PG&E (PCG) EVP reports 487.55 phantom stock acquisition

Rhea-AI Filing Summary

PG&E Corp (PCG) officer Alejandro T. Vallejo reported acquiring 487.55 phantom stock units on 10/24/2025 on a Form 4. The filing lists a price of derivative security $16.4 and shows 28,578.75 phantom stock units beneficially owned following the transaction.

Each phantom stock unit is the economic equivalent of one share of common stock and becomes payable in cash after the officer’s termination of service. The filing notes the units were credited through deferral under the SRSP and credits under the DC-ESRP, exempt under Rule 16b-3(d). It also states the total includes 42.04 units acquired on 10/15/2025 via a dividend reinvestment feature.

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)
10/24/2025

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)	10/24/2025		A		487.55(2)		(1)	(1)	Common Stock	487.55	$16.4	28,578.75(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 42.04 units of phantom stock acquired on 10/15/2025 pursuant to a dividend reinvestment feature of the SRSP and the DC-ESRP.

Remarks:

	/s/ J. Ellen Conti, Attorney-in-fact for Alejandro T. Vallejo (Signed Power of Attorney on file with SEC)	10/27/2025
	** 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.
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FAQ

What did PG&E (PCG) report on this Form 4?

Officer Alejandro T. Vallejo reported acquiring 487.55 phantom stock units on 10/24/2025.

How many phantom stock units does the PCG officer own after the transaction?

The filing shows 28,578.75 phantom stock units beneficially owned following the transaction.

What is the price listed for the derivative security in the PCG Form 4?

The filing lists a price of derivative security $16.4.

What does PG&E phantom stock represent?

Each unit is the economic equivalent of one share of common stock and is payable in cash after termination of service.

Under which plans were the PCG phantom stock credits made?

Credits arose from the SRSP and the DC-ESRP, each exempt under Rule 16b-3(d).

Were any additional units included via dividend reinvestment for PCG?

Yes. The total includes 42.04 units acquired on 10/15/2025 via a dividend reinvestment feature.

What is the officer’s role at PG&E (PCG)?

Alejandro T. Vallejo serves as EVP, Chief People Officer.