Fiscal year 2025 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.
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.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Theodore Geisler | $938,356 | $0 | $5,257,108 | — | $1,853,040 | $333,545 | $32,603 | $8,414,652 |
| Chairman of the Board, President and Chief Executive Officer of PNW and APS | ||||||||
| Jacob Tetlow | 700,000 | 0 | 1,673,955 | — | 754,031 | 634,480 | 33,521 | 3,795,987 |
| Executive Vice President and Chief Operating Officer of APS | ||||||||
| Adam Heflin | 760,000 | 0 | 1,465,175 | — | 998,925 | 376,444 | 27,915 | 3,628,459 |
| Executive Vice President and Chief Nuclear Officer of APS | ||||||||
| Andrew Cooper | 680,000 | 0 | 1,787,327 | — | 684,012 | 206,306 | 35,215 | 3,392,860 |
| Senior Vice President and Chief Financial Officer of PNW and APS | ||||||||
| Jeffrey Guldner | 744,247 | 0 | — | — | 541,443 | 1,506,661 | 35,764 | 2,828,115 |
| 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 Smith | 514,658 | 0 | 1,360,231 | — | 421,609 | 377,576 | 34,729 | 2,708,803 |
| Former Executive Vice President, Chief Legal Officer and Chief Development Officer, PNW and APS and currently, Special Advisor to the CEO | ||||||||
| Shirley Baum | 486,575 | 0 | 788,780 | — | 431,100 | 147,944 | 32,248 | 1,886,647 |
| Senior Vice President and General Counsel of 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Theodore Geisler | $8,414,652 | $3,865,493 | $3,255,088 | +4,549,159 |
| Jacob Tetlow | 3,795,987 | 3,939,020 | 2,869,720 | −143,033 |
| Adam Heflin | 3,628,459 | 3,420,103 | 3,076,307 | +208,356 |
| Andrew Cooper | 3,392,860 | 3,126,310 | 2,654,293 | +266,550 |
| Jeffrey Guldner | 2,828,115 | 10,974,308 | 9,322,192 | −8,146,193 |
| Robert Smith | 2,708,803 | 3,193,088 | 2,790,717 | −484,285 |
| Shirley Baum | 1,886,647 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Jacob Tetlow | — | 2026-05-13 | D | 6,526 | $99 | $646,074 | Common | Form 4 ↗ |
| Jacob Tetlow | — | 2026-05-13 | D | 41 | 99 | 4,059 | Common | Form 4 ↗ |
| de la Melena Gonzalo A Jr | Director | 2026-05-14 | A | 1,665 | — | — | Derivative, Class A Common | Form 4 ↗ |
| James E. Trevathan, Jr | Director | 2026-05-14 | A | 1,665 | — | — | Derivative, Class A Common | Form 4 ↗ |
| Carol S. Eicher | Director | 2026-05-14 | A | 1,665 | — | — | Derivative, Class A Common | Form 4 ↗ |
| Susan T. Flanagan | Director | 2026-05-14 | A | 1,665 | — | — | Derivative, Class A Common | Form 4 ↗ |
| Ronald Butler, Jr | Director | 2026-05-14 | A | 1,665 | — | — | Derivative, Class A Common | Form 4 ↗ |
| Kristine L. Svinicki | Director | 2026-05-14 | A | 1,665 | — | — | Derivative, Class A Common | Form 4 ↗ |
| William H. Spence | Director | 2026-05-14 | A | 1,665 | 100 | 166,117 | Common | Form 4 ↗ |
| Glynis A. Bryan | Director | 2026-05-14 | A | 1,665 | — | — | Derivative, Class A Common | Form 4 ↗ |
