Adam C. Heflin - 20 Feb 2026 Form 4 Insider Report for PINNACLE WEST CAPITAL CORP (PNW)

Role
EVP & CNO, APS
Signature
/s/ Melissa Sallee, Attorney-in-Fact
Issuer symbol
PNW
Transactions as of
20 Feb 2026
Net transactions value
-$334,946
Form type
4
Filing time
24 Feb 2026, 20:28:35 UTC
Previous filing
19 Feb 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Heflin Adam C EVP & CNO, APS 400 N. 5TH STREET, PHOENIX /s/ Melissa Sallee, Attorney-in-Fact 24 Feb 2026 0001331794

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PNW Common Stock Options Exercise +1,352 +6.1% 23,521 20 Feb 2026 Direct F1
transaction PNW Common Stock Disposed to Issuer $19,570 -199 -0.85% $98.34 23,322 20 Feb 2026 Direct F2
transaction PNW Common Stock Tax liability $31,665 -322 -1.4% $98.34 23,000 20 Feb 2026 Direct F3
transaction PNW Common Stock Options Exercise +3,766 +16% 26,766 20 Feb 2026 Direct F1
transaction PNW Common Stock Disposed to Issuer $55,464 -564 -2.1% $98.34 26,202 20 Feb 2026 Direct F2
transaction PNW Common Stock Tax liability $87,719 -892 -3.4% $98.34 25,310 20 Feb 2026 Direct F3
transaction PNW Common Stock Options Exercise +1,492 +5.9% 26,802 20 Feb 2026 Direct F1
transaction PNW Common Stock Disposed to Issuer $17,308 -176 -0.66% $98.34 26,626 20 Feb 2026 Direct F2
transaction PNW Common Stock Tax liability $36,091 -367 -1.4% $98.34 26,259 20 Feb 2026 Direct F3
transaction PNW Common Stock Options Exercise +1,531 +5.8% 27,790 20 Feb 2026 Direct F1
transaction PNW Common Stock Disposed to Issuer $11,801 -120 -0.43% $98.34 27,670 20 Feb 2026 Direct F2
transaction PNW Common Stock Tax liability $38,648 -393 -1.4% $98.34 27,277 20 Feb 2026 Direct F3
transaction PNW Common Stock Options Exercise +1,216 +4.5% 28,493 20 Feb 2026 Direct F1
transaction PNW Common Stock Disposed to Issuer $4,622 -47 -0.16% $98.34 28,446 20 Feb 2026 Direct F2
transaction PNW Common Stock Tax liability $32,059 -326 -1.1% $98.34 28,120 20 Feb 2026 Direct F3
holding PNW Common Stock 6 20 Feb 2026 by Trust

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 -1,352 -100% 0 20 Feb 2026 Common Stock 1,352 Direct F1, F4, F5
transaction PNW Restricted Stock Units Options Exercise -3,766 -100% 0 20 Feb 2026 Common Stock 3,766 Direct F1, F5, F6
transaction PNW Restricted Stock Units Options Exercise -1,492 -50% 1,496 20 Feb 2026 Common Stock 1,492 Direct F1, F7, F8, F9
transaction PNW Restricted Stock Units Options Exercise -1,531 -33% 3,061 20 Feb 2026 Common Stock 1,531 Direct F1, F10, F11, F12
transaction PNW Restricted Stock Units Options Exercise -1,216 -25% 3,649 20 Feb 2026 Common Stock 1,216 Direct F1, F13, F14, F15
* 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 in 100% shares of common stock.
F2 Represents the cash settlement of Restricted Stock Units received in connection with the settlement of dividend equivalent rights
F3 Shares retained by the Company for purpose of meeting tax withholding requirements. The recipient retained all other shares.
F4 The number of derivative securities in Column 5 includes 199 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
F5 The Restricted Stock Units award was granted and was effective in June 2022, and vests in four equal, annual installments beginning on February 20, 2023.
F6 The number of derivative securities in Column 5 includes 564 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
F7 The number of derivative securities in Column 5 includes 176 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
F8 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.
F9 Includes 180 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.
F10 The number of derivative securities in Column 5 includes 120 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
F11 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.
F12 Includes 239 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.
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 equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
F14 The Restricted Stock Units award was granted and was effective in February 2025, and vests in four equal, annual installments beginning on February 20, 2026.
F15 Includes 142 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.