Pinnacle West (PNW) awards 4,552 Restricted Stock Units to APS EVP

Rhea-AI Filing Summary

Heflin Adam C reported acquisition or exercise transactions in this Form 4 filing.

Pinnacle West Capital reported that EVP & Chief Nuclear Officer of APS, Adam C. Heflin, received a grant of 4,552 Restricted Stock Units on February 17, 2026. Each unit represents the right to receive the economic equivalent of one share of common stock, to be settled in stock when vested.

The award vests in four equal annual installments beginning on February 20, 2027. The grant also includes related dividend equivalent rights, which accrue additional units during the vesting period and are paid in cash when those dividend-related units vest.

Insights

Equity Compensation Analyst

Routine equity compensation grant to senior executive, modest direct impact.

The filing shows 4,552 Restricted Stock Units granted to Adam C. Heflin, a senior executive at an affiliate of Pinnacle West Capital. This is structured as stock-settled RSUs with associated dividend equivalents, a common form of long-term incentive pay.

The RSUs vest in four equal annual installments starting on February 20, 2027, which encourages longer-term retention and alignment with shareholder value. Dividend equivalents are credited as additional RSUs over time, but those related units are ultimately settled in cash, separating income from core share issuance.

This appears to be a standard compensation event rather than a directional bet on the stock. Future company filings may detail additional equity awards or vesting outcomes for executives, which together shape the broader compensation and dilution profile.

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^*

Heflin Adam C

(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)
			EVP & CNO, 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		4,552		(2)	(2)	Common Stock	4,552	(1)	4,552	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 Adam C. Heflin?

Pinnacle West Capital reported that Adam C. Heflin received a grant of 4,552 Restricted Stock Units. The award represents a contingent right to the economic equivalent of common shares, to be settled in stock as the units vest over time.

How many Restricted Stock Units did Adam C. Heflin receive in the latest PNW Form 4?

Adam C. Heflin received 4,552 Restricted Stock Units. These units provide the economic equivalent of one share of Pinnacle West Capital common stock per unit, subject to the vesting schedule and settlement terms described in the award documentation.

What is the vesting schedule for Adam C. Heflin’s Restricted Stock Units at PNW?

The Restricted Stock Units vest in four equal, annual installments beginning on February 20, 2027. This means the award vests gradually over four years, supporting long-term retention and alignment between the executive’s interests and Pinnacle West Capital shareholders.

How are dividend equivalents treated for Adam C. Heflin’s RSU grant at Pinnacle West Capital?

When Pinnacle West declares cash dividends between grant and vesting, Adam C. Heflin is credited with additional Restricted Stock Units as dividend equivalents. The vested units from the dividend equivalents portion are paid in cash rather than additional shares of common stock.

Does Adam C. Heflin’s RSU grant in PNW’s Form 4 involve an open-market stock purchase or sale?

No, the Form 4 describes a grant of Restricted Stock Units classified as a grant, award, or other acquisition. It does not reflect an open-market stock purchase or sale, but rather an equity-based compensation award provided by Pinnacle West Capital.