On June 19, 2019, Keith B. Pitts notified Tenet Healthcare Corporation (the “Company” and along with its subsidiaries, the “Tenet Group”) of his intention to retire as Vice Chairman of the Company. In connection with Mr. Pitts’s retirement, Tenet Business Services Corporation, a wholly owned subsidiary of the Company, entered into a Retirement, General Release, and Consulting Agreement with Mr. Pitts (the “Retirement Agreement”). The Retirement Agreement provides that Mr. Pitts’s last day of employment with the Tenet Group will be August 31, 2019 (the “Retirement Date”) and confirms that he will receive benefits consistent with a retirement on or after reaching age 62 under the Company’s annual bonus program, outstanding equity awards and other employee benefit and retirement plans, as further described in the Company’s 2019 Proxy Statement.
In addition, under the Retirement Agreement Mr. Pitts is entitled to a one-time cash payment of $2,000,000 to be paid on or about August 31, 2021 (the “Advisor Payment”), subject to Mr. Pitts making himself available as an advisor to the Company’s Chief Executive Officer as requested by the Chief Executive Officer following the Retirement Date for up to eight hours per week. Payment of the Advisor Payment is also subject to Mr. Pitts’s continued compliance with non-competition and non-solicitation covenants for two years from the Retirement Date, and ongoing confidentiality and non-disparagement provisions, as well as his execution and non-revocation of a release of claims in favor of the Company within 30 days following the Retirement Date.
The foregoing description of the Retirement Agreement is not complete and is qualified in its entirety by reference to the full text of the Retirement Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference in this Item 5.02.
(d) Exhibits
TENET HEALTHCARE CORP ExhibitEX-10 2 thc-2019619ex101.htm EXHIBIT 10.1 Exhibit Exhibit 10.1RETIREMENT,…
To view the full exhibit click
here
About TENET HEALTHCARE CORPORATION (NYSE:THC)
Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company operates through three segments: Hospital Operations and other, Ambulatory Care and Conifer. With its networks, including acute care and specialty hospitals, which are engaged in providing outpatient facilities and related businesses, the Company provides a range of healthcare services in the communities it serve. It operates approximately 90 hospitals, 20 short-stay surgical hospitals, 475 outpatient centers, nine facilities in the United Kingdom and six health plans through its subsidiaries, partnerships and joint ventures. In addition, its Conifer Holdings, Inc. (Conifer) subsidiary provide healthcare business process services in the areas of revenue cycle management and technology-enabled performance improvement and health management solutions to health systems.
