DENAULT LEO P 4

What Happened

Leo P. Denault, a director of PG&E Corp (PCG), was granted 1,849.74 units of phantom stock (derivative securities) on 2026-03-31 at a valuation of $17.57 per unit, a total economic value of $32,500. This was an award/deferral of non-employee director compensation (transaction code A) rather than an open‑market purchase of common shares.

Key Details

• Transaction date: 2026-03-31; grant price/value shown as $17.57 per unit.
• Units granted: 1,849.74 phantom stock units; total reported value $32,500.
• Shares/units owned after the transaction: not specified in the Form 4.
• Footnotes:
  • The units are phantom stock—each unit is the economic equivalent of one common share and is payable in cash upon the reporting person's termination of service as a director (F1).
  • Units were acquired upon deferral of director compensation under the Deferred Compensation Plan for Non‑Employee Directors and are exempt under Rule 16b‑3(d) (F2).
  • The total includes 22.62 units acquired 1/15/2026 via a dividend reinvestment feature of the plan (F3).
• Filing timeliness: Report filed 2026-04-01 for a 2026-03-31 transaction; filing appears timely (no late filing indicated).

Context

Phantom stock units are derivative, cash‑settled awards that do not represent actual voting shares and will be paid in cash when the director leaves service. This grant reflects routine compensation deferral for a non‑employee director and should not be read as a direct purchase or sale of company stock.