Document:

Exhibit4.2 Note

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ARIZONA PUBLIC SERVICE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

ARIZONA PUBLIC SERVICE COMPANY 

3.15% Note due 2025
	
		
	No. 1
	$300,000,000

	 
	CUSIP No. 040555 CS1

    
Arizona Public Service Company, a corporation duly organized and existing under the laws of the State of Arizona (the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Three Hundred Million Dollars ($300,000,000) on May 15, 2025, and to pay interest thereon and on any overdue interest from May 19, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 15 and November 15 of each year, commencing November 15, 2015, at the rate of 3.15% per annum, until the principal hereof is paid or made available for payment. The amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months.  

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be May 1 or November 1, as the case may be, immediately preceding the Interest Payment Date (whether or not a Business Day). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities 

of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
Payment of the principal of (and premium, if any) and any interest on this Security will be made at the office or agency of the Company maintained for that purpose through the corporate trust office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by wire transfer to any Holder or by deposit to the account of the Holder of any such Securities if such account is maintained with the Trustee, in each case according to the written instructions given by such Holder on or prior to the applicable record date to the Trustee, which written instructions shall remain in effect until revised by such Holder by an instrument in writing delivered to the Trustee.
Reference is hereby made to the further provisions of this Security set forth following the Company’s signature hereto, which further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to following the Company’s signature hereto by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.
	
	
	ARIZONA PUBLIC SERVICE COMPANY

	 

	By: /s/ Lee R. Nickloy

	Lee R. Nickloy

	Vice President and Treasurer

	
	
	Attest:

	 

	/s/ Shirley A. Baum

	Shirley A. Baum

	Associate Secretary

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of January 15, 1998 (such instrument as originally executed and delivered and as supplemented or 

amended from time to time, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank), as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a description of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof. 
The Company may redeem all or any portion of the Securities of this series, at its option, at any time or from time to time, (A) prior to February 15, 2025, at a Redemption Price equal to the greater of (a) 100% of the principal amount of the Securities of this series being redeemed on the Redemption Date or (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities of this series being redeemed on that Redemption Date (not including the portion of any payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis at the Adjusted Treasury Rate plus 15 basis points, as determined by a Reference Treasury Dealer appointed by the Company for such purpose; and (B) on or after February 15, 2025, at a Redemption Price equal to 100% of the principal amount of the Securities of this series being redeemed on the Redemption Date; plus, in each case, accrued and unpaid interest thereon to the Redemption Date.  Notwithstanding the foregoing, installments of interest on Securities of this series that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the Holders as of the close of business on the relevant record date in accordance with the terms of the Securities of this series and the Indenture.  The Redemption Price will be calculated on the basis of a 360-day year consisting of twelve 30-day months.
If notice has been given as provided in the Indenture and funds for the redemption of any Securities of this series (or any portion thereof) called for redemption shall have been made available on the Redemption Date referred to in such notice, such Securities (or any portion thereof) will cease to bear interest on the date fixed for such redemption specified in such notice and the only right of the Holders of such Securities will be to receive payment of the Redemption Price.
Notice of any optional redemption of Securities of this series (or any portion thereof) will be given to Holders at their addresses, as shown in the Security Register for such Securities, not more than 60 nor less than 30 days prior to the date fixed for redemption. The notice of redemption will specify, among other items, (i) the Redemption Price or the manner of calculation of the Redemption Price and (ii) the principal amount of the Securities of this series held by such Holder to be redeemed if less than all of such Securities.  If less than all of the Securities of this series are to be redeemed at the option of the Company, the Securities to be redeemed will be selected in accordance with the procedures of the Depositary.  

As used herein:
“Adjusted Treasury Rate” means, with respect to any applicable Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
“Comparable Treasury Issue” means the U.S. Treasury security selected by a Reference Treasury Dealer appointed by the Company for such purpose as having a maturity comparable to the remaining term of this Security to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Security.
“Comparable Treasury Price” means, with respect to any applicable Redemption Date, (A) if the Company obtains three or more Reference Treasury Dealer Quotations, the average of such Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, (B) if the Company obtains two such Reference Treasury Dealer Quotations, the average of such quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such quotation.
“Primary Treasury Dealer” means a primary U.S. government securities dealer in the United States.
“Reference Treasury Dealer” means (A) a Primary Treasury Dealer selected by BNY Mellon Capital Markets, LLC, J.P. Morgan Securities LLC, a Primary Treasury Dealer selected by Mitsubishi UFJ Securities (USA), Inc. and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc.; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer; and (B) any other Primary Treasury Dealer(s) selected by the Company.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any applicable Redemption Date, the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date.
The Securities of this series will not be subject to any sinking fund.
In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security and certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.
The Indenture contains provisions limiting the Company’s ability to issue, assume, guarantee or permit to exist any Debt secured by any mortgage, security interest, pledge or lien upon any of its Operating Property, subject to the exceptions and qualifications set forth in the Indenture.
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee without the consent of such Holders in certain circumstances, or with the consent of the Holders of 66-2/3% in principal amount of the affected Securities at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the affected Securities at the time Outstanding, on behalf of the Holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy under the Indenture, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the absolute owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary.
All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
Form of Trustee’s Certificate of Authentication.

CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

	
					
	Dated:
	May 19, 2015
	 
	THE BANK OF NEW YORK MELLON

	 
	 
	 
	TRUST COMPANY, N.A.,

	 
	 
	 
	 
	 

	 
	 
	 
	 
	As Trustee

	 
	 
	 
	 
	 

	 
	 
	 
	By:  /s/ Jonathan Glover

	 
	 
	 
	 
	Authorized OfficerEXHIBIT 10.1

EXHIBIT 10.1

                                 No.

Labor contract

Party A: Qianxian Guangshi (Beijing) Media and Advertisement Co., Ltd.

 

Party B:   Xu Yong

 

Date:    September 3rd, 2012

 

  This contract is signed on a mutuality voluntary basis by and between the following employer and employee in accordance with the Labor Law of People’s Republic of China, Labor Contract Law and relevant laws and regulations.

Chapter 1 Basic information of both parties of the labor contract

Article 1   Party A: Qianxian Guangshi (Beijing) Media and Advertisement Co., Ltd.

 

   Legal representative (person in charge) or agent:  Zhao Yahong

 

   Registered address:  Tongzhou district, Beijing City

 

   Business address:  Chaoyang district, Beijing City

 

Article 2   Party B: Xu Yong         Gender:  Male

 

  ID No.: 110221196803042219

 

  Family Address:                  Telephone:  13366891258

 

  Housing Address in Beijing: 

 

Chapter 2 Term of labor contract

Article 3: The contract is the fixed-term labor contract.

 

   This contract becomes effective in September 3rd, 2012, and it will terminate in September 2nd, 2015.

 

Chapter 3 Job descriptions and working place

Article 4 According to Party A’s job requirement, Party B agrees to be as the Chairman of the directors of the company.

 

Article 5 According to characteristic of post, the working area or working place of Party B shall be Beijing.

 

Article 6 Work of Party B shall achieve the standard that Party A requires.

 

  Party B can’t adapt to the job or doesn’t have the qualification
to do the job, Party A has the right to withdraw it from the working
unit. Through the adjustment and training, if Party B still can’t act as the job, Party A has the right to terminate the
contract.

 

Chapter 4 Working
hours and leaves

 

Article 7 Party
A arrange Party B performing working hour system.

 

Article 8
Party B shall enjoy the legal holidays stipulated by the state, wedding leave, funeral leave, maternity leave and other
paid holidays. Paid holiday treatment according to the relevant provisions, and subject to the relevant national and local laws
and regulations.

 

Chapter 5 Labor remuneration

 

Article 9 Party A shall pay salary to Party B prior to 10th every month, the salary is 17,000 RMB.         

 

Article 10 Party A may adjust the salary level of Party B according to the operation condition, internal rules system, appraisal result, work tenure, punishment and rewards records and change of the post of Party B etc. but 

 

it shall not be lower than the salary standards stipulated by the country.

 

Chapter 6 Social insurance and welfare

 

Article 11 both parties shall pay social security according to the state and Beijing regulation. Party A shall do necessary social security process for party B and take social security responsibility.

Article 12 The welfare of Party B shall be subject to the rules of the country and Party A.

 

Article 13 Party B shall have the right of benefit for occupation disease or Injury according to the state and Beijing regulation.

 

Article 14 Party A should provide party B the other welfare: physical examination. 

Chapter 7 Labor protection work condition and occupation disease protection

 

Article 15 Party A shall equip Party B with the necessary safety protection measures and issue the necessary labor protection articles according to the needs of the post and the rules of the labor safety and hygiene.

 

Article 16 During the labor process, Party B shall abide by the safety operation procedure to prevent the accidents during the labor process, decrease the occupational harm and consciously protect the assets such as the tools of the Party A. It is strictly forbidden to make the operation by 

 

violating the rules.

 

Article 17 Party A shall set up and optimize the occupational disease cure responsibility system, enforce the management over the occupational disease and promote the cure level of the occupational disease.

 

Chapter 8 Dissolution, termination and compensation of contract

 

Article 18   Both parties shall abide by the <PRC labor contract> and regulations of the state and Beijing for the contract dissolution, termination or continue labor contract.

 

Article 19   Party A shall give party B proof of contract termination or contract break and do the file and social security transfer within 15 days.

 

Article 20   Party B shall do the transfer of the job according to both parties. If there is any compensation, party A shall pay for it during the transfer.

 

Chapter 9 The added contents

 

Article 21  Both parties agrees to add more added contents as follows:

 

1

(1) Party A helps Party B make the social security, Party B should cooperate positively. Within 15days, Party B should prepare for the material and hand in Party A, as Party A’s fault leading to the social security not complete, Party B takes the consequence.

