Form 4: Pinnacle West COO Reports RSU Vesting and Share Transactions

Pinnacle West Capital Corp's EVP and COO, Jacob Tetlow, reported the vesting of Restricted Stock Units and subsequent share transactions for tax and dividend equivalent settlements.

Summary

• Jacob Tetlow, EVP, COO, APS of Pinnacle West Capital Corp (PNW), reported multiple transactions on February 20, 2026, related to the vesting of Restricted Stock Units (RSUs).
• Tetlow acquired a total of 5,109 shares of Common Stock through the exercise/conversion of RSUs (781, 1,408, 1,531, and 1,389 shares respectively).
• Concurrently, Tetlow disposed of 469 shares for cash settlement of dividend equivalent rights at a price of $98.34 per share.
• An additional 2,004 shares were disposed of to meet tax withholding requirements, also at a price of $98.34 per share.
• Following these transactions, Tetlow directly beneficially owns 2,692 shares of Common Stock and indirectly owns 2,471 shares through a 401(k) plan.
• Tetlow also holds unvested Restricted Stock Units totaling 8,633 shares, which include 1,407 units from a February 2023 award, 3,061 units from a February 2024 award, and 4,165 units from a February 2025 award.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event. The filing details routine executive compensation activities, specifically the vesting of RSUs and subsequent share dispositions for tax and dividend equivalents, which are standard and expected.

Positives

• The vesting of Restricted Stock Units represents a scheduled component of executive compensation, indicating continued alignment of management interests with shareholder value.
• Jacob Tetlow acquired a total of 5,109 shares of Common Stock through RSU vesting, increasing his direct beneficial ownership before dispositions for tax and dividend equivalents.

Negatives

• A total of 2,004 shares were disposed of to cover tax withholding obligations, reducing the net shares retained by the executive.
• An additional 469 shares were disposed of for the cash settlement of dividend equivalent rights, further reducing the direct share ownership.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that Form 4 filings are standard disclosures for insider transactions, providing transparency into executive compensation and ownership changes. These routine filings are common across all publicly traded industries as part of executive incentive plans.

Related Party Transactions

• Jacob Tetlow, an executive officer of Pinnacle West Capital Corp, engaged in transactions involving the company's common stock and Restricted Stock Units, which are considered related party transactions under SEC rules.

Stakeholder Impact

• Shareholders gain transparency into executive compensation and ownership changes, which can influence perceptions of management alignment.
• The transactions reflect the execution of pre-established compensation plans, which are typically approved by shareholders.

Next Steps

• Future vesting of remaining Restricted Stock Units will occur in annual installments as per the original award schedules (February 2023, 2024, and 2025 awards).

Key Dates

Recommendation

This Form 4 filing details routine executive compensation events (RSU vesting and subsequent share dispositions for tax/dividends). It does not contain information that would fundamentally alter the investment thesis for Pinnacle West Capital Corp. Therefore, a 'hold' recommendation is appropriate as these transactions are expected and do not signal a significant change in company outlook or insider sentiment beyond standard compensation practices.

Keywords

Pinnacle West Capital Corp, PNW, Jacob Tetlow, Restricted Stock Units, RSU vesting, Insider transaction, Form 4, Executive compensation, Share disposition, Tax withholding, Dividend equivalent rights