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EXHIBIT A 

[Proposed] Order – Equity Backstop Commitment Letters

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WEIL, GOTSHAL & MANGES LLP

Stephen Karotkin (pro hac vice) 

(stephen.karotkin@weil.com) 

Ray C. Schrock, P.C. (pro hac vice) 

(ray.schrock@weil.com) 

Jessica Liou (pro hac vice) 

(jessica.liou@weil.com) 

Matthew Goren (pro hac vice) 

(matthew.goren@weil.com) 

767 Fifth Avenue 

New York, NY 10153-0119 

Tel: 212 310 8000 

Fax: 212 310 8007 

KELLER & BENVENUTTI LLP 

Tobias S. Keller (#151445) 

(tkeller@kellerbenvenutti.com) 

Jane Kim (#298192) 

(jkim@kellerbenvenutti.com) 

650 California Street, Suite 1900 

San Francisco, CA 94108 

Tel: 415 496 6723 

Fax: 650 636 9251 

Attorneys for Debtors and Debtors in Possession

CRAVATH, SWAINE & MOORE LLP 

Paul H. Zumbro (pro hac vice) 

(pzumbro@cravath.com) 

Kevin J. Orsini (pro hac vice) 

(korsini@cravath.com) 

Omid H. Nasab (pro hac vice) 

(onasab@cravath.com) 

825 Eighth Avenue 

New York, NY 10019

Tel: 212 474 1000 

Fax: 212 474 3700 

UNITED STATES BANKRUPTCY COURT 

NORTHERN DISTRICT OF CALIFORNIA 

SAN FRANCISCO DIVISION 

In re: 

PG&E CORPORATION,

 - and - 

PACIFIC GAS AND ELECTRIC 

COMPANY,

Bankruptcy Case No.

19-30088 (DM) 

Chapter 11 

(Lead Case) 

(Jointly Administered) 

[PROPOSED] ORDER (I) APPROVING 

TERMS OF, AND DEBTORS’ ENTRY 

INTO AND PERFORMANCE UNDER, 

EQUITY BACKSTOP COMMITMENT 

LETTERS AND (II) AUTHORIZING 

INCURRENCE, PAYMENT AND 

ALLOWANCE OF RELATED PREMIUMS 

AND EXPENSES AS ADMINISTRATIVE 

EXPENSE CLAIMS 

Debtors.

 Affects PG&E Corporation 

 Affects Pacific Gas and Electric Company 

Affects both Debtors 

* All papers shall be filed in the Lead Case, 

No. 19-30088 (DM). 

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Upon the Motion, dated October 23, 2019 (the “Motion”)18, of PG&E Corporation (“PG&E 

Corp.”) and Pacific Gas and Electric Company (the “Utility”), as debtors and debtors in possession 

(collectively, “PG&E” or the “Debtors”) in the above-captioned chapter 11 cases (the “Chapter 11 

Cases”), pursuant to sections 105(a), 363(b), 503(b) and 507(a)(2) of title 11 of the United States Code 

(the “Bankruptcy Code”), and Rule 6004 of the Federal Rules of Bankruptcy Procedure (the 

“Bankruptcy Rules”), for entry of an order (i) approving the terms of, and the Debtors’ entry into and 

performance under, the Equity Backstop Commitment Letters with the Equity Backstop Parties and 

(ii) authorizing the incurrence, payment and allowance of all related commitment premiums and 

expenses (the “Equity Backstop Obligations”) as administrative expense claims, all as more fully set 

forth in the Motion; and this Court having jurisdiction to consider the Motion and the relief requested 

therein pursuant to 28 U.S.C. §§ 157 and 1334, the Order Referring Bankruptcy Cases and 

Proceedings to Bankruptcy Judges, General Order 24 (N.D. Cal.) and Rule 5011-1(a) of the 

Bankruptcy Local Rules for the United States District Court for the Northern District of California 

(the “Bankruptcy Local Rules”); and consideration of the Motion and the relief requested therein 

being a core proceeding pursuant to 28 U.S.C. § 157(b); and venue being proper before this Court 

pursuant to 28 U.S.C. §§ 1408 and 1409; and this Court having found that it may enter a final order 

consistent with Article III of the United States Constitution; and this Court having found and 

determined that notice of the Motion is reasonable and sufficient under the circumstances, and it 

appearing that no other or further notice need be provided; and this Court having reviewed the Motion 

and the Ziman Declaration and having considered the evidence adduced at the hearing before this 

Court on November 13, 2019 (the “Hearing”); and this Court having found that the Equity Backstop 

Commitment Letters have been negotiated in good faith and at arms’-length between the Debtors and 

the other parties to such agreements; and this Court having determined that the legal and factual bases 

set forth in the Motion and the Ziman Declaration and at the Hearing establish just cause for the relief 

granted herein; and it appearing that the relief requested in the Motion is in the best interests of the 

18 Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to 

them in the Motion. 

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Debtors, their estates, creditors, shareholders, and all parties in interest; and after due deliberation and 

sufficient cause appearing therefor, 

IT IS HEREBY ORDERED THAT: 

1. The Motion is granted as set forth herein. Any and all objections with respect to the 

Motion, to the extent not withdrawn, are hereby overruled in all respects on the merits. 

