Document:

Exhibit 10.9

 

AIR METHODS CORPORATION

2015 EQUITY INCENTIVE PLAN

 

PERFORMANCE-BASED SHARE UNIT AWARD AGREEMENT

 

This Performance-Based
Share Unit Award Agreement (this “Award Agreement”) is made effective as of the ___ day of ____________ (the
“Grant Date”), ____________ (the “Participant”).

 

WHEREAS, the Board
has adopted, and the stockholders 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); and

 

WHEREAS, the Plan
provides for the granting of performance-based 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 an incentive award under the Plan and has determined that it
would be in the best interest of the Company to grant the incentive award 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.          Definitions.
Capitalized terms used herein shall have the same meanings ascribed to them in the Plan. Whenever the following terms are used
in this Award Agreement, they shall have the meanings set forth below.

 

1.1           “Performance
Period” means the period commencing ____________ and ending on ____________.

 

1.2           “Permanent
Disability” shall mean the Participant’s inability, due to illness, accident, injury, physical or mental incapacity
or other disability, to carry out the duties and obligations to the Company 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.

 

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

 

     

     

    

 

1.4           “Russell
2000 Index Companies” means those companies included in the small-cap market index of the bottom 2000 stocks in the Russell
3000 Index on the last date of the relevant period for which any determination of TSR Percentile is required to be made; provided,
however, that any such company that was not consistently traded on an established securities exchange from the first day of the
Performance Period through the last date of the relevant period for which any determination of TSR Percentile is required to be
made shall be disregarded and shall not be included as a member of the Russell 2000 Index Companies.

 

1.5           “Severance
Date” shall mean the last day that Participant is employed by or provides services to the Company.

 

1.6           “TSR”
means a company’s total shareholder return, calculated based on the stock price appreciation during a specified measurement
period plus the value of dividends paid on such stock during the measurement period (which shall be deemed to have been
reinvested in the underlying company’s stock on the ex-dividend date). In calculating stock price appreciation for any period,
the stock price on the first day and last day of the relevant period shall be deemed to be equal to the average of the closing
prices of the applicable company’s stock for the 90 trading days prior to and including the relevant date. The Committee
may make appropriate adjustments to reflect any changes in the capital stock of any company (e.g. stock splits, subdivision or
consolidation of shares) that occurs during the relevant measurement period.

 

1.7           “TSR
Percentile” means the percentile rank of the Company’s TSR during the relevant period relative to the TSR of the
Russell 2000 Index Companies during the relevant period, as determined by the Committee.

 

		2.	Performance Share Units.

 

2.1           The
Company hereby grants to the Participant ____________ Granted Performance Share Units, subject to such conditions as are provided
for in the Plan and this Award Agreement. Each “Granted Performance Share Unit” is a phantom stock right that
may, pursuant to Section 2.2 below, vest into a greater or lesser number of Earned Performance Share Units (if any). Each “Earned
Performance Share Unit” shall entitle the Participant to receive one share of the Company’s common stock, $0.06
par value per share (the “Common Stock”).

 

2.2           Subject
to Section 4 below, upon expiration of the Performance Period, Participant shall vest in a number of Earned Performance Share Units
(if any) equal to the product of the aggregate number of Granted Performance Share Units set forth in Section 2.1 multiplied by
the percentage corresponding to the Company’s TSR Percentile during the Performance Period in accordance with the following
table:

 

	Company’s TSR Percentile 	 	
        Earned Performance Share Units

        (as a % of Granted Performance Share Units)

	Below the 25th TSR Percentile:	 	0%
	25th TSR Percentile:	 	100%
	75th TSR Percentile and Above:	 	200%

 

    	 	- 2 -	 

     

    

 

If the Company’s TSR
Percentile during the Performance Period is between two of the TSR Percentiles in the above table, the corresponding percentage
of Earned Performance Share Units shall be calculated using linear interpolation (e.g., 50th TSR Percentile would result
in a percentage of Earned Performance Share Units of 150%). Except as set forth in Section 4 below, any Granted Performance Share
Units that do not become Earned Performance Share Units shall be forfeited and cancelled upon expiration of the Performance Period.
The Committee will certify in writing and provide Participant with written notice of the number of Earned Performance Share Units
promptly following the end of the Performance Period.

