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EXHIBIT 10.93
PG&E CORPORATION
2021 LONG-TERM INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD

PG&E CORPORATION, a California corporation, hereby grants Restricted Stock Units to the Recipient named below (sometimes referred to as “you”).  The Restricted Stock Units have been granted under the PG&E Corporation 2021 Long-Term Incentive Plan, as amended (the “LTIP”).  The terms and conditions of the Restricted Stock Units are set forth in this cover sheet and in the attached Restricted Stock Unit Agreement (the “Agreement”).
Date of Grant:     June 01, 2021
Name of Recipient:     Carla Peterman    
Recipient’s Participant ID:     XXXXXXXX    
Number of Restricted Stock Units:     26,601    

By accepting this award, you agree to all of the terms and conditions described in the attached Agreement. You and PG&E Corporation agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of the attached Agreement.  You are also acknowledging receipt of this award, the attached Agreement, and a copy of the prospectus describing the LTIP and the Restricted Stock Units dated June 2021.
If, for any reason, you wish to not accept this award, please notify PG&E Corporation in writing within 30 calendar days of the date of this award at ATTN: LTIP Administrator, Pacific Gas and Electric Company, 245 Market Street, N2T, San Francisco, 94105.

Attachment 

PG&E CORPORATION
2021 LONG-TERM INCENTIVE PLAN
NON-ANNUAL RESTRICTED STOCK UNIT AGREEMENT
						
	The LTIP and Other Agreements	This Agreement and the above cover sheet constitute the entire understanding between you and PG&E Corporation regarding the Restricted Stock Units, subject to the terms of the LTIP.  Any prior agreements, commitments, or negotiations are superseded.  In the event of any conflict or inconsistency between the provisions of this Agreement or the above cover sheet and the LTIP, the LTIP will govern.  Capitalized terms that are not defined in this Agreement or the above cover sheet are defined in the LTIP.  In the event of any conflict between the provisions of this Agreement or the above cover sheet and the PG&E Corporation 2012 Officer Severance Policy, this Agreement or the above cover sheet will govern, as applicable. For purposes of this Agreement, employment with PG&E Corporation means employment with any member of the Participating Company Group.

	Grant of Restricted Stock Units	PG&E Corporation grants you the number of Restricted Stock Units shown on the cover sheet of this Agreement.  The Restricted Stock Units are subject to the terms and conditions of this Agreement and the LTIP.

						
	Vesting of Restricted Stock Units	As long as you remain employed with PG&E Corporation, the total number of Restricted Stock Units originally subject to this Agreement, as shown on the cover sheet, will vest in accordance with the below vesting schedule (the “Normal Vesting Schedule”).
13,300 on June 01, 2022 
13,301 on June 01, 2023
The amounts payable upon each vesting date are hereby designated separate payments for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”).  Except as described below, all Restricted Stock Units subject to this Agreement which have not vested upon termination of your employment will then be cancelled. As set forth below, the Restricted Stock Units may vest earlier upon the occurrence of certain events.

	Dividends	Restricted Stock Units will accrue Dividend Equivalents in the event that cash dividends are paid with respect to PG&E Corporation common stock having a record date prior to the date on which the RSUs are settled.  Such Dividend Equivalents will be converted into cash and paid, if at all, upon settlement of the underlying Restricted Stock Units.
	Settlement	Vested Restricted Stock Units will be settled in an equal number of shares of PG&E Corporation common stock, subject to the satisfaction of Withholding Taxes, as described below.  PG&E Corporation will issue shares as soon as practicable after the Restricted Stock Units vest in accordance with the Normal Vesting Schedule (but not later than sixty (60) days after the applicable vesting date); provided, however, that such issuance will, if earlier, be made with respect to all of your outstanding vested Restricted Stock Units (after giving effect to the vesting provisions described below) as soon as practicable after (but not later than sixty (60) days after) the earliest to occur of your (1) Disability (as defined under Code Section 409A), (2) death, or (3) “separation from service,” within the meaning of Code Section 409A within 2 years following a Change in Control.  

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	Voluntary Termination	In the event of your voluntary termination (other than Retirement), all unvested Restricted Stock Units will be cancelled on the date of termination.
	Retirement	In the event of your Retirement, any unvested Restricted Stock Units that would have vested within the 12 months following such Retirement had your employment continued will continue to vest and be settled pursuant to the Normal Vesting Schedule (without regard to the requirement that you be employed), subject to the earlier settlement provisions of this Agreement; provided, however, that in the event of your Retirement within 2 years following a Change in Control, those Restricted Stock Units that would have vested within 12 months following such Retirement will be vested and settled as soon as practicable after (but not later than 60 days after) the date of such Retirement.  All other unvested Restricted Stock Units will be cancelled.  Your voluntary termination of employment will be considered Retirement if you are age 55 or older on the date of termination (other than termination for cause) and if you were employed by PG&E Corporation for at least eight consecutive years ending on the date of termination of your employment.
	Termination for Cause	If your employment with PG&E Corporation is terminated at any time by PG&E Corporation for cause, all unvested Restricted Stock Units will be cancelled on the date of termination.  In general, termination for “cause” means termination of employment because of dishonesty, a criminal offense, or violation of a work rule, and will be determined by and in the sole discretion of PG&E Corporation.  For the avoidance of doubt, you will not be eligible to retire if your employment is being or is terminated for cause.

	Termination other than for Cause	If your employment with PG&E Corporation is terminated by PG&E Corporation other than for cause or Retirement, any unvested Restricted Stock Units that would have vested within the 12 months following such termination had your employment continued will continue to vest and be settled pursuant to the Normal Vesting Schedule (without regard to the requirement that you be employed), subject to the earlier settlement provisions of this Agreement.  All other unvested Restricted Stock Units will be cancelled unless your termination of employment was in connection with a Change in Control as provided below.

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	Death/Disability	In the event of your death or Disability (as defined in Code Section 409A) while you are employed, all of your Restricted Stock Units will vest and be settled as soon as practicable after (but not later than sixty (60) days after) the date of such event.  If your death or Disability occurs following the termination of your employment and your Restricted Stock Units are then outstanding under the terms hereof, then all of your vested Restricted Stock Units plus any Restricted Stock Units that would have otherwise vested during any continued vesting period hereunder will be settled as soon as practicable after (but not later than sixty (60) days after) the date of your death or Disability.  

	Termination Due to Disposition of Subsidiary	If your employment is terminated (other than for cause, or your voluntary termination, or your Retirement] (1) by reason of a divestiture or change in control of a subsidiary of PG&E Corporation, which divestiture or change in control results in such subsidiary no longer qualifying as a subsidiary corporation under Code Section 424(f), or (2) coincident with the sale of all or substantially all of the assets of a subsidiary of PG&E Corporation, then your Restricted Stock Units will vest and be settled in the same manner as for a “Termination other than for Cause” described above. 

	Change in Control	In the event of a Change in Control, the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiror”), may, without your consent, either assume or continue PG&E Corporation’s rights and obligations under this Agreement or provide a substantially equivalent award in substitution for the Restricted Stock Units subject to this Agreement. 
If the Restricted Stock Units are neither so assumed nor so continued by the Acquiror, and the Acquiror does not provide a substantially equivalent award in substitution for the Restricted Stock Units, all of your unvested Restricted Stock Units will vest immediately preceding and contingent on, the Change in Control and be settled in accordance with the Normal Vesting Schedule, subject to the earlier settlement provisions of this Agreement.  

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	Termination In Connection with a Change in Control	If you separate from service (other than termination for cause, or your voluntary termination, or your Retirement) in connection with a Change in Control within three months before the Change in Control occurs, all of your outstanding Restricted Stock Units (including Restricted Stock Units that you would have otherwise forfeited after the end of the continued vesting period) will vest on the date of the Change in Control and will be settled in accordance with the Normal Vesting Schedule (without regard to the requirement that you be employed) subject to the earlier settlement provisions of this Agreement.  
In the event of such a separation in connection with a Change in Control within two years following the Change in Control, your Restricted Stock Units (to the extent they did not previously vest upon, for example, failure of the Acquiror to assume or continue this award) will vest on the date of such separation and will be settled as soon as practicable after (but not later than sixty (60) days after) the date of such separation.  PG&E Corporation has the sole discretion to determine whether termination of your employment was made in connection with a Change in Control.

	Delay	PG&E Corporation will delay the issuance of any shares of common stock to the extent it is necessary to comply with Code Section 409A(a)(2)(B)(i) (relating to payments made to certain “key employees” of certain publicly-traded companies); in such event, any shares of common stock to which you would otherwise be entitled during the six (6) month period following the date of your “separation from service” under Section 409A (or shorter period ending on the date of your death following such separation) will instead be issued on the first business day following the expiration of the applicable delay period.

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	Withholding Taxes	The number of shares of PG&E Corporation common stock that you are otherwise entitled to receive upon settlement of Restricted Stock Units will be reduced by a number of shares having an aggregate Fair Market Value, as determined by PG&E Corporation, equal to the amount of any Federal, state, or local taxes of any kind required by law to be withheld by PG&E Corporation in connection with the Restricted Stock Units determined using the applicable minimum statutory withholding rates, including social security and Medicare taxes due under the Federal Insurance Contributions Act and the California State Disability Insurance tax (“Withholding Taxes”).  If the withheld shares were not sufficient to satisfy your minimum Withholding Taxes, you will be required to pay, as soon as practicable, including through additional payroll withholding, any amount of the Withholding Taxes that is not satisfied by the withholding of shares described above.

	Leaves of Absence	For purposes of this Agreement, if you are on an approved leave of absence from PG&E Corporation, or a recipient of PG&E Corporation sponsored disability benefits, you will continue to be considered as employed.  If you do not return to active employment upon the expiration of your leave of absence or the expiration of your PG&E Corporation sponsored disability benefits, you will be considered to have voluntarily terminated your employment.  See above under “Voluntary Termination.”
Notwithstanding the foregoing, if the leave of absence exceeds six (6) months, and a return to service upon expiration of such leave is not guaranteed by statute or contract, then you will be deemed to have had a “separation from service” for purposes of any Restricted Stock Units that are settled hereunder upon such separation.  To the extent an authorized leave of absence is due to a medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of at least six (6) months and such impairment causes you to be unable to perform the duties of your position of employment or any substantially similar position of employment, the six (6) month period in the prior sentence will be twenty-nine (29) months.  
PG&E Corporation reserves the right to determine which leaves of absence will be considered as continuing employment and when your employment terminates for all purposes under this Agreement.

