Document:

Exhibit 10.6

 

AIR METHODS CORPORATION

2015 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK AGREEMENT

 

This Restricted Stock Agreement
(this “Award Agreement”) is made and entered into as of ____________, between Air Methods Corporation, a Delaware
corporation (the “Company”), and ____________ (the “Participant”).

 

WHEREAS, the Board
has adopted, and the stockholders have approved, the 2015 Equity Incentive Plan (the “Plan”), effective as of
May 20, 2015, in order to advance the interests of the Company and its Subsidiaries through the motivation, attraction and retention
of its employees and consultants (including nonemployee directors);

 

WHEREAS, the Plan
provides for the granting of restricted stock awards to eligible participants as determined by the Compensation and Stock Option
Committee (the “Committee”);

 

WHEREAS, capitalized
terms, which are not defined herein, shall have the meaning set forth in the Plan; and

 

WHEREAS, the Committee
has determined that the Participant is a person eligible to receive a grant of restricted stock under the Plan and has determined
that it would be in the best interest of the Company to grant the Restricted Shares (as defined herein) provided for herein.

 

NOW, THEREFORE,
in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties agree
as follows:

 

		1.	Grant of Restricted Shares.

 

1.1           The
Company has granted to the Participant, on ____________ (the “Grant Date”), ____________ shares of the Company’s
common stock, $0.06 par value per share (the “Common Stock”), subject to such conditions as are provided for
in the Plan and this Award Agreement (the “Restricted Shares”).

 

1.2           No
Restricted Shares shall vest unless the Company’s fiscal year _____ fully diluted earnings per shares (“EPS”)
is equal to or greater than $_____, after taking into account the expensing of officer bonuses under the _____ Executive Short
Term Incentive Plan (the “162(m) Performance Goal”).

 

1.3           If
the 162(m) Performance Goal is satisfied, the vesting schedule for the Restricted Shares shall be as follows: the first third will
vest on _____; the second third will vest on _____; and the final third will vest on _____ (each such period, a “Vesting
Period”). If the 162(m) Performance Goal is not satisfied, all Restricted Shares granted pursuant to this Award Agreement
shall be forfeited and cancelled.

 

     

     

    

 

1.4           Participant
acknowledges receipt of a copy of the Plan, and agrees that this grant of Restricted Shares shall be subject to all of the terms
and conditions set forth in the Plan, including future amendments thereto, if any, pursuant to the terms thereof, which Plan is
incorporated herein by reference as a part of this Award Agreement.

 

		2.	Rights of Participant.

 

2.1           Except
as provided in Section 2.2, the Participant shall have the rights of a stockholder with respect to the Restricted Shares, including
the right to vote the Restricted Shares and to receive dividends in accordance with Section 6 hereof, other than those Restricted
Shares which have been forfeited pursuant to Section 3.2 hereof.

 

2.2           Prior
to the earlier of either the completion of the applicable Vesting Period or completion of the Accelerated Vesting Period (as defined
herein), the Restricted Shares shall not be sold, transferred or otherwise disposed of by the Participant, nor pledged or otherwise
hypothecated, nor will the certificates representing the Restricted Shares be released to the Participant until fulfillment of
either the applicable Vesting Period or the Accelerated Vesting Period (collectively, the “Transfer Restrictions”).

 

		3.	Lapse of Restrictions.

 

3.1           The
Transfer Restrictions and all other restrictions with respect to the Restricted Shares shall lapse, and such Restricted Shares
shall become fully vested on the earlier of the following dates:

 

(a)          Completion
of the applicable Vesting Period, provided that the Participant’s service with the Company and/or any Subsidiary as an Eligible
Person is not interrupted or terminated (“Continuous Service”) until completion of the applicable Vesting Period.
The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in
which the Participant renders service to the Company or any Subsidiary. The Committee, in its sole discretion, may determine whether
Continuous Service shall be considered interrupted in the case of any leave of absence, including sick leave, military leave or
any other personal leave; or

 

(b)          the
date (an “Accelerated Vesting Period”) (i) prior to the consummation of a Change in Control as provided in Section
4 hereof; or (ii) the date on which the Committee, in its sole discretion, waives the forfeiture period as a result of (A) the
Participant’s termination of Continuous Service due to the Participant’s death, Disability, Retirement, or other event;
or (B) a material change in circumstances.

 

(c)          For
purposes of this Award Agreement:

 

(i)          “Disability”,
shall mean the Participant’s inability, due to illness, accident, injury, physical or mental incapacity or other disability,
to carry out effectively the duties and obligations to the Company and/or a Subsidiary performed by such person immediately prior
to such disability for a period of at least six (6) months, as determined in the good faith judgment of the Committee.

 

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(ii)         “Retirement”
shall mean a Participant’s retirement from the Company or a Subsidiary (A) on or after attaining the age of 55 and completing
at least ten (10) years of service to the Company or any Subsidiary; or (B) on or after attaining the age of 65.