2. The Equity Backstop Commitment Letters, each in substantially the form attached to 

the Motion as Exhibit C with the Equity Backstop Parties identified on Exhibit D to the Motion, are 

hereby approved in their entirety. The Equity Backstop Commitment Letters are valid, binding and 

enforceable against the Debtors. 

3. The Debtors’ entry into the Equity Backstop Commitment Letters constitutes a 

reasonable exercise of the Debtors’ business judgment and is hereby approved. The Debtors are 

authorized to perform under and implement the terms of the Equity Backstop Commitment Letters 

and the exhibits thereto (including delivery of extension notices as provided therein), and to negotiate, 

prepare, execute and deliver all documents, and to take any and all actions necessary and appropriate 

to implement the terms of the Equity Backstop Commitment Letters and to perform all obligations 

thereunder on the terms and conditions set forth therein, without further notice, hearing or order of 

this Court. 

4. The Equity Backstop Obligations are actual and necessary costs and expenses of 

preserving the Debtors’ estates and as such shall be treated as allowed administrative expenses of the 

Debtors pursuant to section 503(b) of the Bankruptcy Code with the priority set forth in section 

507(a)(2) of the Bankruptcy Code, whether or not the Equity Backstop Commitments are funded, and 

none of the amounts shall be discharged, modified, or otherwise affected by any chapter 11 plan of 

any of the Debtors, subject to and in accordance with the Equity Backstop Commitment Letters. 

5. The Debtors are authorized to reimburse the Equity Backstop Parties for their expenses 

and pay and incur the premiums and all other Equity Backstop Obligations in accordance with the 

terms of the Equity Backstop Commitment Letters, whether incurred prior to, on, or after the date of 

this Order, in each case pursuant to the terms and conditions set forth in the applicable Equity Backstop 

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Commitment Letter, without further notice, hearing, or order of this Court, as, when, and to the extent 

they become due and payable under the terms of the applicable Equity Backstop Commitment Letter, 

which Equity Backstop Obligations shall not be subject to any challenge, contest, attack, rejection, 

recoupment, reduction, defense, counterclaim, offset, subordination, recharacterization, avoidance or 

other claim, cause of action or other challenge of any nature under the Bankruptcy Code, under 

applicable non-bankruptcy law or otherwise. 

6. The terms and provisions of this Order shall be binding in all respects upon all parties 

in these chapter 11 cases, the Debtors, their estates, and all successors and assigns thereof, including 

any chapter 7 trustee or chapter 11 trustee appointed in any of these cases or after conversion of any 

of these cases to cases under chapter 7 of the Bankruptcy Code; provided, that the Equity Backstop 

Parties shall be under no obligation to extend any financing to any chapter 7 trustee or chapter 11 

trustee. 

7. Subject to the terms and conditions of the Equity Backstop Commitment Letters, the 

Debtors and the Equity Backstop Parties may enter into any nonmaterial amendment, modification or 

supplement of any provision of the Equity Backstop Commitment Letters, and the Debtors are 

authorized to enter into any such amendment, modification, supplement or waiver (and to pay any 

premiums and expenses, amounts, costs and other obligations in connection therewith), without further 

notice, hearing or order of this Court. In the case of any material amendment, modification or 

supplement to the Equity Backstop Commitment Letters that is adverse to the Debtors (a “Material 

Amendment”), the Debtors shall provide notice (which may be provided via electronic mail or other 

electronic means) to the Notice Parties, each of whom shall have five (5) calendar days from the date 

of receipt of such notice to object in writing to the Debtors and the Equity Backstop Parties to such 

Material Amendment. If no objections are timely received (or if the Notice Parties indicate via 

electronic mail that they have no objection) to a Material Amendment, the Debtors are authorized to 

execute such Material Amendment, which shall become effective and enforceable against the Debtors 

and their estates immediately upon execution. If a Notice Party timely objects and such objection is 

not resolved prior to the date upon which such objection is scheduled to be heard by this Court, 

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approval of this Court (which may be sought on an expedited basis) will be necessary to execute a 

Material Amendment. 

8. Nothing in this Order, the Equity Backstop Commitment Letters or any other 

documents related to the transactions contemplated thereby shall in any way be construed or 

interpreted to impose or allow the imposition upon any Equity Backstop Party of any liability for any 

claims arising from the post-petition activities of the Debtors in the operation of their businesses, or 

in connection with their restructuring efforts. 

9. Except as explicitly provided for herein, this Order does not create any rights for the 

benefit of any third party, creditor, equity holder or any direct, indirect or incidental beneficiary. 

10. Notice of the Motion as provided therein shall be deemed good and sufficient and the 

requirements of the Bankruptcy Rules and the Bankruptcy Local Rules are satisfied by such notice. 

11. Notwithstanding the possible applicability of Bankruptcy Rule 6004(h) or any other 

Bankruptcy Rule or otherwise, the terms and conditions of this Order shall be immediately effective 

and enforceable upon its entry. 

12. The Debtors are authorized to take all reasonable actions necessary to effectuate the 

relief granted pursuant to this Order in accordance with this Order and the Motion. 

13. The automatic stay under section 362 of the Bankruptcy Code is hereby modified to 

the extent necessary to enable the Equity Backstop Parties to perform under the Equity Backstop 

Commitment Letters and to exercise any and all of their contractual rights thereunder. 

14. The Court retains exclusive jurisdiction with respect to all matters arising from or 

related to the implementation of this Order. 

 

** END OF ORDER ** 

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