Tetlow Jacob 4

What Happened
Jacob Tetlow, EVP and COO of Arizona Public Service (a Pinnacle West unit), received 20,879 performance shares that vested on March 18, 2026. On the same date he disposed of 2,490 shares to the issuer for $100.92 each (proceeds $251,291) and 7,880 shares were surrendered to cover taxes at $100.92 each (value $795,250). The combined cash value related to dispositions/withholding was about $1.046 million. The initial 20,879 shares were granted as performance-based awards (no purchase price).

Key Details

• Transaction date: 2026-03-18; Form 4 filed 2026-03-20 (timely filing).
• Awards granted/vested: 20,879 performance shares (acquired at $0.00 on vesting).
• Dispositions: 2,490 shares disposed to issuer at $100.92 (total $251,291); 7,880 shares disposed for tax withholding at $100.92 (total $795,250).
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 — shares vested from 2023 performance awards tied to TSR, EPS growth, clean MW installed, plus dividend-equivalent rights; F2 — cash settlement related to dividend equivalents; F3 — 7,880 shares were retained by the company to meet tax withholding, while the recipient retained the remaining vested shares.

Context
This was not an open-market purchase or sale by an outsider — it reflects the normal vesting and settlement of performance-based equity. The award (A) represents earned compensation; the dispositions (D/F) were to settle cash payments and tax obligations (a routine administrative action, not necessarily a signal of personal market sentiment).