Document:

Exhibit 10.2

                             MODIFICATION AGREEMENT
                            -----------------------

     This  MODIFICATION  AGREEMENT ("Agreement") is entered into effective as of
the  15th  day  of  March, 2003, by and between SOUTHWEST BANK OF TEXAS, N.A., a
national  banking  association  ("Lender"),  and  GREATER HOUSTON GULF PARTNERS,
LTD.,  a  Texas  limited  partnership  ("Borrower").

                              W I T N E S S E T H
                          ----------------------------

     WHEREAS,  Lender made a loan (the "Loan") to Borrower on December 15, 1999,
in  the maximum principal amount of TWO MILLION NINE HUNDRED FIFTY-FIVE THOUSAND
AND  NO/100  DOLLARS  ($2,955,000.00);  and

     WHEREAS,  Lender  and  Borrower  executed  that  certain  Construction Loan
Agreement  ("Loan  Agreement")  dated December 15, 1999, pertaining to the Loan;
and

     WHEREAS,  the  Borrower  executed  and  delivered  to  Lender  that certain
Promissory  Note  (as  same may have been heretofore amended, the "Note"), dated
December  15,  1999,  payable  to  the  order  of  Lender  in  the amount of and
evidencing  the  Loan;  and

     WHEREAS,  the  Borrower  executed  and delivered to Lender (i) that certain
Deed of Trust, Security Agreement and Assignment of Rents (as same may have been
heretofore  amended,  the  "Deed  of Trust") dated of even date with the Note to
George  M.  Marshall,  as  trustee  ("Trustee"),  for the benefit of the Lender,
recorded in the Official Public Records of Real Property of Harris County, Texas
under Clerk's File No. U168686, covering certain real property located in Harris
County,  Texas,  and  more particularly described in the Deed of Trust, together
with  all  improvements,  appurtenances,  other  properties  (whether  real  or
personal), rights and interests described in and encumbered by the Deed of Trust
(the  "Property"), to secure the payment of the Note and performance by Borrower
of  the  other  obligations  set  forth  in  the  Security  Documents (as herein
defined), and (ii) that certain Deed of Trust, Security Agreement and Assignment
of  Rents (as same may have been heretofore amended, the "Second Deed of Trust,"
and  together  with the Deed of Trust, sometimes referred to collectively herein
as  the  "Deed  of  Trust"),  dated  March  10,  2000, to George M. Marshall, as
trustee,  for the benefit of the Lender, recorded in the Official Public Records
of  Real  Property  of  Harris  County,  Texas  under  Clerk's File No. U303929,
covering  certain  additional real property located in Harris County, Texas, and
more  particularly  described  in  the  Second  Deed of Trust, together with all
improvements, appurtenances, other properties (whether real or personal), rights
and  interests  described  in  and  encumbered  by the Second Deed of Trust (the
"Additional  Property,"  and  together  with the Property, sometimes referred to
herein  collectively  as  the  "Property"), to further secure the payment of the
Note  and  performance  by  Borrower  of  the other obligations set forth in the
Security  Documents  (as  herein  defined);  and

     WHEREAS,  the  Borrower  executed  and  delivered  to  Lender  that certain
Assignment  of  Rents  and Leases (as same may have been heretofore amended, the
"Assignment"), dated of even

<PAGE>
date  with the Note, recorded in the Official Public Records of Real Property of
Harris  County,  Texas  under  Clerk's File No. U168687, assigning to Lender all
rents,  leases,  income,  revenues,  issues and profits which may arise from the
operation  or  ownership  of the Property, to secure the payment of the Note and
performance  by  Borrower  of  the  other  obligations set forth in the Security
Documents;  and

     WHEREAS, the Borrower caused to be issued by First American Title Insurance
Company  of  Texas  (the "Title Company") that certain Mortgagee Policy of Title
Insurance  (the "Policy") No.  M963099, dated January 10, 2000, in the amount of
the Note, insuring the dignity and priority of the lien created and evidenced by
the  Deed  of  Trust;  and

     WHEREAS,  the  Borrower  caused James Emerson and Schuyler Pulford (whether
one  or  more,  the  "Guarantor")  to execute and deliver to Lender that certain
Guaranty  Agreement  ("Guaranty")  dated of even date with the Note guaranteeing
payment  of  the  Note  and  all the other monetary obligations contained in the
Security  Documents  and performance by Borrower of the other obligations as set
forth  in  the  Security  Documents;  and

     WHEREAS, the Lender and Borrower now propose to modify certain of the terms
and  provisions  of  the  Loan  Agreement, the Assignment, the Note, the Deed of
Trust  and  the  other  related  documents executed by Borrower or third parties
pertaining  to,  evidencing  or  securing  the Loan (collectively, the "Security
Documents").

