Document:

ex10-71h.htm

REPUBLIC OF PANAMA

Official Notarial Paper

NOTARY OF THE ELEVENTH CIRCUIT OF PANAMA

PUBLIC DEED NUMBER--------------------------------------------------------(________)----------------------------

MY MEANS OF WHICH the corporation PRICESMART PANAMA, S.A. and the bank entity METROBANK, S.A. enter into a Commercial Mortgage Loan Agreement, guaranteed with a FIRST MORTGAGE AND ANTICHRESIS on Property No. 285351.-------------------------------------------------------

PANAMA. _____________ ___, 2010.--------------------------------------------------------------------------------

In the city of Panama, capital of the Republic  and head of the Notarial circuit bearing the same name, on ___________ ___ ,, two thousand and ten (2010), before me, KRISTY MARÍA PONCE AIZPURÚA, Eleventh Public Notary of the Circuit of Panama, bearer of Identity Card number four-two hundred-twenty-three, one hundred and forty-six (4-223-146), personally appeared: Mr. ERNESTO ANTONIO BOYD SASSO, male, of legal age, Panamanian, married, banker, with Identity number eight-one hundred and forty-seven-ninety-three (8-147-93), neighbor of this city, acting on behalf and in representation of the bank entity METROBANK, S.A., a corporation duly registered under Index Card two hundred and forty-seven thousand, one hundred and ninety-three (247193), role thirty-two thousand three hundred and thirty (32330) and Image seventy-two (72), of the Trade Section of the Public Registry, in his capacity as General Proxy, duly authorized to carry out this act as stated in the General Power of Attorney registered under Index Card two hundred and forty-seven thousand, one hundred and ninety-three (247193), Redi Document one million sixty-five thousand six hundred and fifty-seven (1065657),  of the Public Registry Trade Section, from here on in referred to as THE BANK, on the one hand, and, on the other, PABLO EDUARDO FRANCESCHI GUIZADO, male, Panamanian, of legal age, single, business executive, neighbor of this city, bearer of Identity Card number eight-four hundred and twenty-three-eight hundred and thirty-seven (8-423-837),  acting on behalf and in representation of PRICESMART PANAMA, S.A., a corporation organized and established in accordance with the laws of the Republic of Panama, as stated and duly registered under Index Card three hundred and eight thousand and seventy-one (308071), role forty-seven thousand six hundred and seventy (47670), image sixty (60), of the Public Registry Trade Section, duly authorized to celebrate this act as stated in the Minutes of the Extraordinary Meeting of Shareholders that is  registered further on  in this deed, who from here on in shall be referred to as THE DEBTOR, a individuals of my previous acquaintance and who have requested that I state that following:--------------------------------------------

	
  

	
I.

	
LOAN AGREEMENT

FIRST: (LOAN AMOUNT AND OBJECT): THE DEBTOR hereby states to have received from THE BANK, as a Commercial Mortgage Loan, the amount of up to FIVE MILLION US DOLLARS (US$5,000,000.00) in legal currency of the United States of America, amount that it is bound to use to finance the new Membership Shopping facilities locate at Brisas del Golf, Province of Panamá, from here on in referred to as the LOAN.--------------------------------------------------------

SECOND: (TERM AND PAYMENTS: THE DEBTOR is bound to pay THE BANK, or to make payment out to such bank, the amount of FIVE MILLION US DOLLARS AND 00/100 (US$5,000,000.00) in legal currency of the United States of America, plus interests and the State fee destined for the Special Interest Compensation Fund (F.E.C.I. for its initials in Spanish), within a maximum term of FIVE (5) YEARS, starting as of the date on which this loan is paid out, in fifty-nine (59) monthly equal and consecutive payments to capital, of no less than FORTY-ONE THOUSAND SIX HUNDRED AND SIXTY SIX DOLLARS AND SIXTY-SEVEN CENTS (US$41,666.67), in legal currency of the United States of America, plus one (1) final payment for the remaining balance, which shall be debited from the checking account held by the DEBTOR with THE BANK for such purposes.—The before established payments shall be paid upon the expiration of each month, and the first payment must be made on the twenty-fifth (25) day following the date on which the loan was paid out and so on, successively, in a monthly manner, on the twenty-fifth (25) day of each month, until the owed sum is completely paid up. Once the five (5) year term, or the extension of such –as further on agreed—has expired, THE DEBTOR, in a single payment, except if the BANK has agreed to grant the agreed on extension, shall pay any balance remaining against THE DEBTOR in the books of THE BANK.------------------------------------ ------------------------------------------------------------

THIRD (EXTENSION): It is hereby agreed that if, upon the expiration of the original term agreed on, THE BANK has not claimed the payment of the owned balance, in writing, to the DEBTOR at that time, it shall be understood that such shall be automatically extended for an (1) additional period of five (5) years and, consequently THE DEBTOR shall, without any interruption,  continue making the monthly payments in accordance with the payment plans agreed on in the SECOND AND FORTH Clauses of this Agreement.-------------------------------------

It is hereby understood that, in the event that THE BANK grants the herein stated extensions, the remaining terms, conditions and guarantees contained in this Agreement shall be understood to be automatically extended and shall remain in effect throughout the duration of such, as long as an owned balance exists in favor of THE BANK, without the need to modify this public deed in order to certify such extension.-----------------------------------------------------------

FOURTH (INTEREST RATES): THE DEBTOR is hereby bound to pay THE BANK, or to make payments in the name of such, the following interest rates on the owed amount:------------------

	
a)  

	
A fixed yearly interest rate of five percent (5%) plus the amounts destined to the Special Interest Compensation Fund (F.E.C.I.) during the first (1st) year during which this loan is in effect; and----------------------------------------------------------------------------------------------------------

	
b)  

	
A yearly fixed interest rate of five point five percent (5.5%), plus the sums destined to the Special Interest Compensation Fund (F.E.C.I.) during the second (2nd) and third (3rd) years during which this loan is in effect.---------------------------------------------------------------------------

Payment of interests plus the State fee destined to the Special Interest Compensation Fund (F.E.C.I.) shall be made on the twenty-fifth (25) day of each month, and the first payment must be made on the twenty-fifth (25) day after the date on which this loan is paid out and so on, successively, each month, on the twenty-fifth (25) of each month, until the complete owed amount has been paid up, and such payments shall be debited each month, in accordance with this Agreement, from the checking account held by THE DEBTOR with THE BANK, for such purposes.----------------------------------------------------------------------------------------------------------------------

This rate shall ve periodically reviewed, and THE DEBTOR, as of that term, is bound to pay interests plus the State rate destined to the Special Interest Compensation Fund (F.E.C.I.) to THE BANK, each month, at the rate that THE BANK establishes upon performing its periodic reviews. Interests shall be calculated based on one (1) three hundred and sixty (360) day year, multiplied by the precise number of calendar days that have elapsed. ---In case of doubt, the banking practices of THE BANK shall prevail.----- It is hereby agreed that the interests shall be capitalized if they are not punctually paid and shall earn the same interests set for the payment of capital.---------------------------------------

In the case of delinquency in paying the due and unpaid payments on the respective payment dates, THE DEBTOR is bound to pay the BANK a surcharge of an additional three percent (3%) a year----------------------------------------------------------------------------------------------------------------------------

Once the loan capital is paid up, THE DEBTOR is bound to pay THE BANK a surcharge of eighteen percent (18%) a year, on the balance reflected by the loan on the date that such expires.-------------

Exclusively for the effects of that provided by Executive Decree number fifty-two (52) dated April thirtieth (30), two thousand and eight (2008), which adepts the Sole Text pertaining to Law number nine (9), dated February twenty-sixth (26), nineteen hundred and ninety-eight (1998), modified by Law number two (2), dated February twenty-second (22), two thousand and eight (2008), the parties hereby state that for the effects of each of the uses made by THE DEBTOR of the credit facility, the respective calculations shall be performed, and it is thereby understood that this effective rate shall vary in the event that any of the elements used to calculate such rate, should vary.-------------------------------------------------------------------------------------------------------------------

c) As of the fourth (4th) year and during the fifth (5th) year that this loan is in effect, THE DEBTOR shall be bound to pay interests on the owed balances based on an annual rate that is produced upon adding two point five percent (2.5%) to the “Prime Rate” (as this is defined further on), plus the annual rate destined to the Special Interest Compensation Fund (F.E.C.I.). THE BANK may at any time and at its own discretion, adjust the differential of the interests to be collected on the “Prime Rate”.--------------- “Prime Rate” shall be understood as the interest rate charged by the front line banks in New York, U.S.A., to their best clients, which is adjusted and published periodically by such banks. THE BANK shall determine the interest rate applicable to this loan, as previously stated, with the regularity and frequency required, in the opinion of THE BANK, so as to ensure that such interest rate adequately covers the cost so that THE BANK may continue to make this credit facility available to THE DEBTOR..------------------------------------------------------------------------

The interest payments plus the State rate destined to the Special Interest Compensation Fund (F.E.C.I.), shall be made on the twenty-fifth (25) of each month, and the first payment must be made on the twenty-fifth (25) day following the date on which this loan is paid out and so on, successively, each month, on the twenty-fifth (25) of each month until the full owed sum is paid up, and such payments shall be debited each month, in accordance with this Agreement, from the checking account held by THE DEBTOR with THE BANK for such purposes. The parties hereby agree that in the event of an occasional overdraft in such checking account, due to the monthly debits referred to in this clause, THE DEBTOR is bound to cover such occasional overdraft within a maximum term of fifteen (15) calendar days. It is likewise also agreed that THE BANK may vary the differential or percentage of interests charged on the above mentioned “Prime Rate”, as many times at it considers it convenient, whether by increasing or decreasing such rate. In the event that the referred to differential is increased or decreased, as before stated, THE BANK shall inform THE DEBTOR of the new differential and if THE DEBTOR, within a period of ten (10) calendar days following the date on which such communication is made, does not provide written notice of its unconformity, the increased or decreased rate or differential shall be considered to be accepted and effective as of the date on which such is informed of by THE BANK. If, on the contrary, THE DEBTOR does state its unconformity, then the term of the complete debt shall be considered to have expired and THE DEBTOR shall be bound to pay the loan within a term of thirty (30) calendar days following its of statement  of unconformity.------------------------------------------------------------------

It is likewise agreed that in the event of circumstances affecting the financial markets of Panama or New York, THE BANK may not obtain quotes for the Prime Rate, or if it is economically damaging or impossible for THE BANK, at its full discretion, to continue to use such quote to establish the interest rate to be paid by THE DEBTOR in the amounts owed to THE BANK, as agreed on in this deed, then THE BANK shall notify THE DEBTOR of such circumstance and THE DEBTOR and THE BANK, as of the date on which such notice is sent and during a fifteen (15) day period, shall, in good faith, negotiate with the object of finding an alternative source that is mutually acceptable, as a basis for the establishment of the interest rate applicable to this loan. If THE DEBTOR and THE BANK reach an agreement regarding the use of an alternate source as a basis to establish the interest rate applicable to this loan, such rate shall be applied once the before mentioned fifteen (15) day period, has come to an end. If , on the contrary, the parties are unable to reach an agreement regarding the referred to alternate source, then THE BANK shall set the new interest rate applicable to the loan, which shall become effective when the referred to fifteen (15) day period comes to an end.---------------------------------------------------------------------------------------

