Pinnacle West (NYSE: PNW) VP gets 3,098-share award and retains stock

Rhea-AI Filing Summary

Pinnacle West Capital executive Elizabeth A. Blankenship, VP, Controller and CAO, reported compensation-related stock activity in Common Stock on March 18, 2026. She received a grant of 3,098 shares upon vesting of performance shares granted in 2023, tied to total shareholder return, earnings per share growth, clean megawatts installed, and dividend-equivalent rights.

Of these and related performance share settlements, 373 shares were delivered back to the company as a cash settlement of performance shares received in connection with dividend-equivalent rights at 100.92 per share, and 733 shares were retained by the company to satisfy tax withholding requirements, with all remaining shares retained by the executive. Following these transactions, she directly holds 11,866 shares and indirectly holds 54 shares through a 401(k) plan.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Blankenship Elizabeth A

Role VP, Controller and CAO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	3,098	$0.00	--
Disposition	Common Stock	373	$100.92	$38K
Tax Withholding	Common Stock	733	$100.92	$74K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 12,972 shares (Direct); Common Stock — 54 shares (Indirect, by 401(k))

Footnotes (1)

1. Shares acquired upon the vesting of the performance shares granted in 2023 that were tied to the following: total shareholder return performance; earnings per share growth; clean megawatts installed metrics; and performance shares received in connection with dividend equivalent rights. Represents the cash settlement of performance shares received in connection with the settlement of dividend equivalent rights. Shares retained by the Company for the purpose of meeting tax withholding requirements. The recipient retained all other shares.

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^*

Blankenship Elizabeth A

(Last) (First) (Middle)

400 N. 5TH STREET

(Street)

PHOENIX ARIZONA 85004

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

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

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

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

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
Common Stock	03/18/2026		A		3,098(1)	A	$0(1)	12,972	D
Common Stock	03/18/2026		D(2)		373	D	$100.92	12,599	D
Common Stock	03/18/2026		F(3)		733	D	$100.92	11,866	D
Common Stock								54	I	by 401(k)

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

Explanation of Responses:

1. Shares acquired upon the vesting of the performance shares granted in 2023 that were tied to the following: total shareholder return performance; earnings per share growth; clean megawatts installed metrics; and performance shares received in connection with dividend equivalent rights.

2. Represents the cash settlement of performance shares received in connection with the settlement of dividend equivalent rights.

3. Shares retained by the Company for the purpose of meeting tax withholding requirements. The recipient retained all other shares.

Remarks:

	/s/ Melissa Sallee, Attorney-in-Fact	03/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Pinnacle West (PNW) report for Elizabeth Blankenship?

Elizabeth A. Blankenship reported a grant of 3,098 Pinnacle West common shares from vested performance awards. Part of the related shares were used for tax withholding and cash settlement, while she retained the remaining shares as direct ownership plus a small 401(k) holding.

How many Pinnacle West (PNW) shares did the executive receive and retain?

She received 3,098 common shares from vested performance awards. After 373 shares were settled in cash and 733 shares withheld for taxes, she directly held 11,866 shares, with an additional 54 shares held indirectly through a 401(k) plan associated with Pinnacle West.

Were any of Elizabeth Blankenship’s Pinnacle West (PNW) transactions open-market trades?

No, the reported activity reflects compensation-related vesting and company-level settlements. Shares were granted upon performance vesting, with certain shares settled back to the company and others withheld for taxes, rather than being bought or sold on the open market.

What performance metrics were tied to the Pinnacle West (PNW) share grant?

The 3,098-share grant came from performance shares granted in 2023, tied to total shareholder return, earnings per share growth, clean megawatts installed, and dividend-equivalent rights. These metrics determined the vesting outcome that resulted in the share issuance to the executive.

How many Pinnacle West (PNW) shares does the executive hold after these transactions?

After the reported transactions, Elizabeth Blankenship holds 11,866 Pinnacle West common shares directly and 54 shares indirectly through a 401(k). This reflects her post-vesting and post-withholding ownership level as disclosed in the Form 4 insider transaction report.

What does the tax withholding entry mean in the Pinnacle West (PNW) Form 4?

The tax withholding entry shows 733 shares were retained by the company at $100.92 per share to cover tax obligations on vested performance awards. This is a non-market disposition mechanism commonly used instead of paying taxes in cash on stock-based compensation.