Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-11

PINNACLE WEST CAPITAL CORP (PNW)

CEO Theodore Geisler was paid $8,414,652 in fiscal year 2025, ↑ up 117.7% from fiscal year 2024, the 20th percentile of its disclosed peer group (SEC filing 0001628280-26-023516 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$8,414,652 ↑
Theodore Geisler total, FY2025
20th
CEO pay percentile vs peers
42:1
CEO-to-median pay ratio
97.29%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Theodore Geisler (Chairman of the Board, President and Chief Executive Officer of PNW and APS), FY2025 total compensation $8,414,652 (base salary $938,356) [exec_comp, SEC accession 0001628280-26-023516, filed 2026-04-03]

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PNW's next annual pay disclosure, estimated April 3, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Theodore Geisler$938,356$0$5,257,108$0$1,853,040$333,545$32,603$8,414,652
Chairman of the Board, President and Chief Executive Officer of PNW and APS
Jacob Tetlow700,00001,673,9550754,031634,48033,5213,795,987
Executive Vice President and Chief Operating Officer of APS
Adam Heflin760,00001,465,1750998,925376,44427,9153,628,459
Executive Vice President and Chief Nuclear Officer of PVGS, APS
Andrew Cooper680,00001,787,3270684,012206,30635,2153,392,860
Senior Vice President and Chief Financial Officer, PNW and APS
Jeffrey Guldner744,2470——541,4431,506,66135,7642,828,115
Former Chairman of the Board, President and Chief Executive Officer of PNW and Chairman of the Board, President and Chief Executive of APS and currently, Special Advisor to the CEO
Robert Smith514,65801,360,2310421,609377,57634,7292,708,803
Former Executive Vice President, Chief Legal Officer and Chief Development Officer, PNW and APS and currently, Special Advisor to the CEO
Shirley Baum486,5750788,7800431,100147,94432,2481,886,647
Senior Vice President and General Counsel, PNW and APS

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Theodore Geisler$8,414,652$3,865,493$3,255,088↑ +4,549,159
Jacob Tetlow3,795,9873,939,0202,869,720↓ −143,033
Adam Heflin3,628,4593,420,1033,076,307↑ +208,356
Andrew Cooper3,392,8603,126,3102,654,293↑ +266,550
Jeffrey Guldner2,828,11510,974,3089,322,192↓ −8,146,193
Robert Smith2,708,8033,193,0882,790,717↓ −484,285
Shirley Baum1,886,647———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$8,414,652 Theodore Geisler total, FY2025

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Data as of August 11, 2026 · Source: 0001628280-26-023516 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Companies that benchmark against PNW
25 companies name PNW as a compensation peer