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	Voting and Other Rights	You will not have voting rights with respect to the Restricted Stock Units until the date the underlying shares are issued (as evidenced by appropriate entry on the books of PG&E Corporation or its duly authorized transfer agent).  No Restricted Stock Units and no shares of Stock that have not been issued hereunder may be sold, assigned, transferred, pledged, or otherwise encumbered, other than by will or the laws of decent and distribution, and the Restricted Stock Units may be exercised during the life of the Recipient only by the Recipient or the Recipient’s guardian or legal representative.
	No Retention Rights	This Agreement is not an employment agreement and does not give you the right to be retained by PG&E Corporation.  Except as otherwise provided in an applicable employment agreement, PG&E Corporation reserves the right to terminate your employment at any time and for any reason.
	Recoupment of Awards	Awards are subject to recoupment in accordance with any applicable law and any recoupment policy adopted by the Corporation from time to time, including provisions of the Officer Severance Policy, and provisions of the PG&E Corporation and Pacific Gas and Electric Company Executive Incentive Compensation Recoupment Policy, as last revised on February 19, 2019 and available on the PG&E@Work internet site for the Long-Term Incentive Plan (the policy and location may be changed from time to time by PG&E Corporation).
	Applicable Law	This Agreement will be interpreted and enforced under the laws of the State of California.

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PG&E CORPORATION
2014 LONG-TERM INCENTIVE PLAN

A total of 47,000,000 shares of PG&E Corporation common stock (“Shares”), no par value, are available for issuance under the PG&E Corporation 2014 Long-Term Incentive Plan, as may be amended (LTIP), less the number of Shares covered by awards granted under the PG&E Corporation 2006 Long-Term Incentive Plan after December 31, 2013, but prior to the effective date of the LTIP, and determined in accordance with Section 4.1 of the LTIP.  The Shares will come from PG&E Corporation’s authorized, but unissued, shares of common stock and/or Shares reacquired by PG&E Corporation on the open market for this purpose.  The purpose of the LTIP is to advance the interests of PG&E Corporation and its shareholders by providing officers, key management employees, and other eligible participants with financial incentives tied directly to PG&E Corporation's long-term business objectives. Awards granted under the LTIP can include stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, performance shares, performance units, deferred compensation awards, and other stock-based awards.   

This summary describes the stock options, SARs, restricted stock, performance awards, and restricted stock units which may be granted under the LTIP.  This summary does not purport to be complete, and is qualified in its entirety by reference to the LTIP and your award agreement evidencing an award.  The terms of the LTIP will govern in case there is any conflict with any part of this summary or your individual award agreement. Certain terms of stock options, SARS, restricted stock, restricted stock units, and performance awards differ from those described in this summary and such terms will be set forth in your award agreement governing such award.  You may obtain a copy of the LTIP by calling or writing the LTIP Administrator, Pacific Gas and Electric Company, 245 Market Street, N2T, San Francisco, CA  94105, (415) 266-8644.
 
______________________________

THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

March 2021

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Contents
						
	Information about the LTIP
	iv

	Administration of the LTIP.
	iv

	Eligibility.
	iv

	Duration of the LTIP.
	iv

	Adjustment Upon Changes in Number or Value of Shares of Common Stock.
	iv

	Award Agreements.
	iv

	Amendment and Termination of the LTIP and Incentive Awards.
	iv

	Withholding Taxes.
	v

	Recoupment of Awards.
	v

	Miscellaneous.
	v

	Stock Options
	v

	What is a stock option?
	v

	Will I be required to pay for a grant of a stock option?
	v

	When may I exercise my stock options?
	v

	How do I exercise my stock options?
	v

	What happens if my service with PG&E Corporation ends before my stock option is fully vested and exercisable?
	vi

	When do my stock options expire?
	vi

	Do I have any shareholder rights?
	vi

	How do I pay for shares and taxes upon exercise of my stock options?
	vi

	How is an incentive stock option different than a nonqualified stock option?
	vi

	Stock Appreciation Rights
	vi

	What is a stock appreciation right?
	vi

	Will I be required to pay for a grant of stock appreciation rights?
	vii

	When may I exercise my SARs?
	vii

	How do I exercise my SARs?
	vii

	What happens if my service with PG&E Corporation terminates before my stock appreciation right vests?
	vii

	When do my SARs expire?
	vii

	Do I have any shareholder rights?
	vii

	Restricted Stock
	vii

	What is a restricted stock award?
	vii

	Will I be required to pay for a grant of restricted stock?
	vii

	When will restricted stock awards vest?
	vii

	What happens to restricted stock awards if my service with PG&E Corporation terminates before my Award vests?
	viii

	When will restricted stock awards be settled?
	viii

	Do I have any shareholder rights?
	viii

	Restricted Stock Units
	viii

	What are restricted stock units?
	viii

	Will I be required to pay for a grant of restricted stock units?
	viii

	When will restricted stock units vest?
	viii

						
	What happens to restricted stock unit awards if my service with PG&E Corporation terminates before the scheduled vesting date?
	viii

	Will I receive dividends on restricted stock units?
	viii

	How soon will I receive the shares after the restricted stock units have vested?
	ix

	Do I have the same rights as other shareholders?
	ix

	Performance Awards
	ix

	What are performance awards?
	ix

	What are the performance measures and how do they work?
	ix

	When will performance awards vest?
	ix

	Termination of Service
	ix

	What happens to stock options, SARS, restricted stock, restricted stock units, and performance awards if my service is terminated?
	ix

	What happens to my stock options, SARS, restricted stock, performance awards, and restricted stock units if I retire?
	x

	Change in Control
	x

	What happens to stock options, SARS, restricted stock, restricted stock units, and performance awards if there is a “change in control” of PG&E Corporation?
	x

	What happens to my award if my service is terminated other than for cause in connection with a “change in control” of PG&E Corporation?
	x

	What would be considered a “change in control” of PG&E Corporation?
	x

	What happens to my award if I am terminated from my position with a subsidiary of PG&E Corporation as a result of the divestiture or change in control of the subsidiary?
	xi

	Transferability:  Resale Restrictions
	xi

	May I transfer my stock options, SARS, restricted stock, restricted stock units, and performance awards to someone else?
	xi

	Are there any restrictions on my ability to sell common stock received when my awards are settled in shares of common stock or when I exercise my stock options?
	xi

	What if I am an executive officer of PG&E Corporation?
	xi

	Tax Consequences
	xii

	Are there any tax consequences when I am granted a nonqualified stock option or SARs?
	xii

	What are the tax consequences when I exercise my stock options or SARs?
	xii

	Will my exercise of a stock option or SAR be subject to tax withholding?
	xii

	What are the tax consequences if I sell the shares purchased upon exercise of a stock option?
	xii

	Are there any tax consequences when I am granted an incentive stock option?
	xiii

	What are the tax consequences when I exercise my incentive stock options?
	xiii

	What are the tax consequences if I sell the shares purchased upon exercise of an incentive stock option?
	xiii

	What if I make a qualifying disposition?
	xiii

	What if I make a disqualifying disposition?
	xiii

	What are the tax consequences relating to restricted stock (including any Performance Share awards)?
	xiii

	What is a Section 83(b) election?
	xiii

	How are dividends and dividend equivalents related to my restricted stock awards taxed?
	xiv

	What are the tax consequences relating to restricted stock units (including Performance Units)?
	xiv

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	How can I satisfy the amount of California SDI and FICA taxes that may be due before my restricted stock units are settled?
	xiv

	How can I satisfy the withholding taxes that arise when my restricted stock units vest?
	xiv

	What are the tax consequences if I sell shares I acquire upon vesting of restricted stock unit awards or settlement of my restricted stock units?
	xiv

	What is the impact of Section 409A of the Code on my awards?
	xv

	Additional Information about PG&E Corporation
	xv

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Information about the LTIP
Administration of the LTIP.  
The LTIP is administered by the Compensation Committee (the “Committee”) of the Board of Directors of PG&E Corporation (the “Company”).  The Committee is composed entirely of directors who satisfy the definition of “independent director” set forth in PG&E Corporation’s Corporate Governance Guidelines and also meet the enhanced independence standards established by the New York Stock Exchange or any other applicable stock exchanges.  

Generally, the Committee approves LTIP awards made to officers of PG&E Corporation and to officers of Pacific Gas and Electric Company and approves guidelines for LTIP awards to be made to certain other eligible participants during a particular year, including the amount and type of award, the terms and conditions of awards, and the aggregate value of awards.  The Chief Executive Officer of PG&E Corporation has authority to implement the award guidelines approved by the Committee. The Committee may also (i) amend or modify awards in accordance with the terms of the LTIP, (ii) prescribe, amend or rescind rules relating to the LTIP, (iii) construe, interpret and reconcile any inconsistency regarding the LTIP and (iv) make all other determinations with respect to the LTIP, to the extent permitted by applicable law and subject to certain restrictions specified in the LTIP.

Eligibility.  
Awards may be granted to employees, directors (including non-employee directors) and consultants of PG&E Corporation and certain subsidiaries, at the discretion of the Committee.  Nothing in the LTIP or in any award agreement is intended to provide you with the right to remain in the service of the PG&E Corporation or any of its subsidiaries for any specific period.

Duration of the LTIP.  
The LTIP will terminate on May 11, 2024, unless terminated sooner according to the terms of the LTIP.

Adjustment Upon Changes in Number or Value of Shares of Common Stock.  
In the event of certain changes in PG&E Corporation common stock without receipt of consideration, such as stock dividends, stock splits, recapitalizations, mergers, consolidations and similar changes, or in the event of payment of certain non-stock dividends or distributions that have a material effect on the value of PG&E Corporation common stock, appropriate adjustments shall be made to the number and kind of shares subject to the LTIP and to any outstanding awards, the award limitations and in the exercise or purchase price per share under any outstanding awards in order to prevent dilution or enlargement of a participant’s right under the LTIP, subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

Award Agreements.
    Awards granted under the LTIP will be evidenced by award agreements in a written or electronic form that will provide additional terms and conditions associated with such awards, as determined by the Committee.

