[Form 4] PG&E Corp Insider Trading Activity

Rhea-AI Filing Summary

PG&E Corporation (PCG) executive Alejandro T. Vallejo, EVP and Chief People Officer, reported a compensation-related transaction on a Form 4. On 11/21/2025, he acquired 510.26 shares of phantom stock at a reference price of $15.67 per share under PG&E’s executive retirement and deferred compensation plans. Phantom stock mirrors the value of PG&E common stock but is payable in cash after the officer’s service ends, rather than as actual shares. Following this transaction, Vallejo beneficially owned 29,089.01 phantom stock units, held directly as part of his nonqualified retirement and deferral arrangements.

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

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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)
11/21/2025

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)	11/21/2025		A		510.26(2)		(1)	(1)	Common Stock	510.26	$15.67	29,089.01	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)	11/25/2025
	** 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 did PG&E Corp (PCG) report in this Form 4 filing?

The filing reports that EVP and Chief People Officer Alejandro T. Vallejo acquired 510.26 shares of phantom stock on 11/21/2025 under PG&E’s executive plans.

What is the nature of the phantom stock reported for PG&E (PCG)?

Each unit of phantom stock is the economic equivalent of one share of PG&E common stock and becomes payable in cash after Vallejo’s termination of service as an officer.

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

After the reported transaction, Alejandro T. Vallejo beneficially owned 29,089.01 phantom stock units directly.

At what price was the new phantom stock recorded in the PG&E Form 4?

The 510.26 phantom stock units were recorded at a reference price of $15.67 per unit.

Which PG&E compensation plans are tied to this phantom stock transaction?

The phantom stock was acquired through deferrals under the PG&E Corporation 2005 Supplemental Retirement Savings Plan (SRSP) and credits under the Defined Contribution Executive Supplemental Retirement Plan (DC-ESRP), each exempt under Rule 16b-3(d).

What is Alejandro T. Vallejo’s role at PG&E Corp (PCG)?

In this filing, Alejandro T. Vallejo is identified as an officer of PG&E Corporation, serving as EVP, Chief People Officer.