Form 4: Pinnacle West Capital Corp: VP of Finance and Planning Reports Changes in Beneficial Ownership

Paul J. Mountain, VP of Finance and Planning at Pinnacle West Capital Corp, reports changes in beneficial ownership of common stock due to vesting of performance shares, cash settlement, tax withholding, and gifting to a family trust.

Summary

• On March 18, 2025, Paul J. Mountain, VP of Finance and Planning at Pinnacle West Capital Corp, reported changes in his beneficial ownership of the company's common stock.
• He acquired 3,874 shares upon the vesting of performance shares granted in 2022, tied to total shareholder return, earnings per share growth, and clean megawatts installed metrics.
• He disposed of 486 shares through cash settlement of dividend equivalent rights at a price of $93.38 per share.
• 1,422 shares were retained by the company for tax withholding purposes at a price of $93.38 per share.
• He gifted 1,966 shares to a family trust.
• He now directly owns 1,966 shares and indirectly owns 4,924 shares through a trust and 277 shares through a 401K.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing reflects routine transactions related to executive compensation and estate planning. There are no indications of significant positive or negative developments.

Positives

• The vesting of performance shares suggests that the company has met certain performance targets related to shareholder return, earnings per share growth, and clean energy initiatives.

Negatives

• The disposal of shares for tax withholding indicates a taxable event for the reporting person.

Industry Context

This filing is a routine disclosure related to insider transactions and provides insight into the executive's holdings and recent stock activity. It is common for executives to receive stock-based compensation and manage their holdings through various means, including sales for tax purposes and estate planning.

Comparison to Industry Standards

• Executive compensation packages often include performance-based equity awards, aligning management's interests with those of shareholders.
• Tax withholding on equity awards is a standard practice across publicly traded companies.
• Gifting shares to family trusts is a common estate planning strategy employed by executives.

Stakeholder Impact

• The vesting of performance shares could be viewed positively by shareholders as it suggests the company is achieving its performance goals.
• The gifting of shares to a family trust has no direct impact on stakeholders.

Key Dates

Keywords

beneficial ownership, Form 4, Pinnacle West Capital Corp, PNW, Paul J. Mountain, performance shares, dividend equivalent rights, tax withholding, family trust