Pinnacle West (PNW) VP and Treasurer granted 1,140 Restricted Stock Units

Rhea-AI Filing Summary

Pinnacle West Capital reported that VP and Treasurer Christopher R. Bauer acquired 1,140 Restricted Stock Units as an equity award. Each unit represents the economic equivalent of one share of common stock and will be settled in common shares when vested.

The award, granted in February 2026, vests in four equal annual installments beginning on February 20, 2027. From the grant date to vesting, Bauer will also receive additional units as dividend equivalents when cash dividends are declared, with vested dividend-equivalent units paid in cash.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Bauer Christopher R.

Role VP and Treasurer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	1,140	$0.00	--

Holdings After Transaction: Restricted Stock Unit — 1,140 shares (Direct)

Footnotes (1)

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. 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.

Form 4 Insider Transactions: What Each Field Means →

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Bauer Christopher R.

(Last) (First) (Middle)

400 NORTH 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 and Treasurer

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 Unit	(1)	02/17/2026		A		1,140		(2)	(2)	Common Stock	1,140	(1)	1,140	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) report for Christopher R. Bauer?

Pinnacle West Capital reported that VP and Treasurer Christopher R. Bauer received 1,140 Restricted Stock Units as an equity award. Each RSU represents the economic equivalent of one share of common stock and is part of his compensation package, vesting over four years.

How many Restricted Stock Units did PNW grant to Christopher R. Bauer?

Christopher R. Bauer was granted 1,140 Restricted Stock Units. These units were awarded in February 2026 and will be settled in common stock as they vest, providing equity-based compensation tied to the company’s share performance over the vesting period.

What is the vesting schedule for Christopher R. Bauer’s PNW Restricted Stock Units?

The Restricted Stock Units granted to Christopher R. Bauer vest in four equal, annual installments. Vesting begins on February 20, 2027, and continues annually, aligning his compensation with longer-term company performance and encouraging retention over the multi-year period.

How are dividend equivalents treated on Christopher R. Bauer’s PNW Restricted Stock Units?

When Pinnacle West Capital declares a cash dividend between grant and vesting, Christopher R. Bauer is credited with additional Restricted Stock Units as dividend equivalents. Once these dividend-equivalent units vest, the value is paid to him in cash rather than additional shares.

Do Christopher R. Bauer’s Restricted Stock Units at PNW settle in cash or stock?

The primary Restricted Stock Units granted to Christopher R. Bauer will be settled in shares of Pinnacle West Capital common stock. However, vested units that arise from dividend equivalents on the award will be settled in cash instead of additional common stock.