Pinnacle West (PNW) SVP and GC Shirley Baum awarded 3,440 RSUs

Rhea-AI Filing Summary

Baum Shirley A reported acquisition or exercise transactions in this Form 4 filing.

Pinnacle West Capital granted Senior Vice President and General Counsel Shirley A. Baum 3,440 Restricted Stock Units (RSUs) on February 17, 2026. Each RSU represents the economic equivalent of one share of common stock and will ultimately be settled in common stock.

The award vests in four equal annual installments beginning on February 20, 2027. From the grant date until vesting, Baum will also receive dividend equivalent credits in the form of additional RSUs when the company pays cash dividends, with vested dividend-equivalent RSUs paid in cash.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Baum Shirley A

Role SVP and GC

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	3,440	$0.00	--

Holdings After Transaction: Restricted Stock Unit — 3,440 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^*

Baum Shirley 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)
	SVP and GC

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		3,440		(2)	(2)	Common Stock	3,440	(1)	3,440	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 Shirley A. Baum?

Pinnacle West Capital reported that SVP and General Counsel Shirley A. Baum received 3,440 Restricted Stock Units. The RSUs were granted on February 17, 2026 as equity-based compensation, adding to her long-term incentive alignment with common shareholders.

How many Restricted Stock Units did Shirley A. Baum receive from Pinnacle West Capital (PNW)?

Shirley A. Baum received 3,440 Restricted Stock Units from Pinnacle West Capital. Each RSU provides the economic equivalent of one share of common stock, forming part of her long-term equity compensation tied to the company’s future performance and share value.

When do Shirley A. Baum’s Pinnacle West Capital (PNW) RSUs vest?

The 3,440 Restricted Stock Units granted to Shirley A. Baum vest in four equal annual installments. Vesting begins on February 20, 2027, meaning one-quarter of the award becomes earned each year over the four-year schedule, supporting long-term retention and alignment.

How will Shirley A. Baum’s Pinnacle West Capital (PNW) RSUs be settled?

Shirley A. Baum’s Restricted Stock Units will be settled in Pinnacle West Capital common stock. Each RSU provides the economic equivalent of one share, so upon vesting the company will deliver shares, directly linking the award’s value to the stock price.

What are the dividend equivalent features of Shirley A. Baum’s PNW RSU grant?

From grant until vesting, when Pinnacle West Capital declares cash dividends, Shirley A. Baum receives additional RSUs as dividend equivalents. Once these dividend-equivalent RSUs vest, they are paid out in cash, mirroring the economic effect of receiving dividends on underlying shares.

Is Shirley A. Baum’s Form 4 transaction in Pinnacle West Capital (PNW) a purchase or a grant?

The Form 4 transaction for Shirley A. Baum reflects a grant or award, not an open-market purchase. She acquired 3,440 Restricted Stock Units at a stated price of $0.0000 per unit as part of her executive compensation package from Pinnacle West Capital.