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  Exhibit 10.29    
    

 
    SEPARATION AGREEMENT AND COMPLETE SETTLEMENT AND RELEASE    
    

        This Separation Agreement and Complete Settlement and Release (hereinafter "Agreement") is made and entered into by and between Mark
Bruning (the "Employee") and American Medical Response, Inc. ("Company"), having offices at: 6200 S. Syracuse Way, Suite 200, Greenwood Village, CO 80111. 

        The
definition of "Affiliate" for the purpose of this Agreement shall mean any direct or indirect parent company, subsidiary company, or contractual affiliate of the Company, including
without limitation, Emergency Medical Services Corporation, EmCare, Inc., Reimbursement Technologies, Inc. and their subsidiaries and contractual Affiliates. The use of gender specific
terms or pronouns in this Agreement shall not be considered as a limitation to a specific gender but instead shall be considered as inclusive of all genders. 

 
 

  RECITALS    
    

        WHEREAS, the Employee has been employed by the Company in a confidential relationship and in an executive position as the President of
the Company; and 

        WHEREAS,
the Employee has had access to and has become familiar with information as to the specific manner of doing business, strategic plans for future business and identity of
customers and potential customers, all of which is established and maintained at great expense to the Company and constitutes trade secrets of the Company; and 

        WHEREAS,
the Employee recognizes that the Company and its Affiliates depend upon this confidential information and trade secrets, including without limitation confidential techniques,
methods and data; and 

        WHEREAS,
the Company and its Affiliates will sustain great loss and damage if the Employee should violate the provisions of this Agreement, particularly with respect to confidential
information and restrictions on competition. Monetary damages for such losses would be extremely difficult to measure; and 

        WHEREAS,
Employee has agreed to enter into this Agreement in exchange for a separation payment, and other valuable consideration which is in addition to any benefits Employee may be
entitled to receive; and 

        WHEREAS,
Employee and the Company desire to settle fully and finally any and all employment relationship matters between them including, but not limited to, any differences that might
have arisen out of Employee's employment with and termination from the Company. 

 
 

  AGREEMENT    
    

        NOW THEREFORE, in consideration of the mutual promises made herein, it is agreed as follows: 

	1.
	TERM.    The Term of this Agreement shall commence on the Termination Date and shall terminate as
of the date Employee receives their final Separation Payment (the "Term").

	2.
	TERMINATION.    The Employee's last active day of employment with the Company will be
January 14, 2013 (the "Termination Date"), and the Employee's employment with the Company will terminate effective on that date. The Employee will receive vested payment for any and all accrued
unused paid time off days. 

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	3.
	SEPARATION PAYMENTS.    As consideration for the Employee's commitments set forth in this Agreement
and in accordance with Employee's Employment Agreement dated May 4, 2009 and subsequently amended March 16, 2010 and May 25, 2011 (collectively the "Employment Agreement"), the
Company agrees to pay to Employee, upon expiration of the revocation period provided for herein, an amount equal to one hundred four (104) weeks' base pay, plus an amount equal to ninety
(90) days' base pay in lieu of the required notice under the Employment Agreement, which equals a total payment of One Million Fifty-five Thousand Seven Hundred Fifty Dollars
($1,055,750), plus a lump sum in the amount of One Hundred Thirty-one Nine Hundred Sixty-nine Dollars ($131,969) in lieu of the required notice under the Employment Agreement,
less all legally required deductions for FICA, taxes, and all other applicable withholdings. After expiration of the revocation period, the payments will be made per the normal payroll cycle over the
one hundred four (104) week period following the date this Agreement is executed by all parties. These periodic Separation Payments will be made to the Employee, unless otherwise advised in
writing, at the Employee's home address as indicated in the Company's records. In addition, Employee shall receive any bonus payment owed pursuant to the Company's bonus plans in accordance with the
terms of such bonus plans when all such other bonuses are paid to other eligible employees. The Separation Payments and the bonus payment provided for in this paragraph shall be in full and complete
satisfaction of, without limitation, any claim for salary, benefits, compensation of any sort, or any other claim for anything of economic value that the Employee may have arising out of his or her
employment with the Company, or termination.

	4.
	OUTPLACEMENT.    The Company agrees to provide Employee with the outplacement services set forth in
Exhibit "A" attached hereto.

	5.
	BENEFITS CONTINUATION.

	A.
	Previously
elected group coverage under the medical, dental, and vision plans for the Employee and eligible dependents will cease on the Termination Date.
Under the Consolidated Omnibus Budget Reconciliation Act ("COBRA") as amended from time to time, the Employee may elect to continue coverage for themselves and their covered dependents for up to
eighteen (18) months from the Termination Date. The COBRA premium for these benefits will be equal to one hundred two percent (102%) of the current total premium for each benefit selected for
continued coverage (the "COBRA Premium").