Each company listed discloses PNW in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PNW in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Bruce J. NordstromFormer director (through FY2025)$146,268
Carol S. EicherIndependent Director$284,098
Glynis A. BryanIndependent Director$304,285
Gonzalo A. de la Melena, JrIndependent Director—
James E. Trevathan, JrIndependent Director—
Kristine L. SvinickiIndependent Director$284,098
Paula J. SimsLead Independent Director$334,902
Richard P. FoxIndependent Director$317,307
Ronald Butler, JrIndependent Director—
Susan T. FlanaganIndependent Director$285,231
William H. SpenceIndependent Director$304,098
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Jacob Tetlow—2026-05-13D6,526$99$646,074CommonForm 4 ↗
Jacob Tetlow—2026-05-13D41994,059CommonForm 4 ↗
Glynis A. BryanDirector2026-05-14A1,665——Derivative, Class A CommonForm 4 ↗
Kristine L. SvinickiDirector2026-05-14A1,665——Derivative, Class A CommonForm 4 ↗
James E. Trevathan JrDirector2026-05-14A1,665——Derivative, Class A CommonForm 4 ↗
Susan T. FlanaganDirector2026-05-14A1,665——Derivative, Class A CommonForm 4 ↗
Carol S. EicherDirector2026-05-14A1,665——Derivative, Class A CommonForm 4 ↗
Paula J. SimsDirector2026-05-14A1,665100166,117CommonForm 4 ↗
William H. SpenceDirector2026-05-14A1,665100166,117CommonForm 4 ↗
de la Melena Gonzalo A JrDirector2026-05-14A1,665——Derivative, Class A CommonForm 4 ↗
Ronald Butler JrDirector2026-05-14A1,665——Derivative, Class A CommonForm 4 ↗
Jose Luis Esparza Jr—2026-08-07D1,800102183,618CommonForm 4 ↗
Elizabeth A. BlankenshipVP, Controller and CAO2026-08-10D9809997,182CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Theodore GeislerPSU2025-02-183,1156,230—12,460$652,406
Adam HeflinRSU2025-02-18——4,676—420,326
Andrew CooperRSU2025-02-18——7,568—680,288
Andrew CooperPSU2025-02-182,2694,539—9,078494,978
Jacob TetlowPSU2025-02-181,2462,492—4,984224,006
Andrew CooperPSU2025-02-182,2694,539—9,078408,011
Jacob TetlowPSU2025-02-182,4924,984—9,968521,924
Adam HeflinPSU2025-02-182,1814,362—8,724456,789
Andrew CooperPSU2025-02-181,1352,270—4,540204,050
Adam HeflinPSU2025-02-182,1814,362—8,724392,100
Jacob TetlowPSU2025-02-182,4924,984—9,968448,012
Adam HeflinPSU2025-02-181,0902,180—4,360195,960
Theodore GeislerPSU2025-02-181,5583,116—6,232280,097
Theodore GeislerPSU2025-04-014,4098,818—17,6361,004,106
Theodore GeislerRSU2025-02-18——6,676—600,106
Theodore GeislerPSU2025-02-183,1156,230—12,460560,015
Theodore GeislerRSU2025-04-01——9,448—900,205
Theodore GeislerPSU2025-04-014,4098,818—17,636840,179
Theodore GeislerPSU2025-04-012,2044,408—8,816419,994
Jacob TetlowRSU2025-02-18——5,340—480,013
Shirley BaumPSU2025-02-181,0012,003—4,006218,427
Shirley BaumPSU2025-02-185011,002—2,00490,070
Robert SmithPSU2025-02-182,0254,050—8,100424,116
Robert SmithPSU2025-02-182,0254,050—8,100364,055
Robert SmithPSU2025-02-181,0122,024—4,048181,937
