Document:

Exhibit 10.14

CH2M HILL Companies, Ltd.

Amended and Restated

Executive Officers Long Term
Incentive Plan

Effective January 1, 2005

CH2M HILL Companies, Ltd.

Executive
Officers Long Term Incentive Plan

ARTICLE I

INTRODUCTION

1.1                                 Establishment. CH2M HILL Companies,
Ltd., an Oregon corporation, hereby amends and restates the CH2M HILL
Companies, Ltd. Executive Officers Long Term Incentive Plan to award incentive
compensation to eligible Participants.

1.2                                 Purposes. 
The purposes of the Plan are to:

·                  Reward a limited group of Executive
Officers for the creation of value in the organization through the achievement
of established goals such as sustained increases in CH2M HILL’s Available
Funds, share price appreciation and other established financial and strategic
goals; and

·                  Provide financial incentives to
Plan Participants to incentivize their contribution to the annual and long-term
financial performance of CH2M HILL, thereby increasing shareholder value; and

·                  Provide Plan Participants an
opportunity to earn market-competitive compensation and to enable
CH2M HILL to motivate and retain its senior Executive Officers.

ARTICLE II

DEFINITIONS

2.1                                 Affiliate means any corporation or other entity that is affiliated with
CH2M HILL through stock or other equity ownership or otherwise which is
designated by either the Committee or the Board as an entity whose eligible
Executive Officers may be selected to participate in the Plan.  The Committee may select an entity to be
designated as an Affiliate if LTD owns directly or indirectly at least 50% of
the entity.  The Board, in its sole
discretion, may select an entity to be designated as an Affiliate if LTD owns
directly or indirectly at least 10% of the entity.

2.2                                 Available Funds means those LTD level consolidated funds remaining from gross revenue
after all normally accrued operating expenses are deducted (including LTD
expenses and any Profit Center operating costs for units in a startup or
investing mode), but prior to accruals for incentive compensation programs,
retained earnings and income taxes.

2.3                                 Award means a
pre-established, performance-based grant payable in Stock Instruments and/or
cash under the Plan, which is intended to satisfy the performance-based goal
requirements of Code § 162(m).

2.4                               Board means the
LTD Board of Directors.

2.5                               CEO means Chief Executive Officer of CH2M HILL Companies, Ltd.

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2.6                                 CH2M HILL means
CH2M HILL family of companies, which includes CH2M HILL Companies, Ltd.,
and, when appropriate, the Affiliates.

2.7                                 Change of Control means the date on which any one of the
following events occurs:

a.               Any one person, or more than one person
acting as a group, acquires ownership of stock of LTD that, together with stock
held by such person or group, constitutes more than 50% of the total Fair
Market Value of the LTD stock. However, if any one person or more than one
person acting as a group, owns more than 50% of the total Fair Market Value of
the LTD stock, the acquisition of additional stock by the same person or
persons is not considered to cause a change in the ownership of LTD (or to
cause a change in the effective control of LTD).

b.              There is a change in the effective control of
LTD.  A change in the effective control
of LTD occurs on the date that either:

(i)          Any one person, or more than one person acting as a
group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) ownership of stock of
LTD that represents 35% or more of the total voting power of the all LTD stock;
or

(ii)       A majority of members of LTD’s board of directors is
replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the members of LTD’s board of directors prior
to the date of the appointment or election.

c.               Any one person, or more than one person acting as a
group, acquires ownership of assets of LTD that have a gross fair market value
equal to or more than [40]% of the total gross fair market value of all of the
assets of LTD immediately prior to such acquisitions.  For this purpose, gross fair market value
means the value of the assets of LTD, or the value of the assets being disposed
of, determined without regard to any liabilities associates with the assets.

For purposes of
the definition in this Section 2.7 Persons Acting as a Group shall have the following meaning  Persons
will not be considered to be acting as a group solely because they purchased
stock of LTD at the same time, or as a result of the same public offering.
However, persons will be considered to be acting as a group if they are owners
of a corporation that enters into a merger, consolidation, purchase or
acquisition of stock, or similar business transaction with the corporation. If
a person, including an entity, owns stock in both corporations that enter into
a merger, consolidation, purchase or acquisition of stock, or similar
transaction, such shareholder is considered to be acting as a group with other
shareholders in a corporation prior to the transaction giving rise to the change
and not with respect to the ownership interest in the other corporation.

For the avoidance of
doubt, this Section shall be interpreted in accordance with Treasury guidance
for the definition of Change in Control under Code § 409A.

2.8                                 Code means the Internal
Revenue Code of 1986, as amended.

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2.9                                 Committee means a
committee appointed by the Board consisting solely of two or more outside
directors (within the meaning of Code § 162(m)(4)(C)(i)) empowered to take
actions with respect to the administration of the Plan as described in Article
V.

2.10                           Competitor means any corporation
or other entity that is engaged in any business in which CH2M HILL is
actively engaged, as described in the CH2M HILL’s most recent (at the
relevant time) Annual Report on Form 10-K, filed with the United States
Securities and Exchange Commission; and/or any business the entry into which is
contemplated by CH2M HILL at the time the Participant separates from
service.

2.11                           “Disabled” or “Disability” shall mean that the
participant either

a.               Is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or

b.              Is, by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, receiving
income replacement benefits for a period of not less than 3 months under an
accident and health plan covering employees of the participant’s employer.

For the avoidance
of doubt, this Section shall be interpreted in accordance with Treasury
guidance for the definition of Disability under Code § 409A.

2.12                           Effective Date means
the effective date of the Plan, which is January 1, 2005.

2.13                           Executive Officer means
each of members of the CH2M HILL executive leadership team, including the CEO
and any employee who is an officer of LTD and whose total compensation for the
taxable year is required to be reported to shareholders under the Securities
Exchange Act of 1934 because the employee is one of the four highest
compensated officers for the taxable year (other than the CEO).

