Document:

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                                                                    Exhibit 10.4

                           CH2M HILL COMPANIES, LTD.
                     PAYROLL DEDUCTION STOCK PURCHASE PLAN

1.  Purpose

    CH2M HILL Companies, Ltd. (the "Company") hereby establishes the CH2M HILL
Companies, Ltd. Payroll Deduction Stock Purchase Plan (the "Plan").  The purpose
of the Plan is to secure for the Company and its shareholders the benefits
inherent in the ownership of capital stock of the Company by employees of the
Company and its Affiliates.  The Plan is intended to provide to eligible
employees of the Company and designated Affiliates an opportunity to purchase
shares of Common Stock through payroll deductions.  The Plan encompasses two
components.  One component ("423 Component") constitutes a plan designed to
comply with Section 423(b) of the Code, such that the shares purchased under
that component will qualify for the favorable tax treatment provided by Sections
423(a) and 421(a) of the Code.  The second component ("non-423 Component")
constitutes a plan which provides for the purchase of shares which do not
qualify for the favorable tax treatment provided by Sections 423(a) and 421(a)
of the Code.

2.  Definitions

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

    (b)  "Agent" means the Agent for the Plan and shall be either the Company or
its designee.

    (c)  "Board" means the Board of Directors of the Company.

    (d)  "Code" means the Internal Revenue Code of 1986, as amended.

    (e)  "Committee" means the Payroll Deduction Stock Purchase Plan Committee,
which is responsible for administering the Plan.

    (f)  "Company Percent" means the percent of the purchase price contributed
by the Company pursuant to the provisions of Section 11. The Company Percent
shall be from zero percent (0%) to fifteen percent (15%) and shall initially be
ten percent (10%) until changed by the Board.

    (g)  "Fair Market Value" as of any date means the Formula Price per share of
Common Stock in effect on that date, as determined by the Board in accordance
with the Company's Articles of Incorporation and Bylaws, as amended from time to
time.

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

    (i)  "Participant Percent" means the difference between one hundred percent
(100%) and the Company Percent.

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    (j)  "Subsidiary Corporation" means any corporation (other than the Company)
in an unbroken chain of corporations that begins with the Company and in which
each of the corporations other than the last corporation in the chain owns at
least fifty percent (50%) of the total voting power of all classes of stock in
one of the other corporations in the chain.

3.  Stock Subject to the Plan

    The capital stock which may be purchased under the Plan is the Common Stock,
par value one cent ($0.01) per share (the "Common Stock"), of the Company. The
Common Stock purchased by the Agent for stock purchase accounts under the Plan
shall be subject to the terms, conditions, and restrictions set forth in the
Articles of Incorporation and Bylaws of the Company, as amended from time to
time, including: (a) restrictions that grant the Company the right to repurchase
shares upon termination of the shareholder's affiliation with the Company; (b)
restrictions that grant the Company a right of first refusal if the shareholder
wishes to sell shares other than in the Internal Market; (c) restrictions that
require the approval of the Company for any other sale of shares; and (d)
restrictions that define the Formula Price to be applied in purchases and sales
of shares. The number of shares of Common Stock reserved for issuance under the
Plan is one million (1,000,000) shares of Common Stock, determined after the
ten-to-one (10:1) stock split approved by the Board on a conditional basis on
November 6, 1998.

4.  Administration

    (a)  The Plan shall be administered by the Committee. The Committee shall
have the number of members determined by the President of the Company, with a
minimum of two (2) members. The members of the Committee shall be appointed by
and shall serve at the discretion of the President of the Company. Vacancies
occurring in the membership of the Committee shall be filled by appointment by
the President of the Company.

    (b)  Subject to the provisions of the Plan, the Committee shall have the
authority, in its discretion and on behalf of the Company:

         (i)    to prescribe, amend, and rescind rules and regulations relating
                to the Plan;

         (ii)   to prescribe forms for carrying out the provisions and purposes
                of the Plan;

         (iii)  to interpret the Plan; and

         (iv)   to make all other determinations deemed necessary or advisable
                for the administration of the Plan, including factual
                determinations.