Interests shall be calculated based on one (1) three hundred and sixty (360) day year, multiplied by the precise number of calendar days that have elapsed. In case of doubt, the use of the banking practices employed by THE BANK shall prevail.  Notwithstanding the before stated, the parties hereby agree that THE BANK may, when it considers it convenient, may vary the method indicated herein for the calculation of interests. THE DEBTOR accepts the payment of interests in the indicated manner and any variation of such, based on that stipulated in this clause. It is hereby agreed that interests shall be capitalized if they are not paid on time and shall earn the same interests set for capital. In the event of delinquency in paying the due and unpaid payments on the respective payment dates, THE DEBTOR is bound to pay a surcharge of an additional three percent (3%) a year to THE BANK. Once the loan expires, THE DEBTOR is bound to pay a surcharge of eighteen percent (18%) a year to THE BANK, on the balance reflected by the loan on the expiration date of such. Exclusively for the effects of that provided by Executive Decree number fifty-two (52), dated April thirtieth (30), two thousand and eight (2008), adopted by the Sole Text of Lay number nine (9) dated February twenty-six (26), nine teen hundred and ninety-eight (1998), modified by Law number two (2) dated February twenty-two (22), two thousand and eight (2008), the parties hereby state that for the effects of each of the uses of the credit facility made by THE DEBTOR, the respective calculations shall be performed, whereby it is understood that the effective rate shall vary in the event that any of the elements used to calculate such should vary.—

FIFTH (COMMISSION): THE DEBTOR as of this moment undertakes the obligation to pay THE BANK, one time only, a bank commission which sum shall be equal to zero point three hundred and seventy-five percent (0.375%) pm the amount of the loan, when the loan is paid out, plus the corresponding legal expenses.-------------------------------------------------------------------------------------------

SIXTH (EXTRAORDINARY PAYMENTS): It is hereby expressly agreed that THE DEBTOR may make extraordinary payments to the debt it has with THE BANK, towards the loan referred to in this deed, and may likewise fully pay such debt at any time it so wishes, within the established time period without any penalization whatsoever.-----------------------------------------------------------------------

SEVENTH (COMPENSATION): the parties agree that THE BANK is irrevocably authorized at any time, whether before or after the expiration of the agreement and with no need to provide prior notice to THE DEBTOR, to deduct, charge or compensate any amount in deposit or credited in favor of THE DEBTOR or that THE DEBTOR should, under any other concept, receive at any of the branches of THE BANK, the sums required for payment, whether partial or in full, of the agreed on obligations, including capital, interests, F.E.C.I., costs, judicial or extrajudicial collection expenses, and surcharges on delinquent payments.-----------------------------------------------------------------------------

II.           FIRST MORTGAGE AND ANTICHRESIS

EIGHTH (ESTABLISHMENT OF LIENS): THE DEBTOR states that in order to ensure the payment of the owed amount, the amount of FIVE MILLION US DOLLARS (US$5,000,000.00), in legal currency of the United States of America, referred to in this public deed; plus the interests, F.E.C.I., commissions, costs, judicial or extrajudicial collection expenses, insurance premiums, taxes and insurance premiums paid by THE BANK in the name of THE DEBTOR, administration or management expenses pertaining to the LOAN or of any other nature, as well as to ensure the fulfillment of each and every one of the obligations undertaken by THE DEBTOR at this time or in the future, THE DEBTOR ESTABLISHES A First Mortgage and Antichresis, in favor of THE BANK for the amount of up to FIVE MILLION US DOLLARS AND 11/100 (US$5,000,000.00), in legal currency of the United States of America, on Property number two hundred and eighty-five thousand three hundred and fifty-one (285351), registered in document one million four hundred and one thousand three hundred and sixty-three (1401363) of the Property Section pertaining to the Province of Panama, of the Public Registry, which measures, boundaries and other registration details are stated in the Public Registry (from here on in referred to as “THE MORTGAGED PROPERTY”).------------------------------------------------------------------------------------------------------------------

It is hereby understood that in the event that the FIRST MORTGAGE AND ANTICHRESIS on THE MORTGAGED PROPERTY is unable to be registered, this agreement shall be automatically resolved and must not be registered and, therefore, THE BANK shall be under no obligation with the DEBTOR; however, the latter must immediately pay any amounts of money that have been advanced, by virtue of the LOAN agreement contained in this public deed, by THE BANK whether for the concept of capital, interests, FECI, costs, expenses or any other concept.-------------------------

NINTH (SCOPE): All existing improvements on THE MORTGAGED PROPERTY  and al those made during the term of this agreement, including natural accessions, pending fruits, rents, the amount of indemnifications granted or owed to THE DEBTOR by the Insurer of THE MORTGAGED PROPERTY, or by virtue of expropriation by the State, and all the other objects established by law, including movable property permanently placed by THE DEBTOR on such property, are hereby encumbered with this FIRST MORTGAGE AND ANTICHRESIS. No error or difference in measures, surface areas, boundaries or description of the property may in any event affect that rights corresponding to THE BANK.---------------------------------------------------------------------------------------------

TENTH (EXERCISING THE ANTICHRESIS): The rents resulting from THE MORTGAGED PROPERTY are also encumbered in favor of THE BANK by virtue of the agreed on antichresis. By virtue of the Antichresis hereby acknowledged, THE BANK, when it considers it convenient, may exercise its rights as the antichresis creditor, taking over the administration THE MORTGAGED PROPERTY, upon notice to THE DEBTOR, and without having to establish the mortgage enforcement action, but without prejudice to the subsequent exercise of such action. Once the enforcement action is established, THE BANK may also exercise its antichresis creditor rights in this event taking possession of THE MORTGAGED PROPERTY, while the judicial sale is being verified and without requiring any judicial authorization whatsoever. For these effects, the parties, in other words THE BANK and THE DEBTOR, agree that, in accordance with that provided in Article one thousand six hundred and twenty-three (1623) of the Civil Code, in the event that THE BANK is required to exercise its rights as the antichresis creditor, it shall not be bound to personally respond for the expenses caused by the administration, maintenance and conservation of THE MORTGAGED PROPERTY, nor the insurance premiums against any type of risks or taxes or rates charged on THE MORTGAGED PROPERTY. It is likewise agreed by THE BANK and THE DEBTOR that in this assumption, the expenses referring to THE MORTGAGED PROPERTY and produced in exercising the right of antichresis, shall be covered by the rents or fruits produced by THE MORTGAGED PROPERTY, firstly, and the surplus shall be applied to the payment of interests, FECI and payments to capital, in this order, according to the obligations undertaken in this public deed. If the fruits or rents produced by THE MORTGAGED PROPERTY are insufficient in order to cover the expenses and obligation undertaken by THE DEBTOR, THE BANK may judicially proceed to require the payment of its loan. This power is understood without prejudice to those possessed by THE BANK by virtue of the assumptions contemplated in the clause corresponding to the early expiration of the obligations. THE BANK, by virtue of the antichresis, is not bound to pea the contributions, charges, rates or taxes on the MORTGAGED PROPERTY in the present or in the future, nor to incur in the necessary expenses for the conservation and repairs, should such exist, of the MORTGAGED PROPERTY, in which event THE DEBTOR agrees that such payments shall be charged to the debt agreed on in this public deed, and the interests agreed on in the Agreement convened in this same deed shall be capitalized and earned. Likewise, fully separate from the exercise of the antichresis, in the event of a judicial enforcement or the takeover judicially ordered in favor of THE BANK as the mortgage creditor, the parties agree that if any of such payments are made by THE BANK, in the case of delinquency in charges, rates or taxes on the MORTGAGED PROPERTY, such payments shall be added to the owed balance of this LOAN  Agreement and THE DEBTOR expressly accepts that such amounts shall be capitalized and the interests agreed on in this LOAN Agreement, accorded in this same deed, shall be earned, at the option of THE BANK. THE BANK may exercise such rights through any physical person or legal entity, or place THE DEBTOR in charge of the administration and the latter as of this moment is compelled to punctually render accounts to the satisfaction of THE BANK. It is hereby agreed that whenever THE BANK exercises the right to the antichresis and other rights referred to in this clause, THE BANK or the person designated by such to administrate the MORTGAGED PROPERTY, shall exercise all the rights deriving in favor of THE DEBTOR as the owner of THE MORTGAGED PROPERTY, without any need to render account for such administration after THE DEBTOR hereby expressly relieves such person of THE BANK from said obligation. For the effects of the valuation of THE MORTGAGED PROPERTY, when THE BANK requests the administration, the fair value of such property shall be held as that established by THE BANK for such purpose.---------------------------------------------------------------------------------------------

ELEVENTH (TAXES AND RATES): THE DEBTOR is bound to punctually pay the State and its autonomous agencies, the taxes, tributes, rates, awards or contributions resting on THE MORTGAGED PROPERTY, and in this event, the amount or amounts invested in such by THE BANK shall be charged to THE DEBTOR and the interests set out in the LOAN Agreement contained in this public deed shall be earned, at the option of THE BANK and the payment of such shall be guaranteed with the First Mortgage and Antichresis agreed on; such amounts shall be reimbursed to THE BANK by THE DEBTOR upon the request of the former.-------------------------------------------------

TWELFTH (MAINTENANCE AND INSPECTION): THE DEBTOR is bound to maintain THE MORTGAGED PROPERTY in good conditions in order to prevent the decrease of its value and to incur in the necessary expenses for the conservation of such and THE BANK hereby has the right and is expressly authorized to inspect the property whenever it considers it convenient, to establish the condition of such and if the obligations undertaken by THE DEBTOR, in this agreement, are sufficiently guaranteed.  If THE MORTGAGED PROPERTY is depreciated, deteriorated or damaged to such an extent that, in the opinion of THE BANK this loan is not satisfactorily covered, THE BANK, in addition to directly exercising the administration of such, as stipulated herein, may proceed through summary proceedings for collection, to cash in the loan, except in the event that THE DEBTOR offers another guarantee that satisfies THE BANK.-----------------------------------------------

THIRTEENTH (APPRAISALS): The parties agree that THE BANK reserves the right, at the expense of THE DEBTOR, to carry out or request the appraisals of THE MORTGAGED PROPERTY that it considers necessary. Such valuations must be performed by independent appraisers designated or accepted by THE BANK. In the event that THE DEBTOR does not obtain an appraisal in a timely manner, at the request of THE BANK, the latter may, if available to it, incur in the expense for THE DEBTOR and, in such event, the amount or amounts invested in this by THE BANK shall be debited from THE DEBTOR and, shall earn an interest in accordance with the rate that is effective for the LOAN contained in this public deed, at the option of THE BANK and the payment shall be guaranteed with the First Mortgage and Antichresis established in this public deed.---------------------

FOURTEENTH (IMPROVEMENTS): THE DEBTOR is bound to state the improvements built on THE MORTGAGED PROPERTY in a maximum term of ninety (90) days following the date on which the respective occupation permit is issued or the finished improvements are received.----------------------

