PG&E director receives 10,948-share RSU equity grant

DENAULT LEO P reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

DENAULT LEO P reported acquisition or exercise transactions in this Form 4 filing.

PG&E Corp director Leo P. Denault reported an equity award of 10,948 shares of common stock on May 21, 2026. The award is in the form of Restricted Stock Units (RSUs) granted under the PG&E Corporation 2021 Long Term Incentive Plan and carries no purchase price.

Each RSU is payable in one share of PG&E common stock and generally vests after one year or earlier upon specific director events such as term expiration, death, disability, or certain change in control situations. Following this grant and prior RSU-related accruals, Denault’s direct holdings total 27,923.45 shares, including small incremental RSUs added through the plan’s dividend reinvestment feature.

Insider Trade Summary

Grant/Award: 10,948 shares

Grant/Award 1 txn

Insider DENAULT LEO P

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	10,948	$0.00	$0.00

Holdings After Transaction: Common Stock — 27,923.45 shares (Direct)

Footnotes (2)

1. F1. Restricted Stock Units (RSUs) granted under the PG&E Corporation 2021 Long Term Incentive Plan (LTIP). RSUs are payable in shares of PG&E Corporation common stock on a one-for-one basis. As described in the LTIP, RSUs vest upon the earliest of one year from the date of grant; the last day of a director's elected term; a director's death, disability, or termination following a change in control; or a change in control in which the acquiror does not assume, continue, or substitute the award.
2. F2. This total reflects the acquisition of 20.34 RSUs on 7/15/2025, 15.88 RSUs on 10/15/2025, 33.62 RSUs on 1/15/2026, and 30.61 RSUs on 4/15/2026 pursuant to a dividend reinvestment feature of the PG&E Corporation 2021 LTIP.

Key Figures

RSU grant size: 10,948 shares Total holdings after grant: 27,923.45 shares Dividend RSUs 07/15/2025: 20.34 RSUs +4 more

7 metrics

RSU grant size 10,948 shares Award of common stock/RSUs on May 21, 2026

Total holdings after grant 27,923.45 shares Direct holdings following reported transaction

Dividend RSUs 07/15/2025 20.34 RSUs Credited via dividend reinvestment feature

Dividend RSUs 10/15/2025 15.88 RSUs Credited via dividend reinvestment feature

Dividend RSUs 01/15/2026 33.62 RSUs Credited via dividend reinvestment feature

Dividend RSUs 04/15/2026 30.61 RSUs Credited via dividend reinvestment feature

Grant price per share $0.0000 per share Indicates compensation grant, not purchase

Key Terms

Restricted Stock Units (RSUs), PG&E Corporation 2021 Long Term Incentive Plan (LTIP), dividend reinvestment feature, change in control

4 terms

Restricted Stock Units (RSUs) financial

"Restricted Stock Units (RSUs) granted under the PG&E Corporation 2021 Long Term Incentive Plan (LTIP)."

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

PG&E Corporation 2021 Long Term Incentive Plan (LTIP) financial

"RSUs granted under the PG&E Corporation 2021 Long Term Incentive Plan (LTIP)."

dividend reinvestment feature financial

"pursuant to a dividend reinvestment feature of the PG&E Corporation 2021 LTIP."

change in control financial

"termination following a change in control; or a change in control in which the acquiror does not assume, continue, or substitute the award."

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

FAQ

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

What did PG&E Corp (PCG) director Leo P. Denault report on this Form 4?

Leo P. Denault reported receiving an equity award of 10,948 PG&E Corp common shares as Restricted Stock Units. These RSUs were granted as director compensation under the 2021 Long Term Incentive Plan and did not involve an open-market stock purchase.

How many PG&E Corp (PCG) shares does Leo P. Denault hold after this RSU grant?

After the reported RSU grant, Leo P. Denault directly holds 27,923.45 PG&E Corp shares. This total includes previously held shares and additional RSUs accumulated through the plan’s dividend reinvestment feature over several quarterly accrual dates.

What are the key terms of the PG&E Corp RSUs granted to Leo P. Denault?

The RSUs are payable in PG&E Corp common stock on a one-for-one basis and generally vest after one year. They may also vest earlier upon the end of the director’s term, death, disability, or certain change in control events described in the long-term incentive plan.

Did Leo P. Denault buy or sell PG&E Corp (PCG) shares on the open market?

The Form 4 shows a grant of 10,948 RSUs to Leo P. Denault, not an open-market trade. The transaction code is “A” for a grant or award, with a reported price per share of $0.0000, indicating compensation rather than a market purchase or sale.

What is the PG&E Corp 2021 Long Term Incentive Plan (LTIP) mentioned in the Form 4?

The 2021 Long Term Incentive Plan is PG&E Corp’s equity compensation program under which directors receive RSUs. The plan includes vesting rules and a dividend reinvestment feature that credits fractional RSUs over time, increasing the director’s total share-based holdings incrementally.

How did dividend reinvestment affect Leo P. Denault’s PG&E Corp RSU holdings?

Footnotes show dividend reinvestment credited 20.34, 15.88, 33.62, and 30.61 RSUs on four dates. These small additions came from the plan’s dividend reinvestment feature, slightly increasing Denault’s overall RSU-based holdings in PG&E Corp before and alongside the main grant.

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

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Accepted by SEC EDGAR 05/26/2026 - 04:18 PM EDT 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^*

DENAULT LEO P

(Last) (First) (Middle)

300 LAKESIDE DRIVE

(Street)

OAKLAND CALIFORNIA 94612

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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

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

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

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
Common Stock	05/21/2026		A		10,948(1)	A	$0	27,923.45(2)	D

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

Explanation of Responses:

1. Restricted Stock Units (RSUs) granted under the PG&E Corporation 2021 Long Term Incentive Plan (LTIP). RSUs are payable in shares of PG&E Corporation common stock on a one-for-one basis. As described in the LTIP, RSUs vest upon the earliest of one year from the date of grant; the last day of a director's elected term; a director's death, disability, or termination following a change in control; or a change in control in which the acquiror does not assume, continue, or substitute the award.

2. This total reflects the acquisition of 20.34 RSUs on 7/15/2025, 15.88 RSUs on 10/15/2025, 33.62 RSUs on 1/15/2026, and 30.61 RSUs on 4/15/2026 pursuant to a dividend reinvestment feature of the PG&E Corporation 2021 LTIP.

Remarks:

	/s/ Christine Zhang, attorney-in-fact for Leo P. Denault (Signed Power of Attorney on file with SEC)	05/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)