EVERETT LESLIE H 4

4 · PG&E CORP · Filed Jan 5, 2005

Form 4

Period: 2005-01-03

SVP & Assistant to the CEO

Transactions

Disposition to Issuer
Common Stock
2005-01-03−404→ 10,499 total
Sale
Common Stock
2005-01-03$33.19/sh−300$9,957→ 10,903 total
Award
Stock Option (Right to Buy)
2005-01-03+17,400→ 17,400 total
Exercise: $33.02Exp: 2015-01-04→ Common Stock (17,400 underlying)
Sale
Common Stock
2005-01-03$33.21/sh−1,133$37,627→ 12,203 total
Sale
Common Stock
2005-01-03$33.20/sh−1,000$33,200→ 11,203 total
Award
Common Stock
2005-01-03+4,010→ 13,336 total

Holdings

Footnotes (5)

[F1]Restricted shares granted under the PG&E Corporation Long-Term Incentive Program.
[F2]Transaction pursuant to reporting person's Rule 10b5-1 instruction.
[F3]Forfeiture of a portion of 2003 restricted stock award pursuant to terms of reporting person's 2003 Restricted Stock Award Agreement.
[F4]Represents the approximate number of shares of PG&E Corporation common stock held for the reporting person in the PG&E Corporation Retirement Savings Plan (RSP). That fund holds units consisting of PG&E Corporation common stock and a small short-term investments component. The number of shares is computed by dividing the value of the units by the daily closing price. Dividends are automatically invested in additional units at the election of the participant. End of period holdings have been trued up to conform to RSP balance at January 3, 2005.
[F5]25% of the options may be exercised on the first anniversary date of the grant, 50% on or after the second anniversary, 75% on or after the third anniversary, and 100% on or after the fourth anniversary of the date of grant.

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