FIFTEENTH (OWNERSHIP RIGHT LIMITATION): THE DEBTOR is bound not to sell, exchange, lease, mortgage or in any other way transfer or encumber the property given as a guarantee, whether fully or partially, without the previous consent of THE BANK, granted in the same Deed in which the operation in question is dealt with. These prohibitions, by the agreement of the contracting parties, constitute a limitation to the ownership right of THE MORTGAGED PROPERTY; consequently, the parties request the Public Registrar the corresponding special marginal annotation, since THE DEBTOR may only sell, exchange, lease, mortgage or in any other way transfer or encumber THE MORTGAGED PROPERTY with the express consent of THE BANK.-----------

SIXTEENTH (INSURANCE ON IMPROVEMENTS): THE DEBTOR, while this Agreement is in effect and while a balance exists against THE DEBTOR, in favor of THE BANK by reason of this Agreement is bound to maintain THE MORTGAGED PROPERTY insured against fire, lightening, earthquakes and fire caused by lightening or earthquakes and to endorse the respective fire insurance policy and comprehensive insurance on THE MORTGAGED PROPERTY in favor of THE BANK for a minimum amount  of eighty percent (80%) of the value of the improvements built on THE MORTGAGED PROPERTY in the future. THE DEBTOR is likewise bound to assign or endorse the respective insurance policies in favor of THE BANK, so that THE TANK appears as the sole beneficiary of such policies and to renew them in a timely manner. In case THE DEBTOR does not take out the insurance in a timely manner or no longer renews such on time, THE BANK, at its discretion, may incur in this expense  on the account of THE DEBTOR and in this case the amount or amounts invested in this by THE BANK shall be owed by THE DEBTOR and shall earn an interest equal to that indicated for the amount provided in the loan contained in this deed or the interest in effect at that time and payment shall be guaranteed with the First Mortgage and Antichresis agreed on. In the case of loss, THE BANK shall have the right to receive the insured value to attend to the payment of the amount owed to it by THE DEBTOR on that date, expressly establishing that if the product of such insurance is insufficient for such purpose THE DEBTOR must pay the balance resulting against it. In the event of a surplus, such shall be delivered to THE DEBTOR. The parties agree that even when THE DEBTOR chooses the individual fire insurance it may, subsequently chose the fire insurance that THE BANK  negotiates in the future with the insurance company that is acceptable to THE BANK, as long as it notifies this to THE BANK and pays THE BANK the respective amounts and in this case, THE DEBTOR agrees that such insurance shall be directly negotiated by THE BANK. THE DEBTOR accepts the conditions set out in the fire insurance policy that THE BANK takes out with the insurance company acceptable to THE BANK. It is expressly agreed, and accepted by the DEBTOR, that in the event of delays in the payment of the individual insurance premiums or in the event that such is not renewed in a timely manner, THE BANK, at its own discretion, may automatically include such in the insurance that THE BANK has taken out with the insurance company that is acceptable to THE BANK in which case, THE DEBTOR accepts the conditions set forth in the negotiated insurance policy. It is hereby understood that THE DEBTOR shall not be effectively insured until it has delivered the policy to THE BANK, duly assigned or endorsed in favor of THE BANK, in the case of the individual insurance and until THE BANK delivers a certificate issued by the insurance company, to THE DEBTOR, as proof that as of that moment it is favored with the fire insurance policy negotiated by THE BANK, in case THE DEBTOR chooses the fire insurance negotiated by THE BANK, referred to in this clause. THE DEBTOR transfers the right on any indemnification to THE BANK, in the event of a loss.----------------------------------------------------

	
  

	
III.

	
COMMON CLAUSES

SEVENTEENTH (REPRESENTATIONS AND GUARANTEES): THE DEBTOR represents and guarantees the following to THE BANK:-----------------------------------------------------------------------------------------------

	
(a)  

	
THE DEBTOR is a corporation established and organized in accordance with the laws of the Republic of Panama.--------------------------------------------------------------------------------------------

	
(b)  

	
THE DEBTOR has obtained all the necessary authorizations to do business.---------------------

	
(c)  

	
THE DEBTOR’S compliance with and celebration of this Agreement has been duly authorized by all the necessary corporate shares of THE DEBTOR and such do not contravene or constitute an event of noncompliance under (i) the Articles of Incorporation of THE DEBTOR; (ii) any law, decree or regulation, or (iii) any significant agreement to which THE DEBTOR is a party.---------------------------------------------------------------------------------

	
(d)  

	
No consent, approval, license, authorization or validation whatsoever, is required from any court, administrative agency, commission or other government or public entity of the Republic of Panama (or any of its political divisions), with regard to the execution and compliance of this Agreement by THE DEBTOR.----------------------------------------------------------

	
(e)  

	
No judicial or administrative process whatsoever , in the Republic of Panama or abroad, of which THE DEBTOR is a party exists which may have a substantial adverse effect on the businesses or the financial situation or in the operations of THE DEBTOR or that may affect the effectiveness or enforceability of this Agreement.-------------------------------------------------

	
(f)  

	
There has been no substantial adverse effect in the businesses, in the financial situation or in the operations of THE DEBTOR.---------------------------------------------------------------------------

	
(g)  

	
All information provided by THE DEBTOR to THE BANK with regard to this Agreement, including the financial statements of THE DEBTOR is correct and true.---------------------------

	
(h)  

	
THE DEBTOR has not incurred in any substantial noncompliance of the laws, decrees, regulations or resolutions of the Republic of Panama.------------------------------------------------

	
(i)  

	
The obligations of THE DEBTOR, by virtue of this Agreement, are legal, valid and required, in accordance with their respective terms and conditions.------------------------------------------

EIGHTEENTH (OBLIGATIONS ON WHAT TO DO): While the agreed on obligations are in effect, THE DEBTOR is required to do the following:-------------------------------------------------

	
a)        

	
THE DEBTOR is required to submit an annual report to THE BANK, when the latter so requires, on the financial situation and on the status of each of the businesses of which it is an owner or joint owner, as long as THE DEBTOR owes any amount to THE BANK by virtue of the agreed on obligations. These reports must be submitted within one hundred and twenty (120) calendar days following the end of the fiscal year of THE DEBTOR and must be duly audited by an accounting firm that is acceptable to THE BANK. Additionally, while owing any amount to THE BANK by virtue of the agreed on obligations, THE DEBTOR is bound to submit its bi-annual internally prepared financial statements to THE BANK, sixty (60) days after the end of the semester, at the latest.—

	
b)        

	
To deliver any financial information requested by THE BANK;----------------------------------

	
c)        

	
To pay all taxes, rates, contributions, tributes of any nature that are generated, whether national municipal, pertaining to autonomous or semi autonomous institutions on time, including the contributions and fees corresponding to the Social Security Institute;-------------------------------------------------------------------------------------------

	
d)        

	
To continue to be in effect as a corporation and maintain its line of business;-------------

	
e)        

	
To keep all its third party obligations up to date;--------------------------------------------------

	
f)        

	
To present an appraisal of THE MORTGAGED PROPERTY, by an appraisal company acceptable to THE BANK, stating that the MORTGAGED PROPERTY has a market value of at least one hundred and twenty-five percent (125%) of the loan amount.-------------

NINETEENTH (OBLIGATIONS ON WHAT NOT TO DO): Except if previously authorized by THE BANK, in writing, and until THE DEBTOR has fully and faithfully fulfilled all of the obligations hereby undertaken, THE DEBTOR is bound not to perform and of the following transactions or carry out any of the following acts:------------------------------------------------------------------------------------------------

	
(a)  

	
To dissolve or be liquidated.---------------------------------------------------------------------------------

	
(b)  

	
To merge or consolidate in such way that THE DEBTOR is not the surviving entity;-----------

	
(c)  

	
To substantially alter their businesses or the method it currently uses to do business.--------

	
(d)  

	
To use the product of these facilities for matters other than for the objects stated in this Agreement.--------------------------------------------------------------------------------------------------------

TWENTIETH (CAUSES FOR EARLY EXPIRATION): THE DEBTOR  also agrees that THE BANK may consider the term of the agreed on LOAN to have expired and take judicial action, in any of the following cases:------------------------------------------------------------------------------------------------------------

ONE (1): If THE DEBTOR DOES NOT MAKE ANY OF THE INTEREST PAYMENTS SET FORTH IN THIS Agreement, or if THE DEBTOR does not make any of the payments to capital that it must make in accordance with that agreed on in this LOAN agreement; or if THE DEBTOR does not comply with any of the payments that THE DEBTOR must make, in any event, in accordance with that agreed on in this Agreement;----------------------------------------------------------------------------------------------------------

TWO (2): If THE DEBTOR does not provide a statement to THE BANK, any time that it is required to do so by the latter, that it is under no indebtedness with any other tax, rate or contribution, whether national or municipal, of an autonomous or semi autonomous institution, relating to THE MORTGAGED PROPERTY, its properties or any other taxes, rates or contributions falling upon its properties in the future;---------------------------------------------------------------------------------------------------

THREE (3): If THE DEBTOR is delinquent with regard to the contracted obligations or those undertaken with the Social Security institute or any other autonomous or semi autonomous institution. For such effects, THE BANK may also require THE DEBTOR, at any time, to present the corresponding Clearance Certificate from the Social Security Institute or the autonomous or semi autonomous institution in question;-----------------------------------------------------------------------------------

FOUR (4): If THE MORTGAGED PROPERTY  is confiscated or embargoes or sought after in any other way, or if THE DEBTOR should be seized or embargoed in its businesses or any other property, whether real or personal, or of any other nature;-----------------------------------------------------------------

FIVE (5): In the event that THE DEBTOR is sued or  declares bankruptcy or a meeting of creditors, at its request or that of third parties or the corporation is dissolved;--------------------------------------------

SIX (6): If THE DEBTOR has not fulfilled any of the obligations undertaken with THE BANK;------------

SEVEN (7): If THE DEBTOR does not comply with any agreement regarding the guarantee, mortgage, bond, pledge or any other real or personal guarantee;---------------------------------------------

EIGHT (8): If THE DEBTOR does not comply with any judicial sentence that is not subject to appeal;-

NINE (9): If THE DEBTOR does not comply with or is delinquent or before the expiration of the term corresponding to any other obligation, whether present or future, for any other creditor and such noncompliance is not remedied within a term of thirty (30) calendar days;--------------------------TEN (10): If THE DEBTOR does not fulfill any other obligation with any other creditor, resulting in the acceleration of the early expiration of the loan. In this event, THE BANK shall have the right to accelerate the payment of the granted credit facility, including in the event that any other creditor has that right or any other creditor with such right decides not to exercise it;-----------------------------

ELEVEN (11): If THE DEBTOR changes its shareholding structure without the prior consent of THE BANK;--------------------------------------------------------------------------------------------------------------------------

TWELVE (12): If any substantial adverse change come about in the businesses, the financial situation or the operations of THE DEBTOR, or upon the occurrence of any circumstance of a financial, political or economic nature, whether national or international, that gives THE BANK reasonable grounds to conclude that THE DEBTOR will not be able or is incapable of, fulfilling or observing the normal course of its obligations under this Agreement.--------------------------------------

THIRTEEN (13): If THE DEBTOR is delinquent or upon the expiration of the term with regard to any obligation, whether present or future, owed to THE BANK.-----------------------------------------------------