    (c)  In exercising its authority, the Committee shall have the broadest
possible discretion and the Committee's determinations under the Plan made in
good faith shall be binding and conclusive on participating employees and other
persons claiming entitlements under the Plan. In no event shall a Committee
determination with respect to a particular employee or provision of the Plan be
binding with respect to any other employee (even if similarly situated) nor with
respect to any future determinations regarding the same or other provisions of
the Plan.

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No member of the Committee shall be liable for any action taken or determination
made in administering the Plan, if such action is taken or such determination is
made in good faith.

    (d)  A majority of the Committee shall constitute a quorum. The acts of a
majority of the members present at any meeting at which a quorum is present, or
acts approved in writing by all of the members, shall be the acts of the
Committee.

5.  Eligibility

    (a)  The Committee shall from time to time designate the corporations whose
employees may participate in the 423 Component of the Plan, provided that only
the Company and its Subsidiary Corporations (including corporations that become
Subsidiary Corporations after the adoption and approval of the Plan) shall be
eligible to be designated by the Committee to participate in the 423 Component
of the Plan. Subject to the terms, provisions, and conditions of the Plan, each
employee of each designated corporation shall be eligible to participate in the
423 Component of the Plan, except for: (i) an employee who owns capital stock
having five percent (5%) or more of the total combined voting power or value of
all classes of capital stock of the Company or of any of its Subsidiary
Corporations; (ii) an employee whose customary employment is less than twenty
(20) hours per week; and (iii) an employee whose customary employment is for
less than five (5) months in any calendar year. The Committee may impose
additional eligibility requirements consistent with Section 423(b) of the Code.
The Committee's determination of the status of an individual as an employee
eligible to participate in the 423 Component of the Plan for a particular
purchase date or period shall be final, binding, and conclusive, regardless of
any subsequent reclassification or change in status.

    (b)  The Affiliates whose employees may participate in the non-423 Component
of the Plan shall be designated from time to time by the Committee. The
Committee, in its sole discretion, shall have the power and authority to modify
the eligibility for, and terms and conditions of, participation in the Plan by
employees of such Affiliates and to establish subplans, modified Plan
procedures, and other terms and procedures to the extent such actions are deemed
necessary or desirable by the Committee. Participation in the non-423 Component
of the Plan by employees of designated Affiliates and the offer and purchase of
Common Stock by such employees shall not be considered part of, or pursuant to,
a plan qualified under Section 423 of the Code.

    (c)  An employee shall cease to be eligible to participate in the 423
Component of the Plan upon termination of employment with all corporations
participating in the 423 Component of the Plan, whether by death, total
disability, retirement, transfer to an entity that is not participating in the
423 Component of the Plan, or otherwise. A former employee of a participating
corporation shall again become eligible to participate in the 423 Component of
the Plan as of the date of such person's re-employment by a corporation
participating in the 423 Component of the Plan.

    (d)  An employee shall cease to be eligible to participate in the non-423
Component of the Plan upon termination of employment with all Affiliates
participating in the non-423 Component of the Plan, whether by death, total
disability, retirement, transfer to an entity that is not participating in the
non-423 Component of the Plan, or otherwise. A former employee of a

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participating Affiliate shall again become eligible to participate in the non-
423 Component of the Plan as of the date of such person's re-employment by an
Affiliate participating in the non-423 Component of the Plan.

    (e)  No employee shall be entitled to purchase shares of Common Stock with a
Fair Market Value (measured as of the purchase date) of more than twenty-five
thousand dollars ($25,000) in any calendar year under the Plan and any other
"employee stock purchase plan" of the Company or any of its Affiliates, or at
any other rate of purchase that exceeds the rate allowed for plans qualifying
under Section 423(b) of the Code.

6.  Participation in the Plan

    (a)  An eligible employee may enter the Plan at any time prior to
termination of the Plan. An eligible employee enters the Plan by completing a
payroll deduction authorization form and delivering such form in the manner
prescribed by the Committee. Alternatively, the Committee may prescribe or
permit electronic enrollment procedures. The employee's payroll deduction
authorization shall authorize regular payroll deductions from the employee's
compensation.