 

(2) Both parties terminate the contract, Party B should transact the 

 

personal documents out the company within 15 days, if not, Party A will return it to the subdistrict office or relevant talent center, Party B takes the correlative charges.

 

2. When Party A’s name, phone number, address and other information changes, it should inform Party B in written form, as a result, varities of files can reach conveniently.

 

3. Party A informs Party B in written form based on the offered address by Party B. If the information wasn’t correct, Party B takes the consequence.

 

4. If the parties revoke, modify, terminate and extent the labor contract, they shall perform them according to the relevant rules of the Labor Contract Law and the country, province and city etc.

 

5. During the working period, Party B has no right to own the equipment and relevant tangible or intangible intellectual property rights. Because Party B’s breach the rules, result the economic losses, Party B shall bear the compensation and the related responsibility.

 

6. If party B requires to revoke the labor contract, they shall inform Party A in writing with thirty (30) day pre-notice (The person under probation needs a pre-notice of three(3) days and the professional people with the pre-notice of six months).

 

7. Without Party A’s written approval, Party B can’t do a part-time job. If break the company’s regulation, Party A has the right to terminate the labor contract.

 

 

8. According to the equal and voluntariness consultations by both Parties, Party A can change the welfare, working content and work place about the contract.

 

9. When the contract period finish, Party B has the right to terminate the contract.

 

10. When Party B breaks the company’s regulation, Party A can terminate the contract or reduce the wage based on the company system.

 

11. Party A seriously violates the laws, rules and Party A’s labor discipline and regulations, causes heavy losses to Party A, Party B shall be liable within the scope of responsibility.

 

12. As Party B’s illegal activity causes heavy losses to Party A, Party A can terminate the contract based on company system.

 

13. Party A can formulate the new company system according to the country’s relevant regulation. If this contract term is conflict with the country’s new regulation and Party A’s new company system, both parties should implement the country and Party A’s new regulations.

 

14. When Party B violates the contract’s rules, Party B should pay back the training fees and take the liquidated damage.

 

15. Commercial secrets and competitions:

 

(1) Referred to in this contract, the commercial secret is not familiar with the public and it can bring benefit to the company.

 

(2) Within the contract period, Party B has the obligation to keep the 

 

commercial secret of the company. Party B should not copy, take photo, steal and other forms to own, broadcast, sell and allow anyone to use the company’s commercial secret.

 

(3) Due to Party B violate the confidentially agreement, causes Party A’s heavy losses, Party B takes the consequence.

 

(4) After the contract terminate, Party B still need to abide by the confidential agreement, can’t broadcast or tell anyone through any forms.

 

(5) As Party B’s job related to the commercial secret, after 2 years expiration of the contract, Party B can’t do the business related to the company’s commercial secret.

 

(6) As the compensation of Party B taking the obligation, Party A pay 50% of Party B’s basis salary.

 

(7) After leaving the office, Party B shouldn’t allure other employee turnover.

 

(8) If Party B were not implementing the non-complete obligation, except payback the full compensation, it still should pay the penalty 5-500,000 RMB.

 

Chapter 10 Labor disputes settlement and miscellaneous

 

Article 22 Regarding the labor disputes arisen of the parties during the performance of the contract, they shall be solved through consultations or intervened by the trade union of the unit or applied for the medication from the labor dispute coordination committee. Regarding those who fail to 

 

reach the agreement or are not willing to be intermediated, they may file the arbitration from the Labor Dispute Arbitration Committee. Regarding those who don’t agree with the arbitration, they may file the law suite from the people’s court.

 

Article 23 Appendix of this contract as follows, including but not limited to:

 

1. Company Management System

 

2. Attendance Management System

 

 In the period of the contract, Party A can issue new regulations, adopt new management system and process at any time, according to their own production, management, management needs.

 

  Party B’s work email:

 

  Work email is Party B’s essential
tool , it should be kept working state, if there is any problem, promptly contact relevant staff to solve, otherwise the damage
caused by failing to master the relevant information, Party B takes the consequence. Party
B promises his correspondence address of the contract shall be the address that Party A sends the letters or mails to Party B.
If any letters or mails are not returned or undeliverable after Party A sends them, it is deemed that they have arrived
at Party B.

 

Article 24 Anything leftover or any article in this contract which conflict with the future regulation will abide by the future regulation.

 

Article 25 The contract will come into force after signature or seal of the 

 

parties and be made in duplicate with each party holding one copy.

 

Party A(official stamp)  Qianxian Guangshi (Beijing) Media and Advertisement Co., Ltd.   

 

Legal representative (person in charge) or agent (signature or stamp) /s/
Yahong Zhao

 

Party B(signature or stamp) /s/ Yong Xu

 

 

Date: September 3rd, 2012

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