Vanguard Health Systems, Inc. Severance Pay Letter to Dale S. St. Arnold (September 12, 2003)
This letter from Vanguard Health Systems, Inc. to Dale S. St. Arnold outlines a severance arrangement. If the company terminates Mr. St. Arnold's employment without cause before June 30, 2004 and before a change of control, he will receive $31,500 per month for 12 months as severance pay. He will also continue to participate in the company's medical, dental, and vision plans for 12 months under COBRA, with employer subsidies. The agreement is signed by the company's Senior Vice President of Human Resources.
EXHIBIT 10.27
September 12, 2003
Dale S. St. Arnold
9563 E. Monument Drive
Scottsdale, AZ 85262
Re: Letter of Understanding
Dear Dale:
On behalf of Vanguard Health Systems, Inc. (the “Company”), I am pleased to make the
following commitment to you in respect of severance pay:
Termination of Employment Prior to a Change of Control
In the event the Company terminates your employment without cause prior to June 30,
2004 and prior to a Change of Control (as defined in a certain Severance Protection
Agreement between you and the Company) of the Company, you will be entitled to
receive from the Company severance pay, payable $31,500 per month, for a period of
twelve (12) months after your termination and you will also be entitled to continued
participation for 12 months in the Company’s medical, dental and vision plans under
COBRA on an employer subsidized basis.
Sincerely,
VANGUARD HEALTH SYSTEMS, INC.
By:/s/ Jim Johnston
Jim Johnston
Senior Vice President Human Resources
cc: Larry Hough
Ronald Soltman