TWENTY-FIRST (CREDIT INFORMATION):   THE DEBTOR authorized THE BANK to that, at its complete discretion, it may reveal to the Panamanian Credit Association or any other credit information center to which THE BANK is affiliated, the history regarding THE DEBTOR’s fulfillment of the obligations  with regard to this and to any other obligation agreed on by THE DEBTOR with THE BANK, and THE DEBTOR expressly holds THE BANK harmless of any consequence resulting from THE BANK’s exercising its right to provide the information referred to in this clause.-------------

TWENTY-SECOND (ASCRIPTION OF PAYMENT): THE DEBTOR hereby authorizes THE BANK to receive any payment relating to the obligations hereby undertaken in favor of THE BANK, which may, at its entire discretion, freely ascribe the respective payment towards the owed capital preferentially to the payment of the interests due, as well as payment of the premiums corresponding to the insurance on THE MORTGAGED PROPERTY, should this proceed in accordance with the agreed on conditions;--------------------------------------------------------------------------

TWENTY-THIRD (ASSIGNMENT): The parties agree that THE BANK, at its full discretion and when it considers it to be convenient, may sell, assign, convey, transfer or dispose of, in any other way, either part of all of the loan and other rights and obligations of THE BANK consigned in this document, without requiring THE BANK to provide any type of prior or subsequent notice to THE DEBTOR and needing to require or receive any approval from THE DEBTOR. Regarding the expressed object, THE BANK is hereby previously authorized to provide any document and information relating to the loan, to the financial situation of THE DEBTOR and the status of the rights and obligations of such DEBTOR with THE BANK and all information that THE BANK deems convenient, expressly exempting THE BANK from any consequence resulting from the exercise of the right to provide the documents and information, by THE BANK, referred to in this clause.-------

TWENTY-FOURTH (TRUE AND CORRECT BALANCE): For the effects of issuing enforcement against THE DEBTOR, as well as for all the other effects involving the LOAN contained in this deed, the contracting parties agree that the balance stated in the books of THE BANK, according to the statement of such BANK, shall be considered as the true and correct balance of the obligations guaranteed with the mortgage and antichresis on the real property constituted herein, even when such balance is higher than the limit stipulated herein. Consequently, in the event of a judicial proceeding to collect the due balance produced by the account after such is closed, THE BANK is not bound to prove that the due and unpaid balance is that expressed in the claim. It is also expressly agreed that for all effects, the copy submitted by THE BANK of the written notice(s) sent to THE DEBTOR shall be considered as true and correct, also in the understanding that the date stated on the copy of such letter is the date on which such notice was effectively provided and received. Therefore, the parties expressly agree to leave the indication of the liquid and required balance as an exclusive faculty of THE BANK, and THE DEBTOR from this moment accepts the balance provided by THE BANK and therefore the certificates issued by THE BANK regarding the amount and payable nature of the LOAN balance that is owed, once reviewed by an Authorized Public Accountant, in accordance with the first (1st) section of Law fifty-seven (57) of the year nineteen hundred and seventy-eight (1978) and number fifteen (15) of article one thousand six hundred and thirteen (1613) of the Judicial Code, shall attest in a trial and shall provide executive merit, holding the amount stated in such certification as clear, settled and payable. -------------------

TWENTY-FIFTH (WAIVER OF JURISDICTION): THE DEBTOR waives the jurisdiction and processes of the Mortgage Enforcement Proceedings and agrees that, in the event of an auction, the sum for which the claim is submitted serve as a basis for the sale of THE MORTGAGED PROPERTY, that is to say, without any consideration whatsoever for the cadastral or commercial value of the real properties provided in the first mortgage and antichresis, as contemplated in Article one thousand seven hundred and forty-three (1743) of the Judicial Code; and as of this moment exempt THE BANK from the obligation of submitting a cost bond regarding any enforcement or proceeding referring to that obligation.----------------------------------------------------------------------------------------------

TWENTY-SIXTH (ENVIRONMENT): THE DEBTOR states that, to this date, is in compliance with the provisions consigned in Law number forty-one (41) dated July one (1), nineteen hundred and ninety-eight (1998), based on which the General Environment Law of the Republic of Panama and its regulations, are adopted, and are hereby bound to comply with such provisions and those that may be issued in the future. Therefore, THE DEBTOR acknowledges and accepts that THE BANK may require THE DEBTOR, at any time and at its own cost, to provide the documentation it considers convenient and necessary in order to certify the fulfillment, by THE DEBTOR, of the regulations that are applicable in matters of environmental protection.------------------------------------

TWENTY-SEVENTH (MODIFICATIONS):  The fact that THE BANK allows THE DEBTOR, on one or more occasions, to not fulfill its obligations or to fulfill them imperfectly or in a manner other than that agreed on, or that THE BANK does not insist on the precise fulfillment of such obligations, or does not punctually exercise its corresponding contractual or legal rights shall not be deemed as a modification to the Agreement contained in this document, nor shall it prevent THE BANK from requiring THE DEBTOR to fulfill its obligations or to exercise the rights conferred by this Agreement. ------------------------------------------------------------------------------------------------------------------

TWENTY-EIGHTH (EFFECTS OF A STIPULATION OF NULLITY): It his hereby understood and agreed between the contracting parties that if any of the stipulations of the Agreement contained in this document should become null in accordance with the laws of the Republic of Panama, such nullity shall not invalidate the Agreement in its entirety but rather such shall be interpreted as if it did not include the stipulation(s) declared null and the rights and obligations of the contracting parties shall be deemed and observed according to law.-------------------------------------------------------------------

TWENTY-NINTH (NOTICES AND NOTIFICATIONS(): All notices or notifications required in accordance with this Agreement shall be provided in writing and personally delivered or sent by mail (on the same date that such are dated) to the party to whom such notice is addressed, to the following addresses:--------------------------------------------------------------------------------------------------------

FOR THE BANK at its address of domicile: Punta Pacífica, Torre Metrobank, piso cuarto (4), Ciudad de Panamá, República de Panamá. Apartado Postal cero ocho uno seis-zero dos zero cuatro uno (0816-02041), Panamá,  República de Panamá. Phone: five cero seven (507) two hundred and four-nine thousand (204-9000); Fax: five hundred and seven (507); two hundred and four-nine thousand and one (204-9001).-------------------------------------------------------------------------------------------FOR THE DEBTOR at its address of domicile: PriceSmart de Vía Brasil, provincial de Panamá, P.O.BOX  zero six three two-two four four three (0632-24431), World Trade Center, Panamá, República de Panamá, Phone: two six five-two three one one (265-2311 or two six five-seven six four five (265-7645).-------------------------------------------------------------------------------------------------------

Attention: Amira Chong de Navarro.-----------------------------------------------------------------------------------

It is hereby understood and agreed that all the notices or notifications provided in writing must be sent by messenger to the physical addresses described in this clause, and such shall be considered to have been provided at the time that such notice is delivered. The acknowledgment of receipt signed by the person receiving such notice or notification, shall constitute sufficient proof of delivery of the notice or notification and its corresponding date.---------------------------------------------

It is understood that the parties may change the above indicated address, by notifying the party of such change by means of a private note sent to the corresponding address.-------------------------------

THIRTIETH (PLACE AND CURRENCY FOR PAYMENT):  All payments for the concept of capital, interests, FECI, premiums or any other concept to be made by THE DEBTOR to THE BANK, in accordance with this document, shall be made in US dollars, at the main offices of THE BANK in the city of Panama or at another branch or office of THE BANK or at the place that THE BANK may, from time to time, indicate to THE DEBTOR, free of any deduction or charge of any nature. In the event that the payment date of any payment to capital, interests and FECI falls on a non workday for banks, payment shall be made on the first workday following such date.-------------------------------

THIRTY-FIRST (APPLICABLE LAW AND JURISDICTION):  This Agreement shall be governed by and construed in accordance with the laws of the Republic of Panama. Any controversy or conflict arising in relation to this Agreement, shall be submitted to the courts of justice of the City of Panama, Republic of Panama.-------------------------------------------------------------------------------------------

THIRTY-SECOND (HEADINGS): The titles that appear between parenthesis in the respective headings of the Clauses of this Agreement have been inserted for the convenience and easy reference of the reader and such shall lack any relevance whatsoever in the interpretation of the content of the referred to clauses. -------------------------------------------------------------------------------------

THIRTY-THIRD (EXPENSES AND FEES): THE DEBTOR is bound to cover the expenses of this public deed, the registration of the First Mortgage and Antichresis on THE MORTGAGED PROPERTY constituted in favor of THE BANK and the cancellation of such Mortgage when the time comes to cancel such, as well as the attorney fees for the preparation of this Agreement, judicial and extrajudicial expenses incurred in by THE BANK to obtain the payment of the credit facilities contained in this public deed, and any other expenses relating to this deed or the facility hereby granted to THE DEBTOR.--------------------------------------------------------------------------------------------------

THIRTY-FOURTH (ACCEPTANCES): THE DEBTOR accepts the obligations undertaken in this public deed in favor of THE BANK, and THE BANK accepts the First Mortgage and Antichresis constituted in its favor, as well as the other rights constituted in its favor in this public deed by THE DEBTOR.---

THIS AGREEMENT HAS BEEN PREPARED ON THE BASIS OF THE MINUTES WRITTEN AND SIGNED BY THE LAW FIRM KATZ & LOPEZ (LAW 9 of the year 1984).---------------------------------------------------------

MINUTES OF THE EXTRAORDINARY MEETING OF SHAREHOLDERS OF THE CORPORATION PRICESMART PANAMA, S.A.----------------------------------------------------------------------------------------------

An extraordinary meeting of the Shareholders of the corporation PRICESMART PANAMA, S.A., a corporation duly established and organized in accordance with the laws of the Republic of Panama, duly registered under Index Card 308071, Role 47670, Image 60, of the Trade Section of the Public Registry of Panama, was held on _____________ __, 2010, at 2:00 p.m.----------------------

Stating that in accordance with Article 203 of the Code of Commerce, all the shareholders respectively ratify their attendance through electronic means of communication or by phone, in such way making up all of the issued and outstanding shares with a voting right. And the decision was made to celebrate and Extraordinary Meeting of Shareholders of the corporation waiving the right to prior notice, as set forth in Article forty-three (43) and as permitted by Section forty-four (44) of Law thirty-two (32) of the year nineteen hundred and twenty-seven (1927), regarding corporations.----------------------------------------------------------------------------------------------------------------

Attending through a means of communication, by phone from the city of Panama, Republic of Panama, the meeting was presided by the Chairman, Mr. PABLO EDUARDO FRANCESCHI GUIZADO, and from the city of San Diego, California, U.S.A, Mr. ERNESTO GRIJALVA acted as the Secretary, both of them officially holding such positions.----------------------------------------------------------------------

The Chairman stated that the purpose of this meeting was to authorized the corporation to enter into a Commercial Mortgage Loan Agreement with METROBANK, S.A. for the sum of up to FIVE MILLION US DOLLARS and 11/100) (US$5,000,000.00) in legal currency of the United States of America, to finance the facilities of the new Membership Shopping Club located at Brisas del Golf, Provincia de Panamá, guaranteed with a First Mortgage and Antichresis on Property No. 285351, registered under document 1401363 of the Property Section of the Public Registry of the Province of Panama, in favor of METROBANK, S.A.-----------------------------------------------------------------------------