	B.
	Information
regarding the Employee's right to continue previously elected group coverage will be sent to the Employee's home address by the COBRA
administrator. This packet will include a COBRA application as well as information concerning the COBRA Premium. Employee must ensure their current home address is on file with the Company.

	C.
	If
the Employee elects to utilize COBRA coverage, Company will continue to subsidize the COBRA Premium for a period of eighteen (18) months and in
accordance with Company policy, and Company will automatically deduct the Employee's contribution towards the COBRA Premium from any Separation Payments made pursuant to this Agreement. At such time
as the Employee ceases to receive Separation Payments from the Company, Employee shall assume sole responsibility for payment of the full COBRA Premium.

	D.
	If
the Employee fails to timely elect COBRA continuation coverage, coverage under the respective medical, dental and/or vision plan(s) will cease as of the
Termination Date.

	E.
	Previously
elected participation under the 2013 Health Care Flexible Spending Account will cease on date of termination. Eligible expenses incurred prior to
termination can 

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continue
to be reimbursed from the Health Care Spending Account, provided that any request for reimbursement be made before March 31, 2014. Participation in the Health Care Flexible Spending
Account can be continued through COBRA.  

	F.
	Participation
in the 2013 Dependent Care Spending Account will cease on the Termination Date. Eligible expenses incurred up to and until December 31,
2013, may continue to be reimbursed from the Dependent Care Spending Account provided that any request for reimbursement be made before March 31, 2014.

	6.
	RETURN OF COMPANY PROPERTY.    In accordance with his/her existing and continuing obligations to
the Company and the terms of the Employment Agreement, Employee agrees to return to the Company, on or before the Termination Date, all Company property or copies thereof, including, but not limited
to, files, records, computer access codes, computer programs, keys, card key passes, manuals, databases, documents, business plans, and other property and equipment which he/she received or prepared
or helped to prepare in connection with his employment with the Company. Employee agrees to vacate Company premises on or before Termination Date.

	7.
	ALL COMPENSATION DUE.    Employee acknowledges and agrees that the consideration described herein
constitutes the sole and exclusive consideration provided Employee under this Agreement and that Employee is not entitled to this consideration if Employee does not sign this Agreement. Employee
further acknowledges and agrees that Employee has received all wages, bonuses, compensation, remuneration and all other moneys due Employee arising out of, relating to or resulting from Employee's
employment with the Company including but not limited to all moneys due Employee under any benefit plans established and/or maintained by the Company.

	8.
	CONSULTING.    The Employee shall, without additional compensation or consideration, provide
consulting services throughout the Term as may be requested from time-to-time by William A. Sanger, related to matters that Employee may have worked on prior to the Termination
Date.

	9.
	NONCOMPETITION AGREEMENT.

	A.
	The
Employee acknowledges that the payments and other benefits provided to him under this Agreement constitute good and valuable consideration for his
non-competition covenants and that monetary damages for losses occasioned by his failure to abide by these covenants would be substantial and extremely difficult to measure. Because of the
difficulty of measuring economic damages to the Company as a result of violations of this Section, and because of the immediate and irreparable damage that would be caused to the Company, in the event
of a breach by the Employee of the provisions of this Section, the Employee agrees that the Company and its affiliates may, in addition to any other available remedy, enforce the provisions of the
Section by all equitable relief, including injunctions and restraining orders. The Employee acknowledges that payments contemplated herein are contingent upon compliance with this Section. Employee
agrees that if he/she violates or threatens to violate this Section, the Company may immediately discontinue or recover the Separation Payments paid to Employee under this Agreement.

	B.
	The
Employee agrees that for a period twenty-four months from the effective date of this Agreement, Employee will not in any manner directly or
indirectly: (a) disclose or divulge to any person, entity, firm, company or employer, or use for Emplolyee's own benefit or the benefit of any other person, entity, firm, company or employer
directly or indirectly in competition with Employer, any knowledge, information, business methods, techniques or data of Employer; (b) solicit, divert, take away or interfere with any of the
accounts, 

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trade,
business patronage, employees or contractual arrangements of Employer; or (c) compete with Employer, or enter into any contractual arrangements either individually or as equity-holder in
any entity, for the provision of air or ground ambulance services, medical transportation services or managed medical transportation services within one hundred (100) miles of any client of
Employer.  

	C.
	The
covenants of this Section are severable and separate, the unenforceability of any specific provision or covenant shall not affect the enforceability of
any other covenant, and it is the intention of the parties that the provisions hereunder be enforced to fullest extent that a court may deem reasonable. It is further specifically agreed that, with
respect to any period in which the Employee is in violation of Section, the non-competition period referred to herein shall be extended until such time as the Employee returns to
compliance with Section plus the length of time during the period in which the Employee was in violation of any provision of this Section.

