Pinnacle West Capital

On February 23, 2022, the Board of Directors of the Company expanded the number of Directors on the Pinnacle West Board of Directors by one and elected Mr. Gonzalo de la Melena, Jr. as a Director. Mr. de la Melena’s initial term will extend until the Pinnacle West 2022 Annual Meeting of Shareholders on May 18, 2022 (the “2022 Annual Meeting of Shareholders”). The Board of Directors of Arizona Public Service Company (“APS”), the principal subsidiary of Pinnacle West, also elected Mr. de la Melena to the APS Board of Directors. Mr. de la Melena has been appointed to the Audit Committee and the Nuclear and Operating Committee of Pinnacle West. Mr.

On December 14, 2021, the Human Resources Committee (the “Committee”) of the Pinnacle West Capital Corporation (“Pinnacle West”) Board of Directors (the “Board”) approved the portion of the Arizona Public Service Company ("APS") 2022 Annual Incentive Award Plan (the “APS Plan”) that provides an incentive award opportunity for Jeffrey B. Guldner, Chairman of the Board, President and Chief Executive Officer of Pinnacle West and APS. On December 15, 2021, the Board, acting on the recommendation of the Committee, approved the portion of the APS Plan that includes an incentive award opportunity for Theodore N. Geisler, Senior Vice President and Chief Financial Officer of Pinnacle West and APS and Robert E.

Effective August 30, 2021, Pinnacle West Capital Corporation (the “Company”), in further alignment with its focus on costs, will be eliminating the Chief Administrative Officer position. With the elimination of this position, James R. Hatfield, Chief Administrative Officer of the Company, will be transitioning to the role of Advisor to the Chief Executive Officer. Mr. Hatfield’s duties and responsibilities will be determined by the Company’s Chief Executive Officer. In connection with this transition, Mr. Hatfield and the Company entered into a Transition and Separation Agreement (the “Agreement”), and he will separate his employment from the Company effective December 31, 2021 (the “Separation Date”). Mr.

On May 19, 2021, at the Annual Meeting of Shareholders, the shareholders of Pinnacle West Capital Corporation (the “Company”) approved the Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan (the “2021 Plan”). A summary of the 2021 Plan’s principal provisions is set forth in the 2021 Proxy Statement dated April 1, 2021 (the “Proxy Statement”), which was filed with the Securities and Exchange Commission pursuant to Regulation 14A under the Securities Exchange Act of 1934 in the section entitled “Proposal 3 – Approval of the Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan”, which section is attached to this Form 8-K as Exhibit 99.1 and incorporated into this Form 8-K by reference. The description is qualified in its entirety by reference to the 2021 Plan attached to the Proxy Statement as Appendix A.

Effective May 3, 2021, in preparation for Daniel T. Froetscher’s previously announced retirement, Mr. Froetscher’s duties as President of Arizona Public Service Company were informally transferred to Jeffrey B. Guldner.

On March 30, 2021, Daniel T. Froetscher announced he will retire from his positions as President and Chief Operating Officer of Arizona Public Service Company effective August 13, 2021.

Election of Director On February 26, 2021, the Board of Directors of Pinnacle West Capital Corporation ("Pinnacle West") expanded the number of Directors on the Pinnacle West Board of Directors by one and elected Mr. William H. Spence as a Director. Mr. Spence’s initial term will extend until the Pinnacle West 2021 Annual Meeting of Shareholders on May 19, 2021 (the “2021 Annual Meeting of Shareholders”). The Board of Directors of Arizona Public Service Company (“APS”), the principal subsidiary of Pinnacle West, also elected Mr. Spence to the APS Board of Directors. Mr. Spence has been appointed to the Finance Committee, Human Resources Committee and Nuclear and Operating Committee of Pinnacle West. Mr.

On December 15, 2020, the Human Resources Committee (the “Committee”) of the Pinnacle West Capital Corporation (“Pinnacle West”) Board of Directors (the “Board”) approved the portion of the Arizona Public Service Company ("APS") 2021 Annual Incentive Award Plan (the “APS Plan”) that provides an incentive award opportunity for Jeffrey B. Guldner, Chairman of the Board, President and Chief Executive Officer of Pinnacle West and Chairman of the Board and Chief Executive Officer of APS. On December 16, 2020, the Board, acting on the recommendation of the Committee, approved the portion of the APS Plan that includes an incentive award opportunity for James R. Hatfield, Executive Vice President and Chief Administrative Officer of Pinnacle West and APS, Daniel T. Froetscher, President and Chief Operating Office of APS, Theodore N.

Election of Director On February 19, 2020, the Board of Directors of Pinnacle West Capital Corporation ("Pinnacle West") expanded the number of Directors on the Pinnacle West Board of Directors by one and elected Ms. Glynis A. Bryan as a Director. Ms. Bryan’s initial term will extend until the Pinnacle West 2020 Annual Meeting of Shareholders on May 20, 2020 (the “2020 Annual Meeting of Shareholders”). The Board of Directors of Arizona Public Service Company (“APS”), the principal subsidiary of Pinnacle West, also elected Ms. Bryan to the APS Board of Directors. Ms. Bryan has been appointed to the Audit Committee and the Nuclear and Operating Committee of Pinnacle West. Ms.

