# EDGAR Filing Document

**Accession Number:** 0001816434
**File Stem:** 0001193125-23-006511
**Filing Date:** 2023-1
**Character Count:** 20638
**Document Hash:** e4aff9b05f303efda1c9f75016447e3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-006511.hdr.sgml**: 20230111

**ACCESSION NUMBER**: 0001193125-23-006511

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230111

**DATE AS OF CHANGE**: 20230111

**GROUP MEMBERS**: CATHY YANNI, SOLELY IN HER CAPACITY AS TRUSTEE OF THE PG&E FIRE VICTIM TRUST

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PG&E Corp
- **CENTRAL INDEX KEY:** 0001004980
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **IRS NUMBER:** 943234914
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-52565
- **FILM NUMBER:** 23523993

**BUSINESS ADDRESS:**
- **STREET 1:** 77 BEALE STREET
- **STREET 2:** P.O. BOX 770000
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94177
- **BUSINESS PHONE:** 4159731000

**MAIL ADDRESS:**
- **STREET 1:** 77 BEALE STREET
- **STREET 2:** P.O. BOX 770000
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94177

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PG&E CORP
- **DATE OF NAME CHANGE:** 19961219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PG&E PARENT CO INC
- **DATE OF NAME CHANGE:** 19951214
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PG&E Fire Victim Trust
- **CENTRAL INDEX KEY:** 0001816434
- **IRS NUMBER:** 851530326
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** TWO EMBARCADERO CENTER
- **STREET 2:** SUITE 1500
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 415-774-2639

**MAIL ADDRESS:**
- **STREET 1:** TWO EMBARCADERO CENTER
- **STREET 2:** SUITE 1500
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**SCHEDULE 13D** 

**Under the Securities Exchange Act of 1934** 

**(Amendment No. 7)\*** 

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## PG&E CORPORATION
**(Name of Issuer)** 

**Common Stock, no par value** 

**(Title of Class of Securities)** 

**69331C108** 

**(CUSIP Number)** 

**Cathy Yanni** 

**Trustee** 

**PG&E Fire Victim Trust** 

**Two Embarcadero Center, Suite 1500** 

**San Francisco, CA 94111** 

**(888) 664-1152** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)** 

**January 9, 2023** 

**(Date of Event Which Requires Filing of This Statement)** 

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If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

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**Note**: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

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\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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**SCHEDULE 13D** 

CUSIP No. 69331C108

1. &nbsp;&nbsp;&nbsp;&nbsp; NAMES OF REPORTING PERSONS &nbsp;&nbsp;&nbsp;&nbsp; PG&E Fire Victim Trust

2. &nbsp;&nbsp;&nbsp;&nbsp; CHECK THE APPROPRIATE BOX
IF A MEMBER OF A GROUP (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☐

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC USE ONLY

4. &nbsp;&nbsp;&nbsp;&nbsp; SOURCE OF FUNDS (see
instructions) &nbsp;&nbsp;&nbsp;&nbsp; OO

5. &nbsp;&nbsp;&nbsp;&nbsp; CHECK BOX IF DISCLOSURE OF
LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) &nbsp;&nbsp;&nbsp;&nbsp; ☐

6. &nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF
ORGANIZATION &nbsp;&nbsp;&nbsp;&nbsp; Delaware

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>WITH | &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;&nbsp;SOLE VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;187,743,590 <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>WITH | &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp;&nbsp;&nbsp;SHARED VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>WITH | &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;&nbsp;&nbsp;SOLE DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;187,743,590<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>WITH | 10. | &nbsp;&nbsp;&nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

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11. &nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON &nbsp;&nbsp;&nbsp;&nbsp; 187,743,590

12. &nbsp;&nbsp;&nbsp;&nbsp; CHECK IF THE AGGREGATE
AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

13. &nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS
REPRESENTED BY AMOUNT IN ROW (11) &nbsp;&nbsp;&nbsp;&nbsp; 9.4%<sup>(2)</sup>