| Paula J. Sims | Director | 2026-05-14 | A | 1,665 | 100 | 166,117 | Common | Form 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.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Theodore Geisler | RSU | 2025-02-18 | — | — | 3,115 | — | $560,015 |
| Adam Heflin | RSU | 2025-02-18 | — | — | 2,181 | — | 456,789 |
| Adam Heflin | RSU | 2025-02-18 | — | — | 1,090 | — | 195,960 |
| Andrew Cooper | RSU | 2025-02-18 | — | — | 1,135 | — | 204,050 |
| Theodore Geisler | RSU | 2025-02-18 | — | — | 3,115 | — | 652,406 |
| Theodore Geisler | PSU | 2025-04-01 | 10 | 10 | — | 12 | 17,636 |
| Adam Heflin | RSU | 2025-02-18 | — | — | 2,181 | — | 392,100 |
| Shirley Baum | RSU | 2025-02-18 | — | — | 1,001 | — | 180,050 |
| Shirley Baum | RSU | 2025-02-18 | — | — | 501 | — | 90,070 |
| Theodore Geisler | RSU | 2025-02-18 | — | — | 1,558 | — | 280,097 |
| Andrew Cooper | RSU | 2025-02-18 | — | — | 2,269 | — | 494,978 |
| Andrew Cooper | RSU | 2025-02-18 | — | — | 2,269 | — | 408,011 |
| Shirley Baum | RSU | 2025-02-18 | — | — | 1,001 | — | 218,427 |
| Theodore Geisler | PSU | 2025-04-01 | 10 | 10 | — | 12 | 8,816 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Theodore Geisler | $1,492,518 | $26,452 | $0 | 1.7% |
| Adam Heflin | 1,044,849 | 0 | 0 | 0.0% |
| Andrew Cooper | 1,107,039 | 0 | 0 | 0.0% |
| Shirley Baum | 488,547 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Theodore Geisler | RSU | 3,141 | — | $278,607 |
| Jacob Tetlow | RSU | 4,233 | — | 375,467 |
| Adam Heflin | PSU | 10,538 | — | 934,721 |
| Robert Smith | PSU | 10,538 | — | 934,721 |
| Andrew Cooper | RSU | 409 | — | 36,278 |
| Robert Smith | RSU | 899 | — | 79,741 |
| Shirley Baum | RSU | 760 | — | 67,412 |
| Shirley Baum | RSU | 354 | — | 31,400 |
| Adam Heflin | PSU | 8,724 | — | 773,819 |
| Theodore Geisler | RSU | 5,373 | — | 476,585 |
| Adam Heflin | RSU | 4,676 | — | 414,761 |
| Shirley Baum | RSU | 3,340 | — | 296,258 |
| Theodore Geisler | PSU | 3,115 | — | 276,301 |
| Adam Heflin | RSU | 2,632 | — | 233,458 |
| Adam Heflin | PSU | 2,181 | — | 193,455 |
| Jacob Tetlow | PSU | 1,246 | — | 110,520 |
| Shirley Baum | RSU | 1,155 | — | 102,449 |
| Andrew Cooper | PSU | 1,135 | — | 100,675 |
| Jacob Tetlow | RSU | 6,898 | — | 611,853 |
| Theodore Geisler | PSU | 6,686 | — | 593,048 |
| Robert Smith | RSU | 2,259 | — | 200,373 |
| Jeffrey Guldner | PSU | 6,048 | — | 536,458 |
| Robert Smith | RSU | 2,074 | — | 183,964 |
| Theodore Geisler | RSU | 1,887 | — | 167,377 |
| Robert Smith | RSU | 5,773 | — | 512,065 |
| Jacob Tetlow | PSU | 1,317 | — | 116,818 |
| Robert Smith | RSU | 4,340 | — | 384,958 |
| Theodore Geisler | RSU | 6,676 | — | 592,161 |
| Shirley Baum | PSU | 1,001 | — | 88,789 |
| Jeffrey Guldner | RSU | 9,884 | — | 876,711 |
| Jeffrey Guldner | RSU | 10,764 | — | 954,767 |
| Theodore Geisler | RSU | 2,884 | — | 255,811 |
| Jeffrey Guldner | RSU | 24,192 | — | 2,145,830 |
| Adam Heflin | RSU | 1,153 | — | 102,271 |
