[Form 4] PG&E Corporation Insider Trading Activity

Rhea-AI Filing Summary

PG&E Corporation (PCG) insider filing: Kaled Awada, EVP and Chief People Officer, reported acquisition of 11,761.8 units of phantom stock on 03/14/2025. Each unit is the economic equivalent of one share of common stock and the filing shows a price of $16.78 per underlying share. The phantom stock becomes payable in cash upon the reporting person’s termination of service, and may be transferred into an alternative investment account at any time. The filing states these units were acquired via deferral of compensation under the PG&E Corporation 2005 Supplemental Retirement Savings Plan and credits under the Defined Contribution Executive Supplemental Retirement Plan. The total beneficial ownership reported after the transaction is 11,801.59 units, which includes additional dividend reinvestment credits of 17.14 units (4/15/2025) and 22.65 units (7/15/2025). The form is signed by an attorney-in-fact.

Positive

• Clear disclosure of 11,761.8 phantom stock units and the economic equivalence to common stock
• Identifies source of units as compensation deferral and plan credits under named PG&E plans
• Includes dividend reinvestment details adding 17.14 and 22.65 units to the total, reaching 11,801.59 units

Negative

• None.

Insights

Compensation & Benefits Analyst

TL;DR: Reporting officer acquired deferred compensation in the form of 11,761.8 phantom stock units that mirror common shares and pay out in cash on termination.

This Form 4 documents receipt of phantom stock units resulting from compensation deferral and plan credits. Phantom units are described as economic equivalents of common shares and are payable in cash following termination of service, indicating these are non-equity, deferred cash-settled awards. The filing also notes dividend reinvestment credits added later, bringing the reported total to 11,801.59 units. For executive compensation analysis, these entries reflect use of supplemental retirement plans rather than open-market purchases or stock option exercises.

Corporate Governance Specialist

TL;DR: The disclosure is a routine Section 16 filing showing plan-based credits and deferrals, not a market transaction by the officer.

The Form 4 indicates the reporting person is an officer (EVP, Chief People Officer) and the transaction codes and explanations identify plan-based deferred compensation and plan credits as the source of the phantom stock. The filing includes specific unit counts, an explicit conversion equivalence to common stock, and subsequent dividend reinvestment additions. Documentation appears complete with a signed power of attorney on file. This is a procedural disclosure of compensation-related holdings rather than a trade for cash or stock on the open market.

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^*

Awada Kaled

(Last) (First) (Middle)

C/O PG&E CORPORATION

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)
03/14/2025

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)	03/14/2025		A		11,761.8(2)		(1)	(1)	Common Stock	11,761.8	$16.78	11,801.59(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.

2. Phantom stock acquired upon (1) deferral of compensation under the PG&E Corporation 2005 Supplemental Retirement Savings Plan and (2) credits awarded to the reporting person's account under the PG&E Corporation Defined Contribution Executive Supplemental Retirement Plan, each exempt under Rule 16b-3(d).

3. This total includes 17.14 units of phantom stock acquired on 4/15/2025 and 22.65 units of phantom stock acquired on 7/15/2025 pursuant to a dividend reinvestment feature of the PG&E Corporation 2005 Supplemental Retirement Savings Plan and the PG&E Corporation Defined Contribution Executive Supplemental Retirement Plan.

Remarks:

	/s/ J. Ellen Conti, attorney-in-fact for Kaled Awada (Signed Power of Attorney on file with SEC)	08/14/2025
	** 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.
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.

FAQ

What transaction did Kaled Awada report on Form 4 for PCG?

The report discloses acquisition of 11,761.8 units of phantom stock on 03/14/2025 under PG&E compensation plans.

What is the economic nature of the phantom stock reported on PCG Form 4?

Each phantom stock unit is stated as the economic equivalent of one share of common stock and is payable in cash upon termination of service.

How much was the reported price per underlying share?

The filing shows a price of $16.78 per underlying common share for the reported units.

Did the filing include subsequent adjustments to the phantom stock total?

Yes. The total of 11,801.59 units includes dividend reinvestment credits of 17.14 units on 4/15/2025 and 22.65 units on 7/15/2025.

What plans generated the phantom stock units for Mr. Awada?

The units resulted from deferral under the PG&E Corporation 2005 Supplemental Retirement Savings Plan and credits under the Defined Contribution Executive Supplemental Retirement Plan.

Who signed the Form 4 and when?

The form is signed by J. Ellen Conti, attorney-in-fact for Kaled Awada, with signature dated 08/14/2025.