2.14                           Fair Market Value
means the value of CH2M HILL, denominated in United States dollars, as
determined by the Board in a manner that is not inconsistent with Code
§ 409A.

2.15                           Full Service Revenue
means revenue generated by CH2M HILL from work outside CH2M HILL’s traditional
consulting engineering business, primarily integrated project delivery
(design/build), operations and maintenance (O&M), remediation, and
construction work.

2.16                           Global Revenue means
revenue generated by CH2M HILL from clients located and work performed
outside the North American continent.

2.17                           LTD means CH2M HILL
Companies, Ltd.

2.18                           Participant means a
current or former Executive Officer designated to be eligible to receive an
Award under the Plan as provided in Section 3.1.

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2.19                           Plan means the CH2M
HILL Companies, Ltd. Executive Officers Long Term Incentive Plan.

2.20                           Profit Center means
any applicable operating unit of CH2M HILL, including but not limited to the
holding company of CH2M HILL family of companies, LTD, and its subsidiary
business units as designated from time to time by the Committee.

2.21                           Program means each
one-year, two-year, or three-year Plan cycle.

2.22                           Program Period means
(a) a period beginning on January 1st of each calendar
year and ending 36 months thereafter (e.g., January 1, 2003 through December
31, 2005) for a three-year Program, (b) a period beginning on January 1st of each calendar year and ending 24 months
thereafter (e.g., January 1, 2003 through December 31, 2004) for a two-year
Program, and (c) a period beginning on January 1st of
each calendar year and ending 12 months thereafter (e.g., January 1, 2003
through December 31, 2003) for a one-year Program.  Each Award shall state the Program Period to
which it applies.

2.23                           Stock Instruments
means the following instruments:

a.               Stock for Domestic
Engineering Services Employees,

b.              SVEUs for Domestic
Ineligible Company Employees or International Employees,

c.               Phantom Stock or
international SVEUs for International Employees, or

d.              Other instruments
approved from time to time by the Board to use for incentive and compensation
purposes.

For purposes of
these definitions:

·                  Stock means one
share of CH2M HILL common stock.

·                  SVEU means one
unit held in trust under the CH2M HILL Companies, Ltd. Pre-Tax Deferred
Compensation Plan or under the CH2M HILL Companies, Ltd. International Deferred
Compensation Plan.

·                  Phantom Stock
means a hypothetical interest in the value of one share, denominated in United
States dollars, which is granted pursuant to the CH2M HILL Companies, Ltd.
Phantom Stock Plan.

·                  Domestic Engineering Services
Employees means those employees who work for CH2M HILL
in the United States that provide consulting, engineering, and
engineering-related services, determined as of the time of the Award payout.

·                  Domestic Ineligible Company Employees
means those employees who work for CH2M HILL in the United States and do
not provide consulting, engineering or engineering-related services, determined
as of the time of the Award payout.

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·                  International Employees means those
employees who work for CH2M HILL and are not resident in the United States
and whose regular workplace is outside of the United States, determined as of
the time of the Award payout, except that International Employees shall exclude
an individual who is a United States citizen employed by an Affiliate organized
in the United States, regardless of where the individual performs services.

2.24                           Target Bonus means
the bonus amount established under the Plan for Participants. For a given
Participant, the Target Bonus will be between 20% to 150% of the Participant’s
base salary, as of the beginning of the Program Period.  For any Program Period, the Target Bonus for
any Participant shall not exceed $1,750,000, and the Target Bonuses for all
Participants shall not exceed $7,500,000.

ARTICLE III

ELIGIBILITY

3.1                                 Eligibility for Plan Participation.  The Committee, in its sole
discretion, shall determine which Executive Officers shall be eligible to
participate in the Plan for any Program Period.

3.2                                 No Entitlement. Eligibility to participate in the Plan in any one Program Period does
not create any entitlement to participate in any other Program Period.

ARTICLE IV

AWARDS

4.1                                 Award. Within 90 days of the
beginning of each Program Period, as required by the Code, the Committee in its
sole discretion shall establish performance goals and Awards and notify
Participants in writing. The Award notification shall include the length of the
Program Period, a Participant’s Target Bonus for the Program Period, and one or
more of the following performance goals:

a.               Available Funds
target to be achieved during the Program Period. The Committee, in its sole
discretion, shall establish the Available Funds target for each Award. The
Available Funds target may be identical for all Participants in a given Program
Period.

b.              Full Service Revenue
target to be achieved during the Program Period. The Committee, in its sole
discretion, shall establish the Full Service Revenue target for each Award. The
Full Service Revenue target may be identical for all Participants in a given
Program Period.

c.               Global Revenue
target to be achieved during the Program Period. The Committee, in its sole
discretion, shall establish the Global Revenue target for each Award. The
Global Revenue target may be identical for all Participants in a given Program
Period.

d.              Stock Price Appreciation target to be achieved during the Program
Period.  The Committee, in its sole
discretion, shall establish the Stock Price Appreciation target for

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each Award. The Stock Price Appreciation target may be identical for all
Participants in a given Program Period.

e.               Return On Equity
target to be achieved during the Program Period. The Committee, in its sole
discretion, shall establish the Return on Equity target for each Award. The
Return on Equity target may be identical for all Participants in a given
Program Period.

f.                 Backlog target to be
achieved during the Program Period. The Committee, in its sole discretion,
shall establish the Backlog target for each Award. The Backlog target may be
identical for all Participants in a given Program Period.

4.2                                 Code § 162(m)
Compliance.  CH2M HILL intends that the Awards will
satisfy the performance-based compensation requirements of Code § 162(m)
so that CH2M HILL may deduct any compensation paid under the Plan for federal
income tax purposes without limitation under Code § 162(m).  If any provision of this Plan or any Award
would otherwise frustrate or conflict with such intent, that provision, to the
extent possible, shall be interpreted and deemed amended so as to avoid such
conflict.