| Andrew Cooper | RSU | 848 | — | 75,218 |
| Andrew Cooper | RSU | 2,315 | — | 205,341 |
| Adam Heflin | PSU | 1,317 | — | 116,818 |
| Jacob Tetlow | RSU | 5,340 | — | 473,658 |
| Robert Smith | PSU | 5,269 | — | 467,360 |
| Theodore Geisler | PSU | 12,460 | — | 1,105,202 |
| Andrew Cooper | PSU | 9,078 | — | 805,219 |
| Robert Smith | PSU | 8,100 | — | 718,470 |
| Shirley Baum | PSU | 4,006 | — | 355,332 |
| Robert Smith | PSU | 2,025 | — | 179,618 |
| Jacob Tetlow | PSU | 2,492 | — | 221,040 |
| Jeffrey Guldner | RSU | 35,055 | — | 3,109,379 |
| Jeffrey Guldner | RSU | 27,508 | — | 2,439,960 |
| Jeffrey Guldner | RSU | 19,440 | — | 1,724,328 |
| Theodore Geisler | PSU | 17,636 | — | 1,564,313 |
| Theodore Geisler | PSU | 13,372 | — | 1,186,096 |
| Jacob Tetlow | RSU | 11,197 | — | 993,174 |
| Jacob Tetlow | PSU | 9,968 | — | 884,162 |
| Theodore Geisler | RSU | 9,448 | — | 838,038 |
| Adam Heflin | RSU | 9,329 | — | 827,482 |
| Jacob Tetlow | RSU | 8,791 | — | 779,762 |
| Theodore Geisler | RSU | 8,024 | — | 711,729 |
| Andrew Cooper | RSU | 7,535 | — | 668,355 |
| Robert Smith | RSU | 7,356 | — | 652,477 |
| Andrew Cooper | RSU | 6,732 | — | 597,128 |
| Andrew Cooper | RSU | 6,167 | — | 547,013 |
| Jeffrey Guldner | RSU | 4,719 | — | 418,575 |
| Adam Heflin | RSU | 3,202 | — | 284,017 |
| Adam Heflin | RSU | 2,866 | — | 254,214 |
| Jacob Tetlow | RSU | 2,700 | — | 239,490 |
| Jacob Tetlow | RSU | 2,480 | — | 219,976 |
| Theodore Geisler | RSU | 1,672 | — | 148,306 |
| Shirley Baum | RSU | 1,629 | — | 144,492 |
| Theodore Geisler | PSU | 1,558 | — | 138,195 |
| Andrew Cooper | PSU | 1,346 | — | 119,390 |
| Adam Heflin | PSU | 1,090 | — | 96,683 |
| Robert Smith | PSU | 1,012 | — | 89,764 |
| Shirley Baum | RSU | 945 | — | 83,822 |
| Jacob Tetlow | RSU | 654 | — | 58,010 |
| Shirley Baum | PSU | 501 | — | 44,439 |
| Shirley Baum | PSU | 217 | — | 19,248 |
| Shirley Baum | RSU | 166 | — | 14,724 |
| Shirley Baum | RSU | 137 | — | 12,152 |
| Andrew Cooper | PSU | 10,768 | — | 955,122 |
| Robert Smith | RSU | 4,233 | — | 375,467 |
| Jacob Tetlow | PSU | 5,269 | — | 467,360 |
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 consultant | FW Cook |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-14 | 98,755,016 | 2,750,428 | 272,858 | 97.29% | Passed |
| 2025 | 2025-05-21 | 92,569,250 | 3,307,398 | 285,186 | 96.55% | Passed |
| 2024 | 2024-05-22 | 87,508,976 | 4,751,865 | 271,643 | 94.85% | Passed |
| 2023 | 2023-05-17 | 88,057,257 | 4,873,328 | 349,452 | 94.76% | Passed |
| 2022 | 2022-05-18 | 88,020,803 | 4,181,220 | 359,943 | 95.47% | Passed |
| 2021 | 2021-05-19 | 85,845,157 | 5,332,150 | 513,255 | 94.15% | 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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-14 | 97.29%a |
| 2025 | 2025-05-21 | 96.55%b |
| 2024 | 2024-05-22 | 94.85%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.
