PG&E EVP granted 439.96 phantom stock units

Vallejo Alejandro T reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Vallejo Alejandro T reported acquisition or exercise transactions in this Form 4 filing.

PG&E Corp executive Alejandro T. Vallejo, EVP and Chief People Officer, received a grant of 439.96 units of phantom stock on April 23, 2026, tied economically to PG&E common stock at a reference price of $16.83 per unit.

Each phantom stock unit equals one share of common stock in value and will be paid in cash after his service as an officer ends, under the company’s SRSP and DC-ESRP executive retirement plans. Following this award and related plan activity, his phantom stock balance totals 33,100.04 units, including 93.64 units credited on April 15, 2026 through a dividend reinvestment feature.

Insider Trade Summary

Grant/Award: 439.96 shares

Grant/Award 1 txn

Insider Vallejo Alejandro T

Role EVP, Chief People Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	439.96	$16.83	$7K

Holdings After Transaction: Phantom Stock — 33,100.04 contracts (Direct)

Footnotes (3)

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).
3. F3. This total includes 93.64 units of phantom stock acquired on 4/15/2026 pursuant to a dividend reinvestment feature of the SRSP and the DC-ESRP.

Key Figures

Phantom stock grant: 439.96 units Reference price per unit: $16.83 per unit Total phantom stock holdings: 33,100.04 units +3 more

6 metrics

Phantom stock grant 439.96 units Award on April 23, 2026

Reference price per unit $16.83 per unit Phantom stock grant valuation

Total phantom stock holdings 33,100.04 units Balance following reported transactions

Dividend reinvestment units 93.64 units Credited on April 15, 2026 via dividend reinvestment

Conversion price $0.00 Phantom stock economic equivalent of common stock

Derivative transactions 1 transaction Derivative-type award reported in this Form 4

Key Terms

Phantom stock, PG&E Corporation 2005 Supplemental Retirement Savings Plan ("SRSP"), PG&E Corporation Defined Contribution Executive Supplemental Retirement Plan ("DC-ESRP"), Rule 16b-3(d), +1 more

5 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.

PG&E Corporation 2005 Supplemental Retirement Savings Plan ("SRSP") 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 ("DC-ESRP") financial

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

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.

dividend reinvestment feature financial

"pursuant to a dividend reinvestment feature of the SRSP and the DC-ESRP."

FAQ

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

What did PG&E Corp EVP Alejandro Vallejo report in this Form 4 for PCG?

Alejandro T. Vallejo reported receiving 439.96 phantom stock units tied to PG&E Corp common stock. These units were awarded at a reference price of $16.83 per unit and increase his total phantom stock holdings to 33,100.04 units under company executive retirement plans.

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

The phantom stock is economically equivalent to PG&E common stock, but paid in cash. Each unit tracks the value of one common share and becomes payable after the officer’s service ends, under the SRSP and DC-ESRP supplemental retirement plans described in the Form 4 footnotes.

How many phantom stock units does the PG&E EVP hold after this transaction?

After this transaction, the EVP’s phantom stock balance is 33,100.04 units. This total includes the 439.96 units granted on April 23, 2026 plus 93.64 units acquired on April 15, 2026 via a dividend reinvestment feature within the company’s executive retirement plans.

Was the PG&E Corp Form 4 a market purchase or sale of PCG shares?

The Form 4 reflects a grant and plan-related credits of phantom stock, not an open-market buy or sell of shares. The award and dividend reinvestment are compensation and retirement-plan events exempt under Rule 16b-3(d), rather than discretionary trading in PG&E Corp stock.

How were some of the PG&E Corp phantom stock units acquired on April 15, 2026?

On April 15, 2026, 93.64 phantom stock units were credited through a dividend reinvestment feature of the SRSP and DC-ESRP plans. Instead of receiving cash dividends, amounts were reinvested as additional phantom units, increasing the executive’s deferred compensation account balance.

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

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Accepted by SEC EDGAR 04/27/2026 - 04:15 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^*

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)
04/23/2026

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

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)	04/23/2026		A		439.96(2)		(1)	(1)	Common Stock	439.96	$16.83	33,100.04(3)	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).

3. This total includes 93.64 units of phantom stock acquired on 4/15/2026 pursuant to a dividend reinvestment feature of the SRSP and the DC-ESRP.

Remarks:

	/s/ Christine Zhang, Attorney-in-fact for Alejandro T. Vallejo (Signed Power of Attorney on file with SEC)	04/27/2026
	** 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)