such materials to the Members for their approval, which approval shall not be unreasonably
withheld. The Tax Matters Member shall also give Notice to the Members of its intention to
meet with any representative of the Internal Revenue Service at least 10 days prior to such
meeting (or promptly upon arranging such meeting if such meeting is arranged fewer than 10
days prior to such meeting), and shall provide the Members or their agents, legal counsel,
employees or accountants with an opportunity to participate in such meeting (and shall
inform any Members who do not participate in the meeting of the results of the meeting
within five business days after such meeting). Nothing in this Section 11.2 shall be
construed to restrict or otherwise limit the other Members’ rights to participate in any
administrative or judicial proceeding in connection with any tax matters relating to the
Company.

40

 

     SECTION 11.3. Organizational Expenses. The Company shall elect to deduct expenses, if any, incurred
by it in organizing the Company ratably over a 180-month period as provided in Section 709 of the
Code and the regulations promulgated thereunder.

     SECTION 11.4. Withholding. Each Member hereby authorizes the Company to withhold from or pay on
behalf of or with respect to such Member any amount of federal, state, local, or foreign taxes that
the Board determines (provided, however, that the Board may delegate such determination to the Tax
Matters Member) that the Company is required to withhold or pay with respect to any amount
distributable or allocable to such Member pursuant to this Agreement, including any taxes required
to be withheld or paid by the Company pursuant to Sections 1441, 1442, 1445 or 1446 of the Code.
Any amount paid on behalf of or with respect to a Member shall constitute a loan by the Company to
such Member, which loan shall be repaid by such Member within 15 days after notice from the Company
that such payment must be made unless (i) the Company withholds such payment from a distribution
which would otherwise be made to the Member or (ii) the Board determines, in its sole and absolute
discretion, that such payment may be satisfied out of the available funds of the Company which
would, but for such payment, be distributed to the Member. Any amounts withheld pursuant to the
foregoing clauses (i) or (ii) shall be treated as having been distributed to such Member. Any
amounts payable by a Member hereunder shall bear interest at the base rate on corporate loans at
large United States money center commercial banks, as published from time to time in the Wall
Street Journal, plus two percentage points (but not higher than the maximum lawful rate) from the
date such amount is due (i.e., 15 days after demand) until such amount is paid in full.

     SECTION 11.5. Classification. The Company will file information returns and any other applicable
tax returns in a manner consistent with treatment of the Company as a partnership for United States
federal income tax purposes and will not elect to be treated as a corporation for United States
federal income tax purposes.

     SECTION 11.6. Partnership Status. Notwithstanding anything contained in this Agreement to the
contrary, the Company will undertake all necessary steps to preserve the limited liability of all
Members and the Company’s status as a partnership for U.S. federal tax purposes and will not
undertake any activity or make any investment or fail to take any action that will cause the
Company to earn or to be allocated income other than qualifying income as defined in Section
7704(d) of the Code.

     SECTION 11.7. Listed and Reportable Transactions. The Company will not
enter into any transaction that is, at the time such transaction is entered into, a “listed
transaction” within the meaning of the Regulations promulgated under section 6011 of the Code
without the consent of all Members. If the Company participates in a reportable transaction
described in the Regulations promulgated under Section 6011 of the Code, the Company will provide
the Members with information sufficient for them to comply with any resulting U.S. tax reporting
obligations.

     SECTION 11.8. FIN 48 Reporting. The Company shall report to the Members all
uncertain tax positions, within the meaning of FASB Interpretation No. 48 (“FIN 48”), taken by the
Company, and shall provide the Members with all information that any Member may require in order to
timely comply with the financial reporting requirements of FIN 48.

41

 

ARTICLE XII

DISSOLUTION, LIQUIDATION AND TERMINATION

     SECTION 12.1 Dissolution. The Company shall be dissolved and its affairs wound up upon the
occurrence of any of the following events:

     (a) subject to Section 13.3(a)(iii), an election by the Board; or

     (b) any other event that would cause the dissolution of a limited liability company under the
Act, unless the Company is continued to the extent permitted by, and in accordance with, the Act.

