Document:

Exhibit 10.28

Exhibit 10.28

VANGUARD HEALTH SYSTEMS, INC.

RESTRICTED STOCK UNIT AGREEMENT

(Time Vesting RSU)

THIS AGREEMENT (the “Agreement”), is made effective as of the
 _____day of
 _____,
201_, (hereinafter called the “Date of Grant”), between Vanguard Health Systems, Inc., a
Delaware corporation (hereinafter called the “Company”), and
 _____ 

(hereinafter called
the “Participant”):

R E C I T A L S:

WHEREAS, the Company has adopted the Vanguard Health Systems, Inc. 2004 Stock Incentive Plan,
as amended (the “Plan”), which Plan is incorporated herein by reference and made a part of
this Agreement. Capitalized terms not otherwise defined herein shall have the same meanings as in
the Plan; and

WHEREAS, the Committee has determined that it would be in the best interests of the Company
and its shareholders to grant the restricted stock units provided for herein (the “RSUs”)
to the Participant pursuant to the Plan and the terms set forth herein.

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
agree as follows:

1. Grant of the RSUs. The Company hereby grants to the Participant, on the
terms and conditions hereinafter set forth, an aggregate of
 _____ 

RSUs, subject to
adjustment as set forth in the Plan.

2. Vesting/Form and Timing of Issuance or Transfer.

(a) Subject to the Participant’s continued Employment with the Company, on each
of the first, second, third, fourth and fifth anniversaries of the Date of Grant
(each a “Scheduled Vesting Date”) the RSUs shall vest with respect to a
number of Shares equal to twenty percent (20%) of the RSUs initially granted to the
Participant under this Agreement;

(b) If the Participant’s Employment with the Company is terminated for any
reason, the RSUs shall, to the extent not then vested, be canceled by the Company
without consideration and no further Shares shall be delivered hereunder.

(c) Notwithstanding any other provisions of this Agreement to the contrary, in
the event of a Change in Control the RSUs shall, to the extent not then vested and
not previously canceled, immediately become fully vested (a “Change of Control
Vesting Date”).

(d) On each Scheduled Vesting Date or on the Change of Control Vesting Date
(each a “Vesting Date”), as applicable, the Company shall issue or cause
there to be
transferred to the Participant, a number of Shares equal to the number of RSUs
which became vested on such date; provided that, upon the issuance or
transfer of Shares to the Participant, in lieu of a fractional Share, the Participant
shall receive a cash payment equal to the Fair Market Value of such fractional Share.

 

 

 

(e) Upon each issuance or transfer of Shares in accordance with Section 2(d) of
this Agreement, a number of RSUs equal to the number of Shares issued or transferred
to the Participant (including fractional shares settled in cash) shall be
extinguished.

(f) Notwithstanding the foregoing, the Participant’s entitlement to Shares
hereunder upon the occurrence of Vesting Date shall be conditioned upon the
Participant’s having become a party to the Stockholders Agreement prior to such
Vesting Date.

3. No Right to Continued Employment. The granting of the RSUs evidenced
hereby and this Agreement shall impose no obligation on the Company or any Affiliate
to continue the Employment of the Participant and shall not lessen or affect the
Company’s or its Affiliate’s right to terminate the Employment of such Participant.

4. No Rights of a Shareholder. The Participant shall not have any rights as
a shareholder of the Company (including any rights to accrual or payment of dividends
declared on Shares) until, and accruing only from and after, the Shares in question
have been registered in the Company’s register of shareholders effective on the
applicable Vesting Date.

5. Certificates. Upon transfer of Shares underlying RSUs to the Participant
hereunder, the Company shall issue certificates in the Participant’s name for such
Shares. However, the Company shall not be liable to the Participant for damages
relating to any delays in issuing the certificates to him or her, any loss of the
certificates, or any mistakes or errors in the issuance of the certificates
themselves. The certificates representing the Shares received by the Participant in
connection with the settlement of any RSUs hereunder shall be subject to such stop
transfer orders and other restrictions as the Committee may deem advisable under the
Plan or the rules, regulations, and other requirements of the Securities and Exchange
Commission, any stock exchange upon which such Shares are listed, and any applicable
Federal or state laws, and the Committee may cause a legend or legends to be put on
any such certificates to make appropriate reference to such restrictions.