    (b)  The participating employee's payroll deduction authorization form shall
also designate the Company or the Company's designee to be the Agent for the
employee with respect to all stock certificates for shares purchased under the
Plan. All stock certificates representing shares purchased for participating
employees shall be delivered to and held by the Agent. Prior to any record date
established by the Company for any vote of its shareholders, the Agent shall
distribute to each participant a stock certificate representing all shares
purchased under the Plan and not yet distributed to the participant.
Alternatively, the Committee may prescribe or authorize bookkeeping entry or
electronic recording of share ownership.

7.  Payroll Deductions

    (a)  Payroll deductions for a participating employee shall be in an amount
specified by the employee in the participating employee's payroll deduction
authorization form, but not less than one percent (1%) nor more than ten percent
(10%) of the participating employee's compensation, expressed as a whole
percentage of such compensation. Compensation for purposes of the Plan shall be
defined by the Committee; provided, however, compensation shall include the
regular wages, salary or commissions paid to the employee. Payroll deductions
shall be credited to the stock purchase account maintained for the participating
employee.

    (b)  A participating employee may increase or decrease the amount of the
participating employee's payroll deduction (within the minimum and maximum
limits provided for in Section 7(a) above) at any time, subject to such rules as
may be adopted by the Committee with respect to the effective date of such
changes. A participating employee increases or decreases the amount of the
participating employee's payroll deduction by delivering or providing a new
payroll deduction authorization form in the manner prescribed by the Committee.

8.  Stock Purchase Accounts

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    (a)  Amounts credited to a participating employee's stock purchase account
may not be assigned, transferred, pledged, hypothecated, or otherwise disposed
of in any way by a participating employee other than by will or the laws of
descent and distribution, and any attempt to do so shall be null and void and
without effect.

    (b)  No interest will be paid on the amounts credited to a participating
employee's stock purchase account, unless required by applicable law.

9.  Purchase Price of Shares

     Unless otherwise determined by the Board, the purchase price of each share
of Common Stock purchased under the Plan shall be the Fair Market Value in
effect as of the date of purchase.

10. Purchase of Shares

    (a)  Shares will be purchased by the Agent in the Internal Market or shares
will be issued by the Company from the remaining balance of those shares
reserved for issuance under Section 3 of the Plan.

    (b)  Stock purchases shall be made on predetermined purchase dates
established by the Committee, which may coincide with the dates that trades are
conducted for the Internal Market. The first purchase date shall not be prior to
January 1, 2000, even if the Committee permits eligible employees to elect to
have amounts deducted from their compensation and contributed to their stock
purchase accounts in the Plan during the last calendar quarter of 1999. If on
any purchase date a participating employee has an amount credited to the
participating employee's stock purchase account, the Agent shall use such amount
to pay the Participant Percent of the purchase price of shares of Common Stock.
The employee's stock purchase account shall be charged with the Participant
Percent of the purchase price of such shares.

    (c)  With respect to both newly issued shares of Common Stock which are
purchased for the account of participating employees under the Plan and shares
purchased on the Internal Market, a stock certificate will be issued in the name
of the Agent and held by the Agent in accordance with Section 6 of the Plan.
Notwithstanding that such stock certificates are held by the Agent for
participating employees, each participant shall have all the rights and
privileges of a shareholder with respect to the shares purchased for the
participating employee's account, subject to the provisions of Sections 6 and
10(d). Alternatively, the Committee may prescribe or authorize bookkeeping entry
or electronic recording of share ownership.

    (d)  Except as provided in this Section 10(d), shares purchased pursuant to
the Plan may not be sold, transferred, pledged as collateral, or in any way
encumbered for so long as the stock certificates are held by the Agent. A
participant may apply to the Committee for permission to sell shares that have
been purchased by the participant pursuant to the Plan but which have not yet
been distributed to the participant. The Committee, in its sole discretion, may
grant or deny the application or may grant the application in part and deny the
remainder of the application. The Committee's action on any such application
shall be final and binding for all purposes and shall not be subject to review.
If the Committee grants an application in whole or

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in part, the Agent will place an order to sell the participant's shares with
respect to which the application was granted at the next date on which trades
are conducted for the Internal Market. If the order to sell shares is accepted
in whole or in part, the Agent will sell the shares for which the order was
accepted and will distribute the net proceeds from such sale to the participant.
Any shares with respect to which the participant's application is denied or with
respect to which the Agent's order to sell shares is not accepted will continue
to be held by the Agent until such shares are distributed to the participant in
accordance with Section 6(b).