4.3                               Award Determination
Process.  As soon as
practicable after the end of each Program Period, but no later than December 31st of the calendar
year following the end of the Program Period, the Committee shall compare
actual performance results against performance targets achieved during the
Program Period and determine whether and to the extent the Participant actually
achieved his/her performance goals for the Program Period. The amount payable
under the Plan to a Participant, who has actually achieved his/her performance
goals for a Program Period, shall be determined by the Committee in its sole
discretion. All determinations by the Committee shall be made in the Committee’s
sole discretion and shall be final and binding on all Participants.  The Participant shall not be entitled to any
compensation under the terms of the Award until the Committee certifies in
writing that the Participant has met his/her specific performance goals and
determines the amount of compensation payable under the Award.  Award provisions shall not be modified or
amended, however, if the modification or amendment would cause compensation
payable pursuant to such Award to fail to constitute qualified
performance-based compensation under Code § 162(m).

4.4                                   Maximum
Award Amount.  Maximum
Award payout for each Participant for any Program Period, shall not exceed two
times the Target Bonus (i.e. $3,500,000) for that Program Period and may be
adjusted to a lesser amount in the discretion of the Committee. The maximum
payout for all Participants for any Program Period shall not exceed
$15,000,000.

4.5                                 Payouts of Awards. The payment of Awards will be made as
soon as practicable after the end of the Program Period when the Committee has
determined Award payout amounts but no later than two and a half months
following the end of the Program Period. Except as provided in Article VII, a
Participant must be employed by CH2M HILL or an Affiliate as of the Award
payout date to be eligible for the payout, but does not need to be a current
Executive Officer for the entire Program Period or at the date of payment.  Unless otherwise determined by the Committee
in its sole discretion, all Awards will be paid 40% in cash and 60% in Stock
Instruments based on Participant’s eligibility to hold specific Stock
Instruments.  To the extent an Award
payout results in a Participant exceeding CH2M HILL ownership limitations
pursuant to CH2M HILL’s Articles of Incorporation and Bylaws, the Award
shall be paid out in cash.

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4.6                                 Non-Transferability of
Awards.  No Award shall be assignable or transferable.

4.7                                 Restrictions on
Transfers of Instruments. All Stock Instruments transferred to a
Participant in accordance with the Plan will be subject to the terms,
conditions, and restrictions on CH2M HILL Stock set forth in CH2M HILL’s
Articles of Incorporation and Bylaws, as amended from time to time, including:
(i) restrictions that grant CH2M HILL the right to repurchase shares upon
termination of the shareholder’s affiliation with CH2M HILL; (ii) restrictions
that grant CH2M HILL a right of first refusal if the shareholder wishes to sell
shares other than in the Internal Market; and (iii) restrictions that
require the approval of CH2M HILL for any other sale of shares.

4.8                                 Withholding Requirement. 
All Awards are subject to withholding of all taxes, government mandated
social benefit contributions, or other payments required to be withheld which
are applicable to the Participants.

ARTICLE V

5.1                                 Committee.  The
Plan shall be administered by the Committee appointed by the Board.  The Committee shall at all times consist
solely of outside directors (within the meaning of Code § 162(m)(4)(C)(i))
and shall at all times have at least two members.  The Board may from time to time remove
members from or add members to the Committee, and vacancies on the Committee
shall be filled by the Board. Members of the Committee may resign at any time
upon written notice to the Board.

5.2                                 Committee Meetings and Actions.  The Committee shall hold meetings at such
times and places as it may determine.  A
majority of the members of the Committee shall constitute a quorum, and the
acts of the majority of the members present at a meeting or a consent in
writing signed by all members of the Committee shall be the acts of the Committee
and shall be final, binding and conclusive upon all persons, including CH2M
HILL, its shareholders, and all persons having any interest in Awards which may
be or have been granted pursuant to the Plan. The Chairman of the Committee, in
his or her sole discretion, may delegate any or all of the responsibilities of
the Committee to one or more Committee members, whose actions shall be deemed
to be the acts of all of the members.

5.3                                 Powers of Committee.  Except as otherwise provided elsewhere in
this plan document, the Committee shall, in its sole discretion, determine the
time at which Awards are to be made and paid-out, actual performance against
targets for purposes of Award payout calculations, specific weighing of the
components of Award payout calculations, and establish such other terms under
the Plan as the Committee may deem necessary or desirable and consistent with
the terms of the Plan. Except as otherwise provided elsewhere in this plan
document, the Committee shall have the full and exclusive right to grant and
determine terms and conditions of all Awards granted under the Plan. The
Committee shall determine the form or forms of agreements with Participants
that shall evidence the particular provisions, terms, and conditions, which
need not be identical except as may be provided in the Plan. The Committee may
from time to time adopt such rules and regulations for carrying out the
purposes of the Plan as it may deem proper and in the best interests of CH2M
HILL.

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5.4                                 Interpretation of Plan.  The determination of the Committee
as to any disputed question arising under the Plan, including questions of
construction and interpretation, shall be final, binding and conclusive upon
all persons, including CH2M HILL, its shareholders, and all persons having any
interest in Stock Instruments which may be or have been granted pursuant to the
Plan.

5.5                               Limitation of Liability and Indemnification.

a.               No member of the
Committee shall be liable for any action or determination made in good faith.

b.              Each person who is or shall have been a
member of the Committee or of the Board shall be indemnified and held harmless
by CH2M HILL Companies, Ltd. against and from any loss, cost, liability or
expense that may be imposed upon or reasonably incurred in connection with or
resulting from any claim, action, suit or proceeding to which such person may
be a party or in which such person may be involved by reason of any action
taken or failure to act under the Plan and against and from any and all amounts
paid in settlement thereof, with CH2M HILL’s approval, or paid in satisfaction
of a judgment in any such action, suit or proceeding against him, provided such
person shall give CH2M HILL an opportunity, at its own expense, to handle and
defend the same before undertaking to handle and defend it on such person’s own
behalf.

