Adam C Heflin Form 4/A PINNACLE WEST CAPITAL / Adam C Heflin ownership change

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^*

Heflin Adam C

(Last) (First) (Middle)

400 N. 5TH STREET

(Street)

PHOENIX AZ 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
	Officer (give title below)	X	Other (specify below)
EVP & CNO, APS

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)
02/22/2024

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/20/2024		M		1,251(1)	A	(1)	3,782	D
Common Stock	02/20/2024		D(2)		98	D	$69.1	3,684	D
Common Stock	02/20/2024		F(3)		495	D	$69.1	3,189	D
Common Stock	02/20/2024		M		3,471(1)	A	(1)	6,660	D
Common Stock	02/20/2024		D(2)		269	D	$69.1	6,391	D
Common Stock	02/20/2024		F(3)		1,409	D	$69.1	4,982	D
Common Stock	02/20/2024		M		1,378(1)	A	(1)	6,360	D
Common Stock	02/20/2024		D(2)		62	D	$69.1	6,298	D
Common Stock	02/20/2024		F(3)		564	D	$69.1	5,734	D
Common Stock								6	I	by Trust

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	02/20/2024		M			1,251(4)	(5)	(5)	Common Stock	1,251	(1)	2,499(6)	D
Restricted Stock Units	(1)	02/20/2024		M			3,471(7)	(5)	(5)	Common Stock	3,471	(1)	6,942(8)	D
Restricted Stock Units	(1)	02/20/2024		M			1,378(9)	(10)	(10)	Common Stock	1,378	(1)	4,131(11)	D
Restricted Stock Units	(1)	02/20/2024		M		5,644		(12)	(12)	Common Stock	5,644	(1)	5,644	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 either 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.

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

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

4. The number of derivative securities in Column 5 includes 98 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.

5. 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.

6. Includes 193 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

7. The number of derivative securities in Column 5 includes 269 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.

8. Includes 538 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

9. The number of derivative securities in Column 5 includes 62 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.

10. 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.

11. Includes 183 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

12. 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.

	/s/ Diane Wood, Attorney-in-Fact	03/20/2024
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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