2018 Guide to Effective Proxies

2.4 Proxy summary | 95 6 TH EDITION | GUIDE TO EFFECTIVE PROXIES TAYLOR MORRISON PROXYSTATEMENTSUMMARY Proxy Statement Summary This summary highlights information contained elsewhere in this Proxy Statement. This summary does not contain all of the information that you should consider, and you should review all of the information contained in theProxyStatementbeforevoting. AnnualMeeting of Stockholders Date: Wednesday,May30,2018 Time: 3:30p.m.,localtime Location: TheOmniMandalayHotelatLasColinas,221EastLasColinasBoulevard,Irving,Texas75039 RecordDate: April3,2018 Voting: Stockholders as of the record date are entitled to vote. Each share of Class A common stock and ClassBcommonstockisentitledtoonevotepershare. Proposals andVoting Recommendations Board Recommendation Page Electionofthedirectornomineenamedherein For 6 Advisoryvoteonthecompensationofournamedexecutiveofficers For 47 Ratificationofourindependent auditor For 48 ApprovaloftheAmendedandRestatedCertificateofIncorporationtoprovide forthephased-indeclassificationofourboardofdirectors For 51 Voting Methods Youcan vote inoneof four ways: Visitwww.proxyvote.comtovoteVIATHEINTERNET Call1-800-690-6903 tovoteBYTELEPHONE If you received printed proxy materials, sign, date and return your proxy card or voting instruction form,asapplicable,intheprepaidenclosedenvelopetovoteBYMAIL AttendthemeetingtovoteINPERSON To reduce our administrative and postage costs and the environmental impact of the Annual Meeting, we encourage stockholders to vote via the Internet or by telephone, both of which are available 24 hours a day, sevendaysaweek,until11:59 p.m.EasternTimeonMay29,2018. Stockholdersmayrevoketheirproxiesatthe timesandinthemannersdescribedonpage3ofthisProxyStatement. If your shares are held in “street name” through a bank, broker or other nominee, you will receive voting instructions from the holder of record that you must follow in order for your shares to be voted. If you wish to vote in person at the meeting, you must obtain a legal proxy from the bank, broker or other nominee that holds yourshares. TaylorMorrisonHomeCorporationNoticeof2018AnnualMeetingofStockholdersandProxyStatement | i TENET HEALTHCARE CORPORATION PROXY STATEMENT SUMMARY Conifer Sale Process InDecember2017,TenetannouncedthatithadinitiatedaprocesstoexploreapotentialsaleofConiferaspartofabroaderandongoing strategicreviewoftheCompany’sportfolio.Atthesametime,TenetremainsfocusedondrivinggrowthatConiferbycontinuingtomarketand expandConifer’srevenuecyclemanagementandvalue-basedcareservicesbusinesses,andbydiversifyingConifer’scustomerbase. Divestiture of Non-Core Hospital Assets Tenetisactivelymanagingitsportfolioofhospitalassets.Bydivestingnon-corehospitalassets,Tenetexpectstoyieldover$1billionof proceeds,comprisedofover$700millionincashproceedsandtheeliminationofapproximately$300millionofcapitalleasedebt.For example,recentdivestituresofnon-corehospitalassetsinclude,amongothers:thesaleoftwohospitalsinPhiladelphia,Pennsylvaniathat closedJanuary11,2018;thesaleofMacNealHospitalintheChicagoareathatclosedMarch1,2018;thesaleorrestructuringofthree minorityinterestsinjointventureswithBaylorScott&WhiteHealth;andthesaleofDesPeresHospitalinSt.Louis,Missourithatisexpected tobecompletedinthesecondquarterof2018. BOARD REFRESHMENT Sincethefall,TenethasaddedthreeindependentdirectorstoitsBoard,cappingathree-yearperiodofsignificantrefreshment.Since2015, Tenethasaddedeightnewdirectors,fourofwhomarestandingforreelectionatthe2018annualmeeting.Fouroftheeightnewdirectors wereproposedbyTenet’slargestshareholder,GlenviewCapitalManagement,LLC(“Glenview”),twoofwhomresignedinAugust2017and twoofwhomarenotstandingforreelectionatthe2018annualmeeting.Ofourlonger-tenureddirectors,KarenM.GarrisonandRichardR. Pettingillwillalsonotbestandingforreelection.Theaveragetenureofourdirectorsstandingforreelectionatthe2018annualmeetingis approximatelysevenyears.Atthistime,theBoardiscomprisedofhighlytalentedandengageddirectorswithdiversebackgroundsandskill setsthatenabletheBoardtoeffectivelyoverseeTenetthroughitstransformation.TheBoardexpectstoaddadditionalindependentdirectors