ARTICLE VI

CHANGE IN
CONTROL

Notwithstanding any
requirements contained in this Plan or any Award grant, all outstanding Awards
shall become immediately payable at two times the Target Bonus in cash upon the
occurrence of a Change in Control event, and shall be paid to Participants no
later than the December 31st of the calendar
year in which the Change in Control occurred, or the first date it is
administratively feasible to make the payment, if later.

ARTICLE VII

TERMINATION OF AFFILIATION

7.1                                 Retirement.  If a
Participant separates from service, within the meaning of Code § 409A,
(retires) after attainment of age 55 while holding Plan Awards, and provided
that subsequent to such separation from service he/she does not affiliate with
a Competitor (directly or indirectly as an employee, consultant, director,
officer, or shareholder of more than 5% of equity), the Participant shall be
entitled to the payouts of all outstanding Awards.  Notwithstanding the foregoing, the payouts
will be prorated to the actual period that the Participant actually worked for
CH2M HILL in the year when the Award was made, if the Participant did not
work for that entire year. The payout(s) will be made at the time each
outstanding Award payout is due for each Program.  It will be made 100% in cash and will be calculated prorata for the time that the
Participant actually participated in each Program, based on the actual
CH2M HILL Available Funds and/or other performance goals as of the end of
each relevant Program Period.

7.2                                 Death. If a Participant dies while employed by
CH2M HILL, payouts of all

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his/her
outstanding Awards will be made prorata to the actual period worked for
CH2M HILL during the first year of each outstanding Award Program to the
personal representative of the Participant’s estate or the designated
beneficiary or other person or persons who shall have acquired entitlement to
earned benefits under the Plan by bequest or inheritance (hereafter, “Beneficiary”)
as provided in Section 4.5 of the Plan. Such payout will be made 100% in cash
and will be calculated prorata for the time that the Participant actually
participated in each Program, based on hypothetical Available Funds and other
performance goal levels for the not yet completed Program Periods, derived by
assuming that Available Funds and other performance goals through the end of
each Program Period for each outstanding Award, would be proportionate to the
performance as of the time of death, including consideration of projected
performance in out-years where appropriate. 
The Committee’s determination with respect to payout amounts based on
the above criteria shall be final and binding on the Beneficiary.

7.3                                 Disability.  Upon
the Participant’s separation from service, within the meaning of Code
§ 409A, with CH2M HILL by reason of Disability, payouts of the
Participant’s prorata share of all his/her outstanding Awards (based on the
actual period worked for CH2M HILL during the first year of each
outstanding Award Program) shall be made to the Participant as provided in
Section 4.5 of this Plan. Such payout will be made 100% in cash and will be
calculated prorata for the time that the Participant actually participated in
each Program, based on hypothetical Available Funds and other performance goal
levels for the not yet completed Program Periods, derived by assuming that
Available Funds and other performance goals through the end of each Program
Period for each outstanding Award, would be proportionate to the performance as
of the time of termination, including consideration of projected performance in
out-years where appropriate. The Committee’s determination with respect to
payout amounts based on the above criteria shall be final and binding on the
Participant.

7.4                                 Other Termination. Upon the Participant’s voluntary or
involuntary separation from service (within the meaning of Code § 409A) with
CH2M HILL (except as otherwise provided in Article VI or in Sections 7.1,
7.2 and 7.3), all rights a Participant has under any outstanding and not yet
paid Awards shall terminate.

ARTICLE VIII

REQUIREMENTS
OF LAW

8.1                                 Requirements of Law.  All
Awards pursuant to the Plan shall be subject to all applicable laws, rules and
regulations.

8.2                                 Governing Law.  The Plan and all agreements under the Plan
shall be construed in accordance with and governed by the laws of the State of
Colorado, United States of America.

8.3                                 Governing Currency.  The
Plan and all agreements under the Plan shall be denominated in the currency of
the United States of America.

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ARTICLE IX

AMENDMENT,
MODIFICATION AND TERMINATION

The
Board may amend or modify any provision of the Plan at any time, except that no
amendment or modification shall be effective without the approval of the
stockholders of LTD if such approval is necessary to satisfy the requirements
of Code § 162(m).  The Board may
suspend the granting of Awards under the Plan or terminate the Plan at any
time.

The
Board may determine that any Awards granted under the Plan shall be subject to
additional and/or modified terms and conditions, and the terms of the Award
shall be adjusted accordingly, as may be necessary to comply with or take
account of any securities, exchange control, or taxation laws, regulations or
practice of any territory which may have application to the relevant
Participant.

ARTICLE X

MISCELLANEOUS

10.1                           Gender and Number.  Except when otherwise indicated by the
context, the masculine gender shall also include the feminine gender, and the
definition of any term herein in the singular shall also include the plural.

10.2                           No Right to Continued Employment. 
Nothing contained in the Plan or in any Award granted under the Plan
shall confer upon any Participant any right with respect to the continuation of
the Participant’s employment by, or consulting relationship with,
CH2M HILL and/or Affiliates, or interfere in any way with the right of
CH2M HILL or Affiliates, subject to the terms of any separate employment
agreement or other contract to the contrary, at any time to terminate such
services or to increase or decrease the compensation of the Participant from
the rate in existence at the time of the grant of an award. Any Participant who
leaves the employment of CH2M HILL shall not be entitled to any compensation
for any loss of any right or any benefit or prospective right or benefit under
this Plan which the Participant might otherwise have enjoyed whether such
compensation is claimed by way of damages for wrongful dismissal or other
breach of contract or by way of compensation for loss of office or otherwise.

