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Exhibit 10.35    
  

CH2M HILL Companies, Ltd.  

 2003 After-Tax Deferred Compensation Plan  

Effective
November 8, 2002 

 
CH2M HILL Companies, Ltd.

2003 After-Tax Deferred Compensation Plan  

ARTICLE 1

PURPOSE  

        The purpose of the CH2M HILL Companies, Ltd. 2003 After-Tax Deferred Compensation Plan is to provide a mechanism by which certain employees of
certain affiliates of CH2M HILL Companies, Ltd.
may transfer cash or shares of Common Stock to CH2M HILL Companies, Ltd. in exchange for benefits under the Plan. 

ARTICLE 2

DEFINITIONS  

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

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

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

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

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

        2.6  "Company" means CH2M HILL Companies, Ltd. 

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

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

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

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

        2.11 "Plan" means the CH2M HILL Companies, Ltd. 2003 After-Tax Deferred Compensation Plan. 

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

        2.13 "Trust" means the Trust Under CH2M HILL Companies, Ltd. 2003 After-Tax Deferred Compensation Plan
established by the Company. 

        2.14 "Trustee" means the Trustee of the Trust. 

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ARTICLE 3

PARTICIPATION IN THE PLAN  

        The Committee will designate from time to time those employees of Affiliates who are eligible to participate in the Plan. All determinations of the Committee with
respect to the eligibility of employees of Affiliates to participate in the Plan will be final and binding for all purposes. An eligible employee designated by the Committee may elect to participate
in the Plan at any time during calendar year 2003 by: (a) executing an election to participate in the Plan in a form specified by the Committee; (b) delivering the executed participation
election to the Committee; and (c) transferring to the Company, in the manner specified by the Committee, the number of shares of Common Stock or the amount of cash with respect to which the
eligible employee is participating in the Plan. The participation election will designate the number of shares of Common Stock or the amount of cash with respect to which the eligible employee is
participating in the Plan. A Participant's election to participate in the Plan is irrevocable. 

ARTICLE 4

ESTABLISHMENT OF BOOKKEEPING ACCOUNT  

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

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

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

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

ARTICLE 5

DISTRIBUTION  

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

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

        (a)  January 2,
2011 (at which time distribution will be made to the Participant); 

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

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

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

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

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

ARTICLE 6

EXERCISE OF DEFERRED COMPENSATION  

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

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

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

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

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

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   ARTICLE 7

PLAN ADMINISTRATION  

        7.1    Committee.    The Plan shall be administered by a Committee appointed by and serving at
the pleasure of the President of the Company. The Committee shall at all times consist of at least two Directors and shall include other members (which may be either Directors or
non-Directors) as the President of the Company may determine. The President of the Company may from time to time remove members from or add members to the Committee, and vacancies on the
Committee shall be filled by the President of the Company. Members of the Committee may resign at any time upon written notice to the President of the Company. 

        7.2    Committee Meetings and Actions.    The Committee shall hold meetings at such times and
places as it may determine. A majority of the members of the Committee shall constitute a quorum, and the acts of the majority of the members present at a meeting or a consent in writing signed by all
members of the Committee shall be the acts of the Committee and shall be final, binding and conclusive upon all persons, including the Company, its shareholders, and all persons having any interest in
benefits under the Plan. 

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

        7.4    Interpretation of Plan.    The determination of the Committee as to any disputed
question arising under the Plan, including questions of construction and interpretation, shall be final, binding and conclusive upon all persons, including the Company, its shareholders, and all
persons having any interest in benefits under the Plan. 

