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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/29/11 Arizona Public Service Co 10-Q 3/31/11 52:5.9M Donnelley … Solutions/FA Pinnacle West Capital Corp |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 565K
2: EX-10.1 Material Contract HTML 301K
3: EX-10.2 Material Contract HTML 287K
4: EX-10.3 Material Contract HTML 258K
5: EX-10.4 Material Contract HTML 55K
6: EX-10.5 Material Contract HTML 46K
7: EX-10.6 Material Contract HTML 49K
8: EX-12.1 Statement re: Computation of Ratios HTML 26K
9: EX-12.2 Statement re: Computation of Ratios HTML 26K
10: EX-12.3 Statement re: Computation of Ratios HTML 34K
11: EX-31.1 Certification -- §302 - SOA'02 HTML 21K
12: EX-31.2 Certification -- §302 - SOA'02 HTML 21K
13: EX-31.3 Certification -- §302 - SOA'02 HTML 21K
14: EX-31.4 Certification -- §302 - SOA'02 HTML 21K
15: EX-32.1 Certification -- §906 - SOA'02 HTML 18K
16: EX-32.2 Certification -- §906 - SOA'02 HTML 18K
41: XML IDEA XML File -- Definitions and References XML 113K
47: XML IDEA XML File -- Filing Summary XML 61K
45: XML.R1 Document and Entity Information XML 387K
46: XML.R2 Condensed Consolidated Statements of Income XML 421K
(Unaudited)
30: XML.R3 Condensed Consolidated Statements of Income XML 52K
(Unaudited) (Parenthetical)
35: XML.R4 Condensed Consolidated Balance Sheets (Unaudited) XML 733K
39: XML.R5 Condensed Consolidated Statements of Cash Flows XML 485K
(Unaudited)
38: XML.R6 Consolidation and Nature of Operations XML 71K
50: XML.R7 Long-term Debt and Liquidity Matters XML 50K
26: XML.R8 Regulatory Matters XML 83K
37: XML.R9 Retirement Plans and Other Benefits XML 55K
25: XML.R10 Business Segments XML 51K
24: XML.R11 Income Taxes XML 42K
29: XML.R12 Variable-Interest Entities XML 47K
43: XML.R13 Derivative Accounting XML 105K
31: XML.R14 Changes in Equity XML 68K
32: XML.R15 Commitments and Contingencies XML 50K
36: XML.R16 Other Income and Other Expense XML 47K
52: XML.R17 Guarantees and Surety Bonds XML 48K
28: XML.R18 Earnings Per Share XML 47K
23: XML.R19 Discontinued Operations XML 48K
34: XML.R20 Fair Value Measurements XML 127K
42: XML.R21 Asset Retirement Obligations XML 41K
27: XML.R22 Condensed Consolidated Statements of Income (Apsc) XML 459K
(Unaudited)
40: XML.R23 Condensed Consolidated Balance Sheets (Apsc) XML 1.37M
(Unaudited)
33: XML.R24 Condensed Consolidated Statements of Cash Flows XML 839K
(Apsc) (Unaudited)
49: XML.R25 S-1. Changes in Equity (Apsc) XML 109K
44: XML.R26 S-2. Other Income and Other Expense (Apsc) XML 70K
48: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 547K
17: EX-101.INS XBRL Instance -- pnw-20110331 XML 652K
19: EX-101.CAL XBRL Calculations -- pnw-20110331_cal XML 313K
22: EX-101.DEF XBRL Definitions -- pnw-20110331_def XML 228K
20: EX-101.LAB XBRL Labels -- pnw-20110331_lab XML 490K
21: EX-101.PRE XBRL Presentations -- pnw-20110331_pre XML 497K
18: EX-101.SCH XBRL Schema -- pnw-20110331 XSD 63K
51: ZIP XBRL Zipped Folder -- 0000950123-11-041426-xbrl Zip 88K
| Exhibit 10.4 |
| A. | The Board of Directors of the Company has adopted, and the Company’s shareholders have approved, the Pinnacle West Capital Corporation 2007 Long-Term Incentive Plan (the “Plan”), pursuant to which Performance Shares and Dividend Equivalents may be granted to employees of the Company and its Subsidiaries and certain other individuals. |
| B. | The Company desires to grant to Employee Performance Shares and Dividend Equivalents under the terms of the Plan. | |
| C. | Pursuant to the Plan, the Company and Employee agree as follows: |
| 1. | Grant of Award. Pursuant to action of the Committee, which was taken on the Date of Grant, the Company grants to Employee (_____) Performance Shares and Dividend Equivalents. The Performance Shares granted under this Section 1 are referred to in this Award Agreement as the “Base Grant.” |
| 2. | Award Subject to Plan. This Performance Share Award and the related Dividend Equivalent Award are granted under and are expressly subject to all of the terms and provisions of the Plan, which terms are incorporated herein by reference, and this Award Agreement. |
| 3. | Performance Period. The Performance Period for this Award begins January 1, 2011 and ends December 31, 2013. | ||
| 4. | Payment. |