CH2M HILL
hereby agrees to the provisions of the Plan and in witness of its agreement, by
its duly authorized officer has executed the Plan on the date written below.

CH2M
HILL COMPANIES, LTD.

Plan
Sponsor

	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
				

 

 11Exhibit 10.15

CH2M Hill Companies, Ltd.

Amended
and Restated

Long Term Incentive (LTI) Plan

Effective January 1, 2005

CH2M Hill
Companies, Ltd.

Long Term Incentive (LTI) Plan

ARTICLE I

INTRODUCTION

1.1                                 Establishment.  CH2M HILL Companies, Ltd., an Oregon corporation
hereby amends and restates the CH2M HILL Companies, Ltd. Long Term Incentive
(LTI) Plan to award incentive compensation to eligible Participants.

1.2                                 Purposes.  The purposes of the Plan are to:

·                  Reward
a limited group of senior executives, project managers, and technologists for
the creation of value in the organization through sustained increases in
CH2M HILL’s Available Funds, and through the achievement of agreed-on
strategic goals, and

·                  Provide
financial incentives to Plan Participants to incentivize their contribution to
the annual and long-term financial performance of CH2M HILL, thereby increasing
shareholder value.

ARTICLE
II

DEFINITIONS

2.1                                 Affiliate
means any corporation or other entity that is affiliated with
CH2M HILL through stock or other equity ownership or otherwise which is
designated by either the Committee or the Board as an entity whose eligible
employees, directors, officers, and consultants may be selected to participate
in the Plan.  The Committee may select an
entity to be designated as an Affiliate if LTD owns directly or indirectly at
least 50% of the entity.  The Board, in
its sole discretion, may select an entity to be designated as an Affiliate if
LTD owns directly or indirectly at least 10% of the entity.

2.2                                 Available Funds means those LTD level consolidated funds
remaining from gross revenue after all normally accrued operating expenses are
deducted (including LTD expenses and any Profit Center operating costs for
units in a startup or investing mode), but prior to accruals for incentive
compensation programs, retained earnings and income taxes.

2.3                                 AF Modifier means the modifier used
in calculating the LTI Award payout amount as described in section 4.4(b) of
the Plan.

2.4                                 Award means a grant of Stock
Instruments (as defined below) and/or cash under the Plan.

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2.5                                 Board means CH2M HILL Board of
Directors.

2.6                                 CEO means Chief Executive Officer of
CH2M HILL Companies, Ltd.

2.7                                 Change of Control means the date on
which any one of the following events occurs:

a.               Any one person, or more than one person acting as a
group, acquires ownership of stock of LTD that, together with stock held by
such person or group, constitutes more than 50% of the total Fair Market value
of the LTD stock.  However, if any one
person or more than one person acting as a group, owns more than 50% of the
total Fair Market Value of the LTD stock, the acquisition of additional stock
by the same person or persons is not considered to cause a change in the
ownership of LTD (or to cause a change in the effective control of LTD.)

b.              There is a change in the effective control of
LTD.  A change in the effective control
of LTD occurs on the date that either:

(i)             Any one person, or more than one person acting as a
group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) ownership of stock of
LTD that represents 35% or more of the total voting power of the all LTD stock;
or

(ii)          A majority of members of LTD’s board of directors is
replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the members of LTD’s board of directors prior
to the date of the appointment or election.

c.               Any one person, or more than one person acting as a group,
acquires ownership of assets of LTD that have a gross fair market value equal
to or more than [40%] of the total gross fair market value of all of the assets
of LTD immediately prior to such acquisitions. 
For this purpose, gross fair market value means the value of the assets
of LTD, or the value of the assets being disposed of, determined without regard
to any liabilities associates with the assets.

For purposes of
the definition in this Section.2.7 Persons Acting as a Group shall
have the following meaning.  Persons will
not be considered to be acting as a group solely because they purchase the
stock of LTD at the same time, or as a result of the same public offering.  However, persons will be considered to be
acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of stock, or similar business
transaction with the corporation.  If a
person, including an entity owns stock in both corporations that enter into a
merger, consolidation, purchase or acquisition of stock, or similar
transaction, such shareholder is considered to be acting as a group with other
shareholders in a corporation prior to the transaction giving rise to the
change and not with respect to the ownership interest in the other corporation.

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For the avoidance
of doubt, this Section shall be interpreted in accordance with Treasury
guidance for the definition of Change in control under Code § 409A.

2.8                                 Code means the Internal Revenue Code of 1986,
as amended.

2.9                                 Committee means the Ownership and
Incentive Compensation Committee of the Board empowered to take actions with
respect to the administration of the Plan as described in Article V of this
document.

2.10                           Competitor means any
corporation, or any other entity, that is engaged in any business in which
CH2M HILL is actively engaged, as described in the CH2M HILL’s most
recent (at the relevant time) Annual Report on Form 10-K, filed with the United
States Securities and Exchange Commission; and/or any business the entry into which
is contemplated by CH2M HILL at the time the Participant separates from
service.

2.11                           “Disabled” or Disability” shall mean
that a participant either

a.  Is
unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than 12
months, or

b.  Is,
by reason of any medically determinable physical or mental impairment which can
be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, receiving income replacement benefits for a
period of not less than 3 months under an accident and health plan covering
employees of the participant’s employer.

2.12                           CH2M HILL means CH2M HILL
family of companies, which includes CH2M Hill Companies, Ltd., and, when
appropriate, the Affiliates.

2.13                           Effective Date means the effective
date of the Plan, which is January 1, 2005.

2.14                           LTD means
CH2M Hill Companies, Ltd.

2.15                           Participant means an employee
designated to be eligible to receive an Award under the Plan as provided in
Section 3.1.

