Document:

EX-4.1

 Exhibit 4.1 

AFLAC INCORPORATED, 
 AS
ISSUER 
 AND 

THE BANK OF NEW YORK MELLON 

TRUST COMPANY, N.A., 

AS TRUSTEE 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of October 23, 2017 

 
  

¥60,000,000,000 

2.108% Subordinated Debentures due 2047 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I 2.108% SUBORDINATED DEBENTURES DUE 2047
	  	 	1	 
			
	 Section 1.01
	  	Establishment	  	 	1	 
	 Section 1.02
	  	Definitions	  	 	2	 
	 Section 1.03
	  	Payment of Principal and Interest	  	 	3	 
	 Section 1.04
	  	Option to Defer Interest Payments	  	 	4	 
	 Section 1.05
	  	Denominations	  	 	6	 
	 Section 1.06
	  	Global Securities	  	 	6	 
	 Section 1.07
	  	Transfer	  	 	6	 
	 Section 1.08
	  	Defeasance	  	 	6	 
	 Section 1.09
	  	Redemption at the Option of the Company	  	 	6	 
	 Section 1.10
	  	Additional Amounts	  	 	9	 
	 Section 1.11
	  	Selection of Subordinated Debentures to be Redeemed; Notice of Redemption	  	 	11	 
	 Section 1.12
	  	Notice to Trustee	  	 	11	 
	 Section 1.13
	  	Events of Default	  	 	11	 
	 Section 1.14
	  	Further Issues	  	 	13	 
		
	 ARTICLE II MISCELLANEOUS PROVISIONS
	  	 	13	 
			
	 Section 2.01
	  	Recitals by the Company	  	 	13	 
	 Section 2.02
	  	Ratification and Incorporation of Original Indenture	  	 	13	 
	 Section 2.03
	  	Executed in Counterparts	  	 	14	 
	 Section 2.04
	  	New York Law to Govern	  	 	14	 
	 Section 2.05
	  	Agreement by Holders to Treat Debentures as Indebtedness for Tax Purposes	  	 	14	 
		
	 EXHIBIT A 2.108% Subordinated Debenture due 2047
	  	 	A-1	 
		
	 EXHIBIT B CERTIFICATE OF AUTHENTICATION
	  	 	B-1	 

  
 i 

 THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”) is made as of
the 23rd day of October, 2017, by and between AFLAC INCORPORATED, a Georgia corporation, as issuer (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”):

 WHEREAS, the Company has heretofore entered into a Subordinated Indenture, dated as of September 26, 2012 (the “Original
Indenture”), with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by reference, and the Original Indenture, as
supplemented by this Second Supplemental Indenture, is herein called the “Indenture”; 
 WHEREAS, under the Original Indenture, a
new series of subordinated debentures may at any time be established by the Board of Directors of the Company in accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture
executed by the Company and the Trustee; 
 WHEREAS, the Company proposes to create under the Indenture a new series of subordinated
debentures; 
 WHEREAS, additional subordinated debentures of other series hereafter established, except as may be limited in the Original
Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified, and all subordinated debentures issued by the Company of any one series need not be issued at the
same time and, unless otherwise so provided, may be reopened for issuances of additional subordinated debentures of such series; and 

WHEREAS, all things necessary to authorize the execution and delivery of this Second Supplemental Indenture and make it a valid and binding
agreement of the Company, in accordance with its terms, have been done. 
 NOW THEREFORE, in consideration of the agreements and obligations
set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 2.108%
SUBORDINATED DEBENTURES DUE 2047 
 Section 1.01 Establishment. There is hereby established a new series of subordinated
debentures to be issued under the Indenture, to be designated as the Company’s 2.108% Subordinated Debentures due 2047 (the “Subordinated Debentures”). 

There are to be authenticated and delivered Subordinated Debentures, initially limited in aggregate principal amount to ¥60,000,000,000
and no further Subordinated Debentures shall be authenticated and delivered except as provided by Section 2.8, 2.9, 2.11, 8.5 or 12.3 of the 

 
Original Indenture and the terms of this Second Supplemental Indenture; provided, however, that the Company may re-open this series of Subordinated
Debentures and the aggregate principal amount of the Subordinated Debentures may be increased in the future, without the consent of the holders of the Subordinated Debentures, with the same ranking, interest rate, maturity date and other terms and
with the same CUSIP and ISIN numbers as the Subordinated Debentures other than with respect to: (i) the date of issuance, (ii) the issue price and (iii) the date from which interest shall accrue and the amount of interest payable on
the first Interest Payment Date following the issuance of any such additional Subordinated Debentures (which terms shall be set forth in a Board Resolution or supplemental indenture accompanying the Order pursuant to which any such additional
Subordinated Debentures are authenticated). Any such additional Subordinated Debentures and the Subordinated Debentures established pursuant hereto shall be considered collectively as a single class for all purposes of the Indenture; provided that
such additional Subordinated Debentures are fungible for U.S. federal income tax purposes with any then-existing Subordinated Debentures. The Subordinated Debentures shall be issued in fully registered form. 

The Subordinated Debentures shall be issued in the form of one or more Global Securities (as defined below) in substantially the form set out
in Exhibit A hereto. 
 The form of the Trustee’s Certificate of Authentication for the Subordinated Debentures shall be substantially
in the form set forth in Exhibit B hereto. 
 Each Subordinated Debenture shall be dated the date of authentication thereof and shall bear
interest from the date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for. 

Section 1.02 Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings
specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture. 

“Global Security” means, with respect to any series of securities, a security authenticated and delivered under the Original
Indenture executed by the Company and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Original Indenture, which shall be registered in the name of the Depositary or its nominee.

 “Interest Payment Date” means April 23 and October 23, commencing on April 23, 2018. 

“Non-U.S. holder” means a beneficial owner of a Subordinated Debenture (other than a
partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) that is not a U.S. holder. 

“Regular Record Date” means, with respect to each Interest Payment Date, the close of business on April 8 or October 8
immediately preceding such Interest Payment Date. 
 “Stated Maturity” means October 23, 2047. 

  
 2 

 “U.S. holder” means a beneficial owner of a Subordinated Debenture that, for U.S.
federal income tax purposes, is (1) a citizen or an individual who is a resident of the United States; (2) a corporation or other entity treated as a corporation for U.S. federal income tax purposes that is created in, or organized under
the laws of, the United States, any state thereof, any political subdivision thereof, or the District of Columbia; (3) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (4) a trust if
(a) a court within the United States is able to exercise primary control over its administration and one or more U.S. persons, within the meaning of Section 7701(a)(30) of the Code, have the authority to control all substantial decisions
of such trust, or (b) the trust has made an election under the applicable Treasury Regulations to be treated as a U.S. person under the Code. 

Section 1.03 Payment of Principal and Interest. The principal of the Subordinated Debentures shall be due at Stated Maturity. The
unpaid and outstanding principal amount of the Subordinated Debentures, and any overdue installment of interest thereon to the extent permitted by law, shall bear interest (i) at an initial rate of 2.108% per annum, from and including the
date of issuance to, but excluding, October 23, 2027, or earlier redemption and (ii) thereafter the rate of the interest of the Subordinated Debentures will be reset on each of October 23, 2027, October 23, 2032, October 23,
2037 and October 23, 2042 (each, a “reset date”). From and including the day immediately following each reset date to and including the next following reset date or the date of earlier redemption, the rate of interest of the
Subordinated Debentures will be equal to the then-current JPY 5-year Swap Offered Rate (rounded up to the nearest third decimal place) plus 205 basis points. Subject to Section 1.04 below, interest shall
be paid semi-annually in arrears on each Interest Payment Date, commencing on April 23, 2018, to the Person in whose name the Subordinated Debentures are registered on the Regular Record Date for such Interest Payment Date, provided that
interest payable at the Stated Maturity or on a date of redemption as provided herein, will be paid to the Person to whom principal is payable. Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable
to the holders on such Regular Record Date and may be paid as provided in Section 2.7 of the Original Indenture. 
 Payments of
interest on the Subordinated Debentures will include interest accrued to, but excluding, the respective Interest Payment Dates. Interest payments for the Subordinated Debentures shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on which interest is payable on the Subordinated Debentures is not a Business Day, then payment of
the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such next succeeding Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the date the payment was originally payable. 

Payment of the principal, premium, if any, and interest due at the Stated Maturity of, or on a date of redemption for, the Subordinated
Debentures shall be made upon surrender of the Subordinated Debentures at the Corporate Trust Office of the Trustee. The principal of and interest on the Subordinated Debentures shall be paid in Japanese yen. Payments of interest (including interest
on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security register or
(ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. 

  
 3 

 Section 1.04 Option to Defer Interest Payments. So long as no Event of Default with
respect to the Subordinated Debentures has occurred or is continuing, the Company shall have the right, at any time and from time to time, to defer the payment of interest on the Subordinated Debentures for one or more Optional Deferral Period (as
defined below) of up to five consecutive years, provided, however, that no Optional Deferral Period shall extend beyond the Maturity Date, any earlier accelerated maturity date arising from an Event of Default or any other earlier redemption of the
Subordinated Debentures. If the Company has paid all deferred interest (including compounded interest thereon) on the Subordinated Debentures, the Company shall have the right to elect to begin a new Optional Deferral Period pursuant to this
Section 1.04. 
 During any Optional Deferral Period, interest shall continue to accrue on the Subordinated Debentures, and deferred
interest payments shall accrue additional interest at the then applicable interest rate on the Subordinated Debentures, compounded semi-annually as of each Interest Payment Date to the extent permitted by applicable law. No interest otherwise due
during an Optional Deferral Period shall be due and payable on the Subordinated Debentures until the end of such Optional Deferral Period except upon an acceleration or redemption of the Subordinated Debentures during such deferral period. 

At the end of any Optional Deferral Period, the Company shall pay all deferred interest (including compounded interest thereon) on the
Subordinated Debentures to the Persons in whose names the Subordinated Debentures are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Optional Deferral Period. 

At the end of five years following the commencement of any Optional Deferral Period, the Company shall pay all accrued and unpaid deferred
interest, including compounded interest thereon, and the Company’s failure to pay all such accrued and unpaid deferred interest, including compounded interest thereon, for a period of 30 days after the conclusion of such five-year period shall
result in an Event of Default giving rise to a right of acceleration. If, at the end of any Optional Deferral Period, the Company shall have paid all deferred interest due on the Subordinated Debentures, including compounded interest, the Company
may again defer interest payments on the Subordinated Debentures as described above. 
 “Optional Deferral Period” means the
period commencing on an Interest Payment Date with respect to which the Company defers interest pursuant to this Section 1.04 and ending on the earlier of (i) the fifth anniversary of that Interest Payment Date and (ii) the next
Interest Payment Date on which the Company has paid all deferred and unpaid amounts (including compounded interest on such deferred amounts) and all other accrued interest on the Subordinated Debentures. 

  
 4 

 The Company shall give written notice of its election to commence or continue any Optional
Deferral Period to the Trustee and the Holders of the Subordinated Debentures at least three Business Day and not more than 60 Business Days before the next Interest Payment Date. Such notice shall be given to the Trustee and each Holder of
Subordinated Debentures at such Holder’s address by first-class mail, postage prepaid. In addition, the Company’s failure to pay interest on the Subordinated Debentures on any Interest Payment Date will itself constitute the commencement
of an Optional Deferral Period unless the Company pays such interest within five Business Days after any such Interest Payment Date, whether or not the Company provides a notice of deferral. 

After the commencement of an Optional Deferral Period and until the Company has paid all accrued and unpaid interest on the Subordinated
Debentures, the Company shall not, and shall not permit any of its Subsidiaries to declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares of the Company’s capital
stock other than: 
 (a) purchases or acquisitions of shares of the Company’s capital stock in connection with any employment contract,
benefit plan or other similar arrangement with or for the benefit of employees, officers, directors, consultants or agents or the Company’s satisfaction of its obligations under any dividend reinvestment plan; 

(b) purchases or acquisitions of shares of the Company’s capital stock in connection with the Company’s satisfaction of its
obligations under any contract or security entered into before commencement of the Optional Deferral Period; 
 (c) as a result of a
reclassification of any series or class of the Company’s capital stock, or the exchange or conversion of one class or series of the Company’s capital stock for or into another class or series of the Company’s capital stock; 

(d) the purchase of fractional interests in shares of the Company’s capital stock pursuant to an acquisition or the conversion or exchange
provisions of that capital stock or the security being converted or exchanged; 
 (e) dividends or distributions of the Company’s
capital stock, or rights to acquire capital stock, or repurchases or redemptions of capital stock, in each case solely from the issuance or exchange of capital stock; 

(f) any declaration of a dividend in connection with the implementation of a shareholder rights plan, or issuances of capital stock under any
such plan in the future, or redemptions or repurchases of any rights outstanding under a shareholder rights plan; or 
 (g) acquisitions of
the Company’s capital stock in connection with acquisitions of businesses made by the Company (which acquisitions are made by the Company in connection with the satisfaction of indemnification obligations of the sellers of such businesses).

 In addition, after the commencement of an Optional Deferral Period until the Company has paid all accrued and unpaid interest on the
Subordinated Debentures, the Company shall not, and shall not permit any of its Subsidiaries to, make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any of the Company’s debt securities or

  
 5 

 
guarantees that rank equally with the Subordinated Debentures (“Parity Securities”) or junior to the Subordinated Debentures other than (i) any payment of current or deferred
interest on Parity Securities made pro rata to the amounts due on such Parity Securities (including the Subordinated Debentures) and any payments of deferred interest on Parity Securities that, if not made, would cause the Company to breach the
terms of the instrument governing such Parity Securities or (ii) any payment of principal on Parity Securities necessary to avoid a breach of the instrument governing such Parity Securities. 

Section 1.05 Denominations. The Subordinated Debentures will be issued only in denominations of ¥100,000,000 and integral
multiples of ¥10,000,000 in excess thereof. 
 Section 1.06 Global Securities. The Subordinated Debentures will initially be
represented by one or more Global Securities. Each such Global Security will be deposited with, or on behalf of, a common depositary, and registered in the name of the nominee of the common depositary for the accounts of Clearstream Banking,
société anonyme (“Clearstream”) and Euroclear Bank S.A./N.V. (“Euroclear”). The Subordinated Debentures may be held through Clearstream or Euroclear, either as a participant in
such systems or indirectly through organizations which are participants in such systems. Clearstream and Euroclear will hold interests in the Subordinated Debentures on behalf of their respective participating organizations or customers through
customers’ securities accounts in Clearstream’s or Euroclear’s names on the books of their respective depositaries. Book-entry interests in the Subordinated Debentures and all transfers relating to the Subordinated Debentures will be
reflected in the book-entry records of Clearstream and Euroclear. 
 Owners of beneficial interests in such Global Securities will not be
entitled to have the Subordinated Debentures registered in their names, will not receive or be entitled to receive physical delivery of the Subordinated Debentures in definitive form and will not be considered the owners or holders of the
Subordinated Debentures under the Indenture, including for purposes of receiving any reports delivered by the Company or the Trustee pursuant to the Indenture. Accordingly, each person owning a beneficial interest in a Subordinated Debenture must
rely on the procedures of the depositary and, if such person is not a participant, on the procedures of the participant through which such person owns its interest, in order to exercise any rights of a holder of the Subordinated Debentures. 

Section 1.07 Transfer. No service charge will be made for any registration of transfer or exchange of Subordinated Debentures, but
payment will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

Section 1.08 Defeasance. The provisions of Sections 10.4 and 10.5 of the Original Indenture will apply to the Subordinated
Debentures. 
 Section 1.09 Redemption at the Option of the Company. The Company may redeem the Subordinated Debentures: 

 

	 	•	 	in whole or in part, on any interest payment date, on or after October 23, 2027, at a redemption price equal to their principal amount plus accrued and unpaid interest (including compounded interest, if any) to,
but excluding, the date of redemption; 

  
 6 

	 	•	 	in whole, but not in part, at any time, within 90 days of the occurrence of a Tax Event (as defined below), at a redemption price equal to their principal amount plus accrued and unpaid interest (including compounded
interest, if any) to, but excluding, the date of redemption; or 

  

	 	•	 	in whole, but not in part, at any time, within 90 days of the occurrence of a Rating Agency Event (as defined below), at a redemption price equal to their principal amount plus accrued and unpaid interest (including
compounded interest, if any) to, but excluding, the date of redemption. 

 “Tax Event” means that the Company will
have received an opinion of counsel, rendered by a law firm of nationally recognized standing that is experienced in such matters, stating that, as a result of any: 
  

	 	•	 	amendment to, or change in (including any promulgation, enactment, execution or modification of) the laws (or any regulations under those laws) of the United States or any political subdivision thereof or therein
affecting taxation; 

  

	 	•	 	official administrative pronouncement (including a private letter ruling, technical advice memorandum or similar pronouncement) or judicial decision or administrative action or other official pronouncement interpreting
or applying the laws or regulations enumerated in the preceding bullet point, by any court, governmental agency or regulatory authority; or 

  

	 	•	 	threatened challenge asserted in connection with an audit of the Company or any of its Subsidiaries, 

 which
amendment or change is enacted or effective or which pronouncement or decision is announced or which challenge is asserted against the Company or becomes publicly known on or after the original issue date of the Subordinated Debentures, there is
more than an insubstantial increase in the risk that interest accruable or payable by the Company on the Subordinated Debentures is not, or will not be, deductible by the Company in whole or in part, for U.S. federal income tax purposes. 

“Rating Agency Event” means that any nationally recognized statistical rating organization within the meaning of
Section 3(a)(62) under the Securities Exchange Act of 1934 that then publishes a rating for the Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the
Subordinated Debentures, which amendment, clarification or change results in (a) the shortening of the length of time the Subordinated Debentures are assigned a particular level of equity credit by that rating agency as compared to the length
of time they would have been assigned that level of equity credit by that rating agency or its predecessor on the initial issuance of the Subordinated Debentures; or (b) the lowering of the equity credit (including up to a lesser amount)
assigned to the Subordinated Debentures by that rating agency compared to the equity credit assigned by that rating agency or its predecessor on the initial issuance of the Subordinated Debentures. The Trustee will not be responsible for monitoring
whether or not a rating event has occurred. 
 “JPY 5-year Swap Offered Rate” means
(i) the offered rate for Japanese yen swaps with a term of five (5) years which appears on the Bloomberg Page GDCO 157 1 (as defined below) at 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date (as defined below), (ii) if the

  
 7 

 
rate specified in (i) above does not appear or Bloomberg Page GDCO 157 1 is unavailable at 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date, the ask rate for Japanese yen
swaps with a term of five (5) years which appears on the “Quote Recap” page of Bloomberg Page JYSW5 TTFX Curncy QR (as defined below) at 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date, or (iii) if neither the
rates specified in (i) nor (ii) above appear or if neither Bloomberg Page GDCO 157 1 nor Bloomberg Page JYSW5 TTFX Curncy QR is available at 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date, the ask rate for Japanese yen swaps
with a term of five (5) years which appears on the “Quote Recap” page of Bloomberg Page JYSW5 TTFX Curncy QR immediately before 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date; provided that such rate shall be the ask
rate for Japanese yen swaps with a term of five (5) years on the Interest Rate Determination Date (Tokyo time). 
 “Bloomberg Page
GDCO 157 1” means the page GDCO 157 1 displayed on Bloomberg (or any successor service) which page displays offered rates for Japanese yen swaps in the Tokyo interbank market (or any successor page thereto). 

“Bloomberg Page JYSW5 TTFX Curncy QR” means the page JYSW5 TTFX Curncy QR displayed on Bloomberg (or any successor service) which
page displays quote recap for Japanese yen swaps in the Tokyo interbank market (or any successor page thereto). 
 “Interest Rate
Determination Date” means, in respect of each reset interest period, the day which is two (2) Business Days prior to the reset date immediately prior to the first day of such reset interest period. 

At approximately 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date, the Calculation Agent (as defined below) will ascertain in
respect of the relevant reset interest period the JPY 5-year Swap Offered Rate. 
 “Business
Day” means a day which is a day on which banks are open for business in The City of New York, The City of London and The City of Tokyo. 

“Calculation Agent” means The Bank of New York Mellon, London Branch, or any other successor appointed by us, acting as calculation
agent. 
 The determination of JPY 5-year Swap Offered Rate for each applicable reset interest
period by the Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent’s calculation of the amount of any interest payable after the first Interest Rate Determination Date will be maintained on file
at the Calculation Agent’s principal offices. 
 On and after the date of redemption, interest will cease to accrue on the Subordinated
Debentures or any portion of the Subordinated Debentures called for redemption, unless the Company defaults in the payment of the redemption amount. 

Notwithstanding Section 12.2 of the Original Indenture, the notice of redemption with respect to the foregoing redemption need not set
forth the redemption price but only the manner of calculation thereof. 

  
 8 

 Section 1.10 Additional Amounts. All payments of principal and interest in respect of
the Subordinated Debentures will be made free and clear of, and without deduction or withholding for or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature imposed, levied, collected,
withheld or assessed by the United States or any political subdivision or taxing authority of or in the United States (collectively, “Taxes”), unless such withholding or deduction is required by law. 

In the event such withholding or deduction of Taxes is required by law, subject to the limitations described below, the Company will pay to
any Non-U.S. holder such additional amounts (“Additional Amounts”) as may be necessary in order that every net payment by the Company or any paying agent of principal of or interest on the
Subordinated Debentures (including upon redemption), after deduction or withholding for or on account of such Taxes, will not be less than the amount provided for in such Subordinated Debentures to be then due and payable before deduction or
withholding for or on account of such Taxes. 
 However, the Company’s obligation to pay Additional Amounts shall not apply to: 

(a) any Taxes which would not have been so imposed, withheld or deducted but for: 

(1) the existence of any present or former connection between such holder or beneficial owner (or between a fiduciary, settlor, beneficiary,
member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity)
and the United States, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or other equity owner or person having such a power) being or having been a citizen or resident or
treated as a resident of the United States or being or having been engaged in a trade or business in the United States or being or having been present in the United States or having or having had a permanent establishment in the United States; 

(2) the failure of such holder or beneficial owner to comply with any applicable certification, information, documentation or other reporting
requirement concerning the nationality, residence, identity or connection with the United States of such holder or beneficial owner or otherwise to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited
to, the requirement to provide Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form
W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty); or 

(3) such holder’s or beneficial owner’s present or former status as a personal holding company, foreign personal holding company,
controlled foreign corporation, passive foreign investment company or foreign tax exempt organization with respect to the United States or as a corporation that accumulates earnings to avoid United States federal income tax; 

(b) any Taxes imposed, withheld or deducted by reason of the holder or beneficial owner: 

  
 9 

 (1) owning or having owned, directly or indirectly, actually or constructively, 10% or more of
the total combined voting power of all classes of the Company’s stock, 
 (2) being a bank receiving interest described in section
881(c)(3)(A) of the Internal Revenue Code of 1986 (the “Internal Revenue Code”), or 
 (3) being a controlled foreign corporation
with respect to the United States that is related to the Company by stock ownership; 
 (c) any Taxes which would not have been so imposed,
withheld or deducted but for the presentation by the holder or beneficial owner of the Subordinated Debenture for payment on a date more than 10 days after the date on which such payment became due and payable or the date on which payment of the
Subordinated Debentures is duly provided for and notice is given to holders, whichever occurs later, except to the extent that the holder or beneficial owner would have been entitled to such additional amounts on presenting such Subordinated
Debentures on any date during such 10-day period; 
 (d) any estate, inheritance, gift, sales,
transfer, capital gains, personal property, excise, wealth, interest equalization or similar Taxes; 
 (e) any Taxes which are payable
otherwise than by withholding from any payment of principal of or interest on such Subordinated Debenture; 
 (f) any Taxes which are payable
by a holder that is not the beneficial owner of the Subordinated Debenture, or a portion of the Subordinated Debenture, or that is a fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial
owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar entity would not have been entitled to the payment of an additional amount had such beneficial owner, settlor,
beneficiary or member received directly its beneficial or distributive share of the payment; 
 (g) any Taxes required to be withheld by any
paying agent from any payment of principal of or interest on any Subordinated Debenture, if such payment can be made without such withholding by any other paying agent; 

(h) any Taxes that would not have been imposed, withheld or deducted but for a change in any law, treaty, regulation, or administrative or
judicial interpretation that becomes effective after the applicable payment becomes due or is duly provided for, whichever occurs later, to the extent such change in law, treaty, regulation or administrative interpretation would apply retroactively
to such payment; 
 (i) any Taxes imposed, withheld or deducted under Sections 1471 through 1474 of the Internal Revenue Code (or any amended
or successor provisions that are substantively comparable) and any current or future regulations or official interpretations thereof (the Foreign Account Tax Compliance Act or “FATCA”), any agreement (including any intergovernmental
agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or 

  
 10 

 (j) any combination of items (a), (b), (c), (d), (e), (f), (g), (h) and (i). 

