Esparza Jose Luis Jr 4

What Happened
Jose Luis Esparza, Senior Vice President of Public Policy at Pinnacle West Capital Corp (PNW), was granted 1,824 Restricted Stock Units (RSUs) on February 17, 2026. The award is a derivative compensation grant (no cash purchase) and will be settled in common stock when vested. The filing does not state a dollar value for the award.

Key Details

• Transaction date: 2026-02-17 (reported on Form 4 filed 2026-02-19). Filing appears timely.
• Transaction type/code: Award/Grant (A) — 1,824 RSUs (derivative; acquisition price N/A).
• Vesting: Four equal annual installments beginning February 20, 2027.
• Settlement: RSUs will be settled in common stock upon vesting.
• Dividend equivalents: Recipient will receive additional RSUs for dividends declared between grant and vesting; vested dividend equivalents will be paid in cash (see footnotes).
• Shares owned after transaction: Not specified in the filing.

Context
RSUs are a common form of long-term compensation and are typically intended as retention/incentive awards; they do not represent an open-market purchase or sale. Because this is a compensation grant that vests over time, it should be interpreted as part of Esparza’s pay package rather than an immediate market sentiment signal.