Summary of James M. Levine Retirement Benefits under Pinnacle West Capital Corporation Plans

Summary

This document outlines changes to the retirement benefits for James M. Levine, effective January 1, 2002, as approved by the Board of Directors of Pinnacle West Capital Corporation. Mr. Levine receives an additional five years of credited service for calculating his retirement benefits, increasing his total from thirteen to eighteen years. Additionally, the percentage of his annual compensation payable at age 65 will increase by 3% per year, up to a maximum of 70%, instead of the previous 2% per year, starting from 46%.

EX-10.2 4 ex10-2.txt SUMMARY OF JAMES M. LEVINE RETIREMENT BENEFITS Exhibit 10.2 James M. Levine Retirement Benefits Effective January 1, 2002, James M. Levine received an additional five years of service for purposes of calculating the annual benefits that would be provided to Mr. Levine under the Pinnacle West Capital Corporation Employees' Retirement Plan and the Pinnacle West Capital Corporation Supplemental Excess Benefit Retirement Plan. Accordingly, Mr. Levine's credited years of service increased from thirteen to eighteen. In addition, also beginning in 2002, the percentage of Mr. Levine's annual compensation payable to him at age 65 following his retirement will increase by three percent (3%) per year, up to a maximum of 70%, rather than the current two percent (2%) per year, from its present level of forty-six percent (46%). The Board of Directors of Pinnacle West Capital Corporation approved the foregoing changes to Mr. Levine's retirement benefits on June 19, 2002.