SEC FORM 4

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Cooper Andrew D

(Last)

(First)

(Middle)

400 NORTH FIFTH STREET

MAIL STATION 8602

(Street)

PHOENIX

85004

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
PINNACLE WEST CAPITAL CORP [ PNW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
02/17/2023

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/17/2023		M		120⁽¹⁾	A	⁽¹⁾	354	D
Common Stock	02/17/2023		D		120	D	$75.1	234	D
Common Stock	02/17/2023		M		120⁽¹⁾	A	⁽¹⁾	354	D
Common Stock	02/17/2023		F⁽²⁾		50	D	$75.1	304	D
Common Stock	02/17/2023		M		165⁽¹⁾	A	⁽¹⁾	469	D
Common Stock	02/17/2023		D		165	D	$75.1	304	D
Common Stock	02/17/2023		M		164⁽¹⁾	A	⁽¹⁾	468	D
Common Stock	02/17/2023		F⁽²⁾		68	D	$75.1	400	D
Common Stock	02/17/2023		M		429⁽³⁾	A	⁽³⁾	829	D
Common Stock	02/17/2023		D⁽⁴⁾		20	D	$0.00	809	D
Common Stock	02/17/2023		F⁽²⁾		189	D	$75.1	620	D
Common Stock	02/17/2023		M		879⁽³⁾	A	⁽³⁾	1,499	D
Common Stock	02/17/2023		D⁽⁴⁾		31	D	$0.00	1,468	D
Common Stock	02/17/2023		F⁽²⁾		400	D	$75.1	1,068	D
Common Stock	02/17/2023		A		31⁽⁵⁾	A	⁽⁵⁾	1,099	D
Common Stock	02/17/2023		F⁽²⁾		14	D	$75.1	1,085	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	02/17/2023		M			240	⁽⁶⁾	⁽⁶⁾	Common Stock	240	⁽¹⁾	240	D
Restricted Stock Units	⁽¹⁾	02/17/2023		M			329	⁽⁷⁾	⁽⁷⁾	Common Stock	329	⁽¹⁾	658	D
Restricted Stock Units	⁽³⁾	02/17/2023		M			429⁽⁸⁾	⁽⁹⁾	⁽⁹⁾	Common Stock	429	⁽³⁾	1,286⁽¹⁰⁾	D
Restricted Stock Units	⁽³⁾	02/17/2023		M			879⁽¹¹⁾	⁽¹²⁾	⁽¹²⁾	Common Stock	879	⁽³⁾	2,635⁽¹³⁾	D

Explanation of Responses:

1. 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.

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

3. 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 either in 100% shares of common stock or 100% in cash with respect to Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

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

5. 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.

6. 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.

7. 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.

8. The number of derivative securities in Column 5 includes 20 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.

9. 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.

10. Includes 59 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

11. The number of derivative securities in Column 5 includes 31 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.

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

13. Includes 91 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

Remarks:

	/s/ Diane Wood, Attorney-in-Fact	02/21/2023
	** 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).
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