On January 8, 2020, the Human Resources Committee (the “Committee”) of the Board of Directors of Pinnacle West Capital Corporation (“Pinnacle West” or the “Company”), acting pursuant to a delegation of authority from the Boards of Directors of both Pinnacle West and Arizona Public Service Company (“APS”), appointed Theodore N. Geisler to the position of Senior Vice President and Chief Financial Officer of the Company and APS, effective immediately. James R. Hatfield was promoted to the position of Executive Vice President and Chief Administrative Officer of APS, also effective immediately. Mr. Geisler, age 41, has been Vice President and Chief Information Officer of APS since February 2018.

Appointment of Chief Nuclear Officer On December 18, 2019, the Board of Directors of Arizona Public Service Company (“APS”) appointed Maria L. Lacal Executive Vice President and Chief Nuclear Officer, Palo Verde Generating Station of APS, effective January 21, 2020. At that time, she will replace Robert S. Bement in that role. Mr. Bement will remain with APS after January 21, 2020 as Executive Vice President and Special Advisor to the Chief Executive Officer of APS and will retire from APS on March 31, 2020. A copy of the press release announcing this appointment is attached hereto as Exhibit 99.1.

(b) Retirement of Donald E. Brandt On August 20, 2019, Pinnacle West Capital Corporation (“Pinnacle West”) and Arizona Public Service Company (“APS”) announced that Donald E. Brandt will retire from his positions as Chairman of the Board, President, Chief Executive Officer and member of the Board of Directors of Pinnacle West and as Chairman of the Board, Chief Executive Officer and member of the Board of Directors of APS effective November 15, 2019. A copy of the press release discussing Mr. Brandt’s retirement is attached to this Current Report on Form 8-K as Exhibit 99.1. (c) Appointment of Jeffrey B. Guldner On August 20, 2019, the Board of Directors of Pinnacle West appointed Jeffrey B. Guldner (age 54) to replace Mr. Brandt as Chairman of the Board, President, and Chief Executive Officer of Pinnacle West effective November 15, 2019 and the Board of Directors of APS appointed Mr.

On June 19, 2019, the Boards of Directors of Pinnacle West Capital Corporation (“Pinnacle West” or the “Company”) (a holding company) and Arizona Public Service Company (“APS”) (an electric utility) appointed Elizabeth A. Blankenship to the position of Vice President, Controller and Chief Accounting Officer of the Company and APS, a wholly-owned subsidiary of Pinnacle West, effective immediately. Ms. Blankenship, age 47, has been the General Manager, Accounting Operations of APS since April 2019. She previously held the positions of Director, Accounting Operations of APS from August 2014 to April 2019 and Manager, Accounting of APS from August 2011 to August 2014. In connection with this appointment, Ms.

Denise R. Danner, Vice President, Controller and Chief Accounting Officer of Pinnacle West Capital Corporation ("Pinnacle West") and Arizona Public Service Company ("APS" and together with Pinnacle West, the "Company"), informed the Company that she will retire from the Company effective July 19, 2019.

On December 20, 2018, Pinnacle West Capital Corporation (the “Company”) filed a Form 8-K announcing the election of James E. Trevathan, Jr. to the Board of Directors of the Company effective December 19, 2018 and stating that committee assignments would be designated at a future meeting. On February 20, 2019, the Board of Directors of the Company appointed Mr. Trevathan to its Human Resources Committee and Nuclear and Operating Committee.

On December 18, 2018, the Human Resources Committee (the “Committee”) of the Pinnacle West Board of Directors (the “Board”) approved the Pinnacle West 2019 CEO Annual Incentive Award Plan (the “PNW Plan”), which provides an incentive award opportunity for Donald E. Brandt, the Chairman of the Board, President, and Chief Executive Officer of Pinnacle West and the Chairman of the Board and Chief Executive Officer of APS. On December 19, 2018, the Board, acting on the recommendation of the Committee, approved the APS 2019 Annual Incentive Award Plan (the “APS Plan”), which includes an incentive award opportunity for James R. Hatfield, Executive Vice President and Chief Financial Officer of Pinnacle West and APS and the APS 2019 Annual Incentive Award Plan for Palo Verde Employees (the “Palo Verde Plan”), which includes an incentive award opportunity for Robert S.

On December 19, 2018, the Board of Directors (the “PNW Board”) of Pinnacle West Capital Corporation ("Pinnacle West") expanded the number of Directors on the PNW Board by one and elected Mr. James E. Trevathan, Jr. as a Director. Mr. Trevathan’s initial term will extend until the Pinnacle West 2019 Annual Meeting of Shareholders in May 2019 (“2019 Annual Meeting of Shareholders”). The Board of Directors (the “APS Board”) of Arizona Public Service Company (“APS”), the principal subsidiary of Pinnacle West, also elected Mr. Trevathan to the APS Board. The PNW Board expects to designate committee assignments for Mr. Trevathan at a future meeting. Mr.

