Pinnacle West director granted 1,665 stock units

de la Melena Gonzalo A Jr reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

de la Melena Gonzalo A Jr reported acquisition or exercise transactions in this Form 4 filing.

Pinnacle West Capital Corp director Gonzalo A. de la Melena Jr received a grant of 1,665 stock units. These stock units are each economically equivalent to one share of Pinnacle West common stock and increase his direct derivative holdings to 1,665 units.

The stock units vested on May 14, 2026 and will be settled in shares of common stock. He elected to defer settlement until the second anniversary of the year in which he separates from service with the company, so this filing reflects a compensation award rather than an open-market trade.

Insider Trade Summary

Grant/Award: 1,665 shares

Grant/Award 1 txn

Insider de la Melena Gonzalo A Jr

Role Director

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

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

Footnotes (1)

1. F1. 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 second anniversary in which the reporting person separates from service from the Company.

Key Figures

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

4 metrics

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

Price per stock unit $0.00 per unit Compensation award, not market purchase

Units held after grant 1,665 units Total stock units following transaction

Underlying common shares 1,665 shares Each unit equals one Pinnacle West common share

Key Terms

Stock Units, economic equivalent, settled in shares of common stock, deferr[ed] 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."

settled in shares of common stock financial

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

deferr[ed] settlement financial

"The reporting person elected to defer settlement until the second anniversary in which the reporting person separates from service from the Company."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Pinnacle West (PNW) report for Gonzalo de la Melena Jr?

Pinnacle West reported that director Gonzalo A. de la Melena Jr received 1,665 stock units as a compensation award. These units are tied to company common stock and represent an equity-based grant rather than a market purchase or sale of existing shares.

How many stock units did the Pinnacle West (PNW) director receive in this Form 4?

The director received 1,665 stock units. Following this grant, his reported derivative holdings in these units total 1,665, reflecting the full amount of this award as newly acquired equity-based compensation linked to Pinnacle West common stock.

What are the Pinnacle West (PNW) stock units granted to the director?

Each stock unit is the economic equivalent of one share of Pinnacle West common stock. They are a form of deferred equity compensation that ultimately will be settled in actual common shares according to the vesting and deferral terms described in the Form 4 footnote.

When do the Pinnacle West (PNW) stock units granted to the director vest and settle?

The 1,665 stock units vested on May 14, 2026 and will be settled in shares of common stock. The director elected to defer this settlement until the second anniversary of the year in which he separates from service with the company.

Does this Pinnacle West (PNW) Form 4 show any open-market stock purchases or sales?

No open-market purchases or sales are shown. The filing reports a grant of 1,665 stock units at a price of $0.00 per unit as equity compensation, rather than a transaction where the director bought or sold existing Pinnacle West common shares in the market.

How does this Pinnacle West (PNW) stock unit grant affect the director’s reported holdings?

After the grant, the director’s reported derivative holdings include 1,665 stock units directly owned. These units are scheduled to be settled in Pinnacle West common shares under the deferral terms, increasing his long-term equity-based exposure to the company.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/18/2026 - 04:54 PM EDT Learn about SEC filing dates

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^*

de la Melena Gonzalo A 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 second anniversary 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)