     NOW,  THEREFORE,  for  and  in consideration of the premises and the mutual
covenants  and  agreements  contained  herein,  and  for other good and valuable
consideration,  the  receipt  and  sufficiency of which are hereby acknowledged,
Lender  and  Borrower  hereby  agree  as  follows:

     1.     Extension  of  Maturity.  The  maturity  date  of the Note is hereby
            -----------------------
extended until December 15, 2003, when the unpaid principal balance of the Note,
together with all accrued but unpaid interest thereon, shall be due and payable.
The  Borrower  hereby  renews,  but does not extinguish, the Note and the liens,
security  interests  and  assignments created and evidenced by the Deed of Trust
and  other  Security Documents, and in this regard all of the Security Documents
are  hereby  renewed  and modified by extending the maturity date thereof as set
forth above.  Borrower covenants to observe, comply with and perform each of the
terms  and  provisions  of  the  Security  Documents,  as  modified  hereby.

     2.     Modification  of  Terms  of Payment of the Note.  From and after the
            -----------------------------------------------
date  hereof,  the  Note  shall  due  and  payable  as  follows:

          Interest  shall  be  calculated  on a daily basis and shall be payable
     monthly  on  each  Interest Payment Date (as defined in the Note) until and
     including  November  15, 2003. On the Maturity Date, all accrued and unpaid
     interest hereon and the entire unpaid principal balance hereof shall be due
     and  payable  in  full.  In  addition  to  the monthly payments of interest
     hereunder,  on  June 15, 2003, and on September 15, 2003 (each a "Principal
     Payment  Date"),  Borrower  shall make a quarterly principal payment in the
     amount  of  $23,285.00  each  (the "Required Principal Payment") to Lender.
     Notwithstanding  the  foregoing, in the event during the three

<PAGE>
     month period immediately preceding such Principal Payment Date Borrower has
     sold  any  Units,  the Required Principal Payment for such quarter shall be
     reduced  by the amount, if any, by which the Partial Release Prices for the
     sale  of  such  Units paid to Lender exceeds the Square Foot Release Amount
     for  such  Units  as  set  forth  in  the  Loan  Agreement.

     3.     Acknowledgment  By  Borrower.  Except as otherwise specified herein,
            ----------------------------
the  terms  and  provisions hereof shall in no manner impair, limit, restrict or
otherwise  affect  the  obligations of Borrower or any third party to Lender, as
evidenced  by  the Security Documents.  Borrower hereby acknowledges, agrees and
represents  that (i) Borrower is indebted to Lender pursuant to the terms of the
Note  as  modified  hereby;  (ii)  the liens, security interests and assignments
created  and  evidenced  by  the Security Documents are, respectively, valid and
subsisting  liens,  security interests and assignments of the respective dignity
and  priority  recited  in  the Security Documents; (iii) there are no claims or
offsets against, or defenses or counterclaims to, the terms or provisions of the
Security  Documents,  and  the  other  obligations  created  or evidenced by the
Security  Documents;  (iv)  Borrower  has  no  claims,  offsets,  defenses  or
counterclaims arising from any of Lender's acts or omissions with respect to the
Property,  the  Security  Documents  or  Lender's performance under the Security
Documents  or  with  respect  to  the  Property;  (v)  the  representations  and
warranties  contained  in  the  Security  Documents  are  true  and  correct
representations  and  warranties  of  Borrower and third parties, as of the date
hereof;  and (vi) Lender is not in default and no event has occurred which, with
the  passage  of  time, giving of notice, or both, would constitute a default by
Lender  of  Lender's  obligations under the terms and provisions of the Security
Documents.  To  the  extent  Borrower  now  has, or in the future possesses, any
claims,  offsets,  defenses  or counterclaims against Lender or the repayment of
all  or  a  portion  of the Loan, whether known or unknown, fixed or contingent,
relating  to  matters  occurring  prior  to the date hereof, the same are hereby
forever  irrevocably  waived  and  released  in  their  entirety.