For purposes of this section, the acquisition, ownership, enforcement or holding of or the receipt of any payment with respect to a
Subordinated Debenture will not constitute a connection (1) between the holder or beneficial owner and the United States or (2) between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a
power over, such holder or beneficial owner if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and the United States. 

Any reference in the Indenture or in the Subordinated Debentures to principal or interest shall be deemed to refer also to Additional Amounts
which may be payable under the provisions of this section. 
 Except as specifically provided in the Subordinated Debentures, the Company
will not be required to make any payment with respect to any tax, duty, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority of or in any government or political subdivision. 

Section 1.11 Selection of Subordinated Debentures to be Redeemed; Notice of Redemption. If less than all of the Subordinated
Debentures are to be redeemed, the principal amount of such Subordinated Debentures held by each beneficial owner of such Subordinated Debentures to be redeemed will be selected in accordance with the procedures of the applicable clearing house. If
the Subordinated Debentures are in certificated form, the Trustee will select the Subordinated Debentures to be redeemed by lot. The Trustee shall promptly notify the Company in writing of the Subordinated Debentures selected for redemption and, in
the case of any Subordinated Debentures selected for partial redemption, the principal amount thereof to be redeemed. 
 Section 1.12
Notice to Trustee. The Company shall notify the Trustee of the redemption price with respect to the foregoing redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said redemption price. 

Section 1.13 Events of Default. With respect to the Subordinated Debentures, this Section 1.13 supersedes Section 5.1 of
the Original Indenture, which is hereby replaced in its entirety and shall be read as: 
 “Event of Default” with respect to the
Subordinated Debentures, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (i)
default in the payment of all or any part of the principal of, or premium, if any, on any of the Subordinated Debentures as and when the same shall become due and payable either at maturity, upon any redemption, by declaration or otherwise;
provided, however, that if the Company defers the payment of interest on the Subordinated Debentures pursuant to Section 1.04 of this Second Supplemental Indenture, the date on which such payment is due and payable shall be the date on which
the Company is required to make payment following such Optional Deferral Period (subject to any deferral of any due date in the case of an extension period); or 

  
 11 

 (ii) default in the payment of any installment of interest upon any of the Subordinated
Debentures as and when the same shall become due and payable, and continuance of such default for a period of 30 days and the interest payment date has not been properly extended or deferred; provided, however, that if the Company defers the payment
of interest on the Subordinated Debentures pursuant to Section 1.04 of this Second Supplemental Indenture, the date on which such payment is due and payable shall be the date on which the Company is required to make payment following such
Optional Deferral Period (subject to any deferral of any due date in the case of an extension period); or 
 (iii) [Intentionally Reserved]

 (iv) [Intentionally Reserved] 

(v) a decree or order by a court having jurisdiction in the premises shall have been entered adjudging the Company as bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization of the Company under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, and such decree or order shall have continued undischarged and unstayed for a
period of 120 days; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the Company or of its property, or for the winding up or
liquidation of its affairs, shall have been entered, and such decree or order shall have remained in force and unstayed for a period of 120 days; or 

(vi) the Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company
or for any substantial part of its or their property, or make any general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due. 

(vii) [Intentionally Reserved] 

(viii) [Intentionally Reserved] 

If an Event of Default (other than an Event of Default specified in Sections 5.1(5) or 5.1(6) herein) with respect to the Subordinated
Debentures at the time Outstanding occurs and is continuing, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Subordinated Debentures then Outstanding hereunder, by notice in writing to the Company (and to
the Trustee if given by such Holders of the Subordinated Debentures), may declare the principal of all the Subordinated Debentures to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due
and payable. If an Event of Default specified in Sections 5.1(5) or 5.1(6) herein, with respect to Subordinated Debentures at the time Outstanding occurs, the principal amount of all the Subordinated Debentures shall automatically, and without any
declaration or other action on the part of the Trustee or any holder, become immediately due and payable. 

  
 12 

 At any time after the principal of the Subordinated Debentures shall have been so declared due
and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Holders of a majority in aggregate principal amount of the Subordinated Debentures then Outstanding
hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest on
all the Subordinated Debentures and the principal of , and premium, if any, on any and all Subordinated Debentures that shall have become due otherwise than by acceleration (with interest on such principal and premium, if any, and, to the extent
that such payment is enforceable under applicable law, upon overdue installments of interest, at the rates of interest or Yields to Maturity of the Subordinated Debentures, as the case may be, to the date of such payment or deposit) and the amount
payable to the Trustee under Section 6.6 of the Original Indenture, and (ii) any and all Events of Default under this Second Supplemental Indenture with respect to such series, other than the nonpayment of principal on the Subordinated
Debentures that shall not have become due by their terms, shall have been remedied or waived as provided in Section 5.10 of the Original Indenture. 

Section 1.14 Further Issues. The Company may from time to time, without notice to or the consent of the registered holders of the
Subordinated Debentures, create and issue further debentures ranking equally with the Subordinated Debentures in all respects. Such further debentures may be consolidated and form a single series with the Subordinated Debentures and have the same
terms as to status, redemption or otherwise as the Subordinated Debentures (other than the issue date of such further debentures and first payment of interest following the issue date of such further debentures); provided that such additional
debentures are fungible for U.S. Federal income tax purposes with any then-existing Subordinated Debentures. 
 ARTICLE II 

MISCELLANEOUS PROVISIONS 

Section 2.01 Recitals by the Company. The recitals in this Second Supplemental Indenture are made by the Company only and not by
the Trustee, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture or of the Subordinated Debentures. The Trustee shall not be
accountable for the use or application by the Company of the Subordinated Debentures or the proceeds thereof. All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the
Trustee shall be applicable in respect of the Subordinated Debentures and of this Second Supplemental Indenture as fully and with like effect as if set forth herein in full. 

Section 2.02 Ratification and Incorporation of Original Indenture. As supplemented hereby, the Original Indenture is in all
respects ratified and confirmed, and the Original Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

  
 13 

 Section 2.03 Executed in Counterparts. This Second Supplemental Indenture may be
simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 

Section 2.04 New York Law to Govern. This Second Supplemental Indenture and each Subordinated Debenture shall be deemed to be a
contract under the laws of the state of New York, and for all purposes shall be construed in accordance with the laws of such state, except as may be required by mandatory provisions of law. 

Section 2.05 Agreement by Holders to Treat Debentures as Indebtedness for Tax Purposes. Each holder of the Subordinated Debentures
will, by accepting the Subordinated Debentures or a beneficial interest therein, be deemed to have agreed that the holder intends that the Subordinated Debentures constitute indebtedness and will treat the Subordinated Debentures as indebtedness for
all U.S. federal, state and local tax purposes. 
 [The next page is the signature page] 

  
 14 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and
behalf by its duly authorized officers, all as of the day and year first above written. 
  

			
	 AFLAC INCORPORATED,
 as
Issuer

		
	By:	 	/s/ Frederick J. Crawford
		 	 Name: Frederick J. Crawford
 Title:
  Executive Vice President and
             Chief Financial Officer

  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

		
	By:	 	/s/ Karen Yu
		 	 Name: Karen Yu
 Title:   Vice
President

 [Signature Page to Second Supplemental Indenture] 

 EXHIBIT A 

2.108% Subordinated Debenture due 2047 

THIS DEBENTURE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE SECOND SUPPLEMENTAL INDENTURE TO THE ORIGINAL INDENTURE HEREINAFTER REFERRED TO. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”) AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM” AND, TOGETHER WITH
EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO AFLAC INCORPORATED OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 A-1 

 No. 1 

 CUSIP No. 001055 AT9 

ISIN No. XS1702964351 
  

 

 AFLAC INCORPORATED 

2.108% Subordinated Debenture due 2047 
  

			
	 Principal Amount:
	  	¥60,000,000,000
		
	 Regular Record Date:
	  	with respect to each Interest Payment Date, the close of business on April 8 or October 8 immediately preceding such Interest Payment Date
		
	 Original Issue Date:
	  	October 23, 2017
		
	 Stated Maturity:
	  	October 23, 2047
		
	 Interest Payment Dates
	  	April 23 and October 23, commencing on April 23, 2018
		
	 Interest Rate:
	  	 From and including the date of issuance to, but excluding, October 23, 2027, the Subordinated Debentures will bear interest at an
initial rate of 2.108% per annum.
  
 From and including October 23, 2027 to, but
excluding, the maturity date or the date of earlier redemption, the rate of the interest of the Subordinated Debentures will be reset on each of October 23, 2027, October 23, 2032, October 23, 2037 and October 23, 2042 (each a
“reset date”), to an annual interest rate equal to the then-current JPY 5-year Swap Offered Rate plus 205 basis points.

		
	 Authorized Denomination:
	  	¥100,000,000 and integral multiples of ¥10,000,000 in excess thereof

 Aflac Incorporated, a Georgia corporation (the “Company,” which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, the registered holder hereof, as nominee of The Bank of New York Mellon, London
Branch, as common depositary for Euroclear/Clearstream, or registered assigns, the principal sum of SIXTY BILLION JAPANESE YEN (¥60,000,000,000) on the Stated Maturity shown above, and to pay interest thereon, and on any overdue installment of
interest thereon to the extent permitted by law, from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from the Original Issue Date shown above, semi-annually in arrears on
each Interest Payment Date as specified above, commencing on April 23, 2018, and on the Stated Maturity at the rate per year shown above until the principal hereof or such overdue installment is paid or made available for payment. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity) will, as provided in the Indenture, be paid to the Person in whose name this Debenture (as defined
on the reverse hereof) is registered at the close of business on the Regular 

  
 A-2 

 
Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at Stated Maturity or a redemption date will be paid to the Person to whom principal
is payable. Except as otherwise provided in the Indenture, any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date and may be paid as provided in
Section 2.7 of the Original Indenture. 
 Payments of interest on this Debenture (as defined on the reverse hereof) will include
interest accrued to, but excluding, the respective Interest Payment Dates. Interest payments for this Debenture shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on which interest is payable on this Debenture is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such delay), except that, if such next succeeding Business Day is in the next succeeding calendar year, payment shall be made on the immediately preceding Business Day, in
each case with the same force and effect as if made on the date the payment was originally payable. For the purposes of this Debenture, “Business Day” means a day which is a day on which banks are open for business in The City of New York,
The City of London and The City of Tokyo. 
 Payment of the principal of and interest due at the Stated Maturity of, or on a date of
redemption for, this Debenture shall be made upon surrender of this Debenture at the Corporate Trust Office of the Trustee. The principal of and interest on this Debenture shall be paid in Japanese yen. Payment of interest (including interest on an
Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security register or
(ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. 

The Subordinated Debentures (as defined on the reverse hereof) will be unsecured obligations of the Company and will be subordinated to all
Senior Indebtedness of the Company. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS DEBENTURE SET FORTH ON THE REVERSE HEREOF,
WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
 Unless the certificate of
authentication hereon has been executed by the Trustee by manual signature, this Debenture shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	 AFLAC INCORPORATED,
 as
Issuer

		
	By:	 	 
		 	 Name:
 Title:

  

	
	Attest:
	
	   

	 Name:
 Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the 2.108% Subordinated Debentures due 2047 referred to in the within-mentioned Indenture. 

 

									
		 		 	 THE BANK OF NEW YORK MELLON
 TRUST
COMPANY, N.A.,
 as Trustee

				
	Dated: October 23, 2017	 		 	By:	 	 
		 		 		 		 	Authorized Signatory

  
 A-4 

 (Reverse Side of Debenture) 

This debenture (this “Debenture”) represents one of a duly authorized issue of Subordinated Debentures of the Company issued and
issuable in one or more series under a Subordinated Indenture dated as of September 26, 2012 (the “Original Indenture”), as supplemented by the Second Supplemental Indenture dated as of October 23, 2017 (the “Second
Supplemental Indenture” and, together with the Original Indenture, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor
trustee under the Indenture), to which Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
holders of the Subordinated Debentures (as defined below) issued thereunder and of the terms upon which said Subordinated Debentures are, and are to be, authenticated and delivered. The Securities represented by this Debenture are one of the series
designated on the face hereof as 2.108% Subordinated Debentures due 2047 (the “Subordinated Debentures”), initially limited in aggregate principal amount to ¥60,000,000,000; provided, however, that the aggregate principal amount of the
Subordinated Debentures may be increased in the future, without the consent of the holders of the Subordinated Debentures, as provided in the Second Supplemental Indenture. Capitalized terms used herein for which no definition is provided herein
shall have the meanings set forth in the Indenture. 
 So long as no Event of Default (as defined in Section 1.13 of the Second
Supplemental Indenture) with respect to the Subordinated Debentures has occurred or is continuing, the Company shall have the right, pursuant to Section 1.04 of the Second Supplemental Indenture, at any time and from time to time, to defer the
payment of interest on the Subordinated Debentures for one or more consecutive interest periods that do not exceed five years for any single Optional Deferral Period, subject to the conditions provided in the Indenture. 

This Debenture is exchangeable in whole or from time to time in part for Subordinated Debentures of this series in definitive registered form
only as provided in the Indenture. 
 If an Event of Default with respect to the Subordinated Debentures shall occur and be continuing, the
principal of the Subordinated Debentures may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. For the avoidance of doubt, Event of Default is defined in Section 1.13 of the
Second Supplemental Indenture, which amends and restates in its entirety Section 5.1 of the Original Indenture. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Subordinated Debentures under the Indenture at any time by the Company
and the Trustee with the consent of the holders of not less than a majority in aggregate principal amount of the Subordinated Debentures at the time Outstanding. The Indenture also contains provisions permitting the holders of specified percentages
in principal amount of the Subordinated Debentures at the time Outstanding, on behalf of the holders of all Subordinated Debentures, to waive compliance by the Company with certain provisions of the Indenture and certain past

  
 A-5 

 
defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Debenture shall be conclusive and binding upon such holder and upon all future holders of
this Debenture and of any Subordinated Debentures issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debenture. 

The Indenture contains provisions for defeasance at any time of (i) the entire indebtedness of the Company pursuant to this Debenture and
(ii) restrictive covenants upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Debenture. 
 The
Company may redeem the Subordinated Debentures: 
  

	 	•	 	in whole or in part, on any interest payment date, on or after October 23, 2027, at a redemption price equal to their principal amount plus accrued and unpaid interest (including compounded interest, if any) to,
but excluding, the date of redemption; 

  

	 	•	 	in whole, but not in part, at any time, within 90 days of the occurrence of a Tax Event (as defined below), at a redemption price equal to their principal amount plus accrued and unpaid interest (including compounded
interest, if any) to, but excluding, the date of redemption; or 

  

	 	•	 	in whole, but not in part, at any time, within 90 days of the occurrence of a Rating Agency Event (as defined below), at a redemption price equal to their principal amount plus accrued and unpaid interest (including
compounded interest, if any) to, but excluding, the date of redemption. 

 “Tax Event” means that the Company will
have received an opinion of counsel, rendered by a law firm of nationally recognized standing that is experienced in such matters, stating that, as a result of any: 
  

	 	•	 	amendment to, or change in (including any promulgation, enactment, execution or modification of) the laws (or any regulations under those laws) of the United States or any political subdivision thereof or therein
affecting taxation; 

  

	 	•	 	official administrative pronouncement (including a private letter ruling, technical advice memorandum or similar pronouncement) or judicial decision or administrative action or other official pronouncement interpreting
or applying the laws or regulations enumerated in the preceding bullet point, by any court, governmental agency or regulatory authority; or 

  

	 	•	 	threatened challenge asserted in connection with an audit of the Company or any of its Subsidiaries, 

 which
amendment or change is enacted or effective or which pronouncement or decision is announced or which challenge is asserted against the Company or becomes publicly known on or after the original issue date of the Subordinated Debentures, there is
more than an insubstantial increase in the risk that interest accruable or payable by the Company on the Subordinated Debentures is not, or will not be, deductible by the Company in whole or in part, for U.S. federal income tax purposes. 

  
 A-6 

 “Rating Agency Event” means that any nationally recognized statistical rating
organization within the meaning of Section 3(a)(62) under the Securities Exchange Act of 1934 that then publishes a rating for the Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit
to securities such as the Subordinated Debentures, which amendment, clarification or change results in (a) the shortening of the length of time the Subordinated Debentures are assigned a particular level of equity credit by that rating agency
as compared to the length of time they would have been assigned that level of equity credit by that rating agency or its predecessor on the initial issuance of the Subordinated Debentures; or (b) the lowering of the equity credit (including up
to a lesser amount) assigned to the Subordinated Debentures by that rating agency compared to the equity credit assigned by that rating agency or its predecessor on the initial issuance of the Subordinated Debentures. The Trustee will not be
responsible for monitoring whether or not a rating event has occurred. 
 “JPY 5-year Swap
Offered Rate” means (i) the offered rate for Japanese yen swaps with a term of five (5) years which appears on the Bloomberg Page GDCO 157 1 (as defined below) at 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date (as
defined below), (ii) if the rate specified in (i) above does not appear or Bloomberg Page GDCO 157 1 is unavailable at 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date, the ask rate for Japanese yen swaps with a term of five
(5) years which appears on the “Quote Recap” page of Bloomberg Page JYSW5 TTFX Curncy QR (as defined below) at 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date, or (iii) if neither the rates specified in
(i) nor (ii) above appear or if neither Bloomberg Page GDCO 157 1 nor Bloomberg Page JYSW5 TTFX Curncy QR is available at 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date, the ask rate for Japanese yen swaps with a term of five
(5) years which appears on the “Quote Recap” page of Bloomberg Page JYSW5 TTFX Curncy QR immediately before 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date; provided that such rate shall be the ask rate for Japanese
yen swaps with a term of five (5) years on the Interest Rate Determination Date (Tokyo time). 
 “Bloomberg Page GDCO 157 1”
means the page GDCO 157 1 displayed on Bloomberg (or any successor service) which page displays offered rates for Japanese yen swaps in the Tokyo interbank market (or any successor page thereto). 

“Bloomberg Page JYSW5 TTFX Curncy QR” means the page JYSW5 TTFX Curncy QR displayed on Bloomberg (or any successor service) which
page displays quote recap for Japanese yen swaps in the Tokyo interbank market (or any successor page thereto). 
 “Interest Rate
Determination Date” means, in respect of each reset interest period, the day which is two (2) Business Days prior to the reset date immediately prior to the first day of such reset interest period. 

At approximately 10:00 a.m. (Tokyo time) on the Interest Rate Determination Date, the Calculation Agent (as defined below) will ascertain in
respect of the relevant reset interest period the JPY 5-year Swap Offered Rate. 
 “Business
Day” means a day which is a day on which banks are open for business in The City of New York, The City of London and The City of Tokyo. 

  
 A-7 

 “Calculation Agent” means The Bank of New York Mellon, London Branch, or any other
successor appointed by us, acting as calculation agent. 
 The determination of JPY 5-year Swap
Offered Rate for each applicable reset interest period by the Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent’s calculation of the amount of any interest payable after the first Interest
Rate Determination Date will be maintained on file at the Calculation Agent’s principal offices. 
 On and after the date of
redemption, interest will cease to accrue on the Subordinated Debentures or any portion of the Subordinated Debentures called for redemption, unless the Company defaults in the payment of the redemption amount. 

Notwithstanding Section 12.2 of the Original Indenture, the notice of redemption with respect to the foregoing redemption need not set
forth the redemption price but only the manner of calculation thereof. 
 The Company shall notify the Trustee of the redemption price with
respect to the foregoing redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said redemption price. Unless the Company defaults in payment of the redemption price, on and after the date of
redemption, interest will cease to accrue on the Subordinated Debentures or portions thereof called for redemption. 
 If less than all of
the Subordinated Debentures are to be redeemed, the principal amount of such Subordinated Debentures held by each beneficial owner of such Subordinated Debentures to be redeemed will be selected in accordance with the procedures of the applicable
clearing house. If the Subordinated Debentures are in certificated form, the Trustee will select the Subordinated Debentures to be redeemed by lot. 

No reference herein to the Indenture and no provision of this Debenture or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest, other than as described in Section 1.04 of the Second Supplemental Indenture, on this Debenture at the time, place and rate, and in the coin or currency, herein
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Debenture is
registrable in the Security register, upon surrender of this Debenture for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to
the Company or the Security registrar and duly executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Subordinated Debentures, of authorized denominations and of like tenor and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such exchange or registration of transfer, but the Company will require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith. 
 Prior to due presentment of this Debenture for registration of transfer, the
Company, the Trustee, any Person authorized by the Company to pay the principal of or any premium or interest on any Subordinated Debenture on behalf of the Company (“Paying Agent”) and the

  
 A-8 

 
Security registrar may deem and treat the Person in whose name this Debenture is registered as the absolute owner hereof for all purposes, whether or not this Debenture be overdue and
notwithstanding any notice of ownership or writing thereon made by anyone other than the Security registrar, and neither the Company nor the Trustee nor any Paying Agent nor the Security registrar shall be affected by notice to the contrary. 

The Subordinated Debentures are issuable only in registered form without coupons in denominations of ¥100,000,000 and integral multiples
of ¥10,000,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Subordinated Debentures are exchangeable for a like aggregate principal amount of Subordinated Debentures of a different
authorized denomination, as requested by the holder surrendering the same upon surrender of the Subordinated Debenture or Subordinated Debentures to be exchanged at the office or agency of the Company. 

No recourse shall be had for payment of the principal of or interest on this Debenture, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture, against any incorporator, as such or against any past, present or future shareholder, officer or director, as such, of the Company or of any successor, either directly or through the Company or any
successor, under any rule, law statute or constitutional provision, or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released, by the acceptance hereof and as
part of the consideration for the issuance hereof. 
 Unless the certificate of authentication hereon has been executed by the Trustee by
manual signature, this Debenture shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 This
Debenture shall be governed by, and construed in accordance with, the internal laws of the state of New York. 

  
 A-9 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

			
	TEN COM – as tenants in common	  	UNIF GIFT MIN ACT – Custodian under Uniform Gift to Minors Act
		  	
		  	  
 (State)

		
	TEN ENT – as tenants by the entireties	  	
		
	JT TEN – as joint tenants with rights of survivorship and not as	  	CUST – Custodian tenants in common

 Additional abbreviations may also be used 

though not on the above list. 
 FOR VALUE
RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

 
  
  

 
  

(please insert Social Security or other identifying number of assignee) 

the within Debenture and all rights thereunder, hereby irrevocably constituting and appointing 

 
  
  

 
  

 
 agent to transfer said Debenture on the books of the
Company, with full power of substitution in the premises. 
  

			
	Dated:	  	
		  	  

		
		  	  

		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever.

  
 A-10 

 EXHIBIT B 

CERTIFICATE OF AUTHENTICATION 

This is one of the 2.108% Subordinated Debentures due 2047 referred to in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 B-1EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 SEPARATION
AGREEMENT AND RELEASE 
 This Separation Agreement and Release (this “Separation Agreement”) is entered into as of the
“Effective Date” (as defined below in Section 11), by and between Tenet Healthcare Corporation (the “Company”) and Trevor Fetter (“Executive” and, together with the Company, collectively the
“Parties”). The Parties hereby agree as follows: 
 1. Separation from Employment. Executive’s employment with
the Company and its affiliates terminated on October 23, 2017 (the “Separation Date”). Executive acknowledges that the Company and its Affiliates (for purposes of this Separation Agreement, “Affiliate” shall
mean “Affiliate” as defined in the Tenet Third Amended and Restated Executive Severance Plan, as amended and restated effective November 6, 2013 attached hereto as Attachment A (the “ESP”)) have paid all base
salary, paid time off under Company policy and all other earned wages due to Executive through the Separation Date except for an amount in cash equal to $14,862.20, which will be paid (subject to any required withholdings and deductions) no later
than three weeks following the Separation Date, and the Company shall pay Executive all expense reimbursements due to him in accordance with Company policy, provided that Executive submits such expense reimbursements within thirty
(30) days following the Separation Date. Executive acknowledges and agrees that (a) for all purposes his employment with and services to the Company and its Affiliates terminated in all respects as of the Separation Date, without the
necessity of any further action, and Executive will automatically resign from all positions with the Company and its Affiliates, without necessity of any further action, including as a member of the Board of Directors of the Company and/or as a
member of the Board of Directors of any Affiliate of the Company, (b) Executive agrees to execute any additional documentation reasonably requested by the Company to effectuate such terminations and resignations, (c) following the
Separation Date, Executive acknowledges and agrees that he is not authorized to hold himself out as employed by, or authorized to act on behalf of, the Company or its Affiliates, or to bind or make any commitments on behalf of the Company, and
(d) except as expressly provided in this Separation Agreement including the attachments hereto, the Company will have no further obligation to Executive. Notwithstanding the foregoing, during the Severance Period (as defined below) Executive
agrees that he will provide back-up certifications as reasonably requested by the Company to assist the Company’s principal executive officer to sign and certify any filings required by law or any
regulation, it being understood that such certificates shall apply only to periods during which Executive was employed by the Company prior to the Separation Date. 