14. &nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON
(see instructions) &nbsp;&nbsp;&nbsp;&nbsp; OO

<sup>(1)</sup> Excludes any additional shares that may be issued to PG&E Fire Victim Trust (the "Trust") pursuant to the Issuer's Plan of Reorganization (the "Plan"). Pursuant to the Plan, effective as of July 1, 2020 (the "Effective Date"), in certain circumstances the Issuer is required to issue additional shares of its common stock, no par value (the "Common Stock") to the Trust if, after the Effective Date, the Issuer issues additional shares of Common Stock pursuant to the Plan. The number of additional shares to be issued to the Trust is determined such that the Trust would have owned 22.19% of the outstanding Common Stock (as calculated pursuant to the Plan), assuming that any such additional issuances had occurred on the Effective Date. 

<sup>(2)</sup> Calculated in accordance with Section 13(d)(4) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") based on 1,987,700,085 shares of Common Stock outstanding on October 20, 2022 (exclusive of 477,743,590 shares of Common Stock held by subsidiaries of the Issuer), as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on October 27, 2022 (the "Quarterly Report"). 

1 of 2

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**SCHEDULE 13D** 

CUSIP No. 69331C108

1. &nbsp;&nbsp;&nbsp;&nbsp; NAMES OF REPORTING PERSONS &nbsp;&nbsp;&nbsp;&nbsp; Cathy Yanni, solely in her capacity as Trustee of the PG&E Fire Victim Trust

2. &nbsp;&nbsp;&nbsp;&nbsp; CHECK THE APPROPRIATE BOX
IF A MEMBER OF A GROUP (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☐

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC USE ONLY

4. &nbsp;&nbsp;&nbsp;&nbsp; SOURCE OF FUNDS (see
instructions) &nbsp;&nbsp;&nbsp;&nbsp; OO

5. &nbsp;&nbsp;&nbsp;&nbsp; CHECK BOX IF DISCLOSURE OF
LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) &nbsp;&nbsp;&nbsp;&nbsp; ☐

6. &nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF
ORGANIZATION &nbsp;&nbsp;&nbsp;&nbsp; United States of
America

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>WITH | &nbsp;&nbsp;&nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;&nbsp;SOLE VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>WITH | &nbsp;&nbsp;&nbsp;&nbsp;8. | &nbsp;&nbsp;&nbsp;&nbsp;SHARED VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;187,743,590 |
| &nbsp;&nbsp;&nbsp; NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>WITH | &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;&nbsp;&nbsp;SOLE DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>WITH | 10. | &nbsp;&nbsp;&nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187,743,590 |

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11. &nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON &nbsp;&nbsp;&nbsp;&nbsp; 187,743,590

12. &nbsp;&nbsp;&nbsp;&nbsp; CHECK IF THE AGGREGATE
AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

13. &nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS
REPRESENTED BY AMOUNT IN ROW (11) &nbsp;&nbsp;&nbsp;&nbsp; 9.4%<sup>(1)</sup>

14. &nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON
(see instructions) &nbsp;&nbsp;&nbsp;&nbsp; OO

<sup>(1)</sup> Calculated in accordance with Section 13(d)(4) of the Exchange Act based on 1,987,700,085 shares of Common Stock outstanding on October 20, 2022 (exclusive of 477,743,590 shares of Common Stock held by subsidiaries of the Issuer), as reported in the Issuer's Quarterly Report.