Shirley BaumPSU2025-02-181,0012,003—4,006180,050
Robert SmithRSU2025-02-18——4,340—390,123
Shirley BaumRSU2025-02-18——3,340—300,233
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Theodore Geisler$1,500,311$3,756,797$071.5%
Adam Heflin420,3261,044,849071.3%
Andrew Cooper680,2881,107,039061.9%
Jacob Tetlow480,0131,193,942071.3%
Shirley Baum300,233488,547061.9%
Robert Smith390,123970,108071.3%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Adam HeflinPSU10,538—$934,721
Theodore GeislerRSU9,448—838,038
Theodore GeislerPSU17,636—1,564,313
Jeffrey GuldnerPSU48,384—4,291,661
Andrew CooperPSU10,768—955,122
Shirley BaumPSU1,738—154,161
Jacob TetlowRSU8,791—779,762
Theodore GeislerRSU1,887—167,377
Jeffrey GuldnerRSU35,055—3,109,379
Jeffrey GuldnerRSU27,508—2,439,960
Jeffrey GuldnerRSU24,192—2,145,830
Jeffrey GuldnerRSU19,440—1,724,328
Theodore GeislerPSU13,372—1,186,096
Theodore GeislerPSU12,460—1,105,202
Jacob TetlowRSU11,197—993,174
Jeffrey GuldnerRSU10,764—954,767
Jacob TetlowPSU10,538—934,721
Adam HeflinRSU3,202—284,017
Robert SmithPSU10,538—934,721
Theodore GeislerRSU10,225—906,958
Jacob TetlowPSU9,968—884,162
Robert SmithRSU7,356—652,477
Jeffrey GuldnerRSU9,884—876,711
Theodore GeislerPSU6,686—593,048
Adam HeflinRSU9,329—827,482
Andrew CooperPSU9,078—805,219
Andrew CooperRSU6,732—597,128
Adam HeflinPSU8,724—773,819
Robert SmithPSU8,100—718,470
Theodore GeislerPSU3,115—276,301
Theodore GeislerRSU8,024—711,729
Andrew CooperRSU7,568—671,282
Jeffrey GuldnerPSU6,048—536,458
Andrew CooperRSU7,535—668,355
Theodore GeislerRSU2,884—255,811
Adam HeflinRSU7,320—649,284
Jacob TetlowRSU6,898—611,853
Theodore GeislerRSU6,676—592,161
Robert SmithPSU2,025—179,618
Andrew CooperRSU6,167—547,013
Robert SmithRSU5,773—512,065
Theodore GeislerRSU5,373—476,585
Jacob TetlowRSU5,340—473,658
Adam HeflinPSU5,269—467,360
Jacob TetlowPSU5,269—467,360
Robert SmithPSU5,269—467,360
Andrew CooperRSU3,306—293,242
Jeffrey GuldnerRSU4,719—418,575
Shirley BaumPSU1,001—88,789
Adam HeflinRSU4,676—414,761
Theodore GeislerRSU3,141—278,607
Theodore GeislerPSU4,409—391,078
Robert SmithRSU4,340—384,958
Adam HeflinRSU4,233—375,467
Jacob TetlowRSU4,233—375,467
Robert SmithRSU4,233—375,467
Shirley BaumPSU4,006—355,332
Shirley BaumRSU3,340—296,258
Adam HeflinRSU2,866—254,214
Adam HeflinPSU1,317—116,818
Jacob TetlowRSU2,700—239,490
Adam HeflinRSU2,632—233,458
Jacob TetlowPSU2,492—221,040
Jacob TetlowRSU2,480—219,976
Andrew CooperRSU2,315—205,341
Andrew CooperPSU2,269—201,260
Robert SmithRSU2,259—200,373
Theodore GeislerPSU2,204—195,495
Adam HeflinPSU2,181—193,455
Shirley BaumRSU1,155—102,449
Robert SmithRSU2,074—183,964
Theodore GeislerRSU1,672—148,306
Shirley BaumRSU945—83,822
Shirley BaumRSU1,629—144,492
Theodore GeislerPSU1,558—138,195
Andrew CooperPSU1,346—119,390
Jacob TetlowPSU1,317—116,818
Robert SmithPSU1,317—116,818
Jacob TetlowPSU1,246—110,520
Adam HeflinRSU1,153—102,271
05

