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TRUST UNDER CH2M HILL COMPANIES, LTD.
  2002 PRE-TAX DEFERRED COMPENSATION PLAN    
  

        (a)  This
Agreement made this 9th day of November, 2001, by and between CH2M HILL Companies, Ltd. ("Company") and Wells Fargo ("Trustee"); 

        (b)  WHEREAS,
Company has adopted the CH2M HILL Companies, Ltd. 2002 Pre-Tax Deferred Compensation Plan (the "Plan") for the benefit of employees of
Company and employees of certain affiliates of Company ("Participating Affiliates") whose employees participate in the Plan; 

        (c)  WHEREAS,
Company and the Participating Affiliates have incurred or expect to incur liability under the terms of such Plan with respect to the individuals participating
in such Plan; 

        (d)  WHEREAS,
Company wishes to establish a trust (hereinafter called "Trust") and to contribute to the Trust assets that shall be held therein, subject to the claims of
Company's creditors in the event of Company's Insolvency, as herein defined, and, to the extent described below, subject to the claims of each Participating Affiliate's creditors in the event of the
Participating Affiliate's Insolvency, as herein defined, until paid to Plan participants and their beneficiaries in such manner and at such times as specified in the Plan; 

        (e)  WHEREAS,
it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the Plan as an unfunded plan; and 

        (f)    WHEREAS,
it is the intention of Company to make contributions to the Trust to provide itself and Participating Affiliates with a source of funds to assist them in the
meeting of their liabilities under the Plan; 

        NOW,
THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be comprised, held and disposed of as follows: 

Section 1

Establishment of Trust  

        (a)  Company
hereby deposits with Trustee in trust $1 in cash, which shall become the principal of the Trust to be held, administered and disposed of by Trustee as provided
in this Agreement. 

        (b)  The
Trust hereby established shall be revocable by Company. 

        (c)  The
Trust is intended to be a grantor trust, of which Company is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the
Internal Revenue Code of 1986, as amended, and shall be construed accordingly. 

        (d)  The
principal of the Trust, and earnings (if any) thereon, shall be held separate and apart from other funds of Company or a Participating Affiliate and shall be used
exclusively for the uses and purposes of Plan participants and general creditors of Company and Participating Affiliates as herein set forth. Plan participants and their beneficiaries shall have no
preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Agreement shall be mere unsecured contractual rights of Plan
participants and their beneficiaries against Company or a Participating Affiliate. Any assets held by the Trust will be subject to the claims of Company's and, to the extent set forth below,
Participating Affiliates' general creditors under federal and state law in the event of Insolvency, as defined in Section 3(a) herein. 

        (e)  Company
may at any time, or from time to time, make additional deposits of cash or shares of common stock of Company ("Common Stock") in trust with Trustee to augment
the principal to be held, administered and disposed of by Trustee as provided in this Agreement. Trustee shall not have any right to compel such additional deposits. 

        (f)    When
Company deposits cash or Common Stock with Trustee, Company shall inform Trustee in writing of the Plan participant with respect to whom such deposit is made and of
the Participating Affiliate by which such Plan participant is employed. Trustee shall establish and maintain a separate 

 

recordkeeping account in the name of each Plan participant and shall credit that recordkeeping account with a number of units (referred to as "Share Value Equivalent Units," or "SVEUs") equal to the
number of shares of Common Stock deposited by Company with Trustee with respect to that Plan participant. Trustee shall also credit the recordkeeping account maintained in the name of each Plan
participant with the amount of cash deposited by Company with Trustee with respect to that Plan participant. Trustee shall also credit the recordkeeping account maintained in the name of each Plan
participant with an amount equal to earnings (if any) of the Trust on any assets credited to the recordkeeping account maintained in the name of that Plan participant, other than cash dividends paid
with respect to the Common Stock (which shall be paid over to Company in accordance with Section 5). When Trustee uses cash credited to a recordkeeping account maintained in the name of a Plan
participant to purchase shares of Common Stock, the recordkeeping account maintained in the name of that Plan participant shall be reduced to reflect the amount of cash used to purchase the shares of
Common Stock and the recordkeeping account maintained in the name of that Plan participant shall be credited with a number of SVEUs equal to the number of shares of Common Stock so purchased. Trustee
shall allocate the assets of the Trust to separate accounts or sub-trusts based on the Participating Affiliate by which the Plan participant is employed, so that each separate account or
sub-trust will contain only those assets associated with the recordkeeping accounts of employees or former employees of that Participating Affiliate. 