2. Qualifying Termination under Tenet Executive Severance Plan. Executive’s separation from the Company constitutes a Qualifying
Termination under the ESP, and, as the former Chief Executive Officer of the Company, Executive is entitled to, subject in all respects to the terms and conditions of this Separation Agreement and the ESP, the payments and benefits applicable to his
title as set forth in Article III, Section 3.1 (Severance Benefits prior to Change of Control) of the ESP, as set forth on Attachment B. Executive acknowledged and accepted the ESP in the Tenet Executive Severance Plan Agreement dated
April 1, 2013 and attached hereto as Attachment C (“Executive’s Agreement to ESP”). In addition, Executive will be eligible to receive the other benefits and payments set forth on Attachment B in accordance
with the terms and conditions of this Separation Agreement and Attachment B. The benefits set forth on Attachment B are collectively referred to herein as the “Attachment B Benefits”. 

 3. Timing of Payments. As severance pay under the ESP, subject to Section 9
and Section 10 below, Executive is entitled to the Cash Severance (as defined in Attachment B) to be paid following the “ADEA Release Effective Date” (as defined below) and subject to the remainder of this
Section 3, in substantially equal biweekly installments over the three (3) years following the Separation Date (the “Severance Period”); provided that to the extent that the payment of any amount constitutes
“nonqualified deferred compensation” for purposes of Code Section 409A (as defined in Section 14 hereof), any such payment scheduled to occur during the period following the Separation Date and prior to the ADEA Release
Effective Date shall not be paid until the first (1st) regularly scheduled pay period following the ADEA Release Effective Date and shall include payment of any amount that was otherwise scheduled to be paid prior thereto. All payments under the ESP
and this Separation Agreement will be subject to standard withholdings and other deductions authorized or permitted by law. 
 4. Benefits
Coverage. During the Severance Period, Executive will also be eligible to continue participation in the Company’s medical, dental, vision and life insurance and long-term care benefit plans in which Executive participated immediately prior
to the Separation Date, subject to his paying his portion of the cost of such coverages as in effect as of the Separation Date to the extent permitted by the terms and conditions of such plans. At the end of the Severance Period, Executive will
receive, under separate cover, information regarding his rights under the Consolidated Omnibus Budget Reconciliation Act and, if applicable, state continuation coverage laws (collectively, “COBRA”) at his sole expense. Executive
should review the COBRA notice and election forms carefully to understand his rights and obligations to make timely elections, provide timely notification and make timely premium payments. Any such coverage will be limited and reduced to the extent
equivalent coverage is otherwise provided by (or available from or under) any other employer of the Executive (with Executive being required to notify the Company within one (1) week of becoming aware of such coverage). Nothing in this
Section 4 is intended to enlarge or diminish Executive’s rights and obligations with respect to such coverages under the ESP. 
 5.
No Further Compensation or Benefits; No Mitigation. Concurrently with the execution of this Separation Agreement, Executive and the Company will also execute a consulting agreement attached hereto as Attachment E. Other than as
expressly provided in this Separation Agreement, including the attachments hereto (including Attachment B and Attachment E), or as otherwise provided under applicable law, Executive is not entitled to any additional compensation or
benefits from the Company or any of its Affiliates following the Separation Date; provided, however, that, in the event a Change of Control (as defined in the ESP) occurs on or prior to the six (6)-month anniversary of the Separation Date, Executive
will be eligible for the payments and benefits set forth in Sections 3.2 and 3.7 of the ESP. For the sake of clarity, except as set forth herein nothing in this Separation Agreement, including the attachments hereto (including Attachment B
and Attachment E), is intended to negate or otherwise adversely affect Executive’s rights under compensation, benefit and retirement plans and programs at the Company including, without limitation, the Tenet Healthcare Corporation
Ninth Amended and Restated Supplemental Executive Retirement Plan, as amended and restated effective as of November 30, 2015 (the “SERP”), the Ninth Amended and Restated Tenet 2001 Deferred Compensation Plan, as amended and
restated effective as of May 9, 2012 and the Fourth Amended and Restated Tenet 2006 Deferred Compensation Plan, as amended and restated effective as of November 30, 2015 (collectively, the “DCP”) and the 401(k) plan. In no
event shall the Executive be obligated to seek 

  
 2 

 
other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Separation Agreement, nor shall the amount of any
payment hereunder be reduced by any compensation earned by the Executive as a result of employment by a subsequent employer, except as required by applicable law. 

6. Indemnification Rights. Following the Separation Date, the Company shall continue to provide Executive with the same indemnification
in respect of his services as an officer of the Company and any Affiliate of the Company (whether provided in the Company’s by-laws or certificate of incorporation, in one or more separate agreements or
as an insured under any director’s and officer’s liability insurance policy now or previously in force) as is provided to other, similarly situated former officers of the Company.  

7. Cooperation; No Cooperation with Non-Governmental Third Parties. In consideration of a
payment to Executive of $100 (the “Special Payment”), Executive agrees that he will reasonably cooperate with the Company, upon request, in relation to (a) the defense, prosecution or other involvement in any continuing or
future claims, lawsuits, arbitrations, proceedings, charges, and internal or external investigations which arise out of events or business matters over which Executive had responsibility or about which Executive may have knowledge or serve as a
witness, (b) acquisitions and dispositions by the Company and its Affiliates with which Executive was involved while employed and (c) any other matter as Executive may be reasonably directed by the Company. Executive hereby covenants and
agrees to testify truthfully in any and all such matters and proceedings. Such continuing duty of cooperation shall include (i) deposition and witness appearances, (ii) making himself reasonably available to the Company or to one or more
individuals as directed by the Company, upon reasonable notice, for interviews, meetings or periodic updates on matters specified by the Company and (iii) furnishing information to the Company, its legal counsel or other individuals upon
request. The cooperation to be provided hereunder is not expected to exceed fifteen (15) hours per month, other than preparing for and attending depositions and witness appearances which shall not be limited as to duration. In addition, the
Company shall act reasonably and in good faith in connection with any request for such cooperation and shall take into account and accommodate to the extent practicable under the circumstances, in connection with any such request, Executive’s
other commitments, including, without limitation, commitments to any future employer of Executive. Executive shall also act reasonably and in good faith in the provision of such cooperation. In addition, the Company will reimburse actual documented
reasonable out-of-pocket expenses necessarily incurred in connection with this Section 7, such as out-of-town travel, lodging, and meals as if incurred under the Company’s expense reimbursement policy for officers in accordance with Company policy and procedures. Executive shall not knowingly
encourage, counsel or assist any non-governmental attorneys or their clients in the presentation or prosecution of any Released Claims (as defined below in Section 10) by any non-governmental third party against the Company or any of its Affiliates, unless required to do so by law. Notwithstanding anything to the contrary, in the event that the Executive shall be requested to cooperate
with the Company after the end of the Severance Period, the Company shall pay the Executive $5,000 per diem for his services pursuant to this Section 7, such payment to be made within 30 days of receipt of written request. Executive
acknowledges and agrees that the payments made to him under this Section 7 constitute an enhanced benefit which is conditioned on Executive’s agreement to the matters set forth in this Separation Agreement and exceeds any remuneration to
which Executive is otherwise entitled under the ESP. 

  
 3 

 8. Permitted Disclosures. The Parties agree that no provision of this Separation Agreement
or any other agreement between the Parties or any policy of the Company or its Affiliates shall be construed or interpreted in any way to limit, restrict or preclude any of the Parties from (a) making any disclosure of relevant and necessary
information or documents in any action, investigation or proceeding relating to this Separation Agreement, or as required by law or legal process, including with respect to possible violations of law; (b) participating, cooperating or
testifying in any action, investigation, or proceeding with, or providing information to any governmental agency or legislative body, any self-regulatory body in the performance of its investigatory or other lawful duties and/or pursuant to the
Sarbanes-Oxley Act; or (c) accepting any U.S. Securities and Exchange Commission awards. In addition, nothing in this Separation Agreement or any other agreement between the Parties or any other any policy of the Company or its Affiliates
prohibits or restricts Executive from initiating communications with, or responding to any inquiry from, any regulatory or supervisory authority regarding any good faith concerns about possible violations of law or regulation. The Parties
acknowledge and agree that, in connection with Executive’s separation from the Company, the Company has requested that he fully and truthfully disclose to the Company or its Affiliates any violations of law or regulatory requirements, or
material breaches of contract by the Company or its Affiliates about which he is aware or believes in good faith to have occurred. As of the date upon which he executes this Separation Agreement, Executive confirms that he has nothing to report
to the Company under this Section 8. Pursuant to 18 U.S.C. § 1833(b), Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret of the Company or any of
its Affiliates that (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to Executive’s attorney and (B) solely for the purpose of reporting or investigating a
suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law,
Executive may disclose the trade secret to Executive’s attorney and use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal and does not disclose the trade secret, except
pursuant to court order. Nothing in this Separation Agreement or any other agreement between the Parties or any policy of the Company or any of its Affiliates is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures
of trade secrets that are expressly allowed by such section. 
 9. Restrictive Covenants. 

(a) Executive agreed to the restrictive covenants set forth in Section 3.7 of the ESP (the “Continuing Obligations”) when
Executive entered into the Executive’s Agreement to ESP. As of the date upon which Executive signs this Separation Agreement, Executive acknowledges and agrees that he has not breached any of the Continuing Obligations. Following the ADEA
Release Effective Date, the Company will instruct its board members and senior executives not to make any negative comments or otherwise defame or disparage Executive to any third parties, except as required by law, it being understood and agreed
that disparagement does not include compliance with legal process or subpoenas to the extent only truthful statements are rendered in such compliance attempt, statements in response to any inquiry from a court or regulatory body, or statements or
comments in rebuttal of media stories or alleged media stories. 

  
 4 

 (b) Executive agrees that from the date hereof and through the conclusion of the Severance Period
he will not disparage the Company, any of its Affiliates, Glenview Capital Management or any of their respective boards of directors or other governing body, executives, employees, or products or services, it being understood and agreed that
disparagement does not include compliance with legal process or subpoenas to the extent only truthful statements are rendered in such compliance attempt, statements in response to any inquiry from a court or regulatory body, or statements or
comments in rebuttal of media stories or alleged media stories. Executive further agrees to comply with Section 3 of the Non-Prosecution Agreement dated as of September 30, 2016 by and between the
Company and the U.S. Department of Justice, so long as the Company is subject to Section 3 thereof. 
 (c) The Parties agree that
(i) on and following Executive’s execution of the Executive’s Agreement to ESP, the Company and its Affiliates provided Executive with access to and knowledge of a substantial amount of confidential and proprietary information of the
Company and its Affiliates, which was and is of vital importance to the success of the business of the Company and its Affiliates, (ii) in exchange for agreeing to the Continuing Obligations by virtue of Executive’s execution of the
Executive’s Agreement to ESP, Executive was provided with certain termination protections pursuant to the ESP and provided with additional confidential and propriety information as described in sub-clause
(i) above and (iii) Executive is receiving consideration for which he would not otherwise be entitled in the absence of agreeing to and complying with the Continuing Obligations. Executive further acknowledges and agrees that the
enforcement of the Continuing Obligations is necessary to ensure the protection and continuity of the business and goodwill of the Company and that such restrictions are reasonable as to geography, duration and scope. 

(d) Executive agrees that the Company would suffer irreparable harm if Executive were to breach, or threaten to breach, the Continuing
Obligations and that the Company would, by reason of such breach, or threatened breach, be entitled to injunctive relief in a court of appropriate jurisdiction or pursuant to the arbitration procedures in this Separation Agreement, without the need
to post a bond. This Section 9(d) shall not diminish the right of the Company to claim and recover damages in addition to injunctive relief. Executive understands that his breach of (i) this Separation Agreement during the Severance
Period, including, without limitation, this Section 9, or (ii) the Continuing Obligations, will eliminate his entitlement to the Attachment B Benefits or other benefits set forth in, or provided under, this Separation
Agreement not yet paid or earned and, with respect to such payments already paid or earned, in the event of such a breach, Executive will be required to immediately repay any such amounts requested by the Company. For the sake of clarity, in no
event shall the Executive’s benefits (i) under the SERP be forfeited or returned except (x) as provided in Section 9.4(b) of the SERP or (y) with respect to the additional age and service credit granted by the ESP, as
provided herein in Paragraph 2 of Attachment B and as provided in the ESP; or (ii) under the DCP and 401(k) plan be forfeited or returned. 

10. Release. 
 (a) Subject
to Section 10(b), Executive, on behalf of himself and his heirs, executors, administrators, personal representatives, successors and assigns, covenants that he has no Claim (as defined below) against any of the Company Releasees (as
defined below) currently pending before any state or federal court, agency, or tribunal; and in exchange for the consideration 

  
 5 

 
set forth herein, he hereby, on behalf of himself and his heirs, executors, administrators, personal representatives, successors and assigns, fully, finally and forever releases and discharges
the Company, and all of its predecessor, successor, parent, subsidiary, and Affiliates and its and their current and former stockholders, owners, investors, directors, members, trustees, partners, officers, supervisors, executives, employees,
attorneys, insurers, benefit plans, representatives, fiduciaries and/or agents and their respective heirs, executors, administrators, personal representatives, successors and assigns (hereinafter, “Company Releasees”) from all
claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities,
whether known or unknown, suspected or unsuspected (each, a “Claim”), that Executive has or may have against any of the Company Releasees arising prior to and through Executive’s execution of this Separation Agreement,
including, without limitation (i) any Claims arising out of or relating to his employment with any Company Releasees or the termination thereof, (ii) any Claims arising from or in any way related to any agreement between Executive and any
Company Releasees, and/or (iii) any Claims arising from or in any way related to any awards, policies, plans, programs or practices of any of the Company Releasees (herein, collectively the “Released Claims”). Without
limitation, the Released Claims herein include Claims arising under the Age Discrimination in Employment Act (as amended by the Older Workers Benefit Protection Act, the “ADEA”) and any and all other federal, state or local laws,
acts, statutes, codes, orders, judgments, injunctions, rulings, decrees, writs, regulations or ordinances. 
 (b) Nothing in
Section 10(a) hereof shall be deemed to release or waive (i) any Claims which cannot be waived by private agreement, including any Claims for workers’ compensation or unemployment insurance, (ii) any retirement plan benefits
which were vested as of Executive’s Separation Date, including Executive’s benefits under the SERP, (iii) any rights under the Company’s employee benefit plans in accordance with the terms thereof to the extent such rights
survive the execution of this Separation Agreement pursuant to the terms of this Separation Agreement, the terms of the applicable plans, or applicable law, or (iv) rights pursuant to this Separation Agreement. Executive acknowledges that he is
not waiving and is not being required to waive any right to file a charge or participate in an administrative investigation or proceeding of the Equal Employment Opportunity Commission or any other similar government agency that is authorized to
enforce or administer laws related to employment that prohibits waiver of such right; provided, however, that Executive hereby disclaims and waives any right to share or participate in any monetary award resulting from the prosecution
of such charge or investigation, excepting only any benefit or remedy to which Executive is or becomes entitled pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

(c) Executive acknowledges that Executive may later discover Claims or facts that may be different from, or in addition to, those which
Executive now knows or believes to exist with regard to the subject matter of this release, and which, if known at the time of executing this Separation Agreement, may have materially affected this release or Executive’s decision to enter into
it. Executive hereby waives any right or Claim that might arise as a result of such different or additional Claims or facts. 

  
 6 

 (d) Executive represents that he has made no assignment or transfer of any right or Claim covered
by this Separation Agreement and agrees he is not aware of any such right or Claim. 
 (e) Notwithstanding anything in this Separation
Agreement to the contrary, Executive’s release of Claims under the ADEA (the “ADEA Release”) shall only become effective upon: (i) Executive’s separate signature set forth on the signature page of this Separation
Agreement reflecting his assent to his release of Claims under the ADEA and (ii) the occurrence of the ADEA Release Effective Date. 

11. Effective Date and ADEA Release Effective Date. Executive has carefully read and fully understands all of the provisions of this
Separation Agreement. Executive is entering into this Separation Agreement, knowingly, freely and voluntarily in exchange for good and valuable consideration to which Executive would not be entitled in the absence of executing and not revoking the
ADEA Release. Executive acknowledges that he has been advised and is aware of his right to consult with legal counsel of his choice prior to signing this Separation Agreement. He further acknowledges that he has until
twenty-one (21) calendar days after the Separation Date during which to consider, sign and return this Separation Agreement. Executive may elect to return this Separation Agreement earlier if he wishes.
The “Effective Date” of this Separation Agreement shall be the date upon which the Executive executes this Separation Agreement. Executive has the right to revoke the ADEA Release for a period of seven (7) calendar days after his
execution of it. In order for such revocation to be effective, notice of Executive’s revocation of the ADEA Release must be received in writing by the Company at CorporateSecretary@tenethealth.com within the seven (7) calendar day period
following Executive’s execution of this Separation Agreement. In the event of such revocation of the ADEA Release by Executive, with the exception of the ADEA Release (which shall become null and void), this Separation Agreement shall otherwise
remain fully effective. Provided that Executive does not revoke his execution of the ADEA Release within such seven (7) day revocation period, the “ADEA Release Effective Date” shall occur on the eighth (8th) calendar day after
the date on which Executive signs the signature page of this Separation Agreement reflecting his assent to the ADEA Release. By Executive’s execution of the ADEA Release and non-revocation, this
Separation Agreement constitutes a voluntary waiver and release of Executive’s rights and claims under the ADEA. 
 12. Release by
the Company. Subject to the occurrence of the ADEA Release Effective Date, the Company, on behalf of itself and its controlled subsidiaries, fully, finally and forever releases and discharges Executive and his heirs, executors, administrators,
personal representatives, successors and assigns (“Executive Releasees”) from all Claims of which the Company’s Board of Directors is aware (as of the date upon which the Company signs this Separation Agreement) against
Executive arising prior to and through execution of this Separation Agreement by the Company, including, without limitation (a) any Claims arising out of or relating to the Company’s employment with the Company and its Affiliates or the
termination thereof, (b) any Claims arising from or in any way related to any agreement between Executive and the Company and its Affiliates, and/or (c) any Claims arising from or in any way related to any awards, policies, plans, programs
or practices of the Company and its Affiliates; provided, however, that this Section 12 is not intended to and shall not release or limit Claims (i) relating to the Continuing Obligations, (ii) seeking to enforce
the terms of this Separation Agreement, (iii) arising out of or relating to violations of any federal, state or local laws, and/or (iv) arising out of or relating to fraud, theft, embezzlement, breaches of fiduciary duties or other acts of
intentional misconduct by Executive. 

  
 7 

 13. Return of Company Property. Executive represents that he has returned, or within 60
days following the Separation Date will return, to the Company all property in his possession or control, in any form whatsoever, including without limitation, equipment, telephones, smart phones, PDAs, laptops, credit cards, keys, access cards,
identification cards, security devices, network access devices, pagers, confidential or proprietary information, documents, manuals, reports, books, compilations, work product, e-mail messages, recordings,
tapes, removable storage devices, hard drives, computers and computer discs, files and data, which Executive prepared or obtained during the course of his employment with the Company. Executive has also provided the Company with the passcodes
to any lock devices or password protected work-related accounts. If Executive discovers any property of the Company or any of its Affiliates in his possession after the date hereof, Executive shall immediately return such property to the
Company. If Executive informs the Company in writing within thirty (30) days of the date of this Separation Agreement that items of his personal property are still in the possession or control of the Company, the Company shall, at its sole cost
and expense, return such personal property to Executive. Notwithstanding the foregoing, Executive may retain his personal property, including the following (a) papers and other materials of a personal nature, including, but not limited to,
photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books; (b) copies of external speeches and presentations made by Executive, video or audio copies of media appearances made by Executive and copies
of written articles in which Executive is quoted or mentioned; (c) information showing Executive’s compensation or relating to the reimbursement of expenses incurred by him; and (d) copies of plans, programs and agreements related to
his employment, or termination thereof, with the Company; provided such personal property, in each case, does not contain (as a result of redaction or otherwise) any confidential information of the Company or any of its Affiliates. 

14. Section 409A. 

(a) To the extent necessary to comply with, and avoid penalties under, Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), final regulations issued by the Internal Revenue Service and any additional guidance issued by the Internal Revenue Service with respect to Code Section 409A, and, accordingly, to the maximum extent permitted, this
Separation Agreement shall be interpreted to be in compliance therewith. Executive’s termination of employment with the Company on the Separation Date shall constitute a “separation from service” for purposes of Code
Section 409A. Notwithstanding anything to the contrary in this Separation Agreement, if the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code
Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit
shall not be made or provided until the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (ii) the date of the
Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 14 (whether they would have otherwise been payable
in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Separation Agreement shall be paid or provided in accordance with the
normal payment dates specified for them herein 

  
 8 

 (b) To the extent that reimbursements or other in-kind
benefits under this Separation Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (i) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the
taxable year following the taxable year in which such expenses were incurred by the Executive, (ii) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for
another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 
 (c) For purposes of Code Section 409A,
the Executive’s right to receive any installment payments pursuant to this Separation Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Separation Agreement specifies a
payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company. 

(d) Notwithstanding any other provision of this Separation Agreement to the contrary, in no event shall any payment under this Separation
Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A. 

15. Arbitration. Executive and the Company acknowledge and agree that they are bound by the Company’s Fair Treatment Process that
is attached hereto as Attachment D (the “FTP”). The procedures of the FTP are hereby expressly incorporated by reference into this Separation Agreement, and Executive and the Company agree that any disputes between the
Parties, which are subject to binding arbitration, shall begin at Step 5 (Final and Binding Arbitration) of the FTP; provided, however, that nothing in this Separation Agreement or the FTP shall require arbitration of any Claims which,
by law, cannot be the subject of a compulsory arbitration agreement, and nothing in this Separation Agreement or the FTP shall be interpreted to mean that Executive is precluded from filing complaints with the federal Equal Employment Opportunity
Commission or the National Labor Relations Board. Notwithstanding the foregoing and the FTP, both of the Parties shall have the right to (a) seek a restraining order or other injunctive or equitable relief or order in aid of arbitration or to
compel arbitration, from a court of competent jurisdiction, subject to Section 16 below; or (b) interim injunctive or equitable relief from the arbitrator pursuant to the American Arbitration Association rules, in each case to
prevent any violation of any agreement. Any arbitration proceeding brought under this Separation Agreement shall be conducted in Dallas, Texas. The arbitrator shall issue a decision or award in writing, stating the essential findings of fact and
conclusions of law. A judgment upon the award rendered by the arbitrator may be entered, enforced or appealed in any court having jurisdiction thereof. Any arbitration proceedings, decision, or award rendered hereunder, and the validity, effect, and
interpretation of this arbitration provision, shall be governed by the Federal Arbitration Act, 9 U.S.C. § 1 et seq. 

  
 9 

 16. Venue. In any action seeking a restraining order or other injunctive or equitable
relief or order in aid of arbitration or to compel arbitration, from a court of competent jurisdiction, any Party to this Separation Agreement shall bring the legal action or proceeding in a federal or state court of competent jurisdiction sitting
in Dallas, Texas in or in any state and county in which the Company contends that Executive has breached any agreement with or duty to the Company (the “Designated Courts”). Each Party consents to the exclusive personal jurisdiction
of the Designated Courts. In any action seeking a restraining order or other injunctive or equitable relief or order in aid of arbitration or to compel arbitration, from a court of competent jurisdiction, each Party to this Separation Agreement
waives, to the fullest extent permitted by law, (a) any objection which it or he/she may now or later have to a Designated Court as the proper venue for any legal action or proceeding arising out of or relating to this Separation Agreement,
except as otherwise set forth herein, and (b) any claim that any action or proceeding brought in a Designated Court has been brought in an inconvenient forum. 