     4.     Joinder  of  Guarantors.  Each  of  the  Guarantors  joins  in  the
            -----------------------
execution  hereof  for  the  purpose  of (i) acknowledging and consenting to the
terms  and  provisions  hereof, (ii) ratifying, confirming and agreeing that the
Guaranty  is and shall remain in full force and effect, (iii) acknowledging that
there  are  no  claims  or offsets against, or defenses or counterclaims to, the
terms  and  provisions  of  and  the  obligations  created  and evidenced by the
Guaranty,  as  amended,  and  (iv)  certifying  that  the  representations  and
warranties contained in the Guaranty remain true and correct representations and
warranties  of  Guarantor  as  of  the  date  hereof.

     5.     No Waiver of Remedies.  Except as may be expressly set forth herein,
            ---------------------
nothing  contained in this Agreement shall prejudice, act as, or be deemed to be
a  waiver of any right or remedy available to Lender by reason of the occurrence
or  existence  of  any  fact, circumstance or event constituting a default under
either  of  the  Note  or  any  of  the  other  Security  Documents.

     6.     Costs  and  Expenses.  Contemporaneously  with  the  execution  and
            --------------------
delivery  hereof,  Borrower shall pay, or cause to be paid, all reasonable costs
and  expenses  incident to the preparation, execution and recordation hereof and
the  consummation  of  the  transaction  contemplated hereby, including, but not
limited  to,  recording  fees, title insurance policy or endorsement premiums or
other  charges  of  the Title Company, and reasonable fees and expenses of legal
counsel  to  Lender.

<PAGE>
     7.     Additional Documentation.  From time to time, Borrower shall execute
            ------------------------
or  procure  and  deliver  to  Lender  such  other  and  further  documents  and
instruments  evidencing,  securing  or  pertaining  to  the Loan or the Security
Documents as shall be reasonably requested by Lender so as to evidence or effect
the  terms  and  provisions  hereof.

     8.     Effectiveness  of  the  Security  Documents.  Except  as  expressly
            -------------------------------------------
modified by the terms and provisions hereof, each of the terms and provisions of
the  Security  Documents  are hereby ratified and shall remain in full force and
effect;  provided,  however, that any reference in any of the Security Documents
to  the  Loan, the amount constituting the Loan, any defined terms, or to any of
the other Security Documents shall be deemed, from and after the date hereof, to
refer  to  the Loan, the amount constituting the Loan, defined terms and to such
other  Security  Documents,  as  modified  hereby.

     9.     GOVERNING LAW.  THE TERMS AND PROVISIONS HEREOF SHALL BE GOVERNED BY
            -------------
AND  CONSTRUED  IN  ACCORDANCE  WITH  THE  LAWS OF THE STATE OF TEXAS, EXCEPT AS
OTHERWISE  EXPRESSLY  PROVIDED  HEREIN.

     10.     Time.  Time  is  of the essence in the performance of the covenants
             ----
contained  herein  and  in  the  Security  Documents.

     11.     Binding  Agreement.  This  Agreement  shall  be  binding  upon  the
             ------------------
successors  and  assigns of the parties hereto; provided, however, the foregoing
shall  not  be deemed or construed to (i) permit, sanction, authorize or condone
the  assignment  of all or any part of the Property or any of Borrower's rights,
titles  or  interests  in and to the Property, except as expressly authorized in
the  Security  Documents,  or  (ii)  confer  any right, title, benefit, cause of
action  or remedy upon any person or entity not a party hereto, which such party
would  not  or  did  not  otherwise  possess.

     12.     Headings.  The section headings hereof are inserted for convenience
             --------
of  reference  only  and  shall in no way alter, amend, define or be used in the
construction  or  interpretation  of  the  text  of  such  section.

     13.     Construction.  Whenever  the  context hereof so requires, reference
             ------------
to  the singular shall include the plural and likewise, the plural shall include
the  singular;  words  denoting gender shall be construed to mean the masculine,
feminine  or  neuter, as appropriate; and specific enumeration shall not exclude
the  general,  but  shall  be construed as cumulative of the general recitation.

