Form 4: PG&E Director Leo Denault Acquires Over 10,000 Shares Through RSU Grant

PG&E Corporation Director Leo P. Denault has acquired 10,575 shares of common stock through a Restricted Stock Unit grant as part of the company's Long Term Incentive Plan.

Summary

• PG&E Corporation Director Leo P. Denault acquired 10,575 shares of common stock on May 22, 2025.
• The acquisition was a grant of Restricted Stock Units (RSUs) under the PG&E Corporation 2021 Long Term Incentive Plan (LTIP).
• RSUs are convertible to common stock on a one-for-one basis and were granted at a price of $0, typical for equity compensation.
• Following this transaction, Mr. Denault beneficially owns 16,875 shares of PG&E Corporation common stock directly.
• The RSUs vest upon the earliest of one year from the grant date, the last day of a director's elected term, a director's death, disability, or termination following a change in control, or a change in control where the award is not assumed.

Sentiment

Score: 7

Explanation: The document reports a routine equity grant to a director, which is a positive for aligning interests but not a significant market-moving event. It reflects standard corporate compensation practices.

Positives

• The grant of Restricted Stock Units to Director Leo P. Denault aligns management's interests with those of shareholders, as the value of the compensation is tied to the company's stock performance.
• The transaction is part of a pre-existing Long Term Incentive Plan, indicating a structured approach to executive compensation.

Future Outlook

The vesting schedule for the granted Restricted Stock Units indicates future potential share issuance to the director upon satisfaction of specific conditions, including a one-year vesting period or the end of the director's elected term.

Industry Context

The granting of Restricted Stock Units to directors is a common practice in the utility and broader corporate sectors, serving as a key component of long-term incentive compensation to align leadership interests with shareholder value.

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's financial interests with the long-term performance of PG&E's stock, potentially encouraging decisions that enhance shareholder value.

Next Steps

• Vesting of the 10,575 Restricted Stock Units will occur upon the earliest of one year from the grant date (May 22, 2026), the last day of the director's elected term, or specific events like death, disability, or a change in control.

Key Dates

Keywords

PG&E Corp, PCG, Leo P. Denault, Form 4, Insider Trading, Restricted Stock Units, RSU, Equity Compensation, Long Term Incentive Plan, Director Compensation, Share Ownership