Pinnacle West (PNW) director granted 1,665 deferred stock units as equity pay

Rhea-AI Filing Summary

EICHER CAROL S reported acquisition or exercise transactions in this Form 4 filing.

Pinnacle West Capital director Carol S. Eicher received a grant of 1,665 stock units as compensation. Each stock unit is the economic equivalent of one share of Pinnacle West common stock and will be settled in common shares after she separates from service with the company, based on her prior deferral election.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider EICHER CAROL S

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 Units held after transaction: 1,665 units Transaction price per unit: $0.0000 +2 more

5 metrics

Stock units granted 1,665 units Grant to director Carol S. Eicher

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

Transaction price per unit $0.0000 Non-cash compensation grant

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

Vesting date May 14, 2026 Units vested on this date

Key Terms

Stock Units, economic equivalent, settled in shares of common stock, separates from service

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."

separates from service other

"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^*

EICHER CAROL S

(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 Carol Eicher report in this Form 4?

Carol S. Eicher reported receiving 1,665 stock units as a compensation grant. These units are deferred equity that convert into Pinnacle West common stock after she separates from service, reflecting a routine, non-cash director compensation award.

How many stock units did Carol Eicher acquire from Pinnacle West (PNW)?

She acquired 1,665 stock units. According to the filing, each stock unit is economically equivalent to one share of Pinnacle West common stock, providing equity-based compensation that aligns her financial interests with long-term shareholder value.

When do Carol Eicher’s Pinnacle West (PNW) stock units vest and settle?

The stock units vested on May 14, 2026, according to the footnote. Settlement in shares of common stock will occur on the last business day of the month after the month in which she separates from service with the company.

What is a stock unit in the context of Pinnacle West (PNW) director compensation?

A stock unit is a deferred equity award economically equivalent to one share of Pinnacle West common stock. It does not settle immediately; instead, it converts into actual shares at a future time, often tied to service or separation conditions.

Does Carol Eicher pay anything for the Pinnacle West (PNW) stock units granted?

The transaction price per stock unit is reported as 0.0000, indicating no cash payment by Carol Eicher. The grant represents compensation from Pinnacle West, rather than an open-market purchase of the company’s shares.