 

3.2           Upon
the termination of the Participant’s Continuous Service prior to completion of each applicable Vesting Period, other than
as provided in Section 3.1 above, the Restricted Shares shall be forfeited and automatically transferred to and reacquired by the
Company at no cost to the Company, and neither the Participant nor his or her heirs, executors, administrators or successors shall
have any right or interest in the Restricted Shares.

 

4.            Change
in Control. As provided in Section 7.2 of the Plan, if a Change in Control shall be deemed to have occurred, any unvested
Restricted Shares held by Participant shall become fully vested if the Administrator (as defined in the Plan) has not made appropriate
provisions for the substitution, assumption, exchange or other continuation of the Restricted Shares pursuant to the Change in
Control; provided that even if the Administrator has made appropriate provisions for the substitution, assumption, exchange or
other continuation of the Restricted Shares pursuant to the Change in Control, any unvested Restricted Shares held by Participant
may become fully vested in the discretion of the Administrator.

 

		5.	Escrow and Delivery of Shares.

 

5.1           Certificates
representing the Restricted Shares shall be issued in the name of the Participant but shall be retained by the Company unless and
until the Transfer Restrictions lapse.

 

5.2           Pursuant
to Section 3.1 hereof, if the Committee waives, in its sole discretion, the forfeiture period as a result of the Participant’s
death, certificates representing the Restricted Shares shall be delivered to the Participant’s estate as soon as practicable
following the Company’s receipt of an official death certificate or other evidence of death acceptable to the Company, provided
that the Participant’s estate has satisfied all applicable tax withholding requirements with respect to the Restricted Shares.

 

6.            Dividends.
All ordinary cash dividends declared and paid by the Company on Restricted Shares shall be paid by the Company for the account
of the Participant.

 

7.            No
Right to Continued Employment. Nothing in this Award Agreement or the Plan shall confer upon the Participant the right
to maintain its relationship with the Company or any Subsidiary, whether as an employee or consultant, nor shall it interfere in
any way with any right of the Company, or any such Subsidiary, to terminate its relationship with the Participant at any time for
any reason whatsoever, with or without cause.

 

8.            Prohibited
Activities.

 

8.1           During
the term of the Participant’s employment and for a period of six months after termination of employment (the “Restricted
Period”), the Participant will not:

 

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(a)          be
employed, including as an employee, consultant or otherwise, by any person or entity that is engaged in the business of air medical
emergency transport services and systems or the business of helicopter tourism;

 

(b)          directly
or indirectly hire or solicit an employee who is or, at any time during the three months prior to Participant’s termination
of employment, was an employee of the Company or any Subsidiary; or

 

(c)          usurp
any corporate opportunity of the Company or otherwise interfere with the relationship between the Company and/or its Subsidiaries
and any person or entity with whom the Company and/or a Subsidiary is conducting, proposes to conduct or has during the six months
prior to Participant’s termination of employment conducted any business activities.

 

8.2           The
Participant and the Company acknowledge that it would be extremely difficult and impracticable, if not impossible, to ascertain
with any degree of certainty the amount of damages which would be suffered by the Company in the event the Participant breaches
any of the provisions contained in Section 8.1 (each, a “Prohibited Activity”). The Participant and the Company
hereby agree that the reasonable estimate of said damages shall be an amount equal to the amount recognized by the Participant
as income (net of taxes withheld) with respect to any Restricted Shares that vested within six months prior to the date of termination
of Participant’s employment (the “Clawback Amount”). The right to receive the Clawback Amount shall be
the Company’s sole remedy in the event of the occurrence of a Prohibited Activity. The Clawback Amount shall be paid by the
Participant within 15 days after occurrence of the Prohibited Activity and may be payable in cash or an equivalent amount of Common
Stock, at the option of the Participant.

 

8.3           In
the event the Participant is subject to any other non-competition provisions, which are set forth in an agreement between the Participant
and the Company and/or a Subsidiary, including without limitation, an employment agreement and/or a non-competition agreement,
the terms of such non-competition provision shall govern and control.

 

9.           Adjustments
Upon Recapitalization. If, by reason of a recapitalization or other change in corporate or capital structure, the Participant
shall be entitled to new, additional or different shares of stock or securities of the Company or any successor Company or entity
or other property pursuant to Section 7.1 of the Plan, such new, additional or different shares or other property shall thereupon
be subject to all of the conditions and restrictions which were applicable to the Restricted Shares immediately prior to such recapitalization
or other change in corporate or capital structure.

