PG&E Corp (PCG) EVP gains 504.15 phantom stock units in retirement plans

Rhea-AI Filing Summary

PG&E Corp's Executive Vice President and Chief People Officer, Alejandro T. Vallejo, reported acquiring 504.15 phantom stock units on 12/23/2025. Each phantom stock unit is economically equivalent to one share of PG&E common stock and will be paid in cash after he leaves his officer role.

The phantom stock was credited to his account through deferred compensation elections under the PG&E Corporation 2005 Supplemental Retirement Savings Plan and additional credits under the Defined Contribution Executive Supplemental Retirement Plan, both described as exempt under Rule 16b-3(d). Following this transaction, Vallejo beneficially owns 29,593.16 derivative securities in the form of phantom stock, held directly.

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
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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)
12/23/2025

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)	12/23/2025		A		504.15(2)		(1)	(1)	Common Stock	504.15	$15.86	29,593.16	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)	12/29/2025
	** 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 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.

FAQ

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

PG&E Corp reported that Alejandro T. Vallejo, its Executive Vice President and Chief People Officer, acquired 504.15 phantom stock units on 12/23/2025.

How many PG&E Corp (PCG) phantom stock units does Alejandro T. Vallejo now beneficially own?

After the reported transaction, Alejandro T. Vallejo beneficially owns 29,593.16 phantom stock units, classified as derivative securities held directly.

What is phantom stock in the context of PG&E Corp (PCG)?

For PG&E Corp, each share of phantom stock is the economic equivalent of one share of common stock and becomes payable in cash after the officer’s termination of service.

How were the new PG&E Corp (PCG) phantom stock units credited to Alejandro T. Vallejo?

The 504.15 phantom stock units were acquired through deferral of compensation under the PG&E Corporation 2005 Supplemental Retirement Savings Plan and credits under the Defined Contribution Executive Supplemental Retirement Plan.

Are the reported PG&E Corp (PCG) phantom stock transactions exempt under SEC rules?

The filing states that the phantom stock was acquired upon deferred compensation and plan credits, each described as exempt under Rule 16b-3(d).

Does the PG&E Corp (PCG) Form 4 indicate use of a Rule 10b5-1 trading plan?

The form includes a checkbox for transactions made under a Rule 10b5-1(c) trading plan, but the excerpt does not show that this box was marked for the reported phantom stock acquisition.