Pinnacle West (PNW) awards 1,772 RSUs to senior finance executive

Rhea-AI Filing Summary

Blankenship Elizabeth A reported acquisition or exercise transactions in this Form 4 filing.

Pinnacle West Capital reported that VP, Controller and CAO Elizabeth A. Blankenship received a grant of 1,772 Restricted Stock Units on February 17, 2026. Each unit represents the economic equivalent of one share of common stock and will be settled in common stock when vested.

The award, effective in February 2026, vests in four equal annual installments beginning on February 20, 2027. From grant date until vesting, cash dividends declared on the stock will generate additional Restricted Stock Units as dividend equivalents, which will be paid in cash when those related units vest.

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

OMB APPROVAL

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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^*

Blankenship Elizabeth A

(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
X	Officer (give title below)		Other (specify below)
	VP, Controller and CAO

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		1,772		(2)	(2)	Common Stock	1,772	(1)	1,772	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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Pinnacle West Capital (PNW) disclose for Elizabeth A. Blankenship?

Pinnacle West Capital disclosed that VP, Controller and CAO Elizabeth A. Blankenship received 1,772 Restricted Stock Units on February 17, 2026. These equity awards represent the economic equivalent of common shares and are part of her compensation package, aligning her interests with shareholders over time.

How do the 1,772 Restricted Stock Units for PNW’s Elizabeth Blankenship vest?

The 1,772 Restricted Stock Units granted to Elizabeth Blankenship vest in four equal annual installments. Vesting begins on February 20, 2027, with subsequent installments in later years, encouraging longer-term retention and linking compensation to the company’s ongoing performance and share value.

How are Pinnacle West Capital (PNW) Restricted Stock Units settled for this grant?

Each Restricted Stock Unit awarded to Elizabeth Blankenship represents a contingent right to receive the economic equivalent of one Pinnacle West Capital common share. The units will be settled in common stock once they vest, directly tying the award’s value to the company’s share price.

What are dividend equivalents on the PNW Restricted Stock Units granted to Elizabeth Blankenship?

When Pinnacle West Capital declares a cash dividend between grant and vesting, Elizabeth Blankenship is credited with additional Restricted Stock Units as dividend equivalents. Once those related units vest, the dividend equivalent portion will be paid out in cash rather than additional shares.

Is the Form 4 transaction for PNW an open market stock purchase or sale?

The Form 4 for Pinnacle West Capital reports a grant of 1,772 Restricted Stock Units to Elizabeth Blankenship, not an open market purchase or sale. It is coded as an acquisition (award) with no cash price per share, reflecting equity-based compensation instead of trading activity.