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OMB APPROVAL
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OMB Number: 3235-0287
Expires: December 31, 2001
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Snell Richard
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(Last) (First) (Middle)
400 E. Van Buren, P.O. Box 52132
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(Street)
Phoenix AZ 85032
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Pinnacle West Capital Corporation (PNW)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
May 1999
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by one Reporting Person
[ ] Form filed by more than one Reporting Person
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<PAGE>
Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
Amount
of
Securities Secur- Nature
Acquired (A) ities Owner- of
or Disposed Bene- ship Indirect
of (D) (Instr. ficially Form: Bene-
Transaction 3, 4 and 5) Owned at Direct ficial
Code ---------------- End (D) or Owner-
Title of Transaction (Instr. 8) (A) of Month Indirect ship
Security Date ----------- Amount or Price (Instr. (I) (Instr.
(Instr. 3) (mm/dd/yy) Code V (D) 3 and 4) (Instr.4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 05/12/99 M 30,000 (A) $19.000 D
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Common Stock 05/12/99 M 25,000 (A) $27.440 D
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Common Stock 05/12/99 M 25,000 (A) $31.440 D
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Common Stock 05/12/99 M 3,500 (A) $16.250 D
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Common Stock 05/12/99 M 7,000 (A) $10.063 D
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Common Stock 05/12/99 M 7,000 (A) $18.125 496,585 D
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</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>
Form 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
Number Number Owner-
of of ship
Deriv- Title and Deriv- of
Conver- ative Amount of ative Deriv-
sion Secur- Underlying Secur- ative Nature
of ities Securities ities Secur- of
Exer- Acquired Date (Instr. 3 Price Bene- ity: In-
cise Trans- (A) or Exercisable and and 4) of ficially Direct direct
Price Trans- action Disposed Expiration Date ------------- Deriv- Owned (D) or Bene-
of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr.3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ -------- Exer- tion of (Instr. (Instr. (Instr (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock
Option (right Common
to buy) $19.000 05/12/99 M 30,000 (1) (2) Stock 30,000 O D
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Employee Stock
Option (right Common
to buy) $27.440 05/12/99 M 25,000 (3) (4) Stock 25,000 O D
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Employee Stock
Option (right Common
to buy) $31.440 05/12/99 M 25,000 (5) (6) Stock 25,000 O D
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Employee Stock
Option (right Common
to buy) $16.250 05/12/99 M 3,500 (7) (8) Stock 3,500 O D
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Employee Stock
Option (right Common
to buy) $10.063 05/12/99 M 7,000 (9) (10) Stock 7,000 O D
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Employee Stock
Option (right Common
to buy) $18.125 05/12/99 M 7,000 (11) (12) Stock 7,000 O D
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</TABLE>
Explanation of Responses:
(1) The option became exercisable 1/3 of the grant per year commencing
11-16-95.
(2) The option expires on the earlier of 11-16-04 or 15 months after retirement
as an employee.
(3) The option became exercisable 1/3 of the grant per year commencing
11-15-96.
(4) The option expires on the earlier of 11-15-05 or 15 months after retirement
as an employee.
(5) The option became exercisable 1/3 of the grant per year commencing
11-20-97. (The last 1/3 was accelerated to 2-5-99, the date of Mr. Snell's
retirement as an employee.)
(6) The option expires on the earlier of 11-20-06 or 15 months after retirement
as an employee.
(7) The option became exercisable on 7-3-90.
(8) The option expires on the earlier of 7-2-00 or 2 years after leaving the
board of directors.
(9) The option became exercisable on 7-2-91.
(10) The option expires on the earlier of 7-1-01 or 2 years after leaving the
board of directors.
(11) The option became exercisable on 7-2-92.
(12) The option expires on the earlier of 7-1-02 or 2 years after leaving the
board of directors.
Richard Snell 6-9-99
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Richard Snell
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedures.
Alternatively, this Form is permitted to be submitted to the Commission in
electronic format at the option of the reporting person pursuant to rule
101(b)(4) of Regulation S-T.
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