2.16                           Plan  or
LTI Plan means the CH2M HILL Companies, Ltd. Long Term Incentive
(LTI) Plan.

2.17                           Profit Center means any applicable
operating unit of CH2M HILL, including but not limited to the holding company
of CH2M HILL family of companies, LTD, and any of its subsidiary business units
as designated from time to time by the Committee.

2.18                           Program means each three-year LTI
Plan cycle.

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2.19                           Program Period means a period
beginning on January 1st of the Program year and completing 36 months
thereafter (ex. January 1, 1999 through December 31, 2001).

2.20                           Stock Instruments means instruments
granted under the Plan, which include subject to the discretion of the
Committee:

a.               Stock for Domestic
Engineering Services Employees,

b.              SVEUs for Domestic
Ineligible Company Employees; or

c.               Phantom Stock or
international SVEUs for International Employees; or

d.              Other instruments
approved from time to time by the Board to use for incentive and compensation
purposes.

For purposes of
these definitions:

·                  Stock means one share of
CH2M HILL common Stock.

·                  SVEU means one unit held in
trust under the CH2M Hill Companies, Ltd. Pre-Tax Deferred Compensation Plan or
under the CH2M Hill Companies, Ltd. International Deferred Compensation Plan.

·                  Phantom Stock means a
hypothetical interest in the value of one share, denominated in United States
dollars, which is granted pursuant to the CH2M Hill Companies, Ltd. Phantom
Stock Plan.

·                  Domestic Engineering Services Employees
means those employees (including, without limitation, officers, directors and
designated consultants) who work for CH2M HILL in the United States that
provide consulting, engineering, and engineering-related services determined as
of the time of the Award payout.

·                  Domestic Ineligible Company Employees
means those employees (including, without limitation, officers, directors, and
designated consultants) who work for CH2M HILL in the United States and do
not provide consulting, engineering or engineering-related services, determined
as of the time of the Award payout.

·                  International Employees means
those employee (including, without limitation director, officer and designated
consultant) who work for CH2M HILL and are not resident in the United
States and whose regular workplace is outside of the United States, determined
as of the time of the Award payout, except that International Employees shall
exclude an individual who is a United States citizen employed by an Affiliate
organized in the United States, regardless of where the individual performs
services.

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2.21                           Strategic Goal Modifier means one of
the modifiers used in calculating the LTI Award payout amount as described in
section 4.4(c) of the Plan.

2.22                           Target Bonus means the bonus amount
established under the Plan for Participants. For a given Participant, the
Target Bonus will be between 20% to 80% of their base salary, as of the
beginning of the Program Period.

ARTICLE
III

ELIGIBILITY

3.1                                 Eligibility for Plan Participation.  The Committee, on recommendation of the
CEO in its sole discretion, shall determine which employees shall be eligible
to participate in the Plan for any Program year.

3.2                                 No Entitlement.  Eligibility to
participate in the Plan in any one Program Period does not create any
entitlement to participate in any other Program Period.

ARTICLE
IV

LTI
AWARDS

4.1                                 Award Grants. Annually, at the time
determined by the Committee in its sole discretion, Participants will be
notified of their LTI Awards for the Program. 
The Award notification will include.

a.               Participant’s
Target Bonus for the Program;

b.              Targeted three-year
total Available Funds to be achieved during the Program Period;

c.               Company-wide
strategic goals to be achieved during the Program Period; and

d.              Individual strategic
goals to be achieved during the Program Period, if applicable.

The LTI Award
shall not vest until the end of the Program Period.  The actual payout value of the Award will be
the Target Bonus, adjusted up or down, based on CH2M HILL’s performance
during the Program Period with respect to the three-year total Available Funds
target, company-wide strategic goals targets, and any applicable individual
strategic goals as further described below.

4.2                                 Targeted Three-Year Total Available Funds.
The Committee, on recommendation of the CEO, and in its sole discretion,
shall establish the three-year total Available Funds target for each LTI
Program.  That target shall be the
Available Funds target for all Participants in a given Program.

4.3                                 Strategic Goals.  The Committee, on recommendation of the CEO,
and in its sole discretion, shall establish company-wide strategic goals for
each LTI Program.  These company-wide
goals may be identical for all Participants in a given Program.  Further,

 6
 

the CEO, on
recommendation of his management team, may establish individual strategic goals
for each Participant for a given Program. These individual strategic goals may
vary among Participants, but more than one Participant may share a given
individual goal.

4.4                                 Award Payout Valuation Methodology.  As soon as
practicable after the end of each Program Period, but no later than December 31st of the calendar year following the end of the
Program Period, the Committee shall compare the actual CH2M HILL
three-year total Available Funds performance and the actual company-wide and
individual strategic goal performances achieved during the Program Period.  All determinations by the Committee related
to attainment of Available Funds and strategic goal targets, as well as
weighting determinations for Target Bonus modifiers (as described below) shall
be made in the sole discretion of the Committee, and shall be final and binding
on all Participants.

a.               Threshold Available Funds Requirement.  Irrespective of CH2M HILL’s performance
against any of the strategic goal targets during the Program Period,
Participants shall not be entitled to any payout of LTI Awards for a
given Program unless CH2M HILL achieves at least 70% of the total three-year
Available Funds target during the Program Period.  Assuming this Available Funds threshold
requirement is satisfied, other modifiers are applied to the Target Bonus to
determine the actual Award payout amount as further described below.

b.              Available
Funds (AF) Modifier. 
Subject to the threshold requirement in section 4.4(a) and the maximum
payout limitation of section 4.4(e), the Committee shall adjust the Target
Bonus amount due to Participants between 0% and 200% based on the actual
three-year total Available Funds performance of CH2M HILL during the
Program Period against the Program’s Available Funds target.