17. Waiver of Jury Trial and Class Action. EXECUTIVE AND THE COMPANY BOTH EXPRESSLY AND IRREVOCABLY WAIVE THEIR RESPECTIVE
RIGHTS TO A TRIAL BY JURY OF ANY AND ALL ISSUES ARISING IN ANY ACTION OR PROCEEDING ARISING FROM OR RELATED IN ANY WAY TO THIS SEPARATION AGREEMENT OR ANY PROVISIONS HEREOF. THIS SEPARATION AGREEMENT PROVIDES FOR THE EXCLUSIVE RESOLUTION OF DISPUTES
THROUGH LEGAL ACTION ON A PARTY’S OWN BEHALF INSTEAD OF THROUGH ANY CLASS ACTION. EVEN IF THE APPLICABLE LAW PROVIDES OTHERWISE, THE PARTIES AGREE THAT ANY ACTION AGAINST THE OTHER PARTY WHATSOEVER SHALL BE BROUGHT BY SUCH PARTY INDIVIDUALLY
AND NOT AS A MEMBER OF ANY CLASS OR AS PART OF A CLASS ACTION, AND THE PARTIES EXPRESSLY WAIVE ANY AND ALL RIGHT OF SUCH PARTY TO PARTICIPATE IN A CLASS ACTION. 

18. Non-Admission of Liability. Neither this Separation Agreement nor anything contained herein
shall be admissible in any proceeding as evidence of or an admission by the Executive Releasees or the Company Releasees of any violation of any law or regulation or of any liability whatsoever to Executive. Notwithstanding the foregoing, this
Separation Agreement may be introduced into a proceeding solely for the purpose of enforcing this Separation Agreement. 
 19. Entire
Agreement. This Separation Agreement, together with the ESP, the Executive’s Agreement to ESP, the consulting agreement contained in Attachment E hereto, and any other documents or plans expressly referenced therein and herein,
contains the entire agreement and understanding between the Company and Executive and supersedes all prior discussions, negotiations, representations, proposals, understandings and all agreements of every kind and nature, whether written or oral,
concerning the subject matter hereof. This is an integrated document. The Parties represent that, in executing this Separation Agreement, each of the Parties has not relied upon any representation or statement made by the other Party, other than
those set forth in this Separation Agreement, with regard to the subject matter, basis, or effect of this Separation Agreement. 
 20.
Severability; Blue-Penciling. If any term or provision of this Separation Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this
Separation Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision of this Separation Agreement is invalid, illegal or unenforceable, this

  
 10 

 
Separation Agreement shall be enforceable as closely as possible to its original intent, which is to provide the Company Releasees with a full release of all legally releasable Claims through the
date upon which Executive signs this Separation Agreement. Moreover, if any one or more of the provisions contained in this Separation Agreement shall be held to be excessively broad as to geography, duration or scope, such provisions shall be
construed by limiting and reducing them so as to be enforceable to the maximum extent permitted by applicable law. 
 21. Assignment.
Executive shall not assign any rights or delegate or subcontract any obligations, under this Separation Agreement. The Company may freely assign all rights and obligations of this Separation Agreement to a successor in interest (including but
not limited to, a purchaser of assets), or to an Affiliate in which case the Company shall be responsible for the Affiliate’s performance of the obligations hereunder. 

22. Counterparts. This Separation Agreement may be executed in one or more counterparts, and each counterpart when executed shall have
the efficacy of a signed original, but all of which together will constitute one and the same agreement. Photographic, electronic or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose and shall be considered
to have the same binding legal effect as if they were the original signed version of this Separation Agreement delivered in person. 
 23.
Governing Law. This Separation Agreement shall be construed and enforced in accordance with and governed by the laws of State of Texas (determined without regard to the conflicts of law principles thereof). 

24. Third-Party Beneficiaries. As third-party beneficiaries of this Separation Agreement, any Company Releasees and Executive Releasees
will be entitled to enforce this Separation Agreement in accordance with its terms. 
 25. Amendments; Waivers. No amendment to or
waiver of this Separation Agreement or any of its terms will be binding upon any Party unless consented to in writing by Executive and an authorized representative of the Company. No waiver by either Party of a breach of any provision of this
Separation Agreement by the other Party, or of compliance with any condition or provision of this Separation Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other Party or any
similar or dissimilar provision or condition at the same or any subsequent time. The failure of either Party hereto to take any action by reason of any breach will not deprive such Party of the right to take action at any time. 

26. No Strict Construction. The language used in this Separation Agreement will be deemed to be the language mutually chosen by the
Parties. This Separation Agreement, and the provisions contained within it, shall not be construed or interpreted for or against any Party because that Party drafted or caused that Party’s legal representatives to draft any of its provisions.

 [Remainder of page intentionally left blank. Signature page follows.] 

  
 11 

 IN WITNESS WHEREOF, the Parties have executed this Separation Agreement as of the dates written
below. 
  

	
	EXECUTIVE
	
	 /s/ Trevor Fetter

	(signature)
	Printed Name: Trevor Fetter
	
	Dated: October 23, 2017
	
	AGREED AND ACKNOWLEDGED
	WITH RESPECT TO ADEA RELEASE
	
	EXECUTIVE
	
	 /s/ Trevor Fetter

	(signature)
	Printed Name: Trevor Fetter
	
	Dated: October 23, 2017

 IN WITNESS WHEREOF, the Parties have executed this Separation Agreement as of the dates written
below. 
  

			
	TENET HEALTHCARE CORPORATION
		
	By:	 	 /s/ Ronald A. Rittenmeyer

		 	Ronald A. Rittenmeyer
		 	Executive Chairman
		
		 	Dated: October 23, 2017

 ATTACHMENT A 

ESP 

 EXECUTION COPY 

TENET 
 THIRD AMENDED
AND RESTATED 
 EXECUTIVE SEVERANCE PLAN 

As Amended and Restated Effective November 6, 2013 

 THIRD AMENDED AND RESTATED 

EXECUTIVE SEVERANCE PLAN 

TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE I PREAMBLE AND PURPOSE
	  	 	1	 
			
	 1.1
	 	Preamble	  	 	1	 
	 1.2
	 	Purpose	  	 	2	 
		
	 ARTICLE II DEFINITIONS AND CONSTRUCTION
	  	 	3	 
			
	 2.1
	 	Definitions	  	 	3	 
	 2.2
	 	Construction	  	 	15	 
	 2.3
	 	409A Compliance	  	 	15	 
		
	 ARTICLE III SEVERANCE BENEFITS
	  	 	16	 
			
	 3.1
	 	Severance Benefits Not Related to a Change of Control	  	 	16	 
	 3.2
	 	Severance Benefits on and after a Change of Control	  	 	19	 
	 3.3
	 	Termination Distributions to Key Employees	  	 	23	 
	 3.4
	 	Distributions on Account of Death of the Covered Executive During the Severance Period	  	 	24	 
	 3.5
	 	Section 409A Gross-Up Payment	  	 	25	 
	 3.6
	 	Alternate Plan Terms	  	 	25	 
	 3.7
	 	Conditions to Payment of Severance Benefits	  	 	25	 
		
	 ARTICLE IV ADMINISTRATION
	  	 	28	 
			
	 4.1
	 	The RPAC	  	 	28	 
	 4.2
	 	Powers of RPAC	  	 	28	 
	 4.3
	 	Appointment of Plan Administrator	  	 	28	 
	 4.4
	 	Duties of Plan Administrator	  	 	28	 
	 4.5
	 	Indemnification of RPAC and Plan Administrator	  	 	30	 
	 4.6
	 	Claims for Benefits	  	 	30	 
	 4.7
	 	Arbitration	  	 	31	 
	 4.8
	 	Receipt and Release of Necessary Information	  	 	32	 
	 4.9
	 	Overpayment and Underpayment of Benefits	  	 	32	 
		
	 ARTICLE V OTHER BENEFIT PLANS OF THE COMPANY
	  	 	33	 
			
	 5.1
	 	Other Plans	  	 	33	 
	 5.2
	 	Controlling Document	  	 	33	 
		
	 ARTICLE VI AMENDMENT AND TERMINATION OF THE ESP
	  	 	34	 
			
	 6.1
	 	Continuation	  	 	34	 
	 6.2
	 	Amendment of ESP	  	 	34	 
	 6.3
	 	Termination of ESP	  	 	34	 
	 6.4
	 	Termination of Affiliate’s Participation	  	 	34	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	35	 
			
	 7.1
	 	No Reduction of Employer Rights	  	 	35	 
	 7.2
	 	Successor to the Company	  	 	35	 
	 7.3
	 	Provisions Binding	  	 	35	 
		
	 APPENDIX A ESP AGREEMENTS
	  	 	A-1	 

  
 (i) 

 THIRD AMENDED AND RESTATED 

EXECUTIVE SEVERANCE PLAN 

ARTICLE I 
 PREAMBLE AND
PURPOSE 
  

	1.1	Preamble. In January 2003, Tenet Healthcare Corporation (the “Company”) adopted the Tenet Executive Severance Protection Plan (the “TESPP”) to provide Covered Executives of the
Company and its affiliates with certain cash severance payments and/or other benefits in the event of a termination of the executive’s employment as a result of a “qualifying termination,” as defined in the TESPP, or under certain
other circumstances following a “change of control,” as defined in the TESPP. Effective May 11, 2006, the Company amended and restated the TESPP to: 

 

	 	(a)	expand the classification of employees eligible to participate in such plan; 

  

	 	(b)	modify (and in the case of a change of control expand) the severance payments and other benefits payable under such plan on account of a qualifying termination; 

 

	 	(c)	amend, restate and replace the associated individual TESPP agreements, the change of control agreements, and the severance provisions of any employment agreements that cover eligible executives with a severance plan
agreement, a copy of which was attached to as such amended and restated plan as Appendix B, 

  

	 	(d)	revise the definition of change of control; 

  

	 	(e)	modify the administration and claims review procedures under the plan; 

  

	 	(f)	comply with the requirements of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”); and 

  

	 	(g)	change the name of the plan to the “Tenet Executive Severance Plan” (the “ESP”). 

The Company intended that the ESP and Tenet Executive Severance Plan Agreement attached thereto as Appendix A serve as an amendment and
restatement of the TESPP, the associated individual TESPP agreements, the change of control agreements and the severance provisions of any employment agreement that covers an eligible executive, as applicable, to comply with the requirements of
section 409A of the Code, effective as of January 1, 2005, or, in the case of an individual TESPP agreement, change of control agreement or employment agreement, the effective date of such agreement, if later. To the extent that an executive
did not elect to participate in this ESP, such executive’s TESPP agreement, change of control agreement or employment agreement, as applicable, remained in effect and was amended to comply with the provisions of section 409A of the Code. 

Effective December 31, 2008, the Company amended and restated the ESP effective to comply with final regulations issued under section 409A
of the Code. The Company again amended and restated the ESP effective May 9, 2012 to, among other things, revise certain definitions and modify the benefits provided. 

 By this instrument, the Company amends and restates the ESP effective November 6, 2013 to
delegate to the Senior Vice President, Human Resources and the Plan Administrator the authority to determine the employees eligible to participate in the ESP and the level of severance benefits each employee will receive. This amended and restated
ESP will be known as the Tenet Third Amended and Restated Executive Severance Plan. 
 The Company may adopt one or more domestic trusts to
serve as a possible source of funds for the payment of benefits under the ESP. 
  

	1.2	Purpose. Through the ESP, the Company intends to permit the deferral of compensation and to provide additional benefits to a select group of management or highly compensated employees of the Company and its
affiliates. Accordingly, it is intended that the ESP will not constitute a “qualified plan” subject to the limitations of section 401(a) of the Code, nor will it constitute a “funded plan,” for purposes of such requirements. It
also is intended that the ESP will qualify as a “pension plan” within the meaning of section 3(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that is exempt from the participation and
vesting requirements of Part 2 of Title I of ERISA, the funding requirements of Part 3 of Title I of ERISA, and the fiduciary requirements of Part 4 of Title I of ERISA by reason of the exclusions afforded plans that are unfunded and maintained by
an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees. 

  

 

	
	 End of Article I

  
 2 

 ARTICLE II 

DEFINITIONS AND CONSTRUCTION 
  

	2.1	Definitions. When a word or phrase appears in this ESP with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase will generally be a term defined in this
Section 2.1. The following words and phrases with the initial letter capitalized will have the meaning set forth in this Section 2.1, unless a different meaning is required by the context in which the word or phrase is used.

  

	 	(a)	“Affiliate” means a corporation that is a member of a controlled group of corporations (as defined in section 414(b) of the Code) that includes the Company, any trade or business (whether or not
incorporated) that is in common control (as defined in section 414(c) of the Code) with the Company, or any entity that is a member of the same affiliated service group (as defined in section 414(m) of the Code) as the Company. 

 

	 	(b)	“AIP” means the Company’s Annual Incentive Plan, as the same may be amended, restated, modified, renewed or replaced from time to time. 

 

	 	(c)	“Base Salary” means the Covered Executive’s annual gross rate of pay including amounts reduced from the Employee’s compensation and contributed on the Employee’s behalf as deferrals under
any qualified or non-qualified employee benefit plans sponsored by the Employer in effect immediately before a Qualifying Termination. Base Salary excludes bonuses, hardship withdrawal allowances,
Annual Incentive Plan Awards, housing allowances, relocation payments, deemed income, income payable under the SIP or other stock incentive plans, Christmas gifts, insurance premiums and other imputed income, pensions, and retirement benefits.

  

	 	(d)	“Board” means the Board of Directors of the Company. 

  

	 	(e)	“Bonus” means the amount payable to a Covered Executive, if any, under the AIP. 

  

	 	(f)	“Cause” means 

  

	 	(i)	when used in connection with a Qualifying Termination triggering benefits pursuant to Section 3.1, a Covered Executive’s: 

  

	 	(A)	dishonesty, 

  

	 	(B)	fraud, 

  

	 	(C)	willful misconduct, 

  

	 	(D)	breach of fiduciary duty, 

  

	 	(E)	conflict of interest, 

  

	 	(F)	commission of a felony, 

  
 3 

	 	(G)	material failure or refusal to perform his job duties in accordance with Company policies, 

  

	 	(H)	a material violation of Company policy that causes harm to the Company or an Affiliate, or 

  

	 	(I)	other wrongful conduct of a similar nature and degree. 

 A failure to meet or achieve business
objectives, as defined by the Company, will not be considered Cause so long as the Covered Executive has devoted his best efforts and attention to the achievement of those objectives. 

 

	 	(ii)	when used in connection with a Qualifying Termination triggering benefits pursuant to Section 3.2: 

  

	 	(A)	any intentional act or misconduct materially injurious to the Company or any Affiliate, financial or otherwise, but not limited to, misappropriation or fraud, embezzlement or conversion by the Covered Executive of the
Company’s or any Affiliate’s property in connection with the Covered Executive’s employment with the Company or an Affiliate, 

  

	 	(B)	Any willful act or omission constituting a material breach by the Covered Executive of a fiduciary duty, 

  

	 	(C)	A final, non-appealable order in a proceeding before a court of competent jurisdiction or a final order in an administrative proceeding finding that the Covered Executive
committed any willful misconduct or criminal activity (excluding minor traffic violations or other minor offenses), which commission is materially inimical to the interests of the Company or any Affiliate, whether for his personal benefit or in
connection with his duties for the Company or an Affiliate, 

  

	 	(D)	The conviction (or plea of no contest) of the Covered Executive for any felony, 

  

	 	(E)	Material failure or refusal to perform his job duties in accordance with Company policies (other than resulting from the Covered Executive’s disability as defined by Company policies), or 

 

	 	(F)	A material violation of Company policy that causes material harm to the Company or an Affiliate. 

A failure to meet or achieve business objectives, as defined by the Company, will not be considered Cause so long as the Covered Executive has
devoted his reasonable efforts and attention to the achievement of those objectives. For purposes of this Section, no act or failure to act on the part of the Covered Executive shall be deemed “willful”, “intentional” or
“knowing” if it was undertaken in reasonable 

  
 4 

 
reliance on the advice of counsel or at the instruction of the Company, including but not limited to the Board, a committee of the Board or the Chief Executive Officer (“CEO”) of
the Company, or was due primarily to an error in judgment or negligence, but shall be deemed “willful”, “intentional” or “knowing” only if done or omitted to be done by the Covered Executive not in good faith and
without reasonable belief that the Covered Executive’s action or omission was in the best interest of the Company. 
  

	 	(iii)	A Covered Executive will not be deemed to have been terminated for Cause, under either this Section 2.1(f)(i) or 2.1(f)(ii) above, as applicable, unless and until there has been delivered to the Covered Executive
written notice that the Covered Executive has engaged in conduct constituting Cause. The determination of Cause will be made by the Compensation Committee with respect to any Covered Executive who is employed as the CEO, by the CEO (or an individual
acting in such capacity or possessing such authority on an interim basis) with respect to any other Covered Executive except a Hospital Chief Executive Officer (“Hospital CEO”) and by the Chief Operating Officer of the Company (the
“COO”) with respect to any Covered Executive who is employed as a Hospital CEO. A Covered Executive who receives written notice that he has engaged in conduct constituting Cause, will be given the opportunity to be heard (either in person
or in writing as mutually agreed to by the Covered Executive and the Compensation Committee, CEO or COO, as applicable) for the purpose of considering whether Cause exists. If it is determined either at or following such hearing that Cause exists,
the Covered Executive will be notified in writing of such determination within five (5) business days. If the Covered Executive disagrees with such determination, the Covered Executive may file a claim contesting such determination pursuant to
Article IV within thirty (30) days after his receipt of such written determination finding that Cause exists. 

  

	 	(g)	“Change of Control” means the occurrence of one of the following: 

  

	 	(i)	A “change in the ownership of the Company” which will occur on the date that any one person, or more than one person acting as a group within the meaning of Section 409A of the Code, acquires, directly or
indirectly, whether in a single transaction or series of related transactions, ownership of stock in the Company that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or
total voting power of the stock of the Company (“Ownership Control”). However, if any one person or more than one person acting as a group, has previously acquired ownership of more than fifty percent (50%) of the total fair market
value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons will not be considered a “change in the ownership of the Company” (or to cause a “change in the effective
control of the Company” within the meaning of Section 2.1(g)(ii) below). Further, an increase in the effective percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which the Company
acquires its stock in exchange for cash or property will be treated as an acquisition of stock for purposes of this paragraph; provided, that for purposes of this Section 2.1(g)(i), the following acquisitions of Company stock will not
constitute a Change of Control: 

  
 5 

	 	(A)	any acquisition, whether in a single transaction or series of related transactions, by any employee benefit plan (or related trust) sponsored or maintained by the Company or an Affiliate which results in such employee
benefit plan obtaining “Ownership Control” of the Company or 

  

	 	(B)	any acquisition, whether in a single transaction or series of related transactions, by the Company which results in the Company acquiring stock of the Company representing “Ownership Control” or

  

	 	(C)	any acquisition, whether in a single transaction or series of related transactions, after which those persons who were owners of the Company’s stock immediately before such transaction(s) own more than fifty
percent (50%) of the total fair market value or total voting power of the stock of the Company (or if after the consummation of such transaction(s) the Company (or another entity into which the Company is merged into or otherwise combined, such the
Company does not survive such transaction(s)) is a direct or indirect subsidiary of another entity which itself is not a subsidiary of an entity, then the more than fifty percent (50%) ownership test shall be applied to the voting securities of such
other entity) in substantially the same percentages as their respective ownership of the Company immediately before such transaction(s). 

This Section 2.1(g)(i) applies either when there is a transfer of the stock of the Company (or issuance of stock) and stock in the
Company remains outstanding after the transaction or when there is a transfer of the stock of the Company (including a merger or similar transaction) and stock in the Company does not remain outstanding after the transaction. 

 

	 	(ii)	A “change in the effective control of the Company” which will occur on the date that either (A) or (B) occurs: 

  

	 	(A)	 any one person, or more than one person acting as a group within the meaning of Section 409A of the Code,
acquires (taking into consideration any prior acquisitions during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons), directly or indirectly, ownership of stock of the Company possessing
thirty-five percent (35%) or more of the total voting power of the stock of the Company (not considering stock owned by such person or group before such twelve (12) month period) (i.e., such person or group must acquire within a twelve
(12) month period stock possessing at least thirty-five percent (35%) of the total voting power of the stock of the Company) (“Effective Control”), except for (i) any acquisition by any

  
 6 

	 	
employee benefit plan (or related trust) sponsored or maintained by the Company or an Affiliate which results in such employee benefit plan obtaining “Effective Control” of the Company
or (ii) any acquisition by the Company. The occurrence of “Effective Control” under this Section 2.1(g)(ii)(A) may be nullified by a vote of that number of the members of the Board of Directors of the Company (“Board”),
that exceeds two-thirds (2/3) of the independent members of the Board, which vote must occur before the time, if any, that a “change in the effective control of the Company” has occurred under
Section 2.1(g)(ii)(B) below. In the event of such a supermajority vote, such transaction or series of related transactions shall not be treated as an event constituting “Effective Control”. For avoidance of doubt, the ESP provides
that in the event of the occurrence of the acquisition of ownership of stock of the Company that reaches or exceeds the thirty-five percent (35%) ownership threshold described above, if more than two-thirds
(2/3) of the independent members of the Board take action to resolve that such an acquisition is not a “change in the effective control of the Company” and a majority of the members of the Board have not been replaced as provided under
Section 2.1(g)(ii)(B) below, then such Board action shall be final and no “Effective Control” shall be deemed to have occurred for any purpose under the ESP. 

 

	 	(B)	a majority of the members of the Board are replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the
appointment or election. 

 For purposes of a “change in the effective control of the Company,” if any one person,
or more than one person acting as a group, is considered to effectively control the Company within the meaning of this Section 2.1(g)(ii), the acquisition of additional control of the Company by the same person or persons is not considered a
“change in the effective control of the Company,” or to cause a “change in the ownership of the Company” within the meaning of Section 2.1(g)(i) above. 

 

	 	(iii)	A sale, exchange, lease, disposition or other transfer of all or substantially all of the assets of the Company. 

  

	 	(iv)	A liquidation or dissolution of the Company that is approved by a majority of the Company’s stockholders. 

For purposes of this Section 2.1(g), the provisions of section 318(a) of the Code regarding the constructive ownership of stock will apply
to determine stock ownership; provided, that, stock underlying unvested options (including options exercisable for stock that is not substantially vested) will not be treated as owned by the individual who holds the option. 

 

	 	(h)	“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 

  
 7 

	 	(i)	“Code” means the Internal Revenue Code of 1986, as amended from time to time and the regulations and rulings issued thereunder. 

 

	 	(j)	“Company” means Tenet Healthcare Corporation. 

  

	 	(k)	“Compensation Committee” means the Compensation Committee of the Board, which has the authority to amend and terminate the ESP as provided in Article VI. 

 

	 	(l)	“Covered Executive” means any Employee who is designated as a Covered Executive by the Senior Vice President, Human Resources or the Plan Administrator who enters into an ESP Agreement or an Employee
who satisfied the definition of Covered Executive under the terms of a prior ESP document. To the extent permitted by applicable law, an individual will cease to be a Covered Executive as of the date he attains age sixty-five (65).

  

	 	(m)	“DCP” means the Tenet 2001 Deferred Compensation Plan, the Tenet 2006 Deferred Compensation Plan and any other deferred compensation plan maintained by the Employer that covers Covered Executives.

  

	 	(n)	“Effective Date” means November 6, 2013. 

  

	 	(o)	“Employee” means each select member of management or highly compensated employee receiving remuneration, or who is entitled to remuneration, for services rendered to the Employer, in the legal
relationship of employer and employee. The term “Employee” does not include a consultant, independent contractor or leased employee even if such consultant, leased employee or independent contractor is subsequently determined by the
Employer, the Internal Revenue Service, the Department of Labor or a court of competent jurisdiction to be a common law employee of the Employer. Further, the term “Employee” does not include a person who is receiving severance pay from
the Employer. 