The following was decided and unanimously approved:----------------------------------------------------------

FIRST: To authorize the corporation to enter into the Commercial Mortgage Loan Agreement with METROBANK,S.A. for the amount of up to FIVE MILLION US DOLLARS and 00/100 (US$5,000,000.00) , in legal currency of the United States of America, to finance the facilities of the new Membership Shopping Club located at Brisas del Golf, Provincia de Panamá.------------------

SECOND: To authorize the corporation to establish the First Mortgage and Antichresis in favor of METROBANK, S.A. for up to the amount of FIVE MILLION US DOLLARS AND 11/100 (US$5,000,000.00) in legal currency of the United States of America, on Property No. 285351, registered under document 1401363, of the Property Section of the Public Registry of the Province of Panama.--------------------------------------------------------------------------------------------------------------------

THIRD: To authorize PABLO EDUARDO FRANCESCHI GUIZADO, bearer of Identity Card number eight- four hundred and twenty-three- eight hundred and thirty-seven (8-423-837), to negotiate, subscribe, declare and sign, in the terms and conditions he considers convenient for the corporation, all the documents required to carry out the operations described in the above points.--------------------------------------------------------------------------------------------------------------------------

Being there nothing further to add, the meeting was ended.---------------------------------------------------

(Illegible signature)-------PABLO EDUARDO FRANCESCHI GUIZADO--------------- Chairman.--------------

Signed in the city of Panama, Republic of Panama, on _______________ __, 2010.---------------------

(Illegible signature)----------ERNESTO GRIJALVA--------------------Secretary------------------------------------

Signed in the city of San Diego, California, United States of America, on____________ ___, 2010.—

The undersigned, ERNESTO GRIJALVA, Secretary of the meeting, hereby certifies that the above is a faithful copy of the minutes of the extraordinary meeting of Shareholders of the corporation.----

(Illegible signature)--------ERNESTO GRIJALVA---------- Secretary.-----------------------------------------------

The Notary hereby certifies that the before described Property number two hundred and eighty-five thousand, three hundred and fifty-one (285351) is under no indebtedness upon the submittal of the tax clearance certificate on the Property in effect until _____________ ____, two thousand and ten (2010)--------------------------------------------------------------------------------------------------------------

Upon advising the appearing parties that a copy of this Public Deed must be registered, and having read the written to the appearing parties, in the presence of the instrumental witnesses Argelis de Tejada, female, bearer of Identity Card Number nine- one hundred and twenty-one- one thousand tow hundred and seventy-six (9-121-1276) and Rogelio Valencia Soto, male, bearer of Identity Card Number eight- four hundred and twenty-seven- six hundred and forty-three (8-427-643), both Panamanians, of legal age, neighbors of this city, individuals of my acquaintance and capable of exercising such title, all where satisfied and signed, before me, the Notary, who attests.----------

PUBLIC DEED NUMBER --------------------------------------------------------------------------------------------------

ERNESTO ANTONIO BOYD SASSO (Blank). PABLO EDUARDO FRANCESCHI GUIZADO (Illegible signature). ARGELIS DE TEJADA (Blank) ROGELIO VALENCIA SOTO (Blank). KRISTY MARÍA PONCE AIZPURÚA (Blank) Eleventh Public Notary of the Circuit of Panama.   --------------------------------------QuickLinks
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  Exhibit 10.1    
    

 
 

  CHANGE OF CONTROL AGREEMENT    
    

        THIS CHANGE OF CONTROL AGREEMENT is executed to be effective as of the 1st day of July, 2010  ("Effective Date"), by and between CH2M
HILL Companies, Ltd., an Oregon corporation ("CH2M HILL"),
and                                    
("Executive"). 

 RECITALS  

	A.
	The
Board of Directors of CH2M HILL considers the establishment and maintenance of a sound and vital management team to be essential to protecting and
enhancing the best interests of CH2M HILL and its stockholders;

	B.
	The
Board of Directors recognizes that the possibility of a change in control may arise and that such possibility, and the uncertainty and questions which it
may raise among senior management, may result in the departure or distraction of senior management personnel to the detriment of CH2M HILL and its stockholders;

	C.
	Executive
currently serves as an officer or director of CH2M HILL or one of its key operating subsidiaries;

	D.
	The
Board of Directors has determined that it is in the best interests of CH2M HILL and its stockholders to secure Executive's continued services and to
ensure Executive's continued and undivided dedication to duties in the event of any threat of or occurrence of events that could lead to a change in control of CH2M HILL, without being influenced by
the Executive's uncertainty of his/her own situation; and

	E.
	The
Board of Directors has authorized the undersigned to enter into this Agreement on behalf of CH2M HILL. 

For
and in consideration of the premises and the mutual covenants and agreements herein contained, CH2M HILL and Executive hereby agree as follows. 

 AGREEMENT

Article 1. Definitions  

As
used in this Agreement, the following terms shall have the respective meanings set forth below: 

	1.1
	"Annual Bonus" means the incentive currently offered under the Annual Incentive Plan (formerly referred to
as the Short-Term Incentive Plan) to selected CH2M HILL employees on an annual basis or similar annual bonus that may replace the Annual Incentive Plan at a future date. The Annual Bonus
is historically paid in the first quarter of the year immediately following the year with respect to which it is awarded.

	1.2
	"Board" means the Board of Directors of CH2M HILL.

	1.3
	"Cause" means:

	a.
	A
material breach by Executive of his/her duties and responsibilities (other than as a result of incapacity due to physical or mental illness) which is
(i) demonstrably willful, continued and deliberate on Executive's part, (ii) committed in bad faith and without reasonable belief that such breach is in the best interests of CH2M HILL,
or (iii) a willful failure to follow the lawful and reasonable directions of the Board (in the case of the Chief Executive Officer (the "CEO")) or the Executive's supervisor (in the case of all
others), that remain uncured five (5) business days following written notice by the Board or other supervisor, as the case may be, regarding such failure to the Executive. For purposes of
clause (a)(ii), any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based 

upon
the advice of counsel for CH2M HILL shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of CH2M HILL; or 

	b.
	The
Executive's conviction of, or plea of nolo contendere to, a felony involving willful misconduct which is
materially and demonstrably injurious to CH2M HILL.

	c.
	"Cause"
shall not exist unless and until CH2M HILL has delivered to Executive a copy of a resolution duly adopted by three-quarters (3/4) of
the entire Board at a meeting of the Board called and held for such purpose (after thirty (30) calendar days' notice to Executive and an opportunity for Executive, together with counsel, to be
heard before the Board), finding that in the good faith opinion of the Board an event set forth in clause (a) or (b) above has occurred and specifying the particulars thereof in detail.
CH2M HILL must first notify Executive of any event believed to constitute Cause within thirty (30) calendar days following CH2M HILL's knowledge of its existence or such event
shall not constitute "Cause" under this Agreement.

	1.4
	"Change of Control Event" or "COC" means the occurrence of
any one of the following events:

	a.
	Any
one person, or persons acting as a Group, directly or indirectly, acquires ownership of stock of CH2M HILL that, together with stock held by such person
or Group, constitutes more than 50% of the total fair value of CH2M HILL stock. However, if any one person, or persons acting as a Group, owns more than 50% of the total fair value of CH2M HILL stock,
the acquisition of additional stock by the same person or persons is not considered to cause a change in the ownership of CH2M HILL (or to cause a change in the effective control of CH2M HILL).

	b.
	There
is a change in the effective control of CH2M HILL. A change in the effective control of CH2M HILL occurs on the date that
either:

	(i)
	Any
one person, or persons acting as a Group, directly or indirectly, 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 CH2M HILL that represents 30% or more of the total voting power of CH2M HILL stock; or

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

	c.
	Any
one person, or persons acting as a Group, directly or indirectly, acquires ownership of all or substantially all of the assets of CH2M HILL.

	d.
	The
stockholders of CH2M HILL approve a plan of liquidation or dissolution of CH2M HILL and such transaction is consummated.  

For
purposes of the definition in this section, "Group" shall mean "group" as within the meaning of Rule 13d-5 of the Securities Exchange Act of 1934, as amended; provided, however,
that persons will not be considered to be acting as a Group solely because they purchased stock of CH2M HILL at the same time, or as a result of the same public offering. Persons will be considered to
be acting as a Group with any entity in which they own equity and with each other if such entity enters into a merger, consolidation, purchase or acquisition of stock, purchase or acquisition of all
or substantially all assets, or similar business transaction with CH2M HILL.  

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

	e.
	Termination Ahead of COC. Notwithstanding anything in this Agreement to the contrary, if Executive's
employment is terminated (actually or for Good Reason as described in section 1.9) prior to a Change of Control Event, and Executive reasonably demonstrates that such termination was at the
request or suggestion of a third party who has indicated an 

intention
or taken steps reasonably calculated to effect a Change of Control Event and a Change of Control Event involving such third party occurs, then for all purposes of this Agreement, the date of
a Change of Control Event shall mean the date immediately prior to the date of such termination of employment.  

	1.5
	"COC Period" means the period of time beginning with a Change of Control Event and ending two
(2) years following such Change of Control Event.

	1.6
	"Code" means the United States Internal Revenue Code of 1986, as amended.

	1.7
	"Date of Termination" means the effective date on which Executive's employment by CH2M HILL or successor
terminates as specified in a written notice to the other by CH2M HILL, successor, or Executive, as the case may be, delivered pursuant to section 9.7. A Date of Termination shall not occur
unless the Executive Separates from Service with the Company.

	1.8
	"ELTI" means the incentive offered under the Executive Officers Long Term Incentive Plan or similar
incentive that may replace ELTI that provides performance-based compensation to select senior executive officers and ensures full deductibility of benefits paid under the Plan as performance-based
compensation under Code §162(m).