| (a) | Performance Shares Payable In Stock. As soon as practicable in the fiscal year immediately following the end of the Performance Period, the Company will determine (i) the Company’s Total Shareholder Return (as defined herein) as compared to the Total Shareholder Return of the companies in the S&P 1500 Super Composite Electric Utility Index (the “Growth Index”) over the Performance Period and (ii) the Company’s Average Performance with respect to the Performance Metrics (as defined herein). The Company will then deliver to Employee one (1) share of the Company’s Stock for each then-outstanding Performance Share under this Award Agreement, subject to adjustment pursuant to Section 5 below. The Company anticipates that the Stock payout, if any, related to the Company’s Total Shareholder Return will be made on or about January 25, 2014. The Company anticipates that the Stock payout, if any, related to the Performance Metrics will be made on or about November 30, 2014. In no event will the Stock payouts described in this Subsection 4(a) be made later than December 31, 2014. |
| (b) | Retirement. In the case of Employee’s Retirement (as defined herein) during the Performance Period, Employee shall be deemed to have been employed by the Company through the end of the Performance Period and Employee will receive the Stock and Dividend Equivalents, if any, to which Employee is entitled at the time specified in this Section; provided, however, in the event Employee is terminated for Cause regardless of Employee’s Retirement or eligibility for Retirement, Employee shall not be deemed to have been employed through the end of the Performance Period and will forfeit the right to receive any Stock hereunder. For purposes of this Award Agreement, (i) “Retirement” means a termination of employment which constitutes an “Early Retirement” or a “Normal Retirement” under the Pinnacle West Capital Corporation Retirement Plan, and (ii) “Cause” means (A) embezzlement, theft, fraud, deceit and/or dishonesty by the Employee involving the property, business or affairs of the Company or any of its Subsidiaries, or (B) an act of moral turpitude which in the sole judgment of the Chief Executive Officer of the Company reflects adversely on the business or reputation of the Company or any of its Subsidiaries or negatively affects any of the Company’s or any of its Subsidiaries’ employees or customers. |
| (c) | Dividend Equivalents. In satisfaction of the Dividend Equivalents Award made pursuant to Section 1, at the time of the Company’s delivery of Stock to Employee pursuant to Subsection 4(a) above, the Company also will deliver to Employee fully transferrable shares of stock equal in value to the amount of dividends, if any, that Employee would have received if Employee had directly owned the Stock to which the Performance Shares relate from the Date of Grant to the date of the Stock payout, plus interest on such amount at the rate of 5 percent compounded quarterly, as determined pursuant to the Plan. The number of shares of Stock distributed to Employee will be determined by dividing the amount due by the Fair Market Value of one share of Stock as of the date of the Stock payout. No fractional Stock shall be issued. If the Stock payout results in a fractional share of one-half or greater, such fraction will be increased to provide for the issuance of a full share of Stock. |
| (d) | Pension. The value of the shares of Stock distributed upon payment for the Performance Shares and Dividend Equivalents will be disregarded for purposes of calculating the amount of Employee’s benefit under any Company retirement plans. |
| 5. | Performance Criteria and Adjustments. Fifty percent (50%) of the Performance Shares awarded under this Award Agreement will be determined pursuant to Section 5(a) and fifty percent (50%) of the Performance Shares awarded under this Award Agreement will be determined pursuant to Section 5(b). In no event will Employee be entitled to receive a number of Performance Shares pursuant to this Award Agreement greater than 2.0 times the Base Grant. |
| (a) | Adjustment of Base Grant for Total Shareholder Return. Fifty percent (50%) of the Base Grant will increase or decrease based upon the Company’s “Total Shareholder Return” as compared to the Total Shareholder Return of the companies in the Growth Index during the Performance Period, as follows: |
| If the Company’s Total Shareholder Return Over The | ||
| Performance Period As Compared to the Total | The Number of | |
| Shareholder Return of the Companies in the Growth | Performance Shares will | |
| Index is: | be: | |
| 90th Percentile or greater | 1.0 X Base Grant | |