6. Transferability. The RSUs may not be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by the Participant otherwise
than by will or by the laws of descent and distribution, and any such purported
assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be
void and unenforceable against the Company or any Affiliate; provided that the
designation of a beneficiary shall not constitute an assignment, alienation, pledge,
attachment, sale, transfer or encumbrance. No such permitted transfer of the RSUs to
heirs or legatees of the Participant shall be effective to bind the Company unless
the Committee shall have been furnished with written notice thereof and a copy of
such evidence as the Committee may deem necessary
to establish the validity of the transfer and the acceptance by the transferee or
transferees of the terms and conditions hereof.

 

 

 

7. Withholding. The Participant may be required to pay to the Company or any
Affiliate and the Company shall have the right and is hereby authorized to withhold
from any payment due or transfer made under the RSUs or under the Plan or from any
compensation or other amount owing to a Participant the amount (in cash, Shares,
other securities, other Awards or other property) of any applicable withholding taxes
in respect of the RSUs, its settlement or any payment or transfer under or with
respect to the RSUs or the Plan and to take such other action as may be necessary in
the opinion of the Committee to satisfy all obligations for the payment of such
withholding taxes.

8. Securities Laws. Upon the acquisition of any Shares pursuant to
settlement of the RSUs, the Participant will make or enter into such written
representations, warranties and agreements as the Committee may reasonably request in
order to comply with applicable securities laws or with this Agreement.

9. Notices. Any notice necessary under this Agreement shall be addressed to
the Company in care of its Secretary at the principal executive office of the Company
and to the Participant at the address appearing in the personnel records of the
Company for the Participant or to either party at such other address as either party
hereto may hereafter designate in writing to the other. Any such notice shall be
deemed effective upon receipt thereof by the addressee.

10. Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAWS

11. RSUs and Shares Subject to Plan and Stockholders Agreement. By entering
into this Agreement the Participant agrees and acknowledges that the Participant has
received and read a copy of the Plan and the Stockholders Agreement. The RSUs (and
the Shares issuable thereunder) is subject to the Plan and the Stockholders
Agreement. The terms and provisions of the Plan and the Stockholders Agreement as it
may be amended from time to time are hereby incorporated herein by reference. In the
event of a conflict between any term or provision contained herein and a term or
provision of the Plan or the Stockholders Agreement, the applicable terms and
provisions of the Plan or the Stockholders Agreement, as applicable will govern and
prevail. In the event of a conflict between any term or provision of the Plan and
any term or provision of the Stockholders Agreement, the applicable terms and
provisions of the Stockholders Agreement will govern and prevail.

12. Signature in Counterparts. This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

	 	 	 	 	 
	 	 	VANGUARD HEALTH SYSTEMS, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Agreed and acknowledged as
	 	 	 	 
	of the date first above written:Exhibit 10.29

Exhibit 10.29

VANGUARD HEALTH SYSTEMS, INC.

RESTRICTED STOCK UNIT AGREEMENT

(LIQUIDITY EVENT RSU)

THIS AGREEMENT (the “Agreement”), is made effective as of the
 _____ 

day of
 _____,
201_, (hereinafter called the “Date of Grant”), between Vanguard Health Systems, Inc., a
Delaware corporation (hereinafter called the “Company”), and
 _____ 

(hereinafter called
the “Participant”):

R E C I T A L S:

WHEREAS, the Company has adopted the Vanguard Health Systems, Inc. 2004 Stock Incentive Plan,
as amended (the “Plan”), which Plan is incorporated herein by reference and made a part of
this Agreement. Capitalized terms not otherwise defined herein shall have the same meanings as in
the Plan; and

WHEREAS, the Committee has determined that it would be in the best interests of the Company
and its shareholders to grant the restricted stock units provided for herein (the “RSUs”)
to the Participant pursuant to the Plan and the terms set forth herein.

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
agree as follows:

1. Grant of the RSUs. The Company hereby grants to the Participant, on the
terms and conditions hereinafter set forth, an aggregate of
 _____ 

RSUs, subject to
adjustment as set forth in the Plan.

2. Vesting/Form and Timing of Issuance or Transfer.

(a) Subject to the Participant’s continued Employment with the Company, on the
eight anniversary of the Date of Grant (the “Scheduled Vesting Date”) the
RSUs shall vest with respect to a number of Shares equal to one hundred percent
(100%) of the RSUs initially granted to the Participant under this Agreement;

(b) If the Participant’s Employment with the Company is terminated for any
reason, the RSUs shall, to the extent not then vested, be canceled by the Company
without consideration and no further Shares shall be delivered hereunder.