Mark A. Schiavoni, Executive Vice President and Chief Operating Officer of Arizona Public Service Company (“APS” or the “Company”), informed the Company that he will retire from APS effective August 20, 2018. On Wednesday, February 21, 2018, the Board of Directors of APS appointed Daniel T. Froetscher to the position of Executive Vice President of Operations. Mr. Froetscher will have oversight responsibility for the following operations of APS: transmission, distribution, customers, fossil generation, resource management, sustainability, supply chain and security. Mr. Schiavoni will continue to serve as Executive Vice President of APS during Mr. Froetscher’s transition to his new duties.

David P. Falck, Executive Vice President, Law is retiring from Pinnacle West Capital Corporation on April 2, 2018.

On December 19, 2017, the Human Resources Committee (the “Committee”) of the Pinnacle West Capital Corporation (“Pinnacle West” or the “Company”) Board of Directors (the “Board”) approved the Pinnacle West 2018 CEO Annual Incentive Award Plan (the “PNW Plan”), which provides an incentive award opportunity for Donald E. Brandt, the Chairman of the Board, President, and Chief Executive Officer of Pinnacle West and the Chairman of the Board, President and Chief Executive Officer of Arizona Public Service Company (“APS”). On December 20, 2017, the Board, acting on the recommendation of the Committee, approved the APS 2018 Annual Incentive Award Plan (the “APS Plan”), which includes an incentive award opportunity for Mark A. Schiavoni, Executive Vice President and Chief Operating Officer of APS, James R.

On April 19, 2017 the Board of Directors of Pinnacle West Capital Corporation (“Pinnacle West”) and the Board of Directors of Arizona Public Service Company appointed Jeffrey B. Guldner to the position of Executive Vice President, Public Policy and General Counsel. The Board of Directors of Pinnacle West also appointed David P. Falck as Executive Vice President, Law. The appointments will go into effect on May 17, 2017 following the Pinnacle West 2017 Annual Meeting of Shareholders.

On March 29, 2017, the Human Resources Committee (the “Committee”) of the Pinnacle West Capital Corporation (“Pinnacle West”) Board of Directors (the “Board”) granted to Donald E. Brandt, the Chairman of the Board, President, and Chief Executive Officer of Pinnacle West and the Chairman of the Board, President and Chief Executive Officer of Arizona Public Service Company, a Performance Cash Award (the “Award”) under the Pinnacle West Capital Corporation 2012 Long-Term Incentive Plan. The Award is contingent upon the satisfaction of performance goals and is designed to incent Mr. Brandt to remain in his current role for a 2-year period. The Award is comprised of two tranches, with a maximum potential payout to Mr. Brandt of $4 million.

Randall K. Edington, Executive Vice President and Advisor to the CEO, Arizona Public Service Company (“APS”) is retiring from APS on March 22, 2017.

On December 20, 2016, the Human Resources Committee (the “Committee”) of the Pinnacle West Capital Corporation (“Pinnacle West” or the “Company”) Board of Directors (the “Board”) approved the Pinnacle West 2017 CEO Annual Incentive Award Plan (the “PNW Plan”), which provides an incentive award opportunity for Donald E. Brandt, the Chairman of the Board, President, and Chief Executive Officer of Pinnacle West and the Chairman of the Board, President and Chief Executive Officer of Arizona Public Service Company (“APS”). On December 21, 2016, the Board, acting on the recommendation of the Committee, approved the APS 2017 Annual Incentive Award Plan (the “APS Plan”), which includes an incentive award opportunity for Mark A. Schiavoni, Executive Vice President and Chief Operating Officer, James R. Hatfield, Executive Vice President and Chief Financial Officer, David P.

On October 20, 2016, the Board of Directors (the “Board”) of Pinnacle West Capital Corporation ("Pinnacle West") expanded the number of Directors on the Board by one and elected Ms. Paula J. Sims as a Director. Ms. Sims’s initial term will extend until the Pinnacle West 2017 Annual Meeting of Shareholders in May 2017 (“2017 Annual Meeting of Shareholders”). The Board of Arizona Public Service Company (“APS”), the principal subsidiary of Pinnacle West, also elected Ms. Sims to its Board. Ms. Sims has been appointed to the Finance and Nuclear and Operating Committees of Pinnacle West. Ms.

On June 22, 2016, the Board of Directors of Arizona Public Service Company (“APS”) appointed Robert S. Bement Executive Vice President, Nuclear, Palo Verde Nuclear Generating Station (“PVNGS”) of APS, effective immediately. Under the Board action, effective October 31, 2016, Mr. Bement will become Executive Vice President and Chief Nuclear Officer, PVNGS, of APS. At that time, he will replace Randall K. Edington in that role. Mr. Edington will remain with APS after October 31, 2016 as Executive Vice President and Advisor to the Chief Executive Officer of APS. APS will also be issuing a press release announcing this appointment. A copy of the press release is attached hereto as Exhibit 99.1.