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|4Feb 24, 8:28 PM ET

Heflin Adam C 4

4 · PINNACLE WEST CAPITAL CORP · Filed Feb 24, 2026

Insider Transaction Report

Form 4
Period: 2026-02-20
PINNACLE WEST CAPITAL CORPPNW
Heflin Adam C
Other
Transactions
  • Exercise/Conversion

    Common Stock

    [F1]
    2026-02-20+1,352→ 23,521 total
  • Disposition to Issuer

    Common Stock

    [F2]
    2026-02-20$98.34/sh−199$19,570→ 23,322 total
  • Tax Payment

    Common Stock

    [F3]
    2026-02-20$98.34/sh−322$31,665→ 23,000 total
  • Exercise/Conversion

    Common Stock

    [F1]
    2026-02-20+3,766→ 26,766 total
  • Disposition to Issuer

    Common Stock

    [F2]
    2026-02-20$98.34/sh−564$55,464→ 26,202 total
  • Tax Payment

    Common Stock

    [F3]
    2026-02-20$98.34/sh−892$87,719→ 25,310 total
  • Exercise/Conversion

    Common Stock

    [F1]
    2026-02-20+1,492→ 26,802 total
  • Disposition to Issuer

    Common Stock

    [F2]
    2026-02-20$98.34/sh−176$17,308→ 26,626 total
  • Tax Payment

    Common Stock

    [F3]
    2026-02-20$98.34/sh−367$36,091→ 26,259 total
  • Exercise/Conversion

    Common Stock

    [F1]
    2026-02-20+1,531→ 27,790 total
  • Disposition to Issuer

    Common Stock

    [F2]
    2026-02-20$98.34/sh−120$11,801→ 27,670 total
  • Tax Payment

    Common Stock

    [F3]
    2026-02-20$98.34/sh−393$38,648→ 27,277 total
  • Exercise/Conversion

    Common Stock

    [F1]
    2026-02-20+1,216→ 28,493 total
  • Disposition to Issuer

    Common Stock

    [F2]
    2026-02-20$98.34/sh−47$4,622→ 28,446 total
  • Tax Payment

    Common Stock

    [F3]
    2026-02-20$98.34/sh−326$32,059→ 28,120 total
  • Exercise/Conversion

    Restricted Stock Units

    [F1][F4][F5]
    2026-02-20−1,352→ 0 total
    → Common Stock (1,352 underlying)
  • Exercise/Conversion

    Restricted Stock Units

    [F1][F6][F5]
    2026-02-20−3,766→ 0 total
    → Common Stock (3,766 underlying)
  • Exercise/Conversion

    Restricted Stock Units

    [F1][F7][F8][F9]
    2026-02-20−1,492→ 1,496 total
    → Common Stock (1,492 underlying)
  • Exercise/Conversion

    Restricted Stock Units

    [F1][F10][F11][F12]
    2026-02-20−1,531→ 3,061 total
    → Common Stock (1,531 underlying)
  • Exercise/Conversion

    Restricted Stock Units

    [F1][F13][F14][F15]
    2026-02-20−1,216→ 3,649 total
    → Common Stock (1,216 underlying)
Holdings

  • Common Stock

    (indirect: By Trust)
    6
Footnotes (15)
  • [F1]Each Restricted Stock Unit represents a contingent right to receive the economic equivalent of one share of the Company's common stock. The Restricted Stock Units will be settled in 100% shares of common stock.
  • [F10]The number of derivative securities in Column 5 includes 120 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
  • [F11]The Restricted Stock Units award was granted and was effective in February 2024, and vests in four equal, annual installments beginning on February 20, 2025.
  • [F12]Includes 239 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.
  • [F13]The number of derivative securities in Column 5 includes 47 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
  • [F14]The Restricted Stock Units award was granted and was effective in February 2025, and vests in four equal, annual installments beginning on February 20, 2026.
  • [F15]Includes 142 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.
  • [F2]Represents the cash settlement of Restricted Stock Units received in connection with the settlement of dividend equivalent rights
  • [F3]Shares retained by the Company for purpose of meeting tax withholding requirements. The recipient retained all other shares.
  • [F4]The number of derivative securities in Column 5 includes 199 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
  • [F5]The Restricted Stock Units award was granted and was effective in June 2022, and vests in four equal, annual installments beginning on February 20, 2023.
  • [F6]The number of derivative securities in Column 5 includes 564 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
  • [F7]The number of derivative securities in Column 5 includes 176 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
  • [F8]The Restricted Stock Units award was granted and was effective in February 2023, and vests in four equal, annual installments beginning on February 20, 2024.
  • [F9]Includes 180 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.
Signature
/s/ Melissa Sallee, Attorney-in-Fact|2026-02-24

Documents

1 file
  • 4
    wk-form4_1771982912.xmlPrimary

    FORM 4