Vallejo Alejandro T 4

What Happened

• Alejandro T. Vallejo, EVP and Chief People Officer of PG&E Corp (PCG), received two awards of phantom stock (derivative awards). On 2026-03-13 he was credited with 1,588.05 phantom shares at $18.14 each (value $28,807). On 2026-03-23 he was credited with 425.80 phantom shares at $17.39 each (value $7,405). Total: 2,013.85 phantom shares valued at about $36,212.
• These were awards (transaction code A), not open-market purchases or sales. Phantom stock is economically tied to common shares but is cash‑settled (see Context).

Key Details

• Transaction dates & prices:
  • 2026-03-13: 1,588.05 phantom shares @ $18.14 = $28,807 (reported 2026-03-25)
  • 2026-03-23: 425.80 phantom shares @ $17.39 = $7,405 (reported 2026-03-25)
• Shares owned after transaction: Not specified in the provided filing summary.
• Footnotes:
  • F1: Each phantom share equals the economic equivalent of one common share and becomes payable in cash after the reporting person’s termination of service; the account may be transferred into an alternative investment per plan terms.
  • F2: These phantom shares were acquired via deferrals/credits under PG&E’s SRSP and DC-ESRP and are exempt under Rule 16b-3(d).
• Timeliness: The 2026-03-13 grant appears to have been reported late (Form 4 filed 2026-03-25, ~12 days later). The 2026-03-23 grant was reported on 2026-03-25 (within two business days).

Context

• Phantom stock is a cash‑settled compensatory award that tracks the economic value of common shares; it does not represent issued common stock and generally does not change outstanding share count.
• These awards are compensatory (not open‑market purchases or sales) and are typically part of executive pay/deferral arrangements; they should be interpreted as pay-related, not an immediate market vote by the insider.