withskillsetsthatarecomplementarytothoseofourcurrentdirectorsandthatalignwithTenet’sstrategicprioritiesgoingforward. Appointment of a New Independent Lead Director TheCompanyhasastrongindependentLeadDirectorrole,asdescribedinourCorporateGovernancePrinciples.J.Robert“Bob”Kerreywas appointedtothepositionofLeadDirectorinOctober2017.SenatorKerreyisaformergovernorandU.S.SenatorfromNebraskawithan extensivebackgroundinaccounting,financeandpublicpolicy.TheLeadDirectorisresponsibleforchairingexecutivesessionsoftheBoard, servesasaliaisonbetweentheindependentdirectorsandtheExecutiveChairmanoftheBoard,approvesinformationdistributedtothe Board,andrepresentstheBoardinmeetingswithinvestors,legislators,regulatorsandotherconstituents,asdescribedinadditionaldetail under“BoardLeadershipStructure–RoleofLeadDirectoroftheBoard”beginningonpage13. Board Highlights FollowingourBoardrefreshmenteffortsinrecentyears,wehaveachievedabalancedmixofdiversity,ageandtenureintheboardroom.The differentiatedperspectivesthatresultfromthecompositionofourcurrentBoardcontributemeaningfullytotheeffectivenessoftheBoardinits oversightroleandtoitsroleinhelpingthemanagementteamsuccessfullynavigatethechallenginglandscapeinwhichTenetiscurrently operating.OurcurrentdirectornomineesalsodemonstrateourcontinuedcommitmenttoabalancedBoard. Diversity,AgeandTenureofBoardNominees DIVERSITY DiverseBoardmembers (basedongender and/or ethnicity) 38% DIVERSE < 65 65-70 71-74 AGE 67 AVERAGEAGE 2 4 2 TENURE* IncludesSen.Kerrey’sprior service as aBoard member fromMarch 2001 toMarch 2012 * AVERAGE TENURE 3 years or less More than 3 years ~7 TENETHEALTHCARE Š 2018PROXYSTATEMENT 3 Total of 04 pages in section PROXY STATEMENT SUMMARY 2017: A YEAR OF TRANSITION 2017wasayearofsignificanttransition.TheBoardactedtoimplementseveralsignificantchangesthatwouldtransformtheCompanyand repositionitforthefuture,includingachangeinleadership.RonaldA.RittenmeyerwasnamedTenet’sExecutiveChairmaninAugust2017 andChiefExecutiveOfficerinOctober2017.Mr.RittenmeyerhasservedonourBoardsince2010,mostrecentlyasindependentLead Director.Mr.Rittenmeyerhasextensiveexperienceinturnaroundsituations,havingpreviouslyledMillenniumHealth,LLCfollowingits emergencefrombankruptcy,aswellasnumerousothercompaniesthroughtheirin-andout-of-courtrestructuringandtransitionprocesses. SinceMr.RittenmeyerassumedtheroleofChiefExecutiveOfficer,Tenethastakenanumberofadditionaldecisiveactions,including implementingmanagementchangesatitsUnitedSurgicalPartners(“USPI”)andConiferHealthSolutions(“Conifer”)bu iness s,an ou cing anenterprise-wide$250millioncostreductioninitiativeandinitiatingastrategicreviewofitsportfoliothathasresultedintheex lorati n fa saleofTenet’sConiferbusiness.Atthesametime,TenethasworkedtoenhancetheoversightcapabilitiesofitsBoard,throughaddiional Boardrefreshment,anditsaccountabilitytoshareholders,throughdirectBoardandmanagementengagementwithshareholdersand improvementstoTenet’sgovernancestructures.Certainoftheseactionsaredescribedinfurtherdetailbelow. Inlightoftheseconcurrentandtransformationalchanges,2017wasultimatelyatransitionalyearforTenet,andonethathaspositionedthe Companytodelivervaluetoitsshareholdersandotherstakeholdersinthefuture.UnderMr.Rittenmeyer’sleadership,ourBoardand managementteamhavebeenhighlyfocusedonexecutingaspeedyandsuccessfulturnaroundofthebusiness.Theirefforts,andthoseofall ofouremployees,havealreadybeguntoshowprogress. Momentum in Business TheBoardandmanagementteamhavetakenanumberofdecisivestepsduringthistimeofsignificanttransitionforTenet,asshowninthe timelinebelow. September October November December January February March Board appoints RonRittenmeyer CEO (October 23) Announces $150million cost reduction initiative; JamesBierman joins theBoard (October 27) Initiatesprocess to explorea saleofConifer , increases cost reduction savings to $250million and issues Outlook for 2018 (December 19) RichardFisherand RichardMark join theBoard (November 9) Boardappoints RonRittenmeyer ExecutiveChairman (August 31) NewChief Human Resources Officer, SandiKarrmann (November 27) Definitive agreement to sellGoldenState HealthPlan (February 