Document:

Exhibit 10.2

Exhibit 10.2

RESTRICTED STOCK UNIT AGREEMENT

UNDER THE

PINNACLE WEST CAPITAL CORPORATION

2007 LONG-TERM INCENTIVE PLAN

THIS AWARD AGREEMENT is made and entered into as of
                    , 2010 (the “Date of Grant”),
by and between Pinnacle West Capital Corporation (the “Company”), and
                    
                    
(“Employee”).

BACKGROUND

	 	A.	 	The Board of Directors of the Company (the “Board of Directors”) has adopted,
and the Company’s shareholders have approved, the Pinnacle West Capital Corporation
2007 Long-Term Incentive Plan (the “Plan”), pursuant to which Restricted Stock Units
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 Restricted Stock Units and Dividend
Equivalents under the terms of the Plan.

	 	C.	 	Pursuant to the Plan, the Company and Employee agree as follows:

AGREEMENT

	 	1.	 	Grant of Award. Pursuant to action of the Committee which was taken on
the Date of Grant, the Company grants to Employee
 _____ 

(x,xxx) Restricted Stock
Units and Dividend Equivalents based on the dividends declared on the shares of Stock
to which such Restricted Stock Units relate.

	 	2.	 	Award Subject to Plan. This Restricted Stock Unit 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.	 	Vesting of Restricted Stock Units. The Restricted Stock Units granted
hereunder will vest and no longer be subject to the restrictions of and forfeiture
under this Award Agreement on four “Vesting Dates” as follows:

	 	(a)	 	x,xxx Restricted Stock Units will vest on February 20, 2011;

	 	(b)	 	x,xxx Restricted Stock Units will vest on February 20, 2012;

	 	(c)	 	x,xxx Restricted Stock Units will vest on February 20, 2013;
and

	 	(d)	 	The remaining x,xxx Restricted Stock Units will vest on
February 20, 2014.

In addition, the Restricted Stock Units will fully vest and no longer be
subject to the restrictions of and forfeiture under this Award Agreement upon
Employee’s Retirement. For purposes of this Award Agreement, “Retirement” means a
termination of employment which constitutes an “Early Retirement” or a “Normal
Retirement” under the Pinnacle West Capital Corporation Retirement Plan.

For avoidance of doubt, no acceleration of vesting of the Restricted Stock
Units will occur on a Change of Control of the Company.

 

 

 

	 	4.	 	Payment.

	 	(a)	 	Time and Form of Payment. Subject to the provisions of
this Award Agreement and the Plan, when a Restricted Stock Unit vests on one of
the Vesting Dates set forth in clauses (a), (b), (c) or (d) of
Section 3 above, Employee shall receive in exchange for each Restricted
Stock Unit one unrestricted fully transferrable share of Stock. Employee may
elect, pursuant to Section 4(b), to receive payment for the Restricted
Stock Units payable on any Vesting Date in the form of 50% cash and 50% in
unrestricted fully transferrable shares of Stock. If the allocation between
cash and Stock results in a fractional share, the Stock will be increased to
provide for the issuance of a full share of Stock and the cash will be reduced
accordingly. If a Restricted Stock Unit vests prior to the applicable Vesting
Date due to Employee’s Retirement, the transfer or payment will be deferred
until the applicable Vesting Date. Any cash payment will be based on the Fair
Market Value of one share of Stock determined as of the Vesting Date on which
the Restricted Stock Unit vests. The transfer or payment shall be made within
90 days of the applicable Vesting Date.

	 	(b)	 	Election of Form of Payment. Within 
 _____ 

days after the
Date of Grant, Employee must elect to receive payment for Employee’s vested
Restricted Stock Units and Dividend Equivalents in fully transferable shares of
Stock or 50% in cash and 50% in fully transferrable shares of Stock by
completing and returning to the Company the election form attached to this
Agreement. In the absence of a timely election by Employee, Employee will
receive payment for the vested Restricted Stock Units and Dividend Equivalents
in fully transferable shares of Stock.