Amendment and Termination of the LTIP and Incentive Awards.  
The Board of Directors or the Committee may at any time suspend, terminate, modify, or amend the LTIP in any respect.  However, shareholder approval of amendments shall be obtained in the manner and to the degree required by applicable laws or regulations, or the terms of the LTIP.  The Committee also may amend or modify the terms and conditions of any incentive award granted under the LTIP, or extend, cancel or renew any grant of an award; provided that no such amendment, modification, cancellation, extension or renewal may, without your consent, adversely affect your rights under awards previously granted to you.

Withholding Taxes.
    You will be responsible for payment of any taxes or similar charges required by law to be paid or withheld with respect to any award, including with respect to the vesting, settlement and exercise of any award.  Any required withholdings must be paid by you on or prior to the payment or other event that results in taxable income with respect to an award.  The award agreement may specify the manner in which the withholding obligation shall be satisfied with respect to the particular type of award, which may include permitting you to elect to satisfy the withholding obligation by tendering shares of PG&E Corporation common stock to the PG&E Corporation or having the PG&E Corporation withhold a 
    A-4    

number of shares of common stock having a value equal to the minimum statutory tax or similar charge required to be paid or withheld.

Recoupment of Awards. 
Awards are subject to recoupment in accordance with any applicable law and any recoupment policies, procedures, or requirements adopted by or applicable to the Corporation from time to time.

Miscellaneous.  
The LTIP is generally not subject to the Employee Retirement Income Security Act of 1974 (ERISA) and it is not qualified under Section 401(a) of the Code.

Stock Options
What is a stock option?  
A stock option allows you to buy a certain number of shares of PG&E Corporation common stock at a fixed price.  The per share purchase price (or exercise price) generally will be equal to the closing price of PG&E Corporation common stock on the date on which the option is granted, unless otherwise specified in your award agreement. 

Will I be required to pay for a grant of a stock option?
    Generally, no.  It is anticipated that the grant of stock options would be made in recognition of your service to PG&E Corporation (or any of its subsidiaries) and would not require any cash payment.  To purchase PG&E Corporation common stock underlying a stock option, however, you must exercise the stock option and pay the exercise price as described below and set forth in your award agreement.

When may I exercise my stock options?
You may not exercise your stock options until your right to do so has vested in accordance with the vesting terms that are determined when the stock options are granted and set forth in your award agreement governing your stock options. Vesting is generally contingent on your continued service to PG&E Corporation or its affiliates through the applicable vesting date. Stock options may also be subject to performance-based vesting measures that affect the number of options that you ultimately may be permitted to exercise. Please consult your award agreement for details regarding the vesting terms of your stock options.

How do I exercise my stock options? 
You must deliver a completed electronic exercise election form to the record-keeper for the LTIP, which is currently Charles Schwab. Instructions for completing and submitting the form are available from the recordkeeper.

What happens if my service with PG&E Corporation ends before my stock option is fully vested and exercisable?
The award agreement describes what happens to the stock option if your service terminates before the stock option is fully vested and exercisable. In general, upon termination of service with PG&E Corporation (or any of its subsidiaries), you will forfeit all unvested stock options.

When do my stock options expire?
Although the term of an option may vary, in general, the term of each stock option is 10 years, unless otherwise specified in your award agreement. The options generally will expire earlier upon or within a specified period following your termination of service.

Do I have any shareholder rights?
You will not have any rights of a shareholder with respect to the shares subject to the options unless an option is exercised and shares are issued to you. 

    A-5    

How do I pay for shares and taxes upon exercise of my stock options?   
Unless your award agreement provides otherwise, you may pay the option exercise price and applicable tax withholdings using (1) cash, check or cash equivalent; (2) shares of PG&E Corporation common stock; (3) a "cashless exercise" procedure (whereby a broker sells a number of shares purchased upon exercise, with a value equal to the aggregate exercise price and applicable tax withholdings and remits the sale proceeds to PG&E Corporation to pay for the aggregate exercise price and applicable tax withholdings); (4) by surrendering a number of shares of PG&E Corporation common stock that otherwise would have been issued to you in connection with the stock option exercise, with an aggregate fair market value (as determined as of the business day before the date of exercise) equal to the aggregate exercise price and applicable tax withholdings, (5) by another method that pay be approved by the Committee or (6) any combination of the foregoing. If shares are used to pay all or part of the exercise price, the cash and any shares surrendered must have a fair market value (determined as of the business day before the date of exercise) that is not less than the applicable exercise price.

How is an incentive stock option different than a nonqualified stock option?    
An incentive stock option and a nonqualified stock option have different U.S. federal tax consequences, which are explained in more detail in the “Tax Consequences” section below. Each stock option will be designated by the Committee as either an incentive stock option or a nonqualified stock option and set forth in the Award Agreement evidencing the grant.  If an option granted as an incentive stock option fails to qualify as an incentive stock option under the Code, it will be treated as a nonqualified stock option.

 
Stock Appreciation Rights
What is a stock appreciation right?
    A stock appreciation right (SAR) gives you the right to receive an amount equal to the excess of the fair market value of a share of common stock of PG&E Corporation on the date of exercise over a fixed value (the “Base Price”) of the SAR.  A SAR may be settled in [shares of common stock, cash, or any combination thereof] as specified by the Committee. The Base Price of a SAR granted under the LTIP will not be less than the fair market value of the shares of common stock subject to the SAR on the date the SAR is granted.

Will I be required to pay for a grant of stock appreciation rights?
    Generally, no.  It is anticipated that SARs would be granted in recognition of your service to PG&E Corporation (or any of its subsidiaries) and would not require any cash payment.

When may I exercise my SARs?
You may not exercise your SARs until your right to do so has vested in accordance with the vesting terms that are determined when the SARs are granted and set forth in your award agreement governing your SARs. Vesting is generally contingent on your continued service to PG&E Corporation or its affiliates through the applicable vesting date. SARs may also be subject to performance-based vesting measures that affect the number of SARs that you ultimately may be permitted to exercise. Please consult your award agreement for details regarding the vesting terms of your SARs.

How do I exercise my SARs? 
    You must deliver a completed electronic exercise election form to the record-keeper for the LTIP, currently Charles Schwab. Instructions for completing and submitting the form are available from the recordkeeper 

What happens if my service with PG&E Corporation terminates before my stock appreciation right vests?
    The award agreement describes what happens to the SARs if your service terminates before the SARs are fully vested and exercisable.  In general upon termination of service with PG&E Corporation (or any of its subsidiaries), you will forfeit all unvested SARs.

When do my SARs expire?
    Although the term of an SAR may vary, in general, the term of each SAR is 10 years, unless otherwise specified in your award agreement.  The SARs generally will expire earlier upon or within a specified period following termination of service.

    A-6    

Do I have any shareholder rights? 
You will not have any rights of a shareholder with respect to the SARs unless shares subject to the SARs are issued to you in settlement of the SARs. However, if the SARs are settled in cash, you will not become a shareholder, even if the amount of cash payable is determined by reference to the value of shares of common stock. 

Restricted Stock
What is a restricted stock award?
    A restricted stock award is a grant of shares of PG&E Corporation common stock that is subject to vesting. 

Will I be required to pay for a grant of restricted stock?
    Generally, no.  It is anticipated that restricted stock awards would be granted in recognition of your service to the PG&E Corporation (or any of its subsidiaries) and would not require any cash payment.  However, in setting the terms of the grant, the Committee has the discretion to require payment.

When will restricted stock awards vest?
    In order for your restricted stock awards to vest, you must generally remain in the service of PG&E Corporation during the vesting period. Vesting may also be contingent upon the achievement of specified performance conditions and/or such other terms and conditions determined by the Committee. Restricted stock awards that are subject to performance-based vesting terms are referred to as Performance Shares in the LTIP, and also may be called performance share units. The vesting terms of a restricted stock award will be set forth in your award agreement.

What happens to restricted stock awards if my service with PG&E Corporation terminates before my Award vests?
    The award agreement describes what happens to the restricted stock award if your service terminates before the restricted stock award is fully vested and transferable.  In general upon termination of service with the PG&E Corporation (or any of its subsidiaries), you will forfeit all unvested restricted stock awards.

When will restricted stock awards be settled?
    When restrictions on the restricted stock award lapse (i.e., you vest) and you satisfy any other conditions imposed by the Committee pursuant to the LTIP or your award agreement, you will become the owner of unrestricted shares of common stock of PG&E Corporation.  

Do I have any shareholder rights? 
     Unless otherwise provided in your award agreement, you will have all of the rights of a shareholder with respect to restricted stock during the applicable restricted period, including the right to receive payment of dividends and distributions with respect to the underlying shares of PG&E Corporation common stock (which will be subject to the same vesting terms as the underlying shares of common stock).

Restricted Stock Units
What are restricted stock units?  
A restricted stock unit is a right to receive shares of PG&E Corporation common stock when the restricted stock units are settled following vesting. PG&E Corporation common stock is not issued at the time of grant of a restricted stock unit award.   

Will I be required to pay for a grant of restricted stock units?
Generally, no.  It is anticipated that restricted stock unit awards would be granted in recognition of your service to the PG&E Corporation (or any of its subsidiaries) and would not require any cash payment.  However, in setting the terms of the grant, the Committee has the discretion to require payment.

When will restricted stock units vest?
In order for your restricted stock awards to vest, you must generally remain in the service of PG&E Corporation during the vesting period. Vesting may also be contingent upon the achievement of 
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specified performance conditions and/or such other terms and conditions determined by the Committee. Restricted stock unit awards that are subject to performance-based vesting terms are referred to as Performance Shares in the LTIP. The vesting terms of a restricted stock award will be set forth in your award agreement.

What happens to restricted stock unit awards if my service with PG&E Corporation terminates before the scheduled vesting date?
    Your award agreement describes what happens to the restricted stock unit if your service terminates before the scheduled vesting date.  In general, upon termination of service with the PG&E Corporation (or any of its subsidiaries), you will forfeit all unvested restricted stock units. 
Will I receive dividends on restricted stock units?
The Committee may provide in an award agreement that you will be entitled to receive dividend equivalents with respect to the payment of cash dividends, which, unless otherwise provided in an award agreement, will be credited to you in the form of additional whole restricted stock units as of the date of payment of such cash dividends on PG&E Corporation common stock. The number of additional restricted stock units (rounded to the nearest whole number) to be credited shall be determined by dividing the amount of cash dividends paid on such date with respect to the number of shares of common stock represented by the restricted stock units previously granted to you, by the fair market value of a share of common stock on such date. Settlement of dividend equivalents will be made in the same manner as the restricted stock units, which may include cash, shares of common stock of PG&E Corporation or a combination thereof. 
 
