X0306 4 2015-02-17 0 0000764622 PINNACLE WEST CAPITAL CORP PNW 0001521333 FROETSCHER DANIEL T 400 N. FIFTH STREET PHOENIX AZ 85004 0 0 0 1 SVP, Trans, Distr & Cust-APS Common Stock 2015-02-17 4 A 0 1508 0.00 A 7566 D Common Stock 2015-02-17 4 F 0 755 64.97 D 6811 D Common Stock 2015-02-17 4 A 0 166 0.00 A 6977 D Common Stock 2015-02-17 4 F 0 76 64.97 D 6901 D Common Stock 1 I by wife's 401(k) Restricted Stock Units 2015-02-17 4 A 0 2080 0.00 A Common Stock 2080 2080 D Shares acquired upon the vesting of a portion of the performance shares granted in 2012 that were tied to the total shareholder return performance metric. Shares retained by the Company for the purpose of meeting tax withholding requirements. The recipient retained all other shares. Represents shares of common stock received by the individual in settlement of dividend rights that vested in connection with the performance shares that vested on February 17, 2015. 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 shares of common stock or 50% in common stock and 50% in cash. The Restricted Stock Units award was granted and was effective on February 17, 2015, and vests in four equal, annual installments beginning on February 20, 2016, and will be settled in four equal, annual installments beginning February 20, 2016. /s/ Diane Wood, Attorney-in-Fact 2015-02-19