APS 2015 Annual Report Download - page 207

this Plan without respect to any six-month delay in benefit commencement for a Specified Employee (the “Eligibility Date”), and
continuing thereafter for each additional year that starts on the anniversary of the Eligibility Date until the Participant’s Account
Balance is paid in full, shall be deemed to have been paid prior to the crediting of interest for that year. (The result of this is that interest
crediting shall be made after taking into account the annual installment payment for that year.)
(c) Amortization. Based on the interest rate determined in accordance with Section 3.7(b) above, the Participant’s
Account Balance shall be amortized in equal installment payments over the term of the specified payment period. The resulting number
shall be the installment payment that is to be paid each year.
(d) Timing of Payments. The initial installment payment shall be made at the time set forth in Section 5.1(a).
Installment payments for subsequent years shall be made in January of such year, subject to the requirement that payment of any
installment amount following Separation from Service shall not be made prior to the date which is six (6) months after the date of the
Participant’s Separation from Service in the case of a Participant who is determined to be a Specified Employee.
3.8 FICA Taxes. For each Plan Year in which an Annual Deferral is being withheld, the Participant’s Employer(s) shall
withhold from the Participant’s compensation that is not being deferred the Participant’s share of FICA taxes.
3.9 Discretionary Credits. With the approval of the Human Resources Committee of the Company’s Board of Directors, an
Employer may award Discretionary Credits to a Participant at any time during a Plan Year in such amounts and subject to such terms
and conditions (including, but not limited to, vesting provisions, interest crediting provisions, and distribution provisions) as the
Employer deems appropriate. The Human Resources Committee may delegate its power to approve the award of Discretionary Credits
to the Company’s Chief Executive Officer, subject to such restrictions or limitations as the Human Resources Committee deems to be
appropriate or as may be required by applicable law. The award of the Discretionary Credits must be in writing, signed by the
Company’s Chief Executive Officer (unless the Discretionary Credits are awarded to the Company’s Chief Executive Officer, in
which case the award must be signed by the Company’s General Counsel), and delivered to the Participant.
ARTICLE 4
Short-Term Payout and Unforeseeable Financial Emergencies
4.1 Short-Term Payout. At the same time as each election to defer an Annual Deferral, a Participant may elect to receive a
future Short-Term Payout from the Plan with respect to that
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