APS 2015 Annual Report Download - page 208

Annual Deferral. The Short-Term Payout shall be a lump sum payment in an amount that is equal to the Annual Deferral plus interest
credited at the Plan Rate, and it shall be paid in January of the Plan Year that is five (5) years after the first day of the Plan Year in
which the Annual Deferral is actually deferred, provided, however, that if the Participant Separates from Service or dies before the
Plan Year in which a Short-Term Payout is to be made, distribution will be made in accordance with Article 5 instead of this
Section 4.1. Except as provided in Section 3.6, such election shall be irrevocable.
4.2 Withdrawal Payout; Suspensions for Unforeseeable Financial Emergencies. If the Participant experiences an
Unforeseeable Financial Emergency, the Participant may petition the Committee to receive a partial or full payout from the Plan. The
payout shall not exceed the lesser of (i) the Participant’s Account Balance, calculated as if such Participant were receiving a
Termination Benefit, or (ii) the amount reasonably needed to satisfy the Unforeseeable Financial Emergency plus amounts necessary to
pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be
relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent
the liquidation of such assets would not itself cause severe financial hardship) or by cessation of deferrals under this Plan, all as
determined in accordance with Treasury Regulation Section 1.409A-3(i)(3)(ii). The petition must: (i) describe the Unforeseeable
Emergency for which the withdrawal is being requested; (ii) describe the amount needed to satisfy the Unforeseeable Emergency,
which amount may include any federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution;
(iii) include a representation that the Unforeseeable Emergency cannot reasonably be relieved through reimbursement or compensation
by insurance or otherwise, by liquidation of the Participant’s assets to the extent the liquidation of such assets would not itself cause a
severe financial hardship, or by cessation of deferrals pursuant to this Plan; (iv) identify the date on which the withdrawal is being
requested; and (v) provide any other information the Committee deems necessary. If the petition for a payout is approved, the payout
shall be made within sixty (60) days after the date of approval. In the event that the Participant takes an Unforeseeable Financial
Emergency withdrawal under this Plan, the Participant’s deferral election for the Plan Year shall immediately terminate for the
remainder of such Plan Year.
ARTICLE 5
Payment of Benefits
5.1 Payment of Termination Benefit.
(a) Lump Sum or Installments. A Participant may elect to receive his or her Termination Benefit in a lump sum or in
equal annual payments over a period of five (5), ten (10) or fifteen (15) years (the latter determined in accordance with Section 3.7
above) by so electing in an Election Form. In the Election Form, the Participant also shall specify whether the lump sum
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