PG&E Corp EVP Alejandro T. Vallejo Acquires Phantom Stock via Executive Retirement Plans

Executive Summary

On October 27, 2026, PG&E Corp ($PCG) filed a Form 4 disclosing that Alejandro T. Vallejo, Executive Vice President and Chief People Officer, acquired 586.27 units of Phantom Stock on October 23, 2026. The transaction was recorded at a stated price of $12.63 per share, amounting to an aggregate value of approximately $7,404.59.

Transaction Details

Field	Detail
Reporting Insider	Alejandro T. Vallejo
Role	EVP, Chief People Officer
Security	Phantom Stock
Transaction Code	A (Award / Acquisition)
Transaction Date	October 23, 2026
Shares / Units Transacted	586.27
Price Per Share	$12.63
Total Value	$7,404.59
Ownership Type	Direct
Ending Holdings	36,250.53 Phantom Stock units

Filing Breakdown & Footnote Observations

1. Nature of Phantom Stock: Each phantom stock unit represents the economic equivalent of one share of PG&E common stock and is payable in cash following termination of service as an officer.
2. Plan Mechanisms: The units were acquired via deferred compensation under the PG&E Corporation 2005 Supplemental Retirement Savings Plan (SRSP) and credits under the Defined Contribution Executive Supplemental Retirement Plan (DC-ESRP), both exempt under Rule 16b-3(d).
3. Dividend Additions: The reported ending balance of 36,250.53 units includes 137.065 units acquired on October 15, 2026, through automated dividend reinvestment.

Market & Trading Significance

The market impact of this filing is classified as Low. This acquisition represents routine, non-discretionary executive compensation deferral and plan credits rather than open-market buying or selling activity.