How soon will I receive the shares after the restricted stock units have vested?      
PG&E Corporation will generally issue shares of PG&E Corporation common stock in respect of your restricted stock units within 60 days after the restricted stock units vest but no later than March 15 of the year following the year in which any applicable performance period ends or at such other times as set forth in your award agreement. However, the Committee may also settle restricted stock units in cash or a combination of cash and shares of common stock.

PG&E Corporation will delay the issuance of any shares of common stock to the extent it is necessary to comply with Section 409A(a)(2)(B)(i) (relating to payments made to certain “key employees” of certain publicly-traded companies).  In such event, any shares of common stock to which you would otherwise be entitled during the six-month period following the date of your “separation from service” under Section 409A (or shorter period ending on the date of your death following such separation) will instead be issued on the first business day following the expiration of the applicable delay period.  

Do I have the same rights as other shareholders?
You will not have voting rights with respect to the restricted stock units until the date the underlying shares are issued (as evidenced by appropriate entry on the books of PG&E Corporation or its duly authorized transfer agent).  

Performance Awards
What are performance awards?
Performance awards may be in the form of Performance Shares or Performance Units (each as may be described above) and are awards that are eligible to vest based on the achievement of performance measures at the end of a pre-established performance period (“Performance Period”), as set forth in your award agreement. Participants may receive one or more grants of performance awards, and each grant may reference one or more performance measures. 

What are the performance measures and how do they work?
    A description of the applicable performance measures and how they work can be found in your award agreement. 

When will performance awards vest? 
Except as otherwise set forth in your ward agreement, vesting will occur following the Committee’s certification of the extent to which the performance goals applicable to each type of performance measure are achieved.  Certification will occur after the completion of the relevant Performance Period. 
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Termination of Service
What happens to stock options, SARS, restricted stock, restricted stock units, and performance awards if my service is terminated?
In general, and unless otherwise specified in your award agreement, upon your voluntary termination of service with PG&E Corporation (other than retirement, if provided for in your award agreement), your termination of service with or without cause, or your death or disability, you will forfeit (1) any awards that have not yet vested and (2) any associated accrued dividends. Vested options generally must be exercised within 30 days or the remaining term of the stock options, whichever is shorter.

What happens to my stock options, SARS, restricted stock, performance awards, and restricted stock units if I retire?
If applicable, your award agreement will provide for the treatment of awards in the case of retirement.

Change in Control 
What happens to stock options, SARS, restricted stock, restricted stock units, and performance awards if there is a “change in control” of PG&E Corporation?   
In general, and unless otherwise specified in your award agreement, in the event of a “change in control” (as defined in the LTIP), the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (“Acquiror”), may, without your consent, either assume or continue your outstanding award or the Acquiror may provide substantially equivalent awards in substitution for those awards.   
In general, and unless otherwise specified in your award agreement, if the Acquiror does not assume or continue your outstanding award or if the Acquiror does not provide substantially equivalent awards, then your awards will become fully vested, and your options and SARs become exercisable immediately prior to the “change in control.” 
What happens to my award if my service is terminated other than for cause in connection with a “change in control” of PG&E Corporation?  
Your award agreement describes what happens to your award upon termination of your service by PG&E Corporation other than for cause in connection with a “change in control.” 

What would be considered a “change in control” of PG&E Corporation?   
The LTIP defines the term “change in control.”  A change in control of PG&E Corporation occurs when:

•Any person becomes the beneficial owner of securities of PG&E Corporation representing 30% or more of the combined voting power of PG&E Corporation’s then outstanding securities; 

•If during any two consecutive years the directors at the beginning of the two-year period cease to be a majority of the Board of Directors at the end of the period, unless the election, or the nomination for election by the shareholders, of each new director was approved by a vote of at least two-thirds (2/3) of the directors then still in office who were either (a) directors at the beginning of the two-year period or (b) were previously elected or nominated by at least two-thirds of the directors in office at the time of the individual director’s election or nomination; 

•A consolidation or merger of PG&E Corporation is consummated and results in the former PG&E Corporation shareholders owning less than 70% of the voting power in the surviving entity (or parent of the surviving entity);

•Any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of PG&E Corporation is consummated; or

•The shareholders of PG&E Corporation approve a plan of liquidation or dissolution of PG&E Corporation.
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What happens to my award if I am terminated from my position with a subsidiary of PG&E Corporation as a result of the divestiture or change in control of the subsidiary?  
Your award agreement describes what happens to your award upon termination of your position by a subsidiary of PG&E Corporation as a result of a divestiture or “change in control” of the subsidiary.  

Transferability:  Resale Restrictions
May I transfer my stock options, SARS, restricted stock, restricted stock units, and performance awards to someone else?  
Unless otherwise specified in your award agreement in accordance with the terms of the LTIP, you may not transfer your stock options, SARS, restricted stock, performance awards, or restricted stock units during your lifetime other than pursuant to a qualified domestic relations order (QDRO) or similar court order.  After your death, your awards may be transferred in accordance with your will or in accordance with the laws of descent and distribution.  Except for options that may have been transferred as described above, your options may be exercised during your lifetime only by you, your duly appointed legal representative, or the person named in a QDRO.

Are there any restrictions on my ability to sell common stock received when my awards are settled in shares of common stock or when I exercise my stock options?  
You are free to sell your stock at any time, except when you are subject to a trading blackout or while you are in possession of nonpublic material information about PG&E Corporation or any of its subsidiaries.  Confidential, nonpublic information should be considered material if there is substantial likelihood that a reasonable investor would consider the information important.  You are prohibited by securities laws and by PG&E Corporation’s and Pacific Gas and Electric Company’s Insider Trading Policy from trading in securities of PG&E Corporation or Pacific Gas and Electric Company until the information has been disclosed and widely disseminated to the investing public, typically two full trading days following such disclosure.  Also, if as determined by PG&E Corporation, your position exposes you to nonpublic material information, you may be temporarily prohibited from trading shares.  You will be notified if this “blackout” period applies to you.  

What if I am an executive officer of PG&E Corporation?  
If you are an executive officer of PG&E Corporation or Pacific Gas and Electric Company, you will be prohibited from engaging in transactions involving securities of PG&E Corporation or Pacific Gas and Electric Company during quarterly blackout periods and you will be subject to the other conditions of PG&E Corporation’s and Pacific Gas and Electric Company’s Insider Trading Policy (in particular, requiring 10b5-1 plans for your transactions in PG&E shares subject to this prospectus).  Executive officers of PG&E Corporation will be considered “affiliates” of PG&E Corporation (along with their spouses and other relatives sharing the same household). In general, if you are an affiliate of PG&E Corporation, your sales of shares must comply with SEC Rule 144.  In addition, executive officers of PG&E Corporation and Pacific Gas and Electric Company are subject to the reporting and short-swing profit liability provisions of Section 16 of the Securities Exchange Act of 1934 Act with respect to their transactions in PG&E Corporation common stock and Pacific Gas and Electric Company preferred securities, respectively.  Information regarding Rule 144 and Section 16 is available from the Corporate Secretary.

In addition, you will not be able to buy or sell your shares if you are subject to the trading restrictions imposed by the Sarbanes Oxley Act of 2002 in connection with a blackout period under a PG&E Corporation sponsored retirement plan.

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Tax Consequences
    The following is a general description of the United States federal income tax consequences relating to your awards under the Code as currently in effect and is not intended to be a complete description of all the possible tax consequences. Federal tax treatment may change should the Code be amended. The consequences may differ based on your personal situation.  PG&E Corporation cannot assure you of any particular tax result and is not providing you with tax advice.  If you have any questions regarding the tax consequences of receiving a grant of stock options, SARS, restricted stock, restricted stock units, and performance awards you should contact your tax advisor. PG&E Corporation makes no representation that the LTIP will comply with Section 409A and makes no undertaking to prevent Section 409A from applying to the LTIP or any award or to mitigate its effects on any award.

You will be required to pay to PG&E Corporation, or to make arrangements satisfactory to PG&E Corporation for the payment of withholding taxes, including social security and Medicare taxes due under the Federal Insurance Contributions Act (FICA), and the California State Disability Insurance (SDI) tax that become due in connection with your awards. PG&E Corporation’s obligations under the LTIP and your award agreement are subject to payment of, or to the arrangement for payment of, all withholding taxes.  PG&E Corporation will have the right, to the extent permitted by law, to deduct any such withholding taxes from any payment of any kind otherwise due to you.
Are there any tax consequences when I am granted a nonqualified stock option or SARs?   
In general, there are no immediate federal income tax consequences when you are granted nonqualified stock options or SARs.

What are the tax consequences when I exercise my stock options or SARs?  
When you exercise a nonqualified stock option or SAR, you generally will have taxable ordinary income equal to the difference between the current fair market value of the shares of common stock and the exercise price or base price.  The amount of ordinary income will be included in your W-2 form for the year in which you exercised your stock option or SAR.    

Will my exercise of a stock option or SAR be subject to tax withholding?  
Yes.  In connection with the exercise of a nonqualified stock option or SAR, PG&E Corporation will be required to withhold applicable taxes on income you recognize upon the exercise. Please see your award agreement for the methods by which you may satisfy the applicable withholding taxes.

What are the tax consequences if I sell the shares purchased upon exercise of a stock option?  
If you sell the shares you purchased upon exercise of your nonqualified stock options you will be taxed on the excess of the sale price over the market value of the shares on the exercise date (your tax basis).  (The market value of the shares on the date of exercise will be the sum of the option exercise price plus the amount of ordinary income you recognized when the option was exercised.)  Whether or not this amount can be treated as long-term capital gain (or loss) depends on the length of time you held the shares before selling them.  Currently, to receive long-term capital gain treatment you must hold the stock for more than one year.  If you are subject to alternative minimum tax, you should consult your tax advisor. 

If you paid the option exercise price by delivering shares you already owned, then the tax consequences upon sale of the shares are slightly different.  Your tax basis in the surrendered shares and the length of time (the holding period) that you held the surrendered shares will be carried over to an equal number of shares that you acquired upon exercise.  If you purchased more shares than the number of shares you delivered, the holding period for the excess shares will start on the date of exercise and the price of such shares will be equal to the market value of the shares on the date of exercise.

