# EDGAR Filing Document

**Accession Number:** 0001331794
**File Stem:** 0001209191-23-011437
**Filing Date:** 2023-2
**Character Count:** 11385
**Document Hash:** bcb67b69397bc2449d8b76b514967bc2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-011437.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001209191-23-011437

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230217

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**REPORTING-OWNER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08962
- **FILM NUMBER:** 23650193

**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]
- **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

## Ex-24

```

POWER OF ATTORNEY

	Know all by these presents, that the undersigned hereby constitutes and
appoints each of Diane Wood and Robert E. Smith, or either of them signing
singly, and with full power of substitution, the undersigneds true and lawful
attorney-in-fact to:

(1)	prepare, execute in the undersigneds name and on the undersigneds behalf,
and submit to the U.S. Securities and Exchange Commission (the "SEC") a Form ID,
including amendments thereto, and any other documents necessary or appropriate
to obtain codes and passwords enabling the undersigned to make electronic
filings with the SEC of reports required by Section 16(a) of the Securities
Exchange Act of 1934 or any rule or regulation of the SEC;

(2)	execute for and on behalf of the undersigned, in the undersigneds capacity
as an officer and/or director of Pinnacle West Capital Corporation (the
"Company"), Forms 3, 4, and 5 in accordance with Section 16(a) of the Securities
Exchange Act of 1934 and the rules thereunder;

(3)		do and perform any and all acts for and on behalf of the undersigned which
may be necessary or desirable to complete and execute any such Form 3, 4, or 5,
complete and execute any amendment or amendments thereto, and timely file such
form with the SEC and any stock exchange or similar authority; and

(4)	take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to,
in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney in fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-facts discretion.

	The undersigned hereby grants to each such attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary, or proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such attorney-in-fact, or such
attorney-in-facts substitute or substitutes, shall lawfully do or cause to be
done by virtue of this power of attorney and the rights and powers herein
granted.  The undersigned acknowledges that the foregoing attorneys-in-fact, in
serving in such capacity at the request of the undersigned, are not assuming,
nor is the Company assuming, any of the undersigneds responsibilities to comply
with Section 16 of the Securities Exchange Act of 1934.

	This Power of Attorney shall remain in full force and effect until the
undersigned is no longer required to file Forms 3, 4, and 5 with respect to the
undersigned's holdings of and transactions in securities issued by the Company,
unless earlier revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.

	IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
executed as of this 24th day of May, 2022.

/s/ Adam Heflin
____________________________________
	Signature

	_________Adam Heflin________
	Print Name

```

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Heflin Adam C<br><sub>(Last) (First) (Middle)</sub><br>400 N 5TH ST<br><sub>(Street)</sub><br>PHOENIX, AZ 85004<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_EVP & CNO, APS_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PINNACLE WEST CAPITAL CORP [ PNW ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-02-17 |  | M |  | 1194<sup>(1)</sup> | A | <sup>(1)</sup> | 1194 | D |  |
| Common Stock | 2023-02-17 |  | D<sup>(2)</sup> |  | 41 | D | $75.10 | 1153 | D |  |
| Common Stock | 2023-02-17 |  | F<sup>(3)</sup> |  | 495 | D | $75.10 | 658 | D |  |
| Common Stock | 2023-02-17 |  | M |  | 3317<sup>(1)</sup> | A | <sup>(1)</sup> | 3975 | D |  |
| Common Stock | 2023-02-17 |  | D<sup>(2)</sup> |  | 115 | D | $75.10 | 3860 | D |  |
| Common Stock | 2023-02-17 |  | F<sup>(3)</sup> |  | 1414 | D | $75.10 | 2446 | D |  |
| Common Stock |  |  |  |  |  |  |  | 6 | I | by 401K |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(1)</sup> | 2023-02-17 |  | M |  |  | 1194<sup>(4)</sup> | <sup>(5)</sup> | <sup>(5)</sup> | Common Stock | 1194 | <sup>(1)</sup> | 3584<sup>(6)</sup> | D |  |
| Restricted Stock Units | <sup>(1)</sup> | 2023-02-17 |  | M |  |  | 3317<sup>(7)</sup> | <sup>(5)</sup> | <sup>(5)</sup> | Common Stock | 3317 | <sup>(1)</sup> | 9951<sup>(8)</sup> | D |  |

---

### Footnotes:

(1) 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 settled either in 100% shares of common stock or 100% in cash with respect to Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

(2) Represents the cash settlement of Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

(3) Shares retained by the Company for the purpose of meeting tax withholding requirements. The recipient retained all other shares.

(4) The number of derivative securities in Column 5 includes 41 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights.   Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.

(5) 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.

(6) Includes 125 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

(7) The number of derivative securities in Column 5 includes 115 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.

(8) Includes 345 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.

**Signature:** /s/ Diane Wood, Attorney-in-Fact  
**Date:** 2023-02-21

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**