11. Company Contributions

    The Company shall contribute the Company Percent of the purchase price of
each share of Common Stock purchased under the Plan. On each purchase date, the
Company will, through the Agent and under the direction of the Committee, pay
the Company Percent of the purchase price of each share purchased by the Agent,
whether purchased in the Internal Market or as a newly issued share. No
contribution shall be made by the Company into an employee's stock purchase
account.

12. Termination of Participation and Re-Entry

    (a)  An employee may terminate participation in the Plan at any time by
completing a payroll deduction authorization form and delivering such form in
the manner prescribed by the Committee. Alternatively, the Committee may
prescribe or permit electronic procedures for such changes. Such employee's
participation in the Plan shall terminate as soon as practicable upon receipt of
the payroll deduction authorization form by the Company. An employee who
terminates participation in the Plan pursuant to this Section 12(a) shall not be
eligible to re-enter the Plan until the first business day of the following
calendar quarter.

    (b)  If a participating employee ceases to be eligible to participate in the
Plan as described in Section 5(c) or (d) or terminates participation in the
Plan, or if the Plan terminates or is terminated, any cash credited to the
employee's stock purchase account will be distributed to the participating
employee or, in the event of the death of the participating employee, to the
participating employee's estate. Any shares held by the Agent for an employee
whose affiliation with the Company has terminated will be released by the Agent
to the employee. Such shares will be subject to the Company's right to
repurchase the shares, as set forth in the Company's Articles of Incorporation
and Bylaws, as amended from time to time.

13. Government and Stock Exchange Regulations

    The Company shall not be required to sell or deliver any shares of Common
Stock under the Plan unless and until the Company has fully complied with any
then applicable requirements of the Securities and Exchange Commission, state
securities commissions, or other regulatory agencies having jurisdiction, and of
any exchanges upon which Common Stock of the Company may be listed.  The Company
shall not be obligated to obtain any required licenses or to register any Common
Stock to permit purchases of Common Stock under the Plan.

14. Application of Funds

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    All funds received by the Company as a result of the sale of newly issued
shares of Common Stock under the Plan may be used for any corporate purpose.

15. Recapitalization

    In the event any change, such as a stock split, reverse stock split or
stock dividend, is made in the Company's capitalization which results in an
adjustment in the number of shares of capital stock outstanding without receipt
of consideration by the Company, appropriate adjustment, as determined by the
Committee in its discretion, may be made in the number of shares reserved for
issuance as provided in Section 3 of the Plan.

16. Withholding

    The Company shall be entitled to make appropriate arrangements to comply
with any withholding requirements imposed by federal, state, or local law with
respect to the purchase or disposition of shares of Common Stock under the Plan,
including, without limitation, payroll withholding or withholding from proceeds
of a disposition of shares of Common Stock acquired under the Plan.

17. No Employment Obligation

    An employee's employment with the Company or an Affiliate is not for any
specified term and may be terminated by such employee or by the Company or the
Affiliate at any time, for any reason, with or without cause, except as
otherwise provided by law or contract.  Nothing in this Plan shall confer upon
any employee any right to continue in the employ of, or affiliation with, the
Company or an Affiliate, nor constitute any promise or commitment by the Company
or an Affiliate regarding future positions, future work assignments, future
compensation, or any other term or condition of employment or affiliation.

18. Amendment of the Plan

    The Board may at any time suspend or terminate the Plan and may at any time
or from time to time amend the Plan in such respects as the Board may deem
advisable; provided, however, no such amendment of the Plan shall, without the
approval of a majority of the voting power of the capital stock of the Company
present or represented and entitled to vote at a duly constituted meeting of
shareholders, increase the number of shares reserved for purchase under the
Plan, except as provided in Section 15.

