PG&E EVP granted 441.54 phantom stock units

PG&E Corp executive Alejandro T. Vallejo, EVP and Chief People Officer, reported a grant of phantom stock units.

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Rhea-AI Filing Summary

PG&E Corp executive Alejandro T. Vallejo, EVP and Chief People Officer, reported a grant of phantom stock units. He acquired 441.54 phantom stock units economically equivalent to common shares at $16.77 per unit. Following this award, his phantom stock balance totals 33,990.61 units.

The phantom stock is payable in cash after he leaves officer service and is tied to deferred compensation and plan credits under PG&E’s supplemental retirement plans, in a transaction exempt under Rule 16b-3(d). This is a compensation-related, non-market transaction rather than an open-market trade.

Insider Trade Summary

Grant/Award: 441.54 shares

Grant/Award 1 txn

Insider Vallejo Alejandro T

Role EVP, Chief People Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	441.54	$16.77	$7K

Holdings After Transaction: Phantom Stock — 33,990.61 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: 441.54 units Reference price per unit: $16.77 per unit Total phantom stock balance: 33,990.61 units +1 more

4 metrics

Phantom stock units granted 441.54 units Grant to EVP Alejandro T. Vallejo

Reference price per unit $16.77 per unit Phantom stock grant valuation basis

Total phantom stock balance 33,990.61 units Units held after reported transaction

Underlying security 441.54 common stock equivalent shares Each phantom unit equals one common share economically

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)

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.

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.

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 reported a compensation-related phantom stock grant to EVP Alejandro T. Vallejo. He acquired 441.54 phantom stock units, each economically equivalent to one common share, increasing his phantom stock balance to 33,990.61 units under the company’s supplemental retirement plans.

Is the PG&E Corp (PCG) Alejandro Vallejo Form 4 a stock purchase or sale?

The Form 4 shows an acquisition as a grant, not a market purchase or sale. Vallejo received 441.54 phantom stock units as compensation and deferred credits, exempt under Rule 16b-3(d), with no open-market buying or selling disclosed.

What is the value basis of Alejandro Vallejo’s phantom stock units at PG&E Corp (PCG)?

The phantom stock grant reflects a reference price of $16.77 per unit. Each of the 441.54 units is economically equivalent to one PG&E common share, with value tracked to the stock but ultimately settled in cash after officer service ends.

How many phantom stock units does Alejandro Vallejo hold after this PG&E Corp (PCG) grant?

After the latest grant, Vallejo holds 33,990.61 phantom stock units. The Form 4 shows his balance rising from the award of 441.54 additional units tied to deferred compensation and credits under PG&E’s executive supplemental retirement plans.

When will Alejandro Vallejo’s PG&E Corp (PCG) phantom stock be paid out?

The phantom stock becomes payable in cash after Vallejo’s termination of officer service. Until then, the 33,990.61 units track the economic value of PG&E common stock, subject to the terms of the company’s supplemental retirement plans.

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Accepted by SEC EDGAR 06/25/2026 - 04:15 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)
06/23/2026

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)
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⁾	06/23/2026		A		441.54⁽²⁾		⁽¹⁾	⁽¹⁾	Common Stock	441.54	$16.77	33,990.61	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)	06/25/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR