Dear Fellow Shareholders,

TENET HEALTHCARE CORPORATION

14201 Dallas Parkway

Dallas, Texas 75254

(469) 893-2200

Notice of Annual Meeting of Shareholders to be held on Wednesday, May 27, 2026

April 16, 2026

To our Shareholders:

Our 2026 Annual Meeting of Shareholders (the “Annual Meeting”) will be held on May 27, 2026, at 9:00 a.m. Central Time. You will be able to attend and participate in the Annual Meeting by registering at www.proxydocs.com/THC. After you complete your registration, you will receive further instructions via email, including a unique link that will provide you access to the Annual Meeting, where you will be able to listen to the meeting live, submit questions and vote. Our Annual Meeting is being held for the following purposes:

We will also consider and take action on any other business that properly comes before the meeting or any adjournment or postponement of the meeting.

Only shareholders of record of our common stock at the close of business on April 2, 2026 are entitled to notice of and to vote at the Annual Meeting.

It is important that your shares be represented and voted at the Annual Meeting. You may vote your shares via the Internet, by telephone, or by completing and returning a proxy card or voting instruction form. Specific voting instructions are set forth in the “General Information Regarding the Annual Meeting and Voting” section of the accompanying Proxy Statement and on the proxy card or voting instruction form.

Thomas W. Arnst

Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary

Table of Contents

This Proxy Statement includes certain financial measures not in accordance with generally accepted accounting principles in the United States (GAAP). Definitions of these measures are contained in Appendix A to this Proxy Statement.

Proxy Statement Summary

Below are highlights of certain information in this Proxy Statement. Please refer to the complete Proxy Statement and our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”) before you vote.

Information:

The Notice of Internet Availability, this Proxy Statement and related proxy materials are being mailed or made available to shareholders on or about April 16, 2026. Copies of this Proxy Statement, the Company’s proxy card and the Form 10-K are available at www.proxydocs.com/THC.

Proxy Statement Summary

Business Overview

Tenet is a diversified healthcare services company focused on our mission to provide quality, compassionate care in the communities we serve. At December 31, 2025, Tenet had approximately 99,000 employees delivering and supporting care through two business segments — Hospital Operations and Services (Hospital Operations) and Ambulatory Care. As of December 31, 2025, our Hospital Operations segment was comprised of our 50 acute care and specialty hospitals, a network of employed physicians and 132 outpatient facilities, including urgent care centers, imaging centers, off-campus hospital emergency departments and micro-hospitals. Our Hospital Operations segment also provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients through Conifer Health Solutions, LLC. Our Ambulatory Care segment is comprised of the operations of USPI Holding Company, Inc. (together with its subsidiaries, USPI), which held ownership interests in 533 ambulatory surgery centers and 26 surgical hospitals at December 31, 2025.

Growth in Care Delivery Portfolio

During 2025, we opened the newly constructed, 54-bed Florida Coast Medical Center in Port St. Lucie, Florida. In addition, we opened six de novo ambulatory surgery centers (ASCs) and acquired controlling ownership interests in 27 ASCs and one surgical hospital. Moreover, we increased our strategic deployment of capital in 2025 to enhance high-acuity hospital services, with capital expenditures of over $1 billion. Our efforts include capacity expansion, new construction in high-growth, attractive locations and investments in innovation. Our transformed portfolio and disciplined operations have empowered us to expand margins and drive substantial cash flow generation, which has enabled us to further deleverage, strengthen our balance sheet and increase our financial flexibility. Across our comprehensive network of facilities, we are focused on introducing new services at a lower cost and offering an excellent patient experience in the most clinically appropriate setting. Our focus is on markets where we can provide a strong value to consumers and payers, and the evolution of our care delivery locations reflects our strategy to grow USPI.

Proxy Statement Summary

Track Record of Performance

Net Income Available to Common Shareholders (in Billions)		Adjusted EBITDA (in Billions)
*   2024 results included a pre-tax gain of $2.916 billion ($2.143 billion after-tax) primarily associated with hospital divestitures.
Diluted Earnings Per Share		Adjusted Diluted Earnings Per Share
*   The impact of hospital divestitures on 2024 results was $21.89 per diluted share.
Return of Capital to Shareholders Through Stock Repurchases		Total Shareholder Return (TSR)*
		*   Represents cumulative stock price appreciation and is measured for the applicable fiscal year periods based on the closing price of Tenet’s common stock on December 31, 2025.

Proxy Statement Summary

Overview of Director Nominees

Name and Occupation		Independent		Age		Director Since		Number of   Other Public   Boards		Committee Memberships
										AC		HR		NCG		QCE
Saumya Sutaria, M.D. Chairman and CEO, Tenet Healthcare				53		2020
J. Robert Kerrey Lead Director, Tenet Healthcare; Managing Director, Allen & Company; Former U.S. Senator				82		2012*										✓
Vineeta Agarwala, M.D., PhD General Partner, Andreessen Horowitz (a16z)				39		2023						✓				✓
James L. Bierman Former President and CEO, Owens & Minor, Inc.				73		2017		1						✓
Roy Blunt Chairman, Leadership Advisory Strategies Group, Husch Blackwell Strategies; Former U.S. Senator; Former Member of the U.S. House of Representatives				76		2023				✓				✓
Richard W. Fisher Former President and CEO, Federal Reserve Bank of Dallas				77		2017		1		✓		✓
Meghan M. FitzGerald, DrPH Adjunct Professor, Columbia University				55		2018		1								✓
Cecil D. Haney Admiral, U.S. Navy (Ret.) and Former Commander of U.S. Strategic Command and U.S. Pacific Fleet				70		2021		1		✓				✓
Christopher S. Lynch Former National Partner in Charge of the Financial Services practice at KPMG, LLC				68		2019		1		✓		✓
Richard J. Mark Former Chairman and President, Ameren Illinois Company				70		2017		1		✓		✓
Tammy Romo Former Executive Vice President and CFO, Southwest Airlines Co.				63		2015		1				✓
Nadja Y. West, M.D. Lieutenant General, U.S. Army (Ret.) and 44th Surgeon General of the U.S. Army				65		2019		3						✓		✓

AC: Audit Committee  HR: Human Resources Committee

NCG: Nominating and Corporate Governance Committee  QCE: Quality, Compliance & Ethics Committee

 = Independent   = Chair  ✓ = Member  

Proxy Statement Summary

Director Nominees’ Experience and Composition

Having an independent Board is a core element of our governance philosophy. Under our Corporate Governance Principles, at least two-thirds of the Board must consist of independent directors. Of our 12 Board nominees, 11 are independent in accordance with the requirements set forth in our Corporate Governance Principles. Moreover, our Board believes that having a mix of directors with complementary qualifications, expertise and attributes is essential to meeting its oversight responsibility. The following highlights the core skills and experience of our Board nominees:

Tenet’s Board refreshment activities have cultivated a balanced mix of backgrounds, age, tenure and viewpoints in the boardroom. The Board believes the current composition of directors contributes to strong governance and successful oversight of the Company.

Gender		Ethnicity
Age Distribution		Tenure

Proxy Statement Summary

Board Refreshment

Tenet maintains a commitment to Board refreshment practices, with six independent directors added since 2018, including two new independent directors added in 2023.¹

Proxy Statement Summary

Corporate Governance and Board Practices

Proposal 1 - Election of Directors

Nominees for Election to the Board of Directors

Tenet’s Board of Directors is elected annually by our shareholders. Our nominees for election include 11 independent directors and our Chief Executive Officer. The Board has selected the nominees that follow to serve as directors until the 2027 annual meeting, or until their successors are elected or appointed. Each of the nominees was last elected by the Company’s shareholders at the 2025 annual meeting of shareholders. The nominees for director will be elected if the votes cast for the nominee exceed the votes cast against the nominee, with abstentions and broker non-votes not counted either for or against a nominee.

Director Nominees

Career Highlights:

Skills and Qualifications:

Director Nominees

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Prior Public Company Directorships Within the Past Five Years:

Director Nominees

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Director Nominees

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Other Current Public Company Directorships:

Prior Public Company Directorships Within the Past Five Years:

Director Nominees

Career Highlights:

Skills and Qualifications:

Prior Public Company Directorships Within the Past Five Years:

Director Nominees

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Skills and Qualifications:

Other Current Public Company Directorships:

Prior Public Company Directorships Within the Past Five Years:

Director Nominees

Career Highlights:

Skills and Qualifications:

Other Current Public Company Directorships:

Prior Public Company Directorships Within the Past Five Years:

Director Nominees

Career Highlights:

Skills and Qualifications:

Other Current Public Company Directorships:

Director Nominees

Career Highlights:

Skills and Qualifications:

Other Current Public Company Directorships:

Prior Public Company Directorships Within the Past Five Years:

Director Nominees

Career Highlights:

Skills and Qualifications:

Other Current Public Company Directorships:

Director Nominees

Career Highlights:

Skills and Qualifications:

Other Current Public Company Directorships:

Director Nominees

Career Highlights:

Skills and Qualifications:

Other Current Public Company Directorships:

Proposal 1 - Election of Directors

Director Nomination and Qualifications

Our Board regularly reviews its composition and is committed to recommending a group of directors who represent a mix of viewpoints, skills, experience and backgrounds that align with the Company’s business and strategic goals. The Nominating and Corporate Governance Committee (Governance Committee) is responsible for nominating individuals, and the entire Board is responsible for selecting those who hold these characteristics to stand for shareholder election at each annual meeting, as well as to fill any vacancies on the Board as they arise.

Nomination Process

The Governance Committee considers candidates based on the recommendation of, among others, our Board members and our shareholders. The Governance Committee may also engage professional search firms and other consultants to assist in identifying, evaluating and conducting due diligence on potential candidates. We intend to continue to actively engage with our shareholders regarding Board composition and director qualifications, including considering their input on potential director candidates. Once potential candidates have been identified, they typically meet with each member of the Board and pass a thorough screening process before the Governance Committee makes a final recommendation to the Board. This process involves a rigorous evaluation that assesses attributes beyond specific business skills, including character, background, and personal and professional integrity.

Shareholders may propose nominees for election in accordance with the terms of our bylaws or recommend candidates for consideration by the Board by writing to the Governance Committee in care of the Corporate Secretary at Tenet Healthcare Corporation, 14201 Dallas Parkway, Dallas, Texas 75254, or by email to [email protected]. For more detailed information regarding the process by which shareholders may nominate directors, including under our proxy access provisions, please refer to “Other Information—Shareholder Proposals” below and our bylaws. Our bylaws may be found under the “Governance” heading in the Investors section on our website at www.tenethealth.com*. The Governance Committee evaluates candidates recommended by shareholders against the same criteria and pursuant to the same policies, procedures and processes applicable to the evaluation of candidates proposed by other sources.

Proposal 1 - Election of Directors

Director Re-Nomination Process

The Governance Committee also oversees the re-nomination process. In determining whether to re-nominate a director for election at our annual meeting, the Governance Committee reviews each director, considering:

Assessment of Board Composition and Criteria for Board Membership

The Governance Committee evaluates the composition of the Board on an ongoing basis and considers potential nominees to the Board as appropriate. As part of this process, the Governance Committee reviews the composition of the Board as a whole, including the business backgrounds, qualifications, skillsets and other qualities represented on the Board to provide the right balance to effectively oversee management. The Governance Committee assesses its effectiveness in this regard as part of the annual Board evaluation process. The Governance Committee also reviews updated biographical information for each incumbent director on an annual basis, including information relating to changes in professional status, independence, other professional commitments and other public company directorships. In light of our current structure and operations, and in consideration of the evaluation of the Board’s composition, the Governance Committee believes the following criteria should be represented on the Company’s Board:

Proposal 1 - Election of Directors

Board Evaluations

The Governance Committee oversees the Board’s annual performance evaluation to determine whether the Board, its committees and individual directors are functioning well in view of their responsibilities and the Company’s business. To conduct the self-evaluation process with greater transparency and rigor, the Board has for many years retained a third-party advisor to interview each director, review the directors’ collective feedback, and facilitate a discussion based on the results at a special executive session of the Board. This comprehensive and disciplined approach to evaluation has been an important element to maintaining a high-performing and collaborative Board that can properly address risk management and execution of Company strategy.

On an annual basis, the Board and each committee conduct self-evaluations. The evaluations focus discussions on, among other things, the composition and effectiveness of the Board in light of changes in membership, the effectiveness of Dr. Sutaria and Senator Kerrey in their respective leadership positions, and the performance of each committee and committee chair. The Lead Director, in conjunction with the Governance Committee, also takes an oversight role in the Board performance evaluation process. In addition, directors provide input on key focus areas for the Board in the upcoming year. The results of the evaluation are reviewed by the Lead Director, who reports the results to the Board. As part of the annual performance evaluation process, each committee also compares its performance with the requirements of its charter. As part of the Board’s last annual evaluation, the Board noted, among other things, that its processes and committees were functioning properly, noting healthy levels of debate, collaboration and respect among directors.

Proposal 1 - Election of Directors

Director Nominees’ Qualifications and Experience

Based on the review process described above, the Governance Committee concluded that our 12 director nominees possess the experience, skills and other characteristics best suited to meet the needs of the Board and the Company considering our current business and operating environment. The following table highlights several core skills and experiences of our current nominees, in addition to those described in the director biographies under “Nominees for Election to the Board of Directors” beginning on page 8.

Personal Qualities and Attributes. The Governance Committee determined that each nominee has demonstrated a commitment to professionalism and high integrity. In particular, the Governance Committee noted that each nominee has the ability to provide candid and direct feedback, as well as effective oversight of the Company’s operations and management, on behalf of all shareholders. Additionally, our Board includes a group of individuals of differing ages and backgrounds. Four of our 12 director nominees are women, five are ethnically diverse, and Ms. Romo and Ms. FitzGerald chair our Audit and Governance committees, respectively.

Special Considerations Regarding Service on Other Boards. Our directors must seek the approval of the Governance Committee prior to serving on another public company’s board. In addition, the Governance Committee limits the number of public boards on which a director may serve in addition to our Board to three, or two in the case of directors currently serving as chief executive officers or in equivalent positions of public companies. All of the Company’s directors are in compliance with these requirements. Dr. Sutaria does not serve on any other public company board.

Director Independence

The independence requirements for our Board are set forth in our Corporate Governance Principles, available under the “Governance” heading in the Investors section on our website at www.tenethealth.com*. Under our Corporate Governance Principles, at least two-thirds of the Board must consist of “independent” directors. The Board will not consider a director to be independent unless the Board affirmatively determines that the director has no material relationship with Tenet and the director otherwise qualifies as independent under the corporate governance standards of the NYSE. The Board reviews each director’s independence at least annually and has made the affirmative determination that the following non-employee directors have no material relationship with the Company and are independent: Senator Kerrey, Dr. Agarwala, Mr. Bierman, Senator Blunt, Mr. Fisher, Ms. FitzGerald, Admiral Haney, Mr. Lynch, Mr. Mark, Ms. Romo and Dr. West. In addition, the Board determined that Mr. Rusckowski, who served as a director until November 21, 2025, was independent during the time he served as a director. The only non-independent director who serves on our Board is our Chairman and Chief Executive Officer, Dr. Sutaria.

In making its independence determinations, the Board broadly considers all relevant facts and circumstances and focuses on the organizations with which each director has an affiliation. If a director or member of the director’s immediate family has a material relationship with the Company, the Board reviews the interest to determine if it would preclude an independence determination.

The Audit Committee, the Human Resources Committee (HR Committee) and the Governance Committee are composed exclusively of independent directors as required by the NYSE. Additionally, the Quality, Compliance & Ethics Committee (QCE Committee) is composed exclusively of independent directors. All directors serving on the Audit Committee meet the more stringent independence standards for audit committee members required by the SEC, and all directors serving on the HR Committee meet the more stringent independence standards for compensation committee members required by the NYSE.

Corporate Governance and Board Practices

Commitment to Sound Corporate Governance Policies and Practices

Tenet is committed to maintaining corporate governance policies and practices that protect the long-term interests of our shareholders and promote Board and management accountability. Our Board recognizes that this requires us to review and refine our corporate governance practices on an ongoing basis to continue to align with evolving market practices and the best interests of our Company and shareholders. Some of our key corporate governance policies and practices include:

Our Board has also adopted Corporate Governance Principles that provide the framework for our existing corporate governance policies and practices. These Corporate Governance Principles address in detail matters such as director independence, director qualifications and responsibilities, director compensation, and director and officer stock ownership and retention. For more information, please see our Corporate Governance Principles under the “Governance” heading in the Investors section on our website at www.tenethealth.com*.

Board Leadership Structure

The Company’s Board periodically evaluates our leadership structure based upon the Company’s best interests and particular circumstances at the time. Dr. Sutaria, our Chief Executive Officer, also serves as Chairman of the Board, and Senator Kerrey, an independent director, serves as Lead Director.

In determining the appropriate leadership structure, the Board thoroughly considered a range of factors, including, among others, our strategic priorities and the complexity of our business, Dr. Sutaria’s knowledge of the industry, the various capabilities of our directors, the highly independent composition of the Board, the meaningful responsibilities of the independent Lead Director, and the current environment of our industry. The Board has a high level of confidence in Dr. Sutaria’s leadership and ability to work closely and transparently with our independent directors. Moreover, the Board believes that, in the role of Chairman and Chief Executive Officer, Dr. Sutaria is best positioned to be aware of key issues and risks facing the Company and to serve as a highly effective bridge between the Board and management. The Board believes that Dr. Sutaria’s combined role, together with the strong independent leadership provided by our Lead Director, serves the best interests of the Company and our stockholders at this time.

Corporate Governance and Board Practices

Role of Lead Director

The responsibilities of our Lead Director are set forth in our Corporate Governance Principles. Senator Kerrey, as Lead Director of the Board, coordinates the activities of the Board and exercises the robust set of duties described below. Specifically, in his role as Lead Director, Senator Kerrey:

Senator Kerrey has participated in in-person engagement meetings with a number of our significant shareholders to discuss and seek feedback on various matters regarding the Company’s strategy and governance practices, establishing a direct line of communication between shareholders and independent members of our Board. Senator Kerrey shares the feedback with the full Board so that it may be incorporated into the Board’s decision-making processes.

Board and Committee Organization and Responsibilities

Board Meetings and Attendance

We are governed by our Board. Members of our Board are kept informed of our business through discussions with our Chief Executive Officer and other senior officers, by reviewing materials provided to them, and by participating in meetings of the Board and its committees. Directors are also encouraged to attend continuing education courses relevant to their service on the Company’s Board. Significant business decisions are generally considered by the Board as a whole. The Board met five times during 2025. The independent directors of the Board, the Board and each committee of the Board frequently meet in executive sessions, including at least once during each regularly scheduled Board meeting.

Each director who served during 2025 participated in at least 75% of the aggregate meetings of the Board and the committees on which he or she served during the period he or she served as a director and committee member. Board members are encouraged to attend our annual meeting of shareholders. All incumbent directors attended the 2025 Annual Meeting.

Corporate Governance and Board Practices

Committees

Tenet’s Board has four standing committees – Audit, HR, Governance and QCE. The following table identifies the current members of each of our committees.

Director		Audit*		HR		Governance		QCE
Vineeta Agarwala, M.D., PhD
James L. Bierman								Chair
Roy Blunt
Richard W. Fisher
Meghan M. FitzGerald						Chair
Cecil D. Haney
J. Robert Kerrey				Chair
Christopher S. Lynch
Richard J. Mark
Tammy Romo		Chair
Saumya Sutaria, M.D.
Nadja Y. West, M.D.

Each of the Board’s standing committees operates under a written charter that is reviewed and approved annually by the respective committee. The charters are available for viewing under the “Governance” heading in the Investors section on our website at www.tenethealth.com*. The Board and each committee may retain independent advisors and consultants, at the Company’s cost, to assist the directors in carrying out their responsibilities.

The Board previously maintained an Environmental, Social and Governance (ESG) Committee, which was a special committee of the Board composed entirely of independent directors. The committee was disbanded in May 2025 after its responsibilities were reallocated among the other committees.

Corporate Governance and Board Practices

Corporate Governance and Board Practices

Corporate Governance and Board Practices

Corporate Governance and Board Practices

HR Committee Interlocks and Insider Participation

No member of the HR Committee was at any time during 2025 or at any other time an officer or employee of the Company, and no member had any relationship with the Company requiring disclosure as a related person transaction under “Certain Relationships and Related Person Transactions” on page 36 of this Proxy Statement. None of our executive officers has served on a board of directors or compensation committee of any other entity that has or has had one or more executive officers who served as a member of our Board or HR Committee during 2025.

Role of the Board and its Committees in Risk Oversight

Management is primarily responsible for the identification, assessment and management of the various short-, medium- and long-term risks that we face. The Board oversees this process as an integral and continuous part of the Board’s oversight of our business. The Board receives regular reports from the heads of our principal businesses and corporate functions that include discussions of the risks, and the immediacy of such risks, involved in their respective areas of responsibility. The Board is routinely informed of developments that could affect our risk profile or other aspects of our business. Among other things, the Board has requested that the Company’s management and its internal and external legal counsel advise it promptly of any material developments relating to litigation, regulatory proceedings, and investigations and compliance issues. The Board considers the oversight of regulatory and litigation risk to be one of its highest priorities. In addition, the Board has identified the oversight of cybersecurity risks to be one of its priorities, and it receives regular reports from the Company’s management on the security of the Company’s information technology systems.

The Board’s committees oversee risks related to their respective areas, as further described below. The Board is kept informed of its committees’ risk oversight and other activities primarily through reports of the committee chairs to the full Board. These reports are presented at every regular Board meeting, as well as at other times when appropriate. As risk-related issues sometimes overlap, certain issues are addressed at the full Board level. In addition, as part of its annual self-evaluation process, the Board discusses and evaluates its ongoing role in enterprise risk oversight.

Role of Audit Committee in Risk Oversight

Our Audit Committee is primarily responsible for overseeing risk management processes relating to our accounting practices, financial reporting and disclosure controls and procedures, corporate finance and general business operations. Among other responsibilities, the Audit Committee:

Role of Human Resources Committee in Risk Oversight

Our HR Committee is responsible for assessing our employee compensation policies and practices to determine if the risks arising from these policies and practices are reasonably likely to have a material adverse effect on the Company. In performing its duties, the HR Committee meets at least annually with our management and the HR Committee’s independent compensation consultant to review and discuss potential risks relating to our employee compensation plans and programs. The HR Committee reports to the Board any risks associated with our compensation plans and programs, including recommended actions to mitigate such risks.