Section 2

Payments to Plan Participants and Their Beneficiaries  

        (a)  Company
shall deliver to Trustee a schedule (the "Payment Schedule") that indicates the amount payable in respect of each Plan participant (and his or her
beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available
under the Plan), and the time of commencement for payment of such amounts. The Payment Schedule may be modified from time to time by Company. Except as otherwise provided herein, Trustee shall make
payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. Payments to Plan participants employed or previously employed by a Participating Affiliate or their
beneficiaries shall only be made from the separate account or sub-trust allocated to that Participating Affiliate. Trustee shall make provision for the reporting and withholding of any
federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing
authorities or determine that such amounts have been reported, withheld and paid by Company or a Participating Affiliate. 

        (b)  The
entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan shall be determined by Company or such party as it shall designate under the
Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan. 

        (c)  Company
may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. A Participating Affiliate may
make payment of benefits
directly to Plan participants employed or previously employed by the Participating Affiliate or their beneficiaries as they become due under the terms of the Plan. Company shall notify Trustee of its
decision or the decision of a Participating Affiliate to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. If the principal of a separate
account or sub-trust allocated to a Participating Affiliate, and earnings (if any) thereon, are not sufficient to make payment of benefits to Plan participants employed by or previously
employed by that Participating Affiliate and their beneficiaries in accordance with the terms of the Plan, Company or the Participating Affiliate shall make the balance of each such payment as it
falls due. If the entire principal of the Trust, and earnings (if any) thereon, are not sufficient to make payment of benefits in accordance with 

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the terms of the Plan, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company when assets of the Trust are not sufficient. 

Section 3

Trustee Responsibility Regarding Payments to Trust Beneficiaries

when Company or a Participating Affiliate Is Insolvent  

        (a)  Trustee
shall cease payment of benefits to Plan participants and their beneficiaries if Company is Insolvent. Trustee shall cease payment of benefits to Plan
participants employed by or previously employed by a Participating Affiliate and their beneficiaries if the Participating Affiliate is Insolvent. Company shall be considered "Insolvent" for purposes
of this Agreement if (1) Company is unable to pay its debts as they become due, or (2) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. A
Participating Affiliate shall be considered "Insolvent" for purposes of this Agreement if (1) the Participating Affiliate is unable to pay its debts as they become due, or (2) the
Participating Affiliate is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 

        (b)  At
all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general
creditors of Company and Participating Affiliates under federal and state law as set forth below. 

          (i)  The
Board of Directors and the Chief Executive Officer of Company shall have the duty to inform Trustee in writing of Company's Insolvency and of any Participating
Affiliate's Insolvency. If a person claiming to be a creditor of Company or of a Participating Affiliate alleges in writing to Trustee that Company or a Participating Affiliate has become Insolvent,
Trustee shall determine whether Company or the Participating Affiliate is Insolvent. Pending such determination, Trustee shall discontinue payment of benefits to Plan participants or their
beneficiaries (if Company is alleged to be Insolvent) or to Plan participants employed or previously employed by the allegedly Insolvent Participating Affiliate or their beneficiaries (if a
Participating Affiliate is alleged to be Insolvent). 

        (ii)  Unless
Trustee has actual knowledge of Company's or a Participating Affiliate's Insolvency, or has received notice from Company or a person claiming to be a creditor
alleging that Company or a Participating Affiliate is Insolvent, Trustee shall have no duty to inquire whether Company or a Participating Affiliate is Insolvent. Trustee may in all events rely on such
evidence concerning Company's or a Participating Affiliate's Insolvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Company's
or a Participating Affiliate's solvency. 