| 75th Percentile | .75 X Base Grant | |
| 50th Percentile | 0.5 X Base Grant | |
| 25th Percentile | 0.25 X Base Grant | |
| Less than 25th Percentile | None |
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| (b) | Adjustment of Base Grant for Performance Metrics. Fifty percent (50%) of the Base Grant will increase or decrease based upon the Company’s “Average Performance” with respect to the “Performance Metrics,” as follows: |
| The Number of | ||
| Performance Shares will | ||
| If the Company’s Average Performance is: | be: | |
| 90th Percentile or greater | 1.0 X Base Grant | |
| 75th Percentile | .75 X Base Grant | |
| 50th Percentile | 0.5 X Base Grant | |
| 25th Percentile | 0.25 X Base Grant | |
| Less than 25th Percentile | None |
| 6. | Definitions. |
| (a) | Performance Metrics. The “Performance Metrics” for the Performance Period are: (i) the JD Power Residential Survey for investor-owned utilities in the Western Region; (ii) the System Average Interruption Frequency Index (Major Events Excluded) (“SAIFI”); (iii) Arizona Public Service Company’s customer to employee improvement ratio; (iv) the OSHA rate (All Incident Injury Rate); (v) nuclear capacity factor; and (vi) coal capacity factor. |
| (1) | With respect to the Performance Metric described in clause (i) of this Subsection 6(a), the JD Power Residential Survey will provide data on an annual basis reflecting the Company’s percentile ranking, relative to other participating companies. |
| (2) | With respect to the Performance Metric described in clause (ii) of this Subsection 6(a), the Edison Electric Institute (“EEI”) will provide on an annual basis the quartile rankings (or percentile rankings, if available) associated with the SAIFI result of the participating companies; the Company will determine its SAIFI result for the year in question and determine its quartile ranking (or percentile ranking, if percentile rankings are available) based on the information provided by EEI. |
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| (3) | With respect to the Performance Metric described in clause (iii) of this Subsection 6(a), SNL, an independent third party data system, will provide data on an annual basis regarding the customer and employee counts; the Company will use its customer and employee counts for the year in question and determine its percentile ranking based on the information provided by SNL. Only those companies whose customers and employees were included in the data provided by SNL in each of the years of the Performance Period will be considered. |
| (4) | With respect to the Performance Metric described in clause (iv) of this Subsection 6(a), EEI will provide data on an annual basis regarding the OSHA rate of the participating companies; the Company will calculate its OSHA rate for the year in question and determine its percentile ranking based on the information provided by EEI. |
| (5) | With respect to the Performance Metric described in clause (v) of this Subsection 6(a), SNL will provide data on an annual basis regarding the nuclear capacity factors of the participating nuclear plants; the Company will calculate its nuclear capacity factor for the year in question and determine its percentile ranking based on the information provided by SNL. Only those plants that were included in the data provided by SNL in each of the years of the Performance Period will be considered. |
| (6) | With respect to the Performance Metric described in clause (vi) of this Subsection 6(a), SNL will provide data on an annual basis regarding the coal capacity factors of the participating coal plants; the Company will calculate its coal capacity factor for the year in question and determine its percentile ranking based on the information provided by SNL. Only those plants that were included in the data provided by SNL in each of the years of the Performance Period will be considered. |