 

10.         Withholding
of Taxes. In order to comply with all applicable federal or state income tax laws or regulations, the Company may take
such action as it deems appropriate to ensure that all applicable federal or state payroll, withholding, income or other taxes,
which are the sole and absolute responsibility of Participant, are withheld or collected from Participant. In accordance with the
terms of the Plan, and such rules as may be adopted by the Committee under the Plan, Participant may elect to satisfy Participant’s
federal and state tax withholding obligations arising from the receipt of, or the lapse of restrictions relating to, the Restricted
Stock, by (i) delivering cash, check (bank check, certified check or personal check) or money order payable to the Company,
or (ii) having the Company withhold a portion of the vested Restricted Stock otherwise to be delivered having a Fair Market
Value equal to the amount of such taxes.

 

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11.         Modification
of Award Agreement. Except as set forth in the Plan and in this Award Agreement, this Award Agreement may be modified,
amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument executed by the parties
hereto.

 

12.         Severability.
Should any provision of this Award Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any
reason, the remaining provisions of this Award Agreement shall not be affected by such holding and shall continue in full force
and effect in accordance with their terms.

 

13.         Governing
Law. This Award Agreement and all rights arising hereunder shall be governed by, and construed and interpreted in accordance
with, the laws of the State of Delaware.

 

14.         Successors
in Interest. This Award Agreement shall inure to the benefit of and be binding upon any successor to the Company and upon
the Participant’s heirs, executors, administrators and successors.

 

	 	AIR METHODS CORPORATION
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

	 	PARTICIPANT
	 	 
	 	 
	 	Name:  

 

    	 	5Exhibit 10.7

 

AIR
METHODS CORPORATION

2015
EQUITY INCENTIVE PLAN

 

STOCK
OPTION AGREEMENT

(Incentive
Stock Option)

 

THIS STOCK OPTION AGREEMENT
is made and entered into as of _________, by and between AIR METHODS CORPORATION (the “Company”) and _________
(the “Optionee”) (together, the “Parties”).

 

Recitals

 

I.           On
May 20, 2015, the stockholders of the Company approved the Company’s 2015 Equity Incentive Plan (the “Plan”),
which provides that employees, non-employee directors and consultants of the Company and its Subsidiaries may receive options to
purchase Common Stock of the Company. Capitalized terms that are not defined herein shall have the meanings set forth in the Plan.

 

II.          The
Plan permits the granting of incentive stock options, which conform to the requirements of Section 422 of the United States
Internal Revenue Code of 1986, as amended (the “Code”), and non-incentive stock options, which do not qualify
as incentive stock options under that Section.

 

III.         The
Optionee has been selected to receive an incentive stock option pursuant to the Plan. To
the extent that the Fair Market Value (determined on the Grant Date (as defined below)) of the shares of Common Stock with
respect to which incentive stock options are exercisable for the first time by the Optionee during any calendar year (under all
equity compensation plans of the Company) exceeds $100,000, the option or portions thereof which exceed such limit (according to
the order in which they were granted) shall be treated as non-incentive stock options.

 

IV.          The
Optionee is desirous of obtaining the stock option on the terms and conditions herein contained.

 

Agreement

 

IT IS THEREFORE agreed
by and between the Parties, for and in consideration of the premises and the mutual covenants herein contained and for other good
and valuable consideration, as follows:

 

1.          Grant
of Option. The Company has granted to the Optionee, on _________ (the “Grant Date”), an option to purchase
_________ shares of Common Stock of the Company (the “Option”) upon the terms and conditions herein set forth
and subject to the terms and conditions of the Plan. The Option is granted as a matter of separate agreement, and not in lieu of
any regular or special compensation for services.

 

     

     

    

 

2.          Exercise
Price. The exercise price of the Option is $___ per share, which is not less than the Fair Market Value of a share of Common
Stock on the date the Option was granted as specified in paragraph 1.

 

3.          Term.
Unless sooner terminated or modified under the provisions of this Agreement, the Option shall continue and shall automatically
expire at midnight on _________, the ___ anniversary of the Option grant.

 

4.          Vesting
Schedule. The Option may be exercised by the Optionee to purchase the total number of shares specified in paragraph 1
in accordance with the following vesting schedule, provided the Optionee remains in the continuous service of the Company from
the Grant Date through the vesting dates set forth below: (i) 1/3rd vesting on _________, (ii) 1/3rd vesting
on _________, and (iii) 1/3rd vesting on _________.

 

The Optionee need not exercise
any part of the Option when it becomes exercisable, but may accrue the fractional increments described above and exercise them
in any later period, prior to expiration of the Option.

 

5.          Termination
of Service. If the Optionee’s employment with the Company or a Subsidiary terminates for any reason other than the
Optionee’s disability (as defined in Section 22(e)(3) of the Code), the Option, to the extent then exercisable as provided
in paragraph 4, shall remain exercisable after the termination of the Optionee’s employment for a period of three months.
If the Optionee’s employment is terminated because of the Optionee’s disability, the Option, to the extent then exercisable
as provided in paragraph 4, shall remain exercisable after the termination of the Optionee’s employment for a period
of twelve months. If the Option is not exercised during the applicable period, it shall be deemed to have been forfeited and of
no further force or effect. Any portion of the Option that is not vested and exercisable as of the date Optionee terminates employment
shall expire and cease to be outstanding as of the date of such employment termination.