Dissolution of the Company shall be effective on the day on which the event occurs giving rise to
the dissolution, but the Company will not terminate until the assets of the Company have been
liquidated and the assets distributed as provided in Section 12.3(b) and the Certificate has been
canceled.

     SECTION 12.2. Death, Legal Incapacity, etc. The death, bankruptcy, dissolution, insanity,
incompetency or other legal incapacity, or the retirement, resignation or expulsion from the
Company of a Member (by transfer of Units or otherwise) or the occurrence of any other event that
causes a Member to cease to be a member of the Company, shall not cause the dissolution or
termination of the Company, and the Company, notwithstanding such event, shall continue without
dissolution upon the terms and conditions provided in this Agreement, and each Member, including
each Substituted Member, by executing this Agreement, agrees to such continuation of the Company
without dissolution.

SECTION 12.3. Liquidation of the Company’s Assets Upon Dissolution.

     (a) On dissolution, the Company shall be liquidated and wound up in an orderly manner in
accordance with the provisions of this Section 12.3. The Board may wind up the affairs of the
Company or may appoint one or more liquidating trustees (who may be Member(s)) to wind up the
affairs of the Company. Subject to Section 13.3, the Board is authorized to sell, exchange or
otherwise dispose of the assets of the Company, or to distribute the Company’s assets in kind, as
the Board shall determine to be in the best interests of the Members. The Board shall use
commercially reasonable efforts to complete the liquidation of the Company within two years after
the dissolution of the Company; provided that such period may be extended for up to two
additional one-year periods by the Board. The reasonable out-of-pocket expenses incurred by the
Board in connection with winding up the Company (including legal and accounting fees and expenses),
all other liabilities or losses of the Company or the Board incurred in accordance with the terms
of this Agreement and reasonable compensation for the services of the liquidating trustee shall be
borne by the Company. Except as otherwise required by law or for Disabling Conduct, Managers shall
not be liable to any Member or the Company for any loss attributable to any act or omission taken
in good faith in connection with the winding up of the Company and the distribution of the
Company’s assets. The Board or the liquidating trustee, as applicable, may consult with counsel
and accountants with respect to

42

 

winding up the Company and distributing its assets and shall be justified in acting or
omitting to act, in accordance with the advice or opinion of such counsel or accountants;
provided that the Board or the liquidating trustee, as applicable, shall have used
reasonable care in selecting such counsel or accountants.

     (b) Upon dissolution of the Company, the expenses of liquidation (including compensation for
the services of the liquidating trustee and legal and accounting fees and expenses) and the
Company’s liabilities and obligations to creditors (including obligations to Members, if any, other
than liabilities for distributions) shall first be paid, or reasonable provisions shall be made for
payment thereof, from cash on hand or from the liquidation of the Company properties. The Board
also is authorized to hold any funds required to be held in escrow pursuant to the provisions of
any agreement for the sale of investments that require such an escrow. If any of the Company’s
liability is contingent, conditional or unmatured in amount, a reserve equal to the maximum amount
to which the Company could reasonably be held liable shall be established. Upon payment or other
discharge of such liability, the amount remaining in such reserve not needed, if any, will be
distributed in accordance with the following sentence. After payment or provision for payment of
all expenses of liquidation and liabilities and obligations of the Company, the remaining assets of
the Company (whether cash or securities) shall be distributed to the Members in accordance with
Section 6.1.

     (c) When the Board has complied with the foregoing liquidation plan, the Board, on behalf of
all Members, shall execute, acknowledge and cause to be filed a Certificate of Cancellation.

     SECTION 12.4. Termination. The Company shall terminate when all of the assets of the Company, after
payment of or due provision for all debts, liabilities and obligations of the Company, shall have
been distributed in the manner provided for in this Article XII and the filing of a Certificate of
Cancellation.

     SECTION 12.5. Claims of the Members. The Members and former Members shall look solely to the
Company’s assets for the return of their Capital Contributions, and if the assets of the Company
remaining after payment of or due provision for the payment of all debts, liabilities and
obligations of the Company are insufficient to return such Capital Contributions, the Members and
former Members shall have no recourse against the Company, any other Member or Manager or the
Board.