Corporate Governance and Board Practices

The HR Committee has determined that there are no risks arising from our compensation policies and practices that are reasonably likely to have a material adverse effect on the Company. This finding is based upon the HR Committee’s ongoing review of our compensation programs and practices, the mechanisms in our compensation plans and programs intended to reduce the risk of conduct reasonably likely to have a material adverse effect on our Company, and an overall risk assessment of such programs. Among other things, the HR Committee has reviewed our pay philosophy, balance of cash and equity compensation, balance of long-term and short-term performance periods in our plans and programs, and our use of performance metrics that encourage management to act in the long-term interests of our shareholders. The HR Committee has also considered our equity grant administration policy, stock ownership requirements, and incentive pay policies on clawbacks and bonus modifiers, as well as our internal financial reporting and regulatory compliance procedures.

Role of Quality, Compliance & Ethics Committee in Risk Oversight

Our QCE Committee is primarily responsible for overseeing our assessment and management of regulatory and compliance risk. In particular, the QCE Committee:

Corporate Governance and Board Practices

Sustainability at Tenet

We are focused on our mission of delivering quality, compassionate care in the communities in which we are deeply invested. Every day, the caregivers and staff at our healthcare facilities are ever-present for our patients and their families, providing lifesaving treatments while remaining mindful of our desire to also provide a lasting, positive impact to society beyond our doors.

The Board maintains ultimate oversight of matters related to sustainability, with much of this work conducted through its committees. In 2021, the Board established an ESG Committee to oversee and support the Company’s commitment to sustainability. Last year, the Board disbanded the ESG Committee and reassigned its sustainability-related oversight responsibilities to the Audit Committee and its human capital management-related oversight responsibilities to the HR Committee. The Nominating and Corporate Governance Committee continues to oversee governance-related matters.

Sustainability Framework

We continue to prioritize programs that reflect our focus on responsible and efficient operations guided by our five core strategic pillars: (1) Meeting the Need, (2) Supporting Our People, (3) Community Impact, (4) Protecting the Environment, and (5) Leading with Integrity.

Meeting the Need		Supporting Our People		Community Impact		Protecting the Environment		Leading with Integrity

				Meeting the Need
				Our goal is to provide high-quality and accessible healthcare to all our patients. We strive to maintain a standard of excellence within our facilities, treat all patients with dignity and compassion, and provide care that is necessary and appropriate. The well-being and safety of our patients and employees is our top priority.

We maintain a comprehensive program designed to promote the quality goals of the enterprise. All our facilities focus on efforts to:

We are focused on providing accessible healthcare to the communities where we operate. We have a dedicated team who provides a range of services, including determining eligibility for healthcare coverage and connecting patients to appropriate financial assistance programs.

Corporate Governance and Board Practices

We provide health and safety training to all clinical employees during onboarding. We actively listen to our employees on safety and solicit their concerns through our biennial safety survey. The survey collects responses from our staff on key elements of the care environment, and the results are used to address any identified gaps and catalyze continued improvement.

				Supporting Our People
				We seek to attract, develop and retain a qualified, resilient and engaged workforce, to cultivate a performance-oriented culture that embraces data-driven decision making, and to improve talent management processes to promote a uniquely skilled team.

We believe that providing a comprehensive benefits package is paramount, as we aim to not only take care of our communities but foster an environment of support for one another. The benefits we offer vary based on location, employment status and other factors and include medical, dental and vision benefits, a 401(k)-match program, and paid holidays and vacation. We also offer:

One of our core values is the acceptance all people in our workplace and in the communities we serve. To advance this commitment, we prioritize:

Our Community Healthcare Engagement Council, composed of leaders from across the enterprise, supports key initiatives in recruiting, talent development, new-hire mentoring, community partnerships, and educational opportunities. The Council works to provide tools, guidelines and training to promote best practices in these areas.

Tenet employees receive regular, formal performance reviews that provide feedback on their contributions and opportunities for professional growth. Tenet offers access to a portfolio of functional, professional and leadership training and development resources to assist employees’ career development. Our recruitment and retention efforts emphasize fair and open competition, and advancement based on knowledge, skills, abilities and performance.

				Community Impact
				We like to say that we are national in scope, but local at heart. Our philanthropic efforts are centered around strengthening the health of our communities. While we have a vast footprint, each of our care facilities gives back to its local community in different ways. From education, to fighting hunger, to health advocacy and awareness, our efforts to give back to our neighbors reflect our mission.