 

2.3           Notwithstanding
the foregoing and subject to Section 4 below, the Granted Performance Share Units shall vest into Earned Performance Share Units
only if the Participant’s service with the Company as an Eligible Person is not interrupted or terminated (“Continuous
Service”) from the Grant Date through the last day of the Performance 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. 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. Upon the termination of the Participant’s
Continuous Service prior to the end of the Performance Period, other than as provided in Section 4 below, all Granted Performance
Share Units shall be forfeited and cancelled, and neither the Participant nor his or her heirs, executors, administrators or successors
shall have any right or interest in the Granted Performance Share Units.

 

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

 

3.          No
Rights of a Stockholder. The Participant shall have no voting, rights to receive dividends or other rights as a stockholder
of the Company with respect to this award until such time, if any, that shares of Common Stock are issued pursuant to Section 5
in settlement of Earned Performance Shared Units. The Participant’s right to receive Common Stock earned under this Agreement
shall be no greater than the right of any unsecured general creditor of the Company.

 

4.          Accelerated
Vesting of Performance Share Units.

 

4.1           Notwithstanding
Section 2.3 above, if a Change in Control is consummated prior to the last day of the Performance Period, then at the date of consummation
of the Change in Control, Participant shall vest in a number of Earned Performance Share Units (if any) calculated in the manner
set forth in Section 2.2 above, except that (i) the Company’s TSR shall be calculated based on the price per share of Common
Stock paid to the Company’s holders of Common Stock in the Change in Control transaction, and (ii) for purposes of calculating
the TSR Percentile, the Performance Period shall be deemed to have ended on the date of consummation of the Change in Control.

 

4.2           
Notwithstanding Section 2.3 above, if Participant’s employment with or provision of services to the Company is terminated
prior to the last day of the Performance Period as a result of Participant’s death or Permanent Disability, then at the Severance
Date, Participant shall vest in a number of Earned Performance Share Units calculated in the manner set forth in Section 2.2 above
except that (i) the number of Performance Share Units will be pro-rated based on the number of days that Participant was employed
or provided services to the Company between the Grant Date and the Severance Date as a percentage of the number of days in the
Performance Period, and (ii) for purposes of calculating the TSR Percentile, the Performance Period shall be deemed to have ended
on the Severance Date.

 

    	 	- 3 -	 

     

    

 

4.3           Notwithstanding
Section 2.3 above, if Participant’s employment with or provision of services to the Company is terminated prior to the last
day of the Performance Period as a result of Participant’s Retirement, then the Performance Share Units shall not be forfeited
and Participant shall continue to hold the Performance Share Units through the end of the Performance Period. At the expiration
of the Performance Period, Participant shall vest in a number of Earned Performance Share Units calculated in the manner set forth
in Section 2.2 above except that the number of Earned Performance Share Units will be pro-rated based on the number of days that
Participant was employed or provided services to the Company between the Grant Date and the Severance Date as a percentage of the
number of days in the Performance Period.

 

5.          Delivery
of Shares. As soon as reasonably practicable (and in all events within 74 days) after Performance Share Units become
Earned Performance Share Units, a stock certificate (which may be in electronic form) for such number of shares of Common Stock
equal to the number of Earned Performance Share Units in the name of the Participant shall be delivered to the Participant (or,
in the case of Participant’s death or Permanent Disability, to the Participant’s estate or guardian), subject to the
Company’s collection of applicable withholding taxes in accordance with Section 9 below. All shares of Common Stock issuable
to the Participant shall be issued under the Plan, and the Company shall at all times ensure that there are sufficient shares reserved
for issuance under the Plan to satisfy its obligations hereunder.

 

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

 

		7.	Prohibited Activities.

 

7.1           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:

 

(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 the Participant’s termination
of employment, was an employee of the Company or any of its Subsidiaries; or

 

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

 

    	 	- 4 -	 

     

    

 

7.2           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 7.1 (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) upon the settlement of any Earned Performance Share Units that vested within six months prior
to the date of termination of the 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.

 

7.3           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, including without limitation, an employment agreement and/or a non-competition agreement, the terms of such non-competition
provision shall govern and control.

 

8.          Adjustments
Upon Recapitalization. In the event of any stock dividend, extraordinary cash dividend, recapitalization, reorganization,
merger, consolidation, split-up, spin-off, combination, exchange of shares, grant of warrants or rights offering to purchase Common
Stock at a price materially below fair market value or other similar corporate event affecting the Common Stock, the Committee
shall adjust the award issued hereunder in order to preserve the benefits or potential benefits intended to be made available under
this Award Agreement. All adjustments shall be made in the sole and exclusive discretion of the Committee, whose determination
shall be final, binding and conclusive. Notice of any adjustment shall be given to the Participant.

