Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Career Recognition Award.
On March 18, 2009, the Human Resources Committee (the "Committee") of the Board of Directors of Pinnacle West Capital Corporation (the "Company") approved a Career Recognition Award for William J. Post, the Company's Chairman of the Board and Chief Executive Officer. Mr. Post will be retiring on April 30, 2009 after thirty-eight years of service. Pursuant to the Award, the Company credited a non-cash amount of $1 million to a record keeping account on behalf of Mr. Post. Mr. Post will fully vest in the account on his retirement date and amounts will be paid to him or his designated beneficiary in ten annual installments of $100,000, plus interest on the unpaid balance at the same rate as provided under the Company's deferred compensation plan.

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