PG&E EVP granted 449 phantom stock units

PG&E Corp executive Alejandro T. Vallejo received a grant of 449.03 units of phantom stock, each economically equivalent to one share of common stock.

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Rhea-AI Filing Summary

PG&E Corp executive Alejandro T. Vallejo received a grant of 449.03 units of phantom stock, each economically equivalent to one share of common stock. The award, priced at $16.49 per unit, brings his total phantom stock balance to 33,549.07 units.

The phantom stock will be settled in cash after his service as an officer ends, rather than in actual shares. These units were acquired through deferred compensation and credits under PG&E’s supplemental retirement plans, and are treated as exempt compensation awards under Rule 16b-3(d).

Insider Trade Summary

Grant/Award: 449.03 shares

Grant/Award 1 txn

Insider Vallejo Alejandro T

Role EVP, Chief People Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	449.03	$16.49	$7K

Holdings After Transaction: Phantom Stock — 33,549.07 contracts (Direct)

Footnotes (2)

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").
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).

Key Figures

Phantom stock units granted: 449.03 units Grant price per unit: $16.49 per unit Total phantom stock after grant: 33,549.07 units +1 more

4 metrics

Phantom stock units granted 449.03 units Grant of phantom stock on May 22, 2026

Grant price per unit $16.49 per unit Reference price for phantom stock grant

Total phantom stock after grant 33,549.07 units Holdings following the reported transaction

Underlying common stock equivalent 449.03 shares equivalent Each phantom unit equals one share of common stock

Key Terms

Phantom Stock, Rule 16b-3(d), PG&E Corporation 2005 Supplemental Retirement Savings Plan, PG&E Corporation Defined Contribution Executive Supplemental Retirement Plan

4 terms

Phantom Stock financial

"Each share of phantom stock is the economic equivalent of one share of common stock"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Rule 16b-3(d) regulatory

"credits awarded to the reporting person's account under the DC-ESRP, each exempt under Rule 16b-3(d)"

Rule 16b-3(d) is a narrow SEC safe-harbor that shields company insiders (officers, directors and large shareholders) from liability for short‑swing profits when their buys or sells of company stock are made under a pre-established, written plan or contract that removes the insider’s ability to time trades. For investors, this matters because it permits predictable, automated insider transactions — like scheduled sales for diversification or payroll withholding — without triggering forced disgorgement, so such planned trades are treated differently from opportunistic insider trading.

PG&E Corporation 2005 Supplemental Retirement Savings Plan financial

"subject to the terms of the PG&E Corporation 2005 Supplemental Retirement Savings Plan ("SRSP")"

PG&E Corporation Defined Contribution Executive Supplemental Retirement Plan financial

"and the PG&E Corporation Defined Contribution Executive Supplemental Retirement Plan ("DC-ESRP")"

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 received a grant of 449.03 phantom stock units at $16.49 each, increasing his total phantom stock holdings to 33,549.07 units as part of deferred compensation and supplemental retirement credits.

What is the nature of the phantom stock granted to PG&E Corp (PCG) executive Alejandro T. Vallejo?

The phantom stock granted to Alejandro T. Vallejo is economically equivalent to PG&E common stock but pays out in cash after he leaves officer service. It tracks the stock’s value without issuing actual shares, functioning as a deferred, cash-settled compensation vehicle.

When will Alejandro T. Vallejo’s PG&E (PCG) phantom stock be paid out?

Alejandro T. Vallejo’s phantom stock becomes payable in cash after his termination of service as an officer. Until then, the units remain in his account and mirror the economic value of PG&E common stock, subject to the applicable plan terms.

How can Alejandro T. Vallejo manage his PG&E Corp (PCG) phantom stock account?

He may transfer his phantom stock account into an alternative investment account at any time, subject to the terms of PG&E’s 2005 Supplemental Retirement Savings Plan and Defined Contribution Executive Supplemental Retirement Plan, which govern these deferred compensation arrangements.

Under which PG&E Corp (PCG) plans was Alejandro T. Vallejo’s phantom stock acquired?

His phantom stock was acquired through compensation deferrals under the PG&E Corporation 2005 Supplemental Retirement Savings Plan and credits under the Defined Contribution Executive Supplemental Retirement Plan, with each acquisition noted as exempt under Rule 16b-3(d) for insider compensation awards.

Does Alejandro T. Vallejo’s phantom stock transaction in PG&E (PCG) involve open-market buying or selling?

No, the filing describes a grant or award acquisition of 449.03 phantom stock units, not an open-market purchase or sale. These units arise from deferred compensation and plan credits, functioning as a structured compensation benefit rather than a market trade.

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

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Accepted by SEC EDGAR 05/27/2026 - 04:17 PM EDT

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

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock	⁽¹⁾	05/22/2026		A		449.03⁽²⁾		⁽¹⁾	⁽¹⁾	Common Stock	449.03	$16.49	33,549.07	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/ Koyo Konishi, attorney-in-fact for Alejandro T. Vallejo (Signed Power of Attorney on file with SEC)	05/27/2026
	** 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)

Source: View Original Filing on SEC EDGAR