| Ratio (CEO : median employee) | 14.9 : 1 |
|---|---|
| CEO total compensation | $2,708,803 |
| Median employee compensation | $182,127 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Paula J. SimsIndependent · Lead Independent Director · Corporate Governance and Nominating (Chair) · Finance | $171,667 | $162,431 | — | $0 | — | $334,902 |
| James E. Trevathan, JrIndependent · Corporate Governance and Nominating · Human Resources | 141,667 | 162,431 | — | 0 | — | 322,088 |
| Richard P. FoxIndependent · Audit · Corporate Governance and Nominating · Human Resources | 129,467 | 162,431 | — | 0 | — | 317,307 |
| Glynis A. BryanIndependent · Audit · Corporate Governance and Nominating · Finance (Chair) | 133,920 | 162,431 | — | 0 | — | 304,285 |
| William H. SpenceIndependent · Human Resources (Chair) · Corporate Governance and Nominating | 141,667 | 162,431 | — | 0 | — | 304,098 |
| Ronald Butler, JrIndependent · Audit (Chair) · Corporate Governance and Nominating · Human Resources | 133,920 | 162,431 | — | 0 | — | 296,351 |
| Gonzalo A. de la Melena, JrIndependent · Finance · Human Resources · Nuclear and Operating | 121,667 | 162,431 | — | 0 | — | 290,387 |
| Susan T. FlanaganIndependent · Audit · Finance | 121,667 | 162,431 | — | 0 | — | 285,231 |
| Kristine L. SvinickiIndependent · Audit · Finance | 121,667 | 162,431 | — | 0 | — | 284,098 |
| Carol S. EicherIndependent · Audit · Finance | 121,667 | 162,431 | — | 0 | — | 284,098 |
| Bruce J. NordstromIndependent · Departed during FY | 53,190 | 0 | — | 0 | — | 146,268 |
| Theodore N. GeislerEmployee director · Board Chair | 0 | 0 | — | — | 0 | 0 |
| Jeffrey B. GuldnerNot independent · Departed during FY | 0 | 0 | — | 0 | 0 | 0 |
| 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 |
| Stock ownership guideline | 5 times the annual cash retainer fee |
| Component | FY2025 |
|---|---|
| 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.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
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.
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.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Southern Company | 2025 | Christopher Womack | $1,560,577 | $13,830,054 | $0 | $3,665,025 | $28,223,562 |
| 2 | Edison International | 2025 | Pedro Pizarro | 1,417,041 | 7,242,093 | 2,414,006 | 1,606,926 | 16,544,559 |
| 3 | Xcel Energy, Inc. | 2025 | Bob Frenzel | 1,450,000 | 11,244,160 | 0 | 3,022,554 | 15,998,859 |
| 4 | Eversource Energy | 2025 | Joseph R. Nolan, Jr. | 1,432,308 | 9,020,890 | 0 | 3,000,000 | 14,987,168 |
| 5 | Ameren Corporation | 2025 | Martin Lyons | 1,325,000 | 8,320,680 | 0 | 3,323,575 | 14,056,510 |
| 6 | PPL Corporation | 2025 | Vincent Sorgi | 1,238,060 | 7,865,249 | 0 | 1,869,248 | 13,221,331 |
| 7 | NiSource Inc. | 2025 | Lloyd Yates | 1,191,667 | 9,619,864 | 0 | 2,261,784 | 13,197,800 |
| 8 | WEC Energy Group, Inc. | 2025 | Scott Lauber | 1,205,700 | 5,405,848 | 990,235 | 3,535,789 | 12,188,492 |
| 9 | OGE Energy Corp. | 2025 | Sean Trauschke | 1,239,372 | 5,811,824 | 0 | 1,753,487 | 12,032,007 |
| 10 | CMS Energy | 2025 | Garrick Rochow | 1,275,000 | 6,763,239 | 0 | 2,055,938 | 10,534,039 |
| 11 | Evergy, Inc. | 2025 | David Campbell | 1,123,142 | 7,004,446 | 0 | 1,342,969 | 9,537,018 |
| 12 | Alliant Energy Corporation | 2025 | Lisa Barton | 1,136,937 | 5,471,255 | 0 | 1,835,563 | 8,999,073 |
| 13 | DTE Energy Company | 2025 | Joi Harris | 852,308 | 3,098,520 | 0 | 1,544,437 | 6,732,386 |
| 14 | Avangrid, Inc. | 2022 | Pedro Azagra Blázquez | 641,346 | 2,690,619 | 0 | 689,080 | 4,849,985 |
| 15 | Hawaiian Electric Industries, Inc. | 2025 | Scott W. Seu | 1,024,900 | 1,721,450 | 0 | 0 | 4,430,919 |
| 16 | PNM Resources, Inc. | 2025 | Joseph Tarry | 839,462 | 2,275,011 | 0 | 495,058 | 3,903,948 |
| 17 | Pinnacle West Capital Corp | 2025 | Robert Smith | 514,658 | 1,360,231 | — | 421,609 | 2,708,803 |
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.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Pinnacle West Capital Corp | 197.5% | PSU 70 · RSU 30 | Yes — Relative TSR | FW Cook |
