Form 4: Pinnacle West COO Reports Vesting, Tax-Related Stock Sales

Pinnacle West Capital Corp's EVP, COO, APS, Jacob Tetlow, reported the acquisition of 20,879 shares from performance share vesting and subsequent dispositions for tax withholding and cash settlement.

Summary

• Jacob Tetlow, EVP, COO, APS of Pinnacle West Capital Corp (PNW), reported transactions involving common stock.
• On March 18, 2026, Tetlow acquired 20,879 shares of common stock upon the vesting of performance shares granted in 2023. These shares were tied to total shareholder return, earnings per share growth, and clean megawatts installed metrics, as well as dividend equivalent rights. The acquisition price was $0.
• On the same date, Tetlow disposed of 2,490 shares at a price of $100.92 per share, representing the cash settlement of performance shares received in connection with dividend equivalent rights.
• Additionally, 7,880 shares were disposed of at $100.92 per share, retained by the company to meet tax withholding requirements.
• Following these transactions, Tetlow directly owns 13,201 shares of common stock and indirectly owns 2,467 shares through a 401(k) plan, totaling 15,668 shares.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive event, as the vesting of performance shares indicates the achievement of previously set performance targets, reflecting positively on executive performance and company goal attainment. The dispositions are routine for tax and cash settlement.

Positives

• The vesting of 20,879 performance shares indicates that the company and its executive achieved specific performance metrics (total shareholder return, EPS growth, clean megawatts installed) set in 2023.
• The acquisition of shares at $0 cost reflects successful long-term incentive plan execution for the executive.

Negatives

• A total of 10,370 shares were disposed of (2,490 for cash settlement and 7,880 for tax withholding), reducing the executive's direct beneficial ownership.

Risks

• The filing itself does not introduce new risks but highlights the standard practice of executives selling shares to cover tax obligations upon vesting, which can be perceived as a reduction in direct insider ownership.

Future Outlook

This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future performance.

Industry Context

StockSavvy.ai notes that Form 4 filings are standard disclosures for executive stock transactions, providing transparency into insider activity. The vesting of performance shares is a common component of executive compensation packages, aligning management incentives with shareholder value creation through metrics like total shareholder return and EPS growth. The subsequent sale of shares for tax purposes is also a routine event.

Stakeholder Impact

• Shareholders gain transparency into executive compensation and ownership changes, which can inform their assessment of management's alignment with shareholder interests.

Key Dates

Keywords

Pinnacle West Capital Corp, PNW, Jacob Tetlow, Form 4, Insider Transaction, Executive Compensation, Performance Shares, Stock Vesting, Tax Withholding, Dividend Equivalent Rights