	1.9
	"Good Reason" means, without Executive's express written consent, the occurrence of any of the following
after a Change of Control Event or as provided in section 1.4(e):

	a.
	Change in Responsibilities:

	(i)
	the
assignment to Executive of any duties or responsibilities inconsistent in any material adverse respect with Executive's position(s), duties,
responsibilities or status immediately prior to such Change of Control Event (including any diminution of such duties or responsibilities); or

	(ii)
	a
material adverse change in Executive's reporting responsibilities, titles or offices with CH2M HILL or successor as in effect immediately prior to such
Change of Control Event.

	b.
	Change in Compensation. Any material reduction by CH2M HILL or successor in Executive's total compensation
package, including any material adverse change in the annual salary, the incentive bonus ranges and targets, or the timing of payment of same as compared to the compensation package in effect
immediately prior to such Change of Control Event.

	c.
	Change in Location. Any requirement of CH2M HILL or successor that Executive:

	(i)
	be
based anywhere more than twenty-five (25) miles from the facility where Executive is located at the time of the Change of Control
Event; or

	(ii)
	travel
on CH2M HILL or successor's business to an extent substantially greater than the travel obligations of Executive immediately prior to such Change of
Control Event. 

        d.     Change in Benefits:

	(i)
	the
failure of CH2M HILL or successor to continue in effect any employee benefit and fringe benefit plans and policies or deferred compensation plans in
which Executive is participating immediately prior to such Change of Control Event, unless Executive is permitted to participate in other plans
providing Executive with substantially comparable benefits; or

	(ii)
	the
taking of any action by CH2M HILL or successor which would adversely affect Executive's prior participation in or reduce Executive's accrued benefits
under any employee benefit and fringe plans or deferred compensation plans in which Executive is participating immediately prior to such Change of Control Event; or

	(iii)
	the
failure of CH2M HILL or successor to provide Executive and Executive's dependents welfare benefits that are substantially comparable to the benefits
available to them 

immediately
prior to such Change of Control Event at a substantially comparable cost to Executive; or  

	(iv)
	the
failure of CH2M HILL or successor to provide Executive with paid vacation at levels in effect for Executive immediately prior to such Change of Control
Event or as the same may be increased from time to time thereafter.

	e.
	Office and Support Staff. A material negative change in the office or offices, personal secretarial and other
assistance, provided to Executive compared to the most favorable of the foregoing provided to the Executive by CH2M HILL at any time during the 120-day period immediately preceding the
Change of Control Event or, if more favorable to the Executive, as provided generally at any time thereafter with respect to other peer executives of CH2M HILL or successor.

	f.
	Assumption of this Agreement. The failure of CH2M HILL to assign and obtain the assumption of this Agreement
from any successor as contemplated in section 3.5.

	g.
	Inadvertent Action. An action taken in good faith and which is remedied by CH2M HILL or successor within
thirty (30) calendar days after receipt of notice thereof given by Executive shall not constitute Good
Reason under this Agreement. Executive must provide notice of termination of employment within thirty (30) calendar days of Executive's knowledge of an event constituting "Good Reason" or such
event shall not constitute Good Reason under this Agreement. To constitute Good Reason, the Executive must terminate employment within two (2) years from the date of the initial occurrence of
an event described in this section 1.9.

	1.10
	"ISVEU" means stock value equivalent units offered under the CH2M HILL Companies, Ltd. International
Deferred Compensation Plan.

	1.11
	"Legitimate Business Interests" means CH2M Hill's interests in (a) protecting its proprietary,
confidential, and/or trade secret information, including but not limited to client and customer information, (b) protecting its goodwill associated with client and customer relationships, and
(c) preventing unfair competition with it based on the Executive's use or knowledge of proprietary, confidential, and/or trade secret information of CH2M Hill.

	1.12
	"LTI" means the incentive offered under the Long-Term Incentive Plan to selected senior
executives of CH2M HILL or similar bonus that may replace LTI at a future date. In current form this incentive bonus is tied to specific three-year performance targets with payments made
during the year immediately following the year in which the target performance period terminated.

	1.13
	"Phantom Stock" means contractual rights to amounts equal to value of CH2M HILL Stock over time provided to
selected employees pursuant to CH2M HILL Phantom Stock Plan, as amended from time to time, and any successor plan.

	1.14
	"Restricted Stock" means any restricted stock granted to Executive under the CH2M HILL Restricted Stock
Policy and Administration Plan, as amended from time to time, and any successor plan or any restricted stock granted under any other CH2M HILL stock plan.

	1.15
	"SAR" means contractual rights to amounts equal in value to CH2M HILL Stock appreciation over time provided
to selected employees pursuant to CH2M HILL Stock Appreciation Rights Plan, as amended from time to time, and any successor plan.

	1.16
	"Separation from Service" means a termination of services provided by the Executive whether voluntarily or
involuntarily, other than by reason of death or disability, as determined by CH2M HILL in accordance with regulation §1.409A-1(h) of Section 409A. In determining whether
the Executive has experienced a Separation from Service, the following provisions shall apply: 

A
Separation from Service shall occur when the Executive has experienced a termination of employment with CH2M HILL. The Executive shall be considered to have experienced a termination of employment
when the facts and circumstances indicate that the Executive and CH2M HILL reasonably anticipate that either (i) no further services will be performed for CH2M 

HILL
after a certain date, or (ii) that the level of bona fide services the Executive will perform for CH2M HILL after such date (whether as an employee or as an independent contractor) will
permanently decrease to no more than 20% of the average level of bona fide services performed by the Executive (whether as an employee or an independent contractor) over the immediately preceding
36-month period (or the full period of services to the Executive if the Executive has been providing services to CH2M HILL less than 36 months).  

	1.17
	"Section 409A" means Section 409A of the Internal Revenue Code regarding the treatment for
federal income tax purposes of nonqualified deferred compensation.

	1.18
	"SERRP" means the CH2M HILL Supplemental Executive Retirement and Retention Plan, as amended from time to
time, and any successor plan.

	1.19
	"Specified Employee" shall mean any Executive who is determined to be a "key employee" (generally the top
50 ranked employees by compensation for the prior calendar year) for the applicable period, as determined annually by CH2M HILL in accordance with regulation §1.409A-1(i) of
Section 409A.

	1.20
	"Stock" means CH2M HILL common stock.

	1.21
	"Stock Options" means options to purchase CH2M HILL stock at an agreed strike price granted from time to
time to selected CH2M HILL employees pursuant to CH2M HILL Stock Option Plans.

	1.22
	"Subsidiary" means any corporation or other entity in which CH2M HILL has a direct or indirect ownership
interest of fifty percent (50%) or more of the total combined voting power of the then-outstanding securities of such corporation or other entity entitled to vote generally in the election
of directors or in which CH2M HILL has the right to receive fifty percent (50%) or more of the distribution of profits or of the assets on liquidation or dissolution.

	1.23
	"SVEUs" means stock value equivalent units offered under the CH2M HILL Pre-Tax and
Post-Tax Deferred Compensation Plans.

	1.24
	"Window Period" means the period of at least ten (10) business days commencing on the business day
next following signing of the agreement or plan of organization which will result in a COC and during which the Executive will be required to make certain elections described in this Agreement. 

 Article 2. Obligations of Executive  

	2.1
	Continuing Employment. Executive agrees that in the event of any threat or occurrence of or negotiation or
other action that could reasonably lead to, or create the possibility of a Change of Control Event, Executive shall not voluntarily leave the employ of CH2M HILL without Good Reason for a period of
thirty (30) calendar days following the Change of Control Event unless CH2M HILL or successor specifically agrees otherwise

	2.2
	Assistance with Transition. The Executive agrees that in the event of termination by the Executive
voluntarily other than for Good Reason, he/she shall act diligently to assist CH2M HILL or successor with transition of his/her responsibilities to another executive designated by CH2M HILL or
successor. Such assistance obligation shall not extend beyond thirty (30) calendar days after the Date of Termination and shall be limited in scope to tasks and consultations necessary for
orderly transition and shall not unduly burden the Executive or interfere in any way whatsoever in his/her pursuits of alternative employment. All expenses of the Executive related to such assistance
shall be promptly reimbursed by CH2M HILL or successor.

	2.3
	Non-Competition and Other Restrictive Covenants. All Restrictive Covenants outlined in this
section 2.3 may be waived by CH2M HILL (its CEO or designee), in the case of all participants other than the CEO, or by the Board, in the case of the CEO, at its discretion. 

	a.
	Legitimate Business Interests. The Executive acknowledges that the CH2M HILL Companies have Legitimate
Business Interests which CH2M HILL seeks to protect by the Restrictive Covenants set forth in this section 2.3.

	b.
	Restricted Period. The restrictive covenants set forth in this section 2.3 shall apply from the Date
of Termination until one year following such date; provided, however, that if the Executive is also a participant in the SERRP, the Restricted Period for the Executive under this Agreement shall be
equal to greater of one year from the Date of Termination and the non-compete period provided in the SERRP ("Restricted Period").

	c.
	Restricted Area. The Executive acknowledges that CH2M HILL's business is intended to be and is
global, and agrees that any of his/her activities anywhere in the world in violation of the restrictive covenants contained herein would unfairly damage CH2M HILL and its Legitimate Business
Interests. Therefore, the restrictive covenants contained in this Agreement shall apply and be effective throughout the world (the "Restricted Area").

	d.
	Covenant Not to Compete. During the Restricted Period and within the Restricted Area, the Executive shall not
directly or indirectly, individually or in combination with others, compete with CH2M HILL as an employee, officer, director, independent contractor, consultant, agent, venturer, partner, member, or
other beneficial holder of any interest in any CH2M HILL Competitor (as defined below). Notwithstanding the foregoing, nothing herein shall prevent the Executive from owning or purchasing stock of a
CH2M HILL Competitor on the open market, either directly or through the ownership of mutual funds or other investment vehicle, as long as the Executive does not directly or indirectly own more than
0.1% (in the aggregate) of such CH2M HILL Competitor.  

For
purposes of this Agreement, the term "CH2M HILL Competitor" shall be defined as any engineering, program management, or construction company engaged in any activities or businesses similar in
material respects to CH2M HILL Business and/or listed among the top 25 companies on any ENR (Engineering News Record) list of top industry leaders (for a year in question), where CH2M HILL is listed
in the top 25 companies on the list.  

	e.
	Waiver of Non-Complete Restriction. At any time, the Executive may seek a waiver of his
obligations under a Covenant Not to Compete outlined in this section 2.5 by discussing any proposed activity with CH2M HILL's CEO or his successor or designee. The CEO shall
determine in his sole discretion whether the potential engagement is competitively harmful to CH2M HILL and may waive the Covenant Not to Compete obligations in his discretion.

	f.
	Covenant Against Interference with Client Relations. During the Restricted Period and within the Restricted
Area, the Executive shall not interfere in any manner with any CH2M HILL relationships with its clients or prospective clients. Activities prohibited hereunder shall include, but are not limited to,
the Executive's request, suggestion, advice, recommendation, solicitation, or other actions or attempts to induce or influence a client or a prospective Client to

	(i)
	withdraw
from, curtail, or cease discussions with CH2M HILL about project or business opportunities;

	(ii)
	cancel,
breach, terminate, or otherwise fail to go forward with any contract or business relation with CH2M HILL; or

	(iii)
	do
business within the scope of CH2M HILL business with any person or entities other than CH2M HILL.

	g.
	Covenant Against Interference with Employment Relations. During the Restricted Period and within the
Restricted Area, the Executive shall not interfere in any manner with any CH2M HILL relations with any person who, to the knowledge of the Executive, is employed by or otherwise in the service of one
or more of the CH2M HILL companies during the Restricted Period or in the previous twelve (12) months. Activities prohibited hereunder shall include, 

but
are not limited to, the Executive's request, suggestion, advice, recommendation, solicitation, or other actions or attempts to induce or influence an employee or other person to leave employment
or the service of any CH2M HILL company nor identification of any persons so engaged by CH2M HILL as a target of recruiting activities by others.  

	h.
	Covenant Regarding Corporate Opportunities. During the Restricted Period, the Executive shall promptly refer
to CH2M HILL any information or inquiry he/she receives or is aware of concerning any opportunity involving or relating to CH2M HILL business anywhere in the Restricted Area, and shall not refer such
inquiry or information to any other person or entity. In the event that CH2M HILL is not interested in pursuing such an opportunity, the Executive shall be free to pursue such opportunities directly
or advise others about such opportunities, provided he/she advises the CEO of his/her intention to do so.

	i.
	Nondisclosure Covenant. During the Restricted Period, the Executive shall not, without the prior written
consent of the CEO, use or exploit for any purpose not related to his/her activities on behalf of CH2M HILL, or disclose to any person or entity other than an employee, officer or director of the CH2M
HILL companies (with a need-to-know and to whom disclosure is reasonably necessary or appropriate in connection with the performance by the Executive of his duties) any
Confidential Information (as defined below) of any of the CH2M HILL companies.  

