APS 2015 Annual Report Download - page 206

Deferral shall be withheld at the time the Year-End Bonus and/or Director Fees and/or compensation attributable to Restricted Stock
Units are or would otherwise be paid to the Participant.
3.5 Interest Crediting Prior to Distribution. Prior to any distribution of benefits under Article 5, interest shall be credited in
accordance with rules established by the Company. The rate of interest for crediting shall be the Plan Rate. If a Short-Term Payout is
made, for purposes of crediting interest, the Account Balance shall be reduced as of the first day of the Plan Year in which the Short-
Term Payout is made.
3.6 Change in Time and Form of Payment. A Participant may change an election as to time and form of payment with
respect to Short-Term Payouts or Termination Benefits if such an Election Form is filed in accordance with rules established by the
Committee no later than December 31, 2008. Any such election must not defer benefits which would otherwise be payable in the
calendar year of election to a later calendar year or accelerate benefits which would be payable in a later calendar year into the calendar
year of election. On and after January 1, 2009, a Participant may change an election as to time and form of payment with respect to
Termination Benefits under the Plan if an Election Form is filed in accordance with rules established by the Committee, provided
(a) such election must not take effect until at least twelve (12) months after the date on which the Election Form is properly filed,
(b) the first payment with respect to which such election is made must be deferred for a period of not less than five (5) years from the
date such payment would otherwise have been made, and (c) any election related to a payment that was otherwise to be made at a
specified time may not be made less than twelve (12) months prior to the date of the first scheduled payment. For purposes of the
preceding sentence, a series of installment payments shall be considered a single payment. Subject to the foregoing, the Election Form
most recently filed with the Company for each calendar year shall govern the payout of all Termination Benefits for such calendar
year.
3.7 Installment Distribution. In the event a benefit is paid in installments, installment payment amounts shall be determined
in the following manner:
(a) Interest Rate. The interest rate to be used to calculate installment payment amounts shall be a fixed interest rate
that is determined by averaging the Plan Rates for the Plan Year in which a Participant becomes eligible to receive a benefit and the
four (4) preceding Plan Years. If a Participant has completed fewer than five (5) Years of Plan Participation, the interest rate to be used
to calculate installment payment amounts shall be a fixed interest rate that is determined by averaging the Plan Rates for the relevant
Plan Years in which the Participant participated in the Plan.
(b) Installment Payments. For purposes of calculating installment payment amounts, each annual installment
payment, starting with the first payment, which for this purpose is deemed to be paid as of the date that the Participant becomes eligible
to receive a benefit under
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