  

	 	(p)	“Employer” means the Company and each Affiliate that has adopted the ESP as a participating employer. Unless provided otherwise by the Compensation Committee or the Board, all Affiliates will be
participating employers in the ESP. Each such Affiliate may evidence its adoption of the ESP either by a formal action of its governing body or taking administrative actions with respect to the ESP on behalf of its Covered Executives (e.g.,
communicating the terms of the ESP, etc.). An entity will automatically cease to be a participating employer as of the date such entity ceases to be an Affiliate. 

 

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

  

	 	(r)	“ESP” means the Tenet Executive Severance Plan as set forth herein and as the same may be amended from time to time. The ESP was formerly known as the TESPP. 

  
 8 

	 	(s)	“ESP Agreement” means the written agreement between a Covered Executive and the Plan Administrator, on behalf of the Employer substantially in the form attached hereto in Appendix A. This form ESP
Agreement may differ with respect to a Covered Executive who was covered by the TESPP before May 11, 2006 or as determined by the Senior Vice President, Human Resources and/or Plan Administrator (or Compensation Committee before the Effective
Date), each in its sole and absolute discretion as provided in Section 3.6. Each ESP Agreement will form a part of the ESP with respect to the affected Covered Executive. 

 

	 	(t)	“Equity Plan” means any equity plan, agreement or arrangement maintained or sponsored by the Employer other than the SIP (e.g., the 1999 broad-based stock option plan and the 1995 stock incentive
plan). 

  

	 	(u)	“Five Percent Owner” means any person who owns (or is considered as owning within the meaning of section 318 of the Code as modified by section 416(i)(1)(B)(iii) of the Code) more than five percent (5%)
of the outstanding stock of the Company or an Affiliate or stock possessing more than five percent (5%) of the total combined voting power of all stock of the Company or an Affiliate. The rules of sections 414(b), (c) and (m) of the Code will
not apply for purposes of applying these ownership rules. Thus, this ownership test will be applied separately with respect to the Company and each Affiliate. 

  

	 	(v)	“401(k) Plan” means the Tenet Healthcare Corporation 401(k) Retirement Savings Plan or any other qualified retirement plan with a cash or deferred arrangement that is maintained or sponsored by the
Employer. 

  

	 	(w)	“409A Exempt Amount” means that portion of the distributions under the ESP to a Covered Executive that does not exceed two (2) times the lesser of: 

 

	 	(i)	the sum of the Covered Executive’s annualized compensation based upon the annual rate of pay for services provided to the Employer for the taxable year of the Covered Executive preceding the taxable year of the
Covered Executive in which he has a Qualifying Termination, provided that such termination constitutes a “separation from service” with such Employer within the meaning of section 409A of the Code (adjusted for any increase during that
year that was expected to continue indefinitely if the Covered Executive had not separated from service); or 

  

	 	(ii)	the maximum amount that may be taken into account under a qualified plan pursuant to section 401(a)(17) of the Code for the year in which the Covered Executive has a Qualifying Termination, provided that such
termination constitutes a “separation from service” within the meaning of section 409A of the Code. 

 In the event
that a Covered Executive is a Key Employee, no distributions in excess of the 409A Exempt Amount will be made during the six (6) month period following the date of the Covered Executive’s Qualifying Termination. 

 

	 	(x)	“Good Reason” means: 

  

	 	(i)	In the case of a voluntary termination of employment by a Covered Executive preceding or more than two years following a Change of Control: 

  
 9 

	 	(A)	a material diminution in the Covered Executive’s job authority, responsibilities or duties; 

  

	 	(B)	a material diminution of the Covered Executive’s Base Salary; 

  

	 	(C)	an involuntary and material change in the geographic location of the workplace at which the Covered Executive must perform services; or 

 

	 	(D)	any other action or inaction that constitutes a material breach by the Employer or a successor of the agreement under which the Covered Executive provides services. 

In the case of (B) above, such reduction will not constitute good reason if it results from a general across-the-board reduction for executives at a similar job level within the Employer. 
  

	 	(ii)	In the case of a voluntary termination of employment by a Covered Executive upon or within two (2) years following a Change of Control: 

 

	 	(A)	a material downward change in job functions, duties, or responsibilities which reduces the rank or position of the Covered Executive ; 

 

	 	(B)	a reduction in the Covered Executive’s annual base salary; 

  

	 	(C)	a reduction in the aggregate value of the Covered Executive’s annual base salary and annual incentive plan target bonus opportunity; 

 

	 	(D)	a material reduction in the Covered Executive’s retirement or supplemental retirement benefits; 

  

	 	(E)	an involuntary and material change in the geographic location of the workplace at which the Covered Executive must perform services; or 

 

	 	(F)	any other action or inaction that constitutes a material breach by the Employer or a successor of the agreement under which the Covered Executive provides services. 

During this period, no adverse change may be made to a Covered Executive’s (1) Base Salary, (2) Base Salary and annual
incentive plan target bonus opportunity in the aggregate, or (3) retirement or supplemental retirement benefits. 
 For avoidance of
doubt, if the Covered Executive holds the title of Chief Executive Officer immediately before the occurrence of a Change of Control, in the event of the occurrence of a Change of Control in which the Covered Executive retains the same position with
the Company, and any of the following events occur on or within two (2) years after the date of the Change of Control, such new role shall be treated as a “material downward change in job functions, duties or responsibilities” within
the meaning of Section 2.1(x)(ii)(A) above: 

  
 10 

	 	(1)	Covered Executive ceases to be a member of the Board (or if the Company becomes directly or indirectly controlled by Parent, Covered Executive does not become a member of the Board of Directors of Parent);

  

	 	(2)	the Company either (A) ceases to have a class of equity securities that is actively traded on a national securities exchange or comparable public securities market or (B) becomes directly or indirectly
controlled by Parent and the Covered Executive does not serve as the Chief Executive Officer of Parent; or 

  

	 	(3)	Covered Executive is directed by the Board (or by Parent, if the Company becomes directly or indirectly controlled by Parent) to engage in an act or omission, which if performed would provide the Company with a basis
for terminating Covered Executive for Cause. 

  

	 	(iii)	If the Covered Executive believes that an event constituting Good Reason has occurred, in accordance with this Section 2.1(x)(i) or Section 2.1(x)(ii) above, as applicable, the Covered Executive must notify
the Plan Administrator of that belief within ninety (90) days of the occurrence of the Good Reason event, which notice will set forth the basis for that belief. The Plan Administrator will have thirty (30) days after receipt of such notice
(the “Determination Period”) in which to either rectify such event, determine that an event constituting Good Reason does not exist, or determine that an event constituting Good Reason exists. If the Plan Administrator does not take
any of such actions within the Determination Period, the Covered Executive may terminate his employment with the Employer for Good Reason immediately at the end of the Determination Period by giving written notice to the Employer within ninety
(90) days after the end of the Determination Period, which termination will be a Qualifying Termination effective on the date that such notice is received by the Employer, provided that such date constitutes the Covered Executive’s
“separation from service” within the meaning of section 409A of the Code. If the Plan Administrator determines that Good Reason does not exist, then (A) the Covered Executive will not be entitled to rely on or assert such event as
constituting Good Reason, and (B) the Covered Executive may file a claim pursuant to Article IV within thirty (30) days after the Covered Executive’s receipt or written notice of the Plan Administrator’s determination. A
termination of employment for Good Reason will be treated as an involuntary termination for purposes of the ESP. 

  
 11 

	 	(y)	“Key Employee” means any employee or former employee of the Employer (including any deceased employee) who at any time during the Plan Year was: 

 

	 	(i)	an officer of the Company or an Affiliate having compensation of greater than one hundred thirty thousand dollars ($130,000) (as adjusted under section 416(i)(1) of the Code for Plan Years beginning after
December 31, 2002) (such limit is one hundred seventy thousand dollars ($170,000) for 2014); 

  

	 	(ii)	a Five Percent Owner; or 

  

	 	(iii)	a One Percent Owner having compensation within the meaning of section 415(c) of the Code of more than one hundred fifty thousand dollars ($150,000). 

For purposes of the preceding paragraphs, the Company has elected to determine the compensation of an officer or One Percent Owner in
accordance with section 1.415(c)-2(d)(4) of the Treasury Regulations (i.e., W-2 wages plus amounts that would be includible in wages except for an election under
section 125(a) of the Code (regarding cafeteria plan elections) under section 132(f) of the Code (regarding qualified transportation fringe benefits) or section 402(e)(3) of the Code (regarding section 401(k) plan deferrals)) without regard to the
special timing rules and special rules set forth, respectively, in sections 1.415(c)-2(e) and 2(g) of the Treasury Regulations. 

The determination of Key Employees will be based upon a twelve (12) month period ending on December 31 of each year (i.e., the
identification date). Employees that are Key Employees during such twelve (12) month period will be treated as Key Employees for the twelve (12) month period beginning on the first day of the fourth month following the end of the twelve
(12) month period (i.e., since the identification date is December 31, then the twelve (12) month period to which it applies begins on the next following April 1). 

The determination of who is a Key Employee will be made in accordance with section 416(i)(1) of the Code and other guidance of general
applicability issued thereunder. For purposes of determining whether an employee or former employee is an officer, a Five Percent Owner or a One Percent Owner, the Company and each Affiliate will be treated as a separate employer (i.e., the
controlled group rules of sections 414(b), (c), (m) and (o) of the Code will not apply). Conversely, for purposes of determining whether the one hundred thirty thousand dollar ($130,000) adjusted limit on compensation is met under the officer
test described in Section 2.1(y)(i), compensation from the Company and all Affiliates will be taken into account (i.e., the controlled group rules of sections 414(b), (c), (m) and (o) of the Code will apply). Further, in determining
who is an officer under the officer test described in Section 2.1(y)(i), no more than fifty (50) employees of the Company or its Affiliates (i.e., the controlled group rules of sections 414(b), (c), (m) and (o) of the Code will
apply) will be treated as officers. If the number of officers exceeds fifty (50), the determination of which employees or former Employees are officers will be determined based on who had the largest annual compensation from the Company and
Affiliates for the Plan Year. 
  

	 	(z)	“One Percent Owner” means any person who would be described as a Five Percent Owner in Section 2.1(u) if “one percent (1%)” were substituted for “five percent (5%)” each place
where it appears therein. 

  
 12 

	 	(aa)	“Parent” means an entity that controls another entity directly, or indirectly through one or more intermediaries, and that itself is not a Subsidiary. 

 

	 	(bb)	“Plan Administrator” means the individual or committee appointed by the RPAC to handle the day-to-day administration of
the ESP. If the RPAC does not appoint an individual or committee to serve as the Plan Administrator, the RPAC will be the Plan Administrator. 

  

	 	(cc)	“Plan Year” means the fiscal year of the ESP, which will commence on January 1 each year and end on December 31 of such year. 

 

	 	(dd)	“Potential Change of Control” means the earliest to occur of: 

  

	 	(i)	the Company enters into an agreement the consummation of which, or the approval by the stockholders of which, would constitute a Change of Control; 

 

	 	(ii)	proxies for the election of members of the Board are solicited by any person other than the Company; 

  

	 	(iii)	any person publicly announces an intention to take or to consider taking actions which, if consummated would constitute a Change of Control; or 

 

	 	(iv)	any other event occurs which is deemed to be a potential change of control by the Board and the Board adopts a resolution to the effect that a Potential Change of Control has occurred. 

 

	 	(ee)	“Protection Period” means the period beginning on the date that is six (6) months before the occurrence of a Change of Control and ending twenty-four (24) months after the occurrence of a
Change of Control. 

  

	 	(ff)	“Qualifying Termination” means the Covered Executive’s “separation from service” (within the meaning of section 409A of the Code) by reason of: 

 

	 	(i)	the involuntary termination of a Covered Executive’s employment by the Employer without Cause, or 

  

	 	(ii)	the Covered Executive’s resignation from the employment of the Employer for Good Reason; 

provided, however, that a Qualifying Termination will not occur by reason of the divestiture of an Affiliate with respect to a Covered
Executive employed by such Affiliate who is offered a comparable position with the purchaser and either declines or accepts such position as provided in Section 6.4. 
  

	 	(gg)	“Reimbursement Period” means the period of time commencing as of the date of the Covered Executive’s Qualifying Termination and ending as of the close of the second taxable year of the Covered
Executive that follows the taxable year in which such Qualifying Termination occurred. 

  
 13 

	 	(hh)	“RPAC” means the Retirement Plans Administration Committee of the Company established by the Compensation Committee and whose members have been appointed by the Compensation Committee or a delegate
thereof. The RPAC will have the responsibility to administer the ESP and make final determinations regarding claims for benefits, as described in Article IV. 

  

	 	(ii)	“SERP” means the Tenet Healthcare Corporation Supplemental Executive Retirement Plan or any other supplemental executive retirement plan maintained by the Employer in which Covered Executives
participate. 

  

	 	(jj)	“Severance Pay” means, except as provided otherwise in the Covered Executive’s ESP Agreement, the sum of the Covered Executive’s Base Salary and Target Bonus as of the date of a Qualifying
Termination. 

  

	 	(kk)	“Severance Period” means 

  

	 	(i)	Pre-Effective Date Covered Executives. For a Covered Executive who entered into an ESP Agreement before the execution date of this document and except as provided otherwise
in the Covered Executive’s ESP Agreement or offer letter: 

  

	 	(A)	the period specified in Section 3.1(a) of the Tenet Second Amended and Restated Executive Severance Plan with respect to Severance Pay payable on account of a Qualifying Termination not related to a Change of
Control as set forth below, and 

  

			
	 COVERED EXECUTIVE
	  	 SEVERANCE
PERIOD

	Tenet CEO	  	Three (3) years
	COO and CFO	  	Two and one-half (2.5) years
	SVPs and EVPs	  	One and one-half (1.5) years
	VPs and Hospital CEOs	  	One (1) year

  

	 	(B)	(the period specified in Section 3.2(a) of the Tenet Second Amended and Restated Executive Severance Plan on account of a Qualifying Termination in connection with a Change of Control as set forth below:

  

			
	 COVERED EXECUTIVE
	  	 SEVERANCE
PERIOD

	Tenet CEO	  	Three (3) years
	COO and CFO	  	Three (3) years
	SVPs and EVPs	  	Two (2) years
	VPs and Hospital CEOs	  	One and one-half (1.5) years

  
 14 

	 	(ii)	Post-Effective Date and Vanguard Covered Executives. For a Covered Executive who entered into an ESP Agreement on and after the execution date of this document, and for a Covered Executive employed by Vanguard
Health System Inc. or its Controlled Group Members regardless of when first employed, the periods specified in the Covered Executive’s ESP Agreement or if no such periods are specified the periods specified in Section 2.1(kk)(i)(A) and
Section 2.1(kk)(B) above, as applicable, based on the position of the Covered Executive as determined by the Plan Administrator or Senior Vice President, Human Resources. As required by section 409A of the Code, any Severance Period specified
in the Covered Executive’s ESP Agreement will be the same for a Qualifying Termination occurring outside of the Protection Period and a Qualifying Termination occurring during that portion of the Protection Period that precedes a Change of
Control described in Section 2.1(g)(iv). A different Severance Period may apply for a Qualifying Termination that occurs at any time during the Protection Period with respect a Change of Control described in Section 2.1(g)(i),
Section 2.1(g)(ii) or Section 2.1(g)(iii) or during that portion of the Protection Period that occurs on or after a Change of Control described in Section 2.1(g)(iv). 

 

	 	(ll)	“SIP” means the Third Amended and Restated Tenet Healthcare Corporation 2001 Stock Incentive Plan or the Tenet Healthcare 2008 Stock Incentive Plan. 

 

	 	(mm)	“Subsidiary” means an entity controlled by another entity directly, or indirectly through one or more intermediaries. 

 

	 	(nn)	“Target Bonus” means the target bonus percent applicable to the Covered Executive under the AIP multiplied by his Base Salary at the time of a Qualifying Termination. For example, if the Covered
Executive earns one hundred and fifty thousand dollars ($150,000) and has a Target Bonus of fifty percent (50%), his Target Bonus equals seventy-five thousand dollars ($75,000). 

 

	 	(oo)	“TESPP” means the ESP in effect immediately before May 11, 2006. 

  

	2.2	Construction. If any provision of the ESP is determined to be for any reason invalid or unenforceable, the remaining provisions of the ESP will continue in full force and effect. All of the provisions of the ESP
will be construed and enforced in accordance with the laws of the State of Texas and will be administered according to the laws of such state, except as otherwise required by ERISA, the Code or other applicable federal law. When delivery to the
RPAC, Plan Administrator or the Covered Executive is required under this ESP, such delivery requirement will be satisfied by delivery to a person or persons designated by the RPAC, Plan Administrator or the Covered Executive, as applicable. Delivery
will be deemed to have occurred only when the form or other communication is actually received. Headings and subheadings are for the purpose of reference only and are not to be considered in the construction of the ESP. The pronouns “he,”
“him” and “his” used in the ESP will also refer to similar pronouns of the female gender unless otherwise qualified by the context. 

  

	2.3	409A Compliance. The ESP is intended to comply with the requirements of section 409A of the Code. The provisions of the ESP will be construed and administered in a manner that enables the ESP to comply with the
provisions of section 409A of the Code. 

  
  

	
	End of Article II

  
 15 

 ARTICLE III 

SEVERANCE BENEFITS 
  

	3.1	Severance Benefits Not Related to a Change of Control. Except as provided otherwise in a Covered Executive’s ESP Agreement, a Covered Executive who incurs a Qualifying Termination occurring outside of the
Protection Period, subject to the limitations contained in the ESP, will receive the following severance benefits. 

  

	 	(a)	Severance Period. The Covered Executive will be entitled to the payment of Severance Pay over the Severance Period as specified in Section 2.1(kk)(i)(A). 

Such Severance Pay will be paid on a bi-weekly basis commencing as of the date of the Qualifying
Termination pursuant to the Employer’s ordinary payroll schedule for the duration of the Severance Period, subject to the six (6) month delay applicable to Key Employees described in Section 3.3 (i.e., the payment of Severance Pay in
excess of the 409A Exempt Amount that would otherwise be payable to a Key Employee during the six (6) month period following the Qualifying Termination will be delayed). All distributions from the ESP will be taxable as ordinary income when
received and subject to appropriate withholding of income taxes and reported on Form W-2. Except as otherwise provided herein, a Covered Executive who incurs a Qualifying Termination will have formally
terminated his employment relationship with the Employer as of the date of such Qualifying Termination and will not be deemed to be an Employee at any time during the Severance Period or thereafter. 

 

	 	(b)	Other Accrued Obligations. The Covered Executive will be entitled to payment of all accrued Base Salary, accrued time off and any other accrued and unpaid obligations as of the date of the Qualifying Termination.
Such accrued obligations will be included and paid as part of the Covered Executive’s final paycheck from the Employer. 

  

	 	(c)	Bonus. The Covered Executive will be entitled to payment of the Bonus earned in accordance with the terms of the AIP as acted on by the Compensation Committee during the calendar year of the Qualifying
Termination. Such Bonus will be pro rated as a fraction of twelve (12) for full months worked by the Covered Executive for the Employer or an Affiliate during such calendar year and will be paid to the Covered Executive, at the time and in the
same manner specified in the AIP. 

  

	 	(d)	 Continued Welfare Benefits. During the Severance Period, the Covered Executive and his dependents will be
entitled to continue to participate in any medical, dental, vision, life and long-term care benefit programs maintained by the Employer in which such persons were participating immediately before the date of the Qualifying Termination; provided,
that the continued participation of such persons is possible under the general terms and provisions of such benefit programs. If such continued participation is barred, then the Employer will arrange to provide such persons with substantially
similar coverage to that which such persons would have otherwise been entitled to receive under such benefit programs from which such continued participation is barred. In either case, however, the Covered Executive will be required to continue to
pay, on a pre-tax or after-tax basis, as applicable, his portion of the cost of such coverages as in 

  
 16 

	 	
effect at the time of the Qualifying Termination, and the Employer will continue to pay its portion of such costs, as in effect at the time of the Qualifying Termination. Any coverage provided
pursuant to this Section 3.1(d) will be limited and reduced to the extent equivalent coverage is otherwise provided by (or available from or under) any other employer of the Covered Executive. The Covered Executive must advise the Plan
Administrator of the attainment of any such subsequent employer benefit coverages within thirty (30) days following such attainment. 

The pre-tax or after-tax payroll deductions for the continued
medical, dental, vision life and long-term care benefits described above will be taken from the Covered Executive’s Severance Pay pursuant to the Employer’s normal payroll practices; provided, however, that if any of such coverages are
provided on a self-insured basis, the Covered Executive will be required to pay his portion of the cost of such coverages on an after-tax basis and the remainder of such cost will be included in the Covered
Executive’s income and reported as wages on Form W-2. Any continued medical, dental or vision benefits provided to the Covered Executive and his dependents pursuant to this Section 3.1(d) is in
addition to any rights the Covered Executive and such dependents may have to continue such coverages under COBRA. The provisions of this Section 3.1(d) will not prohibit the Company from changing the terms of such medical, dental, life vision
or long-term care benefit programs provided that any such changes apply to all executives of the Company and its Affiliates (e.g., the Company may switch insurance carriers or preferred provider organizations). 

 

	 	(e)	Outplacement Services. The Covered Executive will be entitled to reimbursement of any expenses reasonably incurred by him for outplacement services in an amount equal to the lesser of ten percent (10%) of his
Base Salary or twenty-five thousand dollars ($25,000). In order to comply with the exemption applicable to post-separation reimbursement plans under section 409A of the Code: (i) the reimbursement of such expenses for outplacement services only
will be permitted with respect to expenses that are incurred during the shorter of the Severance Period or the Reimbursement Period and (ii) any reimbursement of such expenses that are incurred during a particular taxable year of the Covered
Executive must be made by the last day of the Covered Executive’s immediately following taxable year. 

  

	 	(f)	 Payment of Legal Expenses. The Covered Executive will be entitled to reimbursement of any legal expenses
reasonably incurred by him in order to obtain benefits under the ESP; provided, that, the payment of such expenses is subject to an arms-length, bona fide dispute as to the Covered Executive’s right to such benefits. In order to comply with the
exemption applicable to post-separation reimbursement plans under section 409A of the Code, in the event such legal expenses are otherwise deductible under section 162 or 167 of the Code (without regard to any limitation on the Covered
Executive’s adjusted gross income): (i) the reimbursement of such legal expenses only will be permitted with respect to expenses that are incurred during the shorter of the Severance Period or the Reimbursement Period; and (ii) any
reimbursement of such legal expenses that are incurred during a particular taxable year of the Covered Executive must be made by the last day of the Covered Executive’s immediately following taxable year. In the event that the legal expenses
are not otherwise deductible 

  
 17 

	 	
under section 162 or 167 or the Code (without regard to any limitation on the Covered Executive’s adjusted gross income), then in order to comply with the expense reimbursement provisions of
section 409A of the Code, the reimbursement of such expenses will be made pursuant to the terms of Section 3.1(f)(i) and Section 3.1(f)(ii) above; provided, that the amount of legal expenses reimbursed or eligible for reimbursement during
a taxable year of the Covered Executive that occurs during the Severance Period or Reimbursement Period will not affect the legal expenses that are eligible for reimbursement in any other taxable year of the Covered Executive that occurs during the
Severance Period or Reimbursement Period and that such legal expense reimbursement amounts will be subject to the six (6) month delay (when applicable) for distributions in excess of the 409A Exempt Amount as set forth in Section 3.3.

  

	 	(g)	Equity Compensation Adjustments. Except as provided otherwise in the Covered Executive’s ESP Agreement, upon a Qualifying Termination, any equity-based compensation awards granted to the Covered Executive by
the Employer under the SIP or an Equity Plan before such termination that are outstanding and vested as of the date of the Qualifying Termination will be exercisable or settled pursuant to the terms of the SIP or the Equity Plan, as applicable. All
unvested equity-based compensation awards held by the Covered Executive as of the date of the Qualifying Termination will expire and be of no effect, except to the extent that the terms of such awards provide for continued vesting and/or
acceleration. With respect to performance cash awards, upon a Qualifying Termination, a Covered Executive will be entitled to “banked” amounts for past plan years and a pro-rated amount for
performance in the year in which the Qualifying Termination occurs, in accordance with the terms of such awards. No Covered Executive will be entitled to any new equity-based compensation awards following the date of his Qualifying Termination or
during the Severance Period. 