        (iii)  If
at any time Trustee has determined that Company is Insolvent, Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the
assets of the Trust for the benefit of Company's general creditors. If at any time Trustee has determined that a Participating Affiliate is Insolvent, Trustee shall discontinue payments to Plan
participants employed or previously employed by that Participating Affiliate or their beneficiaries and shall hold the assets of the Trust allocated to that Participating Affiliate for the benefit of
the Participating Affiliate's general creditors. Nothing in this Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors
of Company or Participating Affiliates with respect to benefits due under the Plan or otherwise. 

        (iv)  Trustee
shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with Section 2 of this Agreement only after Trustee has
determined that Company or the Participating Affiliate is not Insolvent (or is no longer Insolvent). 

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        (c)  Provided
that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes
such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the
period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company or a Participating Affiliate in lieu of the payments provided for
hereunder during any such period of discontinuance. In no case shall assets of a separate account or sub-trust allocated to a Participating Affiliate be used to provide benefits for any
participants in the Plan other than participants who are employed by or were employed by that Participating Affiliate, and their beneficiaries. 

Section 4

Investment Authority  

        (a)  Trustee
shall, to the maximum extent practicable, invest all assets of the Trust in Common Stock. Trustee shall retain Common Stock deposited by Company with Trustee.
Trustee shall use cash deposited by Company with Trustee or earned by the Trust to purchase Common Stock as soon as reasonably practicable after such cash is received by Trustee. Common Stock shall be
purchased in the internal market maintained by Company or directly from Company. 

        (b)  All
rights associated with assets of the Trust shall be exercised by Trustee or the person designated by Trustee, and shall in no event be exercisable by or rest with
Plan participants, except that voting rights and dividend rights with respect to Trust assets will be exercised by Company. 

Section 5

Disposition of Income  

        During the term of this Trust, all income (if any) received by the Trust, net of expenses and taxes, shall be accumulated and reinvested to the maximum extent
practicable in Common Stock, except that cash dividends (if any) paid to the Trust with respect to Common Stock shall be paid to Company immediately upon receipt by Trustee. 

Section 6

Accounting by Trustee  

        Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such
specific records as shall be agreed upon in writing between Company and Trustee. Within forty-five (45) days following the close of each calendar year and within
forty-five (45) days after the removal or resignation of Trustee, Trustee shall deliver to Company a written account of its administration of the Trust during such year or during
the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including
a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing
all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. 

Section 7

Responsibility of Trustee  

        (a)  Trustee
shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with
such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that Trustee shall 

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incur no liability to any person for any action taken pursuant to a direction, request or approval given by Company which is contemplated by, and in conformity with, the terms of the Plan or this
Trust and is given in writing by Company. 

        (b)  Trustee
may consult with legal counsel (who may also be counsel for Company generally) with respect to any of its duties or obligations hereunder. 

        (c)  Trustee
shall have, without exclusion, all powers conferred on Trustees by applicable law, unless expressly provided otherwise herein. 

        (d)  Notwithstanding
any powers granted to Trustee pursuant to this Agreement or to applicable law, Trustee shall not have any power that could give this Trust the objective
of carrying on a business and dividing the gains therefrom, within the meaning of Section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the
Internal Revenue Code. 

Section 8

Compensation and Expenses of Trustee  

        Company shall pay all administrative and Trustee's fees and expenses. If not so paid, the fees and expenses shall be paid from the Trust. 

Section 9

Resignation and Removal of Trustee  

        (a)  Trustee
may resign at any time by written notice to Company, which shall be effective thirty (30) days after receipt of such notice unless Company and Trustee
agree otherwise. 

        (b)  Trustee
may be removed by Company on thirty (30) days notice or upon shorter notice accepted by Trustee. 

        (c)  Upon
resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee. The transfer shall
be completed within thirty (30) days after receipt of notice of resignation, removal or transfer, unless Company extends the time limit. 

        (d)  If
Trustee resigns or is removed, a successor shall be appointed, in accordance with Section 10 hereof, by the effective date of resignation or removal under
paragraphs (a) or (b) of this section. If no such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions.
All expenses of Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust. 