19. No Implied Rights or Obligations

    The Company, in establishing and maintaining this Plan as a voluntary and
unilateral undertaking, expressly disavows the creation of any rights in
participating employees or others claiming entitlements under the Plan or any
obligations on the part of the Company, any Affiliate, the Agent, or the
Committee, except as expressly provided in this Plan.

20. Effective Date and Termination of the Plan

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    (a)  The Plan is effective as of the date on which the Plan is adopted by
the Board. The Committee shall determine when eligible employees may begin
payroll deductions under the Plan.

    (b)  Unless the Plan is terminated earlier by the Board, the Plan shall
terminate on December 31, 2007. Termination shall be deemed to be effective as
of the close of business on the day of termination.

21. Governing Law

    The Plan shall be construed in accordance with and governed by the laws of
the State of Colorado.

    Adopted this 12th day of November, 1999.

                                        CH2M HILL Companies, Ltd.

                                        By:
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                                        Title:
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                                                                    Exhibit 10.5
                           CH2M HILL COMPANIES, LTD.
                      PRE-TAX DEFERRED COMPENSATION PLAN

1.  Purposes

    The purposes of the CH2M HILL Companies, Ltd. Pre-Tax Deferred Compensation
Plan are:  (a) to provide a mechanism by which certain bonuses awarded to
employees of certain affiliates of CH2M HILL Companies, Ltd. may be deferred to
a specified date or until the earlier occurrence of one of several specified
events; and (b) to provide certain employees of certain affiliates of CH2M HILL
Companies, Ltd. with the opportunity to defer compensation on a voluntary basis
to a specified date or until the earlier occurrence of one of several specified
events.

2.  Definitions

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

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

    (c)  "Board" means the Board of Directors of the Company.

    (d)  "Committee" means the Deferred Compensation Plan Committee appointed by
the President of the Company in accordance with Section 3.

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

    (f)  "Company" means CH2M HILL Companies, Ltd.

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

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

    (i)  "Participant" means each employee of a participating Affiliate who has
been awarded a deferred bonus under Section 5 and each eligible employee of

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a participating Affiliate who has elected to defer compensation under Section 6.
An individual will become a Participant when the individual is awarded a
deferred bonus under Section 5 or when the individual makes an election to defer
compensation under Section 6. An individual will cease to be a Participant when
the individual dies or, if earlier, when the individual receives a full
distribution of all benefits to which the individual is entitled under the Plan.

    (j)  "Plan" means the CH2M HILL Companies, Ltd. Pre-Tax Deferred
Compensation Plan.

    (k)  "Trade Date" means a date on which trading in Common Stock takes place
on the Internal Market.

    (l)  "Trust" means the Trust Under CH2M HILL Companies, Ltd. Pre-Tax
Deferred Compensation Plan established by the Company.

    (m)  "Trustee" means the Trustee of the Trust.

3.  Administration

    (a)  The Plan will be administered by the Committee. The Committee will have
the number of members determined by the President of the Company, with a minimum
of two (2) members. The members of the Committee will be appointed by and will
serve at the discretion of the President of the Company. Vacancies occurring in
the membership of the Committee will be filled by appointment by the President
of the Company.

    (b)  Subject to the provisions of the Plan, the Committee will have the
authority, in its discretion and on behalf of the Company:

         (i)    to establish, amend, and rescind rules and procedures relating
                to the Plan;

         (ii)   to prescribe forms for carrying out the provisions and purposes
                of the Plan;

         (iii)  to interpret the Plan; and

         (iv)   to make all other determinations deemed necessary or advisable
                for the administration of the Plan, including factual
                determinations.

    (c)  In exercising its authority, the Committee will have the broadest
possible discretion. The Committee's determinations under the Plan made in good
faith will be binding and conclusive on the Company, its Affiliates, employees
of the Company and its Affiliates, Participants and Beneficiaries, and any
persons claiming benefits under the Plan. In no event will a Committee

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determination with respect to a particular person or provision of the Plan be
binding with respect to any other person (even if similarly situated) nor with
respect to any future determinations regarding the same or other provisions of
the Plan. No member of the Committee will be liable for any action taken or
determination made in administering the Plan, if such action is taken or such
determination is made in good faith.

