APS 2015 Annual Report Download - page 220

PINNACLE WEST CAPITAL CORPORATION
SUPPLEMENTAL EXCESS BENEFIT RETIREMENT PLAN OF 2005
ARTICLE 1
PREAMBLE
Effective January 1, 1987, PINNACLE WEST CAPITAL CORPORATION (the “Company”) adopted the PINNACLE
WEST CAPITAL CORPORATION SUPPLEMENTAL EXCESS BENEFIT RETIREMENT PLAN (the “Prior Plan”) for the
purpose of paying retirement benefits to certain employees in excess of the benefits permitted to be paid under the Pinnacle West
Capital Corporation Retirement Plan (the “Retirement Plan”) by reason of Section 415 of the Internal Revenue Code (the “Code”).
The Prior Plan was thereafter amended several times to provide additional benefits, thereby changing the Prior Plan from an “excess
benefit plan” under the Employee Retirement Income Security Act of 1974, as amended (the “Act”), to a “top hat” plan under the Act.
Effective January 1, 1982, ARIZONA PUBLIC SERVICE COMPANY (“APS”) adopted the ARIZONA PUBLIC
SERVICE COMPANY SUPPLEMENTAL EXCESS BENEFIT RETIREMENT PLAN (the “APS Plan”) for the purpose of
paying retirement benefits to certain employees in excess of the benefits permitted to be paid under the Arizona Public Service
Company Employees’ Retirement Plan (the “APS Retirement Plan”) by reason of Section 415 of the Code. The APS Plan was
thereafter amended several times to provide additional benefits, thereby changing the APS Plan from an “excess benefit plan” under
the Act to a “top hat” plan under the Act.
Effective January 1, 2000, the Company and APS amended and restated the Prior Plan and the APS Plan to merge the APS
Plan into the Prior Plan and to make other technical changes. The Prior Plan was amended several times thereafter.
Effective January 1, 2003, the Company amended the Prior Plan to add a new benefit structure.
Effective December 31, 2004, the Company amended the Prior Plan to “grandfather” from the application of Code Section
409A benefits with respect to only those participants who neither earned nor became vested in a supplemental excess benefit after
December 31, 2004. Only the benefits of such participants are provided under the terms of the Prior Plan.
On December 19, 2008, the Company adopted the Pinnacle West Capital Corporation Supplemental Excess Benefit
Retirement Plan of 2005 (the “Plan”) which applies to the entire benefit of any participant who either earned or became vested in all or
any portion of his or her benefits on or after January 1, 2005.
By this instrument the Company intends to amend and restate the Plan in its entirety to make certain modifications the
Company deems appropriate. This amended and restated Plan is effective on January 1, 2016 (the “Effective Date”) and only applies
to participants who incur a Separation from Service on or after the Effective Date. The plan document as in effect on the date of the
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