Form 4: PG&E Director Cheryl Campbell Reports Acquisition of Over 10,000 Restricted Stock Units

PG&E Corporation Director Cheryl F. Campbell has reported the acquisition of 10,575 Restricted Stock Units (RSUs) as part of her compensation under the company's 2021 Long Term Incentive Plan, increasing her total beneficial ownership to 74,456.71 shares.

Summary

• Cheryl F. Campbell, a Director of PG&E Corp (PCG), acquired 10,575 shares of common stock in the form of Restricted Stock Units (RSUs) on May 22, 2025.
• These RSUs were granted under the PG&E Corporation 2021 Long Term Incentive Plan (LTIP) at a price of $0 per unit.
• Following this transaction, Ms. Campbell's total beneficial ownership of PG&E common stock stands at 74,456.71 shares.
• The RSUs are payable in shares on a one-for-one basis and vest upon the earliest of one year from the grant date, the last day of a director's elected term, or certain termination events like death, disability, or termination following a change in control.
• The total beneficial ownership also reflects recent acquisitions of RSUs through a dividend reinvestment feature of the 2021 LTIP, including 5.48 RSUs on July 15, 2024, 4.74 RSUs on October 15, 2024, 14.36 RSUs on January 15, 2025, and 14.13 RSUs on April 15, 2025.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While a routine compensation grant, it signifies continued alignment of director interests with shareholder value through equity ownership. There are no negative implications from this specific filing.

Positives

• The grant of Restricted Stock Units (RSUs) to Director Cheryl F. Campbell aligns her interests with those of shareholders, as the value of her compensation is tied to the company's stock performance.
• The transaction is part of a pre-existing and approved compensation plan (PG&E Corporation 2021 Long Term Incentive Plan), indicating standard corporate governance practices.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic outlook, focusing solely on an insider's equity transaction.

Industry Context

This Form 4 filing details a routine equity compensation grant to a director, which is a common practice across publicly traded companies, particularly in the utility sector like PG&E, to align executive and director incentives with long-term shareholder value. It does not provide broader industry trends or competitive analysis.

Related Party Transactions

• The acquisition of Restricted Stock Units by Director Cheryl F. Campbell is a transaction between a related party (director) and the company, consistent with the terms of the PG&E Corporation 2021 Long Term Incentive Plan.

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's financial interests with shareholder value, as the value of the RSUs is tied to the company's stock performance.
• Employees: No direct impact on general employees is indicated by this specific filing.

Next Steps

• The granted Restricted Stock Units (RSUs) will vest upon the earliest of one year from the grant date (May 22, 2025), the last day of the director's elected term, or specific termination events.

Key Dates

Recommendation

Keywords

PG&E Corp, PCG, SEC Form 4, Insider Transaction, Restricted Stock Units, RSU, Long Term Incentive Plan, LTIP, Director Compensation, Cheryl F. Campbell, Beneficial Ownership, Equity Grant