Are there any tax consequences when I am granted an incentive stock option?
In general, there are no immediate federal income tax consequences when you are granted incentive stock options.

What are the tax consequences when I exercise my incentive stock options?  
You will not recognize any taxable income, for regular income tax purposes, at the time an incentive stock option is exercised.  However, the amount by which the fair market value (at the time of exercise) of the purchased shares exceeds the exercise price paid for those shares will constitute an adjustment to your income for purposes of the alternative minimum tax.
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What are the tax consequences if I sell the shares purchased upon exercise of an incentive stock option?
    The federal income tax liability will depend upon whether you make a qualifying or disqualifying disposition of the shares purchased under the incentive stock option.  Subject to certain requirements in the Code, a qualifying disposition will occur if the sale or other disposition of shares takes place more than two years after the date the incentive stock option was granted and more than one year after the date that the stock option was exercised for the particular shares involved in the disposition.  A disqualifying disposition is any sale or other disposition made before both of these requirements are satisfied.
What if I make a qualifying disposition?
    You will recognize a long-term capital gain equal to the excess of (a) the amount realized upon the sale or other disposition over (b) the exercise price paid for the shares. You will recognize a long-term capital loss if the amount realized is lower than the exercise price paid for the shares.

What if I make a disqualifying disposition?
    If you dispose of shares before the minimum holding periods described above have been satisfied, you will recognize ordinary income at the time of the disposition in an amount equal to the fair market value of the shares on the exercise date over the exercise price paid for those shares. Any additional gain recognized on the disqualifying disposition will be taxable at capital gains rates (long-term if the shares have been held for more than one year following the exercise date of the option). If the sale proceeds from a disqualifying disposition are less than the fair market value of the shares on the date of exercise, any ordinary income recognized is limited to the gain (if any) realized on the sale.

What are the tax consequences relating to restricted stock (including any Performance Share awards)? 
    You will not recognize income until the transfer restrictions and forfeiture provisions lapse (i.e., you vest) unless you voluntarily elect to recognize income on the date of grant by filing an election under Section 83(b) of the Code.  If you do not make a Section 83(b) election, then at the time that the transfer restrictions and forfeiture provisions lapse, you will recognize as ordinary income an amount equal to the excess of the fair market value of the shares on the date of lapse over the purchase price (if any) paid for such shares.

What is a Section 83(b) election? 
    A Section 83(b) election is available only for awards of restricted stock (including performance shares). Section 83(b) allows you to recognize ordinary income on the fair market value of the restricted stock on the date of grant instead of on the date the award vests. Thereafter, any further gain or loss recognized upon the ultimate sale or disposition of the restricted stock is treated as capital gain or loss.  Section 83(b) elections may be made with respect to restricted stock awards, to the extent permitted by the Committee.

How are dividends and dividend equivalents related to my restricted stock awards taxed?
Any dividends received with respect to a restricted stock award will be subject to the same vesting terms as the related restricted stock award. If you do not make a Section 83(b) election, you will not recognize ordinary income with respect to the dividends until the related restricted stock award vests (and therefore the dividends vest).

What are the tax consequences relating to restricted stock units (including Performance Units)?
You will not recognize income until the restricted stock units are settled. Generally, when your restricted stock units are settled after vesting, you will have taxable ordinary income in the amount of the fair market value of the shares received in connection with the settlement of the restricted stock units and you will be required to satisfy applicable withholding taxes.  

In the following situations you may be required to satisfy FICA and California SDI taxes even though the restricted stock units have not yet been settled:  

•If you are retirement-eligible on the date of the award (if your award agreement provides for continued vesting after retirement), 

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•When you become “retirement-eligible,” if your award agreement provides for continued vesting after retirement, 

•If your service is terminated other than for cause (as described in your award agreement), or 

•Any other situations under which your restricted stock units vest before they are settled.

How can I satisfy the amount of California SDI and FICA taxes that may be due before my restricted stock units are settled?
Under these circumstances FICA and California SDI taxes must be paid either by check payable to PG&E Corporation or through payroll deductions.  Unless you deliver a check to PG&E Corporation, the amount will be satisfied through payroll deductions. 

How can I satisfy the withholding taxes that arise when my restricted stock units vest?
    You must arrange to pay the withholding taxes that arise when your restricted stock units vest in a manner acceptable to PG&E Corporation. PG&E Corporation may withhold from the shares otherwise issuable to you in settlement of restricted stock units a number of whole shares having a fair market value, as determined by PG&E Corporation, equal to the applicable withholding taxes. The remaining number of whole shares will be issued to you.
What are the tax consequences if I sell shares I acquire upon vesting of restricted stock unit awards or settlement of my restricted stock units?    
    If you recognize gain when you sell shares your gain will be taxable at long-term or short-term capital gain rates.  If you recognize a loss, it will be a capital loss.  The amount of your gain or loss will be the difference between the amount you receive on the sale of the shares and the value used to calculate the applicable withholding taxes when your award was settled. Whether your gain or loss is long-term or short-term will depend on whether you have held your shares for more than one year.  The holding period generally begins at the time your performance awards or restricted stock units are settled or stock options are exercised, and shares are issued to you.

What is the impact of Section 409A of the Code on my awards?
    If an award is treated as “nonqualified deferred compensation” and the award does not comply with or is not exempt from Section 409A, Section 409A may impose additional taxes, interest and penalties on you. All grants made under the LTIP are designed and intended to either be exempt from or comply with Section 409A to avoid such additional taxes, interest and penalties. Neither the Committee nor PG&E Corporation is obligated to ensure that awards comply with Section 409A or to take any actions to ensure such compliance.

Additional Information about PG&E Corporation
PG&E Corporation has filed a registration statement relating to the offer and sale of its shares of common stock under the LTIP with the Securities and Exchange Commission (SEC).  The following documents filed by PG&E Corporation with the SEC are incorporated by reference into the registration statement and into this prospectus:

•The annual report on Form 10-K of PG&E Corporation; 

•Quarterly reports on Form 10-Q and Current Reports on Form 8-K;

•All other documents filed with the SEC pursuant to Section 13(a), 13(c), 14 and 15(a) of the Securities Exchange Act of 1934, as amended; and

•The description of PG&E Corporation common stock filed with the SEC, including any amendment or report filed for the purpose of updating such description.  

All documents filed with the SEC by PG&E Corporation after the date the registration statement was filed and before the filing of a post-effective amendment to the registration statement that indicates all securities offered under the LTIP have been sold or deregisters all securities then remaining unsold, will also be incorporated by reference in this summary and deemed to be a part of this summary as of the date such documents are filed with the SEC. 

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Copies of the documents listed above (other than exhibits to such documents), and copies of PG&E Corporation’s latest annual report to shareholders, proxy statement, reports, and other communications sent to shareholders, will be sent to you without charge upon your request.  Requests may be directed to: 

Office of the Corporate Secretary
PG&E Corporation
77 Beale Street    P.O. Box 770000
San Francisco, California  94177
(Telephone: 415-973-8200)
These reports are also available through PG&E Corporation’s website at www.pgecorp.com, through the SEC’s website at www.sec.gov, and through various financial websites.

PG&E Corporation’s filings with the SEC, including its Annual Report on Form 10-K are available on PG&E Corporation’s website at www.pgecorp.com under the “Investors” link. (Click on “Financial Reports” and then click on “SEC Filings.”) 

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EXHIBIT 10.99

PG&E CORPORATION
2012 OFFICER SEVERANCE POLICY
(Amended effective as of November 1, 2021)
1.Purpose.  This is the controlling and definitive statement of the Officer Severance Policy of PG&E Corporation (“Policy”).  Since Officers (defined below) are employed at the will of PG&E Corporation (“Corporation”) or a participating employer (“Employer”), their employment may be terminated at any time, with or without cause.  A list of Employers is attached hereto as Appendix A.  The Policy became effective March 1, 2012, and provides employees with the positions of Vice President, Senior Vice President, Executive Vice President or higher at the time of termination (“Officers”) of the Corporation and Employers with severance benefits if their employment is terminated.1  The Policy’s definition of Change in Control was amended effective May 12, 2014.2  The Policy’s treatment of STIP payouts and limitations on certain severance payments were added effective September 25, 2020.  The value of and eligibility for severance benefits was amended effective November 1, 2021.  For the avoidance of doubt, revisions made to this Policy relating to Code Section 409A (defined below), apply to all Officers including those that may be covered under prior provisions of the Policy as required by Section 6 hereof.
The purpose of the Policy is to attract and retain Officers by defining terms and conditions for severance benefits, to provide severance benefits that are part of a competitive total compensation package, to provide consistent treatment for all terminated officers, and to minimize potential litigation costs associated with Officer termination of employment.  
2.Termination of Employment Not in Connection with Change in Control .
(a)Corporation or Employer’s Obligations.  If the Corporation or an Employer exercises its right to terminate an Officer’s employment without cause and such termination does not entitle Officer to payments under Section 3, the Officer shall be given thirty (30) days’ advance written notice or pay in lieu thereof (which shall be paid in a lump sum together with the payment described in Section 2(a)(1) below).  Except as provided in Section 2(c) below, in consideration of the Officer’s agreement to the obligations described in Section 4 below and to the arbitration provisions described in Section 13 below, the following payments and benefits shall also be provided to Officer following Officer’s separation from service (within the meaning of Code Section 409A):3
(1)A lump sum severance payment equal to the sum of the Officer’s annual base compensation and the Officer’s Short-Term Incentive Plan (“STIP”) target award at the time of his or her termination) (the “Severance Base Amount”); provided, however, that for purposes of this section 2(a)(1), any lump sum severance payment for the Corporation’s Chief 

1.    Severance benefits for Officers who are currently covered by an employment agreement will continue to be provided solely under such agreements until their expiration at which time this Policy will become effective for such Officers.  Specific elements of any officer’s severance benefits may be amended by appropriate Board-level approval. Any Officer’s waiver of benefits under this Policy shall take precedence over the terms of this Policy.  If an employee becomes a covered Officer under this Policy as a result of a promotion, and if such Officer was then covered by a severance arrangement subject to Section 409A of the Internal Revenue Code of 1986 (“Code Section 409A”), the severance benefits under this Policy provided to such person shall comply with the time and form of payment provisions of such prior severance arrangement, to the extent required by Code Section 409A. 
    .  