Incentive-plan design — the Compensation Discussion & Analysis

We structure our annual short-term cash and long-term equity incentive compensation to put pay at risk and reward business performance. Payouts under these plans are tied predominantly to the Company s total return to shareholders, earnings, and the achievement of measurable and sustainable business and individual goals so that executives interests are tied to the success of the Company and are aligned with those of our shareholders.

CEO STI target (% of salary)120%
CEO LTI target (% of salary)—
Independent consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1498,755,0162,750,428272,85897.29%Passed
20252025-05-2192,569,2503,307,398285,18696.55%Passed
20242024-05-2287,508,9764,751,865271,64394.85%Passed
20232023-05-1788,057,2574,873,328349,45294.76%Passed
20222022-05-1888,020,8034,181,220359,94395.47%Passed
20212021-05-1985,845,1575,332,150513,25594.15%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1497.29%a
20252025-05-2196.55%b
20242024-05-2294.85%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)42 : 1
CEO total compensation$7,600,209
Median employee compensation$182,127
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Paula J. SimsIndependent · Lead Independent Director$171,667$162,431———$334,902
James E. Trevathan JrIndependent · Corporate Governance and Nominating · Human Resources141,667162,431———322,088
Richard P. FoxIndependent · Audit · Corporate Governance and Nominating · Human Resources129,467162,431———317,307
Glynis A. BryanIndependent133,920162,431———304,285
William H. SpenceIndependent141,667162,431———304,098
Ronald Butler JrIndependent · Audit (Chair) · Corporate Governance and Nominating · Human Resources133,920162,431———296,351
Gonzalo A. de la Melena JrIndependent · Finance · Human Resources · Nuclear and Operating121,667162,431———290,387
Susan T. FlanaganIndependent121,667162,431———285,231
Kristine L. SvinickiIndependent121,667162,431———284,098
Carol S. EicherIndependent121,667162,431———284,098
Bruce J. NordstromIndependent · Departed during FY53,1900———146,268
Jeffrey B. GuldnerEmployee director · Departed during FY000000
Theodore N. GeislerEmployee director · Board Chair000000
09