	D.
	The
Company and Employee acknowledge that Colorado law, as set forth in Colorado Revised Statutes § 8-2-113(2),
voids covenants not to compete unless such covenant qualifies for at least one enumerated exception. The Company and the Employee agree, and therefore waive any argument to the contrary, that the
restrictions set forth in this Section are legal and enforceable under Colorado law because such restrictions meet two such exceptions: (i) this Agreement is a "contract for the protection of
trade secrets" and (ii) Employee is an "executive." C.R.S. § 8-2-113(2)(b) & (d).

	10.
	PROPRIETARY COMPANY INFORMATION.    Employee affirms his continuing obligation to keep all
proprietary Company information confidential and not to disclose it to any third party in the future. As used in this Agreement, the term "Proprietary Company Information" includes, but is not
necessarily limited to, technical, marketing, business, financial, or other information which constitutes trade secrets information or information not available to the competitors of the Company, the
use or disclosure of which might reasonably be construed to be contrary to the interests of the Company or its Affiliates.

	11.
	CONFIDENTIALITY AND TRANSITION.    Employee agrees to keep the terms of this Agreement
confidential and not to disclose its contents to anyone except his lawyer, immediate family member, or financial consultant, provided that such lawyer, immediate family member or financial consultant
first agrees to keep the terms of this Agreement confidential. Employee further agrees that it is a material term of this Agreement that there be an orderly, collaborative and professional transition
of his duties to a designated Company representative. Should the Employee take any action inconsistent with his obligation in this regard, the Employee agrees that said action shall constitute grounds
for the Company to rescind this Agreement and terminate the Separation Payments.

	12.
	NO VIOLATION OF LAWS.    Employee acknowledges that there are various local, state, and federal
laws that prohibit employment discrimination on the basis of age, sex, race, color, national origin, ancestry, citizenship, religion, disability, marital status, sexual orientation, medical condition,
veteran status, other protected classes, and that these laws are enforced through the Equal Employment Opportunity Commission, Department of Labor and State Human Rights agencies. Such laws include,
without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Acts of 1866 and 1991, the Equal Pay Act, the Family and Medical Leave Act, the Worker Adjustment and Retraining
Notification Act, the Rehabilitation Act of 1973, the Older Workers Benefit Protection Act, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act, 42 U.S.C.
Section 1981, the Fair Labor Standards Act, ERISA, workers' compensation laws, unemployment compensation laws, etc. In exchange for the consideration provided for in this Agreement, 

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Employee
releases any and all rights under these or any other laws with respect to his/her employment and termination of employment at the Company and acknowledges that neither the Company nor its
Affiliates, nor any of their officers, directors, Employees or agents has (i) discriminated against him/her, (ii) breached any contract with him/her, (iii) committed any civil
wrong (tort) or personal injury against him/her, or (iv) otherwise acted unlawfully toward him/her. Employee acknowledges that Company does not admit and denies any violation of any law or any
liability to Employee.  

	13.
	WAIVER OF ALL CLAIMS, COVENANT NOT TO SUE AND GENERAL RELEASE.

	A.
	On
entering into this Agreement, Employee fully, finally, and forever waives any and all actions, causes of action, claims and demands of any nature
(hereinafter "Claims"), whether known or unknown, that he/she has or may have against the Company and its Affiliates, as well as their officers, directors, Employees and agents (collectively,
"Released Parties") based on any Claim arising at any time prior to and including the date that Employee signs this Agreement.

	B.
	Employee
agrees further that he will not file or cause or permit to be filed on his behalf any administrative charge or complaint or any lawsuit against any
of the Released Parties based on any Claim arising at any time prior to and including the date Employee signs this Agreement. Employee agrees that the Company may immediately discontinue or recover
the Separation Payments paid to Employee under this Agreement if Employee files, causes or permits to be filed on his behalf any administrative charge or complaint or any lawsuit against any of the
Released Parties based on any claim, matter, or thing arising at any time prior to and including the date Employee signs this Agreement. Employee will not seek and will not accept any personal
equitable or monetary relief in connection with any complaint, charge or investigative proceeding involving any federal or state governmental agency, body, or department, if initiated by or
participated in by Employee.

	C.
	Employee
hereby unconditionally and generally releases and discharges the Released Parties from all Claims, whether known or unknown, or foreseen or
unforeseen, which Employee has or may have against any of the Released Parties arising at any time prior to and including the date Employee signs this Agreement; further including, without limitation,
any and all Claims which relate directly or indirectly to Employee's employment with the Company or its Affiliates, his separation from that employment; and/or the failure or refusal to reinstate him
to employment; and further including, without limitation, Claims, whether statutory, at common law or otherwise, for wrongful termination of employment, breach of contract, detrimental reliance,
promissory estoppel, infliction of emotional distress, defamation, fraud, misrepresentation, or any other tort or personal injury, and Claims of discrimination based upon sex, race, age, national
origin, ancestry, religion, disability, marital status, sexual orientation, medical condition, veteran status, and other protected classes, including, without limitation, such Claims as were asserted,
or could have been asserted.

