Pinnacle West (PNW) director awarded 1,665 deferred stock units

Rhea-AI Filing Summary

TREVATHAN JAMES E JR reported acquisition or exercise transactions in this Form 4 filing.

Pinnacle West Capital Corp director James E. Trevathan Jr. received a grant of 1,665 stock units, each economically equivalent to one share of Pinnacle West common stock. The units vested on May 14, 2026 and will be settled in common shares, with settlement deferred until after his separation from the company.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider TREVATHAN JAMES E JR

Role null

Type	Security	Shares	Price	Value
Grant/Award	Stock Units	1,665	$0.00	--

Holdings After Transaction: Stock Units — 1,665 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Stock units granted: 1,665 units Price per stock unit: $0.00 per unit Total stock units after grant: 1,665 units +1 more

4 metrics

Stock units granted 1,665 units Grant of stock units to director on May 14, 2026

Price per stock unit $0.00 per unit Reported transaction price for awarded stock units

Total stock units after grant 1,665 units Director’s stock unit balance following the transaction

Underlying common shares 1,665 shares Common stock underlying granted stock units

Key Terms

Stock Units, economic equivalent, vested, defer settlement

4 terms

Stock Units financial

"Each Stock Unit is the economic equivalent of one share of Pinnacle West common stock."

Stock units are individual pieces of ownership in a company, like slices of a pie that together make up the whole business. They matter to investors because each unit represents a claim on the company’s assets, profits and sometimes voting power, and changes in the number or value of these units affect ownership percentages, potential dividends and share dilution — all of which influence an investment’s worth.

economic equivalent financial

"Each Stock Unit is the economic equivalent of one share of Pinnacle West common stock."

vested financial

"The Stock Units vested on May 14, 2026 and will be settled in shares of common stock."

defer settlement financial

"The reporting person elected to defer settlement until the last business day of the month following the month in which the reporting person separates from service from the Company."

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^*

TREVATHAN JAMES E JR

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

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

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
Stock Units	(1)	05/14/2026		A		1,665		(1)	(1)	Common Stock	1,665	(1)	1,665	D

Explanation of Responses:

1. Each Stock Unit is the economic equivalent of one share of Pinnacle West common stock. The Stock Units vested on May 14, 2026 and will be settled in shares of common stock. The reporting person elected to defer settlement until the last business day of the month following the month in which the reporting person separates from service from the Company.

Remarks:

	/s/ Melissa Sallee, Attorney-in-Fact	05/18/2026
	** 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 did Pinnacle West (PNW) director James Trevathan receive in this Form 4?

He received 1,665 stock units that are economically equivalent to Pinnacle West common shares. These stock units represent equity-based compensation rather than a cash payment and increase his direct exposure to the company’s stock performance over time.

How many Pinnacle West (PNW) stock units were granted in this filing?

The filing reports a grant of 1,665 stock units to director James E. Trevathan Jr. Each unit tracks the value of one share of Pinnacle West common stock, providing stock-based compensation aligned with shareholder interests.

When do the reported Pinnacle West (PNW) stock units vest and settle?

The 1,665 stock units vested on May 14, 2026 and will be settled in shares of common stock. Settlement is deferred until the last business day of the month following the month when the director separates from service with the company.

Are the Pinnacle West (PNW) stock units granted in this Form 4 cash transactions?

No, the Form 4 shows a stock-based award, not a cash purchase or sale. The 1,665 stock units were granted at a reported price of $0.00 per unit as compensation, to be converted into common shares at settlement.

How does this Pinnacle West (PNW) Form 4 affect the director’s holdings?

After the transaction, the director holds 1,665 stock units tied to Pinnacle West common stock. These units will eventually be settled in shares, increasing his equity-linked position and aligning his compensation with the company’s long-term stock performance.