[Form 3] PG&E Corp Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Alejandro T. Vallejo, EVP and Chief People Officer of PG&E Corp (PCG), filed an initial Form 3 reporting direct ownership of 41,142 shares of common stock and 28,048.36 units of phantom stock. The phantom units are economically equivalent to common shares and become payable in cash following termination of service, though they may be moved into an alternative investment account at any time. The transaction date reported is 09/30/2025.

Positive

• Direct equity holding of 41,142 shares indicates personal alignment with shareholders
• Phantom stock 28,048.36 units ties compensation to share performance while deferring cash payout

Negative

• None.

Insights

Corporate Governance Analyst

Officer disclosure shows modest executive stake and deferred cash-settled equity.

The reporting person holds 41,142 shares directly and 28,048.36 phantom units, aligning part of compensation with equity value while preserving cash settlement on exit. Phantom units create economic exposure to share performance without current voting rights.

Key dependencies include the executive's continued service and termination provisions; the phantom units pay out after service ends. Monitor any future Form 4 or Schedule 13D/G filings for purchases, sales, or changes in ownership.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Vallejo Alejandro T

(Last) (First) (Middle)

300 LAKESIDE DRIVE

(Street)

OAKLAND CA 94612

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/30/2025

3. Issuer Name and Ticker or Trading Symbol
PG&E Corp [ PCG ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief People Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	41,142	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(1)	(1)	Common Stock	28,048.36	(1)	D

Explanation of Responses:

1. Each share of phantom stock is the economic equivalent of one share of common stock and becomes payable in cash following the reporting person's termination of service as an officer. The reporting person may transfer his phantom stock account into an alternative investment account at any time.

Remarks:

Exhibit List: Exhibit 24-Power of Attorney

	/s/ J. Ellen Conti, Attorney-in-fact for Alejandro T. Vallejo (Signed Power of Attorney on file with SEC)	10/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** 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 is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Alejandro T. Vallejo disclose on the PCG Form 3?

He disclosed direct ownership of 41,142 common shares and 28,048.36 phantom stock units, with the event date 09/30/2025.

What is the relationship of the reporting person to PCG?

He is EVP, Chief People Officer and filed the Form 3 as an officer of PCG.

How are the phantom stock units treated?

Each phantom unit equals one common share economically and becomes payable in cash following termination of service; units may be moved to an alternative investment account at any time.

Was the Form 3 signed and when?

The filing was signed via power of attorney by J. Ellen Conti on 10/10/2025.