<SEC-DOCUMENT>0000950170-24-019063.txt : 20240222
<SEC-HEADER>0000950170-24-019063.hdr.sgml : 20240222
<ACCEPTANCE-DATETIME>20240222211720
ACCESSION NUMBER:		0000950170-24-019063
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240220
FILED AS OF DATE:		20240222
DATE AS OF CHANGE:		20240222

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Heflin Adam C
		CENTRAL INDEX KEY:			0001331794
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08962
		FILM NUMBER:		24667052

	MAIL ADDRESS:	
		STREET 1:		1901 CHOUTEAU AVENUE
		STREET 2:		P. O. BOX 66149, MC-1370
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63166-6149

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PINNACLE WEST CAPITAL CORP
		CENTRAL INDEX KEY:			0000764622
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				860512431
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		400 NORTH FIFTH STREET
		STREET 2:		MS 8695
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		602 250 1000

	MAIL ADDRESS:	
		STREET 1:		400 NORTH FIFTH STREET
		STREET 2:		MS 8695
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AZP GROUP INC
		DATE OF NAME CHANGE:	19870506
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
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    <periodOfReport>2024-02-20</periodOfReport>

    <notSubjectToSection16>false</notSubjectToSection16>

    <issuer>
        <issuerCik>0000764622</issuerCik>
        <issuerName>PINNACLE WEST CAPITAL CORP</issuerName>
        <issuerTradingSymbol>PNW</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001331794</rptOwnerCik>
            <rptOwnerName>Heflin Adam C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>400 N. 5TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PHOENIX</rptOwnerCity>
            <rptOwnerState>AZ</rptOwnerState>
            <rptOwnerZipCode>85004</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>true</isOther>
            <otherText>EVP &amp; CNO, APS</otherText>
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                    <value>1409</value>
                </transactionShares>
                <transactionPricePerShare>
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        </nonDerivativeTransaction>
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                <transactionShares>
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                    <footnoteId id="F1"/>
                </transactionShares>
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                </sharesOwnedFollowingTransaction>
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                </directOrIndirectOwnership>
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        </nonDerivativeTransaction>
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                    <value>62</value>
                </transactionShares>
                <transactionPricePerShare>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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                <equitySwapInvolved>false</equitySwapInvolved>
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            <transactionAmounts>
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                    <value>1251</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
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                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1251</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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        </derivativeTransaction>
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                <equitySwapInvolved>false</equitySwapInvolved>
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                    <footnoteId id="F7"/>
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            <expirationDate>
                <footnoteId id="F5"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3471</value>
                </underlyingSecurityShares>
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                    <footnoteId id="F8"/>
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                <transactionCode>M</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
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                    <footnoteId id="F9"/>
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                <transactionPricePerShare>
                    <footnoteId id="F1"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F10"/>
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            <expirationDate>
                <footnoteId id="F5"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1378</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>4131</value>
                    <footnoteId id="F11"/>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
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            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
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            <transactionDate>
                <value>2024-02-20</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>5644</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F12"/>
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            <expirationDate>
                <footnoteId id="F12"/>
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                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
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                </underlyingSecurityShares>
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                <sharesOwnedFollowingTransaction>
                    <value>5644</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
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        </derivativeTransaction>
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    <footnotes>
        <footnote id="F1">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 settledeither 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.</footnote>
        <footnote id="F2">Represents the cash settlement of Restricted Stock Units received in connection with the settlement of dividend equivalent rights.</footnote>
        <footnote id="F3">Shares retained by the Company for purpose of meeting tax withholding requirements. The receipient retained all other shares.</footnote>
        <footnote id="F4">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.</footnote>
        <footnote id="F5">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.</footnote>
        <footnote id="F6">Includes 193 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.</footnote>
        <footnote id="F7">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.</footnote>
        <footnote id="F8">Includes 538 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.</footnote>
        <footnote id="F9">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.</footnote>
        <footnote id="F10">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.</footnote>
        <footnote id="F11">Includes 183 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.</footnote>
        <footnote id="F12">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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Diane Wood, Attorney-in-Fact</signatureName>
        <signatureDate>2024-02-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