21) HospitalOperations restructuringcommences with elimination of regional management layer (October 5) Definitive agreement to sellMacNeal Hospital (October11) Definitiveagreement to sellminority position in BaylorScott& WhiteMedical Center –WhiteRock (December 26) Definitive agreement to restructure NorthTexas joint venture withBaylorScott &WhiteHealth (January 4) Definitive agreement to sell DesPeres Hospital (January 5) QualityGatekeeper implemented inmanagement compensationprogram (effective for 2018AIP) Completes sale of two hospitals in Philadelphia (January11) Boardamends Tenet’sbylaws toprovide shareholders theability tocalla specialmeeting (January 21) NewChief HumanResources Officer for Hospital Operations, MargieArion (January 31) Combined sales organizations for hospitalsand USPI underPhilSpencer, newSVPofSales (January29) NewGeneral Counselof Conifer, TomArnst (January 16) SpecialMeeting BylawAmendments; ShareholderRights PlanTermination; and Eliminationof ExecutiveCommittee (March 5) NewCOO of Conifer, KyleBurtnett (October25) BUSINESS INITIATIVES Cost Reduction Initiative InDecember2017,Tenetannouncedasetofexpandedenterprise-widecostreductioninitiatives.Theseinitiativesareexpectedtor alize $125millionincostsavingsin2018and$250millionofannualizedrun-ratecostsavingsbytheendof2018.Thecostreductioninitiativeis expectedtoeliminateapproximately2,000positions,reducecorporateoverheadbyapproximately20%comparedto2016andeliminate regionalmanagementofthehospitalbusiness. 2 TENETHEALTHCARE Š 2018PROXYSTATEMENT PROXY STATEMENT SUMMARY BelowarehighlightsofcertaininformationinthisProxyStatement.Asitisonlyasummary,pleaserefertothecompleteProxyStatementand ourAnnualReportonForm10-KfortheyearendedDecember31,2017beforeyouvote. 2018 ANNUAL MEETING OF SHAREHOLDERS DateandTime: Thursday,May3,2018,at8:00a.m.CentralTime Place: TenetCorporateHeadquarters 1445RossAvenue,Suite1400 Dallas,Texas75202 RecordDate: March29,2018 Information: ThisProxyStatement,theCompany’sproxycardandourAnnualReport onForm10-Kareavailableat www.proxyvote.com . VOTING MATTERS AND BOARD RECOMMENDATIONS PROPOSALS BOARD’S RECOMMENDATION PAGE ElectionofEightDirectorNominees(Proposal1) OurBoardofDirectors(the“Board”)believesthattheeightdirectornomineesbring acombinationofdiversequalificationsandskillsthatcontributestoawell-rounded Board.Eachdirectornomineehasprovenleadershipability,goodjudgmentand valuableexperience. FOReachofthedirectornominees 6 AdvisoryApprovaloftheCompany’sExecutiveCompensation(Proposal2) OurBoardbelievesthatTenetHealthcareCorporation’s(“Tenet”orthe“Company”) executivecompensationprogramdesigneffectivelyalignstheinterestsofour NamedExecutiveOfficerswiththoseofourshareholdersbytyingasignificant portionofourNamedExecutiveOfficers’compensationtoTenet’sperformanceand rewardingourNamedExecutiveOfficersforthecreationoflong-termvaluefor Tenet’sshareholders.Inaddition,Tenetremainscommittedtorequiringthatour NamedExecutiveOfficersmaintainownershipofamaterialamountofourstock, includesclawbackprovisionswithinallperformance-basedcompensationpayable toourNamedExecutiveOfficersanddoesnotprovideexcisetaxgross-ups. Becauseyourvoteisadvisory,itwillnotbebindingontheBoard.However,the BoardandtheHumanResourcesCommitteevalueyouropinionandwillreviewand considerthevotingresultswhenmakingfutureexecutivecompensationdecisions. FOR 60 RatificationoftheSelectionofDeloitte&ToucheLLPasIndependent RegisteredPublicAccountantsfor2018(Proposal3) TheAuditCommitteeapprovedtheappointmentofDeloitte&ToucheLLPas Tenet’sindependentregisteredpublicaccountingfirmfor2018.TheAudit CommitteeandtheBoardbelievethatthecontinuedretentionofDeloitte&Touche LLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmisin thebestinterestsoftheCompanyanditsshareholders. FOR 63 ShareholderProposaltoUrgetheBoardtoAdoptaPolicythatthe ChairmanoftheBoardbeanIndependentDirector(Proposal4) OurBoardbelievesthatTenethasanindependentleadershipstructure,includinga strongindependentLeadDirector,andthatitisinourshareholders’interestsfor Tenettomaintainflexibilitywithrespecttoitsleadershipstructure. AGAINST 64 TENETHEALTHCARE Š 2018PROXYSTATEMENT 1