        7.5    Indemnification.    Each person who is or shall have been a member of the Committee or
of the Board shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred in connection with or resulting
from any claim, action, suit or proceeding to which such person may be a party or in which such person may be involved by reason of any action taken or failure to act under the Plan and against and
from any and all amounts paid in settlement thereof, with the Company's approval, or paid in satisfaction of a judgment in any such action, suit or proceeding against him, provided such person shall
give the Company an opportunity, at its own expense, to handle and defend the same before undertaking to handle and defend it on such person's own behalf. The foregoing right of indemnification shall
not be exclusive of, and is in addition to, any other rights of indemnification to which any person may be entitled under the Company's Articles of Incorporation or Bylaws, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

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ARTICLE 8

ESTABLISHMENT OF TRUST  

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

ARTICLE 9

GENERAL RESTRICTIONS  

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

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

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

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

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

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

ARTICLE 10

REQUIREMENTS OF LAW  

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

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

ARTICLE 11

AMENDMENT AND TERMINATION  

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

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

ARTICLE 12

WITHHOLDING  

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

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ARTICLE 13

MISCELLANEOUS  

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

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

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

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

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

	 	 	CH2M HILL COMPANIES, LTD.

Company
	

 	
 	
By:	

 
	 	 	 	

	

 	
 	

Title:	

 
	 	 	 	

	

 	
 	

Date:	

 
	 	 	 	

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Exhibit 10.37    
  

         CH2M HILL Companies, Ltd.  

         Executive Officers Long Term Incentive Plan  

         Effective January 1, 2003 

 
CH2M HILL Companies, Ltd.

Executive Officers Long Term Incentive Plan  

ARTICLE I

INTRODUCTION  

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

        1.2    Purposes.    The purposes of the Plan are to: 

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

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

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

ARTICLE II

DEFINITIONS  

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

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

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

        2.4    Board means the LTD Board of Directors. 

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

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

        2.7    Change of Control event means the occurrence of any one of the following events: 

        a.    Unapproved Acquisition of 25% Stake.    Any "Person" (as such
term is defined in Section 3(a)(9) and as used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934) is or becomes a "beneficial owner" (as
defined in Rule 13(d)(3) under the Securities Exchange Act of 1934), directly or indirectly, of securities of CH2M HILL representing twenty-five percent (25%) or more of
either (y) the then-outstanding shares of common stock 

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of CH2M HILL or (z) the combined voting power of CH2M HILL's then-outstanding securities eligible to vote for the election of the Board (either or both hereafter
"Voting Securities"); provided, however, that the event described in this section shall not be deemed to be a Change of Control event by virtue of any of the following acquisitions: 

	(i)
	by
CH2M HILL,

	(ii)
	from
CH2M HILL,

	(iii)
	by
any employee benefit plan sponsored or maintained by CH2M HILL or any of its Subsidiary,

	(iv)
	by
any underwriter temporarily holding securities pursuant to an offering of such securities, or

	(v)
	pursuant
to a Non-COC Transaction (as defined below). 

        b.    Change in the Majority of the Board.    During the course of one CH2M HILL fiscal year, Incumbent Directors
cease for any reason to constitute at least a majority of the Board. For purposes of this Agreement, the term "Incumbent Directors" shall mean: 

	(i)
	individuals
who on January 1, 1999 constitute the Board; and

	(ii)
	any
person who becomes a director subsequent to January 1, 1999, provided his/her election or nomination for election was recommended by the
Nominating Committee of the Board (or its successor in responsibilities) and approved by at least two-thirds (2/3) of the Incumbent Directors who remain on the Board (either
by a specific vote or by approval of CH2M HILL or successor's proxy statement in which such person is named as a nominee for director, without objection to such nomination);  provided that

	(iii)
	individuals
initially elected or nominated as directors of CH2M HILL or successor as a result of an actual or threatened election contest with respect
to directors or any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall not be deemed to be Incumbent Directors. 

        c.    Significant Merger or Consolidation.    The consummation of a merger, consolidation, share exchange or similar
form of corporate reorganization of CH2M HILL or any such type of transaction involving CH2M HILL or any of its Subsidiaries that requires the approval of CH2M HILL's stockholders (a
"Business Combination"), unless such Business Combination is a Non-COC Transaction. For
purposes of this Agreement, the term "Non-COC Transaction" shall include any Business Combination in which: 

	(i)
	at
least seventy-five percent (75%) of the total voting power eligible to elect directors of the entity resulting from such Business
Combination is represented by shares that were Voting Securities immediately prior to such Business Combination (either by remaining outstanding or being converted),

