UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
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Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 25, 2022, Tenet Healthcare Corporation (the “Company”) and Ronald A. Rittenmeyer entered into an Amendment (the “Amendment”) to the Amended and Restated Employment Agreement dated as of September 1, 2021 (the “Employment Agreement”). The Amendment extends the term of the Employment Agreement from December 31, 2024 through December 31, 2025, subject to earlier termination in accordance with the terms of the Employment Agreement, and extended the date through which Mr. Rittenmeyer will serve as Executive Chairman from December 31, 2022 to December 31, 2023. In addition, the Amendment provides that, between January 1, 2024 and December 31, 2025 when Mr. Rittenmeyer will serve as a senior advisor to the Chief Executive Officer and the Company’s board of directors (the “Subsequent Period”), in addition to the other compensation provided for in the Employment Agreement, Mr. Rittenmeyer will be eligible to receive an annual incentive payment based on an annual target bonus opportunity of no less than 100% of his base salary, which will be $750,000 pursuant to the terms of the Employment Agreement. If Mr. Rittenmeyer’s employment is terminated during the Subsequent Period by the Company without “cause,” by Mr. Rittenmeyer for “good reason,” or as a result of Mr. Rittenmeyer’s death or “disability” (each as defined in the Employment Agreement), the severance payable to him will also include the Prior Year Bonus, the Pro-Rata Annual Bonus, the Pro-Rata Target Bonus and the Pro-Rata Remaining Bonus (each as defined in the Employment Agreement), subject to the terms and conditions set forth in the Employment Agreement.
The summary of the Amendment contained herein is qualified in its entirety by reference to the full text of the Amendment, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description | |
| 10.1 | Amendment No. 1 to Amended and Restated Employment Agreement between the Company and Ronald A. Rittenmeyer, effective as of February 25, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) | |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TENET HEALTHCARE CORPORATION | ||||
| Date: February 25, 2022 |
By: | /s/ Thomas Arnst | ||
| Name: | Thomas Arnst | |||
| Title: | Executive Vice President, Chief Administrative Officer and General Counsel | |||
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