| (7) | The Company’s percentile ranking during the Performance Period for each Performance Metric will be the average of the Company’s percentile ranking for each Performance Metric during each of the three years of the Performance Period (each, an “Average Performance Metric”); provided, however, that if a Performance Metric for 2012 is not calculable by December 15, 2013, the Performance Metric shall consist of the three most recent years for which such Performance Metric is calculable. The Company’s “Average Performance,” for purposes of determining any Base Grant adjustments pursuant to Subsection 5(b) above will be the average of the Average Performance Metrics. If only quartile, rather than percentile, rankings are available for a particular Performance Metric, the Average Performance Metric for any such Performance Metric shall be expressed as a percentile. For example, if the Performance Metric was in the top quartile for two Performance Periods and in the lowest quartile in the other Performance Period, the average of these quartiles would be 3 (the average of 4, 4, and 1) and the Average Performance Metric would be the 75th percentile (3 /4). The calculations in this Subsection 6(a)(7) will be verified by the Company’s internal auditors. |
| (8) | If either EEI or SNL discontinues providing the data specified above, the Committee shall select a data source that, in the Committee’s judgment, will provide data most comparable to the data provided by EEI or SNL, as the case may be. If the JD Power Residential Survey for investor-owned utilities in the Western Region (or a successor JD Power survey) is not available during each of the years of the Performance Period, the Performance Metric associated with the JD Power Residential Survey (Subsection 6(b)(1)) will be disregarded and not included in the Company’s Average Performance for purposes of determining any Base Grant adjustments pursuant to Subsection 5(b). |
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| (b) | Total Shareholder Return. “Total Shareholder Return” for the Performance Period is the measure of a company’s stock price appreciation plus any dividends paid during the Performance Period. Only those companies that were included in the Growth Index in each of the years of the Performance Period will be considered. Total Shareholder Return for the Company and the companies in the Growth Index will be determined using the Daily Comparative Return as calculated by Bloomberg (or other independent third party data system). If the Growth Index is discontinued, the Committee shall select the most comparable index then in use for the sector comparison. In addition, if the sector comparison is no longer representative of the Company’s industry or business, the Committee shall replace the Growth Index with the most representative index then in use. Once the Total Shareholder Returns of the Company and all relevant companies in the Growth Index have been determined, the member companies will be ranked from greatest to least. Percentiles will be calculated based on a company’s relative ranking. For example, company 1 out of 26 companies is given a percentile of 96.2% (1.0 — 1/26). Percentiles will be carried out to one (1) decimal place. If the Company is not in the Growth Index, then its percentile will be interpolated between the companies listed in the relative ranking. These calculations will be verified by the Company’s internal auditors. |
| 7. | Termination of Award. This Award Agreement will terminate and be of no further force or effect on the date that Employee is no longer actively employed by the Company or any of its Subsidiaries, whether due to voluntary or involuntary termination, death, retirement, disability, or otherwise, except as specifically set forth in Section 4. Employee will, however, be entitled to receive any Stock and Dividend Equivalents payable under Section 4 of this Award Agreement if Employee’s employment terminates after the end of the Performance Period but before Employee’s receipt of such Stock and Dividend Equivalents. | ||
| 8. | Section 409A Compliance. |
| (a) | Purpose of this Provision. Section 409A of the Code imposes a number of requirements on “non-qualified deferred compensation” plans and arrangements. Based on regulations issued by the Internal Revenue Service, the Company has concluded that this Performance Share Award is subject to Section 409A. As a result, unless the Plan and this Award Agreement are administered to comply with Section 409A and the new rules, Employee will be required to pay an additional twenty percent (20%) tax (in addition to regular income taxes) on the compensation provided by this Award Agreement. In addition, under Section 409A additional interest will be payable. |
| (b) | Compliance with Section 409A. The Company intends to comply with Section 409A by assuring that all amounts to which Employee becomes entitled hereunder are payable at a specified time or pursuant to a fixed schedule within the meaning of Treas. Reg. § 1.409A-3(a)(4). As a result, no payment or transfer to Employee shall be made at the time specified in Section 4. The provisions of this Subsection 8(b) apply to all amounts due pursuant to this Award Agreement. |
