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  Exhibit 10.18    
    

 EXECUTIVE CHANGE OF CONTROL AGREEMENT  

THIS
EXECUTIVE CHANGE OF CONTROL AGREEMENT is executed to be effective as of the 1st day of July, 2008 ("Effective Date"), by and between
CH2M HILL Companies, Ltd., an Oregon corporation ("CH2M HILL"), and Nancy R. Tuor ("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; and

	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; and

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

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

	1.2
	"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, or (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, that remain uncured five (5) business days following the Board's provision of
written notice 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.  

	1.3
	"Change of Control Event" or "COC" means the occurrence of
any one of the following events:

	a.
	Any
one person, or more than one person acting as a group, 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 Market Value of CH2M HILL stock. However, if any one person or more than one person acting as a group, owns more than 50% of the total Fair
Market Value of 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 more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most
recent acquisition by such person or persons) ownership of stock of CH2M HILL that represents 30% or more of the total voting power of CH2M HILL stock; or

	(ii)
	a
majority of members of CH2M HILL 's board of directors is replaced during any 12-month period by directors whose appointment or
election is not endorsed by a majority of the members of CH2M HILL 's board of directors prior to the date of the appointment or election.

	c.
	Any
one person, or more than one person acting as a group, acquires ownership of 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 1.3 Persons Acting as a Group shall have the following meaning: Persons will not be considered to be acting as a group solely because they
purchased stock of CH2M HILL at the same time, or as a result of the same public offering. However, persons will be considered to be acting as a group if they are owners of a corporation that
enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the corporation. If a person, including an entity, owns stock in both corporations that
enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation prior to
the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.  

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

	e.
	Termination
Ahead of COC. Notwithstanding anything in this Agreement to the contrary, if Executive's employment is terminated (actually or pursuant to a
Constructive Termination as described in section 1.8 below) 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. 

	1.4
	"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.

	1.5
	"Code" means the United States Internal Revenue Code of 1986, as amended.

	1.6
	"Date of Termination" means:

	a.
	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, or

	b.
	If
Executive's employment with CH2M HILL or successor terminates by reason of death, the date of death of Executive, or

	c.
	In
case of Constructive Termination, the date on which CH2M HILL or successor notifies the Executive of the action that constitutes Constructive
Termination (section 1.8).

	d.
	A
Date of Termination shall not occur unless the Executive Separates from Service with the Company.

	1.7
	"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).

	1.8
	"Good Reason" or "Constructive Termination" 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 1.3(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 below.

	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 or Constructive Termination 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 or Constructive Termination under this Agreement. To constitute Good Reason or Constructive Termination the Executive
must terminate employment within 2 years from the date of the initial occurrence of an event described in Section 1.8.

	1.9
	"ISVEU" means stock value equivalent units offered under the CH2M HILL Companies, Ltd.
International Deferred Compensation Plan.

	1.10
	"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.

	1.11
	"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.

	1.12
	"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.

	1.13
	"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 Treas. Reg. §1.409A-1(h). 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).  

	1.14
	"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 Treas.
Reg. §1.409A-1(i).

	1.15
	"STI" means the incentive offered under the Short-Term Incentive Plan to selected
CH2M HILL employees on an annual basis or similar bonus that may replace STI at a future date. STI bonus is historically paid in the first quarter of the year immediately following the year
with respect to which it is awarded.

	1.16
	"Stock" means CH2M HILL common stock.

	1.17
	"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.

	1.18
	"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.

	1.19
	"SVEUs" means stock value equivalent units offered under the CH2M HILL Pre-Tax and
Post-Tax Deferred Compensation Plans.

	1.20
	"VAR" means a Value Appreciation Right bonus offered to a selected group of senior management and
technologists in the Communications Group of CH2M HILL pursuant to the CH2M HILL Communications Group Value Appreciation Incentive Plan, as amended from time to time, and any successor
plan.

	1.21
	"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 or by CH2M HILL or successor subsequent to the Change of Control Event, but not in case of a Constructive Termination) 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
	Confidentiality.    Executive agrees to hold in a fiduciary capacity for the benefit of
CH2M HILL all secrets or confidential information, knowledge or data relating to CH2M HILL, any of its Subsidiaries and their respective businesses, which shall have been obtained by the
Executive 

during
the Executive's employment by CH2M HILL or its Subsidiaries, and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in
violation of this Agreement). After termination of the Executive's employment with CH2M HILL, the Executive shall not, without the prior written consent of CH2M HILL or successor or as
may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data
to anyone other than CH2M HILL or successor and those designated by it.  

