APS 2015 Annual Report Download - page 214

Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future and
Participants and their Beneficiaries shall be unsecured creditors of the Participant’s Employer. This Plan is intended to provide an
unfunded deferred compensation benefit to a select group of management, highly compensated employees and Directors of the
Employers and, as a result, should fit within the “Top Hat” exception to many of the requirements of ERISA.
13.2 Employer’s Liability. An Employer’s liability for the payment of benefits shall be defined only by the Plan. An
Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan.
13.3 Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer,
pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt, the amounts, if any,
payable hereunder, or any part thereof, and all rights to such amounts are expressly declared to be unassignable and non-transferable,
except that the foregoing shall not apply to any family support obligations set forth in a court order which is determined by the
Committee to be a qualified domestic relations order as defined in Code Section 414(p). No part of the amounts payable shall, prior to
actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed
by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s
bankruptcy or insolvency.
13.4 Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of
employment between any Employer and the Participant. Such employment is hereby acknowledged to be an “at will” employment
relationship that can be terminated at any time for any reason, with or without cause, unless expressly provided in a written
employment agreement. Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of any
Employer or to be retained as a Director, or to interfere with the right of any Employer to discipline or discharge the Participant at any
time.
13.5 Furnishing Information. A Participant will cooperate with the Committee by furnishing any and all information
requested by the Committee and take such other actions as may be requested in order to facilitate the administration of the Plan and the
payments of benefits hereunder, including but not limited to taking such physical examinations as the Committee may deem necessary.
13.6 Terms. Whenever any words are used herein in the singular or in the plural, they shall be construed as though they were
used in the plural or the singular, as the case may be, in all cases where they would so apply.
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