Section 10

Appointment of Successor  

        (a)  If
Trustee resigns or is removed in accordance with Section 9(a) or (b) hereof, Company may appoint any third party, such as a bank trust department or
other party that may be granted corporate trustee powers under state law, as a successor to replace Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by
the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or
reasonably requested by Company or the successor Trustee to evidence the transfer. 

        (b)  The
successor Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing Trust assets, subject to Section 4 hereof.
The successor Trustee shall not be responsible for and Company shall indemnify and defend the successor Trustee from any claim or 

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liability resulting from any action or inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes successor Trustee. 

Section 11

Amendment or Termination  

        (a)  This
Agreement may be amended by a written instrument executed by Trustee and Company. 

        (b)  The
Trust shall not terminate until the date on which Plan participants and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plan,
unless sooner revoked in accordance with Section 1(b) hereof. Upon termination of the Trust any assets remaining in the Trust shall be returned to Company. 

Section 12

Miscellaneous  

        (a)  Any
provisions of this Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof. 

        (b)  Benefits
payable to Plan participants and their beneficiaries under this Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged,
encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process. 

        (c)  This
Trust Agreement shall be governed by and construed in accordance with the laws of the State of Colorado. 

Section 13

Effective Date  

        The effective date of this Trust Agreement shall be January 1, 2002. 

	 	 	CH2M HILL COMPANIES, LTD.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	

 	
 	

TRUSTEE
	

 	
 	

By:	
 	

 
	 	 	 	 	

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TRUST UNDER CH2M HILL COMPANIES, LTD. 2002 PRE-TAX DEFERRED COMPENSATION PLANQuickLinks
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CH2M HILL Companies, Ltd.    
    
    2002 After-Tax Deferred Compensation Plan    
  

Effective November 9, 2001 

CH2M HILL Companies, Ltd.

2002 After-Tax Deferred Compensation Plan  

ARTICLE 1

PURPOSE  

        The purpose of the CH2M HILL Companies, Ltd. 2002 After-Tax Deferred Compensation Plan is to provide a mechanism by which certain employees of
certain affiliates of CH2M HILL Companies, Ltd. may transfer cash or shares of Common Stock to CH2M HILL Companies, Ltd. in exchange for benefits under the Plan. 

ARTICLE 2

DEFINITIONS  

        2.1  "Affiliate" means each entity in which the Company has a direct or indirect ownership interest, whether such entity is a
corporation, a partnership, a joint venture, a limited liability company, or any other form of entity. 

        2.2  "Beneficiary" means one or more individuals or entities designated by a Participant to receive the Participant's benefits
under the Plan in the event of the Participant's death. A Participant's designation of a Beneficiary must be in writing and must comply with rules and procedures established by the Committee. If a
Participant dies without a properly designated Beneficiary, the Participant's estate will be deemed to be the Participant's Beneficiary. 

        2.3  "Board" means the Board of Directors of the Company. 

        2.4  "Committee" means the Committee appointed in accordance with Article 7. 

        2.5  "Common Stock" means the common stock, par value one cent ($0.01) per share, of the Company. 

        2.6  "Company" means CH2M HILL Companies, Ltd. 

        2.7  "Effective Date" means the date on which the Plan is approved by the Board. 

        2.8  "Formula Price" as of any date means the value per share of Common Stock in effect on that date, as determined by the
Board. 

        2.9  "Internal Market" means the limited secondary market maintained by the Company for the purchase and sale of Common Stock. 

        2.10 "Participant" means each employee of an Affiliate who has been designated by the Committee as eligible to participate in
the Plan and who has elected to participate in the Plan by transferring cash or
shares of Common Stock to the Company. An individual will become a Participant when the individual makes an election to participate in the Plan. An individual will cease to be a Participant when the
individual dies or, if earlier, when the individual receives a full distribution of all benefits to which the individual is entitled under the Plan. 

        2.11 "Plan" means the CH2M HILL Companies, Ltd. 2002 After-Tax Deferred Compensation Plan. 