(c) Notwithstanding any other provisions of this Agreement to the contrary, in
the event of a Liquidity Event the RSUs shall, to the extent not then vested and not
previously canceled, immediately become fully vested (a “Liquidity Event Vesting
Date”).

 

 

 

(d) On each Scheduled Vesting Date or on the Liquidity Event Vesting Date (each
a “Vesting Date”), as applicable, the Company shall issue or cause there to
be transferred to the Participant, a number of Shares equal to the number of RSUs
which became vested on such date; provided that, upon the issuance or
transfer of Shares to the Participant, in lieu of a fractional Share, the Participant
shall receive a cash payment equal to the Fair Market Value of such fractional Share.

(e) Upon each issuance or transfer of Shares in accordance with Section 2(d) of
this Agreement, a number of RSUs equal to the number of Shares issued or transferred
to the Participant (including fractional shares settled in cash) shall be
extinguished.

(f) Notwithstanding the foregoing, the Participant’s entitlement to Shares
hereunder upon the occurrence of Vesting Date shall be conditioned upon the
Participant’s having become a party to the Stockholders Agreement prior to such
Vesting Date.

For purposes of this Section 2, the following definitions shall apply:

“Family Group” with respect to any natural person, means (i) the spouse, issue, parents,
grandparents, grandchildren, aunts, uncles, nieces and nephews (in each case, whether natural or
adopted) of such natural person, and (ii) any trust established solely for the exclusive benefit of
such natural person or any of the Persons referred to in the foregoing clause (i).

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree,
governmental approval, directive, requirement, or other governmental restriction or any similar
form of decision of, or determination by, or any interpretation or administration of any of the
foregoing by, any nation or government, any state or other political subdivision thereof, and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

“Liquidity Event” shall mean the completion of (i) a Transfer by Blackstone of Securities to a
Person other than a Permitted Transferee of Blackstone for consideration consisting of cash or
Liquid Securities, (ii) a recapitalization of, or payment of a dividend or distribution by, the
Holdings LLC or its Subsidiaries, (iii) a complete liquidation, dissolution or winding up of
Holdings LLC and the Company, or (iv) a distribution-in-kind by Blackstone of Securities to its
partners, members or shareholders in accordance with the terms of the applicable Blackstone
partnership agreement or other organizational document, which, after giving effect to such
transaction together with all other previously completed transactions of a type described in clause
(i), (ii), (iii) or (iv), results in the receipt by Blackstone of consideration having a fair
market value (measured at the time of receipt) in excess of $2,099.53 per Security in respect of
at least 25% of the Securities held by Blackstone immediately following the Closing Date (for the
avoidance of doubt, if any transaction affects more than 25% of such Securities, the consideration
will be applied pro rata to all such affected Securities); provided that with respect to any
distribution-in-kind under clause (iv), for purposes of this definition Blackstone shall be deemed
to have received consideration with respect to such distribution-in-kind in an amount equal to the
fair market value (measured as of the time of such distribution-in-kind) of the Securities so
distributed.

 

 

 

“Liquid Securities” means common stock of any corporation that (i) has been registered under
the Securities Act of 1933, as amended (ii) is capable of being immediately sold (without the
exercise of any registration rights) by the recipient thereof on a national securities exchange or
quotation system in accordance with applicable Law immediately upon consummation of the transaction
in which such recipient received such common stock, and (iii) represents less than 10% of the total
outstanding common stock of such corporation (other than common stock held by Affiliates of such
corporation).

“Permitted Transferee” shall mean (A) any of its Affiliates, (B) if such entity is a member of
Blackstone, any other member of Blackstone, (C) any general or limited partner of such entity or
any other member of Blackstone (if any), (D) any managing director, general partner, director,
limited partner, officer or employee of such entity or any other member of Blackstone (if any), or
any member of a Family Group of any of the foregoing Persons described in this clause (D), or (E)
any trust the beneficiaries of which, or any corporation, limited liability company or partnership
the stockholders, member or general or limited partners of which, include only such entity, Persons
described in the foregoing clauses (A), (B), (C), or (D), or member of a Family Group of such
Person.