     14.     Severability.  If  any  clause or provision of this Agreement is or
             ------------
should ever be held to be illegal, invalid or unenforceable under any present or
future  law  applicable  to  the terms hereof, then and in that event, it is the
intention  of  the parties hereto that the remainder of this Agreement shall not
be  affected  thereby, and that in lieu of each such clause or provision of this
Agreement  that  is  illegal, invalid or unenforceable, such clause or provision
shall  be judicially construed and interpreted to be as similar in substance and
content  to  such  illegal, invalid or unenforceable clause or provision, as the
context  thereof  would  reasonably suggest, so as to thereafter be legal, valid
and  enforceable.

<PAGE>
     15.     Counterparts.  To  facilitate  execution,  this  Agreement  may  be
             ------------
executed in as many counterparts as may be convenient or required.  It shall not
be  necessary  that  the  signature and acknowledgment of, or on behalf of, each
party,  or that the signature and acknowledgment of all persons required to bind
any  party,  appear  on  each  counterpart.  All counterparts shall collectively
constitute  a  single  instrument.  It shall not be necessary in making proof of
this  Agreement  to  produce  or  account  for  more  than  a single counterpart
containing  the  respective  signatures  and acknowledgment of, or on behalf of,
each  of  the  parties  hereto.  Any  signature  and  acknowledgment page to any
counterpart  may  be  detached from such counterpart without impairing the legal
effect  of the signatures and acknowledgments thereon and thereafter attached to
another  counterpart  identical  thereto except having attached to it additional
signature  and  acknowledgment  pages.

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                         [SIGNATURES ON FOLLOWING PAGES]

<PAGE>
     EXECUTED  effective  as  of  the  date  first  above  written.

                                    LENDER:
                                    ------

                                    SOUTHWEST BANK OF TEXAS, N.A., a
                                    national banking association

                                    By:  /s/ Noel M. Byrne
                                       --------------------------
                                       Noel M. Byrne
                                       Senior Vice President

                                    BORROWER:
                                    --------

                                    GREATER HOUSTON GULF PARTNERS, LTD., a
                                    Texas limited partnership

                                    By:  Greater Houston Gulf Partners, G.P.,
                                         Inc., a Texas corporation

                                    By:  /s/ J. H. Carpenter
                                       ---------------------------
                                       J. H. Carpenter, President

                                       GUARANTORS:
                                       ----------

                                       /s/ James Emerson
                                       ---------------------------
                                       JAMES EMERSON

                                       /s/ Schuyler Pulford
                                       ---------------------------
                                       SCHUYLER PULFORD

<PAGE>
THE STATE OF TEXAS       |
                         |
COUNTY OF HARRIS         |

     This  instrument  was  acknowledged before me on this the ___ day of April,
2003,  by Noel M. Byrne, Senior Vice President of SOUTHWEST BANK OF TEXAS, N.A.,
a  national  banking  association,  on  its  behalf.

                         ---------------------------------------------------
                                     Notary Public in and for
                                     The State of  T E X A S

THE STATE OF TEXAS       |
                         |
COUNTY OF HARRIS         |

     This  instrument  was acknowledged before me on this the ____ day of April,
2003,  by  J.  H.  Carpenter,  President of Greater Houston Gulf Partners, G.P.,
Inc.,  a  Texas  corporation,  general partner of GREATER HOUSTON GULF PARTNERS,
LTD.,  a  Texas  limited  partnership, on behalf of said corporation, as general
partner  of  said  limited  partnership.

                         ---------------------------------------------------
                                     Notary Public in and for
                                     The State of  T E X A S

THE STATE OF TEXAS       |
                         |
COUNTY OF HARRIS         |

     This  instrument  was  acknowledged before me on this the ___ day of April,
2003,  by  JAMES  EMERSON.

                         ---------------------------------------------------
                                     Notary Public in and for
                                     The State of  T E X A S

<PAGE>
THE STATE OF TEXAS       |
                         |
COUNTY OF HARRIS         |

     This  instrument  was  acknowledged before me on this the ___ day of April,
2003,  by  SCHUYLER  PULFORD.

                         ---------------------------------------------------
                                     Notary Public in and for
                                     The State of  T E X A S

<PAGE>EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

          This  is  an  Agreement  made  and entered into as of January 1, 2003,
between  AIR  METHODS  CORPORATION,  a Delaware corporation (the "Company"), and
Aaron  D.  Todd  (the  "Executive").