c.               Strategic Goal (SG) Modifiers. The
actual Program Period performance against each strategic goal (company-wide and
individual) will stand on its own as a modifier of the Target Bonus amount due
to a Participant. On the recommendation of the CEO, the Committee, in its sole
discretion, will assign a weighting to each strategic goal, with the total
weighting equal to a 50% modification (ex. 12.5% for each company-wide goal and
25% for the individual goal). Subject to the threshold requirement of section
4.4(a) and the maximum payout limitation of section 4.4(e), the Committee shall
adjust the Target Bonus amount due to each Participant plus or minus up to 50%
based on the sum total of all SG Modifiers.

d.              1999 and
2000 Program Exceptions. 
Because the Plan is structured to provide no Award payouts during 1999
and 2000 calendar years, the Target Bonus amounts used in calculating payouts
for 1999 and 2000 Programs will be increased by 50% (multiplier by 1.5) prior
to any adjustments being made to Target Bonuses by AF and SG Modifiers.

e.               Maximum Award Payout.  Maximum Award payout for each Participant for
any LTI Program, taking into account performance with respect to all target and
goal associated modifier adjustments, shall not exceed 200% (2 times) of

 7
 

Target Bonus,
excepting the 1999 and 2000 Programs, as described in section 4.4 (d.).

4.5                                 Payouts of LTI Awards. The payout
of Awards will be made as soon as practicable after the end of the Program
Period when Award payout amounts have been determined, but no later than two
and a half months following the end of the Program Period. Except as provided
in Article VII, a Participant must be employed by CH2M HILL or an Affiliate as
of the Award payout date to be eligible for the payout.  Unless otherwise determined by the Committee
in its sole discretion, all LTI Awards will be paid 40% in cash and 60% in
Stock Instruments based on Participant’s eligibility to hold individual Stock
Instruments.  To the extent an Award
payout results in a Participant exceeding CH2M HILL ownership limitations
pursuant to CH2M HILL’s Articles of Incorporation and Bylaws, the Award
shall be paid out in cash.

4.6                                 Non-Transferability of Awards.  No Award shall be assignable or transferable.

4.7                                 Restrictions on Transfers of Instruments.  All Stock Instruments transferred to a
Participant in accordance with the Plan will be subject to the terms,
conditions, and restrictions on CH2M HILL Stock set forth in CH2M HILL’s
Articles of Incorporation and Bylaws, as amended from time to time, including:
(i) restrictions that grant CH2M HILL the right to repurchase shares upon
termination of the shareholder’s affiliation with CH2M HILL; (ii) restrictions
that grant CH2M HILL a right of first refusal if the shareholder wishes to sell
shares other than in the Internal Market; and (iii) restrictions that
require the approval of CH2M HILL for any other sale of shares.

4.8                                 Withholding Requirement.  All Awards are
subject to withholding of all taxes, government mandated social benefit
contributions, or other payments required to be withheld which are applicable
to the Participants.

ARTICLE V

PLAN
ADMINISTRATION

5.1                                 Committee.  The Plan shall be administered by the
Ownership & Incentive Compensation 
(O&IC) Committee serving at the pleasure of the Board.  The Committee shall at all times consist of
at least two Directors and shall include other members (which may be either
directors or non-directors) as the Board may determine.  The Board may from time to time remove
members from or add members to the Committee, and vacancies on the Committee
shall be filled by the Board. Members of the Committee may resign at any time
upon written notice to the Board.

5.2                                 Committee Meetings and Actions.  The Committee
shall hold meetings at such times and places as it may determine.  A majority of the members of the Committee
shall constitute a quorum, and the acts of the majority of the members present
at a meeting or a consent in writing signed by all members of the Committee
shall be the acts of the Committee and shall be final, binding and conclusive
upon all persons, including CH2M

 8
 

HILL, its
shareholders, and all persons having any interest in Awards which may be or
have been granted pursuant to the Plan. The Chairman of the Committee, in his
or her sole discretion, may delegate any or all of the responsibilities of the
Committee to one or more Committee members, whose actions shall be deemed to be
the acts of all of the members.

5.3                                 Powers of Committee.  The Committee shall, in its
sole discretion and on recommendation of the CEO, determine the time at which
LTI Awards are to be made and paid-out, actual performance against targets for
purposes of Award payout calculations, specific weighing of individual
components of Award payout calculations, and establish such other terms under
the Plan as the Committee may deem necessary or desirable and consistent with
the terms of the Plan. The Committee shall have the full and exclusive right to
grant and determine terms and conditions of all Awards granted under the Plan.
The Committee shall determine the form or forms of agreements with Participants
that shall evidence the particular provisions, terms, and conditions, which
need not be identical except as may be provided in the Plan. The Committee may
from time to time adopt such rules and regulations for carrying out the
purposes of the Plan, as it may deem proper and in the best interests of CH2M
HILL.

5.4                                 Interpretation of Plan.  The
determination of the Committee as to any disputed question arising under the
Plan, including questions of construction and interpretation, shall be final,
binding and conclusive upon all persons, including CH2M HILL, its shareholders,
and all persons having any interest in Stock Instruments which may be or have
been granted pursuant to the Plan.

5.5                                Limitation of Liability and Indemnification.

a.               No member of the
Committee shall be liable for any action or determination made in good faith.

b.              Each person who is
or shall have been a member of the Committee or of the Board shall be
indemnified and held harmless by CH2M HILL Companies, Ltd. against and
from any loss, cost, liability or expense that may be imposed upon or
reasonably incurred in connection with or resulting from any claim, action,
suit or proceeding to which such person may be a party or in which such person
may be involved by reason of any action taken or failure to act under the Plan
and against and from any and all amounts paid in settlement thereof, with CH2M
HILL’s approval, or paid in satisfaction of a judgment in any such action, suit
or proceeding against him, provided such person shall give CH2M HILL an
opportunity, at its own expense, to handle and defend the same before undertaking
to handle and defend it on such person’s own behalf.

