Form 4: PG&E Executive Acquires Phantom Stock

PG&E Corp's EVP, Chief People Officer, Alejandro T. Vallejo, acquired 504.15 shares of phantom stock as part of compensation deferral plans.

Summary

• Alejandro T. Vallejo, Executive Vice President and Chief People Officer of PG&E Corp (PCG), acquired 504.15 shares of phantom stock.
• The transaction date for this acquisition was December 23, 2025.
• Each share of phantom stock is the economic equivalent of one share of common stock and becomes payable in cash upon termination of service.
• The phantom stock was acquired through deferral of compensation under the PG&E Corporation 2005 Supplemental Retirement Savings Plan (SRSP) and credits awarded under the PG&E Corporation Defined Contribution Executive Supplemental Retirement Plan (DC-ESRP).
• These acquisitions are exempt under Rule 16b-3(d) of the Securities Exchange Act.
• Following this transaction, Mr. Vallejo beneficially owns 29,593.16 shares of phantom stock.
• The phantom stock was valued at $15.86 per share, reflecting the common stock equivalent.

Sentiment

Score: 6

Explanation: The filing reports a routine executive compensation event, which is generally neutral but can be seen as slightly positive due to executive alignment with company performance.

Positives

• The acquisition of phantom stock aligns the executive's long-term interests with those of shareholders, as the value is tied to the company's common stock performance.
• The transaction is part of established executive compensation and retirement savings plans, indicating a structured approach to executive incentives.

Future Outlook

The filing does not contain forward-looking statements or guidance regarding the company's future performance, focusing solely on a past executive compensation transaction.

Industry Context

This transaction is a routine executive compensation event, common in large publicly traded corporations. Phantom stock plans are a standard mechanism for aligning executive incentives with long-term shareholder value without issuing actual equity immediately.

Stakeholder Impact

• Shareholders: The transaction reinforces alignment between executive compensation and shareholder interests, as phantom stock value is tied to common stock performance.
• Employees: No direct impact on general employees is indicated by this filing.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock by a PG&E executive as part of compensation plans. It does not indicate any material change in the company's operational or financial performance that would warrant a change in investment recommendation. It primarily reflects ongoing executive compensation and alignment, which is a neutral to slightly positive factor for long-term investors.

Keywords

PG&E Corp, PCG, Phantom Stock, Executive Compensation, Insider Transaction, Alejandro T. Vallejo, SEC Form 4, Compensation Deferral