2    Any payments made hereunder shall be less applicable taxes.  

Executive Officer shall be equal to the product of (1) two and (2) such officer’s Severance Base Amount.  Annual base compensation shall mean the Officer’s monthly base pay for the month in which the Officer is given notice of termination, multiplied by 12.  The payment described in this Section 2(a)(1) shall be made in a single lump sum as soon as practicable following the date the release of claims described in Section 2(e)(1) becomes effective, provided that payment shall in no event be made later than the 15th day of the third month following the later of the end of the calendar year or the Corporation’s taxable year in which the Officer’s separation from service occurs;
(2)Except as otherwise set forth in the applicable award agreement or as otherwise required by applicable law, the equity-based incentive awards granted to Officer under the Corporation’s Long-Term Incentive Program (“LTIP”) which have not yet vested as of the date of termination will continue to vest over a period of twelve months  after the date of termination as if the Officer had remained employed for such period.  Except as otherwise set forth in the applicable award agreement, for vested stock options as of the date of termination, the Officer shall have the right to exercise such stock options at any time within their respective terms or within five years after termination, whichever is shorter.  Except as otherwise set forth in the applicable award agreement, for stock options that vest during a period of twelve months, the Officer shall have the right to exercise such options at any time within one year after termination, subject to the term of the options.  Except as otherwise set forth in the applicable award agreement, any unvested equity-based incentive awards remaining at the end of such period shall be forfeited;
(3)  A prorated annual incentive payment equal to the annual incentive payment, if any, that the Officer would have earned for the entire calendar year in which the termination occurs pursuant to the Officer’s then-current STIP; based on Eligible Earnings paid between January 1 of such calendar year and the Officer’s date of termination (a “Pro-Rata Incentive”). Subject to Section 14, an Officer’s Pro-Rata Incentive shall be paid by the Officer’s former employer on the date that annual incentive payments are paid to the Employers’ active employees. Notwithstanding the foregoing, the People and Compensation Committee (or its successor) of the Corporation may, decrease, or eliminate the Pro-Rata Incentive for the Officer in its sole discretion. For purposes of this section, “Eligible Earnings” means the sum of the Officer’s: base pay, including paid time off; lump-sum payments as part of a merit increase; temporary assignment pay, including lump-sum payments; and for an Officer on Paid Family Leave or Short-Term Disability, payments made for approved leaves; 
(4)    A lump sum cash payment equal to the estimated value of 18 months’of COBRA premiums for the Officer, based on the Officer’s benefit levels at the time of termination (with such payment subject to taxation under applicable law);
(5)    To the extent not theretofore paid or provided, the Officer shall be paid or provided with any other amounts or benefits required to be paid or provided or which the Officer is eligible to receive under any plan, contract or agreement of the Corporation or Employer;
(6)    A lump sum cash payment of $19,500, equal to the estimated reasonable value of career transition services for the Officer following separation from service. 
(7)    All acts required of the Employer under the Policy may be performed by the Corporation for itself and the Employer, and the costs of the Policy may be equitably apportioned by the Administrator among the Corporation and the other Employers.  The Corporation shall be responsible for making payments and providing benefits pursuant to this Policy for Officers employed by the Corporation.  Whenever the Employer is permitted or required under the terms of the Policy to do or perform any act, matter or thing, it shall be done and performed by any Officer or employee of the Employer who is thereunto duly authorized by 
2

the board of directors of the Employer.  Each Employer shall be responsible for making payments and providing benefits pursuant to the Policy on behalf of its Officers or for reimbursing the Corporation for the cost of such payments or benefits, as determined by the Corporation in its sole discretion.  In the event the respective Employer fails to make such payment or reimbursement, an Officer’s (or other payee’s) sole recourse shall be against the respective Employer, and not against the Corporation;
(b)Remedies.  An Officer shall be entitled to recover damages for late or nonpayment of amounts to which the Officer is entitled hereunder.  The Officer shall also be entitled to seek specific performance of the obligations and any other applicable equitable or injunctive relief.
(c)Section 2(a) shall not apply in the event that an Officer’s employment is terminated “for cause.”  Except as used in Section 3 of this Policy, “for cause” means that the Corporation, in the case of an Officer employed by the Corporation, or Employer in the case of an Officer employed by an Employer, acting in good faith based upon information then known to it, determines that the Officer has engaged in, committed, or is responsible for (1) serious misconduct, gross negligence, theft, or fraud against the Corporation and/or an Employer; (2) refusal or unwillingness to perform his duties; (3) inappropriate conduct in violation of Corporation’s equal employment opportunity policy; (4) conduct which reflects adversely upon, or making any remarks disparaging of, the Corporation, its Board of Directors, Officers, or employees, or its affiliates or subsidiaries; (5) insubordination; (6) any willful act that is likely to have the effect of injuring the reputation, business, or business relationship of the Corporation or its subsidiaries or affiliates; (7) violation of any fiduciary duty; or (8) breach of any duty of loyalty; or (9) any breach of the restrictive covenants contained in Section 4 below.  Upon termination “for cause,” the Corporation, its Board of Directors, Officers, or employees, or its affiliates or subsidiaries shall have no liability to the Officer other than for accrued salary, vacation benefits, and any vested rights the Officer may have under the benefit and compensation plans in which the Officer participates and under the general terms and conditions of the applicable plan.
(d)The Board of Directors of the Corporation and the Board of Directors of Pacific Gas and Electric Company (the “Utility”) reserve the right to: (a) restrict, limit, cancel, reduce or require forfeiture of payments or benefits pursuant to the provisions of Section 2(a), (i) for any executive officer of the Utility (as defined in California Public Utilities Code § 451.5) or any executive officer of the Corporation (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) in the event of any felony conviction of the Corporation or the Utility related to public health and safety or financial misconduct by the Corporation or the Utility following its July 1, 2020 emergence from Chapter 11 bankruptcy, provided that such executive officer was serving as an executive officer of the Corporation or the Utility, as applicable, at the time of the underlying conduct that led to the conviction (“Company Conviction”), or (ii) for the chief executive officer or chief financial officer of the Corporation or the Utility if that entity is required to prepare a restatement of the financial statement due to the material noncompliance of the Corporation or the Utility, as applicable, with any financial reporting requirement under the federal securities laws, as a result of misconduct, provided that only the payment and benefits under Section 2(a) that the chief executive officer or chief financial officer is eligible to receive during the twelve (12)-month period following the first public issuance or filing with the Securities and Exchange Commission (whichever first occurs) of the financial statement are subject to restriction, limitation, cancellation, reduction or forfeiture and further provided the executive officer was serving as a chief executive officer or chief financial officer of the Corporation or the Utility, as applicable, during the period for which the financial statement is restated; and (b) recoup or require reimbursement or repayment of rights, payments, and benefits under Section 2(a) for any executive officer of the Utility (as defined in California Public Utilities Code § 451.5) or any executive officer of the Corporation (as defined in Rule 3b-7 under 
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the Securities Exchange Act of 1934) in the event such executive officer engaged in misconduct that materially contributed to some of the actions or omissions on which the Company Conviction is based (as determined by the applicable Board in its discretion). The Corporation, the Utility, their affiliates, and their respective directors, officers, and employees shall have no liability to any such executive officer, including the chief executive officer and chief financial officer of the Corporation or the Utility, in the event of restriction, limitation, reduction, recoupment, forfeiture, reimbursement, or cancellation of the provisions of Section 2(a), other than for accrued salary, vacation benefits, and any vested rights such executive officer may have under the benefit and compensation plans in which the executive officer participates and under the general terms and conditions of the applicable plan.
3.Termination of Employment In Connection With a Change in .
(a)If an Executive Officer’s (defined below) employment by the Corporation or any subsidiary or successor of the Corporation shall be subject to an Involuntary Termination within the Covered Period, then the provisions of this Section 3 instead of Section 2 shall govern the obligations of the Corporation as to the payments and benefits it shall provide to the Executive Officer.  In the event that Executive Officer’s employment with the Corporation or an employing subsidiary is terminated under circumstances which would not entitle Executive Officer to payments under this Section 3, Executive Officer shall only receive such benefits to which he is entitled under Section 2, if any.  In no event shall Executive Officer be entitled to receive termination benefits under both this Section 3 and Section 2.
All the terms used in this Section 3 shall have the following meanings:
(1)“Affiliate” shall mean any entity which owns or controls, is owned or is under common ownership or control with, the Corporation.
(2)“Cause” shall mean (i) the willful and continued failure of the Executive Officer to perform substantially the Executive Officer’s duties with the Corporation or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Executive Officer by the Board of Directors or the Chief Executive Officer of the Corporation which specifically identifies the manner in which the Board of Directors or Chief Executive Officer believes that the Executive Officer has not substantially performed the Executive Officer’s duties; or (ii) the willful engaging by the Executive Officer in illegal conduct or gross misconduct which is materially demonstrably injurious to the Corporation.
For purposes of the provision, no act or failure to act, on the part of the Executive Officer, shall be considered “willful” unless it is done, or omitted to be done, by the Executive Officer in bad faith or without reasonable belief that the Executive Officer’s action or omission was in the best interests of the Corporation.  Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board of Directors or upon the instructions of the Chief Executive Officer or a senior officer of the Corporation or based upon the advice of counsel for the Corporation shall be conclusively presumed to be done, or omitted to be done, by the Executive Officer in good faith and in the best interests of the Corporation.  The cessation of employment of the Executive Officer shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive Officer a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board of Directors at a meeting of the Board of Directors called and held for such purpose (after reasonable notice is provided to the Executive Officer and the Executive Officer is given an opportunity, together with counsel, to be heard before the Board of Directors), finding that, in the good faith opinion of the Board of Directors, the Executive Officer is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail.
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(3)“Change in Control” shall mean the occurrence of any of the following:
a.any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (“Exchange Act”), but excluding any benefit plan for employees or any trustee, agent or other fiduciary for any such plan acting in such person’s capacity as such fiduciary), directly or indirectly, becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act) of securities of the Corporation representing thirty percent (30%) or more of the combined voting power of the Corporation’s then outstanding voting securities; or
b.during any two consecutive years, individuals who at the beginning of such a period constitute the Board of Directors of the Corporation (“Board”) cease for any reason to constitute at least a majority of the Board, unless the election, or the nomination for election by the shareholders of the Corporation, of each new member of the Board (“Director”) was approved by a vote of at least two-thirds (2/3) of the Directors then still in office (1) who were Directors at the beginning of the period or (2) whose election or nomination was previously so approved; or
c.the consummation of any consolidation or merger of the Corporation other than a merger or consolidation which would result in the holders of the voting securities of the Corporation outstanding immediately prior thereto continuing to directly or indirectly hold at least seventy percent (70%) of the Combined Voting Power of the Corporation, the surviving entity in the merger or consolidation or the parent of such surviving entity outstanding immediately after the merger or consolidation; or 
d.(1) the consummation of any sale, lease, exchange or other transfer (in one or a series of related transactions) of all or substantially all of the assets of the Corporation or (2) the approval of the shareholders of the Corporation of a plan of  liquidation or dissolution of the Corporation.
(4)“Change in Control Date” shall mean the date on which a Change in Control occurs.
(5)“Combined Voting Power” shall mean the combined voting power of the Corporation’s or other relevant entity’s then outstanding voting securities.
(6)“Covered Period” shall mean the period commencing three months prior to the Change in Control Date and terminating two (2) years following said Change in Control Date.4  
(7)“Disability” shall mean the absence of the Executive Officer from the Executive Officer’s duties with the Corporation or the employing subsidiary on a full-time basis for 180 consecutive business days as a result of incapacity due to physical or mental illness which is determined to be total and permanent by a physician selected by the Corporation or its insurers and acceptable to the Executive Officer or the Executive Officer’s legal representative.
(8)“Executive Officer” shall mean officers of the Corporation or an Employer with titles of Senior Vice President, Executive Vice President, or higher at time of Involuntary Termination.

