JEFFREY B. GULDNER - 18 Feb 2022 Form 4 Insider Report for PINNACLE WEST CAPITAL CORP (PNW)

Role: Chairman, President & CEO, Director
Signature: /s/ Diane Wood, Attorney-in-Fact
Issuer symbol: PNW
Transactions as of: 18 Feb 2022
Net transactions value: -$432,611
Form type: 4
Filing time: 23 Feb 2022, 12:56:31 UTC
Previous filing: 08 Nov 2021
Next filing: 24 Feb 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PNW	Common Stock	Options Exercise		+681	+2.7%		26,019	18 Feb 2022	Direct	F1
transaction	PNW	Common Stock	Disposed to Issuer	$46,935	-681	-2.6%	$68.92	25,338	18 Feb 2022	Direct
transaction	PNW	Common Stock	Options Exercise		+1,490	+5.9%		26,828	18 Feb 2022	Direct	F1
transaction	PNW	Common Stock	Disposed to Issuer	$102,691	-1,490	-5.6%	$68.92	25,338	18 Feb 2022	Direct
transaction	PNW	Common Stock	Options Exercise		+2,395	+9.5%		27,733	18 Feb 2022	Direct	F1
transaction	PNW	Common Stock	Disposed to Issuer	$165,063	-2,395	-8.6%	$68.92	25,338	18 Feb 2022	Direct
transaction	PNW	Common Stock	Options Exercise		+3,838	+15%		29,176	18 Feb 2022	Direct	F1
transaction	PNW	Common Stock	Tax liability	$111,375	-1,616	-5.5%	$68.92	27,560	18 Feb 2022	Direct	F2
transaction	PNW	Common Stock	Award		+190	+0.69%		27,750	18 Feb 2022	Direct	F3
transaction	PNW	Common Stock	Tax liability	$6,547	-95	-0.34%	$68.92	27,655	18 Feb 2022	Direct	F2
holding	PNW	Common Stock						132	18 Feb 2022	by 401(k)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PNW	Restricted Stock Units	Options Exercise		-681	-100%		0	18 Feb 2022	Common Stock	681		Direct	F1, F4
transaction	PNW	Restricted Stock Units	Options Exercise		-1,490	-50%		1,490	18 Feb 2022	Common Stock	1,490		Direct	F1, F5
transaction	PNW	Restricted Stock Units	Options Exercise		-2,395	-33%		4,790	18 Feb 2022	Common Stock	2,395		Direct	F1, F6
transaction	PNW	Restricted Stock Units	Options Exercise		-3,838	-25%		11,514	18 Feb 2022	Common Stock	3,838		Direct	F1, F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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, at the reporting person's election, in 100% shares of common stock, 50% in common stock and 50% in cash, or 100% in cash.
F2	Shares retained by the Company for the purpose of meeting tax withholding requirements. The recipient retained all other shares.
F3	Represents shares of common stock received by the individual in settlement of dividend rights granted in connection with the 2018, 2019, 2020 and 2021 Restricted Stock Unit grants.
F4	The Restricted Stock Units award was granted and was effective in February 2018, and vests in four equal, annual installments beginning on February 20, 2019.
F5	The Restricted Stock Units award was granted and was effective in February 2019, and vests in four equal, annual installments beginning on February 20, 2020.
F6	The Restricted Stock Units award was granted and was effective in February 2020, and vests in four equal, annual installments beginning on February 19, 2021.
F7	The Restricted Stock Units award was granted and was effective in February 2021, and vests in four equal, annual installments beginning on February 20, 2022.