PINNACLE WEST CAPITAL CORP — Director's Dealing 2014

May 23, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PINNACLE WEST CAPITAL CORP (PNW)
CIK: 0000764622
Period of Report: 2014-05-21

Reporting Person: GALLAGHER MICHAEL L (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-21	Stock Units	$	A	1834	Acquired		Common Stock (1834)	Direct

Footnotes

F1: Each Stock Unit is the economic equivalent of one share of Pinnacle West common stock. The Stock Units vested on May 21, 2014 and, at the reporting person's election, will be settled in shares of common stock or 50% in cash and 50% in common stock. The reporting person elected to defer settlement until the last business day of the month following the month in which the reporting person separates from service from the Company.