4     For a period of three years following notification of this definition of “Covered Period,” Executive Officers who were eligible for benefits under Section 3 as of November 1, 2021, will continue to be subject to the defintion of “Covered Period” as set forth in the Policy as effective September 24, 2020.
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(9)“Good Reason” shall mean any one or more of the following which takes place within the Covered Period:
            a.    A material diminution in the Executive Officer’s base compensation;

            b.    A material diminution in the Executive Officer’s authority, duties, or responsibilities;

            c.    A material diminution in the authority, duties, or responsibilities of the supervisor to whom the Executive Officer is required to report, including a requirement that the Executive Officer report to a corporate officer or employee instead of reporting directly to the Board of Directors of the Corporation (in the case of an Executive Officer reporting to such Board of Directors);

            d.    A material diminution in the budget over which the Executive Officer retains authority;

            e.    A material change in the geographic location at which the Executive Officer must perform the services; or

            f.    Any other action or inaction that constitutes a material breach by the Corporation of this Policy;

provided, however, that the Executive Officer must provide notice to the Corporation of the existence of the applicable condition described in this Section 3(a)(9) within 90 days of the initial existence of the condition, upon the notice of which the Corporation shall have 30 days during which it may remedy the condition and, if remedied, Good Reason shall not exist.

(10) “Involuntary Termination” shall mean a termination (i) by the Corporation without Cause, or (ii) by Executive Officer following Good Reason; provided, however, the term "Involuntary Termination" shall not include termination of Executive Officer’s employment due to Executive Officer’s death, Disability, or voluntary retirement.
(11)“Reference Salary” shall mean the greater of (i) the annual rate of Executive Officer’s base salary from the Corporation or the employing subsidiary in effect immediately before the date of Executive Officer’s Involuntary Termination, or (ii) the annual rate of Executive Officer’s base salary from the Corporation or the employing subsidiary in effect immediately before the Change in Control Date.
(12)“Termination Date” shall be the date specified in the written notice of termination of Executive Officer’s employment given by either party in accordance with Section 3(b) of this Policy.
(b)Notice of Termination.  During the Covered Period, in the event that the Corporation (including an employing subsidiary) or Executive Officer terminates Executive Officer’s employment with the Corporation or Employer, the party terminating employment shall give written notice of termination to the other party, specifying the Termination Date and the specific termination provision in this Section 3 that is relied upon, if any, and setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive Officer’s employment under the provision so indicated.  The Termination Date shall be determined as follows:  (i) if Executive Officer’s employment is terminated for Disability, thirty (30) days after a Notice of Termination is given (provided that Executive Officer shall not have returned to the full-time performance of Executive Officer’s duties during such 30-day 
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period); (ii) if Executive Officer’s employment is terminated by the Corporation in an Involuntary Termination, thirty days after the date the Notice of Termination is received by Executive Officer (provided that the Corporation may provide Officer with pay in lieu of notice, which shall be paid in a lump sum together with the payment described in Section 3(c)(1) below); and (iii) if Executive Officer’s employment is terminated by the Corporation for Cause (as defined in this Section 3), the date specified in the Notice of Termination, provided, that the events or circumstances cited by the Board of Directors as constituting Cause are not cured by Executive Officer during any cure period that may be offered by the Board of Directors.  The Date of Termination for a resignation of employment other than for Good Reason shall be the date set forth in the applicable notice, which shall be no earlier than ten (10) days after the date such notice is received by the Corporation, unless waived by the Corporation.

During the Covered Period, a otice of termination given by Executive Officer for Good Reason shall be given within 90 days after occurrence of the event on which Executive Officer bases his notice of termination and shall provide a Termination Date of thirty (30) days after the notice of termination is given to the Corporation (provided that the Corporation may provide Officer with pay in lieu of notice, which shall be paid in a lump sum together with the payment described in Section 3(c)(1) below).
(c)Corporation’s Obligations.  If Executive Officer separates from service due noExecutive Officer the following benefits:
(1)The Corporation shall pay to the Executive Officer a lump sum in cash within thirty (30) days after the later of the Change in Control Date or the Executive Officer’s separation from service:
a.the sum of (1) any earned but unpaid base salary through the Termination Date at the rate in effect at the time of the notice of termination to the extent not theretofore paid; (2) the Executive Officer’s target bonus under the STIP of the Corporation, an Affiliate, or a predecessor, for the fiscal year in which the Termination Date occurs (the “Target Bonus”), pro-rated to reflect service during that year; and (3) any accrued but unpaid vacation pay, in each case to the extent not theretofore paid; 
b.the amount equal to the product of (1) two and (2) the sum of (x) the Reference Salary and (y) the Target Bonus; provided, however, that for the Corporation’s Chief Executive Officer, such amount shall be equal to the product of (1) three and (2) the sum of (x) the Reference Salary and (y) the Target Bonus; 
c.a lump sum cash payment equal to the estimated value of 18 months’of COBRA premiums for the Executive Officer, based on the Executive Officer’s benefit levels at the time of termination (with such payment subject to taxation under applicable law), if any; and
d.    a lump sum cash payment of $19,500, equal to the estimated reasonable value of career transition services for the Officer following separation from service.
(2)Except as otherwise set forth in the applicable award agreement or as otherwise required by applicable law, in the event of involuntary termination in connection with a Change in Control in which equity-based awards granted to the Executive Officer under the LTIP are not assumed or continued, Executive Officer’s then-outstanding awards that are not vested shall immediately vest in full, and all performance conditions associated with performance-based LTIP awards shall be deemed satisfied as if target performance was achieved, and shall be settled in cash, shares or a combination thereof, as determined by the People and Compensation Committee (or its successor), within thirty (30) days following such Change in 
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Control (except to the extent that settlement of the award must be made pursuant to its original schedule in order to comply with Code Section 409A), notwithstanding that the applicable performance period, retention period or other restrictions and conditions have not been completed or satisfied.
(3)Remedies.  The Executive Officer shall be entitled to recover damages for late or nonpayment of amounts which the Corporation is obligated to pay hereunder.  The Executive Officer shall also be entitled to seek specific performance of the Corporation’s obligations and any other applicable equitable or injunctive relief.
(d)Adjustment for Excise Taxes.  
(1)  “Best-Net Provision”
Subject to Section 3(d)(2) below, in the event that the payments and other benefits provided for in this Policy or otherwise payable to Executive Officer (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) would be subject to the excise tax imposed by Section 4999 of the Code, then Executive Officer’s payments and benefits under this Policy or otherwise payable to Executive Officer outside of this Policy shall be either delivered in full (without the Corporation paying any portion of such excise tax), or delivered as to 2.99 times of Executive's base amount (within the meaning of Section 280G of the Code) so as to result in no portion of such payments and benefits being subject to such excise tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and such excise tax, results in the receipt by Executive Officer on an after-tax basis of the greatest amount of payments and benefits, notwithstanding that all or some portion of such payments and benefits may subject to such excise tax. Unless the Corporation and Executive Officer otherwise agree in writing, any determination required under this Section 3(d)(1) shall be made in writing by Deloitte & Touche (the “Accounting Firm”), whose determination shall be conclusive and binding upon Executive Officer and the Corporation for all purposes. For purposes of making the calculations required by this Section 3(d)(1), the Accounting Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Section 280G and 4999 of the Code. The Corporation and Executive Officer shall furnish to the Accounting Firm such information and documents as the Accounting Firm may reasonably request in order to make a determination under this Section 3(d)(1).