	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. The "COC Year" is defined for this article
as the fiscal year in which a Change of Control Event occurs. At closing of the transaction resulting in the Change of Control Event or, if there is no such closing, within thirty (30) calendar
days of the Change of Control Event becoming effective, CH2M HILL or successor shall pay to the Executive in immediately available funds, a lump sum cash amount equal to the sum
of:

	a.
	Prior Year STI.    If not yet paid, the Executive's annual STI bonus due for the fiscal year
immediately preceding the COC Year. To the extent that the STI amount due for such prior fiscal year has not yet been determined by the Board, the amount shall be deemed to be the target
STI bonus designated for the Executive for that fiscal year; and

	b.
	Prior Year LTI.    If not yet paid, the Executive's LTI bonus due for the LTI period
that terminates in the fiscal year immediately preceding the COC Year, calculated as provided in the LTI Plan; and

	c.
	Prior Year ELTI.    If not yet paid, the Executive's ELTI bonus due for the
ELTI period that terminates in the fiscal year immediately preceding the COC year, calculated as provided in the ELTI Plan; and

	d.
	Pro-rata Current Year STI.    A pro rata portion, as of the date of COC, of
Executive's annual STI bonus in an amount at least equal to:

	(i)
	the
Executive's target STI bonus for the COC Year; multiplied by

	(ii)
	a
fraction, the numerator of which is the number of days in the COC Year through the date when COC becomes effective and the denominator of which is three
hundred sixty-five (365).

	e.
	Pro-rata Current LTI.    A pro-rata portion, as of the date of COC, of
Executive's LTI bonus payouts for open bonus periods that include the COC Year, calculated as provided in the LTI Plan; and

	f.
	Pro-rata Current ELTI.    A pro-rata portion, as of the date of COC, of
Executive's ELTI bonus payouts for open bonus periods that include the COC year, calculated as provided in the ELTI Plan; and

	g.
	Deferred Compensation.    Pursuant to a written election of the Executive during the Window Period
selecting such payment, any compensation previously deferred by Executive 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 to this paragraph (g) in connection with the COC, then the deferred compensation described in this paragraph (g) 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. 

	h.
	Offsets.    Any amounts paid under paragraphs (a) through (f) immediately above shall
be a respective offset to any amounts remaining to be paid to the Executive for the COC Year, in the case of the STI bonus, and for the open bonus periods that include the
COC 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
(f) above.

	3.2
	Treatment of Stock Options, SARs, VARs, Stock and SVEU Holdings. At closing of the transaction
resulting in the Change of Control Event or, if there is no such closing, within thirty (30) calendar days of Change of Control Event becoming effective, CH2M HILL or successor shall
cause the following:

	a.
	Vesting.    With respect to any Stock Options, SARs, VARs, Stock, Phantom Stock, SVEUs, ISVEUs and
instruments tied directly or indirectly to the value of Stock, held by the Executive on the date COC becomes effective, (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 exerciseability or unrestricted redemption rights with respect
to, all outstanding Stock Options, SARs, VARs, SVEUs, ISVEUs and other stock-based awards. The period for exercising Stock Options shall be extended by ninety (90) calendar days
following the date when COC becomes effective.

	b.
	Redemption.    To the extent such awards are not subject to
Section 409A, the redemption of all Phantom Stock, SARs, SVEUs and ISVEUs 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 Change of Control Event.

	c.
	Cashout.    Provided that at the time immediately prior to COC, 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 Change of Control Event.

	3.3
	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 through Constructive Termination) 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, 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 STI bonus for the fiscal year in which Executive's Date of Termination occurs.

	c.
	Continuation of Benefits.    In addition to severance payment listed above, 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.

	d.
	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 Pension 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 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.

	e.
	Cashout.    Amounts due from the cashout or redemption of all Executive's Stock, Stock Options,
Phantom Stock, SARs, SVEUs, and ISVEUs if any, not otherwise cashed out or redeemed pursuant to sections 3.2(b) and (c) and/or obtained thereafter, at the price per share of Stock which
was paid to secure the COC.

	f.
	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 Treasury Regulations section 1.409A-1(b)(9)(iii) and
(D) 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 Section 409A 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) 6 months and 1 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.  