| Alliant Energy Corporation | 130% | PSU 75 · RSU 25 | No | Pay Governance LLC |
| Ameren Corporation | 193.3% | PSU 70 · RSU 30 | No | Meridian Compensation Partners |
| Avangrid, Inc. | 182% | PSU 60 · RSU 40 | No | Aon Human Capital Solutions |
| CMS Energy | 129% | PSU 75 · RSU 25 | Yes — Relative TSR Performance | Pay Governance LLC |
| DTE Energy Company | 169.87% | PSU 70 · RSU 30 | No | Meridian Compensation Partners LLC |
| Edison International | not disclosed | not disclosed | not disclosed | Pay Governance LLC |
| Evergy, Inc. | 95.5% | PSU 70 · RSU 30 | Yes — Three Year Relative TSR versus Companies in the EEI Index | Meridian |
| Eversource Energy | 145% | PSU 75 · RSU 25 | No | Pay Governance |
| Hawaiian Electric Industries, Inc. | not disclosed | PSU 50 · Cash LTI 50 | No | Frederic W. Cook & Co., Inc. |
| NiSource Inc. | 146% | PSU 80 · RSU 20 | Yes — Three-Year RTSR | Meridian Compensation Partners |
| OGE Energy Corp. | 118% | PSU 65 · RSU 35 | No | Mercer |
| PNM Resources, Inc. | 50% | PSU 70 · RSU 30 | Yes — Relative TSR Goal | Pay Governance |
| PPL Corporation | 116.14% | PSU 80 · RSU 20 | Yes — Total Shareowner Return (TSR) | FW Cook |
| Southern Company | 179% | PSU 75 · RSU 25 | Yes — Relative TSR | Pay Governance LLC |
| WEC Energy Group, Inc. | not disclosed | PSU 65 · RSU 20 · Option 15 | not disclosed | Frederic W. Cook & Co., Inc. |
| Xcel Energy, Inc. | 143.76% | PSU 70 · RSU 30 | No | Meridian |
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.
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Theodore Geisler | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Summary Compensation Table” · page 75. As printed: 8,414,652. Filing ↗machine: r2 · c24 · span 1811110–1811119 |
| 2 | Section 01, Jacob Tetlow | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Summary Compensation Table” · page 75. As printed: 3,795,987. Filing ↗machine: r17 · c24 · span 1851307–1851316 |
| 3 | Section 01, Adam Heflin | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Summary Compensation Table” · page 75. As printed: 3,628,459. Filing ↗machine: r14 · c24 · span 1842532–1842541 |
| 4 | Section 01, Andrew Cooper | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Summary Compensation Table” · page 75. As printed: 3,392,860. Filing ↗machine: r8 · c24 · span 1829047–1829056 |
| 5 | Section 01, Jeffrey Guldner | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Summary Compensation Table” · page 75. As printed: 2,828,115. Filing ↗machine: r5 · c24 · span 1820219–1820228 |
| 6 | Section 01, Robert Smith | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Summary Compensation Table” · page 75. As printed: 2,708,803. Filing ↗machine: r20 · c24 · span 1860400–1860409 |
| 7 | Section 01, Shirley Baum | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Summary Compensation Table” · page 75. As printed: 1,886,647. Filing ↗machine: r11 · c24 · span 1838021–1838030 |
| 8 | Section 03, Theodore Geisler RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r8 · c11 · span 1912220–1912227 |
| 9 | Section 03, Adam Heflin RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r42 · c11 · span 1966442–1966449 |
| 10 | Section 03, Adam Heflin RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r46 · c11 · span 1972594–1972601 |
| 11 | Section 03, Andrew Cooper RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r28 · c11 · span 1944683–1944690 |
| 12 | Section 03, Theodore Geisler RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r6 · c11 · span 1909143–1909150 |
| 13 | Section 03, Theodore Geisler PSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r14 · c9 · span 1921211–1921217 |
| 14 | Section 03, Adam Heflin RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r44 · c11 · span 1969518–1969525 |
| 15 | Section 03, Shirley Baum RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r35 · c11 · span 1955565–1955572 |
