PG&E (NYSE: PCG) HR chief reports new phantom stock award in Form 4

Q: What insider transaction did PG&E (PCG) EVP Alejandro Vallejo report on this Form 4?

EVP and Chief People Officer Alejandro T. Vallejo reported acquiring 478.54 units of phantom stock tied to PG&E Corp common stock on 01/23/2026 .

Q: What is phantom stock in the context of PG&E (PCG) executive compensation?

Each unit of phantom stock is the economic equivalent of one PG&E common share and becomes payable in cash after the officer’s termination of service, under the SRSP and DC-ESRP plans.

Q: How were the phantom stock units in this PG&E (PCG) Form 4 acquired?

The phantom stock was acquired through deferral of compensation under the SRSP and credits under the DC-ESRP, with the filing stating these are exempt under Rule 16b-3(d) .

Q: Does the total phantom stock for Alejandro Vallejo include dividend reinvestment units at PG&E (PCG)?

Yes. The reported total of 30,165.47 phantom stock units includes 93.77 units acquired on 01/15/2026 via a dividend reinvestment feature in the SRSP and DC-ESRP.

Q: Is the phantom stock reported by Alejandro Vallejo in PG&E (PCG) Form 4 settled in shares or cash?

The filing states the phantom stock becomes payable in cash following the reporting person’s termination of service as an officer, rather than being settled in actual PG&E shares.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

PG&E Corporation executive Alejandro T. Vallejo, EVP and Chief People Officer, reported an acquisition of phantom stock tied to PG&E Corp common shares. On 01/23/2026, he acquired 478.54 units of phantom stock at $14.95 per unit, bringing his total phantom stock holdings to 30,165.47 units, held directly.

Each phantom stock unit is economically equivalent to one share of common stock and is payable in cash after his termination of service as an officer under PG&E’s supplemental retirement plans. The filing notes these units arise from compensation deferrals and plan credits under the SRSP and DC-ESRP, and that the total includes 93.77 units credited on 01/15/2026 through a dividend reinvestment feature.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Vallejo Alejandro T

Role EVP, Chief People Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	478.54	$14.95	$7K

Holdings After Transaction: Phantom Stock — 30,165.47 shares (Direct)

Footnotes (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"). 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). This total includes 93.77 units of phantom stock acquired on 1/15/2026 pursuant to a dividend reinvestment feature of the SRSP and the DC-ESRP.

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Form 4 Insider Transactions: What Each Field Means →

01/27/2026 - 04:21 PM

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

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)
01/23/2026

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)
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⁾	01/23/2026		A		478.54⁽²⁾		⁽¹⁾	⁽¹⁾	Common Stock	478.54	$14.95	30,165.47⁽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 93.77 units of phantom stock acquired on 1/15/2026 pursuant to a dividend reinvestment feature of the SRSP and the DC-ESRP.

Remarks:

	/s/ Koyo Konishi, Attorney-in-fact for Alejandro T. Vallejo (Signed Power of Attorney on file with SEC)	01/27/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did PG&E (PCG) EVP Alejandro Vallejo report on this Form 4?

EVP and Chief People Officer Alejandro T. Vallejo reported acquiring 478.54 units of phantom stock tied to PG&E Corp common stock on 01/23/2026.

How many phantom stock units does Alejandro Vallejo hold after the latest PG&E (PCG) Form 4 transaction?

Following the reported transaction, Alejandro Vallejo beneficially owns 30,165.47 units of phantom stock, all reported as held directly.

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

Each unit of phantom stock is the economic equivalent of one PG&E common share and becomes payable in cash after the officer’s termination of service, under the SRSP and DC-ESRP plans.

How were the phantom stock units in this PG&E (PCG) Form 4 acquired?

The phantom stock was acquired through deferral of compensation under the SRSP and credits under the DC-ESRP, with the filing stating these are exempt under Rule 16b-3(d).

Does the total phantom stock for Alejandro Vallejo include dividend reinvestment units at PG&E (PCG)?

Yes. The reported total of 30,165.47 phantom stock units includes 93.77 units acquired on 01/15/2026 via a dividend reinvestment feature in the SRSP and DC-ESRP.

Is the phantom stock reported by Alejandro Vallejo in PG&E (PCG) Form 4 settled in shares or cash?

The filing states the phantom stock becomes payable in cash following the reporting person’s termination of service as an officer, rather than being settled in actual PG&E shares.