	3.4
	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.

	3.5
	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 1.3(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. 

	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:	 	Nancy R. Tuor

16 Mountain Laurel Drive

Littleton, CO 80127
	

 	
 	
If to CH2M HILL:	
 	
CH2M HILL Companies, Ltd. or successor

9191 South Jamaica Street

Englewood, CO 80112

Attn: Corporate Secretary

 

 

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:	
 	
/s/ M. Catherine Santee

  M. Catherine Santee,

Chief Financial Officer and Secretary	
 	
/s/ Nancy R. Tuor

  Name: Nancy R. Tuor

 

 

QuickLinks

Exhibit 10.18Exhibit 10(e)(i)

 

 

CBS
Corporation

Stock Option Certificate

 

Granted
under the
[                                            ]
Plan

 

 

	
   

  	
  DATE
  OF GRANT:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EXERCISE
  PRICE:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EXPIRATION
  DATE:

  	
   

  	
   

  	
   

  

 

 

This certifies that CBS Corporation has granted to the employee named
on the CBS Stock Plans webpage (the “Participant”) on the date
indicated above (the “Date of Grant”), non-qualified Stock Options to
purchase the number of shares of the Company’s Class B Common Stock listed
under the Stock Options Grant Listing tab of the CBS Stock Plans webpage at
a purchase price per share equal to the exercise price indicated above (the “Exercise
Price”), and with the expiration date indicated above (“Expiration Date”),
under the Company’s
[                          ]
Plan, as amended from time to time, all on the Terms and Conditions attached
hereto.

 

 

 

 

	
   

  	
   

  
	
   

  	
  Executive
  Vice President,

  
	
   

  	
  Human
  Resources and Administration

  

 

 

 

 

 

If there is a discrepancy between the CBS Stock Plans webpage and the official records maintained by the office of the Executive Vice
President, Human Resources and Administration, the official records will
prevail.

 

 

CBS
Corporation

Terms and Conditions to the Stock Option Certificate

 

Granted
under the [                                            ]
Plan

 

ARTICLE I

 

TERMS
OF STOCK OPTIONS

 

Section 1.1  Grant of Stock Options.  CBS Corporation, a Delaware corporation (the
“Company”), has awarded the Participant Stock Options (the “Stock
Options”) under the
[                          ]
Plan, as amended from time to time (the “Plan”).  The Stock Options have been awarded to the
Participant subject to the terms and conditions contained in (A) the
certificate for the grant of Stock Options attached hereto (the “Stock
Option Certificate”), (B) the terms and conditions contained herein
(the Stock Option Certificate and the terms and conditions, collectively, the “Certificate”)
and (C) the Plan, the terms of which are hereby incorporated by reference
(the items listed in (A), (B) and (C), collectively, the “Terms and
Conditions”).  A copy of the Plan has
been or will be made available to the Participant on-line at Morgan Stanley
Smith Barney’s website.

 

Capitalized terms that are not otherwise defined
herein have the meanings assigned to them in the Stock Option Certificate or
the Plan.  The Stock Options are not
intended to be, or to qualify as, “Incentive Stock Options”
within the meaning of Section 422 of the Code.

 

Section 1.2  Terms of Stock Options.

 

(a)  Vesting.  The Stock Options shall be exercisable only
to the extent the Participant is vested therein.  The Stock Options shall vest in four equal
installments on each of the first, second, third and fourth anniversaries of
the Date of Grant, except that any fractional Stock Options resulting from the
application of the foregoing vesting schedule will be aggregated and will vest
on whichever of the preceding vesting dates shall be determined by the Company
in accordance with its customary procedures.

 

(b)  Option
Period.  Except as provided in Section 1.2(c) hereof,
the period during which the Stock Options may be exercised shall expire on the
eighth anniversary of the Date of Grant (the “Expiration Date”).  If the Participant remains employed by the
Company or any of its Subsidiaries through the Expiration Date, his or her
Outstanding Stock Options may be exercised to the extent exercisable until the
close of trading (generally 4:00 p.m. New York time) on the last trading
day falling within the exercise period on the New York Stock Exchange or, if
different, the principal stock exchange on which the Class B Common Stock
is then listed.  The Participant must act
within a reasonable amount of time to execute and complete the trade prior to
the close of trading on the Expiration Date of the grant.  If the Expiration Date is not a trading day,
then the last day the Stock Options may be exercised is the last trading day
preceding the Expiration Date.