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$165,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 20,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,392,166
Equity awards (grant-date value)$1,624,310
All other compensation$0
Total cost of the board$3,016,476

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

PNM PNM Resources, Inc.LNT Alliant Energy CorporationXEL Xcel Energy, Inc.HE Hawaiian Electric Industries, Inc.AEE Ameren CorporationAGR Avangrid, Inc.CMS CMS EnergyDTE DTE Energy CompanyEIX Edison InternationalEVRG Evergy, Inc.ES Eversource EnergyNI NiSource Inc.OGE OGE Energy Corp.PPL PPL CorporationSO Southern CompanyWEC WEC Energy Group, Inc.
10a

Peer reciprocity

Of the companies PINNACLE WEST CAPITAL CORP names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

PNM Resources, Inc. (PNM)✓ Alliant Energy Corporation (LNT)85— Xcel Energy, Inc. (XEL)86✓ Hawaiian Electric Industries, Inc. (HE)87 Ameren Corporation (AEE)✓ Avangrid, Inc. (AGR)88✓ CMS Energy (CMS)89✓ DTE Energy Company (DTE)90— Edison International (EIX)91✓ Evergy, Inc. (EVRG)92— Eversource Energy (ES)93— NiSource Inc. (NI)94✓ OGE Energy Corp. (OGE)95 PPL Corporation (PPL)✓ Southern Company (SO)96✓ WEC Energy Group, Inc. (WEC)97

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including PINNACLE WEST CAPITAL CORP.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Southern Company2025Christopher Womack$1,560,577$13,830,054$0$3,665,025$28,223,562
2Edison International2025Pedro Pizarro1,417,0417,242,0932,414,0061,606,92616,544,559
3Xcel Energy, Inc.2025Bob Frenzel1,450,00011,244,16003,022,55415,998,859
4Eversource Energy2025Joseph R. Nolan, Jr.1,432,3089,020,89003,000,00014,987,168
5Ameren Corporation2025Martin Lyons1,325,0008,205,55003,330,00014,056,510
6PPL Corporation2025Vincent Sorgi1,238,0607,865,24901,869,24813,221,331
7NiSource Inc.2025Lloyd Yates1,191,6679,619,86402,261,78413,197,800
8WEC Energy Group, Inc.2025Scott Lauber1,205,7005,405,848990,2353,535,78912,188,492
9OGE Energy Corp.2025Sean Trauschke1,239,3725,811,82401,753,48712,032,007
10CMS Energy2025Garrick Rochow1,275,0006,763,23902,055,93810,534,039
11Evergy, Inc.2025David Campbell1,123,1427,004,44601,342,9699,537,018
12Alliant Energy Corporation2025Lisa Barton1,136,9375,471,25501,835,5638,999,073
13PINNACLE WEST CAPITAL CORP2025Theodore Geisler938,3565,257,10801,853,0408,414,652
14DTE Energy Company2025Joi Harris852,3083,098,52001,544,4376,732,386
15Avangrid, Inc.2022Pedro Azagra Blázquez641,3462,690,6190689,0804,849,985
16Hawaiian Electric Industries, Inc.2025Scott W. Seu1,024,9001,721,450004,430,919
—PNM Resources, Inc.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
PINNACLE WEST CAPITAL CORP197.5%PSU 70 · RSU 30Yes — Relative TSRFW Cook
Alliant Energy Corporation130%PSU 75 · RSU 25NoPay Governance LLC
Ameren Corporation193.3%PSU 70 · RSU 30NoMeridian Compensation Partners
Avangrid, Inc.not disclosednot disclosedNoHuman Capital Solutions (Aon plc)
CMS Energy129%PSU 75 · RSU 25Yes — Relative TSR PerformancePay Governance LLC
DTE Energy Company169.87%PSU 70 · RSU 30NoMeridian Compensation Partners LLC
Edison Internationalnot disclosedPSU 50 · Option 25 · RSU 25Yes — TSRPay Governance
Evergy, Inc.95.5%PRSU 70 · RSU 30Yes — Three Year Relative TSR versus Companies in the EEI IndexMeridian
Eversource Energy145%PSU 75 · RSU 25NoPay Governance
Hawaiian Electric Industries, Inc.not disclosedPSU 50 · Cash LTI 50NoFrederic W. Cook & Co., Inc. (FW Cook)
NiSource Inc.146%PSU 80 · RSU 20Yes — Three-Year RTSRMeridian Compensation Partners
OGE Energy Corp.118%PSU 65 · RSU 35NoMercer
PNM Resources, Inc.not disclosedPSU 70 · RSA 30not disclosedPay Governance
PPL Corporation116.14%PSU 80 · RSU 20Yes — Total Shareowner Return (TSR)FW Cook
Southern Company179%not disclosedYes — Relative TSRPay Governance
WEC Energy Group, Inc.not disclosedPSU 65 · RSU 20 · Option 15not disclosedFrederic W. Cook & Co., Inc.
Xcel Energy, Inc.143.76%PSU 70 · RSU 30NoMeridian