	 	(c)	 	Dividend Equivalents. In satisfaction of the Dividend
Equivalents Award made pursuant to Section 1, at the time of the
Company’s delivery of payment pursuant to Section 4(a), the Company
also will deliver to Employee a payment equal to the amount of dividends, if
any, that Employee would have received if Employee had directly owned the Stock
to which the Restricted Stock Units relate from the Date of Grant to the
applicable Vesting Date, plus interest on such amount at the rate of 5 percent
compounded quarterly, as determined pursuant to the Plan. Pursuant to the
election filed by the Employee pursuant to Section 4(b), payment for
the Dividend Equivalents will be made in fully transferrable shares of Stock,
or 50% in cash and 50% in fully transferrable shares of Stock. 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 applicable
Vesting Date.

	 	5.	 	Termination of Award. Except as otherwise provided in
Section 3 with respect to Employee’s Retirement, in the event of the
termination of Employee’s active employment with the Company or any of its
Subsidiaries, whether due to voluntary or involuntary termination, death, disability or
otherwise, Employee’s right to receive and/or vest in any additional Restricted Stock
Units under the Plan, if any, will terminate. Any unvested Restricted Stock Units and
the related Dividend Equivalents will be forfeited effective as of the date that
Employee terminates active employment with the Company or any of its Subsidiaries.

	 	6.	 	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 Award of Restricted Stock Units is subject
to Section 409A. As a result, unless the Plan and this Award Agreement are
administered to
comply with the new rules, Employee will be required to pay an additional
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.

 

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	 	(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 shall be made to Employee prior to the applicable Vesting
Date. The provisions of this Section 6(b) apply to all amounts due
pursuant to this Award Agreement.

	 	(c)	 	Miscellaneous Payment Provisions. If the Company fails
to make a payment (including a transfer of Stock), either intentionally or
unintentionally, within the period required by Section 4, but the
payment is made within the same calendar year, it will be treated as made
within the period required by Section 4 pursuant to Treas. Reg. §
1.409A-3(d). In addition, 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)	 	Ban on Acceleration or 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.

	 	(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.

	 	7.	 	Tax Withholding. Any and all payments made pursuant to this Award
Agreement shall be subject to applicable tax withholding requirements and employment
taxes. Employee must pay, or make arrangements acceptable to the Company for the
payment of any and all required federal, state, and local income and payroll tax
withholding. Employee may satisfy any such tax withholding obligation by paying the
amount by check. In the alternative, Employee may elect to have the Company withhold
 shares of Stock having a Fair Market Value on the applicable Vesting Date sufficient to
cover the withholding obligation. Within
 _____ 

days after the Date of Grant, Employee
must elect, on the election form described in Section 4(b), to satisfy any tax
withholding obligation by paying the amount by check or by having the Company withhold
 shares of Stock having a Fair Market Value on the applicable vesting date sufficient to
cover the withholding obligation. In the absence of a timely election by Employee,
Employee’s withholding obligation will be satisfied through the Company’s withholding
 shares of Stock as set forth above.

	 	8.	 	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 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.

	 	9.	 	Voting Rights. Employee is not entitled to voting rights with respect
to shares of Stock by virtue of this Award. If the Committee, in its discretion,
issues Stock in settlement of
Employee’s Restricted Stock Units, Employee will have voting rights with respect to
such shares of Stock.

 

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	 	10.	 	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.

	 	11.	 	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.

	 	12.	 	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.

	 	13.	 	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.

An authorized representative of the Company has signed this Award Agreement as of the
Date of Grant.

	 	 	 	 	 	 	 
	 	 	PINNACLE WEST CAPITAL CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 

	 	 

 

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Pinnacle West Capital Corporation

RESTRICTED STOCK UNIT AWARD

ELECTION FORM

INFORMATION ABOUT YOU

	 	 	 	 	 	 	 
	Last
	 	First
	 	Middle Initial
	 	Employee ID#

1. PAYMENT ELECTION

In accordance with the terms of the Pinnacle West Capital Corporation 2007 Long-Term Incentive Plan and pursuant to Section 4(b) of the Award Agreement,
I hereby elect to receive payment for the Restricted Stock Units and Dividend Equivalents that vest on the dates set forth below in the following form
(place an “X” in the “Stock” column or in the “50% Cash/50% Stock” column for each of the years and types of Awards set forth below):

	 	 	 	 	 
	 	 	Restricted Stock Units and Dividend Equivalents
	 	 	 	 	50% Cash/
	Vesting Date	 	Stock	 	50% Stock
	02/20/2011
	 	 ̈
	 	 ̈
	02/20/2012
	 	 ̈
	 	 ̈
	02/20/2013
	 	 ̈
	 	 ̈
	02/20/2014
	 	 ̈
	 	 ̈

