Equity award: Pinnacle West (NYSE: PNW) grants 1,824 RSUs to APS SVP

Rhea-AI Filing Summary

Esparza Jose Luis Jr reported acquisition or exercise transactions in this Form 4 filing.

PINNACLE WEST CAPITAL CORP reported that Jose Luis Esparza Jr., SVP Public Policy at APS, received a grant of 1,824 Restricted Stock Units on February 17, 2026. These units give him the right to receive the economic equivalent of one share of common stock for each unit.

The award, granted and effective in February 2026, will vest in four equal annual installments beginning on February 20, 2027. The units will be settled in common stock, and from the grant date to vesting, additional units will accrue as dividend equivalents, which will be paid in cash once vested.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Esparza Jose Luis Jr

(Last) (First) (Middle)

400 N. 5TH STREET

(Street)

PHOENIX AZ 85004

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PINNACLE WEST CAPITAL CORP [ PNW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			SVP Public Policy APS

3. Date of Earliest Transaction (Month/Day/Year)
02/17/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	02/17/2026		A		1,824		(2)	(2)	Common Stock	1,824	(1)	1,824	D

Explanation of Responses:

1. On February 17, 2026, the recipient received the number specified above of Restricted Stock Units and related Dividend Equivalents. 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 common stock. When the Company declares a cash dividend on its stock from the date of grant until the applicable vesting date, the recipient will be credited with additional Restricted Stock Units in satisfaction of the Dividend Equivalents Award. Vested Restricted Stock Units in satisfaction of the Dividend Equivalents Award will be made in cash.

2. The Restricted Stock Units award was granted and was effective in February 2026, and vests in four equal, annual installments beginning on February 20, 2027.

Remarks:

	/s/ Melissa Sallee, Attorney-in-Fact	02/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did PINNACLE WEST CAPITAL CORP (PNW) report for Jose Luis Esparza Jr.?

PINNACLE WEST CAPITAL CORP reported a grant of 1,824 Restricted Stock Units to Jose Luis Esparza Jr. This equity award represents a contingent right to receive common stock value and forms part of his compensation as SVP Public Policy at APS.

How many Restricted Stock Units did Jose Luis Esparza Jr. receive from PNW?

Jose Luis Esparza Jr. received 1,824 Restricted Stock Units from PINNACLE WEST CAPITAL CORP. Each unit corresponds to the economic equivalent of one share of common stock, providing equity-based incentives tied to the company’s stock performance over time.

When do the granted Restricted Stock Units to Jose Luis Esparza Jr. vest at PNW?

The Restricted Stock Units granted in February 2026 vest in four equal annual installments starting February 20, 2027. This multi-year vesting schedule is designed to retain the executive and align his longer-term interests with shareholders’ equity performance.

How will the Restricted Stock Units for Jose Luis Esparza Jr. at PNW be settled?

The Restricted Stock Units will be settled in shares of PINNACLE WEST CAPITAL CORP common stock. Upon vesting, Esparza will receive common stock corresponding to vested units, linking a portion of his compensation directly to the company’s share value.

What are dividend equivalents on Jose Luis Esparza Jr.’s Restricted Stock Units at PNW?

From the grant date until vesting, when PNW declares cash dividends, Esparza is credited with additional Restricted Stock Units as dividend equivalents. Once these dividend-equivalent units vest, they will be paid out in cash rather than additional shares.

What type of Form 4 transaction code applies to Jose Luis Esparza Jr.’s award at PNW?

The transaction is coded “A” on Form 4, indicating a grant, award, or other acquisition. This reflects that Esparza acquired 1,824 Restricted Stock Units as part of an equity compensation program, rather than through an open-market stock purchase.