Form 4: Pinnacle West Capital Corp: CEO Jeffrey Guldner Reports Changes in Beneficial Ownership
SEC Form 4 Filing
CEO Jeffrey Guldner reports changes in beneficial ownership of Pinnacle West Capital Corp shares due to vesting of performance shares, tax withholding, and dividend rights settlement.
Summary
- On October 22, 2024, Jeffrey B. Guldner, Chairman, President, and CEO of Pinnacle West Capital Corp, reported changes in his beneficial ownership of the company's common stock.
- He acquired 20,918 shares upon the vesting of performance shares granted in 2021, tied to an operational performance metric.
- The company withheld 8,964 shares to meet tax obligations at a price of $88.12 per share.
- Guldner also acquired 3,126 shares in settlement of dividend rights related to the vested performance shares.
- An additional 1,340 shares were withheld for tax purposes related to the dividend rights settlement at a price of $88.12 per share.
- Following these transactions, Guldner directly owns 78,400 shares and indirectly owns 132 shares through a 401K.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the document primarily reports transactions related to stock ownership. The vesting of performance shares is a slightly positive indicator, but the tax withholding is a neutral event.
Positives
- The vesting of performance shares indicates that the company met certain operational performance metrics.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates changes in the CEO's holdings of Pinnacle West Capital Corp stock.
Stakeholder Impact
- The vesting of performance shares may have a slightly positive impact on shareholder confidence, as it suggests the company is meeting its operational goals.
Key Dates
| Date | Description |
|---|---|
| 10/22/2024 | Date of the reported transactions: acquisition of shares through vesting and dividend settlement, and disposal of shares for tax withholding. |
| 10/23/2024 | Date of signature on the Form 4 filing. |
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