Any reduction in payments and/or benefits shall occur in the following order as reasonably determined by the Accounting Firm: (1) reduction of cash payments, (2) reduction of non-cash/non-equity-based payments or benefits, and (3) reduction of vesting acceleration of equity-based awards; provided, however, that any non-taxable payments or benefits shall be reduced last in accordance with the same categorical ordering rule.  In the event items described in (1) or (2) are to be reduced, reduction shall occur in reverse chronological order such that the payment or benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first payment to be reduced (with reductions made pro-rata in the event payments are owed at the same time).  In the event that acceleration of vesting of equity-based awards is to be reduced, such acceleration of vesting shall be cancelled in a manner such as to obtain the best economic benefit for the officer (with reductions made pro-rata if economically equivalent), as determined by the Accounting Firm.
4.Obligations of Officer.
(1)Release of Claims.  There shall be no obligation to commence the payment of the amounts and benefits described in Section 2(a) or Section 3(c) (as applicable) until the latter of (1) the delivery by Officer to the Corporation a fully executed comprehensive general release of 
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any and all known or unknown claims that he or she may have against the Corporation, its Board of Directors, Officers, or employees, or its affiliates or subsidiaries and a covenant not to sue in the form prescribed by the Administrator, and (2) the expiration of any revocation period set forth in the release.  The Corporation shall promptly furnish such release to Officer in connection with the Officer’s separation from service, and such release must be executed by Officer and become effective during the period set forth in the release as a condition to Officer receiving the payments and benefits described in Section 2(a) or Section 3(c) (as applicable). 
(2)Covenant Not to Compete.  (i) During the period of Officer’s employment with the Corporation or its subsidiaries and for a period of twelve (12) months thereafter (the “Restricted Period”), Officer shall not, in any county within the State of California or in any city, county or area outside the State of California within the United States or in the countries of Canada or Mexico, directly or indirectly, whether as partner, employee, consultant, creditor, shareholder, or other similar capacity, promote, participate, or engage in any activity or other business competitive with the Corporation’s business or that of any of its subsidiaries or affiliates, without the prior written consent of the Corporation’s Chief Executive Officer.  Notwithstanding the foregoing, Officer may have an interest in any public company engaged in a competitive business so long as Officer does not own more than 2 percent of any class of securities of such company, Officer is not employed by and does not consult with, or becomes a director of, or otherwise engage in any activities for, such competing company.
(1)The Corporation and its subsidiaries presently conduct their businesses within each county in the State of California and in areas outside California that are located within the United States, and it is anticipated that the Corporation and its subsidiaries will also be conducting business within the countries of Canada and Mexico.  Such covenants are necessary and reasonable in order to protect the Corporation and its subsidiaries in the conduct of their businesses.  To the extent that the foregoing covenant or any provision of this Section4(b)(1) shall be deemed illegal or unenforceable by a court or other tribunal of competent jurisdiction with respect to (i) any geographic area, (ii) any part of the time period covered by such covenant, (iii) any activity or capacity covered by such covenant, or (iv) any other term or provision of such covenant, such determination shall not affect such covenant with respect to any other geographic area, time period, activity or other term or provision covered by or included in such covenant.
(3)Soliciting Customers and Employees.  During the Restricted Period, Officer shall not, directly or indirectly, solicit or contact any customer or any prospective customer of the Corporation or its subsidiaries or affiliates for any commercial pursuit that could be reasonably construed to be in competition with the Corporation, or induce, or attempt to induce, any employees, agents or consultants of or to the Corporation or any of its subsidiaries or affiliates to do anything from which Officer is restricted by reason of this covenant nor shall Officer, directly or indirectly, offer or aid to others to offer employment to, or interfere or attempt to interfere with any employment, consulting or agency relationship with, any employees, agents or consultants of the Corporation, its subsidiaries and affiliates, who received compensation of $75,000 or more during the preceding six (6) months, to work for any business competitive with any business of the Corporation, its subsidiaries or affiliates.
(4)Confidentiality.  Officer shall not at any time (including after termination of employment) divulge to others, use to the detriment of the Corporation or its subsidiaries or affiliates, or use in any business competitive with any business of the Corporation or its subsidiaries or affiliates any trade secret, confidential or privileged information obtained during his employment with the Corporation or its subsidiaries or affiliates, without first obtaining the written consent of the Corporation’s Chief Executive Officer.  This paragraph covers but is not limited to discoveries, inventions (except as otherwise provided by California law), improvements, and writings, belonging to or relating to the affairs of the Corporation or of any of 
9

its subsidiaries or affiliates, or any marketing systems, customer lists or other marketing data.  Officer shall, upon termination of employment for any reason, deliver to the Corporation all data, records and communications, and all drawings, models, prototypes or similar visual or conceptual presentations of any type, and all copies or duplicates thereof, relating to all matters contemplated by this paragraph.
(5)Assistance in Legal Proceedings.  During the Restricted Period, Officer shall, upon reasonable notice from the Corporation, furnish information and proper assistance (including testimony and document production) to the Corporation as may be reasonably required by the Corporation in connection with any legal, administrative or regulatory proceeding in which it or any of its subsidiaries or affiliates is, or may become, a party, or in connection with any filing or similar obligation of the Corporation imposed by any taxing, administrative or regulatory authority having jurisdiction, provided, however, that the Corporation shall pay all reasonable expenses incurred by Officer in complying with this paragraph within 60 days after Officer incurs such expenses.
(6)Remedies.  Upon Officer’s failure to comply with the provisions of this Section 4, the Corporation shall have the right to immediately terminate any unpaid amounts or benefits described in Section 2(a) or Section 3 (as applicable) to Officer.  In the event of such termination, the Corporation shall have no further obligations under this Policy and shall be entitled to recover damages.  In the event of an Officer’s breach or threatened breach of any of the covenants set forth in this Section 4, the Corporation shall also be entitled to specific performance by Officer of any such covenant and any other applicable equitable or injunctive relief.

5.Administration.  The Policy shall be administered by the Senior Human Resources Officer of the Corporation (“Administrator”), who shall have the authority to interpret the Policy and make and revise such rules as may be reasonably necessary to administer the Policy.  The Administrator shall have the duty and responsibility of maintaining records, making the requisite calculations, securing Officer releases, and disbursing payments hereunder.  The Administrator’s interpretations, determinations, rules, and calculations shall be final and binding on all persons and parties concerned.
6.    No Mitigation.  Payment of the amounts and benefits under Section2(a) and Section 3 (except as otherwise provided in Section 2(a)(6)) shall not be subject to offset, counterclaim, recoupment, defense or other claim, right or action which the Corporation or an Employer may have and shall not be subject to a requirement that Officer mitigate or attempt to mitigate damages resulting from Officer’s termination of employment.
7.    Amendment and Termination.  The Corporation, acting through its People and Compensation Committee (or its successor), reserves the right to amend or terminate the Policy at any time; provided, however, that any amendment which would reduce the aggregate level of benefits, or terminate the Policy, shall not become effective prior to the completion of the notice period.  Such notice period shall be the first anniversary of the Corporation giving notice to Officers of such amendment or termination.5  
8.    Successors.  The Corporation will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation expressly to assume and to agree to perform its obligations under this Policy 

5       To the extent that Officers are eligible for benefits until this Policy as of November 1, 2021, the Notice Period shall be three years from the receipt of notice that the Notice Period has been reduced to one year.
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in the same manner and to the same extent that the Corporation would be required to perform such obligations if no such succession had taken place; provided, however, that no such assumption shall relieve the Corporation of its obligations hereunder.  As used herein, the “Corporation” shall mean the Corporation as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform its obligations by operation or law or otherwise. 
This Policy shall inure to the benefit of and be binding upon the Officer (and Officer’s personal representatives and heirs), Corporation and its successors and assigns, and any such successor or assignee shall be deemed substituted for the Corporation under the terms of this Policy for all purposes.  As used herein, “successor” and “assignee” shall include any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires the stock of the Corporation or to which the Corporation assigns this Policy by operation of law or otherwise.  If Officer should die while any amount would still be payable to Officer hereunder if Officer had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with this Policy to Officer’s devisee, legatee or other designee, or if there is no such designee, to Officer’s estate. 
9.    Nonassignability of Benefits.  The payments under this Policy or the right to receive future payments under this Policy may not be anticipated, alienated, pledged, encumbered, or subject to any charge or legal process, and if any attempt is made to do so, or a person eligible for payments becomes bankrupt, the payments under the Policy of the person affected may be terminated by the Administrator who, in his or her sole discretion, may cause the same to be held if applied for the benefit of one or more of the dependents of such person or make any other disposition of such benefits that he or she deems appropriate.
10.    Nonguarantee of Employment.  Officers covered by the Policy are at-will employees, and nothing contained in this Policy shall be construed as a contract of employment between the Officer and the Corporation (or, where applicable, a subsidiary or affiliate of the Corporation), or as a right of the Officer to continued employment, or to remain as an Officer, or as a limitation on the right of the Corporation (or a subsidiary or affiliate of the Corporation) to discharge Officer at any time, with or without cause.
11.    Benefits Unfunded and Unsecured.  The payments under this Policy are unfunded, and the interest under this Policy of any Officer and such Officer’s right to receive payments under this Policy shall be an unsecured claim against the general assets of the Corporation.
12.    Applicable Law.  All questions pertaining to the construction, validity, and effect of the Policy shall be determined in accordance with the laws of the United States and, to the extent not preempted by such laws, by the laws of the state of California.
13.    Arbitration.  With the exception of any request for specific performance, injunctive or other equitable relief, any dispute or controversy of any kind arising out of or related to this Policy, Officer’s employment with the Corporation (or with the employing subsidiary), the termination thereof or any claims for benefits shall be resolved exclusively by final and binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect.  Provided, however, that in making their determination, the arbitrators shall be limited to accepting the position of the Officer or the position of the Corporation, as the case may be.  The only claims not covered by this Section 132 are claims for benefits under workers’ compensation or unemployment insurance laws; such claims will be resolved under those laws.  The place of arbitration shall be San Francisco, California.  Parties may be represented by legal counsel at the arbitration but must bear their own fees for such representation.  The prevailing party in any dispute or controversy covered by this Section 13, or with respect to any request for specific performance, injunctive or other equitable relief, shall be 
11

entitled to recover, in addition to any other available remedies specified in this Policy, all litigation expenses and costs, including any arbitrator or administrative or filing fees and reasonable attorneys’ fees.  Such expenses, costs and fees, if payable to Officer, shall be paid  within 60 days after they are incurred.  Both the Officer and the Corporation specifically waive any right to a jury trial on any dispute or controversy covered by this Section 13.  Judgment may be entered on the arbitrators’ award in any court of competent jurisdiction.
15.    Reimbursements and In-Kind Benefits.  Notwithstanding any other provision of this Policy, all reimbursements and in-kind benefits provided under this Policy shall be made or provided in accordance with the requirements of Code Section 409A, including, where applicable, the requirement that (i) the amount of expenses eligible for reimbursement and the provision of benefits in kind during a calendar year shall not affect the expenses eligible for reimbursement or the provision of in-kind benefits in any other calendar year; (ii) the reimbursement for an eligible expense will be made on or before the last day of the calendar year following the calendar year in which the expense is incurred (or by such earlier time set forth in this Policy); (iii) the right to reimbursement or right to in-kind benefit is not subject to liquidation or exchange for another benefit; and (iv) each reimbursement payment or provision of in-kind benefit shall be one of a series of separate payments (and each shall be construed as a separate identified payment) for purposes of Code Section 409A. 
15.    Separate Payments.  Each payment and benefit under this Policy shall be a “separate payment” for purposes of Code Section 409A.

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APPENDIX A
PARTICIPATING EMPLOYERS

PG&E Corporation
Pacific Gas and Electric Company
PG&E Corporation Support Services, Inc.
PG&E Corporation Support Services II, Inc.

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