APS 2001 Management Variable Incentive Plan

Summary

This agreement outlines APS's 2001 Management Variable Incentive Plan, which allows the Chief Executive Officer, with approval from the Human Resources Committee, to select employees for participation, set their incentive levels, and define company goals that must be met for bonuses to be awarded. At the end of each year, the CEO evaluates whether these goals have been achieved and determines the amount of incentive pay, subject to final approval by the Human Resources Committee.

EX-10.4.A 5 ex10-4a.txt 2000 MANAGEMENT VARIABLE INCENTIVE PLAN (APS) Exhibit 10.4a Under APS' 2001 Management Variable Incentive Plan, the Chief Executive Officer of APS, with the approval of the Human Resources Committee of the Board of Directors, annually designates employees to participate in the program, establishes their participation level, and establishes certain financial and operational goals for APS which must be satisfied in order for variable pay awards to be made. The impact, if any, of each employee's performance on his or her variable pay award is determined by his or her officer. Subject to final approval by the Human Resources Committee of the Board of Directors, the Chief Executive Officer of APS also determines at year-end the degree to which those goals have been satisfied and the amount of variable pay to be awarded to participating employees, if any.