    (d)  A majority of the Committee will constitute a quorum. The acts of a
majority of the members of the Committee present at any meeting at which a
quorum is present, or acts approved in writing by all of the members of the
Committee, will be the acts of the Committee.

4.  Affiliates Eligible to Participate in the Plan

    The Committee will designate from time to time those Affiliates whose
employees are eligible to participate in the Plan. The Committee may provide
that a particular Affiliate will participate in the Plan only with respect to
bonuses awarded to employees of the Affiliate, or only with respect to voluntary
deferrals by eligible employees of the Affiliate, or with respect to both
bonuses awarded to employees of the Affiliate and voluntary deferrals by
eligible employees of the Affiliate. The Committee may change the eligibility of
an Affiliate to participate in the Plan from time to time. All determinations of
the Committee with respect to the eligibility of an Affiliate to participate in
the Plan will be final and binding for all purposes.

5.  Participation with Respect to Bonuses

    If the Committee designates an Affiliate as eligible to participate in the
Plan with respect to bonuses awarded to employees of the Affiliate, then the
Board may provide that all or a portion of any bonus awarded to one or more
employees of the Affiliate will be deferred in accordance with the terms of this
Plan.  Any such deferred bonus may be awarded in the form of a specific dollar
amount or in the form of a specific number of shares of Common Stock, or in a
combination of a specific dollar amount and a specific number of shares of
Common Stock, as determined by the Board in its sole discretion.  Any such
determination by the Board will be binding for all purposes.

6.  Participation with Respect to Voluntary Deferrals

    (a)  If the Committee designates an Affiliate as eligible to participate in
the Plan with respect to voluntary deferrals by eligible employees of the
Affiliate, then the Committee will also designate (by name, by job
classification, or by other criteria selected by the Committee) those employees
of the Affiliate who may elect to defer compensation in accordance with the
terms of the Plan. The Committee's designations under this Section 6(a) of
Affiliates as eligible to

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participate in the Plan and of employees as eligible to elect to defer
compensation under the Plan will be final, binding, and conclusive for all
purposes and will not be subject to review.

    (b)  An eligible employee designated by the Committee may elect to defer
compensation to be earned during calendar year 2000 in accordance with the terms
of the Plan by: (i) executing a deferred compensation election in a form
specified by the Committee; and (ii) delivering the executed deferred
compensation election to the Committee at such time as may be designated by the
Committee. The deferred compensation election will designate the amount or
percentage of the Participant's regular compensation that will be deferred in
accordance with the terms of the Plan.

    (c)  The Company will withhold from compensation earned by a Participant
during calendar year 2000 the amount designated by the Participant as deferred
compensation in accordance with Section 6(b).

7.  Establishment of Bookkeeping Account

    (a)  The Company will establish a bookkeeping account in the name of each
Participant in the Plan.

    (b)  The bookkeeping account of a Participant will be credited with the
number of shares of Common Stock awarded to the Participant as a deferred bonus
in accordance with Section 5 and with the dollar amount awarded to the
Participant as a deferred bonus in accordance with Section 5. Any dollar amount
credited to the Participant's bookkeeping account will be converted to a number
of shares of Common Stock as of the next Trade Date, based on the Formula Price
of the Common Stock on that Trade Date.

    (c)  The bookkeeping account of a Participant will be credited with a dollar
amount equal to the amount of compensation withheld by the Company pursuant to
the Participant's election to defer compensation under Section 6. The dollar
amount credited to the Participant's bookkeeping account will be converted to a
number of shares of Common Stock as of the next Trade Date, based on the Formula
Price of the Common Stock on that Trade Date. The Board, in its sole discretion,
may provide that the conversion of the dollar amount credited to Participants'
bookkeeping accounts under this Section 7(c) as of a particular Trade Date will
be based on a discounted Formula Price of the Common Stock on that Trade Date.
The discount may be as much as fifteen percent (15%) of the Formula Price, as
determined by the Board in its sole discretion. This discount provision will not
apply to dollar amounts credited to Participants' bookkeeping accounts under
Section 7(b) (relating to deferred bonuses).