 

 

 

2

 

(c)  Exercise
in the Event of a Termination of Employment, Retirement, Permanent Disability
or Death:

 

(i)                                    Termination
other than for Cause, or due to Retirement, Permanent Disability or Death.

 

(x)                                If, at the time
of his or her termination of employment, the Participant is a party to an
employment agreement with the Company or one of its Subsidiaries that contains
provisions different from those set forth in Section 1.2(c)(i)(y) below,
then such different provisions will control so long as they are in effect and
applicable to the Participant at the time of his or her termination of
employment.

 

(y)                           Otherwise, in
the event of the Participant’s termination of employment (other than a
Termination for Cause) or due to the Participant’s Retirement, Permanent
Disability or death, the Participant’s Outstanding Stock Options can be
exercised in accordance with the following provisions:

 

(A)                    if the
Participant ceases to be an employee of the Company or any of its Subsidiaries
by reason of the voluntary termination by the Participant or the termination by
the Company or any of its Subsidiaries other than a Termination for Cause, his
or her Outstanding Stock Options may be exercised to the extent then
exercisable for a period of six months after the date of such termination, but
in no event later than the Expiration Date;

 

(B)                    if the
Participant ceases to be an employee of the Company or any of its Subsidiaries
by reason of the Participant’s Retirement, the Participant may exercise his or
her Outstanding Stock Options to the extent exercisable on the date of
Retirement until the Expiration Date;

 

(C)                    if the
Participant ceases to be an employee of the Company or any of its Subsidiaries
by reason of the Participant’s Permanent Disability, his or her Outstanding
Stock Options may be exercised to the extent exercisable upon the date of the
onset of such Permanent Disability until the third anniversary of such date,
but in no event later than the Expiration Date; and

 

(D)                 if a
Participant dies, the Participant’s Outstanding Stock Options may be exercised
to the extent exercisable at the date of death by (i) the Participant’s
beneficiary, if the Company has adopted procedures whereby Participants may
designate a 

 

 

3

 

beneficiary and the
Participant has done so, or (ii) if the Company has not adopted such
procedures or the Participant has not designated a beneficiary, by the person
or persons who acquired the right to exercise such Outstanding Stock Options by
will or the laws of descent and distribution, in either case for a period of
two years after the date of death, but in no event later than the Expiration
Date.

 

Except as otherwise provided in this Section 1.2
or as otherwise determined by the Committee, upon the occurrence of an event
described in clauses (A), (B), (C) or (D) of this Section 1.2(c)(i)(y),
all rights with respect to Stock Options that are not vested as of such event
will be relinquished.  A “termination of
employment” occurs, for purposes of the Stock Options, when a Participant is no
longer an employee of the Company or any of its Subsidiaries.  Unless the Committee determines otherwise,
the employment of a Participant who works for a Subsidiary shall terminate, for
purposes of the Stock Options, on the date on which the Participant’s employing
company ceases to be a Subsidiary.

 

(ii)                       Termination for
Cause.  If the Participant’s
employment with the Company or any of its Subsidiaries ends due to a
Termination for Cause then, unless the Committee in its discretion determines
otherwise, all Outstanding Stock Options, whether or not then vested, shall
terminate effective as of the date of such termination.

 

(iii)                    Exercise
Periods following Termination of Employment, Retirement, Permanent Disability
or Death.  For the
purposes of determining the dates on which Stock Options may be exercised
following a termination of employment or Retirement, Permanent Disability or
death, the day following the date of termination of employment or Retirement,
Permanent Disability or death shall be the first day of the exercise period and
the Stock Options may be exercised until the close of trading (generally 4:00 p.m.
New York time) on the last trading day falling within the exercise period on
the New York Stock Exchange or, if different, the principal stock exchange on
which the Class B Common Stock is then listed.  Thus, if the last day of the exercise period
is not a trading day, then the last date the Stock Options may be exercised is
the last trading day preceding the end of the exercise period.

 

Section 1.3  Exercise of Stock Options.