  

	 	(h)	 SERP. A Covered Executive who is also a participant in the SERP and became such a participant before
August 3, 2011 will be entitled to age and service credit for the duration of the Severance Period under the SERP. A Covered Executive who is also a participant in the SERP but became such a participant on or after August 3, 2011 will not
be entitled to age and service credit for the duration of the Severance Period under the SERP. Benefits under the SERP will be payable to the Covered Executive pursuant to the terms of the SERP; provided, however, that if the Covered Executive is
entitled to commence SERP benefits during the Severance Period pursuant to the terms of the SERP; the amount of Severance Pay payable to Executive pursuant to the ESP will be offset (i.e., reduced) by the amount of the SERP benefits payable during
the Severance Period. With respect to a Covered Executive who became a SERP participant before August 3, 2011, for purposes of determining the amount of the Covered Executive’s SERP benefits, any actuarial reduction that would otherwise
apply under the SERP due to the commencement of SERP benefits during the Severance Period will be disregarded (i.e., the SERP benefits will only be actuarially reduced for early commencement beginning with the last day of the Severance Period).
Further, while the age credit will accrue throughout the course of the Severance Period, at the end of the Severance Period, the Covered Executive’s SERP benefits will be recalculated to take into account the additional service credit provided
under the ESP during the Severance Period. With respect to a Covered Executive who became a SERP participant on or after August 3, 2011, for 

  
 18 

	 	
purposes of determining the amount of the Covered Executive’s SERP benefits, the actuarial reduction will be determined under the terms of the SERP as of the date of the Covered
Executive’s Qualifying Termination. A Covered Executive’s Severance Pay will not be considered in calculating the Covered Executive’s “Final Average Earnings” under the SERP. Notwithstanding the foregoing, in no event will
any provision in this Section 3.1(h) be construed to permit the distribution of any SERP benefits during the six (6) month restriction period, as described in the SERP, which follows a Key Employee’s Qualifying Termination.

  

	 	(i)	DCP. The Covered Executive will incur a termination of employment for purposes of the DCP at the time of a Qualifying Termination and accordingly will not be entitled to defer any portion of his Severance Pay to
the DCP during the Severance Period. The Covered Executive’s DCP benefits will be paid to him pursuant to the terms of the DCP and the Covered Executive’s distribution election under the DCP in a manner that complies with section 409A of
the Code. 

  

	 	(j)	401(k). The Covered Executive will incur a severance from employment for purposes of the 401(k) Plan on the date of the Qualifying Termination and accordingly will not be entitled to defer any portion of his
Severance Pay to the 401(k) Plan during the Severance Period. The Covered Executive’s 401(k) Plan benefits will be payable to him under the 401(k) Plan pursuant to the terms of the 401(k) Plan. 

 

	3.2	Severance Benefits on and after a Change of Control. Except as provided otherwise in a Covered Executive’s ESP Agreement, a Covered Executive who incurs a Qualifying Termination during the Protection Period
with respect to a Change of Control will, subject to the limitations contained in the ESP, receive the severance benefits described in Section 3.1, (provided, however, that a Covered Executive will only receive the additional age and service
credit as set forth in Section 3.1(h) herein in accordance with the terms and provisions of the SERP), plus the additional severance benefits, if any, provided in this Section 3.2. Further, within five (5) business days following the
occurrence of a Change of Control, the Company must contribute to a domestic rabbi trust an amount sufficient to fully fund the severance benefits accrued as of the date of the Change of Control pursuant to this Section 3.2. Such funding
obligation will continue for each calendar quarter during the twenty-four (24) month period following such Change of Control, with such funding to be made within five (5) business days following the end of each such calendar quarter.

  

	 	(a)	Severance Period. The Covered Executive will be entitled to the payment of Severance Pay for the Severance Period as specified in Section 2.1(kk)(i)(B).. 

 

	 	(b)	 Payment of Severance Pay. In the event that a Covered Executive’s Qualifying Termination occurs
during the portion of the Protection Period that precedes any Change of Control described in Section 2.1(g)(i), Section 2.1(g)(ii) or Section 2.1(g)(iii), the Covered Executive will receive Severance Pay that will be paid on a bi-weekly basis commencing on the date of the Qualifying Termination pursuant to the Employer’s ordinary payroll schedule for the duration of the Severance Period subject to the six (6) month delay
applicable to Key Employees described in Section 3.3 (i.e., the payment of Severance Pay in excess of the 409A Exempt Amount that would otherwise be payable to a Key Employee during the six (6) month period following the Qualifying
Termination 

  
 19 

	 	
will be delayed). To the extent that such Change of Control is described in Section 2.1(g)(iv), such Severance Pay in excess of the 409A Exempt Amount will be paid on a bi-weekly basis commencing on the date of the Qualifying Termination pursuant to the Employer’s ordinary payroll schedule for the duration of the Severance Period specified in Section 3.1(a) subject to the
six (6) month delay applicable to Key Employees described in Section 3.3 (i.e., the payment of Severance Pay in excess of the 409A Exempt Amount that would otherwise be payable to a Key Employee during the six (6) month period
following the Qualifying Termination will be delayed). 

 In the event that a Covered Executive’s Qualifying Termination
occurs during the portion of the Protection Period that occurs on or after a Change of Control described in Section 2.1(g)(i), Section 2.1(g)(ii) or Section 2.1(g)(iii), the Covered Executive will receive, subject to the six
(6) month delay for distributions in excess of the 409A Exempt Amount as set forth in Section 3.3, a lump sum payment of Severance Pay, in the amount determined pursuant to Section 3.2(a), within ninety (90) days following such
Qualifying Termination. To the extent that such Change of Control is described in Section 2.1(g)(iv), such Severance Pay in excess of the 409A Exempt Amount will be paid on a bi-weekly basis commencing on
the date of the Qualifying Termination pursuant to the Employer’s ordinary payroll schedule for the duration of the Severance Period subject to the six (6) month delay applicable to Key Employees described in Section 3.3 (i.e.,
the payment of Severance Pay in excess of the 409A Exempt Amount that would otherwise be payable to a Key Employee during the six (6) month period following the Qualifying Termination will be delayed). 

The payment provisions of this Section 3.2(b) are summarized below. 

 

					
	 CHANGE OF CONTROL
EVENT
	  	 QUALIFYING TERMINATION

DURING PROTECTION PERIOD OCCURRING
BEFORE CHANGE
OF CONTROL
	  	 QUALIFYING TERMINATION

DURING PROTECTION PERIOD

OCCURRING ON AND AFTER A

CHANGE OF CONTROL

	 Section 2.1(g)(i) - change in stock ownership
	  	 •       Bi-weekly
payment of Severance Pay over Severance Period
  

•       Amounts in excess of 409A Exempt Amount subject to six (6) month
delay
	  	 •       Lump sum payment of 409A Exempt Amount

 

•       Remainder of Severance Pay) paid in Lump sum subject to six
(6) month delay

			
	 Section 2.1(g)(ii) - change in effective control
	  	 •       Bi-weekly
payment of Severance over Severance Period
  

•       Amounts in excess of 409A Exempt Amount subject to six (6) month
delay
	  	 •       Lump sum payment of 409A Exempt Amount

 

•       Remainder of Severance Pay paid in Lump sum subject to six
(6) month delay

			
	 Section 2.1(g)(iii) - sale of assets
	  	 •       Bi-weekly
payment of Severance Pay over Severance Period
  

•       Amounts in excess of 409A Exempt Amount subject to six (6) month
delay
	  	 •       Lump sum payment of 409A Exempt Amount

 

•       Remainder of Severance Pay paid in Lump sum subject to six
(6) month delay

			
	 Section 2.1(g)(iv) - liquidation or dissolution
	  	 •       Bi-weekly
payment of Severance Pay over Severance Period
  

•       Amounts in excess of 409A Exempt Amount subject to six (6) month
delay
	  	 •       Lump sum payment of 409A Exempt Amount

 

•       Remainder of Severance Pay paid
bi-weekly over Severance Period subject to six (6) month delay

  
 20 

	 	(c)	Equity Compensation Adjustments. 

  

	 	(i)	Except as provided otherwise in the Covered Executive’s ESP Agreement, in the event of a Change of Control, if the successor to the Company does not assume the SIP or the applicable Equity Plan or grant comparable
awards in substitution of the outstanding awards under the SIP or applicable Equity Plan as of the date of the Change of Control, then any equity-based compensation awards granted to the Covered Executive by the Employer under the SIP or Equity Plan
and outstanding as of the date of the Change of Control will become immediately fully vested and/or exercisable and will no longer be subject to a substantial risk of forfeiture or restrictions on transferability, other than those imposed by
applicable legislative or regulatory requirements. With respect to performance cash awards, however, in the event the successor to the Company does not assume the awards, the awards will become payable at earned levels for completed plan years and
at target performance levels for the year in which the Change of Control occurs and future plan years, as applicable, payable in accordance with the terms of such awards, and if not addressed in an award agreement, then payable on the date of the
Change of Control. 

  

	 	(ii)	 Except as provided otherwise in the Covered Executive’s ESP Agreement, if the successor to the Company
assumes the SIP or the applicable Equity Plan or substitutes the awards under the SIP or applicable Equity Plan with comparable awards; then any equity-based compensation awards granted to the Covered Executive by the Employer under the SIP or
Equity Plan before such termination and outstanding as of the date of the Change of Control or any substituted awards given with respect to such outstanding awards will continue to be maintained pursuant to their terms; provided, however, that upon
a Covered Executive’s Qualifying Termination during the Protection Period in connection with such Change of Control, any such equity compensation awards outstanding as of the date of the Qualifying Termination will become immediately vested
and/or exercisable, in accordance with the terms of such awards, except as set forth below in this paragraph, on the date of the Qualifying Termination or, if the Qualifying Termination occurs during the portion of the Protection Period that
precedes the Change of Control, then on the date of the Change of Control, and will no longer be subject to a substantial risk of forfeiture or restrictions on transferability, other than those imposed by applicable legislative or regulatory
requirements. With respect to performance cash awards, however, upon a Qualifying Termination during the Protection Period in connection with such Change of Control, a Covered Executive will be paid earned

  
 21 

	 	
amounts for completed plan years and target amounts for the year in which the Qualifying Termination occurs and future plan years, as applicable, payable on the scheduled payment date.
Furthermore, with respect to performance-based restricted stock units and performance options, upon a Qualifying Termination during the Protection Period in connection with such Change of Control, accelerated vesting is only provided to the extent
that the applicable performance criteria are achieved (with pro rata vesting based on service during the performance period if the termination occurs during the performance period). No Covered Executive will be entitled to any new equity-based
compensation awards following the date of his Qualifying Termination or during the Severance Period. 

  

	 	(d)	Parachute Limitation. 

  

	 	(i)	If at any time or from time to time, it shall be determined by an independent nationally known financial accounting or law firm experienced in such matters selected by the Company (“Tax Professional”)
that any payment or other benefit to the Covered Executive pursuant to the ESP or otherwise (“Potential Parachute Payment”) is or will, but for the provisions of this Section 3.2(d), become subject to the excise tax imposed by
section 4999 of the Code or any similar tax payable under any state, local, foreign or other law, but expressly excluding any income taxes and penalties or interest imposed pursuant to section 409A of the Code (“Excise Taxes”), then
the Covered Executive’s Potential Parachute Payment will be either (A) provided to the Covered Executive in full, or (B) provided to the Covered Executive as to such lesser extent which would result in no portion of such benefits
being subject to the Excise Taxes, whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment taxes, the Excise Tax, and any other applicable taxes, results in the receipt by the
Covered Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under the Excise Taxes (“Payments”).

  

	 	(ii)	In the event of a reduction of benefits pursuant to Section 3.2(d)(i), the Tax Professional will determine which benefits will be reduced so as to achieve the principle set forth in Section 3.2(d)(i). For
purposes of making the calculations required by Section 3.2(d)(i), the Tax Professional may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the
application of the Code and other applicable legal authority. The Company and the Covered Executive will furnish to the Tax Professional such information and documents as the Tax Professional may reasonably request in order to make a determination
under Section 3.2(d)(i). The Company will bear all costs the Tax Professional may reasonably incur in connection with any calculations contemplated by Section 3.2(d)(i). 

  
 22 

	 	(iii)	If, notwithstanding any calculations performed or reduction in benefits imposed as described in Section 3.2(d)(i), the IRS determines that the Covered Executive is liable for Excise Taxes as a result of the receipt
of any payments made pursuant to this ESP or otherwise, then the Covered Executive will be obligated to pay back to the Company, within thirty (30) days after a final IRS determination or in the event that the Covered Executive challenges the
final IRS determination, a final judicial determination, a portion of the Payments equal to the “Repayment Amount.” The Repayment Amount will be the smallest such amount, if any, as will be required to be paid to the Company so that the
Covered Executive’s net after-tax proceeds with respect to the Payments (after taking into account the payment of the Excise Taxes and all other applicable taxes imposed on such benefits) are maximized.
The Repayment Amount will be zero if a Repayment Amount of more than zero would not result in the Covered Executive’s net after-tax proceeds with respect to the Payments being maximized. If the Excise
Taxes are not eliminated pursuant to this Section 3.2(d)(iii), the Covered Executive will pay the Excise Taxes. 

  

	 	(iv)	Notwithstanding any other provision of this Section 3.2(d), if (A) there is a reduction in the payments to a Covered Executive as described above in this Section 3.2(d), (B) the IRS later determines that
the Covered Executive is liable for Excise Taxes, the payment of which would result in the maximization of the Covered Executive’s net after-tax proceeds (calculated based on the full amount of the
Potential Parachute Payment and as if the Covered Executive’s benefits had not previously been reduced), and (C) the Covered Executive pays the Excise Tax, then the Company will pay to the Covered Executive those payments which were
reduced pursuant to Section 3.2(d)(i) or 3.2(d)(iii) as soon as administratively possible after the Covered Executive pays the Excise Taxes to the extent that the Covered Executive’s net after-tax
proceeds with respect to the payment of the Payments are maximized. 

  

	 	(e)	Non-Compete. At the discretion of the Employer, a Covered Executive will be entitled to enter into a non-compete agreement whereby
the Covered Executive will be precluded from competing with the Employer following a Qualifying Termination that occurs during the Severance Period or such other period as may be set forth in a written agreement in consideration for a cash payment
in an amount as determined at the discretion of the Employer. Such non-compete will be evidenced by a written agreement signed by the Employer and the Covered Executive. In the event that a Covered Executive
enters into a non-compete agreement as described in this Section 3.2(e) and any provisions therein conflict with any of the provisions as set forth in this ESP, the provisions of the non-compete agreement will control. 

  

	3.3	Termination Distributions to Key Employees. A portion of the distributions under the ESP that are payable to a Covered Executive who is a Key Employee on account of a Qualifying Termination will be delayed for a
period of six (6) months following such Covered Executive’s Qualifying Termination to the extent such distributions under the ESP exceed the 409A Exempt Amount. Upon the expiration of such six (6) month period, amounts that would have
been paid to the Covered Executive during such six (6) 

  
 23 

 
month period, will be paid to him on the first business day following the close of such period in the form of a lump sum payment and the remaining amounts payable to the Covered Executive under
the ESP will be paid with respect to the remainder of the Severance Period pursuant to the terms of this Article III (e.g., Severance Pay will be paid on a bi-weekly basis for the remainder of the
Severance Period in the case of (i) Severance Pay that is not payable on account of a Change in Control, (ii) Severance Pay that is payable on account of a Qualifying Termination during the portion of the Protection Period that precedes a
Change in Control described in Section 2(g), and (iii) Severance Pay that is payable on account of a Qualifying Termination during the portion of the Protection Period that occurs on and after a Change of Control described in
Section 2.1(g)(iv)). This six (6) month restriction will not apply, or will cease to apply, with respect to distributions by reason of the death of the Covered Executive pursuant to Section 3.4. 

 

	3.4	Distributions on Account of Death of the Covered Executive During the Severance Period. Except as provided otherwise in the Covered Executive’s ESP Agreement, if a Covered Executive dies during the Severance
Period the following benefits will be payable: 

  

	 	(a)	Severance Pay. Any remaining Severance Pay payable to the Covered Executive as of the date of his death will continue to be paid to the Covered Executive’s estate pursuant to Section 3.1(a) or 3.2(a),
as applicable. 

  

	 	(b)	Other Accrued Obligations. Any unpaid Base Salary, time off and any other accrued and unpaid obligations that remain outstanding as of the date of the Covered Executive’s death will be paid to the Covered
Executive’s estate pursuant to Section 3.1(b). 

  

	 	(c)	Bonus. Any unpaid Bonus described under Section 3.1(c) that remains outstanding as of the date of the Covered Executive’s death will be paid to the Covered Executive’s estate pursuant to
Section 3.1(c). 

  

	 	(d)	Continued Welfare Benefits. The Covered Executive’s dependents will be entitled to continue to participate in any medical, dental, vision, life and long-term care benefit programs maintained by the Employer
in which such persons were participating immediately before the date of the Covered Executive’s death for the remainder of the Severance Period, subject to the provisions of Section 3.1(d). At the end of the Severance Period such
dependents will be eligible to elect to continue their medical, dental or vision coverage pursuant to COBRA. 

  

	 	(e)	Outplacement Services. Any outplacement service benefits payable to the Covered Executive pursuant to Section 3.1(e) will cease as of the date of the Covered Executive’s death; provided, that any
eligible outplacement expenses incurred before the Covered Executive’s death will be reimbursable to the Covered Executive’s estate pursuant to Section 3.1(e). 

 

	 	(f)	Payment of Legal Expenses. The obligation to reimburse the Covered Executive for any legal fees will continue pursuant to the terms of the ESP following his death, except that such legal fees or excise tax
reimbursement will be payable to the Covered Executive’s estate. 

  
 24 

	 	(g)	Equity Compensation Adjustments. Any outstanding equity-based compensation awards granted to the Covered Executive that are outstanding as of the date of the Covered Executive’s death will be exercisable or
settled pursuant to the terms of the SIP or the Equity Plan, as applicable. 

  

	3.5	Section 409A Gross-Up Payment. In the event that a Covered Executive (or his estate) pays the excise taxes and any other interest and penalty payments (as applicable)
pursuant to section 409A of the Code (“409A Excise Tax”) with respect to the benefits payable under the ESP, the Covered Executive (or his estate) will be entitled to a reimbursement equal to the amount of any 409A Excise Tax paid
by the Covered Executive (or his estate) pursuant to section 409A of the Code. The Company will provide a reimbursement to the Covered Executive with respect to any payment of the 409A Excise Tax (or portion thereof) no later than the close of the
Covered Executive’s taxable year that immediately follows the taxable year in which such payment is made. If the Covered Executive is a Key Employee, payment of the amounts described in this Section 3.5 will be subject to a six
(6) month delay (when applicable) for distributions in excess of the 409A Exempt Amount as provided in Section 3.3. 

  

	3.6	Alternate Plan Terms. Subject to the requirements of section 409A of the Code, the Senior Vice President, Human Resources and/or Plan Administrator (or before the Effective Date the Compensation Committee)
reserve the right to modify the terms of this ESP with respect to any Covered Executive (e.g., to provide different benefits than those set forth herein). Such modified terms will be set forth in the Covered Executive’s ESP Agreement or
in such other form as may be determined by the Senior Vice President, Human Resources and/or Plan Administrator (or before the Effective Date the Compensation Committee), each in its sole and absolute discretion. 

 

	3.7	Conditions to Payment of Severance Benefits. As a condition of obtaining benefits under the ESP, the Covered Executive will be required to execute a Severance Agreement and General Release. Such Severance
Agreement and General Release will contain the restrictive covenants set forth below regarding non-competition, confidentiality, non-disparagement and non-solicitation as well as a general release of claims against the Company and its Affiliates. 

  

	 	(a)	Non-Competition. Payment of any and all severance benefits provided under the ESP will cease if, at any time during the Severance Period described in Section 3.1(a),
the Covered Executive directly or indirectly, carries on or conducts, in competition with the Company and its Affiliates, any business of the nature in which the Company or its Affiliates are then engaged in any geographical area in which the
Company or its Affiliates engage in business at the time of the Covered Executive’s Qualifying Termination or in which any of them, before such Qualifying Termination, evidenced in writing, at any time during the six (6) month period
before such termination, an intention to engage in such business. This prohibition extends to the Covered Executive’s conducting or engaging in any such business either as an individual on his own account or as a partner or joint venturer or as
an executive, agent, consultant or salesman for any other person or entity, or as an officer or director of a corporation or as a shareholder in a corporation of which he will then own ten percent (10%) or more of any class of stock. The provisions
of this Section 3.7(a) will not apply with respect to severance benefits payable pursuant to Section 3.2(a). 

  
 25 

	 	(b)	Confidential Information. Payment of any and all severance benefits will cease if, at any time during the Severance Period described in either Section 3.1(a) of 3.2(a), the Covered Executive directly or
indirectly reveals, divulges or makes known to any person or entity, or uses for the Covered Executive’s personal benefit (including without limitation for the purpose of soliciting business, whether or not competitive with any business of the
Company or any of its Affiliates), any information acquired during the Covered Executive’s employment with the Company or its Affiliates with regard to the financial, business or other affairs of the Company or any of its Affiliates (including
without limitation any list or record of persons or entities with which the Company or any of its Affiliates has any dealings), other than: 

  

	 	(i)	information already in the public domain, 

  

	 	(ii)	information of a type not considered confidential by persons engaged in the same business or a business similar to that conducted by the Company or its Affiliates, or 

 

	 	(iii)	information that the Covered Executive is required to disclose under the following circumstances: 

  

	 	(A)	at the express direction of any authorized governmental entity; 

  

	 	(B)	pursuant to a subpoena or other court process; 

  

	 	(C)	as otherwise required by law or the rules, regulations, or orders of any applicable regulatory body; or 

  

	 	(D)	as otherwise necessary, in the opinion of counsel for the Covered Executive, to be disclosed by the Covered Executive in connection with any legal action or proceeding involving the Covered Executive and the Company or
any Affiliate in his capacity as an employee, officer, director, or stockholder of the Company or any Affiliate. 

 The Covered
Executive will, at any time requested by the Company (either during his employment with the Company and its Affiliates or during the Severance Period), promptly deliver to the Company all memoranda, notes, reports, lists and other documents (and all
copies thereof) relating to the business of the Company or any of its Affiliates which he may then possess or have under his control. 
  

	 	(c)	Agreement Not To Solicit Employees. Payment of any and all severance benefits will cease if, at any time during the Severance Period the Covered Executive directly or indirectly solicits or induces, or in any
manner attempts to solicit or induce, any person employed by, or any agent of, the Company or any of its Affiliates to terminate such employee’s employment or agency, as the case may be, with the Company or any Affiliate. 

  
 26 

	 	(d)	Nondisparagement. Payment of any and all severance benefits will cease if, at any time during the Severance Period the Covered Executive disparages the Company or its Affiliates and their respective boards of
directors or other governing body, executives, employees and products or services. The Company will not disparage the Covered Executive during the Covered Executive’s period of employment with the Company and its Affiliates or thereafter. For
purposes of this Section 3.7(d), disparagement does not include: 

  

	 	(i)	compliance with legal process or subpoenas to the extent only truthful statements are rendered in such compliance attempt, 

  

	 	(ii)	statements in response to an inquiry from a court or regulatory body, or 

  

	 	(iii)	statements or comments in rebuttal of media stories or alleged media stories. 

  

	 	(e)	409A Compliance. If any payment made under the ESP (i) is subject to the execution of an effective release of claims, (ii) “provides for the deferral of compensation” within the meaning of section
409A of the Code and is not otherwise exempt from the application of section 409A of the Code, and (iii) could be made in either one of two consecutive taxable years on account of the requirement of the execution of an effective release of
claims, then such payment will be made in the later taxable year. 

 The violation of this Section 3.7 by Covered
Executive will entitle the Company to complete relief from such violation including, but not limited to, injunctive relief and damages as determined by an arbitrator, the cessation of severance benefits and a return of all severance benefits paid to
the Covered Executive pursuant to the terms of the ESP. Such relief will apply regardless of whether such violation is discovered after the expiration of the Severance Period. The violation of Section 3.7(d) by the Company will entitle the
Covered Executive to complete relief from such violation including, but not limited to, injunctive relief and damages as determined by an arbitrator. 
  