	D.
	In
further consideration of the Company's undertakings as described above, Employee hereby unconditionally releases and discharges the Released Parties of
and from all Claims arising at any time prior to and including the date Employee signs this Agreement, which he has or may have against the Released Parties, and/or any of them, under the United
States Age Discrimination in Employment Act ("ADEA"), 29 U.S.C. Section 621 et seq. 

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	E.
	Employee
and the Company intend for this Agreement to comply with Section 201 of the Older Workers Benefit Protection Act of 1990. Accordingly,
Employee acknowledges and represents as follows:

	1.
	Employee
waives such Claims as he/she may have under ADEA knowingly and voluntarily and in exchange for consideration of value to which he/she is not
otherwise entitled;

	2.
	Employee
has been advised to consult an attorney in connection with this Agreement; and

	3.
	Employee
has been given twenty-one (21) days within which to consider this Agreement.

	14.
	REVOCATION PERIOD.    Employee understands that he has seven (7) days to revoke this
Agreement after signing it by providing written notice of such revocation to Kim Norman, Senior Vice President of Human Resources, 6200 South Syracuse Way, Suite 200, Greenwood Village,
Colorado 80111, and that this Agreement shall not become effective or enforceable until this seven (7) day revocation period has expired without Employee having exercised this right of
revocation.

	15.
	ETHICS & COMPLIANCE STATEMENT

	A.
	As
of the effective date of this Agreement, Employee affirms and certifies that he has reported in writing to the Company's General Counsel or Compliance
Officer any and all conduct, actions or practices by any Employee, contractor or vendor that the Employee knows to be or suspects to be a violation of the Company's Ethics & Compliance
policies, Code of Business Conduct & Ethics, or law including, but not limited to, any federal or state anti-kickback law or Medicare law.

	B.
	Employee
agrees that, throughout the term of this Agreement, he will report to the Company's General Counsel or Compliance Officer any action or practice by
any Employee, contractor or vendor that becomes known by Employee or that Employee suspects to be contrary to the Company's Ethics & Compliance policies, the Company Code of Business
Conduct & Ethics, or law including, but not limited to, any federal or state anti-kickback law or Medicare law.

	C.
	Employee
agrees to remain available throughout the term of this Agreement, upon reasonable notice by the Company's General Counsel or Compliance Officer, to
provide information, give testimony, participate in compliance related conferences, and provide other cooperation, as deemed necessary by Company, on behalf of the Company. The Employee further agrees
to be truthful in any and all representations made to the Company and any state or Federal governmental agencies in all outstanding or future investigations in which the Employee may be requested to
take part. The Company agrees to reimburse all reasonable pre-approved travel related expenses incurred by the Employee in the course of such cooperation.

	D.
	Employee
agrees that if he violates or threatens to violate this Section, the Company may immediately discontinue or recover the separation payments paid to
Employee under this Agreement.

	16.
	GOVERNING LAW.    The construction, interpretation, and performance of this Agreement shall be
governed by the laws of the State of Colorado. Any and all actions to interpret or enforce this Agreement shall occur exclusively and only in a court of competent jurisdiction in the State of
Colorado. 

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	17.
	ENTIRE AGREEMENT.    This Agreement contains the entire agreement between the Company and Employee
and fully supersedes any and all prior agreements or understandings pertaining to the subject matter thereof. Employee represents and acknowledges that in executing this Agreement, he/she has not
relied upon any representation or statement not set forth herein made by the Company with regard to the subject matter of this Agreement. 

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        Employee
has read this Agreement fully, understands its contents, and voluntarily signs this Agreement with the intention to be bound by all of its terms. 

 

					
	 
	 	AMERICAN MEDICAL RESPONSE, INC.
	 
	 	 By:
	 	 /s/ William A. Sanger

  William A. Sanger, Chief Executive Officer
	 
	 	 Date:
	 	 

 
	

 
	
 	
MARK BRUNING
	 
	 	 By:
	 	 /s/ Mark Bruning

  Mark Bruning
	 
	 	 Date:
	 	 

 

 

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Exhibit 10.29

SEPARATION AGREEMENT AND COMPLETE SETTLEMENT AND RELEASE

RECITALS

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  Exhibit 10.36    
    

 
    DOUGLAS DYNAMICS, INC.
  GRANT NOTICE FOR 2010 STOCK INCENTIVE PLAN
  RESTRICTED STOCK UNITS    
    

        FOR GOOD AND VALUABLE CONSIDERATION, Douglas Dynamics, Inc. (the "Company"), hereby grants to Participant named below the number
of restricted stock units specified below (the "Award"), upon the terms and subject to the conditions set forth in this Grant Notice, the Douglas Dynamics, Inc. 2010 Stock Incentive Plan (the
"Plan") and the Standard Terms and Conditions (the "Standard Terms and Conditions") adopted under such Plan and provided to Participant, each as amended from time to time. Each restricted stock unit
subject to this Award represents the right to receive one share of the Company's common stock, par value $0.01 (the "Common Stock"), subject to the conditions set forth in this Grant Notice, the Plan
and the Standard Terms and Conditions. This Award is granted pursuant to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions. 

Name
of Participant:                                     

Grant
Date:                         , 20       

Number
of restricted stock units subject to the Award:                            

Vesting
Schedule:                               , subject to Section 2 of the Standard Terms and
Conditions 

        By
accepting this Grant Notice, Participant acknowledges that he or she has received and read, and agrees that this Award shall be subject to, the terms of this Grant Notice, the Plan
and the Standard Terms and Conditions. 

 

			
	DOUGLAS DYNAMICS, INC.	 	                

  Participant Signature

 

 

					
	By:	 	                

 	 	 
	Title:	 	                

 	 	                  

  Address (please print)

 

 

 
 

  DOUGLAS DYNAMICS, INC.
  STANDARD TERMS AND CONDITIONS FOR
  RESTRICTED STOCK UNITS    
    

        These Standard Terms and Conditions apply to the Award of restricted stock units granted pursuant to the Douglas Dynamics, Inc.
2010 Stock Incentive Plan (the "Plan"), which are evidenced by a Grant Notice or an action of the Administrator that specifically refers to these Standard Terms and Conditions. In addition to these
Terms and Conditions, the restricted stock units shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference. Capitalized terms not
otherwise defined herein shall have the meaning set forth in the Plan. 

1.     TERMS OF RESTRICTED STOCK UNITS  

Douglas
Dynamics, Inc., a Delaware corporation (the "Company"), has granted to the Participant named in the Grant Notice provided to said Participant herewith (the "Grant Notice") an award of a
number of restricted stock units (the "Award" or the "Restricted Stock Units") specified in the Grant Notice. Each Restricted Stock Unit represents the right to receive one share of the Company's
common stock, $0.01 par value per share (the "Common Stock"), upon the terms and subject to the conditions set forth in the Grant Notice, these Standard Terms and Conditions, and the Plan, each as
amended from time to time. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary. 

2.     VESTING OF RESTRICTED STOCK UNITS  

The
Award shall not be vested as of the Grant Date set forth in the Grant Notice and shall be forfeitable unless and until otherwise vested pursuant to the terms of the Grant Notice and these Standard
Terms and Conditions. After the Grant Date, subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Award shall become vested as described in the
Grant Notice with respect to that number of Restricted Stock Units as set forth in the Grant Notice.  

Notwithstanding
anything contained in these Standard Terms and Conditions to the contrary: 

	A.
	Subject
to Section 9, if the Participant has a Termination of Employment due to the Participant's Retirement (as defined below), the Restricted Stock
Units shall continue to vest under the schedule described in the Grant Notice.

	B.
	If
the Participant has a Termination of Employment by reason of death or Disability before the Restricted Stock Units have vested, the Restricted Stock Units
shall fully vest upon such Termination of Employment.

	C.
	If
the Participant has a Termination of Employment for any reason other than Retirement, death or Disability, any then unvested Restricted Stock Units held
by the Participant shall be forfeited and canceled as of the date of such Termination of Employment. 

3.     SETTLEMENT OF RESTRICTED STOCK UNITS  

Vested
Restricted Stock Units shall be settled by the delivery to the Participant or a designated brokerage firm of one share of Common Stock per vested Restricted Stock Unit as soon as reasonably
practicable following the vesting of such Restricted Stock Units, and in all events no later than March 15 of the year following the year of vesting (unless delivery is deferred pursuant to a
nonqualified deferred compensation plan in accordance with the requirements of Section 409A of the Code, and subject to applicable withholding). 

 

4.     RIGHTS AS STOCKHOLDER; DIVIDEND EQUIVALENTS  

The
Participant shall not have voting rights with respect to shares of Common Stock underlying Restricted Stock Units unless and until such shares of Common Stock are reflected as issued and
outstanding shares on the Company's stock ledger.  

