PG&E Corp director Leo P. Denault acquires pay units

The units are economically equivalent to common stock and become payable in cash when the director's 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 director Leo P. Denault acquired 2,653.06 phantom stock units on September 30, 2026, through compensation deferral under the Deferred Compensation Plan for Non-Employee Directors. Each unit is economically equivalent to one share of common stock and becomes payable in cash when his director service ends. The reported price was $12.25 per share, and his reported balance after the transaction was 13,654.55 units.

Insider Trade Summary

Grant/Award: 2,653.06 shares

Grant/Award 1 txn

Insider DENAULT LEO P

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock F1, F2, F3	2,653.06	$12.25	$32K

Holdings After Transaction: Phantom Stock — 13,654.55 contracts (Direct)

Footnotes (3)

1. F1. Each share of phantom stock is the economic equivalent of one share of common stock and becomes payable in cash upon the reporting person's termination of service as a director.
2. F2. Phantom stock acquired upon deferral of compensation under the Deferred Compensation Plan for Non-Employee Directors, exempt under Rule 16b-3(d).
3. F3. This total reflects the acquisition of 31.33 units of phantom stock acquired on 7/15/2026 pursuant to a dividend reinvestment feature of the Deferred Compensation Plan for Non-Employee Directors.

Key Figures

Phantom stock units acquired: 2,653.06 units Reported price: $12.25 per share Phantom stock balance after transaction: 13,654.55 units +1 more

4 metrics

Phantom stock units acquired 2,653.06 units Acquired September 30, 2026

Reported price $12.25 per share For the phantom stock acquisition

Phantom stock balance after transaction 13,654.55 units Reported following the September 30, 2026 acquisition

Dividend reinvestment acquisition 31.33 units Acquired July 15, 2026

Key Terms

Phantom Stock, Deferred Compensation Plan for Non-Employee Directors, Rule 16b-3(d), dividend reinvestment feature

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 Plan for Non-Employee Directors financial

"acquired upon deferral of compensation under the Deferred Compensation Plan for Non-Employee Directors"

Rule 16b-3(d) regulatory

"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.

dividend reinvestment feature financial

"pursuant to a dividend reinvestment feature of the Deferred Compensation Plan"

FAQ

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

How many phantom stock units did PCG director Leo P. Denault acquire?

Leo P. Denault acquired 2,653.06 phantom stock units on September 30, 2026. The reported price was $12.25 per share, and his reported balance after the transaction was 13,654.55 units.

When are Leo P. Denault's PCG phantom stock units payable?

The phantom stock units become payable in cash upon the reporting person's termination of service as a director. Each unit is the economic equivalent of one share of common stock.

What phantom stock acquisition was tied to PCG's dividend reinvestment feature?

The reported balance includes the acquisition of 31.33 units on July 15, 2026, pursuant to a dividend reinvestment feature of the Deferred Compensation Plan for Non-Employee Directors.

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

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Available on EDGAR 10/02/2026 - 04:16 PM Accepted by SEC EDGAR 10/02/2026 - 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^*

DENAULT LEO P

(Last) (First) (Middle)

PG&E CORPORATION

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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

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)	09/30/2026		A		2,653.06(2)		(1)	(1)	Common Stock	2,653.06	$12.25	13,654.55(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 upon the reporting person's termination of service as a director.

2. Phantom stock acquired upon deferral of compensation under the Deferred Compensation Plan for Non-Employee Directors, exempt under Rule 16b-3(d).

3. This total reflects the acquisition of 31.33 units of phantom stock acquired on 7/15/2026 pursuant to a dividend reinvestment feature of the Deferred Compensation Plan for Non-Employee Directors.

Remarks:

	/s/ Koyo Konishi, attorney-in-fact for Leo P. Denault (Signed Power of Attorney on file with SEC)	10/02/2026
	** 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)