                                    RECITALS

          Executive  is presently employed by the Company and has been since the
year  1995.  The  Executive  presently  holds  the  position  of Chief Operating
Officer,  Chief  Financial Officer, Secretary and Treasurer. The Company and the
Executive  desire to set forth in this Agreement the terms and conditions of the
Executive's continued employment by the Company, effective as the date first set
forth  above.

                                    AGREEMENT

          In  consideration of the mutual promises contained herein, the receipt
and  sufficiency  of  which are hereby acknowledged, the parties hereby agree as
follows:

     1.     Employment;  Position;  Term.  The  Company  hereby  employs  the
            ----------------------------
Executive,  and the Executive hereby accepts employment with the Company, in the
capacity  of  Chief  Operating  Officer,  Chief Financial Officer, Secretary and
Treasurer.  Subject  to  Section 4, the term of the Executive's employment under
this  Agreement shall be for two (2) years, beginning January 1, 2003.  The term
of this Agreement shall be extended for successive one-year periods on January 1
of  each  year beginning January 1, 2005, unless on or before three months prior
to any such renewal date the Company or the Executive provides written notice to
the  other  of  its  or  his  intention  not  to  renew.

     2.     Duties,  Responsibilities  and  Authority.  In his capacity as Chief
            -----------------------------------------
Operating  Officer,  the  Executive  shall  have  primary responsibility for the
overall  operation  of  the Company, which shall be conducted in accordance with
policies  established by the Company's board of directors (the "Board").  In his
capacity  as  Chief  Operating  Officer,  the  Executive  shall report to and be
subject  to  the  direction  and  control  of  the  Chief  Executive  Officer.

          In  his  capacity as Chief Financial Officer, Secretary and Treasurer,
the Executive shall have primary responsibility for maintenance of the Company's
books  and  records  including,  without  limitation,  its financial and general
corporate  records,  and  shall  perform  such other duties as are prescribed by
applicable  law  and  the  Company's  bylaws for the offices which the Executive
shall hold pursuant to this Agreement, all of which duties shall be conducted in
accordance  with  policies  established  by  the Board. In his capacity as Chief
Financial  Officer,  Secretary  and Treasurer, the Executive shall report to the
Chief  Executive  Officer and be subject to the additional direction and control
of  the  Board.

<PAGE>
          The  Executive  shall devote his full professional and managerial time
and effort to the performance of his duties as Chief Operating Officer and Chief
Financial  Officer,  Secretary  and  Treasurer  of  the Company and he shall not
engage  in  any  other  business  activity  or  activities  which, in the mutual
judgment  of  the  Executive,  the Chief Executive Officer and the Board, do, in
fact,  conflict  with  the  performance  of  his  duties  under  this Agreement.

          3.   Compensation.
               ------------

               (a)  Salary. For services rendered under this Agreement, the
                    ------
Company shall pay the Executive a salary of $270,000 per annum beginning January
1,  2003.

               (b) Annual Review and Salary Adjustment. The Executive's salary
                   -----------------------------------
will  not  be  reviewed  during  the initial calendar year of the Agreement. The
Executive's  first  salary  review  shall  be for the period ending December 31,
2003,  and,  as  appropriate,  his salary shall be adjusted effective January 1,
2004  and  shall  be  reviewed  annually  thereafter  during  the  term  of this
Agreement.

               (c) Stock Options. The Executive may participate in stock option
                   -------------
programs  of  the  Company  in  accordance with the policies applicable to other
officers  of  the Company upon such terms as the administrators of such programs
in  their  discretion  determine.

               (d) Benefits and Vacation. The Executive shall be eligible to
                   ---------------------
participate  in  such  insurance  programs (health, disability, or life) or such
other  health,  dental, retirement, or similar employee benefits programs as the
Board may approve, on a basis comparable to that available to other officers and
executive  employees of the Company. The Executive shall be entitled to four (4)
weeks  of  paid  vacation  per  year. The Executive may accumulate up to one and
one-half  times  his  annual vacation accrual rate at any one time. The value of
any  unforfeited,  accrued but unused vacation time shall be paid in cash to the
Executive  upon  termination  of  his  employment  for  any  reason.