| 16 | Section 03, Shirley Baum RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r37 · c11 · span 1958639–1958645 |
| 17 | Section 03, Theodore Geisler RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r10 · c11 · span 1915296–1915303 |
| 18 | Section 03, Andrew Cooper RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r24 · c11 · span 1938531–1938538 |
| 19 | Section 03, Andrew Cooper RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r26 · c11 · span 1941607–1941614 |
| 20 | Section 03, Shirley Baum RSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r33 · c11 · span 1952489–1952496 |
| 21 | Section 03, Theodore Geisler PSU | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t320 · r18 · c9 · span 1928115–1928120 |
| 22 | Section 07, pay ratio | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “CEO Pay Ratio”. As printed: 14.9 : 1. Filing ↗machine: span 2468818–2468825 |
| 23 | Section 08, Paula J. Sims | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 334,902. Filing ↗machine: t211 · r11 · c7 · span 1242160–1242167 |
| 24 | Section 08, James E. Trevathan, Jr | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 322,088. Filing ↗machine: t211 · r14 · c7 · span 1247438–1247445 |
| 25 | Section 08, Richard P. Fox | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 317,307. Filing ↗machine: t211 · r6 · c7 · span 1233309–1233316 |
| 26 | Section 08, Glynis A. Bryan | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 304,285. Filing ↗machine: t211 · r2 · c7 · span 1226616–1226623 |
| 27 | Section 08, William H. Spence | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 304,098. Filing ↗machine: t211 · r12 · c7 · span 1243824–1243831 |
| 28 | Section 08, Ronald Butler, Jr | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 296,351. Filing ↗machine: t211 · r3 · c7 · span 1228291–1228298 |
| 29 | Section 08, Gonzalo A. de la Melena, Jr | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 290,387. Filing ↗machine: t211 · r9 · c7 · span 1238651–1238658 |
| 30 | Section 08, Susan T. Flanagan | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 285,231. Filing ↗machine: t211 · r5 · c7 · span 1231643–1231650 |
| 31 | Section 08, Kristine L. Svinicki | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 284,098. Filing ↗machine: t211 · r13 · c7 · span 1245491–1245498 |
| 32 | Section 08, Carol S. Eicher | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 284,098. Filing ↗machine: t211 · r4 · c7 · span 1229964–1229971 |
| 33 | Section 08, Bruce J. Nordstrom | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 146,268. Filing ↗machine: t211 · r10 · c7 · span 1240498–1240505 |
| 34 | Section 08, Theodore N. Geisler | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 0. Filing ↗machine: t211 · r7 · c7 · span 1235147–1235148 |
| 35 | Section 08, Jeffrey B. Guldner | DEF 14A | 2026-04-03 | 0001628280-26-023516 | Section “Director Compensation”. As printed: 0. Filing ↗machine: t211 · r8 · c7 · span 1236978–1236979 |
| 36 | Section 02, Jacob Tetlow 2026-05-13 | Form 4 | 2026-05-14 | 0001628280-26-035162 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 37 | Section 02, Jacob Tetlow 2026-05-13 | Form 4 | 2026-05-14 | 0001628280-26-035162 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 38 | Section 02, de la Melena Gonzalo A Jr 2026-05-14 | Form 4 | 2026-05-18 | 0001628280-26-036022 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 39 | Section 02, James E. Trevathan, Jr 2026-05-14 | Form 4 | 2026-05-18 | 0001628280-26-036008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 40 | Section 02, Carol S. Eicher 2026-05-14 | Form 4 | 2026-05-18 | 0001628280-26-036029 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 41 | Section 02, Susan T. Flanagan 2026-05-14 | Form 4 | 2026-05-18 | 0001628280-26-036013 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 42 | Section 02, Ronald Butler, Jr 2026-05-14 | Form 4 | 2026-05-18 | 0001628280-26-036026 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 43 | Section 02, Kristine L. Svinicki 