Tenet Healthcare Corporation (NYSE: THC) announced the issuance today of restricted stock unit awards to Joseph F. Eazor, the new President and Chief Executive Officer of Tenet’s Conifer Health Solutions business unit. These awards were issued to induce Mr. Eazor to enter into employment with Conifer and were issued outside of Tenet’s shareholder-approved stock incentive plan, in reliance on the inducement award exception contained in NYSE Listing Rule 303A.08.
The awards to Mr. Eazor consist of (i) 104,167 RSUs (24,039 of which are intended to replace equity awards that Mr. Eazor will forfeit from his prior employment) that will vest based solely on continued employment during the four-year vesting period and (ii) 80,128 RSUs that will vest based on both continued employment during the four-year vesting period and achievement of annual performance criteria that will be established by Tenet’s Human Resources Committee (or its designee) on an annual basis. The 80,128 performance-based RSUs represent the number of shares of Tenet stock that would be earned at target levels of performance (the "Target Shares"). The actual number of shares that may be earned with respect to the performance-based portion of the awards will vary between zero and 200% of the Target Shares, depending on actual performance.
The inducement awards were made outside of the Tenet Healthcare 2019 Stock Incentive Plan (the "Tenet Stock Incentive Plan"), are subject to accelerated vesting upon certain termination events and will be subject to terms and conditions that are substantially similar to RSUs granted under the Tenet Stock Incentive Plan.
About Tenet Healthcare
Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas with 110,000 employees. Through an expansive care network that includes United Surgical Partners International, we operate 65 hospitals and approximately 500 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care and imaging centers and other care sites and clinics. We also operate Conifer Health Solutions, which provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other customers. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve. For more information, please visit www.tenethealth.com.