Pinnacle West SVP reports stock award on Form 4

Pinnacle West Capital senior vice president and general counsel Shirley A. Baum reported compensation-related stock transactions.

Accepted by SEC EDGAR 03/20/2026 - 10:34 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Pinnacle West Capital senior vice president and general counsel Shirley A. Baum reported compensation-related stock transactions. She received 2,781 shares of common stock upon vesting of 2023 performance shares, then 327 shares were surrendered to the company and 1,052 shares were withheld to cover taxes at $100.92 per share. After these non‑market transactions, she directly holds 5,846 common shares.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Baum Shirley A

Role SVP and GC

Type	Security	Shares	Price	Value
Grant/Award	Common Sock	2,781	$0.00	$0.00
Disposition	Common Sock	327	$100.92	$33K
Exercise Price or Tax Liability	Common Sock	1,052	$100.92	$106K

Holdings After Transaction: Common Sock — 5,846 shares (Direct)

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

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What insider transactions did PNW executive Shirley Baum report on this Form 4?

Shirley A. Baum reported vesting of 2,781 Pinnacle West common shares from 2023 performance awards. She then surrendered 327 shares to the company and 1,052 shares were withheld for taxes, all on March 18, 2026, at a reference price of $100.92.

Were Shirley Baum’s PNW Form 4 transactions open-market buys or sells?

The transactions were not open-market trades. Shares were acquired through vesting of performance-based awards, with 327 shares surrendered to the issuer and 1,052 shares withheld for taxes. These are compensation and tax-related entries, not discretionary market purchases or sales.

How many Pinnacle West (PNW) shares does Shirley Baum own after these transactions?

Following the March 18, 2026 transactions, Shirley A. Baum directly owns 5,846 Pinnacle West common shares. This figure reflects the vested performance shares, the shares disposed back to the company, and the shares withheld to satisfy tax withholding obligations.

What triggered the stock grant reported by PNW executive Shirley Baum?

The stock grant arose from 2023 performance shares that vested based on total shareholder return, earnings per share growth, clean megawatts installed, and dividend-equivalent rights. Upon vesting, Baum received 2,781 common shares tied to these performance and dividend-equivalent metrics.

What does the tax withholding entry on Shirley Baum’s PNW Form 4 represent?

The tax withholding entry reflects 1,052 Pinnacle West shares retained by the company at $100.92 per share to satisfy Baum’s tax obligations on the vested performance shares. Footnotes state she retained all remaining shares after this required tax withholding.

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

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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 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)
	SVP and GC

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 Sock	03/18/2026		A		2,781(1)	A	$0(1)	7,225	D
Common Sock	03/18/2026		D(2)		327	D	$100.92	6,898	D
Common Sock	03/18/2026		F(3)		1,052	D	$100.92	5,846	D

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)