PG&E Corp executive acquires 596.66 share-linked units

Each phantom stock unit is economically equivalent to one common share and becomes payable in cash after officer service ends.

Rhea-AI Filing Summary

PG&E Corp (symbol: PCG) is the issuer of record for a Form 4 filing submitted to the SEC. PG&E Corp EVP, Chief People Officer Alejandro T. Vallejo acquired 596.66 phantom stock units on September 23, 2026, through compensation deferral and credits to his plan accounts; the reported price was $12.41 per share. His direct balance after the transaction was 35,527.20 phantom stock units. Each unit is economically equivalent to one common share and becomes payable in cash after his service as an officer ends. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Grant/Award: 596.66 shares

Grant/Award 1 txn

Insider Vallejo Alejandro T

Role EVP, Chief People Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock F1, F2	596.66	$12.41	$7K

Holdings After Transaction: Phantom Stock — 35,527.2 contracts (Direct)

Footnotes (2)

1. 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").
2. 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 acquired: 596.66 phantom stock units Reported price per share: $12.41 per share Direct phantom stock after transaction: 35,527.20 phantom stock units

3 metrics

Phantom stock acquired 596.66 phantom stock units September 23, 2026; compensation deferral and account credits

Reported price per share $12.41 per share September 23, 2026 transaction

Direct phantom stock after transaction 35,527.20 phantom stock units Following the September 23, 2026 transaction

Key Terms

phantom stock, deferred compensation, Rule 16b-3(d), alternative investment account

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.

deferred compensation financial

"Phantom stock acquired upon deferral of compensation"

Deferred compensation is pay that employees or executives have earned now but will receive at a later date, such as delayed bonuses, retirement benefits, or stock grants. It matters to investors because it creates future obligations and shapes incentives—like a promise to pay later that can affect a company’s reported profits, cash needs and potential stock dilution—so it helps signal how a business manages costs and retains key people.

Rule 16b-3(d) regulatory

"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.

alternative investment account financial

"transfer his phantom stock account into an alternative investment account"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many phantom stock units did PCG's EVP acquire?

Alejandro T. Vallejo, PG&E Corp's EVP, Chief People Officer, acquired 596.66 phantom stock units on September 23, 2026, at a reported $12.41 per share. His direct balance after the transaction was 35,527.20 phantom stock units.

Can Alejandro T. Vallejo transfer his PCG phantom stock account?

Alejandro T. Vallejo 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 and the PG&E Corporation Defined Contribution Executive Supplemental Retirement Plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/25/2026 - 04:41 PM Accepted by SEC EDGAR 09/25/2026 - 04:16 PM Learn about SEC filing dates

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)
09/23/2026

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)
			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)	09/23/2026		A		596.66(2)		(1)	(1)	Common Stock	596.66	$12.41	35,527.2	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)	09/25/2026
	** 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)