HEFLIN ADAM C exercised options at PINNACLE WEST CAPITAL CORP

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 5 exercises

HEFLIN ADAM C

Filed: 2/24/2026ACC: 0001628280-26-011348

InsiderHEFLIN ADAM CCIK 1331794

→

IssuerPINNACLE WEST CAPITAL CORPCIK 764622

Other

Since Jun 2022

-3.41K

Net shares

Net seller

$334.9K

Total sold

Open market trades

0B · 0S

Total transactions

9.36K acquired · 12.76K disposed

Non-Derivative Transactions15

Common Stock

Direct

M · Option Exercise

+1.35K

Price / share

—

Trade value

—

% of position

6.1%

2/20/2026

22.17K→23.52K

Common Stock

Direct

D · Disposition

−199.00

Price / share

$98.34

Trade value

$19.57K

% of position

0.8%

2/20/2026

23.52K→23.32K

Common Stock

Direct

F · Tax Withholding

−322.00

Price / share

$98.34

Trade value

$31.67K

% of position

1.4%

2/20/2026

23.32K→23K

Common Stock

Direct

M · Option Exercise

+3.77K

Price / share

—

Trade value

—

% of position

16.4%

2/20/2026

23K→26.77K

Common Stock

Direct

D · Disposition

−564.00

Price / share

$98.34

Trade value

$55.46K

% of position

2.1%

2/20/2026

26.77K→26.20K

Common Stock

Direct

F · Tax Withholding

−892.00

Price / share

$98.34

Trade value

$87.72K

% of position

3.4%

2/20/2026

26.20K→25.31K

Common Stock

Direct

M · Option Exercise

+1.49K

Price / share

—

Trade value

—

% of position

5.9%

2/20/2026

25.31K→26.80K

Common Stock

Direct

D · Disposition

−176.00

Price / share

$98.34

Trade value

$17.31K

% of position

0.7%

2/20/2026

26.80K→26.63K

Common Stock

Direct

F · Tax Withholding

−367.00

Price / share

$98.34

Trade value

$36.09K

% of position

1.4%

2/20/2026

26.63K→26.26K

Common Stock

Direct

M · Option Exercise

+1.53K

Price / share

—

Trade value

—

% of position

5.8%

2/20/2026

26.26K→27.79K

Common Stock

Direct

D · Disposition

−120.00

Price / share

$98.34

Trade value

$11.80K

% of position

0.4%

2/20/2026

27.79K→27.67K

Common Stock

Direct

F · Tax Withholding

−393.00

Price / share

$98.34

Trade value

$38.65K

% of position

1.4%

2/20/2026

27.67K→27.28K

Common Stock

Direct

M · Option Exercise

+1.22K

Price / share

—

Trade value

—

% of position

4.5%

2/20/2026

27.28K→28.49K

Common Stock

Direct

D · Disposition

−47.00

Price / share

$98.34

Trade value

$4.62K

% of position

0.2%

2/20/2026

28.49K→28.45K

Common Stock

Direct

F · Tax Withholding

−326.00

Price / share

$98.34

Trade value

$32.06K

% of position

1.1%

2/20/2026

28.45K→28.12K

Total

Net shares

+5.95K

Net value

-$334.95K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	2/20/2026	M · Option Exercise	+1.35K	—	—	6.1%	22.17K	23.52K
Common Stock Direct	2/20/2026	D · Disposition	−199.00	$98.34	$19.57K	0.8%	23.52K	23.32K
Common Stock Direct	2/20/2026	F · Tax Withholding	−322.00	$98.34	$31.67K	1.4%	23.32K	23K
Common Stock Direct	2/20/2026	M · Option Exercise	+3.77K	—	—	16.4%	23K	26.77K
Common Stock Direct	2/20/2026	D · Disposition	−564.00	$98.34	$55.46K	2.1%	26.77K	26.20K
Common Stock Direct	2/20/2026	F · Tax Withholding	−892.00	$98.34	$87.72K	3.4%	26.20K	25.31K
Common Stock Direct	2/20/2026	M · Option Exercise	+1.49K	—	—	5.9%	25.31K	26.80K
Common Stock Direct	2/20/2026	D · Disposition	−176.00	$98.34	$17.31K	0.7%	26.80K	26.63K
Common Stock Direct	2/20/2026	F · Tax Withholding	−367.00	$98.34	$36.09K	1.4%	26.63K	26.26K
Common Stock Direct	2/20/2026	M · Option Exercise	+1.53K	—	—	5.8%	26.26K	27.79K
Common Stock Direct	2/20/2026	D · Disposition	−120.00	$98.34	$11.80K	0.4%	27.79K	27.67K
Common Stock Direct	2/20/2026	F · Tax Withholding	−393.00	$98.34	$38.65K	1.4%	27.67K	27.28K
Common Stock Direct	2/20/2026	M · Option Exercise	+1.22K	—	—	4.5%	27.28K	28.49K
Common Stock Direct	2/20/2026	D · Disposition	−47.00	$98.34	$4.62K	0.2%	28.49K	28.45K
Common Stock Direct	2/20/2026	F · Tax Withholding	−326.00	$98.34	$32.06K	1.1%	28.45K	28.12K
Total			+5.95K		-$334.95K

Derivative Transactions5

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock

1.35K shares

−1.35K

Strike price

Held after

0.00

Exercisable

—

2/20/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock

3.77K shares

−3.77K

Strike price

Held after

0.00

Exercisable

—

2/20/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock

1.49K shares

−1.49K

Strike price

Held after

1.50K

Exercisable

—

2/20/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock

1.53K shares

−1.53K

Strike price

Held after

3.06K

Exercisable

—

2/20/2026

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock

1.22K shares

−1.22K

Strike price

Held after

3.65K

Exercisable

—

2/20/2026

Security	Converts To	Date	Type	Shares	Exercisable	Held After
Restricted Stock Units Direct	Common Stock1.35K shares	2/20/2026	M · Option Exercise	−1.35K	—	0.00
Restricted Stock Units Direct	Common Stock3.77K shares	2/20/2026	M · Option Exercise	−3.77K	—	0.00
Restricted Stock Units Direct	Common Stock1.49K shares	2/20/2026	M · Option Exercise	−1.49K	—	1.50K
Restricted Stock Units Direct	Common Stock1.53K shares	2/20/2026	M · Option Exercise	−1.53K	—	3.06K
Restricted Stock Units Direct	Common Stock1.22K shares	2/20/2026	M · Option Exercise	−1.22K	—	3.65K

Non-Derivative Holdings (Post-Transaction)1

Common Stock

Indirect

Shares owned6.00

Total

6.00 indirect6.00

Security Title	Shares Owned	Ownership Type
Common Stock	6.00	Indirect
Total	6.00	6.00 indirect

Derivative Holdings (Post-Transaction)0

No derivative holdings reported