Pinnacle West EVP reports equity award, tax withholding

Pinnacle West Capital EVP & Chief Nuclear Officer Adam C. Heflin reported equity compensation and related share dispositions.

Rhea-AI Filing Summary

Pinnacle West Capital EVP & Chief Nuclear Officer Adam C. Heflin reported equity compensation and related share dispositions. He acquired 22,157 shares of common stock at no cost through the vesting of 2023 performance shares tied to total shareholder return, earnings per share growth, clean megawatts installed, and dividend-equivalent rights. On the same date, 2,642 shares were delivered back to the company as a cash settlement of performance shares received from dividend-equivalent rights, and 8,364 shares were retained by the company to cover tax withholding obligations, with Heflin retaining the remaining shares from the award. Following these transactions, he directly holds 39,471 common shares and has an additional 6 shares held indirectly in a trust.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Heflin Adam C

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	22,157	$0.00	$0.00
Disposition	Common Stock	2,642	$100.92	$267K
Exercise Price or Tax Liability	Common Stock	8,364	$100.92	$844K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 39,471 shares (Direct); Common Stock — 6 shares (Indirect, in Trust)

Footnotes (3)

1. F1. 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. F2. Represents the cash settlement of performance shares received in connection with the settlement of dividend equivalent rights.
3. F3. Shares retained by the Company for the purpose of meeting tax withholding requirements. The recipient retained all other shares.

FAQ

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

What insider transactions did Pinnacle West (PNW) executive Adam C. Heflin report?

Adam C. Heflin reported a grant of 22,157 Pinnacle West common shares from vested 2023 performance awards, plus related dispositions. Some shares were returned to the company and others withheld to satisfy tax obligations, leaving him with 39,471 shares held directly after the transactions.

Were Adam C. Heflin’s Pinnacle West (PNW) transactions open-market buys or sells?

The filing shows no open-market purchases or sales. Shares were acquired via vesting of performance-based awards, while dispositions consisted of shares returned to the company and shares withheld to cover taxes, which are compensation-related and not ordinary market trades.

How many Pinnacle West (PNW) shares does Adam C. Heflin hold after these Form 4 transactions?

After the reported transactions, Adam C. Heflin holds 39,471 Pinnacle West common shares directly and 6 shares indirectly in a trust. These figures reflect his position following the performance share vesting, issuer settlement, and tax-withholding share transfers.

What triggered the 22,157-share equity award to Adam C. Heflin at Pinnacle West (PNW)?

The 22,157-share award reflects the vesting of 2023 performance shares. These shares were tied to total shareholder return performance, earnings per share growth, clean megawatts installed metrics, and additional performance shares earned through dividend-equivalent rights, according to the Form 4 footnotes.

Why were some of Adam C. Heflin’s Pinnacle West (PNW) shares withheld or returned to the company?

According to the Form 4, 2,642 shares represented a cash settlement of performance shares linked to dividend-equivalent rights, and 8,364 shares were retained by the company for tax withholding. Heflin retained all other shares from the vested performance-based award.

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

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Accepted by SEC EDGAR 03/20/2026 - 12:15 PM 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^*

Heflin Adam C

(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
	Officer (give title below)	X	Other (specify below)
			EVP & CNO, APS

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		22,157(1)	A	$0(1)	50,477	D
Common Stock	03/18/2026		D(2)		2,642	D	$100.92	47,835	D
Common Stock	03/18/2026		F(3)		8,364	D	$100.92	39,471	D
Common Stock								6	I	in Trust

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)