APS 2015 Annual Report Download - page 235

No Plan participant or beneficiary of a Plan participant shall have any right to assign, pledge, hypothecate, anticipate or any
way create a lien on any amounts payable hereunder. No amounts payable hereunder shall be subject to assignment or transfer or
otherwise be alienable, either by voluntary or involuntary act, or by operation of law, or be subject to attachment, execution,
garnishment, sequestration or other seizure under any legal, equitable or other process, or be liable in any way for the debts or defaults
of Plan participants and their beneficiaries. Notwithstanding the foregoing, assignments of the benefits provided under this Plan shall
be permitted for purposes of satisfying family support obligations if such assignments are pursuant to a court order which satisfies the
requirements for a “qualified domestic relations order” as defined in Section 206(d)(3) of the Act.
ARTICLE 12
WITHHOLDING
Any taxes required to be withheld from payments to the Plan participants hereunder and any FICA taxes that may become due
prior to the commencement of payments hereunder shall be deducted and withheld by the Company from the payments due under this
Plan or any other payments that may become due (i.e., regular salary) to the participant.
ARTICLE 13
OTHER BENEFIT PLANS OF THE COMPANY
Nothing contained in this Plan shall prevent a Plan participant prior to his or her death, or his or her spouse or other beneficiary
after his or her death, from receiving, in addition to any payments provided for under this Plan, any payments provided for under the
Retirement Plan or under The Pinnacle West Capital Corporation Savings Plan, or which would otherwise be payable or distributable
to him or her, his or her surviving spouse or beneficiary under any plan or policy of the Company or otherwise. Nothing in this Plan
shall be construed as preventing the Company or any of its subsidiaries from establishing any other or different plans providing for
current or deferred compensation for employees.
ARTICLE 14
SPOUSAL CONSENT AND BENEFICIARY DESIGNATIONS
To the extent required by the Company, a participant must obtain the consent of his or her spouse to a form of benefit under
which the spouse does not receive a survivor annuity or to a beneficiary designation under which the spouse is not designated as the
beneficiary. A participant may designate his or her beneficiary to receive Retirement Account Benefits which have not yet commenced
upon his or her death. In the absence of any such beneficiary designation, the participant’s beneficiary designation under the
Retirement Plan shall control or, in the absence of any such designation under the Retirement Plan, the participant’s Retirement
Account Benefits shall be paid to the same person or entity as under the Retirement Plan. A participant may also designate a
beneficiary to receive any remaining installment payments due upon his or her death under the
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