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Ardent Health, Inc.

For the period ended Dec 31, 2024. Filed Apr 8, 2025.

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About this filing

What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Dec 31, 2024 · Filed Apr 8, 2025

ARDT$17.30+8.8%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 14A

(Rule 14a-101)

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934

Filed by the Registrant☒
Filed by a Party other than the Registrant☐

Check the appropriate box:

☐Preliminary Proxy Statement
☐Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒Definitive Proxy Statement
☐Definitive Additional Materials
☐Soliciting Material Pursuant to §240.14a-12

Ardent Health Partners, Inc.

(Name of Registrant as Specified in its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒No fee required.
☐Fee paid previously with preliminary materials.
☐Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11

i

340 SEVEN SPRINGS WAY, SUITE 100

BRENTWOOD, TENNESSEE 37027

April 8, 2025

To Our Stockholders:

You are cordially invited to attend the 2025 Annual Meeting of Stockholders (the “Annual Meeting”) of Ardent Health

Partners, Inc., to be held on Wednesday, May 21, 2025, at 10:30 a.m. (Central Time), at our executive offices located at 340

Seven Springs Way, Suite 100, Brentwood, Tennessee 37027. The matters to be acted upon at the Annual Meeting are more

fully described in the accompanying Proxy Statement and related materials.

In accordance with rules adopted by the Securities and Exchange Commission, we are mailing to many of our stockholders a

Notice of Internet Availability of Proxy Materials instead of a paper copy of the Proxy Statement and our 2024 Annual

Report to Stockholders. The Notice of Internet Availability of Proxy Materials contains instructions on how stockholders can

access our proxy materials over the internet as well as how stockholders can receive a paper copy of our proxy materials,

including the Proxy Statement, the 2024 Annual Report to Stockholders and a form of proxy card.

It is important that your shares be represented at the Annual Meeting. Whether or not you plan to attend the Annual

Meeting, please vote by proxy as soon as possible by following the instructions located in the Notice of Internet Availability

of Proxy Materials or in the Proxy Statement. If you attend the Annual Meeting, you may withdraw your proxy and vote

your shares personally.

We look forward to your attendance at the Annual Meeting.

Sincerely,

YOUR VOTE IS IMPORTANT.

WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, AFTER REVIEWING THE PROXY MATERIALS, PLEASE

VOTE BY PHONE OR ONLINE FOLLOWING THE INSTRUCTIONS SET FORTH IN THE FOLLOWING PROXY MATERIALS OR, IF

YOU REQUESTED A PRINTED COPY, PLEASE COMPLETE, DATE, SIGN AND RETURN THE PROXY CARD.

ii

340 SEVEN SPRINGS WAY, SUITE 100

BRENTWOOD, TENNESSEE 37027

Notice of Annual Meeting of StockholdersTo Be Held May 21, 2025

To Our Stockholders:

The 2025 Annual Meeting of Stockholders (the “Annual Meeting”) of Ardent Health Partners, Inc. will be held on

Wednesday, May 21, 2025, at 10:30 a.m. (Central Time), at our executive offices located at 340 Seven Springs Way, Suite

100, Brentwood, Tennessee 37027.

The Annual Meeting is being convened for the following purposes:

(1)To elect 11 nominees as directors;

(2)To approve, on a non-binding advisory basis, the compensation of our named executive officers;

(3)To approve, on a non-binding advisory basis, the frequency of a non-binding advisory vote on the compensation of

our named executive officers;

(4)To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal

year ending December 31, 2025; and

(5)To transact any other business that properly comes before the Annual Meeting or any adjournments or

postponements thereof.

The matters to be acted upon at the Annual Meeting are more fully described in the Proxy Statement and related materials.

Please read the materials carefully.

The Board of Directors has fixed the close of business on March 28, 2025 as the record date for determining stockholders

entitled to notice of and to vote at the Annual Meeting or any adjournments or postponements thereof.

Dated: April 8, 2025 By order of the Board of Directors,

IMPORTANT

WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, AFTER REVIEWING THE PROXY MATERIALS, PLEASE

VOTE BY PHONE OR ONLINE FOLLOWING THE INSTRUCTIONS SET FORTH IN THE FOLLOWING PROXY MATERIALS OR, IF

YOU REQUESTED A PRINTED COPY, PLEASE COMPLETE, DATE, SIGN AND RETURN THE PROXY CARD.

iii

Table of Contents

Proxy Statement1
Information Concerning Solicitation and Voting1
Proposal 1: Election of Directors3
Corporate Governance9
Proposal 2: Non-Binding Advisory Vote on Executive Compensation15
Proposal 3: Non-Binding Advisory Vote on the Frequency of the Vote on Executive Compensation16
Management17
Security Ownership of Certain Beneficial Owners and Management19
Compensation Discussion and Analysis21
Compensation Committee Report37
Executive Compensation38
Pay Versus Performance49
Director Compensation51
Equity Compensation Plans53
Proposal 4: Ratification of Appointment of Independent Registered Public Accounting Firm54
Audit and Compliance Committee Report55
Certain Relationships and Related Party Transactions56
General Information61
Reconciliation of Non-GAAP Measures63

NOTE TO READERS

Unless the context otherwise requires, all references in this Proxy Statement to "Ardent," "the Company," "we," "us" or

"our" mean Ardent Health Partners, Inc. and its affiliates. Ardent Health Partners, Inc. is a holding company that has

affiliates that operate acute care hospitals and other healthcare facilities and employ physicians. The term "affiliates"

includes direct and indirect subsidiaries of Ardent and partnerships and joint ventures in which such subsidiaries are equity

owners.

FORWARD-LOOKING STATEMENTS

This Proxy Statement contains certain "forward-looking statements," as that term is defined in the U.S. federal securities

laws. These forward-looking statements include, but are not limited to, statements other than statements of historical facts,

including, among others, statements relating to our future financial performance, our business prospects and strategy, the

industry in which we operate and other similar matters. Words such as "anticipates," "expects," "intends," "plans,"

"predicts," "believes," "seeks," "estimates," "could," "would," "will," "may," "can," "continue," "potential," "should" and the

negative of these terms or other comparable terminology often identify forward-looking statements. These forward-looking

statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual

results to differ materially from the results contemplated by the forward-looking statements, including the risk factors and

other cautionary statements discussed in our Annual Report on Form 10-K for the year ended December 31, 2024. The

forward-looking statements pertain only to the date they are made, and we do not undertake any obligation to update

them to reflect new information or events unless required by law. Stockholders are advised not to place undue reliance on

these statements and to consult any additional disclosures we may provide through our other filings with the SEC, such as

Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.