| (c) | Miscellaneous Payment Provisions. If a payment is not made due to a dispute in payments, payments can be delayed in accordance with Treas. Reg. § 1.409A-3(g). |
| (d) | Restriction on Acceleration or Further Deferral. Under no circumstances may the time or schedule of any payment made or benefit provided pursuant to this Award Agreement be accelerated or subject to a further deferral except as otherwise permitted or required pursuant to regulations and other guidance issued pursuant to Section 409A of the Code. |
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| (e) | No Elections. Employee does not have any right to make any election regarding the time or form of any payment due under this Award Agreement other than the election described in Section 4(b). |
| (f) | Compliant Operation and Interpretation. The Plan and this Award Agreement shall be administered in compliance with Section 409A and each provision of the Award Agreement and the Plan shall be interpreted, to the extent possible, to comply with Section 409A. |
| 9. | Tax Withholding. Employee is responsible for any and all federal, state, and local income, payroll or other tax obligations or withholdings (collectively, the “Taxes”) arising out of this Award. Employee shall pay any and all Taxes due in connection with a payout of Stock hereunder by check or by having the Company withhold shares of Stock from such payout. Within 75 days after the Date of Grant, Employee must elect, on the election form described in Section 4(b), how Employee will satisfy the tax obligations upon a payout. In the absence of a timely election by Employee, Employee’s tax withholding obligation will be satisfied through the Company’s withholding of shares of Stock as set forth above. |
| 10. | Continued Employment. Nothing in the Plan or this Award Agreement shall be interpreted to interfere with or limit in any way the right of the Company or its Subsidiaries to terminate Employee’s employment or services at any time. In addition, nothing in the Plan or this Award Agreement shall be interpreted to confer upon Employee the right to continue in the employ or service of the Company or its Subsidiaries. |
| 11. | Non-Transferability. Neither this Award nor any rights under this Award Agreement may be assigned, transferred, or in any manner encumbered except by will or the laws of descent and distribution, and any attempted assignment, transfer, mortgage, pledge or encumbrance except as herein authorized, will be void and of no effect. |
| 12. | Definitions: Copy of Plan and Plan Prospectus. To the extent not specifically defined in this Award Agreement, all capitalized terms used in this Award Agreement will have the same meanings ascribed to them in the Plan. Employee will receive a copy of the Plan and the related Plan Prospectus. In the event of any conflict between the terms and conditions of this Award Agreement and the Plan, the provisions of the Plan shall control. |
| 13. | Amendment. Except as otherwise provided in the Plan, this Award Agreement may be amended only by a written agreement executed by the Company and Employee. |
| 14. | Choice of Law. This Award Agreement will be governed by the laws of the State of Arizona, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Award Agreement to another jurisdiction. |
| PINNACLE WEST CAPITAL CORPORATION | ||||||
| By: | ||||||
| Its: | ||||||
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| Last | First | Middle Initial | Employee ID# |
| Check | Stock | |
| (I will write a check for my taxes that are
due and deliver it to the Company within one (1) day of the release of the Stock) |
(The Company should withhold
shares of my Stock to cover my taxes) |
|
| o | o |
| To the extent permitted by law, I hereby
elect Federal tax withholding of _____
percent (minimum may not be less than 25%
and maximum may not exceed 35%) |
||||||||||
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| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 12/31/14 | 10-K, 11-K, 8-K, ARS | |||
| 11/30/14 | ||||
| 1/25/14 | ||||
| 12/31/13 | 10-K, 11-K, 4, 8-K, ARS | |||
| 12/15/13 | ||||
| Filed on: | 4/29/11 | 8-K | ||
| For Period end: | 3/31/11 | 8-K | ||
| 2/15/11 | 4, 8-K, D/A | |||
| 1/1/11 | ||||
| List all Filings | ||||
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 |