Blankenship Elizabeth A 4

What Happened

• Elizabeth A. Blankenship, Vice President, Controller and Chief Accounting Officer of Pinnacle West (PNW), had 3,098 performance shares vest on 2026-03-18 (reported as an award at $0). On the same date she surrendered/disposed a total of 1,106 shares back to the issuer: 373 shares were cash-settled for dividend equivalents (D) at $100.92 each ($37,643) and 733 shares were surrendered to cover tax withholding (F) at $100.92 each ($73,974). Total proceeds from the dispositions were about $111,617; the vested award was reported as acquired at $0 (award vesting).

Key Details

• Transaction date: 2026-03-18 (filed on 2026-03-20; timely Form 4 filing)
• Prices and amounts: Award of 3,098 shares @ $0; disposition of 373 shares @ $100.92 = $37,643; disposition of 733 shares @ $100.92 = $73,974
• Total shares surrendered/settled: 1,106 shares for roughly $111,617
• Shares owned after the transaction: not specified in the provided filing excerpt
• Footnotes: vesting tied to performance metrics (total shareholder return, EPS growth, clean MW installed) and include dividend-equivalent settlement; some shares withheld by the company to meet tax withholding requirements
• Transaction codes: A = award/acquisition, D = disposition to issuer (cash settlement), F = tax withholding/settlement

Context

• This was a vesting of performance-based restricted shares with partial cash settlement and tax withholding — a routine administrative event rather than an open-market sale. Such dispositions to the issuer to satisfy dividend equivalents or tax obligations are common and do not necessarily signal management sentiment about the stock.