The
Participant shall receive a cash payment equivalent to any dividends or other distributions paid with respect to the shares of Common Stock underlying the Restricted Stock Units, so long as the
applicable record date occurs before such Restricted Stock Units are forfeited. If, however, any dividends or distributions with respect to the Common Stock underlying the Restricted Stock Units are
paid in Shares rather than cash, the Participant shall be credited with additional restricted stock units equal to the number of Shares that the Participant would have received had the Restricted
Stock Units been actual Shares, and such restricted stock units shall be deemed Restricted Stock Units subject to the same risk of forfeiture and other terms of the Grant Notice, these Standard Terms
and Conditions and the Plan as are the other Restricted Stock Units granted under this Award. Any amounts due to the Participant under this provision shall be paid to the Participant, in cash, no
later than the end of the calendar year in which the dividend or other distribution is paid to stockholders of the Company or, if later, the 15th day of the third month following the date the
dividends are paid to stockholders; provided that, in the case of any distribution with respect to which the Participant is credited with additional Restricted Stock Units, distribution shall be made
at the same time as payment is made in respect of the other Restricted Stock Units granted under this Award. 

5.     CHANGE OF CONTROL  

The
Restricted Stock Units shall be treated as follows if there is a Change of Control: 

	A.
	If
the Restricted Stock Units are not continued, assumed or substituted by the Participant's employer (or an affiliate of such employer) that employs the
Participant immediately following the Change of Control, the Restricted Stock Units shall fully vest upon the occurrence of the Change of Control. For each Restricted Stock Unit, the Participant shall
receive (i) the consideration (whether stock, cash, or other securities or property) received in the Change of Control by holders of Common Stock for each Share held on the effective date of
the Change of Control, (ii) common stock of the successor to the Company with a value equal to the price at which a share of Common Stock is valued in the Change of Control, or
(iii) cash equal to the price at which a share of Common Stock is valued in the Change of Control, as determined by the Administrator in its discretion.

	B.
	If
the Restricted Stock Units are continued, assumed or substituted by the Participant's employer (or an affiliate of such employer) that employs the
Participant immediately following the Change of Control, the Restricted Stock Units shall continue to vest as provided in the Grant Notice; provided, however, that if the Participant's employment is
terminated other than for Serious Misconduct (as defined below), or the Participant resigns for Good Reason (as defined below), in either case within twenty-four (24) months
following the Change of Control, the Restricted Stock Units shall fully vest upon such termination or resignation.  

For
purposes hereof, the Restricted Stock Units shall be considered "assumed" if, following the Change of Control, the Restricted Stock Units confer the right to receive, for each share of Common
Stock subject to the Restricted Stock Unit immediately prior to the Change of Control, (i) the consideration (whether stock, cash, or other securities or property) received in the Change of
Control by holders of Common Stock for each share held on the effective date of the Change of Control, or (ii) common stock of the successor to the Company of substantially equivalent economic
value to the consideration received in the Change of Control by holders of Common Stock for each share held on the effective date of the Change of Control (as determined by the 

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Administrator
in its discretion). The Restricted Stock Units will be considered "substituted for" if the successor or acquiror replaces the Restricted Stock Units with equity awards of substantially
equivalent economic value measured as of the date the Change of Control occurs (as determined by the Administrator in its discretion).  

Notwithstanding
the foregoing, to the extent that Section 409A of the Code applies to the Restricted Stock Units, any such action shall be consistent with the requirements of
Section 409A of the Code. 

6.     RESTRICTIONS ON RESALES OF SHARES  

The
Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the
Participant of any Common Stock issued in respect of vested Restricted Stock Units, including without limitation (a) restrictions under an insider trading policy, (b) restrictions
designed to delay and/or coordinate the timing and manner of sales by Participant and other holders and (c) restrictions as to the use of a specified brokerage firm for such resales or other
transfers. 

7.     INCOME TAXES  

The
Company shall not deliver Shares or cash payments in respect of any Restricted Stock Units or dividends unless and until the Participant has made arrangements satisfactory to the Administrator to
satisfy applicable withholding tax obligations. In the case of Shares, unless the Participant pays the withholding tax obligations to the Company by cash or check in connection with the delivery of
the Common Stock, withholding may be effected, at the Company's option, by withholding Common Stock issuable in connection with the vesting of the Restricted Stock Units (provided that shares of
Common Stock may be withheld only to the extent that such withholding will not result in adverse accounting treatment for the Company). The Participant acknowledges that the Company shall have the
right to
deduct any taxes required to be withheld by law in connection with the delivery of the Restricted Stock Units from any amounts payable by it to the Participant (including, without limitation, future
cash wages). In the case of cash payments, the Company may withhold from such payments any amounts necessary to satisfy withholding tax obligations. 

8.     NON-TRANSFERABILITY OF AWARD  

The
Participant represents and warrants that the Restricted Stock Units are being acquired by the Participant solely for the Participant's own account for investment and not with a view to or for sale
in connection with any distribution thereof. The Participant further understands, acknowledges and agrees that, except as otherwise provided in the Plan or as permitted by the Administrator, the
Restricted Stock Units may not be sold, assigned, transferred, pledged or otherwise directly or indirectly encumbered or disposed of. 

