APS 2015 Annual Report Download - page 226

spouse or beneficiary in the event of the participant’s death, shall be entitled to a benefit payable in accordance with this Article 4 and
with Article 5 equal to (i) reduced by (ii), where
(i) Equals the amount of such participant’s or surviving spouse’s or beneficiary’s benefit under the Retirement
Plan computed under the provisions of the Retirement Plan but without regard to the cap on Compensation in Section 2.1(o)
and the limitations in Section 5.12 of the Retirement Plan and the provisions of Sections 401(a)(17) and 415 of the Code; and
(ii) Equals the amount of such participant’s or surviving spouse’s or beneficiary’s benefit which would be
payable under the terms of the Retirement Plan if the participant or his or her surviving spouse or beneficiary were to receive
payment under the Retirement Plan at the same time and in the same form as benefits are payable under this Plan.
For purposes of this Section 4(b), Compensation shall include any amount of the participant’s regular salary that the participant
elects to defer under any deferred compensation plans for employees of the Company or an Affiliate which is a participating employer
under the Retirement Plan (including amounts deferred before participation in the Plan commences) and shall exclude all bonus or
incentive payments paid to the participant.
(c) Average Monthly Compensation.
For purposes of computing a participant’s Average Monthly Compensation, such term shall have the same meaning as under
the Retirement Plan except that the highest 36 consecutive months of Compensation will be determined based on the participant’s
entire period of employment (instead of only the most recent 120 consecutive months of employment as provided in the Retirement
Plan).
(d) Disability Accrual.
A participant who is earning a disability accrual under Section 4.5 of the Retirement Plan shall continue to accrue benefits
under this Plan until the earlier of the date disability accrual ceases under the Retirement Plan or the date his or her benefits commence
under this Plan.
(e) Recognition of Benefits under Separate Agreements.
In the event that the Company or an Affiliate enters into a separate agreement with an Eligible Employee which provides that
the payment of benefits under the Plan shall be modified as provided in such agreement, the Plan shall be deemed to have been
amended to reflect the terms of any such agreement.
ARTICLE 5
PAYMENT OF BENEFITS ON AND AFTER JANUARY 1, 2009
(a) Officer Traditional Benefits Described in Sections 4(a)(1) and 4(a)(2)(i).
7