ARTICLE XIII

CONSENTS, VOTING AND MEETINGS OF MEMBERS

     SECTION 13.1. Meetings. Any matter requiring the consent of any of the Members pursuant to this
Agreement may be considered at a meeting of the Members attended by at least the Requisite Members,
or the Members may take such action without a meeting, without prior notice and without a vote, if
a consent or consents in writing (including by email), setting forth the action so taken, shall be
signed by the Requisite Members. Meetings of Members may be called, and notices of meetings may be
given, at any time and for any reason by the Board, in its discretion. Notice of meetings of
Members shall be given not less than five

43

 

(5) nor more than sixty (60) days prior to the meeting. Notice may be waived by the Members.
Any such notice shall state briefly the purpose, time and place of the meeting. All such meetings
shall be held in the United States, within or outside the State of Delaware, at such reasonable
place as the Board shall designate and during normal business hours. Members may participate in a
meeting of the Members by means of conference telephone or similar communications equipment by
means of which all persons participating in the meeting can hear and speak to each other, and such
participation in a meeting shall constitute presence in person at the meeting.

     SECTION 13.2. Record Dates. The Board may set in advance a date for determining the Members
entitled to notice of and to vote at any meeting. All record dates shall not be more than sixty
(60) days prior to the date of the meeting to which such record date relates.

     SECTION 13.3. Consent Rights.

     (a) Notwithstanding anything in this Agreement to the contrary and subject to Section 13.3(b),
the following actions by the Company shall require the approval of Requisite Members in addition to
Board approval:

     (i) amending, altering or repealing, whether by merger, consolidation, combination,
reclassification or otherwise, the Certificate or organizational documents for HCA;

     (ii) the Company or HCA entering into any merger, consolidation, recapitalization,
liquidation, or sale of such entity or all or substantially all of the assets of the Company
or HCA or consummation of a similar transaction involving the Company or HCA (other than a
transaction in accordance with Section 9.4 or a merger, consolidation or similar transaction
between or among the Company and one or more direct or indirect wholly-owned subsidiaries of
the Company which transaction would not adversely impact the rights of any holder of Units)
or entering into any agreement providing therefor;

     (iii) voluntarily initiating any liquidation, dissolution or winding up of the Company
or HCA or permitting the commencement of a proceeding for bankruptcy, insolvency,
receivership or similar action with respect to the Company or any of its subsidiaries;

     (iv) HCA or its subsidiaries commencing or entering into, or agreeing or otherwise
committing to enter into, any business or operations other than those businesses and
operations of the same or similar nature to those which are being conducted by HCA or its
subsidiaries as of the date of this Agreement;

     (v) changing the corporate or organizational structure of the Company or any of its
subsidiaries, except in connection with an IPO.

     (b) Except as expressly provided herein, the Company shall not enter into, and each Member
shall use its reasonable best efforts to cause its nominees to the Board of Directors

44

 

of HCA not to approve HCA or its subsidiaries’ entering into, any transaction with any
Investor Group or any Affiliate thereof (other than HCA and its subsidiaries) or any of their
respective officers, directors or employees, without the prior written consent of each other
Investor Group; provided , that (A) such restrictions shall not apply to (i) any
banking, investment banking, financial advisory and other financial products and services provided
to the Company and its subsidiaries by Merrill Lynch & Co., Inc. and its Affiliates on an arms’
length basis and (ii) arms’ length transactions with or for the benefit of portfolio companies or
other Affiliates of any of the Sponsor Groups; and (B) Capstone Consulting LLC (and its Affiliates
and successors) shall be deemed to be an Affiliate of the KKR Group for purposes of this Section
13.3(b), irrespective of whether it satisfies the definition of an “Affiliate”.