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at PINNACLE WEST CAPITAL CORP in fiscal 2025?
As disclosed, Theodore Geisler (Chairman of the Board, President and Chief Executive Officer of PNW and APS) was the highest-paid executive at PINNACLE WEST CAPITAL CORP in fiscal 2025, with total compensation of $8,414,652.
How does PINNACLE WEST CAPITAL CORP's chief executive pay compare to its disclosed peer group?
As disclosed, Theodore Geisler's total compensation ranked at the 20th percentile of PINNACLE WEST CAPITAL CORP's disclosed peer group.
What is PINNACLE WEST CAPITAL CORP's CEO-to-median employee pay ratio?
As disclosed, PINNACLE WEST CAPITAL CORP's CEO-to-median employee pay ratio was 42:1.
How did shareholders vote on PINNACLE WEST CAPITAL CORP's executive compensation?
As disclosed, 97.29% of shareholders supported PINNACLE WEST CAPITAL CORP's executive compensation in the latest say-on-pay vote.
How much does PINNACLE WEST CAPITAL CORP spend in total on board compensation for fiscal 2025?
As disclosed, PINNACLE WEST CAPITAL CORP reported total board compensation of $3,016,476 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Theodore GeislerDEF 14A2026-04-030001628280-26-023516Section “Executive Compensation Tables” · page 75. As printed: 8,414,652. Filing ↗machine: r2 · c24 · span 1811110–1811119
2Section 01, Jacob TetlowDEF 14A2026-04-030001628280-26-023516Section “Executive Compensation Tables” · page 75. As printed: 3,795,987. Filing ↗machine: r17 · c24 · span 1851307–1851316
3Section 01, Adam HeflinDEF 14A2026-04-030001628280-26-023516Section “Executive Compensation Tables” · page 75. As printed: 3,628,459. Filing ↗machine: r14 · c24 · span 1842532–1842541
4Section 01, Andrew CooperDEF 14A2026-04-030001628280-26-023516Section “Executive Compensation Tables” · page 75. As printed: 3,392,860. Filing ↗machine: r8 · c24 · span 1829047–1829056
5Section 01, Jeffrey GuldnerDEF 14A2026-04-030001628280-26-023516Section “Summary Compensation Table” · page 75. As printed: 2,828,115. Filing ↗machine: r5 · c24 · span 1820219–1820228
6Section 01, Robert SmithDEF 14A2026-04-030001628280-26-023516Section “Executive Compensation Tables” · page 75. As printed: 2,708,803. Filing ↗machine: r20 · c24 · span 1860400–1860409
7Section 01, Shirley BaumDEF 14A2026-04-030001628280-26-023516Section “Executive Compensation Tables” · page 75. As printed: 1,886,647. Filing ↗machine: r11 · c24 · span 1838021–1838030
8Section 03, Theodore Geisler PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1909143–1909150
9Section 03, Adam Heflin RSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1975370–1975377
10Section 03, Andrew Cooper RSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1947459–1947466
11Section 03, Andrew Cooper PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1938531–1938538
12Section 03, Jacob Tetlow PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1997373–1997380
13Section 03, Andrew Cooper PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1941607–1941614
14Section 03, Jacob Tetlow PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1991221–1991228
15Section 03, Adam Heflin PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1966442–1966449
16Section 03, Andrew Cooper PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1944683–1944690
17Section 03, Adam Heflin PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1969518–1969525
18Section 03, Jacob Tetlow PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1994297–1994304
19Section 03, Adam Heflin PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1972594–1972601
20Section 03, Theodore Geisler PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1915296–1915303
21Section 03, Theodore Geisler PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1921520–1921529
22Section 03, Theodore Geisler RSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1918072–1918079
23Section 03, Theodore Geisler PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1912220–1912227
24Section 03, Theodore Geisler RSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1931573–1931580
25Section 03, Theodore Geisler PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1924973–1924980
26Section 03, Theodore Geisler PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1928423–1928430
27Section 03, Jacob Tetlow RSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2000149–2000156
28Section 03, Shirley Baum PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1952489–1952496
29Section 03, Shirley Baum PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1958639–1958645
30Section 03, Robert Smith PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2005213–2005220
31Section 03, Robert Smith PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2008289–2008296
32Section 03, Robert Smith PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2011365–2011372
33Section 03, Shirley Baum PSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1955565–1955572
34Section 03, Robert Smith RSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2014141–2014148
35Section 03, Shirley Baum RSUDEF 14A1900-01-010001628280-26-023516Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1961414–1961421
