PG&E EVP granted phantom stock awards

PG&E Corp EVP and Chief People Officer Alejandro T. Vallejo reported routine compensation-related grants of phantom stock.

Rhea-AI Filing Summary

PG&E Corp EVP and Chief People Officer Alejandro T. Vallejo reported routine compensation-related grants of phantom stock. He acquired 1,588.050 phantom stock units on March 13, 2026 at an equivalent price of $18.14 per unit and 425.800 units on March 23, 2026 at $17.39 per unit.

Each phantom stock unit is economically equal to one share of PG&E common stock but is payable in cash after his service as an officer ends, under the company’s supplemental retirement plans. Following these grants, Vallejo directly holds 32,566.440 phantom stock units, reflecting deferred compensation rather than open-market share purchases or sales.

Insider Trade Summary

Grant/Award: 2,013.85 shares

Grant/Award 2 txns

Insider Vallejo Alejandro T

Role EVP, Chief People Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	425.8	$17.39	$7K
Grant/Award	Phantom Stock	1,588.05	$18.14	$29K

Holdings After Transaction: Phantom Stock — 32,566.44 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).

FAQ

What insider transactions did PG&E Corp (PCG) report for Alejandro T. Vallejo?

PG&E Corp reported that EVP and Chief People Officer Alejandro T. Vallejo received two phantom stock grants. He acquired 1,588.050 units on March 13, 2026 and 425.800 units on March 23, 2026, both as compensation awards rather than open-market trades.

What is phantom stock in the PG&E Corp (PCG) Form 4 for Alejandro Vallejo?

In this filing, each phantom stock unit is economically equivalent to one PG&E common share. However, it is payable only in cash after Vallejo’s termination of officer service, under PG&E’s 2005 Supplemental Retirement Savings Plan and Defined Contribution Executive Supplemental Retirement Plan.

How many phantom stock units does PG&E executive Alejandro Vallejo hold after these transactions?

After the reported grants, Alejandro Vallejo directly holds 32,566.440 phantom stock units. These units represent deferred compensation tied to PG&E’s supplemental retirement plans, not actual common shares, and will be settled in cash following the end of his officer service.

Were the PG&E Corp (PCG) phantom stock transactions open-market purchases or sales?

No, the transactions were not open-market trades. The Form 4 classifies both as “A” code grant or award acquisitions of phantom stock, arising from deferred compensation elections and credits under PG&E’s supplemental retirement plans, all exempt under Rule 16b-3(d).

How were Alejandro Vallejo’s PG&E phantom stock units created according to the Form 4 footnotes?

Footnotes state the phantom stock was acquired through deferral of compensation under the Supplemental Retirement Savings Plan and through credits under the Defined Contribution Executive Supplemental Retirement Plan, with each source treated as exempt from short-swing profit rules under SEC Rule 16b-3(d).

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Accepted by SEC EDGAR 03/25/2026 - 08:07 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)
03/13/2026

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)	03/13/2026		A		1,588.05(2)		(1)	(1)	Common Stock	1,588.05	$18.14	32,140.64	D
Phantom Stock	(1)	03/23/2026		A		425.8(2)		(1)	(1)	Common Stock	425.8	$17.39	32,566.44	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)	03/25/2026
	** 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)