               (e)  Reimbursement  of  Expenses. The Company shall reimburse the
                    ---------------------------
Executive for all reasonable out-of-pocket expenses incurred by the Executive in
connection with the business of the Company and in the performance of his duties
under  this  Agreement  upon  the  Executive's presentation to the Company of an
itemized  accounting  of  such  expenses  with  reasonable  supporting  data.

          4. Termination. Either party may terminate the Executive's
             -----------
employment  under  this Agreement, without cause, upon ninety (90) days' written
advance  notice  to  the other party, but subject to the provisions of Section 7
hereof.  The  Company  may  terminate the Executive's employment for "Cause" (as
hereinafter  defined) immediately upon written notice stating the basis for such
termination. "Cause" for termination of the Executive's employment shall only be
deemed  to exist if the Executive has breached this Agreement and if such breach
continues  or  recurs more than 30 days after notice from the Company specifying
the  action  which  constitutes  the  breach  and  demanding its discontinuance,
exhibited  willful  disobedience  of  reasonable  directions  of  the  Board, or
committed  gross  malfeasance  in  performance  of  his duties hereunder or acts
resulting  in  an  indictment  charging  the  Executive with the commission of a
felony;  provided  that  the  commission of acts resulting in such an indictment
shall  constitute  Cause  only  if  a majority of the directors who are not also
subject  to  any  such  indictment

                                      -2-
<PAGE>
determine  that the Executive's conduct has substantially adversely affected the
Company  or  its  reputation. A material failure to perform his duties hereunder
that  results from the disability of the Executive shall not be considered Cause
for  his  termination.

          5. Disability. If the Executive shall be prevented by illness,
             ----------
accident,  or  other  incapacity  from  properly performing his duties hereunder
(and,  if  required by the Company, upon the furnishing of evidence satisfactory
to the Company of such disability), the Company shall, during the continuance of
his  disability  but  only  for  the remaining term of this Agreement or six (6)
months,  whichever  is greater, pay the Executive his compensation payable under
the  provisions  of  Section 3 (above) and continue to provide the Executive all
other benefits provided hereunder, provided that any amount received during such
time by the Executive under a disability insurance policy carried by the Company
shall  be  credited  against  the  compensation  due  to the Executive.  As used
herein, the term "disability" shall mean the complete and total inability of the
Executive,  due  to  illness,  physical  or  comprehensive  mental impairment to
substantially  perform  all  of his duties as described herein for a consecutive
period  of  thirty  (30)  days  or  more.

          6. Death. In the event of the death of the Executive, except with
             -----
respect  to  any  benefits  which  have  accrued  and  have not been paid to the
Executive hereunder, the provisions of this Employment Agreement shall terminate
immediately.  However,  the  Executive's  estate shall have the right to receive
compensation  due  to  the  Executive  as  of  and to the date of his death and,
furthermore,  to receive an additional amount equal to one-twelfth (1/12) of the
Executive's annual compensation then in effect as specified in Section 3, above.

          7. Severance Pay. Subject to the conditions set forth below, in the
             --------------
event  that  the  Executive's employment is terminated by the Company other than
for  Cause,  whether  during  or after the term of this Agreement, the Executive
shall  be  entitled,  for  a  period  of  eighteen  (18)  months  following  the
termination,  to receive compensation at an annual rate equal to the Executive's
highest cash compensation received during any 12-month period of his employment,
payable  at  the  Company's  regular payment intervals; provided, that if any of
such  payments  would (i) constitute a "parachute payment" within the meaning of
Section  280G of the Internal Revenue Code of l986 (the "Code") and (ii) but for
this  proviso  be  subject to the excise tax imposed by Section 4999 of the Code
(the "Excise Tax"), the amount payable hereunder shall be reduced to the largest
amount which the Executive determines would result in no portion of the payments
hereunder  being  subject to the Excise Tax. In addition, the Executive shall be
entitled  to  continue  to  receive at the Company's expense, coverage under the
Company's  health insurance policies, or comparable coverage, during the term of
such severance payments, but only until the Executive begins other employment in
connection  with  which  he  is  entitled  to  health  insurance  coverage. As a
condition of the Executive's right to receive severance compensation as provided
above,  the  Executive  shall  sign  and deliver to the Company a release of all
claims  that the Executive might otherwise assert against the Company, in a form
approved  by  the  Company.  If the Executive voluntarily resigns his employment
hereunder, or if his employment is terminated for Cause, the Executive shall not
be  entitled  to  any  severance  pay  or  other compensation beyond the date of
termination  of  his  employment.

