Pinnacle West Capital Corporation Annual Stock Grant Terms for Non-Employee Directors under 2007 Long-Term Incentive Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Pinnacle West Capital Corporation provides annual grants of 1,600 shares of common stock to each non-employee director under its 2007 Long-Term Incentive Plan, starting July 1, 2008. To qualify, directors must meet increasing minimum stock ownership requirements, starting at 900 shares and rising by 900 shares each year up to 4,500 shares. Grants are made on the first business day of July if the ownership threshold is met by June 30, or later if the requirement is met by December 31 in the first year. These terms replace a prior annual grant of 1,100 shares.

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EX-10.2 4 p76062exv10w2.htm EX-10.2 exv10w2
Exhibit 10.2
Description of Annual Stock Grants to Non-Employee Directors
     Annual common stock grants to non-employee directors are made pursuant to the Pinnacle West Capital Corporation 2007 Long-Term Incentive Plan (the “2007 Plan”). The Human Resources Committee of Pinnacle West’s Board of Directors has approved annual grants of Pinnacle West common stock to non-employee directors under the 2007 Plan as follows:
     Each Pinnacle West non-employee director will annually receive 1,600 shares of Pinnacle West common stock under the 2007 Plan on the first business day of July, beginning July 1, 2008, subject to the following restrictions: In the first calendar year in which a non-employee director is eligible to participate in the 2007 Plan, he or she must own at least 900 shares of Pinnacle West’s common stock as of December 31 of the same calendar year to receive a grant of 1,600 shares of Pinnacle West common stock. If the non-employee director owns 900 shares of common stock as of June 30, he or she will receive a grant of 1,600 shares of common stock on the first business day of July of the same calendar year. If the non-employee director does not own 900 shares of Pinnacle West’s common stock as of June 30 in the first calendar year in which the non-employee director is eligible to participate in the 2007 Plan, but acquires the necessary shares on or before December 31 of the same year, he or she will receive a grant of 1,600 shares of common stock within a reasonable time after Pinnacle West verifies that the requisite number of shares has been acquired. In each subsequent year, the number of shares of Pinnacle West’s common stock the non-employee director must own to receive a grant of 1,600 shares of common stock will increase by 900 shares, until reaching a maximum of 4,500 shares. In each of the subsequent years, the non-employee director must own the requisite number of shares of Pinnacle West’s common stock as of June 30 of the relevant calendar year. The approved grant to non-employee directors represents an increase from the annual grant of 1,100 shares previously authorized by the Human Resources Committee pursuant to the 2007 Plan and became effective July 1, 2008.