        2.12 "Trade Date" means a date on which Common Stock is bought or sold in the Internal Market. 

        2.13 "Trust" means the Trust Under CH2M HILL Companies, Ltd. 2002 After-Tax Deferred Compensation Plan
established by the Company. 

        2.14 "Trustee" means the Trustee of the Trust. 

 

ARTICLE 3

PARTICIPATION IN THE PLAN  

        The Committee will designate from time to time those employees of Affiliates who are eligible to participate in the Plan. All determinations of the Committee with
respect to the eligibility of employees of Affiliates to participate in the Plan will be final and binding for all purposes. An eligible employee designated by the Committee may elect to participate
in the Plan at any time during calendar year 2002 by: (a) executing an election to participate in the Plan in a form specified by the Committee; (b) delivering the executed participation
election to the Committee; and (c) transferring to the Company, in the manner specified by the Committee, the number of shares of Common Stock or the amount of cash with respect to which the
eligible employee is participating in the Plan. The participation election will designate the number of shares of Common Stock or the amount of cash with respect to which the eligible employee is
participating in the Plan. A Participant's election to participate in the Plan is irrevocable. 

ARTICLE 4

ESTABLISHMENT OF BOOKKEEPING ACCOUNT  

        4.1    Establishment of Account.    The Company will establish a bookkeeping account in the
name of each Participant in the Plan. 

        4.2    Increases to Account.    The bookkeeping account of a Participant will be increased by
the number of shares of Common Stock or the dollar amount of cash designated in the Participant's election to participate in the Plan. Any dollar amount which increases the Participant's bookkeeping
account will be converted to a number of shares of Common Stock as of the next Trade Date, based on the Formula Price of the Common Stock on that Trade Date. 

        4.3    Decreases to Account.    Each Participant's bookkeeping account in the Plan will be
decreased for all shares of Common Stock transferred to the Participant or to the Participant's Beneficiary pursuant to the Plan. 

        4.4    Adjustments to Account.    Each Participant's bookkeeping account in the Plan will be
adjusted by the Committee, in its discretion, to reflect any change, such as a stock split, reverse stock split, or stock dividend, made in the Company's capitalization that results in an adjustment
in the number of shares of capital stock outstanding without receipt of consideration by the Company. 

ARTICLE 5

DISTRIBUTION  

        5.1    Timing and Form of Distribution.    As soon as reasonably practicable after the
occurrence of the distribution event with respect to a Participant, the Company will transfer to the Participant (or, if applicable, to the Participant's Beneficiary) the number of shares of Common
Stock credited to the Participant's bookkeeping account in the Plan. The Company may satisfy its obligation to transfer shares of Common Stock to the Participant (or, if applicable, to the
Participant's Beneficiary) by instructing the Trustee of the Trust to transfer to the Participant (or, if applicable, to the Participant's Beneficiary) the number of shares of Common Stock held in the
recordkeeping account in the Trust in the name of the Participant. The transfer to the Participant (or, if applicable, to the Participant's Beneficiary) of the number of shares of Common Stock
credited to the Participant's bookkeeping account in the Plan (whether by the Company or by the Trustee) will complete the Company's obligations to the Participant and the Participant's Beneficiary
under the Plan. 

        5.2    Distribution Events.    The distribution event with respect to a Participant is the
first of the following to occur: 

        (a)  January 2,
2010 (at which time distribution will be made to the Participant); 

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        (b)  the
termination of the Participant's affiliation with the Company, as determined by the Committee in its discretion (in which case distribution will be made to the
Participant); 

        (c)  the
transfer of the Participant to a position of employment with the Company or with an Affiliate that the Committee, in its discretion, determines to be a position that
warrants a distribution under the Plan (in which case distribution will be made to the Participant); 

        (d)  the
death of the Participant (in which case distribution will be made to the Participant's Beneficiary); or 

        (e)  the
termination of the Plan (in which case distribution will be made to the Participant). 