 

(a) 
Whole or Partial Exercise.  The
Participant may exercise all vested Outstanding Stock Options granted hereunder
in whole at one time or in part in increments of 100 Stock Options (or in the
entire number of Outstanding Stock Options in which the Participant is vested,
if such number is less than 100) by notice to the Director, Global Stock Plans,
CBS Corporation, 51 West 52nd Street, New York, New York
10019, or to such agent(s) for the Company 

 

 

4

 

(“Agent”) as the Company may from time to
time specify, in such manner and at such address as may be specified from time
to time by the Company.  Such notice
shall (i) state the number of whole Stock Options being exercised, and (ii) be
signed (or otherwise authorized in a manner acceptable to the Company) by the
person or persons so exercising the Stock Options and, in the event the Stock
Options are being exercised (pursuant to Section 1.2(c) hereof) by
any person or persons other than the Participant accompanied by proof
satisfactory to the Company’s counsel of the right of such person or persons to
exercise the Stock Options.  Information
concerning any Agent and its address may be obtained by contacting the Director,
Global Stock Plans.

 

(b) 
Payment of Aggregate Option Price. 
Full payment of the aggregate Exercise Price (which shall be determined
by multiplying the number of Stock Options being exercised by the Exercise
Price as set forth on the Stock Option Certificate) shall be made on or before
the settlement date for the shares of Class B Common Stock issued pursuant
to the exercise of the Stock Options.  In
accordance with the rules and procedures established by the Committee for
this purpose, the Stock Options may be exercised through a “cashless exercise”
procedure, approved by the Committee, involving a broker or dealer, that
affords the Participant the opportunity to sell immediately some or all of the
shares underlying the exercised portion of the Stock Options in order to
generate sufficient cash to pay the Exercise Price of the Stock Options.  In addition, if the Company so permits, the
Exercise Price may be paid in whole or in part using a net share settlement
procedure or through the withholding of shares subject to the Stock Options
with a value equal to the Exercise Price. 
In accordance with Section 4.3 hereof, the Participant shall make
an arrangement acceptable to the Company to pay to the Company an amount
sufficient to satisfy the combined federal, state, local or other withholding tax
obligations which arise in connection with the exercise of such Stock Options.

 

(c) 
Issuance of Shares.  Upon
satisfaction of the conditions set forth in Section 1.3(b) hereof,
the Company shall electronically transfer to the broker in the name of the
Participant the amount of shares of Class B Common Stock issued pursuant
to the exercise of the Stock Options.

 

(d) 
Outstanding Stock Options.  The
number of shares of Class B Common Stock subject to the Stock Options that
is set forth on the Stock Option Certificate may not reflect the number of
Outstanding Stock Options due to Stock Option exercises or adjustments pursuant
to Article II.

 

ARTICLE II

 

EFFECT OF CERTAIN CORPORATE CHANGES

 

In
the event of a merger, consolidation, stock split, reverse stock split,
dividend, distribution, combination, reclassification, reorganization,
split-up, spin-off or recapitalization that changes the character or amount of
the Class B Common Stock or any other changes in the corporate structure,
equity securities or capital structure of the Company, the Committee shall make
such adjustments, if any, to the number of shares and kind of securities
subject to the Stock Options, and the Exercise Price of the Stock Options, in
each case, as it deems appropriate.  The
Committee may, in its sole discretion, also make such other adjustments as it
deems appropriate in order to preserve the benefits or potential benefits
intended to be made available hereunder. Such determinations by the Committee
shall be conclusive and binding on all persons for all purposes.

 

 

5

 

ARTICLE
III

 

DEFINITIONS

 

As used herein, the
following terms shall have the following meanings:

 

(a)                      “Board” shall
mean the Board of Directors of the Company.

 

(b)                     “Certificate”
shall mean the Stock Option Certificate, together with the terms and conditions
contained herein.

 

(c)                      “Class B
Common Stock” shall mean shares of Class B Common Stock, par value $0.001
per share, of the Company.

 

(d)                     “Code” shall
mean the U.S. Internal Revenue Code of l986, as amended, including any
successor law thereto and the rules and regulations promulgated
thereunder.

 

(e)                      “Committee”
shall mean the Compensation Committee of the Board (or such other Committee(s) as
may be appointed or designated by the Board to administer the Plan).

 

(f)                        “Date of Grant”
shall be the date set forth on the Stock Option Certificate.

 

(g)                     “Expiration
Date” shall be the date set forth on the Stock Option Certificate and in Section 1.2(b) hereof.

