PINNACLE WEST CAPITAL CORP — Director's Dealing 2017

Feb 22, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PINNACLE WEST CAPITAL CORP (PNW)
CIK: 0000764622
Period of Report: 2017-02-17

Reporting Person: Schiavoni Mark A. (EVP & COO, APS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-17	Common Stock	M	1432	$0.00	Acquired	32451	Direct
2017-02-17	Common Stock	F	466	$78.70	Disposed	31985	Direct
2017-02-17	Common Stock	M	1540	$0.00	Acquired	33525	Direct
2017-02-17	Common Stock	F	501	$78.70	Disposed	33024	Direct
2017-02-17	Common Stock	M	1732	$0.00	Acquired	34756	Direct
2017-02-17	Common Stock	F	564	$78.70	Disposed	34192	Direct
2017-02-17	Common Stock	M	818	$0.00	Acquired	35010	Direct
2017-02-17	Common Stock	D	818	$78.70	Disposed	34192	Direct
2017-02-17	Common Stock	M	818	$0.00	Acquired	35010	Direct
2017-02-17	Common Stock	F	266	$78.70	Disposed	34744	Direct
2017-02-17	Common Stock	A	486	$0.00	Acquired	35230	Direct
2017-02-17	Common Stock	F	159	$78.70	Disposed	35071	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-17	Restricted Stock Units	$	M	1432	Disposed		Common Stock (1432)	Direct
2017-02-17	Restricted Stock Units	$	M	1540	Disposed		Common Stock (1540)	Direct
2017-02-17	Restricted Stock Units	$	M	1732	Disposed		Common Stock (1732)	Direct
2017-02-17	Restricted Stock Units	$	M	1636	Disposed		Common Stock (1636)	Direct

Footnotes

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 settled, at the reporting person's election, in shares of common stock or 50% in common stock and 50% in cash.

F2: Shares retained by the Company for the purpose of meeting tax withholding requirements. The recipient retained all other shares.

F3: Represents shares of common stock received by the individual in settlement of dividend rights granted in connection with the 2013, 2014, 2015 and 2016 Restricted Stock Unit grants.

F4: The Restricted Stock Units award was granted and was effective in February 2013, and vests in four equal, annual installments beginning on February 20, 2014. Since February 20, 2017 was a Federal holiday, the Restricted Stock Units vested and were released on February 17, 2017.

F5: The Restricted Stock Units award was granted and was effective in February 2014, and vests in four equal, annual installments beginning on February 20, 2015. Since February 20, 2017 was a Federal holiday, the Restricted Stock Units vested and were released on February 17, 2017.

F6: The Restricted Stock Units award was granted and was effective in February 2015, and vests in four equal, annual installments beginning on February 20, 2016. Since February 20, 2017 was a Federal holiday, the Restricted Stock Units vested and were released on February 17, 2017.

F7: The Restricted Stock Units award was granted and was effective in February 2016, and vests in four equal, annual installments beginning on February 20, 2017. Since February 20, 2017 was a Federal holiday, the Restricted Stock Units vested and were released on February 17, 2017.