9.     RESTRICTED ACTIVITIES  

	A.
	By
accepting the Restricted Stock Units, the Participant acknowledges and agrees that, during the vesting period under the Grant Notice, the Participant will
have access to and become acquainted with the Company's and its Affiliates' confidential and proprietary information, including, but not limited to, information or plans regarding the Company's and
its Affiliates' customer relationships, personnel, or sales, marketing, and financial operations and methods; trade secrets; formulas; devices; secret inventions; processes; and other compilations of
information, records, and specifications (collectively "Proprietary Information"). The Participant shall not disclose any of the Company's or any of its Affiliates' Proprietary 

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Information
directly or indirectly, or use it in any way, either during the vesting period under the Grant Notice or at any time thereafter, except as required in the course of his employment or
service with the Company or as authorized in writing by the Company. All files, records, documents, computer-recorded information, drawings, specifications, equipment and similar items relating to the
business of the Company or any of its Affiliates, whether prepared by the Participant or otherwise coming into the Participant's possession, shall remain the exclusive property of the Company or its
Affiliates, as the case may be, and shall not be removed from the premises of the Company under any circumstances whatsoever without the prior written consent of the Company, except when (and only for
the period) necessary to carry out the Participant's duties in the course of the Participant's employment or service, and if removed shall be immediately returned to the Company upon any Termination
of Employment. Notwithstanding the foregoing, Proprietary Information shall not include (i) information which is or becomes generally public knowledge or public except through disclosure by the
Participant in violation of these Standard Terms and Conditions or other applicable agreements and (ii) information that may be required to be disclosed by applicable law. 

	B.
	By
accepting the Restricted Stock Units, the Participant acknowledges and agrees that, while employed by or in service with the Company and during any
vesting period following the Participant's Retirement, the Participant will not interfere with the business of the Company or any of its Affiliates by directly or indirectly soliciting, attempting to
solicit, inducing, or otherwise causing any employee of the Company or any of its Affiliates to terminate his or her employment in order to become an employee, consultant or independent contractor to
or for any other employer.

	C.
	By
accepting the Restricted Stock Units, the Participant acknowledges and agrees that, while employed by or in service with the Company and during any
vesting period following the Participant's Retirement, the Participant will not, without the prior consent of the Company, directly or indirectly, have an interest in, be employed by, or be connected
with, as an employee, consultant, officer, director, partner, stockholder or joint venturer, in any person or entity owning, managing, controlling, operating or otherwise participating or assisting in
any business which is in competition with the business of the Company or any of its Affiliates (i) during the vesting period under the Grant Notice prior to the Participant's Retirement, in any
location, and (ii) during the vesting period under the Grant Notice following the Participant's Retirement, in any country in which the Company or any of its Affiliates was conducting business
at the date of the Participant's Termination of Employment and continues to do so thereafter; provided, however, that the foregoing shall not prevent the Participant from being a stockholder of less
than 1% of the issued and outstanding securities of any class of a corporation listed on a national securities exchange.

	D.
	By
accepting the Restricted Stock Units, the Participant acknowledges and agrees that, while employed by or in service with the Company and during any
vesting period following the Participant's Retirement, the Participant shall not directly or indirectly make, repeat or publish any false, disparaging, negative, unflattering, accusatory, or
derogatory remarks or references, whether oral or in writing, concerning the Company, any of its Affiliates or any of its or their respective products, services, affiliates, subsidiaries, officers,
directors, employees or stockholders.

	E.
	By
accepting the Restricted Stock Units, the Participant acknowledges and agrees that (i) the provisions of Section 2 providing for the
continued vesting of the Restricted Stock Units upon Retirement and this Section 9 are mutually dependent and not severable, and (ii) the Company would not provide for the continued
vesting of the Restricted Stock Units upon Retirement as provided for in Section 2 but for the Participant's promises set out in and the 

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enforceability
of this Section 9. Accordingly, if the Participant fails to comply with this Section 9 or any part thereof, or if Section 9 or any part thereof is ever declared to
be illegal, invalid, or otherwise unenforceable in any respect by a court of competent jurisdiction, then the Participant agrees that (x) the Restricted Stock Units held by the Participant that
have not been settled shall immediately be forfeited and canceled (regardless of whether then vested or unvested) and (y) with respect to any Restricted Stock Units that have been settled, the
Participant shall immediately pay to the Company the fair market value of the Shares associated with the settlement of the Restricted Stock Units at the time of vesting; provided that if the scope of
the restrictions in this Section 9 as to time, geography, or scope of activities are deemed by court of competent jurisdiction to exceed the limitations permitted by applicable law, the
Participant and the Company agree that the restrictions so deemed shall be, and are, automatically reformed to the maximum limitation permitted by such law. 