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    (d)  Each Participant's bookkeeping account in the Plan will be debited for
all shares of Common Stock transferred to the Participant or to the
Participant's Beneficiary pursuant to Sections 9 and 10.

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

8.  Establishment of Trust

    The Company is establishing the Trust.  The agreement establishing the
Trust is made a part of the Plan and is incorporated into the Plan by reference.
As soon as reasonably practicable after the Board awards a deferred bonus to a
Participant in accordance with Section 5, the Company will transfer to the Trust
an amount of cash or a number of shares of Common Stock or a combination of cash
and Common Stock, equal to the deferred bonus awarded to the Participant.  As
soon as reasonably practicable after the Company withholds an amount from a
Participant's compensation pursuant to the Participant's election to defer
compensation under Section 6, the Company will transfer to the Trust an amount
of cash or a number of shares of Common Stock or a combination of cash and
Common Stock, equal to the amount withheld.  The cash and the shares of Common
Stock transferred by the Company to the Trust will be allocated to the
recordkeeping account in the Trust maintained in the name of the Participant.

9.  Distribution

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

    (b)  The distribution event with respect to a Participant is the first of
the following to occur:

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<PAGE>

         (i)    January 2, 2008 (at which time distribution will be made to the
                Participant);

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

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

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

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

10.  Application to Exercise Deferred Compensation

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

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

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

         (i)    If the order to sell shares is accepted, in whole or in part,
                then prior to the Trade Date the Company will transfer to the
                Participant the number of shares of Common Stock for which the
                order was accepted, and those shares of Common Stock will be
                sold in the Limited Market at the Trade Date in accordance with
                the accepted order. The Company may satisfy its obligation to
                transfer shares of Common Stock to

                                       6
<PAGE>

                the Participant by instructing the Trustee of the Trust to
                transfer to the Participant the appropriate number of shares of
                Common Stock from the shares of Common Stock held in the
                recordkeeping account in the Trust in the name of the
                Participant.

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

11.  Restrictions on Transfers of Common Stock

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

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

12.  Amendment and Termination

                                       7
<PAGE>

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

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

13. Withholding

    The Company will be entitled to make appropriate arrangements to comply
with any withholding requirements imposed by federal, state, or local law with
respect to amounts deferred under the Plan and with respect to transfers of
shares of Common Stock under the Plan, including, without limitation, payroll
withholding or withholding from proceeds of a disposition of shares of Common
Stock acquired under the Plan.

14. No Employment Obligation

    An employee's employment with the Company or an Affiliate is not for any
specified term and may be terminated by such employee or by the Company or the
Affiliate at any time, for any reason, with or without cause, except as
otherwise provided by law or contract.  Nothing in the Plan confers upon any
employee any right to continue in the employ of, or affiliation with, the
Company or an Affiliate, nor constitute any promise or commitment by the Company
or an Affiliate regarding future positions, future work assignments, future
compensation, or any other term or condition of employment or affiliation.

                                       8
<PAGE>

15. No Implied Rights or Obligations

    The Company, in establishing and maintaining the Plan as a voluntary and
unilateral undertaking, expressly disavows the creation of any rights in
participating employees or others claiming entitlements under the Plan or any
obligations on the part of the Company, any Affiliate, or the Committee, except
as expressly provided in the Plan.

16. Effective Date

    The Plan is effective on the date that it is approved by the Board.

17.  Miscellaneous

     (a)  Except as expressly provided in Section 8 of the Plan (requiring the
Company to transfer certain amounts to the Trust), the Company is not required
to fund or secure payment of the Company's obligation under this Plan. The
Company's obligation under this Plan is specifically limited to an unfunded,
unsecured promise to transfer shares of Common Stock in the future. The rights
acquired by a Participant under this Plan are those of a general unsecured
creditor of the Company and its Affiliates.

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

    (c)  The Plan will be construed in accordance with the laws of the State of
Colorado, without regard to the choice of law provisions of that state.

                              CH2M HILL COMPANIES, LTD

                              By:
                                 -----------------------------------

                                       9

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