        5.3    Designation of Beneficiary.    Each Participant may designate one or more beneficiaries
(who may be designated contingently or successively) to whom the Participant's benefits under the Plan are payable in the event of the Participant's death. Each designation will automatically revoke
any prior designations by the same Participant. The beneficiary designation shall be in writing on a form prescribed by the Committee. Any beneficiary designation will be effective as of the date on
which the written designation is received by the Committee during the lifetime of the Participant. 

ARTICLE 6

EXERCISE OF DEFERRED COMPENSATION  

        6.1    Application.    A Participant may apply to the Committee to exercise the Participant's
deferred compensation with respect to part or all of the shares of Common Stock credited to the Participant's bookkeeping account in the Plan. Such application will be submitted in accordance with
rules and procedures established by the Committee. The Committee may approve the application, disapprove the application, or approve a part of the application and disapprove the rest of the
application, in its sole discretion. 

        6.2    Application Disapproved.    If the Committee disapproves a Participant's application to
exercise the Participant's deferred compensation with respect to shares of Common Stock credited to the Participant's bookkeeping account in the Plan, the Participant will not be eligible to apply to
the Committee to exercise the Participant's deferred compensation until the first day of the next succeeding calendar quarter. 

        6.3    Application Approved.    If the Committee approves a Participant's application to
exercise the Participant's deferred compensation, the Committee will, on behalf of the Participant, place an order to sell the shares of Common Stock with respect to which the application was approved
in the Internal Market at the next Trade Date. 

        (a)  If
the order to sell shares is accepted, in whole or in part, then prior to the Trade Date the Company will transfer to the Participant the number of shares of Common
Stock for which the order was accepted, and those shares of Common Stock will be sold in the Limited Market at the Trade Date in accordance with the accepted order. The Company may satisfy its
obligation to transfer shares of Common Stock to the Participant by instructing the Trustee of the Trust to transfer to the Participant the appropriate number of shares of Common Stock from the shares
of Common Stock held in the recordkeeping account in the Trust in the name of the Participant. 

        (b)  If
the order to sell shares is not accepted in full, then the Participant's application to exercise the Participant's deferred compensation will be treated as though the
Committee disapproved the application with respect to the number of shares for which the order to sell shares is not accepted. The Participant will not be eligible to apply to the Committee to
exercise the Participant's deferred compensation until the first day of the next succeeding calendar quarter. 

3

 

ARTICLE 7

PLAN ADMINISTRATION  

        7.1    Committee.    The Plan shall be administered by a Committee
appointed by and serving at the pleasure of the President of the Company. 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 President of the Company may determine. The President of the Company may from time to time remove members from or add members to the Committee, and
vacancies on the Committee shall be filled by the President of the Company. Members of the Committee may resign at any time upon written notice to the President of the Company. 

        7.2    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 the Company, its shareholders, and all persons having any interest in
benefits under the Plan. 

        7.3    Powers of Committee.    The Committee shall, in its sole discretion, select the
employees of Affiliates who are eligible to participate in the Plan 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 determine the form or forms of the agreements with Participants that shall evidence the particular provisions, terms, conditions, rights and duties of the Company and the
Participants with respect to the Plan, the provisions of which need not be identical except as may be provided in the Plan. The Committee shall have the full and exclusive right to determine terms and
conditions of benefits under 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
the Company. The Committee may correct any defect, supply any omission, reconcile any inconsistency in the Plan or in any agreement entered into under the Plan, and reconcile any inconsistency between
the Plan and any agreement in the manner and to the extent it shall deem expedient, and the Committee shall be the sole and final judge of such expediency. No member of the Committee shall be liable
for any action or determination made in good faith. The determinations, interpretations and other actions of the Committee pursuant to the provisions of the Plan shall be binding and conclusive for
all purposes and on all persons. 

        7.4    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 the Company, its shareholders, and all
persons having any interest in benefits under the Plan. 

