DENAULT LEO P 4

4 · PG&E Corp · Filed Jul 1, 2026

AI-generated summary of this filing

Updated Jul 1, 2026

PG&E (PCG) Director Leo P. Denault Receives Phantom Stock Award

What Happened

Leo P. Denault, a director of PG&E Corp (PCG), was granted 1,932.22 units of phantom stock on 2026-06-30 at an imputed price of $16.82 per unit, with a total economic value reported as $32,500. This was an award/acquisition (derivative phantom stock) issued under the company's Deferred Compensation Plan for Non-Employee Directors — a routine form of director compensation rather than an open-market purchase.

Key Details

Transaction date and filing: 2026-06-30 (reported on Form 4 filed 2026-07-01); filing appears timely.
Award: 1,932.22 phantom stock units at $16.82 per unit; total value $32,500.
Shares/units after transaction: not specified in the provided filing summary.
Footnotes of note:
- F1: Each phantom share equals the economic equivalent of one common share and is payable in cash when the director’s service terminates.
- F2: Units were acquired upon deferral of director compensation under the Deferred Compensation Plan for Non-Employee Directors; the grant is exempt under Rule 16b-3(d).
- F3: The total includes 25.91 phantom units acquired on 2026-04-15 via the plan’s dividend reinvestment feature.

Context

Phantom stock is a cash-settled derivative that tracks the economic value of common shares but does not transfer actual stock or voting rights; payout typically occurs upon termination or as specified by the plan. This transaction is routine director compensation and should be viewed as a compensation deferral rather than a direct bullish purchase of equity.

Form 4

Period: 2026-06-30

Director

Transactions

Award
Phantom Stock
[F1][F2][F3]
2026-06-30$16.82/sh+1,932.22$32,500→ 10,970.16 total
→ Common Stock (1,932.22 underlying)

Footnotes (3)

[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.
[F2]Phantom stock acquired upon deferral of compensation under the Deferred Compensation Plan for Non-Employee Directors, exempt under Rule 16b-3(d).
[F3]This total includes 25.91 units of phantom stock acquired on 4/15/2026 pursuant to a dividend reinvestment feature of the Deferred Compensation Plan for Non-Employee Directors.

Signature

/s/ Koyo Konishi, attorney-in-fact for Leo P. Denault (Signed Power of Attorney on file with SEC)|2026-07-01

1 file