10.   OTHER AGREEMENTS SUPERSEDED  

The
Grant Notice, these Standard Terms and Conditions and the Plan constitute the entire understanding between the Participant and the Company regarding the Restricted Stock Units. Any prior
agreements, commitments or negotiations concerning the Restricted Stock Units are superseded. 

11.   LIMITATION OF INTEREST IN SHARES SUBJECT TO RESTRICTED STOCK UNITS  

Neither
the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or
to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these Standard Terms and Conditions except as to such shares of Common Stock, if any,
as shall have been issued to such person upon vesting of the Restricted Stock Units. Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other instrument executed
pursuant to the Plan shall confer upon the Participant any right to continue in the Company's employ or service nor limit in any way the Company's right to terminate the Participant's employment at
any time for any reason 

12.   DEFINITIONS  

For
purposes hereof, the following terms shall have the following meanings: 

	A.
	"Confidential
Information" shall mean, without limitation, all documents or information, in whatever form or medium, or consisting of knowledge or
"know-how" whether or not recorded in any medium, concerning or evidencing sales; costs; pricing; strategies; forecasts and long range plans; financial and tax information; personnel
information (including without limitation compensation, other terms of employment, or performance other than as concerns solely the Participant); business, marketing and operational projections,
plans, and opportunities; and customer, vendor, and supplier information; but excluding any such information that is or becomes generally available to the public other than as a result of any
unauthorized disclosure or breach of duty by the Participant.

	B.
	"Good
Reason" shall mean the Participant's Termination of Employment from the Company or its successor within sixty (60) days following the occurrence
of (i) a material reduction in the Participant's base salary; (ii) a material adverse change in the Participant's responsibilities; or (iii) a required relocation of the
Participant's principal place of employment by more than thirty-five (35) miles from its location as in effect immediately prior to the Change of Control; provided, that the
Participant shall have provided written notice to the Company or its successor of his or her intention to resign for Good Reason and the grounds therefor within 

5

 

thirty
(30) days following the occurrence of the event constituting Good Reason, and the Company shall have failed to cure such event within thirty (30) days of receiving such notice. 

	C.
	"Retirement"
shall mean the Participant's voluntary Termination of Employment from the Company after the earlier of (i) the date on which the
Participant attains age sixty-five (65) or (ii) the date on which the Participant has attained age fifty-five (55) and at least ten (10) years of
continuous service with the Company.

	D.
	"Serious
Misconduct" shall mean the occurrence of any of the following: (i) any willful, intentional or grossly negligent act by the Participant
having the effect of materially injuring the interest, business or prospects of the Company or its successor or any of their Affiliates; (ii) the material violation or material failure by the
Participant to comply with the Company's or its successor's material published rules, regulations or policies, as in effect from time to time; (iii) the Participant's conviction of a felony
offense or conviction of a misdemeanor offense involving moral turpitude, fraud, theft or dishonesty; (iv) any willful or intentional misappropriation or embezzlement of the property of the
Company or its successor or any of their Affiliates; or (v) a material breach of Section 9 above by the Participant; provided, however, that in the event that the Company or its
successor determines to terminate the Participant's employment pursuant to clauses (ii) or (v) of this definition of Serious Misconduct, such termination shall only become effective if
the Company or its successor shall first give the Participant written notice of such Serious Misconduct, which notice shall identify in reasonable detail the manner in which the Company or its
successor believes Serious Misconduct to exist and indicates the steps required to cure such Serious Misconduct, if curable, and the Participant shall fail within thirty (30) days of such
notice to substantially remedy or correct the same. 

13.   GENERAL  

In
the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be
reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to
the extent necessary to reform or delete such illegal, invalid or unenforceable provision.  

The
headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect
its meaning, construction or effect.  

These
Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns. 

These
Standard Terms and Conditions shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to principles of conflicts of law. 

In
the event of any conflict between the Grant Notice, these Standard Terms and Conditions and the Plan, the Grant Notice and these Standard Terms and Conditions shall control. In the event of any
conflict between the Grant Notice and these Standard Terms and Conditions, the Grant Notice shall control.  

All
questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Administrator in its total and absolute discretion. 

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14.   ELECTRONIC DELIVERY  

By
executing the Grant Notice, the Participant hereby consents to the delivery of information (including, without limitation, information required to be delivered to the Participant pursuant to
applicable securities laws) regarding the Company and the Subsidiaries, the Plan, and the Restricted Stock Units via Company web site or other electronic delivery. 

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QuickLinks

Exhibit 10.36

DOUGLAS DYNAMICS, INC. GRANT NOTICE FOR 2010 STOCK INCENTIVE PLAN RESTRICTED STOCK UNITS

DOUGLAS DYNAMICS, INC. STANDARD TERMS AND CONDITIONS FOR RESTRICTED STOCK UNITS

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