        7.5    Indemnification.    Each person who is or shall have been a member of the Committee or
of the Board shall be indemnified and held harmless by the Company 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 the Company's approval, or paid in satisfaction of a judgment in any such action, suit or proceeding against him, provided such person shall
give the Company 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. The foregoing right of indemnification shall
not be
exclusive of, and is in addition to, any other rights of indemnification to which any person may be entitled under the Company's Articles of Incorporation or Bylaws, as a matter of law, or otherwise,
or any power that the Company may have to indemnify them or hold them harmless. 

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ARTICLE 8

ESTABLISHMENT OF TRUST  

        The Company is establishing the Trust. The agreement establishing the Trust is made a part of the Plan and is incorporated into the Plan by reference. As soon as
reasonably practicable after a Participant makes an election to participate in the Plan with respect to a number of shares of Common Stock, the Company will transfer to the Trust a number of shares of
Common Stock equal to the number of shares of Common Stock with respect to which the Participant elected to participate in the Plan. As soon as reasonably practicable after a Participant makes an
election to participate in the Plan with respect to a dollar amount of cash, the Company will transfer to the Trust an amount of cash or a number of shares of Common Stock or a combination of cash and
Common Stock, equal to the dollar amount with respect to which the Participant elected to participate in the Plan. The cash and the shares of Common Stock transferred by the Company to the Trust will
be allocated to the recordkeeping account in the Trust maintained in the name of the Participant. 

ARTICLE 9

GENERAL RESTRICTIONS  

        9.1    Restrictions on Common Stock Transferred.    All shares of Common Stock transferred to
a Participant (or, if applicable, to a Participant's Beneficiary) in accordance with the Plan will be subject to the terms, conditions, and restrictions on Common Stock set forth in the Company's
Articles of Incorporation and Bylaws, as amended from time to time, including: (a) restrictions that grant the Company the right to repurchase shares upon termination of the shareholder's
affiliation with the Company; (b) restrictions that grant the Company a right of first refusal if the shareholder wishes to sell shares other than in the Internal Market;
(c) restrictions that require the approval of the Company for any other sale of shares; and (d) restrictions that define the Formula Price to be applied in purchases and sales of shares.
In addition, the Committee, in its sole discretion, may condition any distribution or transfer of Common Stock under the Plan on an agreement by the recipient of such distribution or transfer to sell
the shares in the Internal Market at the next Trade Date. 

        9.2    Transfers of Common Stock Not Permitted.    Notwithstanding any other provision of the
Plan, the Company will not be required to transfer Common Stock to any person if, immediately after the transfer, the recipient would own more shares of Common Stock than that person is permitted to
own
under the Articles of Incorporation and Bylaws of the Company, as amended from time to time. The Company will not be required to transfer Common Stock to any person unless and until the Company has
fully complied with any then applicable requirements of the Securities and Exchange Commission, state securities commissions, or other regulatory agencies having jurisdiction, and of any exchanges
upon which the Common Stock may be listed. The Company will not be obligated to obtain any required licenses or to register any Common Stock to permit transfers of Common Stock under the Plan. 

        9.3    Investment Representations.    The Company may require any person to whom Common Stock
is transferred, as a condition of transferring Common Stock, to give written assurances in substance and form satisfactory to the Company and its counsel as the Company deems necessary or appropriate
in order to comply with applicable securities laws of any jurisdiction. 

        9.4    Compliance with Laws.    Each election to participate in the Plan shall be subject to
the requirement that the Participant may not have any Common Stock allocated to the Participant's account if at any time counsel to the Company shall determine that (a) the listing,
registration or qualification of the Common Stock allocated to the Participant's account is required on any securities exchange or under any law of any jurisdiction, or (b) the consent or
approval of any governmental or regulatory body is necessary as a condition of, or in connection with, the allocation or distribution of Common Stock. The Company shall not be required to apply for or
obtain such listing, registration, 

5

 

qualification, consent or approval, but may do so in its discretion. The Company intends that the Plan and its operation meets the requirements under the laws of the jurisdictions of the workplaces
of all Participants. However, each election shall be subject to the requirement that the Participant may not have Common Stock allocated to the Participant's account and the Participant may not
exercise deferred compensation, and the Committee shall have the right to adjust, amend or terminate any election, if at any time counsel to the Company shall determine that such election violates any
provision of law. 

        9.5    Changes in Accounting or Tax Rules.    Each election to participate in the Plan shall
be subject to termination or modification, in the discretion of the Committee, if any changes in the financial or tax accounting rules applicable to such election shall occur which, in the sole
judgment of the Committee, may have a material adverse effect on the reported earnings, assets or liabilities of the Company. 

ARTICLE 10

REQUIREMENTS OF LAW  

        10.1    Requirements of Law.    All distributions from the Plan and Trust shall be subject to
all applicable laws, rules and regulations. 

        10.2    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. 

ARTICLE 11

AMENDMENT AND TERMINATION  

        11.1    Amendment.    The Plan may be amended at any time by the Company, in its sole
discretion. Any amendment to the Plan will be made by the adoption of a resolution by the Board, approving a written amendment. An amendment to the Plan will not apply to amounts credited to a
Participant's bookkeeping account in the Plan on the date the amendment is made unless the Participant accepts the amendment in writing. 

        11.2    Termination.    The Company may terminate the Plan at any time, in its sole
discretion. Any termination of the Plan will be made by the adoption of a resolution by the Board, approving a written termination of the Plan and specifying the effective date of the termination. As
soon as reasonably practicable after termination of the Plan, the Company will transfer to each Participant the number of shares of Common Stock credited to the Participant's bookkeeping account in
the Plan. The Company may satisfy its obligation to transfer shares of Common Stock to a Participant by instructing the Trustee of the Trust to transfer to the Participant the number of shares of
Common Stock held in the recordkeeping account in the Trust in the name of the Participant. 

ARTICLE 12

WITHHOLDING  

        The Company will be entitled to make appropriate arrangements to comply with any requirements to withhold any taxes, government mandated social benefit
contributions or other payments required to be withheld which are applicable to the Participant with respect to transfers of shares of Common Stock under the Plan, including, without limitation,
payroll withholding or withholding from proceeds of a disposition of shares of Common Stock acquired under the Plan. 

6

 

ARTICLE 13

MISCELLANEOUS  

        13.1    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. 

        13.2    No Right to Continued Employment.    Nothing contained in the Plan or in any election
under the Plan shall confer upon any Participant any right with respect to the continuation of the Participant's employment by the Company, or interfere in any way with the right of the Company,
subject to the terms of any separate employment agreement, at any time to terminate such employment or to increase or decrease the compensation of the Participant from the rate in existence at the
time of the election. Nothing in this Plan shall limit or impair the Company's right to terminate the employment of any employee. Whether an authorized leave of absence, or absence in military or
government service, shall constitute a termination of employment shall be determined by the Committee in its sole discretion. Participation in this Plan is a matter entirely separate from any pension
right or entitlement the Participant may have and from the terms or conditions of the Participant's employment. Participation in this Plan shall not affect in any way a Participant's pension rights or
entitlements or terms or conditions of employment. Any Participant who leaves the employment of the Company 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. 

        13.3    No Plan Funding.    Except as expressly provided in the Plan (requiring the Company to
transfer certain amounts to the Trust), the Company is not required to fund or secure payment of the Company's obligation under this Plan. The Company's obligation under this Plan is specifically
limited to an unfunded, unsecured promise to transfer shares of Common Stock in the future. The rights acquired by a Participant under this Plan are those of a general unsecured creditor of the
Company and its Affiliates. 

        13.4    Non-Transferability.    No Participant or Beneficiary will have any right
to sell, transfer, alienate, assign, pledge, or encumber any benefits under the Plan. Benefits under the Plan are not subject to attachment, garnishment, or any other charge, whether voluntary or
involuntary. 

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

	 	 	CH2M HILL COMPANIES, LTD.

Company
	

 	
 	

By:	
 	

 
	 	 	 	 	

	

 	
 	

Title:	
 	

 
	 	 	 	 	

	

 	
 	

Date:	
 	

 
	 	 	 	 	

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CH2M HILL Companies, Ltd. 2002 After-Tax Deferred Compensation Plan

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