 

6.          Exercise
upon Death; Option Not Transferable. In the event of the Optionee’s death, the Option may be exercised by the personal
representative of the Optionee’s estate or, if no personal representative has been appointed, by the successor or successors
in interest determined under the Optionee’s will or under the applicable laws of descent and distribution. The Option may
not be transferred, assigned, encumbered or alienated in any way, and any attempt to do so shall render the Option and any unexercised
portion thereof, at the discretion of the Company, null and void and unenforceable by the Optionee.

 

7.          Exercise.
The Option may be exercised in whole or in part by delivering to the Company written notice of exercise together with payment in
full for the shares being purchased upon such exercise. Prior to the exercise of any part of the Option, the Optionee shall have
a Form B reviewed and approved by the Company’s General Counsel. A copy of the Form B is attached to the Company’s
Insider Trading Policy.

 

8.          Issuance
of Shares. The Company will, upon receipt of said notice and payment, issue or cause to be issued to the Optionee (or to
the Optionee’s personal representative or other person entitled thereto) a stock certificate for the number of shares purchased
thereby, or electronically deliver such shares to an account designated by the Optionee. The Optionee may designate a member of
the Optionee’s immediate family as a co-owner of the said shares.

 

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9.          Securities
Law Compliance. The Company may, in its discretion, file and maintain effective with the Securities and Exchange Commission
a Registration Statement on Form S-8 under the Securities Act of 1933, as amended (the “Act”), covering
the sale of the optioned shares to Optionee upon exercise of the Option. If, at the time of exercise, the Company does not have
an effective Registration Statement on file covering the sale of the optioned shares, the Optionee represents and agrees that:
(i) the Option shall not be exercisable unless the purchase of optioned shares upon the exercise of the Option is pursuant
to an applicable effective registration statement under the Act, or unless in the opinion of counsel for the Company, the proposed
purchase of such optioned shares would be exempt from the registration requirements of the Act, and from the qualification requirements
of any state securities law; (ii) upon exercise of the Option, the Optionee will acquire the optioned shares for the Optionee’s
own account for investment purposes and not with any intent or view to any distribution, resale or other disposition of the optioned
shares; (iii) the Optionee will not sell or transfer the optioned shares, unless they are registered under the Act, except
in a transaction that is exempt from registration under the Act, and each certificate issued to represent any of the optioned shares
shall bear a legend calling attention to the foregoing restrictions and agreements. The Company may require, as a condition of
the exercise of the Option, that the Optionee sign such further representations and agreements as it reasonably determines to be
necessary or appropriate to assure and to evidence compliance with the requirements of the Act.

 

10.         Change
in Control. As provided in Section 7.2 of the Plan, in the event of a Change in Control, any unvested Option held by the
Optionee shall become fully vested if the Administrator (as defined in the Plan) has not made appropriate provisions for the substitution,
assumption, exchange or other continuation of the Option pursuant to the Change in Control; provided that even if the Administrator
has made appropriate provisions for the substitution, assumption, exchange or other continuation of the Option pursuant to the
Change in Control, any unvested Option held by the Optionee may become fully vested in the discretion of the Administrator.

 

11.         Employment
Affirmation; No Employment Rights. In consideration of the granting by the Company of the Option, the Optionee hereby affirms
that the Optionee has a present intention to remain in the employ and service of the Company for the period that this Option continues.
This affirmation, however, shall confer no right on the Optionee to continue in the employ of the Company, nor interfere in any
way with the right of the Company to discharge the Optionee at any time for any reason whatsoever, with or without cause.

 

12.         No
Stockholder Rights. The Optionee shall have no rights as a stockholder with respect to the shares of Common Stock which
may be purchased pursuant to the Option until such shares are issued to the Optionee.

 

13.         Governing
Law. This Agreement is entered into and shall be governed by, construed and enforced in accordance with the laws of the
State of Delaware.

 

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14.         Plan
Incorporated. The terms and conditions contained in the Plan, as it may be amended from time to time hereafter, are incorporated
into and made a part of this Agreement by reference, as if the same were set forth herein in full, and all provisions of the Option
are made subject to any and all terms of the Plan.

 

IN WITNESS WHEREOF, the
parties have hereunto affixed their signatures in acknowledgment and acceptance of the above terms and conditions on the date first
above set forth.

 

	 	AIR METHODS CORPORATION
	 	 	 
	 	By:	 
	 	Name: 
	 	Title: 
	 	 
	 	Name:  

  

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