This excerpt taken from the APC DEF 14A filed Mar 31, 2008.
15.1 Payment of Deferred Cash
When a Participant ceases to be a member of the Board, the Company shall pay to the Participant (or the Participants Beneficiary in the case of the Participants death) an amount equal to the deferred cash balance of his or her Memorandum Deferred Account, plus interest (at a rate determined pursuant to Section 12.3) on the outstanding deferred cash account balance to the date of distribution, as follows:
(a) a lump sum cash payment (payable within 30 days),
(b) a lump sum cash payment made at a date certain in the future as determined at the time the deferral election is made pursuant to Section 11.2, or
(c) in periodic installments over a period of years as determined at the time the deferral election is made under Section 11.2.
Payment of deferred cash shall be made or, in the case of installments over a period of years, shall begin to be made, in the month following the date on which a Participant ceases to be a member of the Board.