EICHER CAROL S 4

What Happened

• Carol S. Eicher, a director of Pinnacle West Capital Corp. (PNW), was credited with 1,665 Stock Units as an award that vested on May 14, 2026. These Stock Units are the economic equivalent of 1,665 shares of Pinnacle West common stock and will be settled in shares.
• No cash price is associated with the award (derivative grant, reported with code "A"). The reporting person has elected to defer settlement until the last business day of the month following the month in which she separates from service.

Key Details

• Transaction date: May 14, 2026 (vest date). Filing date: May 18, 2026 — appears timely (filed within two business days).
• Instrument: 1,665 Stock Units (derivative), vested and payable in shares upon settlement.
• Price/consideration: N/A (award/stock unit grant).
• Settlement election: Reporting person elected to defer settlement until the last business day of the month following separation from service.
• Shares owned after transaction: Not specified in this filing.
• Footnote: Each Stock Unit equals one share of common stock; units vested and will be settled in shares per the footnote.

Context

• Stock unit awards are compensation, not an open-market purchase or sale; they do not directly indicate a buy or sell decision by the insider.
• Because these units vested and are deferred for settlement, no immediate share transfer into the insider’s account occurred at vesting.