2026-05-14 | Form 4 | 2026-05-18 | 0001628280-26-036001 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 44 | Section 02, William H. Spence 2026-05-14 | Form 4 | 2026-05-18 | 0001628280-26-036005 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 45 | Section 02, Glynis A. Bryan 2026-05-14 | Form 4 | 2026-05-18 | 0001628280-26-035997 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 46 | Section 02, Paula J. Sims 2026-05-14 | Form 4 | 2026-05-18 | 0001628280-26-036007 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 47 | Section 06, 2026 vote | Form 8-K | 2026-05-19 | 0001628280-26-036111 | Item 5.07 · say-on-pay result. As reported: 97.29% (votes for as printed: 98,755,016). Filing ↗ |
| 48 | Section 06, 2025 vote | Form 8-K | 2025-05-22 | 0000764622-25-000050 | Item 5.07 · say-on-pay result. As reported: 96.55% (votes for as printed: 92,569,250). Filing ↗ |
| 49 | Section 06, 2024 vote | Form 8-K | 2024-05-24 | 0000764622-24-000050 | Item 5.07 · say-on-pay result. As reported: 94.85% (votes for as printed: 87,508,976). Filing ↗ |
| 50 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 51 | Section 03b vehicle mix (computed) | 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 |
| 52 | Section 09b board cost (computed) | 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 |
| 53 | Southern Company, Section 10b CEO total | DEF 14A | 2026-04-03 | 0000092122-26-000028 | CEO total compensation as printed in Southern Company's own proxy. As printed: 28,223,562. Filing ↗machine: r2 · c21 · span 1349281–1349291 |
| 54 | Edison International, Section 10b CEO total | DEF 14A | 2026-03-13 | 0001104659-26-027655 | CEO total compensation as printed in Edison International's own proxy. As printed: 16,544,559. Filing ↗machine: t310 · r10 · c18 · span 2410710–2410720 |
| 55 | Xcel Energy, Inc., Section 10b CEO total | DEF 14A | 2026-04-07 | 0000072903-26-000063 | CEO total compensation as printed in Xcel Energy, Inc.'s own proxy. As printed: 15,998,859. Filing ↗machine: r2 · c24 · span 898797–898807 |
| 56 | Eversource Energy, Section 10b CEO total | DEF 14A | 2026-03-27 | 0001104659-26-036077 | CEO total compensation as printed in Eversource Energy's own proxy. As printed: 14,987,168. Filing ↗machine: t46 · r1 · c41 · span 1205602–1205612 |
| 57 | Ameren Corporation, Section 10b CEO total | DEF 14A | 2026-03-31 | 0001104659-26-037756 | CEO total compensation as printed in Ameren Corporation's own proxy. As printed: 14,056,510. Filing ↗machine: r1 · c47 · span 1200840–1200850 |
| 58 | PPL Corporation, Section 10b CEO total | DEF 14A | 2026-04-01 | 0001193125-26-135991 | CEO total compensation as printed in PPL Corporation's own proxy. As printed: 13,221,331. Filing ↗machine: t139 · r2 · c21 · span 1822151–1822161 |
| 59 | NiSource Inc., Section 10b CEO total | DEF 14A | 2026-03-30 | 0001140361-26-011851 | CEO total compensation as printed in NiSource Inc.'s own proxy. As printed: 13,197,800. Filing ↗machine: t253 · r2 · c22 · span 1412582–1412592 |
| 60 | WEC Energy Group, Inc., Section 10b CEO total | DEF 14A | 2026-03-26 | 0000783325-26-000035 | CEO total compensation as printed in WEC Energy Group, Inc.'s own proxy. As printed: 12,188,492. Filing ↗machine: r4 · c27 · span 797676–797686 |
| 61 | OGE Energy Corp., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001193125-26-138065 | CEO total compensation as printed in OGE Energy Corp.'s own proxy. As printed: 12,032,007. Filing ↗machine: span 979637–979647 |
| 62 | CMS Energy, Section 10b CEO total | DEF 14A | 2026-03-26 | 0000811156-26-000015 | CEO total compensation as printed in CMS Energy's own proxy. As printed: 10,534,039. Filing ↗machine: r3 · c42 · span 736929–736939 |
| 63 | Evergy, Inc., Section 10b CEO total | DEF 14A | 2026-03-26 | 0001140361-26-011357 | CEO total compensation as printed in Evergy, Inc.'s own proxy. As printed: 9,537,018. Filing ↗machine: r2 · c25 · span 1518390–1518399 |
