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2025-01-01 2025-12-31 0001638833 2 2025-01-01 2025-12-31 0001638833 3 2025-01-01 2025-12-31 iso4217:USD 0001638833 DEF 14A false Surgery Partners, Inc. <div style="text-indent:18pt">The Compensation Committee's typical practice is to grant equity awards to our officers during the first quarter of each year. We do not engage in the practice of timing grants with the release of non-public information. In 2025, we granted performance-based stock units and time-vesting restricted stock described herein but we did not grant stock options.</div> <div style="text-indent:18pt">The Compensation Committee's typical practice is to grant equity awards to our officers during the first quarter of each year. We do not engage in the practice of timing grants with the release of non-public information. In 2025, we granted performance-based stock units and time-vesting restricted stock described herein but we did not grant stock options.</div> true We do not engage in the practice of timing grants with the release of non-public information. true false <div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.777%"><tr><td style="width:1.0%"></td><td style="width:10.263%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.542%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.542%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.542%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.542%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.417%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.417%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.417%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.418%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Value of Initial Fixed $100 Investment Based On:</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:1.12pt;padding-right:1.12pt;text-align:center">Year</div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:1.12pt;padding-right:1.12pt;text-align:center">Summary Comp. Table Total for CEO (1)</div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:1.12pt;padding-right:1.12pt;text-align:center">Comp. Actually Paid to CEO (2)</div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Average Summary Comp. Table Total for Non-CEO NEOs(3)</div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Average Comp. Actually Paid to Non-CEO NEOs(4)</div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">TSR</td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Peer Group TSR(5)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Net Income (in millions)</td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Adjusted EBITDA (in millions)(6)</div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle">2025</td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$6,083,862</td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$1,200,536</td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$1,750,822</td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$460,154</td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$53.26</td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$103.28</td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$98.9</td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$526.2</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">2024</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">6,461,203</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">3,271,752</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">2,309,915</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">1,326,577</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">72.97</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">114.17</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">12.5</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">508.2</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">2023</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">6,457,600</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">7,260,168</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">2,473,172</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">2,646,951</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">110.27</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">126.93</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">135.3</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">438.1</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:2pt;padding-left:1.12pt;padding-right:1.12pt;text-align:center">2022</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">6,092,825</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(3,342,023)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">1,670,372</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(1,192,139)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">96.04</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">132.08</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">87.0</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">380.2</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">2021</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">4,307,123</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">14,217,126</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">1,541,025</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">6,060,779</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">184.11</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">130.55</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">70.7</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">339.6</td></tr></table></div> 6083862 1200536 1750822 460154 53.26 103.28