In 2025, we continued to provide financial assistance to employees who experienced hardship due to events beyond their control through The Tenet Care Fund, a 501(c)(3) public charity. We also maintained our long-time support of charities such as the Promise Fund Partnership, OneFuture, Operation Stand Down and Project Search, among other programs.

Corporate Governance and Board Practices

				Protecting the Environment
				We believe that our focus on environmental sustainability, with the objectives of reducing costs and improving our operations, provides a strategic benefit. Tenet strives to strengthen our environmental initiatives and collaborate with our suppliers, industry associates and other healthcare partners as we further develop our environmental strategy.

The findings from the materiality assessments we have undertaken to identify the sustainability issues most important to our enterprise continue to inform our sustainability strategies. Additionally, we incorporate environmental factors into our risk assessments, including location-based exposure to natural disasters. Regulatory developments or weather-related events may increase operating costs or disrupt operations. We continue to monitor and evaluate both physical and transitional environmental risks as part of our enterprise risk management framework.

We seek to create further efficiencies in our operations and reduce our emissions. Tenet has undertaken several initiatives designed to reduce our impact on the environment and to promote environmentally friendly projects and practices, including:

				Leading with Integrity
				Tenet is focused on maintaining corporate governance policies and practices that protect the long-term interests of our shareholders and promote Board and management accountability. Our Board recognizes that this requires us to continually review and refine our corporate governance to align with evolving market practices and the best interests of our Company and shareholders. The corporate governance practices designed and implemented by the Board also help us operate effectively while remaining true to our mission.

We maintain multiple channels for raising concerns confidentially and without fear of retaliation. Reported matters are investigated promptly in accordance with established protocols. We provide annual compliance and ethics and fraud, waste and abuse training for all employees, including part-time employees, and contractors. All employees and contractors who perform a role-based job function related to international patient engagements also receive anti-corruption and anti-bribery training. We are subject to rigorous controls and audits. Our risk management processes are designed toward compliance with applicable laws and regulations, and subject-matter experts are utilized throughout the business to identify, monitor and mitigate risks.

Corporate Governance and Board Practices

Communications with the Board of Directors by Shareholders and Other Interested Parties

Shareholders and interested parties may communicate with the Board of Directors, including our Chairman, by email to [email protected] or by writing to the Board in care of the Corporate Secretary, Tenet Healthcare Corporation, 14201 Dallas Parkway, Dallas, Texas 75254. Shareholder communications will be reviewed internally to determine if the shareholder’s concern can best be addressed by referral to a Tenet department, such as Investor Relations. All other communications will be referred to the Corporate Secretary, who will determine if the communication should be brought to the attention of the full Board, the Chairman of the Board or a particular Board committee or Board member.

Other interested parties may make their concerns known to our non-employee directors by following the procedures for reporting concerns to the Audit Committee set forth in our Corporate Governance Principles, which are available under the “Governance” heading in the Investors section on our website at www.tenethealth.com*.

Director Compensation

The HR Committee reviews our non-employee director compensation programs each year with the assistance of the HR Committee’s independent compensation consultant. The Board considers any changes recommended by the HR Committee following its review. Following this review in May 2025, the Board increased the annual equity retainer paid to non-employee directors from $200,000 to $215,000.

Employee directors do not receive any compensation for their service as a director. All 2025 compensation for our Chairman and Chief Executive Officer, Dr. Sutaria, is shown in the 2025 Summary Compensation Table on page 61.

Our 2025 annual compensation program for non-employee directors was structured as follows:

Non-employee directors also receive $2,000 per committee meeting attended and for Board meetings receive:

A newly appointed director receives a prorated annual RSU grant. All annual cash fees are prorated for partial year service. Directors are reimbursed for any travel expenses and other out-of-pocket costs incurred while attending meetings.

Director Compensation

2025 Director Compensation Table