2. TAX WITHHOLDING ELECTION

I hereby elect to satisfy any tax withholding obligation associated with my receipt of stock in exchange for my Restricted Stock Units and Dividend
Equivalents in the following form (place an “X” in the “Check” column or in the “Stock” column):

	 	 	 
	Check
	 	Stock
	(I will write a check on the vesting date for my taxes that are due and deliver
	 	(The Company should withhold
	it to the Company within one (1) day of the release date of the Stock)
	 	shares of my stock to cover my taxes)
	 ̈
	 	 ̈

	 	 	 	 	 	 	 
	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%)	 	 
	 
	 	 	 	 	 	 
	 

	 	 

PARTICIPANT NAME (PLEASE PRINT)
	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	PARTICIPANT SIGNATURE
	 	 	 	DATE

			
	IMPORTANT NOTE:	 	Please complete and return this Election Form to Jennifer Pertner at Mail Station
9996 by __________, 2010.

 

5exv10w7

Exhibit 10.7

PROMISSORY NOTE

	 	 	 	 	 	 	 

	 	 	 	 	August 2, 2010
	 	 
	 	 	 	 	 
	 	 
	$	200,000	 	 	Hopkinton, Massachusetts

	 	 

     FOR VALUE RECEIVED, Alseres Pharmaceuticals, Inc.. (the “Maker”), promises to pay to Robert L
Gipson, or order, at the offices of Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this Note may designate, the principal
sum of $200,000, together with interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All principal and accrued interest
shall be due and payable on demand of the Holder.

Interest on this Note shall be computed on the basis of a year of 365 days for the actual number of
days elapsed. All payments by the Maker under this Note shall be in immediately available funds.

Every amount overdue under this Note shall bear interest from and after the date on which such
amount first became overdue at an annual rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest on overdue amounts under this
Note shall be payable on demand and shall accrue and be compounded monthly until the obligation of
the Maker with respect to the payment of such interest has been discharged (whether before or after
judgment).

In no event shall any interest charged, collected or reserved under this Note exceed the maximum
rate then permitted by applicable law and if any such payment is paid by the Maker, then such
excess sum shall be credited by the holder as a payment of principal.

All payments by the Maker under this Note shall be made without set-off or counterclaim and be free
and clear and without any deduction or withholding for any taxes or fees of any nature whatever,
unless the obligation to make such deduction or withholding is imposed by law. The Maker shall pay
and save the holder harmless from all liabilities with respect to or resulting from any delay or
omission to make any such deduction or withholding required by law.

Whenever any amount is paid under this Note, all or part of the amount paid may be applied to
principal, premium or interest in such order and manner as shall be determined by the holder in its
discretion.

No reference in this Note to any guaranty or other document shall impair the obligation of the
Maker, which is absolute and unconditional, to pay all amounts under this Note strictly in
accordance with the terms of this Note.

The Maker agrees to pay on demand all costs of collection, including reasonable attorneys’ fees,
incurred by the holder in enforcing the obligations of the Maker under this Note.

No delay or omission on the part of the holder in exercising any right under this Note shall
operate as a waiver of such right or of any other right of such holder, nor shall any delay,
omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right
on any future occasion. The Maker and every endorser or guarantor of this Note regardless of the
time, order or place of signing waives presentment, demand, protest and notices of every kind and
assents to any extension or postponement of the time of payment or any other indulgence, to any
substitution,

-1-

 

exchange or release of collateral, and to the addition or release of any other party or person
primarily or secondarily liable.

This Note may be prepaid in whole or in part at any time or from time to time upon five days’ prior
written notice with the consent of the holder, with the giving of such consent to be in the sole
discretion of the holder. Any such prepayment shall be without penalty or premium.

None of the terms or provisions of this Note may be excluded, modified or amended except by a
written instrument duly executed on behalf of the holder expressly referring to this Note and
setting forth the provision so excluded, modified or amended.

All rights and obligations hereunder shall be governed by the laws of the Commonwealth of
Massachusetts and this Note is executed as an instrument under seal.

Alseres Pharmaceuticals, Inc.

By:/s/Kenneth L. Rice Jr

Title: EVP & CFO

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