98900000

526200000 6461203 3271752 2309915 1326577 72.97 114.17

12500000

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135300000

438100000 6092825 -3342023 1670372 -1192139 96.04 132.08

87000000.0

380200000 4307123 14217126 1541025 6060779 184.11 130.55

70700000

339600000 Reflects compensation amounts reported in the Summary Compensation Table for our CEO.Reflects average compensation amounts reported in the Summary Compensation Table for our non-CEO NEOs for the respective years shown. The following non-CEO NEOs are included in the average figures shown: <div style="margin-bottom:3pt;margin-top:3pt;text-indent:36pt">2025: David T. Doherty, Jennifer B. Baldock, Marissa A. Brittenham, W. Trent Webb, Harrison R. Bane</div><div style="margin-bottom:3pt;margin-top:3pt;text-indent:36pt">2024: David T. Doherty, Jennifer B. Baldock, Harrison R. Bane, Marissa A. Brittenham, Bradley R. Owens, Anthony W. Taparo</div><div style="margin-bottom:3pt;margin-top:3pt;text-indent:36pt">2023: David T. Doherty, Jennifer B. Baldock, Marissa A. Brittenham, Bradley R. Owens</div><div style="margin-bottom:3pt;margin-top:3pt;text-indent:36pt">2022: David T. Doherty, Thomas F. Cowhey, Jennifer B. Baldock, Harrison R. Bane, Bradley R. Owens</div><div style="margin-bottom:3pt;margin-top:3pt;text-indent:36pt">2021: Thomas F. Cowhey, Jennifer B. Baldock, Anthony W. Taparo, Bradley R. Owens</div> “Compensation Actually Paid to CEO” in each of 2025, 2024, 2023, 2022 and 2021 reflects the respective Summary Compensation Table total adjusted as set forth in the table below, as determined in accordance with SEC rules.<div style="margin-bottom:9pt;margin-top:3pt;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.666%"><tr><td style="width:1.0%"></td><td style="width:49.331%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.817%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-right:2.25pt">Year</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2021</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2022</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt 0 3.25pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:2pt;padding-left:2.25pt;padding-right:2.25pt">Summary Compensation Table Total</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">$4,307,123</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">$6,092,825</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">$6,457,600</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">$6,461,203</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">$6,083,862</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:middle">Less: Equity Award Amounts Reported in Summary Compensation Table</td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(2,500,000)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(4,645,000)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(4,400,000)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(5,100,000)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(5,000,000)</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:top">Add: Fair Value of Current Year Equity Awards Outstanding/Unvested at Year End</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">3,175,972</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">2,062,532</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">4,283,461</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">2,987,405</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">3,245,782</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:middle">Add: Fair Value of Equity Awards to be Issued in Lieu of Cash Incentive Payments Earned in the Current Year</td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">645,000</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">700,000</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:middle">Change in Value of Prior Years’ Awards Outstanding/Unvested at Year End</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">8,437,390</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">(3,285,321)</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">336,661</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">(1,741,360)</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">(1,455,769)</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:middle">Change in Value of Prior Years’ Awards That Vested in the Year</td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">4,620,973</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(4,212,059)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">582,446</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(35,496)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">669,175</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:middle">Less: Fair Value of Prior Years' Awards Forfeited in the Year</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:middle">Less: Fair Value of Prior Years' Awards Failing to Meet Vesting Conditions</td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(3,824,332)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(2,342,514)</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:middle">Compensation Actually Paid</td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$14,217,126</td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$(3,342,023)</td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$7,260,168</td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$3,271,752</td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$1,200,536</td></tr></table></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:18pt">Fair value or change in fair value, as applicable, of equity awards was determined as follows: (1) for restricted stock awards and earned PSU awards, the closing price on applicable year-end date or, in the case of vesting, the closing price as of each vest date, (2) for unearned PSU awards, closing price on applicable year-end date multiplied by the probability of achievement as of each such date, and (3) for option awards, a Black-Scholes value as of the applicable year-end or vesting date(s), determined based on the same methodology as used to determine grant date fair value for the applicable grant.</div> 4307123 6092825 6457600 6461203 6083862 -2500000 -4645000 -4400000 -5100000 -5000000 3175972 2062532 4283461 2987405 3245782 0 645000 0 700000 0 8437390 -3285321 336661 -1741360 -1455769 4620973 -4212059 582446 -35496 669175 0 0 0 0 0 -3824332 0 0 0 -2342514 14217126 -3342023 7260168 3271752 1200536 “Average Compensation Actually Paid to non-CEO NEOs” in each of 2025, 2024, 2023, 2022 and 2021 reflects the respective average Summary Compensation Table total adjusted as set forth in the table below, as determined in accordance with SEC rules.<div style="margin-bottom:9pt;margin-top:3pt;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.666%"><tr><td style="width:1.0%"></td><td style="width:50.767%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.529%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-right:2.25pt">Year</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2021</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2022</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">2025</div></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:2pt;padding-left:2.25pt;padding-right:2.25pt">Summary Compensation Table Total</div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">$1,541,025</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">$1,670,372</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">$2,473,172</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">$2,309,915</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">$1,750,822</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:top">Less: Equity Award Amounts Reported in Summary Compensation Table</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(661,875)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(1,020,000)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(1,537,500)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(1,275,000)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(1,175,000)</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:top">Add: Fair Value of Current Year Equity Awards Outstanding/Unvested at Year End</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">840,847</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">768,546</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">1,496,764</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">644,330</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">629,680</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:middle">Add: Fair Value of Current Year Equity Awards That Vested in the Year</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">54,645</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:middle">Add: Fair Value of Equity Awards to be Issued in Lieu of Cash Incentive Payments Earned in the Current Year</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">166,667</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:top">Change in Value of Prior Years’ Awards Outstanding/Unvested at Year End</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">3,008,559</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(502,425)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">81,948</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(521,304)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(362,582)</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:top">Change in Value of Prior Years’ Awards That Vested in the Year</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">1,714,650</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">(401,924)</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">132,567</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">(10,257)</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">219,367</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:top">Less: Fair Value of Prior Years' Awards Forfeited in the Year</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(1,706,708)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(42,419)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">(203,894)</td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:top">Less: Fair Value of Prior Years' Awards Failing to Meet Vesting Conditions</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">(382,427)</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">—</td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle">(398,239)</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.25pt;text-align:left;vertical-align:top">Compensation Actually Paid</td><td colspan="3" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$6,060,779</td><td colspan="3" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$(1,192,139)</td><td colspan="3" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$2,646,951</td><td colspan="3" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$1,326,577</td><td colspan="3" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle">$460,154</td></tr></table></div>Fair value or change in fair value, as applicable, of equity awards was determined as follows: (1) for restricted stock awards and earned PSU awards, the closing price on applicable year-end date or, in the case of vesting, the closing price as of each vest date, (2) for unearned PSU awards, closing price on applicable year-end date multiplied by the probability of achievement as of each such date, and (3) for option awards, a Black-Scholes value as of the applicable year-end or vesting date(s), determined based on the same methodology as used to determine grant date fair value for the applicable grant. 