          8. Change of Control/Constructive Termination. In the event that a
       --------------------------------------------
Change  of  Control  of  the  Company,  as  hereinafter defined, occurs, and the
Executive's  employment  by  the  Company, or a successor to the business of the
Company,  is  terminated  by the Company or

                                      -3-
<PAGE>
the  successor  in  connection with, or within one year after, the occurrence of
such  Change  of  Control,  or  if,  after  a  Change  of Control, the Executive
terminates  his  employment  as  a result of a "constructive termination" of his
employment by the Company or such successor, the Executive shall be entitled for
a  period  of  three  (3)  years  following  such  termination  or  constructive
termination,  to receive compensation at an annual rate equal to the Executive's
highest cash compensation received during any 12-month period of his employment,
payable  at  the  Company's  regular payment intervals; provided, that if any of
such  payments  would (i) constitute a "parachute payment" within the meaning of
Section  280G of the Internal Revenue Code of l986 (the "Code") and (ii) but for
this  proviso  be  subject to the excise tax imposed by Section 4999 of the Code
(the "Excise Tax"), the amount payable hereunder shall be reduced to the largest
amount which the Executive determines would result in no portion of the payments
hereunder  being  subject  to  the  Excise  Tax. For purposes of this Section, a
"constructive  termination"  by  the Company or its successor shall be deemed to
occur  if the Executive is assigned to another position, not comparable in terms
of  salary,  duties,  status  or  authority,  or  substantially  reducing  the
Executive's  job  responsibilities  and  authority  from  the  position,
responsibilities  and/or  authority held by the Executive prior to the Change of
Control,  or  if the Executive's place of work shall be moved more than 75 miles
from  the  Executive's  place  of  work  with the Company prior to the Change of
Control.  For purposes of this Section 8, a Change of Control shall be deemed to
have  occurred  in  the event that a merger, sale of assets, sale or exchange of
stock,  or  other  corporate  reorganization  occurs with another corporation or
other  entity,  following  which  and  as a result of which, at least 50% of the
ownership  interest  of  the surviving corporation is held by persons other than
the  shareholders of the Company prior to such transaction, or a majority of the
directors  of  the surviving corporation are persons other than the directors of
the  Company  prior  to  such  transaction.  Any  notice by the Executive to the
Company  or  its  successor claiming a constructive termination of the Executive
shall  specify  the  claimed  default  by  the  Company or the successor and the
Company  or its successor shall have ninety (90) days to make such modifications
in  the  Executive's  working  relationship  as  to  overcome  the  constructive
termination.

          9. Indemnification. The Company shall, to the full extent permitted by
             ---------------
applicable  law, indemnify the Executive and hold him harmless if he is a party,
or  is  threatened  to  be made a party, to any threatened, pending or completed
action,  suit  or  proceeding,  whether  civil,  criminal,  administrative,  or
investigative, by reason of the fact that the Executive is or was an officer and
employee  of the Company or is or was serving at the request of the Company as a
director,  officer, employee or agent of another corporation, partnership, joint
venture,  trust  or  other  enterprise,  against  expenses (including attorneys'
fees),  judgments,  fines and amounts paid in settlement actually and reasonably
incurred  by the Executive in connection with such action, suit or proceeding so
long  as  the  Executive  acted in good faith and in a manner that he reasonably
believed  to be in or not opposed to the best interests of the Company and, with
respect to any criminal action or proceeding, had no reasonable cause to believe
his  conduct  was unlawful.  To the fullest extent permitted by law, the Company
shall  pay such expenses of the Executive in advance of the final disposition of
such  action  upon  satisfying  such  conditions  as  may be imposed by law with
respect  to  such  advances.

          10. Covenant Not to Compete. During the continuance of his employment
              -----------------------
by the Company and for a period of eighteen (18) months after termination of his
employment,  the  Executive  shall not, anywhere in the United States, engage in
any business which competes

                                      -4-
<PAGE>
directly  or  indirectly  with  the  Company.  Any  company or business which is
engaged  in  the air medical transport business or the business of furnishing or
retrofitting  aircraft  to  provide  medical  transports  shall  be deemed to be
engaged  in  business  in  competition  with  the  Company.