In
the event that the Executive is called upon to disclose Confidential Information in connection with any judicial or administrative proceeding or inquiry, the Executive shall (unless prohibited from
doing so by law) immediately inform CH2M HILL of the proceeding and the potential disclosure of Confidential Information, and shall cooperate with CH2M HILL fully to obtain a protective order (or
similar protection mechanism) to the extent possible. In the event of any action or proceeding between the Executive and CH2M HILL, in which disclosure of Confidential Information may be necessary or
appropriate, the Executive shall limit such disclosure to that which is absolutely necessary and shall cooperate with CH2M HILL in obtaining an order to protect the Confidential Information from
public disclosure. CH2M HILL shall be responsible for any reasonable fees and costs incurred in seeking and obtaining such protective orders.  

For
purposes of this Agreement, "Confidential Information" shall mean information about CH2M HILL, its companies and business, employees, and clients that is not generally available outside the
confines of our organization, and (1) is identified or treated by CH2M HILL as confidential, proprietary or trade-secret, or (2) in CH2M HILL's discretion is competitively
sensitive and the disclosure of it would have a detrimental effect on CH2M HILL and/or unfairly disadvantage CH2M HILL in the marketplace.  

	j.
	Severability and Reformation of Restrictive Covenants. In entering into this Agreement and restrictive
covenants herein contained, it is the intent of both parties to comply with the requirements of Colorado law in all material respects and for the restrictive covenants to be fully enforceable under
Colorado law. If any restraint contained herein is deemed by a court of competent jurisdiction to be unreasonable in scope, duration, activities restricted, or otherwise, the parties hereby authorize
and request the court to modify the restraint to the minimum extent necessary, so as to grant the relief provided and intended by this Agreement to the maximum extent permitted by law.

	k.
	Remedies. The parties hereto agree that the restrictive covenants contained in this Agreement are material
terms of this Agreement, without which CH2M HILL would not have entered into this Agreement. Therefore, the parties agree that any material breach of any such covenant shall discontinue any obligation
by CH2M HILL to provide any further consideration as provided in this Agreement. The parties further agree that the Executive's material breach of any covenant contained in this Agreement would result
in substantial damage to CH2M HILL that would be difficult or impossible to ascertain or quantify. The Executive therefore agrees that in the event of any breach or threatened breach of the
restrictive covenants, 

CH2M
HILL and/or any of the CH2M HILL companies shall have the right to enforce the provisions of this Agreement by any appropriate and effective legal and/or equitable remedy. 

	2.4
	In
no event shall an asserted violation of the provisions of sections 2.2 or 2.3 constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Agreement. 

 Article 3. Obligations of CH2M HILL and/or Successor  

	3.1
	Payment on COC Termination. If during the COC Period, the Executive terminates employment with CH2M HILL for
Good Reason, or if CH2M HILL or successor terminates the employment of Executive (actually or for Good Reason) other than

	(w)
	for
Cause; or

	(x)
	as
a result of Executive's death; or

	(y)
	due
to Executive's absence from Executive's duties with CH2M HILL or successor on a full-time basis for at least one hundred eighty
(180) consecutive days as a result of Executive's incapacity due to physical or mental illness; or

	(z)
	as
a result of Executive's mandatory retirement (not including any mandatory early retirement) in accordance with CH2M HILL's or successor's
retirement policy generally applicable to its salaried employees of responsibilities and rank similar to the Executive's as in effect immediately prior to the Change of Control Event, or in accordance
with any retirement arrangement established with respect to Executive with Executive's written consent; 

then,
CH2M HILL or successor shall pay to Executive within thirty (30) calendar days following the Date of Termination, or, if later, within ten (10) calendar days after the Release and
Settlement
Agreement provided in Article 7 become irrevocable, as compensation for services rendered to CH2M HILL and/or successor, in immediately available funds: 

	a.
	Salary. Executive's base salary, accrued vacation, and any accrued compensation previously deferred by
Executive other than pursuant to a tax-qualified plan (together with any interest and earnings thereon), through the Date of Termination, in each case to the extent not yet paid;  plus

	b.
	Severance. A lump-sum severance amount equal to 2.99 times:

	(i)
	Executive's
highest annual rate of base salary in effect during the twelve (12) month period prior to the Date of
Termination,plus

	(ii)
	Executive's
target Annual Bonus for the fiscal year in which Executive's Date of Termination occurs;  plus

	c.
	Prior Year Annual Bonus. If not yet paid, the Executive's Annual Bonus due for the fiscal year immediately
preceding the Date of Termination (as determined by the Board on or before the Date of Termination or if no determination has been made, the target Annual Bonus designated for the Executive for that
fiscal year); plus

	d.
	Prior Year LTI. If not yet paid, the Executive's LTI bonus due for the LTI period that ends in the fiscal
year immediately preceding the Date of Termination, calculated as provided in the LTI Plan, all to the extent the Executive is a participant in the LTI;  plus

	e.
	Prior Year ELTI. If not yet paid, the Executive's ELTI bonus due for the ELTI period that ends in the fiscal
year immediately preceding the Date of Termination, calculated as provided in the ELTI Plan, all to the extent Executive is a participant in the ELTI;  plus

	g.
	Pro-rata LTI. A pro rata portion, as of the Date of Termination, of Executive's LTI bonus payouts
for the open bonus periods that include the Date of Termination year, calculated as provided in the LTI Plan, all to the extent Executive is a participant in the LTI;  plus

	h.
	Pro-rata ELTI. A pro rata portion, as of the Date of Termination, of Executives' ELTI bonus
payouts for open bonus periods that include the Date of Termination year, as calculated as provided in the ELTI Plan, all to the extent Executive is a participant in the ELTI;  plus

	i.
	SERRP. If not yet paid, a lump sum distribution of the Executive's contribution accounts balance under the
SERRP. The Executive's contribution account balances shall become fully vested upon the Date of Termination as set forth in the SERRP, to the extent Executive is a participant in the SERRP.

	j.
	Deferred Compensation. Pursuant to a written election of the Executive during the Window Period selecting
such payment, any compensation previously deferred by Executive under the CH2M HILL Executive Deferred Compensation Plan and/or the CH2M HILL Deferred Compensation Plan shall be paid to the Executive
as a result of the Executive's termination of employment under this agreement in accordance with the terms of the Executive Deferred Compensation Plan and/or Deferred Compensation Plan, respectively,
other than pursuant to a tax qualified plan (together with any interest and earnings thereon) and any accrued vacation, in each case to the extent not yet paid for all amounts deferred or accrued
prior to October 3, 2004, and the earnings credited thereto. If no amount is paid with respect this paragraph (j), then the deferred compensation described herein shall continue to be
administered in accordance with the terms of the applicable deferred compensation plans or programs and the existing elections of the Executive under such plans or programs. Unless the Executive
agrees otherwise, CH2M HILL or successor shall establish separate rabbi trusts or a separate structure within its existing rabbi trusts to fund CH2M HILL's or successor's obligations to
the Executive with respect to such unpaid deferred compensation.

	k.
	Offsets. Any amounts paid under paragraphs (a) through (j) above, shall be a respective offset
to any amounts remaining to be paid to the Executive for the year in which the Date of Termination falls, in the case of the Annual Bonus, and for the open bonus periods that include the Date of
Termination year, in the case of the LTI bonus and the ELTI bonus. In no event shall the Executive be required to return all or any portion of payments under paragraphs (a) through
(j) above.

	3.2
	Treatment of Stock Options, SARs, Stock, SVEU, ISVEU and Restricted Stock Holdings. Upon the Date of
Termination or a reasonable time thereafter, CH2M HILL or successor shall cause the following:

	a.
	Vesting. With respect to any Stock Options, SARs, Stock, Phantom Stock, SVEUs, ISVEUs, Restricted Stock (and
any other stock awards outstanding under the CH2M HILL stock plans) and instruments tied directly or indirectly to the value of Stock, held by the Executive on the Date of Termination,
(i) cancellation of all restrictions on awards of Restricted Stock, Phantom Stock or ISVEUs and (ii) full and immediate vesting (to the extent not already vested) of, and application of
immediate exercisability or unrestricted redemption rights with respect to, all outstanding Stock Options, SARs, SVEUs, ISVEUs and other stock-based awards.

	b.
	Redemption. To the extent such awards are not subject to Section 409A, the redemption of all Phantom
Stock, SARs, SVEUs and ISVEUs (and any other stock awards outstanding under the CH2M HILL stock plans) of the Executive at the greater of (i) the price per share of Stock which was paid to
secure the COC or (ii) the Stock price in effect immediately prior to the Date of Termination.

	c.
	Cashout. Provided that at the Date of Termination, the Stock does not have a public market and continues to
be traded through a CH2M HILL internal market or equivalent, CH2M HILL or successor shall cash out the Executive's Stock and Stock Option holdings at the greater of (i) the price per share of
Stock which was paid to secure the COC or (ii) the Stock price in effect immediately prior to the Date of Termination. 

	d.
	Payroll Direct Stock Purchase Plan. To the extent Executive participates in the Payroll Stock Purchase Plan
("PDSPP"), the PDSPP shall govern the mechanism by which any existing election for payroll deductions to purchase stock after the Date of Termination is affected.

	3.3.
	Continuation of Benefits. In addition to payments listed in sections 3.1 and 3.2, CH2M HILL or
successor shall continue to provide, for a period equal to the period the Executive would be entitled to continuation coverage under a group health plan of CH2M HILL under Code §4980B
following the Date of Termination but in no event after Executive's attainment of age sixty-five (65), Executive (and Executive's dependents if applicable) with the same level of medical,
dental, benefits and through the end of the last day of the second taxable year of CH2M HILL following the Date of Terminations for accident, disability, life insurance and any other similar welfare
benefits in place as of the Date of Termination upon substantially the same terms and conditions (including contributions required by the Executive for such benefits) as existed immediately prior to
Executive's Date of Termination (or, if more favorable to Executive, as such benefits and terms and conditions existed immediately prior to the COC); provided that, if Executive cannot continue to
participate in CH2M HILL's or successor plans providing such benefits, CH2M HILL or successor shall otherwise provide such benefits on the same after-tax basis as if
continued participation had been permitted. Notwithstanding the foregoing, in the event Executive becomes employed with another employer and becomes eligible to receive welfare benefits from such
employer, the welfare benefits described herein shall be secondary to such benefits during the period of Executive's eligibility, but only to the extent that CH2M HILL or successor reimburses
Executive for any increased cost and provides any additional benefits necessary to give Executive the benefits provided hereunder.