1541025 1670372 2473172 2309915 1750822 -661875 -1020000 -1537500 -1275000 -1175000 840847 768546 1496764 644330 629680 0 0 0 54645 0 0 0 0 166667 0 3008559 -502425 81948 -521304 -362582 1714650 -401924 132567 -10257 219367 0 -1706708 0 -42419 -203894 -382427 0 0 0 -398239 6060779 -1192139 2646951 1326577 460154 Reflects the cumulative total stockholder return for the Dow Jones U.S. Health Care Providers Index. For compensation purposes, "Adjusted EBITDA" is calculated as income before income taxes, adjusted for net income attributable to noncontrolling interests; depreciation and amortization; interest expense, net; equity-based compensation expense; transaction, integration and acquisition costs; net loss (gain) on disposals, consolidations and deconsolidations; litigation settlements and other litigation costs and other adjustments that are not related to the assessment of normal operating performance. We use Adjusted EBITDA as a measure of financial performance. Adjusted EBITDA is a key measure used by our management to assess operating performance, make business decisions and allocate resources. Adjusted EBITDA is the core long-term metric we use for purposes of evaluating performance for our compensation program, as further described in the section above entitled "Compensation Discussion and Analysis - Elements of Named Executive Officer Compensation." Adjusted EBITDA <div style="text-indent:18pt">As described in more detail in the sections entitled "Compensation Discussion and Analysis" and "Executive Compensation," the Company’s executive compensation program reflects a variable pay-for-performance philosophy, with a significant emphasis on long-term performance and stockholder value creation. While the Company utilizes several performance measures to align executive compensation with Company performance, all of those Company measures are not presented in the Pay versus Performance table. Moreover, the Company generally seeks to incentivize long-term performance, and therefore does not specifically align the Company’s performance measures with "Compensation Actually Paid" for a particular year. We believe the "Compensation Actually Paid" in each of the years reported above and over the three-year cumulative period are reflective of the Compensation Committee’s emphasis on "pay-for-performance" as the "Compensation Actually Paid" fluctuated year-over-year, primarily due to the result of our stock performance and our varying levels of achievement against pre-established performance goals. </div><div style="text-align:center;text-indent:18pt"><img alt="9.2 TSR Graph.jpg" id="i-4" src="sgry-20260423_g2.jpg" style="height:330px;margin-bottom:5pt;vertical-align:text-bottom;width:550px"/></div> <div style="text-indent:18pt">As described in more detail in the sections entitled "Compensation Discussion and Analysis" and "Executive Compensation," the Company’s executive compensation program reflects a variable pay-for-performance philosophy, with a significant emphasis on long-term performance and stockholder value creation. While the Company utilizes several performance measures to align executive compensation with Company performance, all of those Company measures are not presented in the Pay versus Performance table. Moreover, the Company generally seeks to incentivize long-term performance, and therefore does not specifically align the Company’s performance measures with "Compensation Actually Paid" for a particular year. We believe the "Compensation Actually Paid" in each of the years reported above and over the three-year cumulative period are reflective of the Compensation Committee’s emphasis on "pay-for-performance" as the "Compensation Actually Paid" fluctuated year-over-year, primarily due to the result of our stock performance and our varying levels of achievement against pre-established performance goals. </div><div style="text-align:center;text-indent:18pt"><img alt="9.2 TSR Graph.jpg" id="i-4" src="sgry-20260423_g2.jpg" style="height:330px;margin-bottom:5pt;vertical-align:text-bottom;width:550px"/></div> <div style="text-indent:18pt">As described in more detail in the sections entitled "Compensation Discussion and Analysis" and "Executive Compensation," the Company’s executive compensation program reflects a variable pay-for-performance philosophy, with a significant emphasis on long-term performance and stockholder value creation. While the Company utilizes several performance measures to align executive compensation with Company performance, all of those Company measures are not presented in the Pay versus Performance table. Moreover, the Company generally seeks to incentivize long-term performance, and therefore does not specifically align the Company’s performance measures with "Compensation Actually Paid" for a particular year. We believe the "Compensation Actually Paid" in each of the years reported above and over the three-year cumulative period are reflective of the Compensation Committee’s emphasis on "pay-for-performance" as the "Compensation Actually Paid" fluctuated year-over-year, primarily due to the result of our stock performance and our varying levels of achievement against pre-established performance goals. </div><div style="text-align:center;text-indent:18pt"><img alt="9.3 Fin Perf Graph.jpg" id="i-5" src="sgry-20260423_g3.jpg" style="height:330px;margin-bottom:5pt;vertical-align:text-bottom;width:550px"/></div> <div style="text-indent:18pt">As described in more detail in the sections entitled "Compensation Discussion and Analysis" and "Executive Compensation," the Company’s executive compensation program reflects a variable pay-for-performance philosophy, with a significant emphasis on long-term performance and stockholder value creation. While the Company utilizes several performance measures to align executive compensation with Company performance, all of those Company measures are not presented in the Pay versus Performance table. Moreover, the Company generally seeks to incentivize long-term performance, and therefore does not specifically align the Company’s performance measures with "Compensation Actually Paid" for a particular year. We believe the "Compensation Actually Paid" in each of the years reported above and over the three-year cumulative period are reflective of the Compensation Committee’s emphasis on "pay-for-performance" as the "Compensation Actually Paid" fluctuated year-over-year, primarily due to the result of our stock performance and our varying levels of achievement against pre-established performance goals. </div><div style="text-align:center;text-indent:18pt"><img alt="9.3 Fin Perf Graph.jpg" id="i-5" src="sgry-20260423_g3.jpg" style="height:330px;margin-bottom:5pt;vertical-align:text-bottom;width:550px"/></div> Adjusted EBITDA<div style="padding-left:36pt">•Net Revenue</div><div style="padding-left:36pt">•Cash Flow</div> Adjusted EBITDA Net Revenue Cash Flow true