          11. Trade Secrets and Confidential Information. During his employment
              ------------------------------------------
by  the  Company, and for a period of five years thereafter, the Executive shall
not, directly or indirectly, use, disseminate, or disclose for any purpose other
than  for  the  purposes  of  the  Company's  business,  any  of  the  Company's
confidential  information  or trade secrets, unless such disclosure is compelled
in  a  judicial  proceeding.  Upon termination of his employment, all documents,
records,  notebooks,  and similar repositories of records containing information
relating  to  any  trade  secrets  or  confidential  information  then  in  the
Executive's  possession  or control, whether prepared by him or by others, shall
be  left  with  the  Company  or  returned  to  the  Company  upon  its request.

          12. Severability. It is the desire and intent of the parties that the
              ------------
provisions  of  Sections  10  and  11  shall  be  enforced to the fullest extent
permissible  under  the laws and public policies applied in each jurisdiction in
which enforcement is sought.  Accordingly, if any particular sentence or portion
of  either Section 10 or 11 shall be adjudicated to be invalid or unenforceable,
the  remaining  portions of such section nevertheless shall continue to be valid
and  enforceable as though the invalid portions were not a part thereof.  In the
event  that any of the provisions of Section 10 relating to the geographic areas
of  restriction  or  the  period  of  restriction  shall be deemed to exceed the
maximum  area  or  period  of time which a court of competent jurisdiction would
deem enforceable, the geographic areas and times shall, for the purposes of this
Agreement,  be  deemed  to be the maximum areas or time periods which a court of
competent  jurisdiction  would  deem valid and enforceable in any state in which
such  court  of  competent  jurisdiction  shall  be  convened.

          13. Injunctive Relief. The Executive agrees that any violation by him
              -----------------
of  the  agreements  contained  in  Sections  10  and  11  are  likely  to cause
irreparable  damage  to  the  Company,  and  therefore agrees that if there is a
breach or threatened breach by the Executive of the provisions of said sections,
the  Company  shall  be entitled to an injunction restraining the Executive from
such  breach.  Nothing herein shall be construed as prohibiting the Company from
pursuing  any  other  remedies  for  such  breach  or  threatened  breach.

          14. Miscellaneous.
              -------------

               (a)  Notices. Any notice required or permitted to be given under
                    -------
this  Agreement shall be directed to the appropriate party in writing and mailed
or delivered, if to the Company, to P.O. Box 4114, 7301 South Peoria, Englewood,
Colorado  80155  or to the Company's then principal office, if different, and if
to  the  Executive,  to  such address as the Executive may have furnished to the
Company  for this purpose or, if the Executive has furnished no such address, to
the  Executive's  last  known  address  as  shown  on  the  Company's  records.

               (b)  Binding Effect. This Agreement is a personal service
                    --------------
agreement  and  may not be assigned by the Company or the Executive, except that
the  Company  may assign this Agreement to a successor by merger, consolidation,
sale of assets or other reorganization. Subject to the foregoing, this Agreement
shall  be  binding upon and inure to the benefit of the parties hereto and their
respective  successors,  assigns,  and  legal  representatives.

                                      -5-
<PAGE>
               (c)  Amendment. This Agreement may not be amended except by an
                    ---------
instrument  in  writing  executed  by  each  of  the  parties  hereto.

               (d)  Applicable Law. This Agreement is entered into in the State
                    --------------
of  Colorado  and for all purposes shall be governed by the laws of the State of
Colorado.

               (e)  Counterparts. This instrument may be executed in one or more
                    ------------
counterparts,  each  of  which  shall  be  deemed  an  original.

               (f)  Entire Agreement. This Agreement supersedes and replaces all
                    -----------------
prior  agreements between the parties related to the employment of the Executive
by  the  Company.

          IN WITNESS WHEREOF, the parties have executed this Agreement as of
January  1,  2003,  the  date  first  above  written.

                                          AIR METHODS CORPORATION

                                          By: /s/ George Belsey
                                              ---------------------------------
                                              George Belsey, Chairman and Chief
                                              Executive Officer

                                          THE EXECUTIVE:

                                          /s/ Aaron D. Todd
                                          -------------------------------------

                                      -6-
<PAGE>

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