 9
 

ARTICLE VI

CHANGE IN CONTROL

Notwithstanding any
vesting requirements contained in this Plan or notice of Award grant, all
outstanding LTI Awards shall become immediately payable in full and in cash
upon the occurrence of a Change in Control event.

ARTICLE VII

TERMINATION OF AFFILIATION

7.1                                 Retirement. If a Participant separates from service,
within the meaning of Code § 409A, (retires) after attainment of age 55 while
holding Plan Awards, and provided the Participant does not, subsequent to such
separation from service, affiliate with a Competitor (directly or indirectly as
an employee, consultant, director, officer, or shareholder of more than 5% of
equity), the Participant shall be entitled to the payouts of all outstanding
Awards.  Notwithstanding the foregoing,
the payouts will be prorated to the period that the Participant actually worked
for CH2M HILL in the year when the Award was made, if the Participant did
not work for that entire year.  The
payout(s) will be made at the time each outstanding Award payout is due for
each Program.  It will be made 100% in
cash and will be calculated prorata for the
time that the Participant actually participated in each Program, based
on the actual CH2M HILL three-year total Available Funds and company-wide
strategic goal performances as of the end of each relevant Program Period.

7.2                                 Death. If a Participant dies while employed by
CH2M HILL, payouts of all his/her outstanding Awards will be made prorate
to the actual period worked for CH2M HILL during the first year of each
outstanding Award Program to the personal representative of the Participant’s
estate or the designated beneficiary or other person or persons who shall have
acquired entitlement to earned benefits under the Plan by bequest or
inheritance (hereafter, “Beneficiary”) as provided in Section 4.5 of the
Plan.  Such payout will be made 100% in
cash and will be calculated prorata for the time that the Participant actually
participated in each Program, based on hypothetical Available Funds and
strategic goal performance levels for the not yet completed Program Periods,
derived by assuming that Available Funds, company-wide and individual strategic
goals performance through the end of each Program Period for each outstanding
LTI Award, would be proportionate to the performance as of the time of death,
including consideration of projected performance in out-years where
appropriate.  The Committee’s
determination with respect to payout amounts based on the above criteria shall
be final and binding on the Beneficiary.

7.3               Disability. Upon the Participant’s separation from
service, within the meaning of Code § 409A, with CH2M HILL by reason of
Disability, payouts of the Participant’s prorata share of all his/her
outstanding Awards (based on the actual period worked for CH2M HILL during
the first year of each outstanding

 10
 

Award Program) shall be made to the Participant as provided in Section
4.5 of this Plan. Such payout will be made 100% in cash, based on hypothetical
Available Funds and strategic goal performance levels for the not yet completed
Program Periods, derived by assuming that Available Funds, company-wide and
individual strategic goals performance through the end of each Program Period
for each outstanding LTI Award, would be proportionate to the performance as of
the time of termination, including consideration of projected performance in
out-years where appropriate. The Committee’s determination with respect to
payout amounts based on the above criteria shall be final and binding on the
Beneficiary.

7.4                                 Other Termination.  Upon
the Participant’s voluntary or involuntary separation from service, within the
meaning of Code § 409A, with CH2M HILL (except as otherwise provided in
Article VI or in sections 7.1, 7.2 and 7.3), all rights a Participant has under
any outstanding and not yet paid Awards shall terminate.

ARTICLE VIII

REQUIREMENTS
OF LAW

8.1                                 Requirements of Law.  All Awards pursuant
to the Plan shall be subject to all applicable laws, rules and regulations.

8.2                                 Governing Law.  The Plan and all agreements under the Plan
shall be construed in accordance with and governed by the laws of the State of
Colorado, United States of America.

8.3                                 Governing Currency.  The Plan and all
agreements under the Plan shall be denominated in the currency of the United
States of America.

ARTICLE
IX

AMENDMENT,
MODIFICATION AND TERMINATION

The Board may
amend or modify any provision of the Plan at any time.  The Board may suspend the granting of Awards
under the Plan or terminate the Plan at any time.

The Board may
determine that any Awards granted under the Plan shall be subject to additional
and/or modified terms and conditions, and the terms of the Award shall be
adjusted accordingly, as may be necessary to comply with or take account of any
securities, exchange control, or taxation laws, regulations or practice of any
territory which may have application to the relevant Participant.

 11
 

ARTICLE X

MISCELLANEOUS

10.1                           Gender and Number.  Except when otherwise indicated by the
context, the masculine gender shall also include the feminine gender, and the
definition of any term herein in the singular shall also include the plural.

10.2                           No Right to Continued Employment.  Nothing contained in the Plan or in any Award
granted under the Plan shall confer upon any Participant any right with respect
to the continuation of the Participant’s employment by, or consulting
relationship with, CH2M HILL and/or Affiliates, or interfere in any way
with the right of CH2M HILL or Affiliates, subject to the terms of any
separate employment agreement or other contract to the contrary, at any time to
terminate such services or to increase or decrease the compensation of the
Participant from the rate in existence at the time of the grant of an award.  Any Participant who leaves the employment of
CH2M HILL shall not be entitled to any compensation for any loss of any right
or any benefit or prospective right or benefit under this Plan which the
Participant might otherwise have enjoyed whether such compensation is claimed
by way of damages for wrongful dismissal or other breach of contract or by way
of compensation for loss of office or otherwise.

CH2M HILL hereby
agrees to the provisions of the Plan and in witness of its agreement, by its
duly authorized officer has executed the Plan on the date written below.

 

CH2M HILL
COMPANIES, LTD.

Plan
Sponsor

	
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