2 of 2

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**Explanatory Note** 

PG&E Fire Victim Trust (the "Trust") and John K. Trotter, acting solely in his capacity as the trustee of the Trust, originally filed on July 10, 2020, and subsequently amended on July 9, 2021 (Amendment No. 1), February 2, 2022 (Amendment No. 2), and April 18, 2022 (Amendment No. 3) a Schedule 13D in respect of the Common Stock, which Schedule 13D was further amended by the Trust and Cathy Yanni, acting solely in her capacity as the trustee of the Trust (in such capacity, the "Trustee"), on October 11, 2022 (Amendment No. 4), October 31, 2022 (Amendment No. 5), and December 14, 2022 (Amendment No. 6) (such Schedule 13D, as so amended, the "Schedule 13D"). This Amendment No. 7 (the "Amendment") amends and supplements information contained in the Schedule 13D. Except to the extent amended, supplemented or superseded by this Amendment, the information contained in the Schedule 13D remains in effect. Capitalized terms used but not defined in this Amendment have the respective meanings set forth in the Schedule 13D.

**Item 4.** **Purpose of Transaction.** <br>

*Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following:* 

On January 9, 2023, the Trust sold 60,000,000 shares of Common Stock pursuant to a block trade with Morgan Stanley & Co. LLC ("Morgan Stanley") at a price of $15.26 per share (the "January 2023 Block Trade").

**Item 5.** **Interest in Securities of the Issuer.** <br>

*Each of paragraphs (a), (b) and (c) of Item 5 of the Schedule 13D is hereby amended to read in its entirety as follows:* 

(a) As of the date hereof, the Trust beneficially owns directly 187,743,590 shares of Common Stock, currently
representing 9.4% of the outstanding Common Stock (exclusive of shares of Common Stock reported by the Issuer as held by the Issuer's subsidiaries), based on the Trust's ability to direct the voting or disposition of such shares of Common
Stock.

The Trustee, in her capacity as such, may be deemed to indirectly beneficially own the Common Stock held by the Trust. The Trustee specifically disclaims beneficial ownership of the securities held by the Trust.

(b) Items 7 through 10 of each of the cover pages of this Amendment are incorporated herein by reference.

(c) The information set forth in Item 4 of this Amendment is incorporated by reference herein. Otherwise, the Trust
has not effected any transactions in the Common Stock since the filing of Amendment No. 6.

The remainder of Item 5 of the Schedule 13D remains in effect.

**Item 6.** **Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.** <br>

*Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following:* 

In connection with the January 2023 Block Trade, on January 9, 2023, the Trust entered into a lock-up letter agreement (the "January 2023 Lock-Up Agreement") and agreed with Morgan Stanley that, subject to certain exceptions, without the prior written consent of Morgan Stanley it will not, and will not publicly disclose an intention to, in each case, during the period commencing on January 9, 2023 and ending 30 days thereafter (the "Restricted Period"), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock it beneficially owns or any other securities so owned convertible into or exercisable or exchangeable for Common Stock or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. In addition, the Trust agreed with Morgan Stanley that, without the prior written consent of Morgan Stanley, it will not, during the Restricted Period, make any new demand for or exercise any right with respect to, the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock to the extent a public announcement or filing under the Securities Exchange Act of 1934, as amended, if any, is required of or voluntarily made by or on behalf of the Issuer or the Trust regarding the exercise of such demand during the Restricted Period. Morgan Stanley, in its sole discretion, may release the securities subject to the January 2023 Lock-Up Agreement described above in whole or in part at any time with or without notice. Morgan Stanley may consider various factors in its sole discretion regarding the foregoing.

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The foregoing description of the January 2023 Lock-Up Agreement is qualified in its entirety by reference to the full text of the January 2023 Lock-Up Agreement, which is filed as Exhibit 2 to this Amendment and is incorporated by reference herein.

The information set forth in Item 4 of this Amendment is incorporated by reference into this Item 6.

