Bauer Christopher R. 4

What Happened

• Christopher R. Bauer, VP and Treasurer of Pinnacle West Capital Corp. (PNW), received a grant of 1,140 Restricted Stock Units (RSUs) on February 17, 2026. The award is a derivative compensation grant (code A); no purchase price or immediate cash value is reported. RSUs will be settled in the company’s common stock when they vest.

Key Details

• Transaction date: 2026-02-17 (Form 4 filed 2026-02-19 — filed within the two-business-day window).
• Transaction type/code: Award/Grant (A) of 1,140 Restricted Stock Units; price: N/A.
• Shares owned after transaction: Not disclosed on this Form 4.
• Footnotes: (1) Each RSU represents a contingent right to one share and will be settled in common stock; dividend equivalents will be credited as additional RSUs from grant until vesting, and vested dividend equivalents will be paid in cash. (2) The RSU award vests in four equal annual installments beginning February 20, 2027.
• Filing timeliness: Timely (no late filing indicated).

Context

• This is a compensation award (RSUs), not an open-market purchase or sale. RSUs are typically used for retention and align executive pay with shareholder value; they do not represent immediate share ownership until vested/settled.