36Section 07, pay ratioDEF 14A2026-04-030001628280-26-023516Section “CEO Pay Ratio”. As printed: 42 : 1. Filing ↗
37Section 08, Paula J. SimsDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 334,902. Filing ↗machine: span 1241937–1242180
38Section 08, James E. Trevathan JrDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 322,088. Filing ↗machine: span 1247181–1247458
39Section 08, Richard P. FoxDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 317,307. Filing ↗machine: span 1233086–1233329
40Section 08, Glynis A. BryanDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 304,285. Filing ↗machine: span 1226394–1226636
41Section 08, William H. SpenceDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 304,098. Filing ↗machine: span 1243601–1243844
42Section 08, Ronald Butler JrDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 296,351. Filing ↗machine: span 1228068–1228311
43Section 08, Gonzalo A. de la Melena JrDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 290,387. Filing ↗machine: span 1238428–1238671
44Section 08, Susan T. FlanaganDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 285,231. Filing ↗machine: span 1231420–1231663
45Section 08, Kristine L. SvinickiDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 284,098. Filing ↗machine: span 1245268–1245511
46Section 08, Carol S. EicherDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 284,098. Filing ↗machine: span 1229741–1229984
47Section 08, Bruce J. NordstromDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 146,268. Filing ↗machine: span 1240275–1240518
48Section 08, Jeffrey B. GuldnerDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 0. Filing ↗
49Section 08, Theodore N. GeislerDEF 14A2026-04-030001628280-26-023516Section “Director Compensation”. As printed: 0. Filing ↗
50Section 02, Jacob Tetlow 2026-05-13Form 42026-05-140001628280-26-035162Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Jacob Tetlow 2026-05-13Form 42026-05-140001628280-26-035162Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Glynis A. Bryan 2026-05-14Form 42026-05-180001628280-26-035997Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Kristine L. Svinicki 2026-05-14Form 42026-05-180001628280-26-036001Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, James E. Trevathan Jr 2026-05-14Form 42026-05-180001628280-26-036008Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Susan T. Flanagan 2026-05-14Form 42026-05-180001628280-26-036013Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Carol S. Eicher 2026-05-14Form 42026-05-180001628280-26-036029Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Paula J. Sims 2026-05-14Form 42026-05-180001628280-26-036007Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, William H. Spence 2026-05-14Form 42026-05-180001628280-26-036005Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, de la Melena Gonzalo A Jr 2026-05-14Form 42026-05-180001628280-26-036022Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Ronald Butler Jr 2026-05-14Form 42026-05-180001628280-26-036026Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Jose Luis Esparza Jr 2026-08-07Form 42026-08-110001628280-26-055893Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Elizabeth A. Blankenship 2026-08-10Form 42026-08-110001628280-26-055895Insider equity transaction reported since the proxy statement. Filing ↗
63Section 06, 2026 voteForm 8-K2026-05-190001628280-26-036111Item 5.07 · say-on-pay result. As reported: 97.29% (votes for as printed: 98,755,016). Filing ↗
64Section 06, 2025 voteForm 8-K2025-05-220000764622-25-000050Item 5.07 · say-on-pay result. As reported: 96.55% (votes for as printed: 92,569,250). Filing ↗
65Section 06, 2024 voteForm 8-K2024-05-240000764622-24-000050Item 5.07 · say-on-pay result. As reported: 94.85% (votes for as printed: 87,508,976). Filing ↗
66Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
67Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
68Section 09b board cost (computed)Computed——Cash 1,392,166 + equity 1,624,310 + all other 0 = 3,016,476, summed across the director compensation table rows.machine: formula: Σ = 3,016,476
69Southern Company, Section 10b CEO totalDEF 14A2026-04-030000092122-26-000028CEO total compensation as printed in Southern Company's own proxy. As printed: 28,223,562. Filing ↗machine: r2 · c21 · span 1349281–1349291
70Edison International, Section 10b CEO totalDEF 14A2026-03-130001104659-26-027655CEO total compensation as printed in Edison International's own proxy. As printed: 16,544,559. Filing ↗machine: t310 · r10 · c18 · span 2410710–2410720
71Xcel Energy, Inc., Section 10b CEO totalDEF 14A2026-04-070000072903-26-000063CEO total compensation as printed in Xcel Energy, Inc.'s own proxy. As printed: 15,998,859. Filing ↗machine: r2 · c24 · span 898797–898807
72Eversource Energy, Section 10b CEO totalDEF 14A2026-03-270001104659-26-036077CEO total compensation as printed in Eversource Energy's own proxy. As printed: 14,987,168. Filing ↗machine: t46 · r1 · c41 · span 1205602–1205612