     (c) The Company and the Members will not (i) impose additional limitations on each Member’s
contractual rights to Transfer Units as in effect on the date of this Agreement, (ii) limit or
impair a Member’s rights under Section 9.3 or Section 9.6(e) or (iii) limit an Investor Group’s
Manager designation rights without the consent of the affected Member or Investor Group.

     SECTION 13.4. Voting and Other Rights. Except as otherwise expressly provided in this Agreement,
the Units shall have no voting rights or rights of approval, veto or consent or similar rights over
any actions of the Company.

ARTICLE XIV

REPRESENTATIONS AND WARRANTIES OF EACH MEMBER

     SECTION 14.1. Representations and Warranties of each Member. Each Member hereby represents and
warrants to, and agrees with, the Company and the other Members that the following statements are
true:

     (a) Such Member is fully aware that the offering and sale of Units in the Company have not
been and will not be registered under the Securities Act and are being made in reliance upon
federal and state exemptions for transactions not involving a public offering. In furtherance
thereof, except as set forth on the signature page to such Member’s Subscription Agreement, such
Member represents and warrants that it is an “accredited investor” (as defined in Regulation D
under the Securities Act).

     (b) Such Member’s Units in the Company are being acquired for its own account solely for
investment and not with a view to resale or distribution thereof.

     (c) (i) Such Member’s financial condition is such that such Member can afford to bear the
economic risk of holding its Units for an indefinite period of time, (ii) such Member can afford to
suffer a complete loss of such Member’s investment in its Units, (iii) such Member understands and
has taken cognizance of all risk factors related to the purchase of its Units and (iv) such
Member’s knowledge and experience in financial and business matters are such that such Member is
capable of evaluating the merits and risks of purchasing its Units.

45

 

     (d) Such Member has been given the opportunity to (i) ask questions of, and receive answers
from, the Company concerning the terms and conditions of the offering of Units and other matters
pertaining to an investment in the Company and (ii) obtain any additional information which the
Company can acquire without unreasonable effort or expense that is necessary to evaluate the merits
and risks of an investment in the Company. In considering its investment in the Company, such
Member has not relied upon any representations made by, or other information (whether oral or
written) furnished by or on behalf of, the Company or any Manager, officer, employee, agent or
Affiliate of such Persons, other than as set forth in this Agreement. Such Member has carefully
considered and has, to the extent it believes such discussion necessary, discussed with legal, tax,
accounting and financial advisers the suitability of an investment in the Company in light of its
particular tax and financial situation, and has determined that an investment in the Company is a
suitable investment for it.

     (e) Such Member is not an ERISA Member (including an Individual Retirement Account) or, if it
has disclosed to the Company in writing that it is an ERISA Member, then (i) it has been informed
of and understands the investment objectives and policies of, and the investment strategies that
may be pursued by, the Company; (ii) it is aware of the provisions of Section 404 of ERISA relating
to fiduciary duties, including the requirement for diversifying the investments of an employee
benefit plan subject to ERISA; (iii) it has given appropriate consideration to the facts and
circumstances relevant to the investment by such ERISA Member in the Company and has determined
that such investment is reasonably designed, as part of such ERISA Member’s portfolio of
investments, to further the purposes of the relevant plan(s); (iv) its investment in the Company is
consistent with the requirements of Section 404 of ERISA; (v) it understands that current income
will not be a primary objective of the Company; (vi) its investment in the Company is not a
“prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Code;
(vii) its investment in the Company is permissible under the documents governing the investment of
its plan assets and under ERISA and the Code; and (viii) it is not relying and has not relied on
the Company, any Manager, any Member or any of their Affiliates for any evaluation or other
investment advice in respect of the advisability of an investment in the Company in light of the
plan’s assets, cash needs, investment policies or strategy, overall portfolio composition or plan
for diversification of assets.

     (f) Such Member, if it is not an individual, is duly organized or formed, validly existing and
in good standing under the laws of its jurisdiction of organization or formation and the execution,
delivery and performance by it of this Agreement is within its powers, has been duly authorized by
all necessary corporate or other action on its behalf, requires no action by or in respect of, or
filing with, any governmental body, agency or official, and does not and will not contravene, or
constitute a default under, any provision of applicable law or regulation or of its certificate of
incorporation or other comparable organizational documents or any agreement, judgment, injunction,
order, decree or other instrument to which such Member is a party or by which such Member or any of
its properties is bound. This Agreement constitutes a valid and binding agreement of such Member,
enforceable against such Member in accordance with its terms.

