DENAULT LEO P 4

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.