Company: PCG-PB
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001004980-25-000073
Chunk: 40

Company: PG&E Corp
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 40
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 efficient delivery of electricity and gas to our hometowns. The STIP also includes metrics related to coworker and contractor safety.

• Updated 2024 incentive metrics to continue to reflect organizational priorities and simplify designs. The wildfire risk reduction metric was incorporated into the fire ignition metric as a modifier, and the weighting of that redefined metric was increased to 25%. This change enhances the alignment with our focus on wildfire risk reduction, by potentially reducing the outcome of that entire element of the STIP to zero in the event of certain ignitions. Additionally, two STIP metrics were removed, as PG&E has demonstrated consistent performance in the top quartile for these metrics, with some minor updates to weightings for the remaining metrics. LTIP metrics remained consistent from 2023 to 2024.

• Delivered on short-term objectives. The 2024 short-term incentive plan outcome was certified at 103.6% of target following the application of negative discretion by the People and Compensation Committee. Short-term incentive performance outcomes included 10.6% growth in non-GAAP core Earnings Per Share (EPS) to $1.36. (1)

• Delivered industry leading three-year Total Shareholder Return (TSR). We ranked first among our performance peer group with cumulative TSR of 65.0% over the three-year performance period ending December 31,2024 for the 2022 - 2024 PSUs. This contributed to a result of 118.1% of target outcome under the 2022 LTIP. In 2024, we continued our commitment to returning value to shareholders through consistent dividend payments while maintaining a strong focus on investments in safety, reliability and customer service, ensuring a balanced approach to financial stewardship.

• Aligned pay with performance. The above target outcomes under both the short and long-term incentive plans demonstrate a holistic assessment of performance that aligns outcomes both with operational performance and the experience of our shareholders and broader stakeholders.

(1) PG&E Corporation discloses historical financial results and bases guidance on “Non-GAAP core earnings” in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. Non-GAAP core earnings are not a substitute or alternative for income available for common shareholders presented in accordance with Generally Accepted Accounting Principles (GAAP) (see Exhibit A at the end of this CD&A for a reconciliation of results based on earnings from operations to results based on income available for common shareholders in accordance with GA