**Item 7.** **Material to be Filed as Exhibits.** <br>

The following documents are filed as exhibits:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1 | Joint Filing Agreement, dated October 10, 2022, by and among PG&E Fire Victim Trust and Cathy Yanni, trustee thereof (incorporated by reference to Exhibit 1 to Amendment No. 4 to the Schedule 13D, filed with the SEC on October 11, 2022). |
| 2 | Lock-Up Letter Agreement dated January 9, 2023. |

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**Signature** 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: January 11, 2023

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| | |
|:---|:---|
| **PG&E FIRE VICTIM TRUST** | **PG&E FIRE VICTIM TRUST** |
| By: | /s/ Cathy Yanni |
| Name: | Cathy Yanni |
| Title: | Trustee |
| /s/ Cathy Yanni | /s/ Cathy Yanni |
| Cathy Yanni, solely in her capacity as trustee of PG&E Fire Victim Trust | Cathy Yanni, solely in her capacity as trustee of PG&E Fire Victim Trust |

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## Exhibit 99.2

**EXHIBIT 2** 

**LOCK-UP LETTER** 

January 9, 2023

Morgan Stanley & Co. LLC

1585 Broadway

New York, NY 10036

Ladies and Gentlemen:

This letter agreement is entered into in connection with the undersigned's sale of 60,000,000 Shares (the "**Shares**") of common stock, no par value (the "**Common Stock**") of PG&E Corporation (the "**Company**") to Morgan Stanley & Co. LLC ("**Morgan Stanley**") in accordance with the terms of the sale representation letter from the undersigned to Morgan Stanley, dated the date hereof (the "**Transaction**"). This letter agreement amends and restates the letter agreement previously entered into between the undersigned and Morgan Stanley, dated the date hereof, in connection with the undersigned's sale of 50,000,000 Shares.

As an inducement to Morgan Stanley, the undersigned hereby agrees that, except as otherwise expressly provided herein, without the prior written consent of Morgan Stanley it will not, and will not publicly disclose an intention to, in each case, during the period commencing on the date hereof and ending thirty (30) days after the date hereof (the "**Restricted Period**"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock beneficially owned (as such term is used in Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")), by the undersigned or any other securities so owned convertible into or exercisable or exchangeable for Common Stock or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (a) distributions of shares of Common Stock or any security convertible into Common Stock to beneficiaries of the undersigned, (b) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Common Stock, provided that (i) such plan does not provide for the transfer of Common Stock during the Restricted Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the Company or the undersigned regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Common Stock may be made under such plan during the Restricted Period, or (c) the undersigned's exercise of any so called "piggyback" registration rights pursuant to the undersigned's registration rights agreement with the Company (as it may be amended from time to time), or the undersigned's offer, sale or contract to sell any shares of Common Stock pursuant to any such exercise. In addition, the undersigned agrees that, without the prior written consent of Morgan Stanley, it will not, during the Restricted Period, make any new demand for or exercise any right with respect to, the registration of any shares of Common

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Stock or any security convertible into or exercisable or exchangeable for Common Stock to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the Company or the undersigned regarding the exercise of such demand during the Restricted Period; provided, however, nothing in this sentence shall preclude the undersigned from requiring the Company to maintain in effect a shelf registration statement for the resale of the undersigned's Common Stock; and *provided further* that the undersigned will not offer, sale or contract to sell any shares of Common Stock pursuant to such registration during the Restricted Period.

The undersigned understands that Morgan Stanley is relying upon this agreement in proceeding to consummate of the Transaction. The undersigned further understands that this agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns; provided, however, that this agreement shall automatically terminate, and the undersigned (including its successors and assign) shall be immediately released from its obligations and restrictions hereunder without any further action by or on behalf of any of the undersigned or Morgan Stanley, in the event that a Transaction has not closed within two (2) trading days after the date first above written.

[*Signature Page Follows*]

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| | |
|:---|:---|
|  Very truly yours,<br>PG&E FIRE VICTIM TRUST | Very truly yours,<br>PG&E FIRE VICTIM TRUST |
|  By: | /s/ Cathy Yanni |
|  Name: Cathy Yanni<br> Title: Trustee | Name: Cathy Yanni<br> Title: Trustee |
| Two Embarcadero Center, Suite 1500 San Francisco, CA 94111 | Two Embarcadero Center, Suite 1500 San Francisco, CA 94111 |
| (Address) | (Address) |

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