APS 2015 Annual Report Download - page 216

the disposition of that person’s property, the Committee may direct payment of such benefit to the guardian, legal representative or
person having the care and custody of such minor, incompetent or incapable person. The Committee may require proof of minority,
incompetency, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit
shall be a payment for the account of the Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete
discharge of any liability under the Plan for such payment amount.
13.14 Underpayment or Overpayment of Benefits. In the event that, through mistake or computational error, benefits are
underpaid or overpaid, there shall be no liability for any more than the correct amount of benefits under the Plan. To the extent
permitted by Section 409A, overpayments may be deducted from future payments under the Plan, and underpayments may be added to
future payments under the Plan.
13.15 Section 409A.
(a) General. This Plan shall be administered in compliance with Section 409A and each provision of the Plan shall be
interpreted, to the extent possible, to comply with Section 409A. Notwithstanding any other provision of this Plan to the contrary,
neither the time nor the schedule of any payment under the Plan may be accelerated or subject to a further deferral except as permitted
pursuant to Section 409A. Each Participant remains solely responsible for any adverse tax consequences imposed upon him or her by
Section 409A.
(b) Six Month Delay. For the avoidance of doubt, if a Participant is a Specified Employee at the time of the
Participant’s Separation from Service, no payment due upon the Participant’s Separation from Service shall be made prior to the date
that is six (6) months following the date of a Participant’s Separation from Service.
(c) Distributions Treated as Made Upon a Designated Event. If the Company fails to make any payment in
accordance with Article 5, either intentionally or unintentionally, but the payment is made within the time period specified in Treasury
Regulation Section 1.409A‑3(d), such payment will be treated as made within the time period specified in the Plan (for example, in
situations where the calculation of the amount payable is not administratively practicable, the payment will be treated as made upon the
date specified under the Plan if the payment is made during the first taxable year in which the calculation of the amount is practicable).
In addition, if a distribution is not made due to a dispute with respect to such distribution, the distribution may be delayed in accordance
with Treasury Regulation Section 1.409A‑3(g).
(d) Permitted Accelerations. The Company may accelerate the distributions described in Article 5 upon the
occurrence of the events described in Treasury Regulation Section
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