Robert Edgar Smith - 20 Feb 2024 Form 4 Insider Report for PINNACLE WEST CAPITAL CORP (PNW)

Footnote F1

Shares aquired upon the vesting of a portion of the performance shares granted in 2021 that were tied to the total shareholder return performance metric.

Footnote F2

Shares retained by the Company for purpose of meeting tax withholding requirements. The receipient retained all other shares.

Footnote F3

Represents shares of common stock received by the indididual in settlement of dividend rights that vested in connection with the performance shares that vested on February 20, 2024.

Footnote F4

Each Restricted Stock Unit represents a contingent right to receive the economic equivalent of one share of the Company's common stock. The Restricted Stock Units will be settled, atthe reporting person's election, in 100% shares of common stock, 50% in common stock and 50% in cash, or 100% in cash.

Footnote F5

Each Restricted Stock Unit represents a contingent right to receive the economic equivalent of one share of the Company's common stock. The Restricted Stock Units will be settledeither in 100% shares of common stock or 100% in cash with respect to Restricted Stock Units received in connection with the settlement of divident equivalent rights.

Footnote F6

Represents the cash settlement of Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

Footnote F7

Represents shares of common stock received by the individual in settlement of dividend rights granted in connection with the 2020 and 2021 Restricted Stock Unit grants.

Footnote F8

The Restricted Stock Units award was granted and was effective in February 2020, and vests in four equal, annual installments beginning on February 20, 2021.

Footnote F9

The Restricted Stock Units award was granted and was effective in February 2021, and vests and be settled in four equal, annual installments beginning on February 20, 2022.

Footnote F10

The number of derivative securities in Column 5 includes 86 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividendequivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.

Footnote F11

The Restricted Stock Units award was granted and was effective in February 2022, and vests in four equal, annual installments beginning on February 20, 2023.

Footnote F12

Includes 175 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

Footnote F13

The number of derivative securities in Column 5 includes 47 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalentrights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.

Footnote F14

The Restricted Stock Units award was granted and was effective in February 2023, and vests in four equal, annual installments beginning on February 20, 2024.

Footnote F15

Includes 145 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

Footnote F16

The Restricted Stock Units award was granted and was effective in February 2024, and vests in four equal, annual installments beginning on February 20, 2025.