46

 

     (g) If such Member is an individual, the execution, delivery and performance by such Member of
this Agreement is within such Member’s legal right, power and capacity, requires no action by or in
respect of, or filing with, any governmental body, agency, or official, and does not and will not
contravene, or constitute a default under, any provision of applicable law or regulation or of any
agreement, judgment, injunction, order, decree or other instrument to which such Member is a party
or by which such Member or any of his or her properties is bound. This Agreement constitutes a
valid and binding agreement of such Member, enforceable against such Member in accordance with its
terms.

     (h) If such Member is a partnership, grantor trust or S corporation for federal income tax
purposes (a “flow-through entity”), and substantially all of the interest of any beneficial
owner of such flow-through entity will be attributable to the Member’s Units within the meaning of
Regulations Section 1.7704-1(h)(3)(i), then the use of the tiered ownership arrangement does not
have as a principal purpose the satisfaction of the 100-partner limitation in Regulations Section
1.7704-1(h)(1)(ii).

     (i) The foregoing representations, warranties and agreements shall survive the date of the
Member’s admission to the Company.

ARTICLE XV

GENERAL PROVISIONS

     SECTION 15.1. Notices.

     (a) Except as specifically provided elsewhere in this Agreement, all notices, requests,
consents or other communications to the Company or to any Member hereunder shall be in writing and
shall be given

     (i) if to the Company:

 

c/o:

 

ML Global Private Equity Fund, L.P.

c/o Merrill Lynch Global Private Equity

Four World Financial Center, Floor 23

New York, NY 10080

Attention: George A. Bitar

Christopher Birosak

Fax: (212) 449-1119

 

with copies to (which shall not constitute notice):

 

Merrill Lynch Global Private Equity

Strategic M&A and Private Equity Counsel

Four World Financial Center, Floor 23

New York, NY 10080

47

 

Attention: Frank Marinaro, Esq.

Fax: (212) 449-7902

 

and

 

Proskauer Rose LLP

1585 Broadway

New York, NY 10036-8299

Attention: James P. Gerkis, Esq.

                 Jeffrey A. Horwitz, Esq.

 

c/o:

Bain Capital Integral Investors 2006, LLC

c/o Bain Capital Partners, LLC

111 Huntington Avenue

Boston, MA 02199

Attention: Chris Gordon

Fax: (617) 516-2010

 

with a copy to (which shall not constitute notice):

 

Ropes & Gray LLP

One International Place

Boston, MA 02110

Attention: R. Newcomb Stillwell

                  Julie H. Jones

Fax: (617) 951-7050

 

c/o:

KKR Millennium Fund, L.P.

c/o Kohlberg Kravis Roberts & Co. L.P.

2800 Sand Hill Road, Suite 200

Menlo Park, CA 94025

Attention: James C. Momtazee

Fax: (650) 233-6584

 

with a copy (which shall not constitute notice) to:

 

Simpson Thacher & Bartlett, LLP

425 Lexington Avenue

New York, NY 10017

Attention: David Sorkin

                  Sean Rodgers

Telecopy: (212) 455-2502

 

c/o:

48

 

Dr. Thomas F. Frist, Jr.

3100 West End Ave., Suite 500

Nashville, TN 37203

Telecopy: (615) 385-9101

 

with a copy (which shall not constitute notice) to:

 

Sullivan & Cromwell LLP

125 Broad Street

New York, NY 10004

Attention: John Evangelakos, Esq.

Telecopy: (212) 558-3588

     (ii) if to a Member, at the Member’s address or facsimile number set forth on Schedule
A, as such Schedule A may be amended or updated from time to time pursuant to this
Agreement; or such other address or facsimile number as the Company or such Member may
hereafter specify by written notice to the others.