73Ameren Corporation, Section 10b CEO totalDEF 14A2026-03-310001104659-26-037756CEO total compensation as printed in Ameren Corporation's own proxy. As printed: 14,056,510. Filing ↗machine: r1 · c47 · span 1200840–1200850
74PPL Corporation, Section 10b CEO totalDEF 14A2026-04-010001193125-26-135991CEO total compensation as printed in PPL Corporation's own proxy. As printed: 13,221,331. Filing ↗machine: t139 · r2 · c21 · span 1822151–1822161
75NiSource Inc., Section 10b CEO totalDEF 14A2026-03-300001140361-26-011851CEO total compensation as printed in NiSource Inc.'s own proxy. As printed: 13,197,800. Filing ↗machine: t253 · r2 · c22 · span 1412582–1412592
76WEC Energy Group, Inc., Section 10b CEO totalDEF 14A2026-03-260000783325-26-000035CEO total compensation as printed in WEC Energy Group, Inc.'s own proxy. As printed: 12,188,492. Filing ↗machine: r4 · c27 · span 797676–797686
77OGE Energy Corp., Section 10b CEO totalDEF 14A2026-04-010001193125-26-138065CEO total compensation as printed in OGE Energy Corp.'s own proxy. As printed: 12,032,007. Filing ↗machine: span 979637–979647
78CMS Energy, Section 10b CEO totalDEF 14A2026-03-260000811156-26-000015CEO total compensation as printed in CMS Energy's own proxy. As printed: 10,534,039. Filing ↗machine: r3 · c42 · span 736929–736939
79Evergy, Inc., Section 10b CEO totalDEF 14A2026-03-260001140361-26-011357CEO total compensation as printed in Evergy, Inc.'s own proxy. As printed: 9,537,018. Filing ↗machine: r2 · c25 · span 1518390–1518399
80Alliant Energy Corporation, Section 10b CEO totalDEF 14A2026-03-310000352541-26-000025CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. Filing ↗machine: r2 · c27 · span 489074–489084
81PINNACLE WEST CAPITAL CORP (subject), Section 10b CEO totalDEF 14A2026-04-030001628280-26-023516CEO total compensation as printed in PINNACLE WEST CAPITAL CORP's own proxy. As printed: 8,414,652. Filing ↗machine: r2 · c24 · span 1811110–1811119
82DTE Energy Company, Section 10b CEO totalDEF 14A2026-03-120000936340-26-000062CEO total compensation as printed in DTE Energy Company's own proxy. As printed: 6,732,386. Filing ↗machine: t121 · r3 · c12 · span 1045987–1045996
83Avangrid, Inc., Section 10b CEO totalDEF 14A2023-04-280001193125-23-127005CEO total compensation as printed in Avangrid, Inc.'s own proxy. As printed: 4,849,985. Filing ↗machine: r3 · c31 · span 833515–833524
84Hawaiian Electric Industries, Inc., Section 10b CEO totalDEF 14A2026-04-290001104659-26-051288CEO total compensation as printed in Hawaiian Electric Industries, Inc.'s own proxy. As printed: 4,430,919. Filing ↗machine: t70 · r1 · c12 · span 948353–948362
85Section 10a, Alliant Energy Corporation reciprocityDEF 14A—0000352541-26-000025Alliant Energy Corporation names PINNACLE WEST CAPITAL CORP in its own disclosed peer group (read from its most recent proxy). Filing ↗
86Section 10a, Xcel Energy, Inc. reciprocityDEF 14A—0000072903-26-000063Xcel Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include PINNACLE WEST CAPITAL CORP. Filing ↗
87Section 10a, Hawaiian Electric Industries, Inc. reciprocityDEF 14A—0001104659-26-051288Hawaiian Electric Industries, Inc. names PINNACLE WEST CAPITAL CORP in its own disclosed peer group (read from its most recent proxy). Filing ↗
88Section 10a, Avangrid, Inc. reciprocityDEF 14A—0001193125-23-127005Avangrid, Inc. names PINNACLE WEST CAPITAL CORP in its own disclosed peer group (read from its most recent proxy). Filing ↗
89Section 10a, CMS Energy reciprocityDEF 14A—0000811156-26-000015CMS Energy names PINNACLE WEST CAPITAL CORP in its own disclosed peer group (read from its most recent proxy). Filing ↗
90Section 10a, DTE Energy Company reciprocityDEF 14A—0000936340-26-000062DTE Energy Company names PINNACLE WEST CAPITAL CORP in its own disclosed peer group (read from its most recent proxy). Filing ↗
91Section 10a, Edison International reciprocityDEF 14A—0001104659-26-027655Edison International's most recent proxy was read; its disclosed peer group does not include PINNACLE WEST CAPITAL CORP. Filing ↗
92Section 10a, Evergy, Inc. reciprocityDEF 14A—0001140361-26-011357Evergy, Inc. names PINNACLE WEST CAPITAL CORP in its own disclosed peer group (read from its most recent proxy). Filing ↗
93Section 10a, Eversource Energy reciprocityDEF 14A—0001104659-26-036077Eversource Energy's most recent proxy was read; its disclosed peer group does not include PINNACLE WEST CAPITAL CORP. Filing ↗
94Section 10a, NiSource Inc. reciprocityDEF 14A—0001140361-26-011851NiSource Inc.'s most recent proxy was read; its disclosed peer group does not include PINNACLE WEST CAPITAL CORP. Filing ↗
95Section 10a, OGE Energy Corp. reciprocityDEF 14A—0001193125-26-138065OGE Energy Corp. names PINNACLE WEST CAPITAL CORP in its own disclosed peer group (read from its most recent proxy). Filing ↗
96Section 10a, Southern Company reciprocityDEF 14A—0000092122-26-000028Southern Company names PINNACLE WEST CAPITAL CORP in its own disclosed peer group (read from its most recent proxy). Filing ↗
97Section 10a, WEC Energy Group, Inc. reciprocityDEF 14A—0000783325-26-000035WEC Energy Group, Inc. names PINNACLE WEST CAPITAL CORP in its own disclosed peer group (read from its most recent proxy). Filing ↗

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