Form 4: PG&E Corp Executive Acquires Phantom Stock

PG&E Corp executive Alejandro T. Vallejo acquired phantom stock equivalent to 441.54 shares of common stock on June 23, 2026.

Summary

• Alejandro T. Vallejo, EVP, Chief People Officer at PG&E Corp (PCG), acquired 441.54 phantom stock units on June 23, 2026.
• This acquisition was a result of compensation deferrals under the Supplemental Retirement Savings Plan (SRSP) and credits from the Defined Contribution Executive Supplemental Retirement Plan (DC-ESRP).
• Each phantom stock unit is economically equivalent to one share of common stock and will be payable in cash upon termination of service as an officer.
• The reporting person has the ability to transfer their phantom stock account to an alternative investment account, subject to plan terms.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it represents a routine insider transaction related to executive compensation rather than a significant strategic or financial event.

Positives

• Executive compensation and retention are being managed through equity-like instruments.
• The acquisition reflects ongoing participation in company incentive and retirement plans.

Risks

• The value of phantom stock is tied to the performance of PG&E Corp's common stock.
• Phantom stock is payable in cash upon termination, which could be a liquidity event for the executive.

Future Outlook

The phantom stock becomes payable in cash following the reporting person's termination of service as an officer. The reporting person may transfer their phantom stock account into an alternative investment account at any time, subject to plan terms.

Industry Context

StockSavvy.ai notes that the use of phantom stock is a common executive compensation tool in the utility sector, allowing companies to align executive interests with shareholder value without immediate dilution of common stock.

Stakeholder Impact

• Shareholders: No immediate impact as this is a phantom stock award, not a direct issuance of common stock. Long-term alignment of executive and shareholder interests.
• Employees: Reflects the company's compensation structure for its senior leadership.
• Management: Demonstrates continued participation in incentive and retirement plans.

Next Steps

• The phantom stock will be payable in cash upon the reporting person's termination of service as an officer.
• The reporting person may transfer their phantom stock account to an alternative investment account, subject to plan terms.

Key Dates

Keywords

PG&E Corp, PCG, Form 4, Insider Trading, Executive Compensation, Phantom Stock, Stock Options, SEC Filing, Beneficial Ownership, Retirement Plan