Pinnacle West Capital Corp – ‘10-Q’ for 3/31/03 – EX-10.3

On:  Wednesday, 5/14/03, at 8:12pm ET   ·   As of:  5/15/03   ·   For:  3/31/03   ·   Accession #:  950147-3-623   ·   File #:  1-08962

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Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report for the Qtr Ended 3/31/2003          70    293K 
 2: EX-10.1     Employment Agreement - Levine                          1      7K 
 3: EX-10.2     3rd Supplemental Indenture Dtd 11/1/02                19     82K 
 4: EX-10.3     3rd Amend. to Investment Co. Deferred Comp Plan        2     10K 
 5: EX-12.1     Ratio of Earnings to Fixed Charges                     1      7K 
 6: EX-99.1     William J. Post Section 906 Certification              1      6K 
 7: EX-99.2     Donald E. Brandt Section 906 Certification             1      6K 
 8: EX-99.3     Acc Decision No. 65796 Dtd 4/4/03                     48    172K 
 9: EX-99.5     Pinnacle West Risk Factors                             6     35K 

EX-10.3   —   3rd Amend. to Investment Co. Deferred Comp Plan

EX-10.3
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                                                                    Exhibit 10.3

THIRD AMENDMENT TO
 THE PINNACLE WEST CAPITAL CORPORATION
ARIZONA PUBLIC SERVICE COMPANY
SUNCOR DEVELOPMENT COMPANY
AND EL DORADO INVESTMENT COMPANY
DEFERRED COMPENSATION PLAN

Effective January 1, 1992, Pinnacle West Capital Corporation (the     
"Company"), Arizona Public Service Company, SunCor Development Company and El   
Dorado Investment Company adopted the Pinnacle West Capital Corporation, Arizona
Public Service Company, SunCor Development Company and El Dorado Investment     
Company Deferred Compensation Plan (the "Plan"). The Plan was thereafter amended
several times and was amended and restated in its entirety on December 1, 1995, 
and thereafter amended September 15, 1999 and December 1, 1999.                 

  By this instrument, and pursuant to the authority granted in the Section
11.2 of the Plan, the Company intends to amend the Plan to increase the         
threshold for automatic cashout of the Account balance of a terminated or       
retired Participant under certain circumstances, and to provide for the         
crediting of interest for a full month if a Participant works past the 15th of  
such month.                                                                     

  1.   This Amendment shall amend only those Sections set forth herein and
those Sections not amended hereby shall remain in full force and effect.        

2.   The third sentence of Section 3.5 is revised to read as follows: 

     In the event of Retirement, Disability, death or a Termination of
         Employment prior to the end of a Plan Year, the basis for that year's
     interest crediting will be a fraction of the full year's interest
 based on the Account Balance as of the end of the immediately
       preceding Plan Year, together with the amount actually deferred for
 the Plan Year as of the date of the Participant's Retirement,
       Disability, death of Termination of Employment and based further on
       the number of full months that the Participant was employed with or
          served as a Director of the Employer during the Plan Year prior to the
          occurrence of such event, and for this purpose, a Participant shall be
        deemed to be so employed or to have so served for a full month if he
         or she was employed with or served as a Director of the Employer past
the 15th day of such month.                                 

3.   Section 5.4 is revised to read as follows:                       

5.4  AUTOMATIC DISTRIBUTION OF RETIREMENT BENEFITS.         

EX-10.3
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              Notwithstanding any provision of this Article 5 to the contrary,
             if the Account Balance of a Retired Participant does not exceed
             Twenty Thousand Dollars ($20,000), the Participant's Retirement
               Benefit shall be distributed in a lump sum within sixty (60) days
following his Retirement.                         

4.   Section 7.2(c) is revised to read as follows:                    

(c)  AUTOMATIC DISTRIBUTION OF TERMINATION BENEFITS.        

          Notwithstanding any provision of this Section 7.2 to the contrary, if,
        upon a Participant's Termination of Employment, his Account Balance,
          as determined pursuant to Section 7.1, does not exceed Twenty Thousand
     Dollars ($20,000), the Participant's Termination Benefit shall be
  distributed in a lump sum within sixty (60) days following his
Termination of Employment.                                  

5.   This Amendment shall be effective as of January 1, 2002.         

     IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by
its duly authorized officer this 22nd day of October, 2002.                     

                                 PINNACLE WEST CAPITAL CORPORATION

                 By Armando Flores
                                           -------------------------------------

                                   Its Executive Vice President,
                                         Corporate Business Services
                                               ---------------------------------

 2

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-Q’ Filing		Date		First		Last			Other Filings
Filed as of:		5/15/03
Filed on:		5/14/03
For Period End:		3/31/03							10-K,  8-K
		1/1/02		2
		12/1/99		1
		9/15/99		1
		12/1/95		1
		1/1/92		1
									List all Filings

4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/27/24  Pinnacle West Capital Corp.       10-K       12/31/23  147:25M
 2/27/23  Pinnacle West Capital Corp.       10-K       12/31/22  146:28M
 2/25/22  Pinnacle West Capital Corp.       10-K       12/31/21  150:28M
 2/24/21  Pinnacle West Capital Corp.       10-K       12/31/20  144:26M