| 64 | Alliant Energy Corporation, Section 10b CEO total | DEF 14A | 2026-03-31 | 0000352541-26-000025 | CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. Filing ↗machine: r2 · c27 · span 489074–489084 |
| 65 | DTE Energy Company, Section 10b CEO total | DEF 14A | 2026-03-12 | 0000936340-26-000062 | CEO total compensation as printed in DTE Energy Company's own proxy. As printed: 6,732,386. Filing ↗machine: t121 · r3 · c12 · span 1045987–1045996 |
| 66 | Avangrid, Inc., Section 10b CEO total | DEF 14A | 2023-04-28 | 0001193125-23-127005 | CEO total compensation as printed in Avangrid, Inc.'s own proxy. As printed: 4,849,985. Filing ↗machine: t198 · r3 · c31 · span 833515–833524 |
| 67 | Hawaiian Electric Industries, Inc., Section 10b CEO total | DEF 14A | 2026-04-29 | 0001104659-26-051288 | CEO 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 |
| 68 | PNM Resources, Inc., Section 10b CEO total | DEF 14A | 2026-04-28 | 0001108426-26-000020 | CEO total compensation as printed in PNM Resources, Inc.'s own proxy. As printed: 3,903,948. Filing ↗machine: t44 · r7 · c16 · span 791496–791505 |
| 69 | Pinnacle West Capital Corp (subject), Section 10b CEO total | DEF 14A | 2026-04-03 | 0001628280-26-023516 | CEO total compensation as printed in Pinnacle West Capital Corp's own proxy. As printed: 2,708,803. Filing ↗machine: r20 · c24 · span 1860400–1860409 |
| 70 | Section 10a, Alliant Energy Corporation reciprocity | DEF 14A | — | 0000352541-26-000025 | Alliant Energy Corporation names Pinnacle West Capital Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 71 | Section 10a, PNM Resources, Inc. reciprocity | DEF 14A | — | 0001108426-26-000020 | PNM Resources, Inc. names Pinnacle West Capital Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 72 | Section 10a, Evergy, Inc. reciprocity | DEF 14A | — | 0001140361-26-011357 | Evergy, Inc. names Pinnacle West Capital Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 73 | Section 10a, Edison International reciprocity | DEF 14A | — | 0001104659-26-027655 | Edison International's most recent proxy was read; its disclosed peer group does not include Pinnacle West Capital Corp. Filing ↗ |
| 74 | Section 10a, Xcel Energy, Inc. reciprocity | DEF 14A | — | 0000072903-26-000063 | Xcel Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Pinnacle West Capital Corp. Filing ↗ |
| 75 | Section 10a, NiSource Inc. reciprocity | DEF 14A | — | 0001140361-26-011851 | NiSource Inc.'s most recent proxy was read; its disclosed peer group does not include Pinnacle West Capital Corp. Filing ↗ |
| 76 | Section 10a, OGE Energy Corp. reciprocity | DEF 14A | — | 0001193125-26-138065 | OGE Energy Corp. names Pinnacle West Capital Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 77 | Section 10a, WEC Energy Group, Inc. reciprocity | DEF 14A | — | 0000783325-26-000035 | WEC Energy Group, Inc. names Pinnacle West Capital Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 78 | Section 10a, Hawaiian Electric Industries, Inc. reciprocity | DEF 14A | — | 0001104659-26-051288 | Hawaiian Electric Industries, Inc. names Pinnacle West Capital Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 79 | Section 10a, DTE Energy Company reciprocity | DEF 14A | — | 0000936340-26-000062 | DTE Energy Company names Pinnacle West Capital Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 80 | Section 10a, Avangrid, Inc. reciprocity | DEF 14A | — | 0001193125-23-127005 | Avangrid, Inc. names Pinnacle West Capital Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 81 | Section 10a, CMS Energy reciprocity | DEF 14A | — | 0000811156-26-000015 | CMS Energy names Pinnacle West Capital Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 82 | Section 10a, Eversource Energy reciprocity | DEF 14A | — | 0001104659-26-036077 | Eversource Energy's most recent proxy was read; its disclosed peer group does not include Pinnacle West Capital Corp. Filing ↗ |
| 83 | Section 10a, Southern Company reciprocity | DEF 14A | — | 0000092122-26-000028 | Southern Company names Pinnacle West Capital Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗ |