Exhibit 10.1
AMENDMENT TO AGREEMENT
THIS AMENDMENT is made and entered into by and between Arizona Public
Service Company and its Affiliates ("APS") and Xxxxxxx X. Xxxxxxx ("Employee").
WITNESSETH:
WHEREAS, APS and Employee entered into an Agreement on December 13, 1999
("Agreement"); pursuant to which Employee would remain employed by APS as
President, Generation, through December 31, 2002; and
WHEREAS, the parties desire to amend the Agreement to extend Employee's
employment beyond December 31, 2002, and to extend deferred payments and
repayment of lines of credit, and to make certain other changes:
NOW, THEREFORE, effective as of January 1, 2002, the Agreement is amended
as follows:
1. The third sentence of Section II, paragraph B is revised to read as
follows:
All outstanding amounts will be due in full on or
before March 31, 2005, except as provided in Section
II, paragraph G, below.
2. The last sentence of Section II, paragraph C is revised to read as
follows:
Payment of the deferred amount, plus interest, will be
made on January 3, 2005, in a lump sum, except as
provided in Section II, paragraph G, below.
3. Section II, paragraph D is revised to read as follows:
D. ADDITIONAL PAYMENTS. In addition, if Employee
continues full-time employment through December 31,
2002, Employee will receive an additional $800,000 on
January 3, 2005.
4. The second sentence of Section II, paragraph G is revised to read as
follows:
If Employee separates from employment prior to December
31, 2002, for any reason, other than death or
disability:
5. Section II, paragraph G, subparagraph 4 is revised to read as follows:
If Employee separates from employment prior to December
31, 2002, for any reason, other than death or
disability, Employee will not receive the additional
payment of $800,000 due on January 3, 2005.
6. Section II, paragraphs J and K are deleted.
ARIZONA PUBLIC SERVICE COMPANY
By: Xxxxxxx X. Post Date: 8-7-02
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Xxxxxxx X. Post
Chief Executive Officer
Xxxxxxx X. Xxxxxxx Date: 7-30-02
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Xxxxxxx X. Xxxxxxx
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