 

9.          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 the Participant, are withheld or collected from the Participant. In accordance
with the terms of the Plan, and such rules as may be adopted by the Committee under the Plan, the Participant may elect to satisfy
the Participant’s federal and state tax withholding obligations arising from the settlement of any Earned Performance Share
Units, by (i) delivering cash, check (bank check, certified check or personal check) or money order payable to the Company
equal to the minimum amount of such taxes, (ii) having the Company withhold a portion of the Common Stock otherwise to be
delivered having a Fair Market Value equal to the minimum amount of such taxes, (iii) delivering to the Company shares of
Common Stock already owned by Participant having a Fair Market Value equal to the minimum amount of such taxes, or (iv) allowing
the Company to deduct from any amount otherwise payable in cash to the Participant an amount equal to the minimum amount of such
taxes.

 

    	 	- 5 -	 

     

    

 

10.         Tax
Considerations. The Company has advised Participant to seek Participant’s own tax and financial advice with regard
to the federal and state tax considerations resulting from Participant’s receipt of the Performance Share Units pursuant
to this Award Agreement. Participant understands that the Company will report to appropriate taxing authorities the payment to
Participant of compensation income upon the vesting of the Performance Share Units. Participant understands that he or she is solely
responsible for the payment of all federal and state taxes resulting from this grant of Performance Share Units.

 

11.         Modification
of Award Agreement. Except as set forth in the Plan or 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. No right or interest of the Participant pursuant to this
Award Agreement shall be assignable or transferable in whole or in part, either directly or by operation of law or otherwise, including,
but not by way of limitation, execution, levy, garnishment, attachment, pledge, bankruptcy, or in any other manner, and no right
or interest of the Participant pursuant to this Award Agreement shall be liable for, or subject to, any obligation or liability
of the Participant. Any assignment, pledge, encumbrance, charge, transfer, or other act in violation of this Section 14 shall
be void.

 

15.         Conflicts
and Interpretation. In the event of any ambiguity in this Award Agreement, or any matters as to which this Award Agreement
is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Committee has the
power, among others, to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the
Plan and (iii) make all other determinations deemed necessary or advisable for the administration of the Plan.

 

16.         Compliance
with Code Section 409A. The Performance Share Units granted under this Award Agreement are intended to fit within
the “short-term deferral” exemption from section 409A of the Code, and this Award Agreement shall be interpreted and
administered in accordance with such intent. Participant acknowledges that the Committee in the exercise of its sole discretion
and without Participant’s consent, may amend or modify the Award Agreement in any manner, and delay the payment of any amounts
thereunder, to the minimum extent necessary to satisfy the requirements of Section 409A of the Code. The Company will provide Participant
with notice of any such amendment or modification. This Section does not, and shall not be construed so as to, create any obligation
on the part of the Company to adopt any such amendments or to take any other actions or to indemnify Participant for any failure
to do so. 

 

    	 	- 6 -	 

     

    

 

	 	AIR METHODS CORPORATION
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:  

 

	 	PARTICIPANT
	 	 
	 	 
	 	Name: 

 

    	 	- 7 -Exhibit 10.10

 

AIR METHODS CORPORATION

2015 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

This Restricted Stock Unit
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 units to eligible participants as determined by the Compensation 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 units under the Plan and has determined
that it would be in the best interest of the Company to grant the Restricted Stock Units (as defined herein) to the Participant
as 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 Stock Units.

 

1.1           The
Company granted to the Participant, on _____________ (the “Grant Date”), _____________ restricted stock units
(individually and collectively referred to as the “Restricted Stock Units”), subject to such conditions as are
provided for in the Plan and this Award Agreement. Each Restricted Stock Unit represents the right, upon vesting, to receive one
share of the Company’s common stock, $0.06 par value per share (the “Common Stock”).

 

1.2           No
Restricted Stock Unit shall vest unless the Company’s fiscal year ______ fully diluted earnings per common share (“EPS”)
as reported in the Company’s Annual Report on Form 10-K for the ______ fiscal year as filed with the Securities and Exchange
Commission (the “______ Form 10-K”) 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”). If
the 162(m) Performance Goal is not satisfied, all Restricted Stock Units granted pursuant to this Award Agreement shall be forfeited
and cancelled as of the date of the filing of the ______ Form 10-K.

 

1.3           If
the 162(m) Performance Goal is satisfied, the vesting schedule for the Restricted Stock Units 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”).