     (b) Each such notice, request, consent or other communication shall be given (i) by hand
delivery, (ii) by nationally recognized overnight courier service, or (iii) by facsimile.

     (c) Each such notice, request, consent or other communication shall be deemed to be delivered
(i) if delivered by hand, when delivered at the address specified in this Section 15.1, (ii) if
delivered by nationally recognized overnight courier service, on the second following business day
after delivery to such service or such mailing, and (iii) if given by facsimile, when such
facsimile is transmitted to the facsimile number specified in this Section 15.1 and the appropriate
answer back or confirmation is received.

     SECTION 15.2. Amendments. Amendments to this Agreement may be made only by a written instrument signed
by the Requisite Managers; provided , however , that any modification or amendment of
this Agreement that would subject any Member to materially adverse differential treatment relative
to the other Members shall require the agreement of the differentially treated Member; and,
provided, further, that to the extent that any provision of this Agreement expressly requires a
higher standard of approval, then such standard shall apply with respect to the amendment of such
provision. The Company shall send to each Member a copy of any amendment to this Agreement.
Notwithstanding the foregoing, the Company may amend Schedule A from time to time as contemplated
by Section 4.1.

     SECTION 15.3. Confidentiality. Each Member agrees that such Member shall keep confidential, and
shall not disclose to any third Person or use for its own benefit, without the consent of the
Board, any non-public information with respect to the Company (including any Person in which the
Company holds, or contemplates acquiring, an investment) that is in such Member’s possession on the
date hereof or disclosed to such Member by or on behalf of the Company, provided that a Member may
disclose any such information (i) as has become generally available to the public other than by
virtue of a breach of this provision by such Member or its Affiliates, (ii) to its employees and
professional advisers who need to know such information and agree to keep it confidential, (iii) to
the extent required in order to comply with

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reporting obligations to its limited partners or members who have agreed to keep such
information confidential, (iv) to the extent necessary in order to comply with any law, order,
regulation or ruling applicable to such Member, (v) as may be required in response to any summons
or subpoena or in connection with any litigation, it being agreed that, unless such information has
become generally available to the public, if such information is being requested pursuant to a
summons or subpoena or a discovery request in connection with a litigation and (vi) to a
prospective acquirer in a Transfer of Units or shares of HCA Common Stock made in accordance with
this Agreement; provided that such prospective acquirer has agreed in writing to be bound by the
terms of this Section 15.3 to the same extent as if it were a party hereto, (x) the Member shall,
to the extent legally permitted, give the Company notice of such request and shall cooperate with
the Company at the Company’s request so that the Company may, in its discretion, seek a protective
order or other appropriate remedy, if available, and (y) in the event that such protective order is
not obtained (or sought by the Company after notice), the Member (a) shall furnish only that
portion of the information which, in accordance with the advice of counsel, is legally required to
be furnished and (b) will exercise its reasonable efforts to obtain assurances that confidential
treatment will be accorded such information.

     SECTION 15.4. Entire Agreement. This Agreement (including the Schedules attached hereto) and the
Registration Rights Agreement shall constitute the entire agreement and understanding among the
parties hereto with respect to the subject matter hereof and shall supersede any prior
understanding or agreement, oral or written with respect thereto; provided, however, that with
respect to each Family Member, the Registration Rights Agreement is hereby incorporated herein by
reference and each Family Member agrees that it is a party to, and shall be subject to the terms of
and enjoy the rights and benefits provided under the Registration Rights Agreement. There are no
representations, agreements, arrangements or understandings, oral or written, between or among the
Members relating only to the subject matter of this Agreement that are not fully expressed herein
or therein.

     SECTION 15.5. Successors and Assigns; Binding Effect. No Member shall assign all or any part of its
rights or obligations under this Agreement to any Person, except as expressly provided herein.
This Agreement and all of the terms and provisions hereof shall be binding upon, and shall inure to
the benefit of, the parties hereto and their respective legal representatives, heirs, successors
and permitted assigns. Each Covered Person shall be entitled to rely upon, shall be a third party
beneficiary of, and shall be entitled to enforce, the provisions of this Agreement applicable to
such Person.