 

(h)                     “Exercise Price”
shall be the amount set forth on the Stock Option Certificate, which amount
shall be equal to the Fair Market Value of a share of Class B Common Stock
on the Date of Grant.

 

(i)                         “Fair Market
Value” of a share of Class B Common Stock on a given date shall be the
4:00 p.m. (New York time) closing price on such date on the New York Stock
Exchange or other principal stock exchange on which the Class B Common
Stock is then listed, as reported by The Wall Street Journal (Northeast
edition) or as reported by any other authoritative source selected by the
Company.

 

(j)                         “Outstanding
Stock Option” shall mean a Stock Option granted to the Participant which has
not yet been exercised and which has not yet expired or been terminated in
accordance with its terms.

 

(k)                      “Participant”
shall mean the employee named on the Stock Option Certificate.

 

(l)                         “Permanent
Disability” shall have the same meaning as such term or a similar term has in
the long-term disability policy maintained by the Company or a Subsidiary
thereof for the Participant and that is in effect on the date of the onset of
the Participant’s Permanent Disability, unless the Committee determines
otherwise.

 

(m)                   “Retirement”
shall, unless otherwise determined by the Committee, mean the termination
(other than by reason of death or for a Termination for Cause) of a
Participant’s employment with the Company and/or one of its Subsidiaries once
the Participant is at least 55 

 

 

6

 

years of age and has completed at least ten years of service (as
determined pursuant to the Company’s applicable practices) with the Company
and/or its Subsidiaries.

 

(n)                     “Section 409A”
shall mean Section 409A of the Code and the rules, regulations and
guidance promulgated thereunder from time to time.

 

(o)                     “Stock Option”
shall mean the contractual right granted to the Participant to purchase shares
of Class B Common Stock at such time and price, subject to such other
Terms and Conditions.

 

(p)                     “Stock Option
Certificate” shall have the meaning set forth in Section 1.1 hereof.

 

(q)                     “Subsidiary”
shall mean a corporation or other entity with respect to which the Company owns
or controls, directly or indirectly, more than 50% of the outstanding shares of
stock normally entitled to vote for the election of directors (or comparable
voting power), provided that the Committee may also designate any other
corporation or other entity in which the Company, directly or indirectly, has
an equity or similar interest corresponding to 50% or less of such voting power
as a Subsidiary for purposes of the Plan.

 

(r)                        “Termination
for Cause” shall mean a termination of employment with the Company or any of
its Subsidiaries by reason of (i) “cause,” as such term or a similar term
is defined in any employment agreement that is in effect and applicable to the
Participant, or (ii) if there is no such employment agreement in effect or
if such employment agreement contains no such term, the Participant’s:  (A) commission of any dishonest or
fraudulent act that has caused or may reasonably be expected to cause injury to
the interest or business reputation of the Company or any of it Subsidiaries; (B) conduct
constituting a felony, a financial crime, embezzlement or fraud, whether or not
related to the Participant’s employment; (C) willful unauthorized
disclosure of confidential information; (D) failure, neglect of or refusal
to substantially perform the duties of the Participant’s employment; (E) commission
or omission of any other act which is a material breach of the Company’s policies
regarding employment practices or the applicable federal, state and local laws
prohibiting discrimination or which is materially injurious to the financial
condition or business reputation of the Company or any Subsidiary; (F) failure
to comply with the written policies of the Company, including the Company’s
Business Conduct Statement or successor conduct statement as they apply from
time to time; (G) willful failure to cooperate with a bona fide internal
investigation or an investigation by regulatory or law enforcement authorities,
whether or not related to employment, after being instructed by the Company or
the Participant’s employer to participate; (H) willful destruction or
failure to preserve documents or other material known to be relevant to an
investigation referred to in the preceding clause (G); or (I) willful
inducement of others to engage in any of the conduct described in the preceding
clauses (A) through (H).

 

(s)                      “Terms and
Conditions” shall mean the Certificate, together with the Plan.

 

 

7

 

ARTICLE
IV

 

MISCELLANEOUS

 

Section 4.1 
No Rights to Awards or Continued Employment.  Neither the Terms and Conditions nor any
action taken in accordance with such documents shall confer upon the Participant
any right to be employed by or to continue in the employment of the Company or
any Subsidiary, nor to be entitled to any remuneration or benefits not set
forth in the Terms and Conditions, including the right to receive any future
awards under the Plan or any other plan of the Company or any Subsidiary or
interfere with or limit the right of the Company or any Subsidiary to modify
the terms of or terminate the Participant’s employment at any time for any
reason.