	(ii)
	no
Person (as the term is defined in section 2.7(a) above), other than any employee benefit plan sponsored or maintained by CH2M HILL,
becomes the beneficial owner, directly or indirectly, of twenty-five percent (25%) or more of the total voting power of the outstanding voting securities eligible to elect directors of the
entity resulting from such Business Combination,

	(iii)
	at
least a majority of the members of the board of directors of the entity resulting from such Business Combination were Incumbent Directors at the
time 

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of
the Board's approval of the execution of the initial agreement providing for such Business Combination. 

        d.    Liquidation.    The stockholders of CH2M HILL approve a plan of liquidation or dissolution of CH2M HILL or the
direct or indirect sale or other disposition of all or substantially all of the assets of CH2M HILL and its subsidiaries. 

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

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

        2.10    Effective Date means the effective date of the Plan, which is January 1, 2003. 

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

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

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

        2.14    LTD means CH2M HILL Companies, Ltd. 

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

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

        2.17    Profit Center means one of the operating units of CH2M HILL, including as of the Effective Date, Industrial Business
Group (IBG), Operations and Maintenance Business Group (OMBG), Infrastructure and Environment (I&E) and the holding company of CH2M HILL family of companies, LTD. 

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

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

        2.20    Stock Instruments means the following instruments: 

	a.
	Stock
for Domestic Engineering Services Employees,

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

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

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

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        For
purposes of these definitions: 

	•
	Stock means one share of CH2M HILL common stock.

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

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

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

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

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

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

ARTICLE III

ELIGIBILITY  

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

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

ARTICLE IV

AWARDS  

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

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

	b.
	Full Service Revenue target to be achieved during the Program Period. The Committee, in its sole discretion, shall establish the Full
Service Revenue target for 

4

 

each
Award. The Full Service Revenue target may be identical for all Participants in a given Program Period. 

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

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

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

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

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

        4.3    Award Determination Process.    As soon as practicable after the end of each Program Period, the Committee
shall compare actual performance results against performance targets achieved during the Program Period and determine whether and to the extent the Participant actually achieved his/her performance
goals for the Program Period. The amount payable under the Plan to a Participant, who has actually achieved his/her performance goals for a Program Period, shall be determined by the Committee in its
sole discretion. All determinations by the Committee shall be made in the Committee's sole discretion and shall be final and binding on all Participants. The Participant shall not be entitled to  any
compensation under the terms of the Award until the Committee certifies in writing that the Participant has met his/her specific performance goals
and determines the amount of compensation payable under the Award. Award provisions shall not be modified or amended, however, if the modification or amendment would cause compensation payable
pursuant to such Award to fail to constitute qualified performance-based compensation under Code § 162(m). 

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

        4.5    Payouts of Awards.    The payment of Awards will be made as soon as practicable after the end of the Program
Period when the Committee has determined Award payout amounts. Except as determined otherwise by the Committee in its sole discretion and subject to provisions of Article VII, a Participant
must be employed by CH2M HILL or an Affiliate as of the Award payout date to be eligible for the payout, but does not need to be a current Executive Officer for the entire Program Period or at the
date of payment. Unless otherwise determined by the Committee in its sole discretion, all Awards will be paid 40% in cash and 60% in Stock Instruments based on Participant's eligibility to hold
specific Stock Instruments. To the extent an Award payout results in Participant's exceeding 

5

 

CH2M HILL ownership limitations pursuant to CH2M HILL's Articles of Incorporation and Bylaws, the Award shall be paid out in cash. 

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

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

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

ARTICLE V

PLAN ADMINISTRATION  

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

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

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

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

6

 

        5.5    Limitation of Liability and Indemnification.    

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

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

ARTICLE VI

CHANGE IN CONTROL  

        Notwithstanding any requirements contained in this Plan or any Award grant, all outstanding Awards shall become immediately payable at two times the Target Bonus
in cash upon the occurrence of a Change in Control event. 