 

			
	End of Article III	 	

  
 27 

 ARTICLE IV 

ADMINISTRATION 
  

	4.1	The RPAC. The overall administration of the ESP will be the responsibility of the RPAC. 

  

	4.2	Powers of RPAC. The RPAC will have sole and absolute discretion regarding the exercise of its powers and duties under the ESP. In order to effectuate the purposes of the ESP, the RPAC will have the following
powers and duties: 

  

	 	(a)	To appoint the Plan Administrator; 

  

	 	(b)	To review and render decisions respecting a denial of a claim for benefits under the ESP; 

  

	 	(c)	To construe the ESP and to make equitable adjustments for any mistakes or errors made in the administration of the ESP; and 

  

	 	(d)	To determine and resolve, in its sole and absolute discretion, all questions relating to the administration of the ESP and any trust established to secure the assets of the ESP: 

 

	 	(i)	when differences of opinion arise between the Company, an Affiliate, the Plan Administrator, the trustee, a Covered Executive, or any of them, and 

 

	 	(ii)	whenever it is deemed advisable to determine such questions in order to promote the uniform and nondiscriminatory administration of the ESP for the greatest benefit of all parties concerned. 

The foregoing list of express powers is not intended to be either complete or conclusive, and the RPAC will, in addition, have such powers as
it may reasonably determine to be necessary or appropriate in the performance of its powers and duties under the ESP. 
  

	4.3	Appointment of Plan Administrator. The RPAC will appoint the Plan Administrator, who will have the responsibility and duty to administer the ESP on a daily basis. The RPAC may remove the Plan Administrator with
or without cause at any time. The Plan Administrator may resign upon written notice to the RPAC. 

  

	4.4	Duties of Plan Administrator. The Plan Administrator will have sole and absolute discretion regarding the exercise of its powers and duties under the ESP. The Plan Administrator will have the following powers and
duties: 

  

	 	(a)	To enter into, on behalf of the Employer, an ESP Agreement with an Employee who is deemed a Covered Executive pursuant to Section 2.1(l); 

 

	 	(b)	To direct the administration of the ESP in accordance with the provisions herein set forth; 

  

	 	(c)	To adopt rules of procedure and regulations necessary for the administration of the ESP, provided such rules are not in consistent with the terms of the ESP; 

 

	 	(d)	To determine all questions with regard to rights of Covered Executives and beneficiaries under the ESP including, but not limited to, questions involving eligibility of an Employee to participate in the ESP and the
level of a Covered Executive’s benefits; 

  
 28 

	 	(e)	to make all final determinations and computations concerning the benefits to which the Covered Executive or his estate is entitled under the ESP; 

 

	 	(f)	To enforce the terms of the ESP and any rules and regulations adopted by the RPAC; 

  

	 	(g)	To review and render decisions respecting a claim for a benefit under the ESP; 

  

	 	(h)	To furnish the Employer with information that the Employer may require for tax or other purposes; 

  

	 	(i)	To engage the service of counsel (who may, if appropriate, be counsel for the Employer), actuaries, and agents whom it may deem advisable to assist it with the performance of its duties; 

 

	 	(j)	To prescribe procedures to be followed by Covered Executives in obtaining benefits; 

  

	 	(k)	To receive from the Employer and from Covered Executives such information as is necessary for the proper administration of the ESP; 

  

	 	(l)	To create and maintain such records and forms as are required for the efficient administration of the ESP; 

  

	 	(m)	To make all initial determinations and computations concerning the benefits to which any Covered Executive is entitled under the ESP; 

 

	 	(n)	To give the trustee of any trust established to serve as a source of funds under the ESP specific directions in writing with respect to: 

 

	 	(i)	making distribution payments, giving the names of the payees, specifying the amounts to be paid and the time or times when payments will be made; and 

 

	 	(ii)	making any other payments which the trustee is not by the terms of the trust agreement authorized to make without a direction in writing by the Plan Administrator; 

 

	 	(o)	To comply with all applicable lawful reporting and disclosure requirements of ERISA; 

  

	 	(p)	To comply (or transfer responsibility for compliance to the trustee) with all applicable federal income tax withholding requirements for benefit distributions; and 

 

	 	(q)	To construe the ESP, in its sole and absolute discretion, and make equitable adjustments for any errors made in the administration of the ESP. 

The foregoing list of express duties is not intended to be either complete or conclusive, and the Plan Administrator will, in addition,
exercise such other powers and perform such other duties as it may deem necessary, desirable, advisable or proper for the supervision and administration of the ESP. 

  
 29 

	4.5	Indemnification of RPAC and Plan Administrator. To the extent not covered by insurance, or if there is a failure to provide full insurance coverage for any reason, and to the extent permissible under corporate by-laws and other applicable laws and regulations, the Employer agrees to hold harmless and indemnify the RPAC and Plan Administrator against any and all claims and causes of action by or on behalf of any and all
parties whomsoever, and all losses therefrom, including, without limitation, costs of defense and reasonable attorneys’ fees, based upon or arising out of any act or omission relating to or in connection with the ESP other than losses resulting
from the RPAC’s, or any such person’s commission of fraud or willful misconduct. 

 4.6 Claims for Benefits. 

 

	 	(a)	Initial Claim. In the event that a Covered Executive or his estate claims (a “claimant”) to be eligible for benefits, or claims any rights under the ESP or seeks to challenge the validity or terms of
the Severance Agreement and General Release described in Section 3.5, such claimant must complete and submit such claim forms and supporting documentation as will be required by the Plan Administrator, in its sole and absolute discretion.
Likewise, any claimant who feels unfairly treated as a result of the administration of the ESP must file a written claim, setting forth the basis of the claim, with the Plan Administrator. In connection with the determination of a claim, or in
connection with review of a denied claim, the claimant may examine the ESP, and any other pertinent documents generally available to Covered Executives that are specifically related to the claim. 

A written notice of the disposition of any such claim will be furnished to the claimant within ninety (90) days after the claim is filed
with the Plan Administrator. Such notice will refer, if appropriate, to pertinent provisions of the ESP, will set forth in writing the reasons for denial of the claim if a claim is denied (including references to any pertinent provisions of the ESP)
and, where appropriate, will describe any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary. If the claim is denied, in whole or in part, the
claimant will also be notified of the ESP’s claim review procedure and the time limits applicable to such procedure, including the claimant’s right to arbitration following an adverse benefit determination on review as provided below. All
benefits provided in the ESP as a result of the disposition of a claim will be paid as soon as practicable following receipt of proof of entitlement, if requested. 
  

	 	(b)	Request for Review. Within ninety (90) days after receiving written notice of the Plan Administrator’s disposition of the claim, the claimant may file with the RPAC a written request for review of his
claim. In connection with the request for review, the claimant will be entitled to be represented by counsel and will be given, upon request and free of charge, reasonable access to all pertinent documents for the preparation of his claim. If the
claimant does not file a written request for review within ninety (90) days after receiving written notice of the Plan Administrator’s disposition of the claim, the claimant will be deemed to have accepted the Plan Administrator’s
written disposition, unless the claimant was physically or mentally incapacitated so as to be unable to request review within the ninety (90) day period. 

  
 30 

	 	(c)	Decision on Review. After receipt by the RPAC of a written application for review of his claim, the RPAC will review the claim taking into account all comments, documents, records and other information submitted
by the claimant regarding the claim without regard to whether such information was considered in the initial benefit determination. The RPAC will notify the claimant of its decision by delivery or by certified or registered mail to his last known
address. 

 A decision on review of the claim will be made by the RPAC at its next meeting following receipt of the written
request for review. If no meeting of the RPAC is scheduled within forty-five (45) days of receipt of the written request for review, then the RPAC will hold a special meeting to review such written request for review within such forty-five
(45) day period. If special circumstances require an extension of the forty-five (45) day period, the RPAC will so notify the claimant and a decision will be rendered within ninety (90) days of receipt of the request for review. In
any event, if a claim is not determined by the RPAC within ninety (90) days of receipt of written submission for review, it will be deemed to be denied. 

The decision of the RPAC will be provided to the claimant as soon as possible but no later than five (5) days after the benefit
determination is made. The decision will be in writing and will include the specific reasons for the decision presented in a manner calculated to be understood by the claimant and will contain references to all relevant ESP provisions on which the
decision was based. Such decision will also advise the claimant that he may receive upon request, and free of charge, reasonable access to and copies of all documents, records and other information relevant to his claim and will inform the claimant
of his right to arbitration in the case of an adverse decision regarding his appeal. The decision of the RPAC will be final and conclusive. 
  

	4.7	Arbitration. In the event the claims review procedure described in Section 4.6 of the ESP does not result in an outcome thought by the claimant to be in accordance with the ESP document, he may appeal to a
third party neutral arbitrator. The claimant must appeal to an arbitrator within sixty (60) days after receiving the RPAC’s denial or deemed denial of his request for review and before bringing suit in court. The arbitration will be
conducted pursuant to the American Arbitration Association (“AAA”) Rules on Employee Benefit Claims. 

 The
arbitrator will be mutually selected by the claimant and the RPAC from a list of arbitrators who are experienced in nonqualified deferred compensation plan benefit matters that is provided by the AAA. If the parties are unable to agree on the
selection of an arbitrator within ten (10) days of receiving the list from the AAA, the AAA will appoint an arbitrator. The arbitrator’s review will be limited to interpretation of the ESP document in the context of the particular facts
involved. The claimant, the RPAC and the Employer agree to accept the award of the arbitrator as binding, and all exercises of power by the arbitrator hereunder will be final, conclusive and binding on all interested parties, unless found by a court
of competent jurisdiction, in a final judgment that is no longer subject to review or appeal, to be arbitrary and capricious. The claimant, RPAC and the Employer agree that the venue for the arbitration will be in Dallas,
Texas.    The costs of arbitration will be paid by the Employer; the costs of legal representation for the claimant or witness costs for the claimant will be borne by the claimant; provided, that, as part of his award, the
arbitrator may require the Employer to reimburse the claimant for all or a portion of such amounts. 

  
 31 

 The following discovery may be conducted by the parties: interrogatories, demands to produce
documents, requests for admissions and oral depositions. The arbitrator will resolve any discovery disputes by such pre hearing conferences as may be needed. The Employer, RPAC and claimant agree that the arbitrator will have the power of subpoena
process as provided by law. Disagreements concerning the scope of depositions or document production, its reasonableness and enforcement of discovery requests will be subject to agreement by the Employer and the claimant or will be resolved by the
arbitrator. All discovery requests will be subject to the proprietary rights and rights of privilege and other protections granted by applicable law to the Employer and the claimant and the arbitrator will adopt procedures to protect such rights.
With respect to any dispute, the Employer, RPAC and the claimant agree that all discovery activities will be expressly limited to matters directly relevant to the dispute and the arbitrator will be required to fully enforce this requirement. 

The arbitrator will have no power to add to, subtract from, or modify any of the terms of the ESP, or to change or add to any benefits provided
by the ESP, or to waive or fail to apply any requirements of eligibility for a benefit under the ESP. Nonetheless, the arbitrator will have absolute discretion in the exercise of its powers in the ESP. Arbitration decisions will not establish
binding precedent with respect to the administration or operation of the ESP. 
  

	4.8	Receipt and Release of Necessary Information. In implementing the terms of the ESP, the RPAC and Plan Administrator, as applicable, may, without the consent of or notice to any person, release to or obtain from
any other insuring entity or other organization or person any information, with respect to any person, which the RPAC or Plan Administrator deems to be necessary for such purposes. Any Covered Executive or estate claiming benefits under the ESP will
furnish to the RPAC or Plan Administrator, as applicable, such information as may be necessary to determine eligibility for and amount of benefit, as a condition of claiming and receiving such benefit. 

 

	4.9	Overpayment and Underpayment of Benefits. The Plan Administrator may adopt, in its sole and absolute discretion, whatever rules, procedures and accounting practices are appropriate in providing for the collection
of any overpayment of benefits. If a Covered Executive or his estate receives an underpayment of benefits, the Plan Administrator will direct that payment be made as soon as practicable to make up for the underpayment. If an overpayment is made to a
Covered Executive or his estate, for whatever reason, the Plan Administrator may, in its sole and absolute discretion, withhold payment of any further benefits under the ESP until the overpayment has been collected or may require repayment of
benefits paid under the ESP without regard to further benefits to which the Covered Executive or his estate may be entitled. 

  

 

			
	End of Article IV	 	

  
 32 

 ARTICLE V 

OTHER BENEFIT PLANS OF THE COMPANY 
  

	5.1	Other Plans. Nothing contained in the ESP will prevent a Covered Executive before his death, or a Covered Executive’s spouse or other beneficiary after such Covered Executive’s death, from receiving, in
addition to any payments provided for under the ESP, any payments provided for under any other plan or benefit program of the Employer, or which would otherwise be payable or distributable to him, his surviving spouse or beneficiary under any plan
or policy of the Employer or otherwise. Nothing in the ESP will be construed as preventing the Company or any of its Affiliates from establishing any other or different plans providing for current or deferred compensation for employees and/or
members of the Board. 

  

	5.2	Controlling Document. In the event that the provisions of any other plan or benefit program of the Employer conflict with any of the provisions contained in the ESP, the provisions of the ESP will control;
provided, however, that in the event that a Covered Executive enters into a non-compete agreement as described in Section 3.2(e) and any provisions therein conflict with any of the provisions as set forth
in this ESP, the provisions of the non-compete agreement will control. 

  

 

			
	End of Article V	 	

  
 33 

 ARTICLE VI 

AMENDMENT AND TERMINATION OF THE ESP 
  

	6.1	Continuation. The Company intends to continue the ESP indefinitely, but nevertheless assumes no contractual obligation beyond the promise to pay the benefits described in the ESP. 

 

	6.2	Amendment of ESP. The Company, through an action of the Compensation Committee may amend the ESP in its sole and absolute discretion, in any respect and at any time; provided, that no amendment may be made that
reduces or diminishes the rights of any Covered Executive to the benefits described herein unless the affected Covered Executive receives at least one (1) year’s advance notice of such amendment. Further, such advance notice to the Covered
Executive will not be effective to enable the amendment of the ESP in either of the following two scenarios (a) if a Potential Change of Control occurs during the one (1) year notice period, or (b) within twenty four (24) months
following a Change of Control. 

  

	6.3	Termination of ESP. The Company, through an action of the Compensation Committee, may terminate or suspend the ESP in whole or in part at any time subject to the rules regarding the amendment of the ESP in
Section 6.2 (i.e., that one (1) year’s advance notice is required and no such notice will be effective to enable the termination of the ESP if a Potential Change of Control occurs during the one (1) year notice period or
within twenty four (24) months following a Change of Control). Notwithstanding any provision of the ESP to the contrary, upon the complete termination of the ESP pursuant to the provisions of this Section 6.3, the Compensation Committee,
in its sole and absolute discretion, may direct that the Plan Administrator treat each Eligible Executive as having incurred a Qualifying Termination and to commence the distribution of the benefits described in Article III to each such Eligible
Executive or his estate, as applicable, to the extent that the commencement of such distribution comports with the requirements of section 409A of the Code. 

  

	6.4	Termination of Affiliate’s Participation. Subject to the period relating to a Change of Control or Potential Change of Control described in Section 6.2, the Company may terminate an Affiliate’s
participation in the ESP at any time by an action of the Compensation Committee and providing written notice to the Affiliate. The effective date of any such termination will be the later of the date specified in the notice of the termination of
participation or the date on which the Plan Administrator can administratively implement such termination. If an Affiliate is disposed of by the Company pursuant to a stock or asset sale and a Covered Executive employed by such Affiliate is offered
a comparable position with the purchaser of such stock or assets and refuses such position, the Covered Executive will not have incurred a Qualifying Termination for purposes of the ESP. Similarly, if an Affiliate is disposed of by the Company
pursuant to a stock or asset sale and a Covered Executive employed by such Affiliate is offered a comparable position with the purchaser of such stock or assets and accepts such position, the Covered Executive will not have incurred a Qualifying
Termination for purposes of the ESP. 

  
  

			
	End of Article VI	 	

  
 34 

 ARTICLE VII 

MISCELLANEOUS 
  

	7.1	No Reduction of Employer Rights. Nothing contained in the ESP will be construed as a contract of employment between the Employer and a Covered Executive, or as a right of any Covered Executive to continue in the
employment of the Employer, or as a limitation of the right of the Employer to discharge any of its Covered Executives, with or without cause. 

  

	7.2	Successor to the Company. The Company will require any successor or assign (whether direct or indirect, by purchase, exchange, lease, merger, consolidation, or otherwise) to all or substantially all of the
property and assets of the Company and its Affiliates taken as a whole, to expressly assume the ESP and to agree to perform under this ESP in the same manner and to the same extent that the Company and its Affiliates would be required to perform it
if no such succession had taken place. This Section 7.2 will not require any successor or assign of an Affiliate (whether direct or indirect, by purchase, exchange, lease, merger, consolidation or otherwise) to all or substantially all of the
property and assets of such Affiliate to continue the ESP. 

  

	7.3	Provisions Binding. All of the provisions of the ESP will be binding upon the Company and its Affiliates and any successor to the Company or any such Affiliate. Likewise, the provisions of the ESP will be binding
upon all persons who will be entitled to any benefit hereunder, their heirs and personal representatives. 

  

 

			
	End of Article VII	 	

  
 35 

 IN WITNESS WHEREOF, this Tenet Third Amended and Restated Executive Severance Plan has been executed this
31st day of December, 2013 effective as of November 6, 2013, except as specifically provided otherwise herein. 
  

			
	TENET HEALTHCARE CORPORATION
		
	By:	 	 /s/ Paul Slavin

		 	Paul Slavin, Vice President, Compensation
		 	Benefits and Corporate HR

  

 APPENDIX A     

ESP AGREEMENTS 
 Section 2.1(s) of the
Tenet Executive Severance Plan (the “ESP”) provides that each Covered Executive will enter into an ESP Agreement which sets forth the terms and conditions of his benefits under the ESP and a form copy of such agreement will be
attached to the ESP as Appendix A. 

  
 A-1 

 TENET EXECUTIVE SEVERANCE PLAN AGREEMENT 

THIS EXECUTIVE SEVERANCE PLAN AGREEMENT is made as of             ,
20     by and between the Plan Administrator of the Tenet Executive Severance Plan (the “ESP”) on behalf of
                             (the “Employer”), and
                             (the “Covered Executive”). Capitalized terms used in this
Agreement that are not defined herein will have the meaning set forth in the ESP. 
  

	1.	Severance Pay with respect to the Covered Executive means                     . [Note to Drafter: either state it
means the same thing as in the ESP or spell out definition that will apply.] 

  

	2.	The Severance Period for the Covered Executive will be                      with respect to a Qualifying Termination
that occurs outside the Protection Period and                      with respect to a Qualifying Termination that occurs during the Protection Period.
[Note to Drafter if periods selected vary from existing tables check to make sure new periods comply with section 409A.] 

  

	3.	As a condition of obtaining benefits under the ESP the Covered Executive agrees to comply with the restrictive covenants set forth in Section 3.7 of the ESP. 

 

	4.	Any dispute or claim for benefits under the ESP must be resolved through the claims procedure set forth in Article IV of the ESP which procedure culminates in binding arbitration. By accepting the benefits provided
under the ESP, the Covered Executive hereby agrees to binding arbitration as the final means of dispute resolution with respect to the ESP. 

  

	5.	The ESP is hereby incorporated into and made a part of this Agreement as though set forth in full herein. The parties will be bound by and have the benefit of each and every provision of the ESP, as amended from time to
time. 

 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement on
            , 20    . 
  

							
	COVERED EXECUTIVE	 		 	EMPLOYER
				
	  
	 		 	By:	 	  

		 		 		 	Paul Slavin, Plan Administrator
	Title:                                    
                                         
                            	 		 		 	

  
 A-2 

 ATTACHMENT B 

SUMMARY OF CERTAIN BENEFITS 

Executive is eligible to receive the following benefits upon his Qualifying Termination (as defined in the Tenet Third Amended and Restated
Executive Severance Plan as Amended and Restated Effective November 6, 2013 (the “ESP”)) on the Separation Date. 
 1.
Cash Severance. As severance pay under the ESP, Executive is entitled to an amount equal to three (3) times the sum of (a) Executive’s annual base salary as in effect on the Separation Date plus (b) Executive’s target
annual bonus (the “Cash Severance”), with such sum to be paid, subject to the remainder of this Paragraph 1, in substantially equal bi-weekly installments over the three (3) years
following the Separation Date (the “Severance Period”). All payments under the ESP and the Separation Agreement to which this is attached will be subject to reduction pursuant to Paragraph 2 below, and standard withholdings
and other deductions authorized by law. The Cash Severance will be paid in accordance with, and subject to the terms and conditions of, the ESP. 

2. SERP. As of the Separation Date, Executive is a participant in the Tenet Healthcare Corporation Ninth Amended and Restated
Supplemental Executive Retirement Plan, as amended and restated effective as of November 30, 2015 (the “SERP”). The Parties agree that, as provided in the ESP, Executive will receive additional age and service credit for
purposes of the SERP for the Severance Period such that Executive will be entitled to payment of a vested benefit taking into account such additional age and service credit under the SERP in accordance with the terms of the SERP; provided,
however, that if Executive is entitled to commence SERP benefits during the Severance Period pursuant to the terms of the SERP, the amount of the Cash Severance payable to Executive pursuant to Paragraph 1 above will be offset
(i.e., reduced) by the amount of the SERP benefits payable during the Severance Period. 
 3. Pro Rata AIP. For the
Company’s 2017 fiscal year, the Executive will be eligible to receive a pro-rata Annual Incentive Plan (“AIP”) award (for this purpose, pro-rata
shall mean the number of months during the fiscal year in question that Executive is employed by the Company divided by 12, provided that a fraction of a month shall be treated as a whole month) (the “Pro Rata Bonus”), which will be
determined based on the applicable fiscal-year performance on a basis no less favorable to the Executive than that applied to executive officers of the Company. Subject to the preceding sentence, the Pro Rata Bonus will be paid in accordance with,
and subject to the terms and conditions of, the AIP and ESP. 
 4. Deferred Compensation. Executive is a participant in the Ninth
Amended and Restated Tenet 2001 Deferred Compensation Plan, as amended and restated effective as of May 9, 2012 and the Fourth Amended and Restated Tenet 2006 Deferred Compensation Plan, as amended and restated effective as of November 30,
2015 (collectively, the “DCP”). Following the Separation Date, Executive’s DCP benefits will be paid to him pursuant to the terms of the DCP and Executive’s distribution election under the DCP. 

 5. Outplacement. The Company will provide Executive with senior outplacement services,
which will be paid up to a maximum amount of $25,000 and otherwise in accordance with, and subject to the terms and conditions of, the ESP. 

6. Long-Term Incentive Compensation. Subject to Paragraph 9, below, as of his Separation Date, all of Executive’s
outstanding equity-based awards and 2017 performance cash awards (collectively, “Long-Term Incentive Awards”) will be treated in accordance with the SIP and any other Equity Plan (in each case, as defined in the ESP) and award
agreements pursuant to which they were granted. 
 7. 401(k). As provided in the ESP and the Company’s 401(k) plan, Executive
will not be eligible to contribute to the 401(k) plan with respect to the period following the Separation Date. Executive will retain his vested rights under the 401(k) plan. More information regarding the rollover of the 401(k) balance will be
provided under separate cover if such information has not already been provided prior to the date hereof. 
 8. Continuation Coverage.
Executive will be entitled to other benefits required to be provided under applicable law, including COBRA continuation coverage. 
 9.
Additional Eligibility for Vesting of Long-Term Incentive Awards. Subject to the terms and conditions of this Separation Agreement (including this Attachment B), upon Executive’s termination of employment on the Separation Date,
(i) all outstanding Long-Term Incentive Awards that vest only on a time basis will continue to time vest during the three-year period commencing on the Separation Date, (ii) all outstanding Long-Term Incentive Awards that vest on a
performance basis will remain outstanding and continue to be eligible to vest during the three-year period commencing on the Separation Date and will vest, if at all, according to the achievement of the applicable performance metrics during such
period, and (iii) the exercisability period of all outstanding options that are vested as of the Separation Date or that could vest during the three-year period commencing on the Separation Date will continue until the earlier of the expiration
of the original term of such options and the third anniversary of the Separation Date. The Company shall treat the Executive no less favorably than continuing executive officers of the Company in determining the extent to which any applicable
performance criteria has been achieved. For performance periods that have been completed as of the date of this agreement, determinations of performance achievement already made by the Company’s HR Committee shall be applied. The excess of the
Long-Term Incentive Awards that vest (or have the opportunity to vest) under this Paragraph 9 over the Long-Term Incentive Awards that otherwise vest (or have the opportunity to vest) without application of this Paragraph 9 are
referred to as “Incremental Awards.” The vesting of the Incremental Awards shall immediately cease, all outstanding Incremental Awards shall be immediately forfeited and Executive shall be required to repay the Company 100% of the
value Executive has previously received in respect of any Incremental Awards if Executive engages in any Unauthorized Activity during the three-year period commencing on the Separation Date. For the sake of clarity, any breach of this Paragraph
9 shall not be deemed to be a breach of the Separation Agreement for purposes of the third sentence of Section 9(d) thereof. For this purpose, “Unauthorized Activity” means Executive has engaged, without the written consent
of the Company’s then-current principal executive officer, in any (a) actual or potential transaction involving the acquisition or disposition, on a consolidated basis, of 5% or more of the Company’s assets, debt, or equity interests;
(b) matter involving or related to 

 
any actual or potential change in the composition of the Company’s Board of Directors; or (c) any actual or potential merger, combination,
spin-off, split-off, extraordinary dividend, share exchange or other similar corporate transaction involving the Company or any of its subsidiaries or Affiliates, it
being understood and agreed that Executive’s voting his shares of stock in the Company or his managing and investing his assets and the assets of his immediate family in the ordinary course will not be considered to be an Unauthorized Activity.
A request by Executive for consent to such activities shall be answered within thirty (30) days following receipt by the then-current principal executive officer. Executive agrees that the Board of Directors of the Company will make all
determinations arising under this Paragraph 9 (including the number and identity of Incremental Awards, whether Executive has engaged in an Unauthorized Activity and the amount, if any, Executive is required to return to the Company) and any
such determination shall be final, binding and conclusive on Executive (and any person claiming through or on behalf of Executive) absent manifest error or bad faith. 