 

Section 4.2 
Restriction on Transfer. 
The rights of the Participant with respect to the Stock Options shall be
exercisable during the Participant’s lifetime only by the Participant and shall
not be transferable by the Participant to whom the Stock Options are granted,
except by will or the laws of descent and distribution; provided,
that the Committee may permit other transferability, subject to any conditions
and limitations that it may, in its sole discretion, impose.

 

Section 4.3 
Taxes.  As a condition to
the exercise of the Stock Options, the Participant shall make a payment in cash
equal to the amount of any federal, state, local and/or other taxes owed as a
result of such exercise.  In accordance
with the rules and procedures established by the Committee for this
purpose, the Participant may satisfy such withholding obligations through a
“cashless exercise” procedure as described in Section 1.3(b).  In addition, if the Company so permits, the
Participant may satisfy such withholding obligations through a net share
settlement procedure or the withholding of shares subject to the applicable
Stock Options.

 

Section 4.4  
No Restriction on Right of Company to Effect Corporate Changes.  The Terms and Conditions shall not affect in
any way the right or power of the Company or its stockholders to make or
authorize any or all adjustments, recapitalizations, reorganizations or other
changes in the Company’s capital structure or its business, or any merger or
consolidation of the Company, or any issue of stock or of options, warrants or
rights to purchase stock or of bonds, debentures, preferred or prior preference
stocks whose rights are superior to or affect the Class B Common Stock or
the rights thereof or which are convertible into or exchangeable for Class B
Common Stock, or the dissolution or liquidation of the Company, or any sale or
transfer of all or any part of its assets or business, or any other corporate
act or proceeding, whether of a similar character or otherwise.

 

Section 4.5 
Stockholder Rights.  The
grant of Stock Options under the Terms and Conditions shall not entitle the
Participant or a Participant’s estate, any permitted transferee or beneficiary
to any rights of a holder of shares of Class B Common Stock, prior to the
time that the Participant, the Participant’s estate, any permitted transferee
or beneficiary is registered on the books and records of the Company as a
stockholder with respect to the shares of Class B Common Stock underlying
the Stock Options (or, where the shares are permitted to be held in “street”
name by a broker designated by the Participant or the Participant’s estate,
permitted transferee or beneficiary, until such broker has been so registered).

 

 

8

 

Section 4.6 
Section 409A.  The
intent of the Company is that payments and distributions under these Terms and
Conditions comply with Section 409A and, accordingly, to the maximum
extent permitted, these Terms and Conditions shall be interpreted to be in
compliance therewith.  In no event shall
the Company or any of its Subsidiaries be liable for any tax, interest or
penalties that may be imposed on the Participant with respect to Section 409A.

 

Section 4.7  Interpretation.  In the event of any conflict between the
provisions of the Certificate (including the definitions set forth herein) and
those of the Plan, the provisions of the Plan will control.

 

Section 4.8  Breach of Covenants.  In the event that (i) the Participant is
party to an employment agreement or other agreement with the Company or one of
its Subsidiaries containing restrictive covenants relating to non-competition,
no solicitation of employees, confidential information or proprietary property,
and (ii) the Committee makes a good faith determination at any time that
the Participant has committed a material breach of any of such restrictive
covenants during the one year period after termination of the Participant’s
employment with the Company or a Subsidiary (regardless of the circumstances of
the Participant’s termination of employment), then (x) the Participant
will be required to return to the Company any net proceeds received by him or
her as a result of exercising vested Stock Options during the one year period
prior to such breach; and (y) notwithstanding any provision of the
Certificate or any other agreement between the Company and the Participant,
vested stock options that had vested during the one year period prior to such
breach will be canceled and under no circumstances will any unvested Stock
Options vest following the Committee’s determination that Participant has
committed a material breach.

 

Section 4.9  Governmental Regulations.  The Stock Options shall be subject to all
applicable rules and regulations of governmental or other authorities.

 

Section 4.10  Headings.  The headings of articles and sections herein
are included solely for convenience of reference and shall not affect the
meaning of any of the provisions of the Terms and Conditions.

 

Section 4.11  Governing Law.  The Terms and Conditions and all rights
hereunder shall be construed in accordance with and governed by the laws of the
State of Delaware.

 

 

 

9

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