PG&E EVP granted phantom stock units

PG&E Corp executive vice president and chief people officer Alejandro T. Vallejo received a grant of 387.13 shares of phantom stock, an incentive tied to the company’s common stock.

Rhea-AI Filing Summary

PG&E Corp executive vice president and chief people officer Alejandro T. Vallejo received a grant of 387.13 shares of phantom stock, an incentive tied to the company’s common stock. Each phantom share mirrors one common share in value and will be paid in cash after his service as an officer ends.

These phantom shares were acquired through deferred compensation and credits under PG&E’s executive retirement plans, bringing his directly held phantom stock balance to 30,552.6 shares.

Insider Trade Summary

Grant/Award: 387.13 shares

Grant/Award 1 txn

Insider Vallejo Alejandro T

Role EVP, Chief People Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	387.13	$18.48	$7K

Holdings After Transaction: Phantom Stock — 30,552.6 contracts (Direct)

Footnotes (2)

1. F1. 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, subject to the terms of the PG&E Corporation 2005 Supplemental Retirement Savings Plan ("SRSP") and the PG&E Corporation Defined Contribution Executive Supplemental Retirement Plan ("DC-ESRP").
2. F2. Phantom stock acquired upon (1) deferral of compensation under the SRSP and (2) credits awarded to the reporting person's account under the DC-ESRP, each exempt under Rule 16b-3(d).

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did PG&E Corp (PCG) report for Alejandro T. Vallejo?

PG&E Corp reported that EVP and Chief People Officer Alejandro T. Vallejo acquired 387.13 phantom stock shares. These were granted through deferred compensation and plan credits, increasing his phantom stock balance to 30,552.6 shares tied to PG&E’s common stock value.

What is phantom stock in the PG&E Corp (PCG) Form 4 filing?

In this filing, phantom stock represents units economically equivalent to PG&E common shares. They track the share price but are paid in cash after the officer’s service ends, functioning as a deferred, stock-linked compensation benefit under PG&E executive retirement plans.

How many phantom stock shares does Alejandro T. Vallejo hold after this PG&E (PCG) transaction?

After the reported grant, Alejandro T. Vallejo holds 30,552.6 phantom stock shares directly. This includes the newly acquired 387.13 units, which are tied to PG&E’s common stock value and will be settled in cash upon his termination of officer service.

How was the phantom stock acquired in the PG&E Corp (PCG) insider report?

The phantom stock was acquired through deferral of compensation under the SRSP and credits under the DC-ESRP. Both mechanisms are executive retirement plans, and the acquisition is categorized as a grant or award exempt under Rule 16b-3(d).

Does the PG&E Corp (PCG) Form 4 reflect an open-market buy or sell of common stock?

This Form 4 does not show an open-market buy or sell of PG&E common stock. Instead, it records a grant of 387.13 phantom stock units as deferred compensation, economically tied to common shares but payable in cash after the officer’s service ends.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/25/2026 - 04:15 PM EST Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Vallejo Alejandro T

(Last) (First) (Middle)

300 LAKESIDE DRIVE

(Street)

OAKLAND CA 94612

(City) (State) (Zip)

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

5. 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

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(1)	02/23/2026		A		387.13(2)		(1)	(1)	Common Stock	387.13	$18.48	30,552.6	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, subject to the terms of the PG&E Corporation 2005 Supplemental Retirement Savings Plan ("SRSP") and the PG&E Corporation Defined Contribution Executive Supplemental Retirement Plan ("DC-ESRP").

2. Phantom stock acquired upon (1) deferral of compensation under the SRSP and (2) credits awarded to the reporting person's account under the DC-ESRP, each exempt under Rule 16b-3(d).

Remarks:

	/s/ Christine Zhang, Attorney-in-fact for Alejandro T. Vallejo (Signed Power of Attorney on file with SEC)	02/25/2026
	** 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 4 (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.