	3.4
	Vesting in Retirement Plans. On the Date of Termination, all amounts contributed by CH2M HILL for the
account of the Executive pursuant to CH2M HILL's retirement plans, including the Defined Contribution Plan, Deferred Compensation Retirement Plan, Employee Stock Plan and
Tax-Deferred Savings Plan (401(k)), or successor's equivalents, shall fully vest, and the Executive will be paid in cash, at the same time as the payments pursuant to section 3.1
are made, an amount equal to all CH2M HILL or successor contributions that would have been made by CH2M HILL or successor during the entire COC Period assuming the company paid the contributions at
rates comparable to those in the two years preceding the Date of Termination; provided that if full vesting in the CH2M HILL retirement plans would violate applicable provisions of the plans or the
Code, the Executive will be paid in cash an amount equal to the amount forfeited by the Executive in such retirement plans.

	3.5.
	Section 409A. Anything in this Agreement to the contrary notwithstanding, if (A) on the date
of termination of Executive's employment with CH2M HILL or a subsidiary, any of CH2M HILL's stock is publicly traded on an established securities market or otherwise, (B) the
Executive is determined to be a Specified Employee", (C) the payments exceed the amounts permitted to be paid pursuant to regulation 1.409A-1(b)(9)(iii) and (D) of
Section 409A such delay is required to avoid the imposition of the tax set forth in Section 409A as a result of such termination, the Executive would receive any payment that, absent the
application of this Section 3(f), would be subject to interest and additional tax imposed pursuant to, and as a result of the application of, Section 409A, then no such payment shall be
payable prior to the date that is the earliest of (1) six months and one day after the Executive's termination date, (2) the Executive's death or (3) such other date as will cause
such payment not to be subject to such interest and additional tax (with a catch-up payment equal to the sum of all amounts that have been delayed to be made as of the date of the initial
payment). It is the intention of CH2M HILL and the Executive that payments or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to Section 409A. To the
extent such potential payments or benefits could become subject to such Section, CH2M HILL and the Executive shall cooperate to structure the payments with the goal of giving the Executive the
economic benefits described herein in a manner that does not result in such tax being imposed. 

	3.6
	Greatest Net Benefit. Anything in this Agreement to the contrary notwithstanding, in the event that the
Executive determines (at his/her expense) that the receipt of any payments hereunder would subject the Executive to tax under Code §4999 or a successor provision, CH2M HILL or successor
shall reduce the payment due to the Executive hereunder to the extent necessary, if at all, so that the net (after tax) benefit of the payments to the Executive is maximized. In order to comply with
Section 409A, the reduction or elimination will be performed in the order in which each dollar of value subject to an Award reduces the parachute payment for purposes of Code §280G
to the greatest extent.

	3.7
	Assignment of Agreement. Concurrently with any Change of Control, CH2M HILL shall cause any successor or
transferee unconditionally to assume, by written instrument delivered to Executive (or his beneficiary or estate), all of the obligations of CH2M HILL hereunder. Failure of CH2M HILL to obtain such
assumption prior to the effectiveness of any such Change of Control shall be a breach of this Agreement and shall constitute Good Reason entitling the Executive to resign, within thirty
(30) calendar days of consummation of such Change of Control, and receive compensation hereunder. 

 Article 4. Withholding Taxes  

CH2M
HILL or successor may withhold from all payments due to Executive (or his beneficiary or estate) hereunder all taxes which, by applicable federal, state, local or other law, CH2M HILL or
successor is required to withhold therefrom. 

 Article 5. Term and Termination  

					
	 
	 	 
	 	 

	5.1	 	a.	 	This Agreement replaces and supercedes all COC agreements the Executive holds with CH2M HILL as of the Effective Date. Execution of this Agreement constitutes notice and acceptance of termination (including any requisite
waivers of notice periods for such termination) of all outstanding COC agreements.

	b.
	Term. This Agreement shall be effective as of the Effective Date and shall continue in effect for twelve
(12) months thereafter. The Agreement shall automatically renew for an indefinite number of twelve (12) months consecutive terms unless and
until CH2M HILL provides the Executive with written notice of cancellation of the Agreement at least thirty (30) calendar days prior to such automatic renewal.
Notwithstanding the delivery of any such cancellation notice, however, this Agreement shall continue in effect until the end of the COC Period, if the COC shall have occurred during the term of this
Agreement or within six months following the termination date stated in the cancellation notice.

	5.2
	Termination. This Agreement shall terminate upon :

	a.
	Termination prior to COC. Termination of Executive's employment with CH2M HILL prior to a Change of Control
Event (except as otherwise provided in section 1.4(d) above);

	b.
	Termination after COC.

	(i)
	Executive's
termination of his/her employment with CH2M HILL for any reason except for Good Reason;

	(ii)
	Termination
of Executive employment by CH2M HILL or successor for Cause;

	(iii)
	Termination
of Executive employment as a result of his/her death;

	(iv)
	Absence,
as outlined in section 3.3; or

	(v)
	Retirement,
as outlined in section 3.3;

	c.
	The
end of the COC Period; or

	d.
	Cancellation
in accordance with section 5.1. 

 Article 6. Agreement Survives Changes of Control  

	6.1
	This
Agreement shall not be terminated by any Change of Control. In the event of any Change of Control, the provisions of this Agreement shall be binding
upon the surviving or resulting corporation. If the person or entity to which such assets are transferred has not agreed to be bound by the provisions of this Agreement, this Agreement will continue
to be binding upon CH2M HILL.

	6.2
	This
Agreement shall inure to the benefit of and be enforceable by Executive's personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees. If Executive shall die while any amounts would be payable to Executive hereunder had Executive continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to such person or persons appointed in writing by Executive to receive such amounts or, if no person is so appointed, to
Executive's estate. 

 Article 7. Full Settlement  

CH2M
HILL's or successor's obligation to make payments provided for in this Agreement and otherwise to perform its obligations hereunder shall be in lieu and in full settlement of all
other separation payments to Executive under any previous severance or employment agreement between the Executive and CH2M HILL or a successor, and, with respect to amounts payable in connection with
a termination of employment within the COC Period, such agreements shall be null and void. In addition, payments made under section 3.1 and 3.2 shall be in full settlement of the compensation
and benefit obligations to which the payments relate under the plan, program or agreement under which such promises, awards or grants were made. As a condition of payment of amounts due the Executive
under this Agreement in connection with a termination of employment, the Executive shall be required to execute a Release and Settlement Agreement within 30 days of his/her termination of
employment, in the form reasonably determined by CH2M HILL or successor, in which the Executive shall acknowledge satisfaction of CH2M HILL's or successor's obligations under this
Agreement and such programs, plans, and agreements under which such promises, awards or grants were made. 

 Article 8. Employment With Subsidiaries  

Employment
with CH2M HILL for purposes of this Agreement shall include employment with any Subsidiary or successors in interest of CH2M HILL. 

 Article 9. Miscellaneous  

	9.1
	Mitigation. In no event shall Executive be obligated to seek other employment or take other action by way of
mitigation of the amounts payable to Executive under any of the provisions of this Agreement and, except as provided in section 3.4, such amounts shall not be reduced whether or not Executive
obtains other employment.

	9.2
	Setoff. CH2M HILL's or successor's obligations hereunder shall not be affected by any setoff,
counterclaim, recoupment, defense or other claim, right or action that CH2M HILL or successor may have against Executive or others, except for the remedies provision of section 2.3(k).

	9.3
	Governing Law; Validity. The interpretation, construction and performance of this agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of Colorado without regard to the principle of conflicts of laws. The invalidity or unenforceability of any
provision of this agreement shall not affect the validity or enforceability of any other provision of this agreement, which other provisions shall remain in full force and effect.

	9.4
	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an
original and all of which together shall constitute one and the same instrument.

	9.5
	Indemnification and Reimbursement of Expenses. If any contest or dispute shall arise under this Agreement
involving termination of Executive's employment with CH2M HILL or successor or 

involving
the failure or refusal of CH2M HILL or successor to perform fully in accordance with the terms hereof, CH2M HILL or successor shall, to the fullest extent permitted by law, indemnify and
reimburse Executive for all legal fees and expenses incurred by Executive in connection with such contest or dispute (regardless of the lack of finality or the result thereof), within thirty
(30) calendar days of receipt of evidence thereof, together with interest in an amount equal to the prime rate published in the Wall Street
Journal, but in no event higher than the maximum legal rate permissible under applicable law, such interest to accrue from the end of such 30 day period through the date
of payment thereof. To the extent that a final order subject to no further appeal determines that all or any part of the position taken by Executive was frivolous or advanced in bad faith, the court
shall order the Executive to repay an amount to CH2M HILL or its successor as the court shall equitably determine.  

	9.6
	Waivers. No provision of this Agreement may be modified or waived unless such modification or waiver is
agreed to in writing and signed by Executive and by a duly authorized officer of CH2M HILL or successor. No waiver by either party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior
or subsequent time. Failure by Executive or CH2M HILL or successor to insist upon strict compliance with any provision of this Agreement or to assert any right Executive or CH2M HILL or successor may
have hereunder, including without limitation, the right of Executive to terminate employment for Good Reason, shall not be deemed to be a waiver of such provision or right or any other provision or
right of this Agreement.

	9.7.
	Notice.

	a.
	For
purposes of this Agreement, all notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been
duly given when delivered or five (5) business days after deposit in the U.S. mail, certified and return receipt requested, postage prepaid, addressed as follows: 

 

 

			
	If to the Executive:	 	[Name]
	 	 	[Address]
	
 If to CH2M HILL:	
 	
CH2M HILL Companies, Ltd. or successor

9191 South Jamaica Street

Englewood, CO 80112

Attn: Chief Legal Officer
	

 	
 	
CH2M HILL Companies, Ltd. or successor

9191 South Jamaica Street

Englewood, CO 80112

Attn: Chief Human Resources Officer

 

 

or
to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

	b.
	A
written notice of Executive's Date of Termination by CH2M HILL or Executive, as the case may be, to the other, shall:

	(i)
	indicate
the specific termination provision in this Agreement relied upon;

	(ii)
	to
the extent applicable, set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment
under the provision so indicated; and

	(iii)
	specify
the termination date (which date shall be not less than fifteen (15) nor more than sixty (60) calendar days after the giving of such
notice). 

The
failure by Executive or CH2M HILL or successor to set forth in such notice any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of Executive or
CH2M HILL or successor hereunder or preclude Executive or CH2M HILL or successor from asserting such fact or circumstance in enforcing Executive's or CH2M HILL's or successor's rights
hereunder.  

	9.8.
	Section 409A. With respect to payments under this Agreement, for purposes of Section 409A,
each severance payment and reimbursement payment will be considered one of a series of separate payments. 

IN
WITNESS WHEREOF, CH2M HILL has caused this Agreement to be executed by a duly authorized officer of CH2M HILL and Executive has executed this Agreement as of the day and year first above written. 

 

 

					
	

CH2M HILL COMPANIES, LTD.	
 	
EXECUTIVE
	

By:	
 	

  

  John Madia,

Chief Human Resources Officer	
 	

  

  Name:

 

 

QuickLinks

Exhibit 10.1

CHANGE OF CONTROL AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}]]