ARTICLE VII

Termination of Affiliation  

        7.1    Retirement.    Unless Committee determines otherwise in its sole discretion, if a Participant retires while
holding not yet vested Plan Awards, the Participant shall be entitled to the prorata share of all outstanding Awards. The payout(s) will be made at the time each outstanding Award payout is due for
each Program. It will be made 100% in cash and will be calculated prorata for the time that the Participant actually participated in each Program, based on the actual CH2M HILL Available Funds and/or
other performance goals as of the end of each relevant Program Period. The Committee in its sole discretion may accelerate the retired Participant's Award payout, which, unless otherwise determined by
the Committee, shall be paid out at target. 

        7.2    Death.    If a Participant dies while affiliated with CH2M HILL, payouts of all his/her outstanding Awards will
be made to the personal representative of the Participant's estate or the designated beneficiary or other person or persons who shall have acquired entitlement to earned benefits under the Plan by
bequest or inheritance (hereafter, "Beneficiary") within one year after the date of death (specific timing of the payout to be made in consultation with the Beneficiary). Such payout will be made 100%
in cash and will be calculated prorata for the time that the Participant actually participated in each Program, based on hypothetical Available Funds and other performance goal levels for the not yet
completed Program Periods, derived by assuming that Available Funds and other performance goals through the end of each Program Period for each outstanding Award, would be proportionate to the
performance as of the time of death, including consideration of projected performance in out-years where appropriate. The Committee's determination with respect to payout amounts based on
the above criteria shall be final and binding on the Beneficiary. 

        7.3    Disability.    Upon termination of a Participant's affiliation with CH2M HILL by reason of the Participant's
disability (within the meaning of Code § 22(e)(3)), the Participant may request the payout of prorata share of all outstanding Awards at any time within one year after the date of
termination of affiliation. Such payout will be made 100% in cash and will be calculated prorata for the time that the Participant actually participated in each Program, based on hypothetical
Available Funds and other 

7

 

performance goal levels for the not yet completed Program Periods, derived by assuming that Available Funds and other performance goals through the end of each Program Period for each outstanding
Award, would be proportionate to the performance as of the time of termination, including consideration of projected performance in out-years where appropriate. The Committee's
determination with respect to payout amounts based on the above criteria shall be final and binding on the Participant. 

        7.4    Other Termination.    Upon any voluntary or involuntary termination of the Participant's affiliation with CH2M
HILL (except as otherwise provided in Article 6 or in sections 7.1, 7.2 and 7.3 above), all rights a
Participant have under any outstanding and not yet paid Awards shall terminate. Voluntary termination for a purpose approved by the Committee, such as public service, may be deemed a retirement event
as defined in section 7.1. 

        7.5    Definition of Termination of Affiliation.    For purposes of this Plan, a Participant's affiliation with CH2M
HILL shall be deemed to be terminated as of the first day on which the Participant is no longer an employee, director of or a consultant to CH2M HILL. 

ARTICLE VIII

REQUIREMENTS OF LAW  

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

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

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

ARTICLE IX

AMENDMENT, MODIFICATION AND TERMINATION  

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

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

ARTICLE X

MISCELLANEOUS  

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

        10.2    No Right to Continued Employment.    Nothing contained in the Plan or in any Award granted under the Plan
shall confer upon any Participant any right with respect to the continuation of the Participant's employment by, or consulting relationship with, CH2M HILL and/or Affiliates, or interfere in any way
with the right of CH2M HILL or Affiliates, subject to the terms of any separate employment agreement or other contract to the contrary, at any time to terminate such services or to increase or
decrease the compensation of the Participant from the rate in existence at the time of the 

8

 

grant of an award. Any Participant who leaves the employment of CH2M HILL shall not be entitled to any compensation for any loss of any right or any benefit or prospective right or benefit under this
Plan which the Participant might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of
office or otherwise. 

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

	 	 	CH2M HILL COMPANIES, LTD.

Plan Sponsor
	

 	
 	
By:	

	

 	
 	

Title:	

	

 	
 	

Date:	

9

QuickLinks

Exhibit 10.37

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