 

     

     

    

 

1.4           Notwithstanding
the foregoing and subject to Section 3 below, the Restricted Stock Units shall vest only if the Participant’s service with
the Company as an Eligible Person is not interrupted or terminated (“Continuous Service”) from the Grant Date
through the last day of each 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 and/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. Upon the termination of the Participant’s Continuous Service
prior to the end of the last Vesting Period, other than as provided in Section 3 below, all Restricted Stock Units attributable
to Vesting Periods that have not yet been satisfied shall be forfeited and cancelled, and neither the Participant nor his or her
heirs, executors, administrators or successors shall have any right or interest in the forfeited Restricted Stock Units.

 

1.5           Participant
acknowledges receipt of a copy of the Plan, and agrees that this grant of Restricted Stock Units shall be subject to all of the
terms and conditions set forth in the Plan, including future amendments thereto. The Plan is incorporated herein by reference as
a part of this Award Agreement.

 

		2.	Rights of Participant.

 

2.1           Except
as provided herein, Participant has no stockholder rights with respect to the Restricted Stock Units.         
The Participant’s right to receive Common Stock under this Agreement shall be no greater than the right of any unsecured
general creditor of the Company.

 

2.2           Restricted
Stock Units shall have related dividend equivalent rights, which shall entitle Participant, upon the vesting of Restricted Stock
Units, to receive an additional amount in cash equal to the value of all dividends and distributions made between the Grant Date
and the vesting date with respect to a number of shares of Common Stock equal to the number of Restricted Stock Units vesting on
such date (the “Dividend Equivalent Amounts”). The Dividend Equivalent Amounts shall be accumulated and paid
as soon as reasonably practicable following, and in no event more than thirty (30) days following, the vesting date of the Restricted
Stock Units to which they relate. In the event the related Restricted Stock Units are forfeited, the accumulated Dividend Equivalent
Amounts will also be forfeited.

 

2.3           Restricted
Stock Units (and related rights) may not be sold, assigned, transferred by gift or otherwise, pledged, hypothecated, or otherwise
disposed of, by operation of law or otherwise.

 

    	 	2	 

     

    

 

		3.	Accelerated Vesting of Restricted Stock Units.

 

3.1           As
provided in Section 7.2 of the Plan, if a Change in Control shall be deemed to have occurred, any unvested Restricted Stock Units
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 Stock Units 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 Stock Units pursuant to the Change in Control, any unvested Restricted Stock Units held by Participant may become
fully vested in the discretion of the Administrator.

 

3.2           Notwithstanding
Section 1.4 above, if Participant’s Continuous Service is terminated prior to the vesting of the Restricted Stock Units as
a result of Participant’s death, Disability, or Retirement, then the Committee, in its sole discretion, may, but need not,
accelerate in full or in part any then-unvested Restricted Stock Units; provided, however, that in no event shall accelerated vesting
occur in the event the 162(m) Performance Goal is not achieved.

 

3.3           For
purposes of this Award Agreement:

 

(a)          “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.

 

(b)          “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.

 

4.          Delivery
of Shares. As soon as reasonably practicable (and in all events within 74 days) after the Restricted Stock Units
have vested (e.g. upon the satisfaction of a Vesting Period, the occurrence of a Change in Control, vesting upon death, Disability,
or Retirement, etc.), a stock certificate (which may be in electronic form) for such number of shares of Common Stock equal to
the number of vested Restricted Stock Units in the name of the Participant shall be delivered to the Participant (or, in the case
of Participant’s death or Disability, to the Participant’s estate or guardian), subject to the Company’s collection
of applicable withholding taxes in accordance with Section 8 below. All shares of Common Stock issuable to the Participant shall
be issued under the Plan, and the Company shall at all times ensure that there are sufficient shares reserved for issuance under
the Plan to satisfy its obligations hereunder.

 

5.          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.

 

    	 	3	 

     

    

 

		6.	Prohibited Activities.

 

6.1           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:

 

(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.

 

6.2           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 6.1 (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 Stock Units 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.

 

6.3           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 apply in addition to the restrictive covenants set forth in this Section 6.

 

7.          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 Stock Units immediately prior to such
recapitalization or other change in corporate or capital structure.

 

    	 	4	 

     

    

 

8.          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 the Participant, are withheld or collected from the Participant. In accordance
with the terms of the Plan, and such rules as may be adopted by the Committee under the Plan, the Participant may elect to satisfy
the Participant’s federal and state tax withholding obligations arising from the settlement of any vested Restricted Stock
Units, 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 Common Stock otherwise to be delivered having a Fair Market Value equal
to the amount of such taxes.

 

9.          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.

 

10.         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.

 

11.         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.

 

12.         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:  

 

    	 	5

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