Pinnacle West Capital Corp SVP and General Counsel Shirley A. Baum reported multiple equity award transactions dated February 20, 2026. She exercised several Restricted Stock Units, which each represent the right to receive one share of common stock and are settled entirely in shares, increasing her common stock holdings.
On the same date, a portion of the newly delivered common shares was disposed back to the company and withheld at a price of $98.34 per share to cover tax and other obligations, while the remainder was retained. After these acquisitions and related dispositions, Baum directly owned 4,444 shares of Pinnacle West common stock.
Pinnacle West Capital Corporation and its utility subsidiary Arizona Public Service Company (APS) have strengthened their liquidity by replacing and expanding their revolving credit facilities and extending their maturities to February 18, 2031.
Pinnacle West entered into a third amended and restated unsecured revolving credit facility of up to $300 million, replacing a prior $200 million facility that would have expired in 2028. APS entered into an amended and restated unsecured revolving credit facility of up to $1.7 billion, up from $1.25 billion. Both facilities support general corporate purposes, including backing commercial paper and issuing letters of credit, and carry interest rates tied to each borrower’s senior unsecured debt ratings. The agreements include customary covenants on leverage, liens, ownership, and change of control, with standard default remedies.
The filing also details 2026 annual incentive plans for key executives, with target awards ranging from 70% to 125% of base salary and maximum opportunities up to 250%, all tied to APS earnings and business unit performance metrics such as safety, customer experience, financial health, reliability, and nuclear operations, and subject to clawback.
Tetlow Jacob reported acquisition or exercise transactions in this Form 4 filing.
Pinnacle West Capital executive Jacob Tetlow received an equity award in the form of 5,464 Restricted Stock Units on February 17, 2026. Each unit represents the economic equivalent of one share of common stock and will be settled in stock when it vests.
The award vests in four equal annual installments beginning on February 20, 2027, providing long-term incentive compensation. From the grant date until vesting, Tetlow will also receive dividend equivalents as additional Restricted Stock Units, which, once vested, will be paid in cash.
Heflin Adam C reported acquisition or exercise transactions in this Form 4 filing.
Pinnacle West Capital reported that EVP & Chief Nuclear Officer of APS, Adam C. Heflin, received a grant of 4,552 Restricted Stock Units on February 17, 2026. Each unit represents the right to receive the economic equivalent of one share of common stock, to be settled in stock when vested.
The award vests in four equal annual installments beginning on February 20, 2027. The grant also includes related dividend equivalent rights, which accrue additional units during the vesting period and are paid in cash when those dividend-related units vest.
Pinnacle West Capital Chairman, CEO and President Theodore N. Geisler reported an equity compensation award. On February 17, 2026, he acquired 18,204 Restricted Stock Units (RSUs), each representing the economic equivalent of one share of common stock and to be settled in common stock.
The award vests in four equal annual installments beginning on February 20, 2027. From the grant date until vesting, he will also be credited with additional RSUs as dividend equivalents whenever the company pays cash dividends. RSUs earned as dividend equivalents will be paid in cash when they vest.
Blankenship Elizabeth A reported acquisition or exercise transactions in this Form 4 filing.
Pinnacle West Capital reported that VP, Controller and CAO Elizabeth A. Blankenship received a grant of 1,772 Restricted Stock Units on February 17, 2026. Each unit represents the economic equivalent of one share of common stock and will be settled in common stock when vested.
The award, effective in February 2026, vests in four equal annual installments beginning on February 20, 2027. From grant date until vesting, cash dividends declared on the stock will generate additional Restricted Stock Units as dividend equivalents, which will be paid in cash when those related units vest.
Pinnacle West Capital reported that VP and Treasurer Christopher R. Bauer acquired 1,140 Restricted Stock Units as an equity award. Each unit represents the economic equivalent of one share of common stock and will be settled in common shares when vested.
The award, granted in February 2026, vests in four equal annual installments beginning on February 20, 2027. From the grant date to vesting, Bauer will also receive additional units as dividend equivalents when cash dividends are declared, with vested dividend-equivalent units paid in cash.
Esparza Jose Luis Jr reported acquisition or exercise transactions in this Form 4 filing.
PINNACLE WEST CAPITAL CORP reported that Jose Luis Esparza Jr., SVP Public Policy at APS, received a grant of 1,824 Restricted Stock Units on February 17, 2026. These units give him the right to receive the economic equivalent of one share of common stock for each unit.
The award, granted and effective in February 2026, will vest in four equal annual installments beginning on February 20, 2027. The units will be settled in common stock, and from the grant date to vesting, additional units will accrue as dividend equivalents, which will be paid in cash once vested.
Cooper Andrew D reported acquisition or exercise transactions in this Form 4 filing.
Pinnacle West Capital reported that its SVP & CFO, Andrew D. Cooper, received a grant of 8,092 Restricted Stock Units on February 17, 2026. Each unit represents the economic equivalent of one share of common stock and will ultimately be settled in common stock.
The award vests in four equal annual installments beginning on February 20, 2027, aligning Cooper’s compensation with long-term company performance. From grant until vesting, he will earn additional units through dividend equivalents, which will be paid in cash when those dividend-equivalent units vest.
Baum Shirley A reported acquisition or exercise transactions in this Form 4 filing.
Pinnacle West Capital granted Senior Vice President and General Counsel Shirley A. Baum 3,440 Restricted Stock Units (RSUs) on February 17, 2026. Each RSU represents the economic equivalent of one share of common stock and will ultimately be settled in common stock.
The award vests in four equal annual installments beginning on February 20, 2027. From the grant date until vesting, Baum will also receive dividend equivalent credits in the form of additional RSUs when the company pays cash dividends, with vested dividend-equivalent RSUs paid in cash.