“Transfer” shall mean, with respect to any security, directly or indirectly, to sell contract
to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in, offer, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant to purchase, lend, or otherwise transfer or dispose of any economic, voting or other rights
in or to such security. When used as a noun, “Transfer” shall have such correlative meaning as the
context may require.

3. No Right to Continued Employment. The granting of the RSUs evidenced
hereby and this Agreement shall impose no obligation on the Company or any Affiliate
to continue the Employment of the Participant and shall not lessen or affect the
Company’s or its Affiliate’s right to terminate the Employment of such Participant.

4. No Rights of a Shareholder. The Participant shall not have any rights as
a shareholder of the Company (including any rights to accrual or payment of dividends
declared on Shares) until, and accruing only from and after, the Shares in question
have been registered in the Company’s register of shareholders effective on the
applicable Vesting Date.

5. Certificates. Upon transfer of Shares underlying RSUs to the Participant
hereunder, the Company shall issue certificates in the Participant’s name for such
Shares. However, the Company shall not be liable to the Participant for damages
relating to any delays in issuing the certificates to him or her, any loss of the
certificates, or any mistakes or errors in the issuance of the certificates
themselves. The certificates representing the Shares received by the Participant in
connection with the settlement of any RSUs hereunder shall be subject to such stop
transfer orders and other restrictions as the Committee may deem advisable under the
Plan or the rules, regulations, and other requirements of the Securities and Exchange
Commission, any stock exchange upon which such Shares are listed, and any applicable
Federal or state laws, and the Committee may cause a legend or legends to be put on
any such certificates to make appropriate reference to such restrictions.

 

 

 

6. Transferability. The RSUs may not be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by the Participant otherwise
than by will or by the laws of descent and distribution, and any such purported
assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be
void and unenforceable against the Company or any Affiliate; provided that the
designation of a beneficiary shall not constitute an assignment, alienation, pledge,
attachment, sale, transfer or encumbrance. No such permitted transfer of the RSUs to
heirs or legatees of the Participant shall be effective to bind the Company unless
the Committee shall have been furnished with written notice thereof and a copy of
such evidence as the Committee may deem necessary to establish the validity of the
transfer and the acceptance by the transferee or transferees of the terms and
conditions hereof.

7. Withholding. The Participant may be required to pay to the Company or any
Affiliate and the Company shall have the right and is hereby authorized to withhold
from any payment due or transfer made under the RSUs or under the Plan or from any
compensation or other amount owing to a Participant the amount (in cash, Shares,
other securities, other Awards or other property) of any applicable withholding taxes
in respect of the RSUs, its settlement or any payment or transfer under or with
respect to the RSUs or the Plan and to take such other action as may be necessary in
the opinion of the Committee to satisfy all obligations for the payment of such
withholding taxes.

8. Securities Laws. Upon the acquisition of any Shares pursuant to
settlement of the RSUs, the Participant will make or enter into such written
representations, warranties and agreements as the Committee may reasonably request in
order to comply with applicable securities laws or with this Agreement.

9. Notices. Any notice necessary under this Agreement shall be addressed to
the Company in care of its Secretary at the principal executive office of the Company
and to the Participant at the address appearing in the personnel records of the
Company for the Participant or to either party at such other address as either party
hereto may hereafter designate in writing to the other. Any such notice shall be
deemed effective upon receipt thereof by the addressee.

10. Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAWS

11. RSUs and Shares Subject to Plan and Stockholders Agreement. By entering
into this Agreement the Participant agrees and acknowledges that the Participant has
received and read a copy of the Plan and the Stockholders Agreement. The RSUs (and
the Shares issuable thereunder) is subject to the Plan and the Stockholders
Agreement. The terms and provisions of the Plan and the Stockholders Agreement as it
may be amended from time to time are hereby incorporated herein by reference. In the
event of a conflict between any term or provision contained herein and a term or
provision of the Plan or the Stockholders Agreement, the applicable terms and
provisions of the Plan or the Stockholders Agreement, as applicable will govern and
prevail. In the event of a conflict between any term or provision of the Plan and
any term or provision of the Stockholders
Agreement, the applicable terms and provisions of the Stockholders Agreement will
govern and prevail.

12. Signature in Counterparts. This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

	 	 	 	 	 
	 	 	VANGUARD HEALTH SYSTEMS, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Agreed and acknowledged as
	 	 	 	 
	of the date first above written:

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