Form 4: PG&E Executive John R. Simon Reports Changes in Beneficial Ownership

EVP, GC, and Chief E&C Officer of PG&E Corp, John R. Simon, reports changes in beneficial ownership of company stock, including acquisitions, disposals, and transfers related to performance shares, RSUs, and tax obligations.

Summary

• On March 1, 2024, John R. Simon, EVP, GC, and Chief E&C Officer of PG&E Corp, reported changes in his beneficial ownership of PG&E Corp stock.
• These changes include the acquisition of 108,890 shares related to vested performance shares under the 2014 Long-Term Incentive Plan.
• 59,248 shares were disposed of to satisfy tax withholding obligations related to vesting performance share units and restricted stock units (RSUs) at a price of $16.6.
• 65,595 shares were transferred to the Simon Family Trust.
• 90,362 RSUs were granted under the 2021 Long-Term Incentive Plan.
• He also holds 3,209.24 shares indirectly through the PG&E Corporation Retirement Savings Plan.
• These holdings have been trued up to conform to the RSP balance as of 3/1/2024 and reflect the acquisition of approximately 3.94 shares on 1/15/24 due to dividend reinvestment.

Sentiment

Score: 6

Explanation: The document reflects routine transactions related to executive compensation. There are no indications of unusual or concerning activity. The sentiment is neutral.

Positives

• The acquisition of 108,890 shares due to vested performance shares indicates the executive's performance met the criteria set by the 2014 Long-Term Incentive Plan.
• The grant of 90,362 RSUs under the 2021 Long-Term Incentive Plan suggests continued alignment of executive compensation with company performance.

Negatives

• The disposal of 59,248 shares to cover tax obligations, while standard practice, reduces the executive's direct holdings in the company.

Risks

• Unvested SISOPs (phantom stock) are subject to forfeiture if certain stock ownership targets are not met, potentially impacting executive compensation.

Industry Context

Form 4 filings are a routine part of regulatory compliance for corporate insiders and provide transparency into their trading activities. This filing is typical for executives receiving and managing equity-based compensation.

Comparison to Industry Standards

• Equity compensation is a common practice among publicly traded companies to align executive interests with shareholder value.
• The use of performance shares and RSUs is consistent with industry standards for long-term incentive plans.
• Tax-related disposals are a standard occurrence when equity awards vest.

Stakeholder Impact

• The changes in beneficial ownership may have a minor impact on shareholders, reflecting the executive's stake in the company.
• The equity-based compensation plans impact employees by aligning their interests with the company's performance.

Key Dates