APS 2015 Annual Report Download - page 222

(d) Status Change. Notwithstanding the foregoing, if the status of a participant changes for reasons other than separation
from service with the Company or an Affiliate which is a participating employer under the Retirement Plan, so that he or she no longer
is eligible to participate in the Plan, his or her participation in the Plan shall cease but his or her benefit under this Plan as of the date of
his or her change of status shall not be canceled or distributed, but shall be determined upon his or her separation from service with the
Company or an Affiliate and distributed at the time or times and in the form set forth below.
(e) Rehires. In the event that a Participant terminates employment and is later rehired, he or she shall not be eligible to
participate in the Plan again unless such individual is again individually designated as a Plan participant by the Committee following
his or her rehire.
ARTICLE 4
BENEFITS
A participant whose entire benefit was both earned and vested on December 31, 2004 (as determined under regulations issued
under Code Section 409A) shall receive such benefit under the Prior Plan. All other participants shall receive their entire benefit under
the terms outlined below. A participant shall only receive a benefit under this Plan if the participant is eligible to receive a vested
benefit under the Retirement Plan.
(a) Officer Benefits.
(1) Group A Participants. Subject to Article 7, a participant who is eligible under Section 3(a) and who is a Group
A Participant under the Retirement Plan shall be entitled to a monthly benefit for life commencing at age 65 equal to the lesser of (i)
or (ii), reduced by (iii), where
(i) Equals three percent (3%) of the participant’s Average Monthly Compensation multiplied by the
participant’s Years of Service, not to exceed ten (10) Years of Service, plus two percent (2%) of the participant’s Average
Monthly Compensation multiplied by the participant’s Years of Service in excess of ten (10) Years of Service,
(ii) Equals sixty percent (60%) of the participant’s Average Monthly Compensation, and
(iii) Equals the amount of such participant’s monthly benefit for life at age 65 determined under the terms of
the Retirement Plan.
(2) Group B Participants. Subject to Article 7 a participant who is eligible under Section 3(a) and who is a
Group B Participant under the Retirement Plan shall be entitled to a monthly benefit for life commencing at age 65 equal to the sum
of (i) and (ii), where
(i) Equals the benefit determined under the formula set forth above in this Section 4(a)(1) for a Group A
Participant in the Retirement Plan based
3