APS 2015 Annual Report Download - page 203

1.32 “Unforeseeable Financial Emergency” shall mean a severe financial hardship to the Participant resulting from (i) an
illness or accident of the Participant, the Participant’s Beneficiary, or the Participant’s spouse or dependent (as defined in Code Section
152(a)), (ii) loss of the Participant’s property due to casualty, including the need to rebuild a home following damage to the home that
is not otherwise covered by insurance, or (iii) other similar extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant, all as determined in accordance with Treasury Regulation Section 1.409A-3(i)(3) in the sole
discretion of the Committee.
1.33 “Year-End Bonus ” shall mean compensation paid to a Participant who is an employee as an annual bonus under any
Employer’s regular annual bonus and incentive plans.
1.34 “Years of Plan Participation ” shall mean the total number of full Plan Years a Participant has been a Participant in the
Plan and has either (i) made deferral elections or (ii) had an Account Balance. For purposes of a Participant’s first Plan Year of
participation only, any partial Plan Year of participation shall be treated as a full Plan Year. For purposes of a Participant’s final Plan
Year of participation only, a Participant shall be awarded a Year of Plan Participation if, and only if, he or she has been credited with
1,000 hours of service (determined in accordance with the rules set forth in Section 1.35, below) in such Plan Year.
1.35 “Years of Service” shall mean the total number of years of employment during which a Participant has been credited
with at least 1,000 hours of service in each of those years. For purposes of this Section 1.35 and 1.34 only, (i) Participants who are
employees shall be credited with ten (10) hours of service for each working day during which they are employed by the Employer and
Participants who are Directors shall be credited with ten (10) hours of service for each day (other than weekend days) during which
they serve as a Director, provided that no Participant shall be credited with more than 1,000 hours of service in any one year of
employment, and (ii) a year of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first
year of employment, commences on the employee’s date of hiring or the date the Director begins his or her service as a Director and
that, for any subsequent year, commences on an anniversary of that date.
ARTICLE 2
Selection, Enrollment, Eligibility
2.1 Eligibility. Participation in the Plan shall be limited to a select group of management, highly compensated employees, and
Directors of the Employers. Subject to Section 3.2 below, a Participant may defer eligible compensation for each Plan Year starting
with his or her commencement of participation in the Plan and ending immediately prior to his or her death or Separation from Service,
provided, however, that in the event of death or a Separation from
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