     SECTION 15.6. Severability. If any provision of this Agreement, or the application of such
provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or
unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and
each other provision hereof shall be valid and enforceable to the fullest extent permitted by law,
(ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to
be valid and enforceable to the fullest extent permitted by law and (iii) the application of such
provision to other Persons or circumstances or in other jurisdictions shall not be affected
thereby. Any default hereunder by a Member shall not excuse a default by any other Member.

50

 

     SECTION 15.7. No Waiver. Neither the failure nor delay on the part of any party hereto to exercise
any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege, nor shall any
waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a
waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such
waiver.

     SECTION 15.8. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware.

     SECTION 15.9. Judicial Proceedings. In any judicial proceeding involving any dispute, controversy
or claim arising out of or relating to this Agreement or the Company or its operations, each of the
Members and the Company unconditionally accepts the non-exclusive jurisdiction and venue of any
United States District Court located in the State of Delaware, or of the Court of Chancery of the
State of Delaware, and the appellate courts to which orders and judgments thereof may be appealed.
In any such judicial proceeding, the Members agree that in addition to any method for the service
of process permitted or required by such courts, to the fullest extent permitted by law, service of
process may be made by delivery provided pursuant to the directions in Section 15.1. EACH OF THE
MEMBERS HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY
OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR RELATING TO THE COMPANY OR ITS OPERATIONS.

     SECTION 15.10. Aggregation of Units. All Units held or acquired by a Member and its Affiliates shall
be aggregated together for purposes of determining the rights or obligations of a Member, or
application of any restrictions to a Member, under this Agreement, in each instance in which such
right, obligation or restriction is determined by any ownership threshold. Within an Investor
Group, the Investor Members may allocate the ability to exercise any rights of such Investor Group
under this Agreement in any manner that such Investor Group (by approval of the holders of a
majority of the Units held by such Investor Group or by grant of a power of attorney and/or proxy)
sees fit, subject to the other terms of this Agreement and otherwise an Investor Group’s vote,
consent or approval shall be deemed to be given if approved by members of such Investor Group
holding a majority of the Units then held by all members of such Investor Group.

     SECTION 15.11. Equitable Relief. The Members hereby confirm that damages at law would be an
inadequate remedy for a breach or threatened breach of this Agreement and agree that, in the event
of a breach or threatened breach of any provision hereof, the respective rights and obligations
hereunder shall be enforceable by specific performance, injunction or other equitable remedy, but,
nothing herein contained is intended to, nor shall it, limit or affect any right or rights at law
or by statute or otherwise of a Member aggrieved as against another Member for a breach or
threatened breach of any provision hereof, it being the intention by this Section to make clear the
agreement of the Members that the respective rights and obligations of the Members hereunder shall
be enforceable in equity as well as at law or otherwise and that the

51

 

mention herein of any particular remedy shall not preclude a Member from any other remedy it
or he might have, either in law or in equity.

     SECTION 15.12. Table of Contents, Headings and Captions. The table of contents, headings,
subheadings and captions contained in this Agreement are included for convenience of reference
only, and in no way define, limit or describe the scope of this Agreement or the intent of any
provision hereof.

     SECTION 15.13. Counterparts. This Agreement and any amendment hereto may be signed in any number of
separate counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one Agreement (or amendment, as applicable).

     SECTION 15.14. Recapitalizations, Exchanges, Etc., Affecting Units, HCA Common Stock; Solvent
Reorganization. The provisions of this Agreement shall apply, to the full extent set forth
herein with respect to Units and shares of HCA Common Stock, and to any and all equity interests of
the Company or HCA or any successor or assign of the Company or HCA (whether by merger,
consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for, or
in substitution of the Units or the shares of Company Common Stock, by reason of any stock
dividend, stock split, stock issuance, reverse stock split, combination, recapitalization,
reclassification, merger, consolidation or otherwise. Upon the occurrence of any of such events,
amounts hereunder shall be appropriately adjusted.

52

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