 ATTACHMENT C 

EXECUTIVE’S AGREEMENT TO ESP 

 TENET EXECUTIVE SEVERANCE PLAN AGREEMENT 

THIS EXECUTIVE SEVERANCE PLAN AGREEMENT is made as of April 1, 2013 by and between the Plan Administrator of the Tenet Executive Severance Plan
(the “ESP”) on behalf of Tenet Healthsystem Medical Inc. (the “Employer”), and Trevor Fetter (the “Covered Executive”). Capitalized terms used in this Agreement that are not defined herein will have the meaning
set forth in the ESP. 
  

	1.	This Agreement and the ESP amends, restates, and replaces any prior TESPP Agreement, change of control agreement or the severance provisions of the Covered Executive’s CEO Employment Agreement, if any, and serves
as an amendment of such agreement to comply with the provisions of section 409A of the Code, effective as of January 1, 2005, or if later, the effective date of such agreement. By execution of this Agreement, the Covered Executive acknowledges
and agrees to such amendment, restatement and replacement of his prior agreement or the severance provisions thereof, as applicable. 

  

	2.	As a condition of obtaining benefits under the ESP the Covered Executive agrees to comply with the restrictive covenants set forth in Section 3.7 of the ESP. 

 

	3.	Any dispute or claim for benefits under the ESP must be resolved through the claims procedure set forth in Article IV of the ESP which procedure culminates in binding arbitration. By accepting the benefits provided
under the ESP, the Covered Executive hereby agrees to binding arbitration as the final means of dispute resolution with respect to the ESP. 

  

	4.	The ESP is hereby incorporated into and made a part of this Agreement as though set forth in full herein. The parties will be bound by and have the benefit of each and every provision of the ESP, as amended from time to
time. 

 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement on April 10, 2013. 

 

							
	COVERED EXECUTIVE	 		 	EMPLOYER
				
	 /s/ Trevor Fetter
	 		 	By:	 	 /s/ Paul Slavin

	 Trevor Fetter
  

Title: President and CEO
	 		 		 	Paul Slavin, Plan Administrator

 ATTACHMENT D 

FAIR TREATMENT PROCESS 

					
	

	  	Open Door Policy and Fair Treatment Process	  	

 We believe that positive employee relations and morale can be best achieved and maintained in a working environment that
promotes ongoing and open communication between supervisors and employees, including open and candid discussions of employee problems, concerns and disputes. Tenet, its consolidated subsidiaries, hospitals, healthcare operations and other entities
owned or operated by Tenet’s consolidated subsidiaries (“Tenet”) utilize an Open Door Policy designed to encourage employees to openly express their problems, concerns and opinions on any issue related to their employment. 

Tenet sincerely hopes that its employees will never have a dispute relating to their employment with the Company. However, Tenet recognizes that disputes
sometimes arise between the Company and its employees relating to the employment relationship. Tenet believes that it is in the best interests of both its employees and the Company to resolve employment-related disputes in a forum that provides the
fastest and fairest method for resolving such disputes. Therefore, in addition to the Open Door Policy, Tenet has established the Fair Treatment Process (“FTP”), a comprehensive mechanism for resolving employment-related disputes between
the Company and its employees. The FTP is a multiple-step process that ultimately provides for final and binding arbitration of such disputes if they are not resolved in any of the previous steps in the process. Tenet employees can use the Open Door
Policy and the Fair Treatment Process without fear of retaliation or reprisal. 
 General 

Applicability and Coverage 
 The FTP applies to all
employees, regardless of length of service or status, and covers all disputes relating to or arising out of an employee’s employment with the Company or the termination of employment. The only disputes or claims not covered by the FTP are those
listed in the “Exclusions and Restrictions” section below. Examples of the type of disputes or claims covered by the FTP include, but are not limited to, claims for wrongful termination of employment, breach of contract, employment
discrimination, harassment or retaliation under the Americans With Disabilities Act, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964 and its amendments or any state or local discrimination laws, tort claims or any
other legal claims and causes of action recognized by local, state or federal law or regulations. An employee’s decision to accept employment or to continue employment constitutes his or her agreement to be bound by the FTP. Likewise, the
Company agrees to be bound by the FTP. This mutual agreement to arbitrate claims means that both the employee and the Company are bound to use the FTP process as the only means of resolving employment- related disputes, and thereby agree to forego
any right they each may have had to a jury trial on issues covered by the FTP. However, no remedies that otherwise would be available to either party in a court of law will be forfeited by virtue of their agreement to use and be bound by the FTP.

 The Dispute Resolution Process 
 Open
Door Policy: Employees are encouraged to first use the Company’s informal Open Door Policy to discuss any problems, concerns or disputes they may have with their supervisor. If this informal method does not resolve the issue, then employees are
encouraged to initiate the more formal Fair Treatment Process described below to resolve the issue. 
 Fair Treatment Process: The FTP consists of
the following five steps that an employee generally must follow to obtain a resolution of a problem, concern or dispute: 
 Step 1:
Supervisor 
 If an informal discussion with the Supervisor did not resolve an employee’s problem, concern or dispute, the employee
should promptly contact the Human Resources Department to obtain an FTP Dispute Resolution Form. The employee should complete the form and submit it to his or her supervisor to initiate the FTP. The supervisor will investigate the problem and will
attempt to resolve it. The supervisor will respond to the employee in writing on the form as soon as possible, usually within seven working days from the date the employee raised the issue. However, in situations where the employee’s problem
relates to the supervisor, and/or the employee does not feel comfortable talking to the supervisor about the problem, the employee may consult with a representative of the Human Resources Department for guidance and go directly to Step 2 in the
process. 
 Step 2: Department Head 

If the employee is not satisfied with the supervisor’s response to the problem or dispute, then the employee may take the problem or
dispute to the Department Head usually within seven working days of receipt of the response. If the employee wishes to pursue this second step in the FTP, he or she should complete the Section marked “Step 2” on the FTP Dispute Resolution
Form and submit that completed form to the Human Resources Department to request that the form be submitted to the Department Head. The Human Resources Department then will submit the FTP Dispute Resolution Form to the Department Head for
consideration and response. The Department Head may discuss the problem with both the employee and the employee’s supervisor, and will attempt to resolve it. A written response will be provided to the employee as soon as possible, usually
within seven working days of the date the Department Head receives the completed FTP Dispute Resolution Form from the Human Resources Department. 

 Step 3: Administration 

If the response of the Department Head in Step 2 does not resolve the employee’s problem or dispute, the employee may take the problem or
dispute to a member of the Facility’s Administration office for reconsideration. If the employee wishes to pursue this third step in the FTP, he or she should complete the section marked “Step 3” on the FTP Dispute Resolution Form and
submit the completed form to the Human Resources Department, usually within seven working days from receipt of the response, and request that his or her FTP Dispute Resolution Form be submitted to Facility Administration for consideration and
response. The Human Resources Department will submit the FTP Dispute Resolution Form to the appropriate member of Facility Administration for consideration and response. A written response from Administration will be provided to the employee as soon
as possible, usually within seven working days of the date the employee requests review under Step 3. 
 Step 4: FTP Committee 

If the response of Facility Administration in Step 3 does not resolve the employee’s problem or dispute, the employee may request that the
problem or dispute be submitted to the FTP Committee, usually within seven working days of receipt of the Facility Administration response. The FTP Committee will be convened and administered by the Facility Human Resources Department as well as
regional human resources, and usually is the final step in the internal dispute resolution process that is utilized only when the problem could not be resolved during Steps 1, 2, or 3. When the matter is submitted to the FTP Committee, the FTP
Committee will meet as soon as possible, usually within 30 days of the employee’s request. The FTP Committee will promptly, objectively and confidentially decide the issue(s) presented to it for consideration. The FTP Committee is discussed in
more detail in the “FTP Committee Process” section, below. 
 Once the problem or dispute has been submitted to the FTP Committee,
the Committee will review the facts and make a decision based on the application of Company policy and procedures. The FTP Committee can recommend (1) denial of the remedy the employee has requested, (2) granting of the remedy the employee
has requested, or (3) an alternative remedy or resolution consistent with Company policies and procedures. After a recommendation is rendered by the FTP Committee and is approved by the facility CEO, the Human Resources Department will ensure
that action(s) required to implement the recommendation of the FTP Committee are initiated promptly. The FTP Committee also has the authority to overturn or modify a corrective or discharge action consistent with Company policies or procedures, and
may award back pay, where appropriate; it also has the authority to decide whether or not a Company policy or procedure has been followed. However, the FTP Committee does not have the authority to discipline employees, modify benefit plans,
establish or change Company policies or procedures, or award monetary (compensatory or punitive) damages, nor does the decision of the FTP Committee have the effect of setting precedent. The decision of the FTP Committee is subject to review by the
Chief Executive Officer of the facility. 
 The grievances of facility management employees at the Department head level or above and
Corporate management employees are not subject to the FTP Committee process in Step 4. Those grievances are processed according to the steps set forth in the “Exclusions and Restrictions” section, below. 

Step 5: Final and Binding Arbitration 

If the employee does not accept the decision of the FTP Committee in Step 4, then the employee has the right to submit the problem or dispute
to final and binding arbitration. The arbitration process is limited to disputes, claims or controversies that a court of law would be authorized or have jurisdiction over to grant relief and that in any way arise out of, relate to or are associated
with an employee’s employment with the Company or the termination of employment. The employee understands and agrees that to the extent permitted by law, his or her claim will not be joined with any claim or dispute of another employee in a
class, collective, representative or group action. Arbitration under the Fair Treatment Process is limited to individual disputes, claims or controversies that a court of law would be authorized or have jurisdiction over to grant relief. In cases
that proceed to arbitration, an impartial and independent arbitrator - chosen by agreement of both parties - will be retained to make a final decision on the employee’s dispute or claim, based on application of Company policies and procedures
and applicable law. The arbitrator’s decision is final and binding. The arbitration process is discussed in detail in the “Arbitration Process” section, below. 

The FTP Committee Process 
 Committee
Composition: The FTP Committee will consist of five facility employees, and will be chaired by a Human Resources Representative appointed by the regional Human Resources Department. The Chairperson will convene the FTP Committee meeting and will
serve as the facilitator for the meeting. The Chairperson is not a voting member of the FTP Committee. 
 Committee Selection: Five facility
employees will be randomly selected jointly by the employee and the facility representative with the assistance of the Human Resources Department to serve on the FTP committee. Three of the Committee members must be
non-management employees, and two must be management employees. To ensure objectivity, the FTP Committee members should not be in the same department as the affected employee, should not be familiar with the
dispute or have a close relationship with any of the parties or personnel involved in the dispute. 

 Proceedings: The proceedings of the FTP Committee will be informal and conducted in accordance with the
following guidelines: 
 The Chairperson will convene the meeting, introduce the parties, state the issues to be decided and present any pertinent
information, including an explanation of the Company policies and procedures involved, if necessary. 
 Each party, beginning with the facility
representative, will be permitted to present his or her case to the FTP Committee in accordance with such guidelines as to duration and manner of presentation as the Chairperson has established and communicated to the parties before the hearing. The
grievant may begin the process with the agreement of both parties. 
 Any party may present evidence in support of its position, including relevant
documents and the testimony of witnesses; but a party may not present the testimony of more than three witnesses unless the Committee decides that there is good cause to allow additional witnesses. The Committee chairperson will determine what
evidence will be given. The Committee may permit a party to submit a written statement at the FTP Committee meeting setting forth his or her position and the evidence supporting it. The witnesses must have direct knowledge of the events associated
with the grievance. 
 At any time during the FTP Committee meeting, after the initial opening statement by both parties, the Committee members may ask
questions or request information from the parties or from the witnesses. 
 Immediately following the FTP Committee meeting, the Committee members will
convene in private to discuss the case and vote by secret ballot or by an open vote on the issues presented. The Committee decision shall be determined by a majority vote (3 of 5). The Committee’s responsibility shall be to carefully evaluate
the facts presented and reach a recommendation based on those facts. 
 If the FTP Committee decides that it needs additional information during its
deliberation in order to reach a decision, it may hear additional testimony and/or consider additional documents. 
 Once a recommendation has been reached
by the FTP Committee, the FTP Committee meeting may be reconvened and, with the parties present, the Chairperson will announce the recommendation. Alternatively, at the option of the Committee Chairperson, the recommendation of the Committee may be
communicated to the affected employee by telephone or mail without reconvening the Committee. The Human Resources Department will ensure that all actions required to implement the recommendation of the FTP Committee are carried out promptly. 

Responsibilities of FTP Committee Members: The FTP Committee process is an opportunity to participate in a process intended to ensure that employee
issues are resolved in a prompt, fair and equitable manner. Employees who serve as FTP Committee members are required to accept the important responsibilities of Committee membership. The issues presented may have serious and long lasting
consequences for all persons involved. All employees selected to serve on a FTP Committee must acknowledge their solemn responsibility to (1) render an objective and unbiased decision that is based only on the facts presented and the
application of Company policies and procedures, (2) maintain strict confidentiality and not disclose any of the information learned during the process, and (3) participate fully in the FTP Committee process. 

The Arbitration Process 
 If the affected
employee wants to appeal the decision of the FTP Committee reached in Step 4 of the process, he or she must obtain and complete a “Request for Arbitration Form” from the Human Resources Department. That form also will serve to confirm the
employee’s and the Company’s prior mutual agreement to submit the dispute to final and binding arbitration. The arbitration will be heard by an independent and impartial arbitrator chosen by the employee and the Company. By deciding to
arbitrate the dispute, the affected employee also agrees that the remedy, if any, ordered by the arbitrator will be the only remedy as to all matters that are or could have been raised by the employee in the arbitration. As noted above, the employee
also agrees that he/she will not join any claim or dispute with the dispute of another employee in a class, collective, representative or group action 

The arbitrator’s responsibility is to determine whether Company policies and procedures and applicable laws have been complied with in the matter
submitted for arbitration. In fulfilling this responsibility, the arbitrator may interpret Company policies and procedures, but will not have any power to change them. The arbitrator will be requested to render a decision on the matter within 30
days after the arbitration hearing is concluded and post-hearing briefs, if any, are submitted. 
 The arbitration will be administered by the American
Arbitration Association (“AAA”). The Company and the employee will share the cost of the AAA’s filing fee and the arbitrator’s fees and costs, but the employee’s share of such costs shall not exceed an amount equal to one
day’s pay (for exempt employees) or eight times the employee’s hourly rate (for non-exempt employee) or the local filing fee, whichever is less. The employee and the Company will be responsible for
the fees and costs of their own legal counsel, if any, and for their own other expenses and costs, such as costs associated with witnesses or obtaining copies of hearing transcripts. 

 Exclusions and Restrictions: Certain issues may not be submitted for review (or exclusive review) under
the FTP (“Excluded Issues”) or may be subject to special restrictions (“Restricted Issues”). 
 Excluded Issues:
Workers’ Compensation Claims, any claim involving the construction or application of a benefit plan covered by ERISA, and claims for unemployment benefits are excluded from the FTP. In addition are any
non-waivable statutory claims, which may include claims within the jurisdiction of the National Labor Relations Board, wage claims within the jurisdiction of a local or state labor commissioner, or
administrative agency charges before the Equal Employment Opportunity Commission or similar local or state agencies, are not subject to exclusive review under the FTP. This means that employees may file such
non-waivable statutory claims with the appropriate agency that has jurisdiction over them if they wish, regardless of whether they decide to use the FTP to resolve them. However, if such agency completes its
processing of an employee’s claim and the employee decides to pursue further remedies on such claims in a civil action against the Company, the employee must use the FTP (although Steps 1 through 4 may be skipped). In addition, the FTP
does not apply to employees covered by a collective bargaining agreement, unless otherwise agreed to by such employees. 
 Restricted
Issues: Sexual harassment Complaints. Due to the sensitive nature of claims of sexual harassment, employees are not required to use Step 1 of the FTP to raise sexual harassment claims if they do not wish to do so. Instead, they should follow the
steps in the Company’s policy prohibiting sexual or other unlawful harassment. If the employee is not satisfied with the Company’s response to a claim for sexual harassment, then the employee must use the FTP to resolve the claim of
dispute. 
 Grievances of Management Employees: Facility management employees at the Department Head level or above will use the following FTP steps
to submit their grievances for review: Step 1: Immediate Supervisor; Step 2: Chief Executive Officer of the facility; Step 3: Regional Vice President; Step 4: Request for Arbitration. Facility Chief Executive Officers and management employees in the
regional or corporate offices will use the following FTP steps to submit their grievances for review unless the parties agree otherwise: Step 1: Immediate Supervisor; Step 2: Next level in the chain of command; Step 3: Next level in the chain of
command; Step 4: Request for Arbitration. 
 Other Important Information 

Applicable Law and Procedural Rules: The Federal Arbitration Act, 9 U.S.C. § 1, et seq., will govern arbitrations under the FTP. The applicable
Employment Dispute Resolution rules of the AAA will govern the procedures to be used in such arbitrations, unless the parties have agreed otherwise. 

Discovery and Amendment of Claims: All discovery shall be conducted in accordance with the Employment Dispute Resolution rules of the AAA. The
arbitrator shall have the authority to order discovery sufficient to enable a full and fair exploration of the issues in dispute consistent with the expedited nature of arbitration. 

Limitations Periods: Any request for arbitration under the FTP must be made within one year after the event giving rise to the dispute. If the claim
was submitted to a federal, state or local agency, then a request for arbitration of that claim must be made within 90 days of the receipt of the agency’s decision. However, if a longer limitations period is provided by a statute governing the
claim, then the claim will be subject to the longer limitations period provided by the statute. 
 Authority of Arbitrator: The arbitrator has the
authority to award any remedy that would have been available to the employee had the employee litigated the dispute in court under applicable law, which includes attorney’s fees and costs for the prevailing party, if those would be an available
remedy in court. 
 Representation by Counsel: During Steps 1 through 4 of the FTP, neither the employee nor the Company may be represented by legal
counsel, although both the employee and the Company have the right to consult privately with their own counsel at any time at their own expense. Both the employee and the Company may be represented by counsel at arbitration during Step 5 at their
own expense. Generally, the Company will be represented by legal counsel at arbitration. The Company will not provide legal advice to employees, but it strongly encourages employees to consult with independent legal counsel of their own choosing if
they have any questions about whether they should be represented by legal counsel at arbitration or any other issue related to the arbitration. 

Confidentiality: All statements and information made or revealed during the FTP are confidential, and neither the employee nor the Company may reveal
any such statements or information, except on a “need to know” basis or a permitted or required by law. 
 At-Will Employment: Nothing in
the FTP shall be construed to create a contract of employment, express or implied, nor does the FTP in any way alter the at-will nature of the employment relationship between the Company and its employees.

 Modification to the FTP: The Company will not modify or change the agreement between the Company and its
employees to use final and binding arbitration to resolve employment-related disputes, without notifying and obtaining the consent of employees to such changes. However, the Company may change or modify the FTP procedures from time-to-time without advance notice and without the consent of employees. 
 If
you have any questions about the Fair Treatment Process, please contact your supervisor or the Human Resources Department. You can also review the FTP Policy and accompanying forms on e-tenet. 

The AAA’s Employment Arbitration Rules can be found: www.adr.org or click here. 

 ATTACHMENT E 

CONSULTING AGREEMENT 

 CONSULTING AGREEMENT 

THIS CONSULTING AGREEMENT (“Agreement”) is between
Tenet Healthcare Corporation (“Tenet) and Trevor Fetter (“Consultant”). This Agreement is effective as of October 23, 2017 (“Effective Date”) and will terminate no later than
December 31, 2017. 
 WHEREAS, Consultant’s employment with Tenet ended on October 23, 2017; 

WHEREAS, the parties have entered into a Separation Agreement and Release dated October 23, 2017 (“Separation
Agreement”); and 
 WHEREAS, the parties desire that Consultant be retained to provide the consulting services specified
herein. 
 NOW, THEREFORE, the parties agree as follows: 
  

	1.	Services 

 Tenet hereby engages Consultant, and Consultant hereby accepts such
engagement, as a consultant subject to the terms and conditions of this Agreement. Consultant will provide, as requested by the Executive Chairman, consulting services to assist in the transition of Consultant’s prior management role and
responsibilities, including, without limitation, the past or current conduct of Tenet’s business operations, personnel matters, and transactions. Consultant further agrees and acknowledges that he shall be expressly subject to the covenants and
other restrictions set forth in the Separation Agreement and that nothing herein is intended to in any way modify, enhance or reduce the scope or duration of such restrictive covenants or Tenet’s obligations to Consultant. 

 

	2.	Terms of Payment 

 During the term of the Agreement, Tenet will pay Consultant a fee of
$50,000 per month. For partial months, the fee will be pro-rated based upon the number of days that the Agreement was in effect during such month. 

 

	3.	Expenses and Reimbursement 

 Tenet will reimburse Consultant for his reasonable and
appropriate out-of-pocket expenses incurred in connection with providing consulting services under this Agreement in accordance with Tenet’s expense reimbursement
policies and subject to receipt, if requested by Tenet, of reasonable and appropriate documentation or receipts. 

  
 1 

	4.	Independent Contractor Status 

 Consultant shall perform his services hereunder as an
independent consultant and not as an agent or employee of Tenet or any of its subsidiaries and affiliates. Consultant shall not have the authority to bind Tenet or any of its subsidiaries or affiliates or enter into contracts on behalf of Tenet or
any of its subsidiaries or affiliates. 
  

	5.	Confidentiality 

 Consultant expressly acknowledges that the confidentiality obligations
set forth in Section 3.7(b) of the Tenet Third Amended and Restated Executive Severance Plan will apply to any “Confidential Information” (as defined therein) that he may receive from Tenet, its affiliates and subsidiaries, or their
respective directors or employees, in the course of performing this Agreement. 
  

	6.	Taxes 

 For any payments received under this Agreement, Consultant acknowledges that he
is responsible for all applicable city, state, federal or other taxes. 
  

	7.	Termination 

 The Agreement will terminate on December 31, 2017; provided,
however, that either party may terminate this Agreement at any time before such date by giving thirty (30) days’ prior written notice to the other party; provided, further, if the Agreement is terminated by Tenet
without cause, Consultant shall be entitled to receive the payments in Section 2 through December 31, 2017. 
  

	8.	Applicable Law 

 This Agreement shall be governed by the laws of the State of Texas. 

 

	9.	Notices 

 All notices and other communications in connection with this Agreement shall be
in writing and shall be delivered as specified in the Separation Agreement. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 2 

 THE PARTIES HEREBY execute this Consulting Agreement: 

 

			
	TENET HEALTHCARE CORPORATION
	
	BY:                             
                                         
                    
	NAME: RONALD A. RITTENMEYER
	TITLE: EXECUTIVE CHAIRMAN
	
	TREVOR FETTER

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]