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EXHIBIT 10.37

PG&E CORPORATION
2014 LONG-TERM INCENTIVE PLAN
PERFORMANCE SHARE AWARD
PG&E CORPORATION, a California corporation, hereby grants Performance Shares to the Recipient named below  (sometimes  referred  to  as “you”).  The  Performance Shares have been granted under the  PG&E  Corporation  2014  Long-Term  Incentive  Plan,  as  amended (the “LTIP”). The  terms  and  conditions  of  the  Performance  Shares  are  set  forth  in  this  cover sheet and the attached Performance Share Agreement (the “Agreement”).
Date of Grant:    March 2, 2020

Name of Recipient:     David Thomason     Recipient’s Participant ID:         <Emp  Id>     Number of Performance Shares:             32,787    

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 Performance, dated August 2020.

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 
2014 LONG-TERM INCENTIVE PLAN
PERFORMANCE SHARE AGREEMENT - FINANCIAL

						
	The LTIP and Other Agreements	This Agreement and the above cover sheet constitute the entire understanding between you and PG&E Corporation regarding the Performance Shares, 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  Any prior agreements, commitments or negotiations are superseded.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.  The LTIP provides the Committee with discretion to adjust the performance award formula.
For purposes of this Agreement, employment with PG&E Corporation means employment with any member of the Participating Company Group.

	Grant of 
Performance Shares
	PG&E Corporation grants you the number of Performance Shares shown on the cover sheet of this Agreement (the “Performance Shares”).  The Performance Shares are subject to the terms and conditions of this Agreement and the LTIP.
	Vesting of Performance Shares 

Settlement in Shares/
Performance Goals
	As long as you remain employed with PG&E Corporation, the Performance Shares will vest upon, and to the extent of, the Committee’s certification of the extent to which performance goals have been attained for this award, which certification will occur on or after January 1 but before March 15 of the third year following the calendar year of grant specified in the cover sheet (the “Vesting Date”), in all cases subject to any requirements that awards be held for at least three years following the Date of Grant.  Except as described below, all Performance Shares that have not vested will be cancelled upon termination of your employment.
Vested Performance Shares will be settled in shares of PG&E Corporation common stock, subject to the satisfaction of Withholding Taxes, as described below.  The number of shares you are entitled to receive will be calculated by multiplying the number of vested Performance Shares by the “payout percentage” determined as follows during the three-year performance period from January 1, 2020 through December 31, 2022 (Performance Period) (except as set forth elsewhere in this Agreement), rounded to the nearest whole number. 

						
		The Performance Shares have both Customer Experience and Public Safety measures (as described in Exhibit A), in the following weights:
1.Customer Satisfaction Score – 25%
2.PSPS Notification Accuracy – 25%
3.System Hardening – 25%
4.Substation Enablement – 25%

Subject to rounding considerations, for each measure, if performance is below threshold, the payout percentage will be 0%; if performance is at threshold, the payout percentage will be 50%; if performance is at target, the payout percentage will be 100%; and if performance is at or better than maximum, the payout percentage will be 200%.  The actual payout percentage for performance between threshold and maximum will be determined based on linear interpolation between the payout percentages for threshold and target, or target and maximum, as appropriate.
Notwithstanding the foregoing, if the score for the Financial Stability modifier set forth on Exhibit A is below or at threshold level, then the payout percentage will be multiplied by 75%; if the score for the financial stability modifier is at target, the payout percentage will be multiplied by 100%; and if the score for the finnanical stability modifier is at maximum, the payout percentage will be multiplied by 125%.   The actual modifier for performance between threshold and maximum will be determined based on linear interpolation between the multiplier percentages for threshold and target, or target and maximum, as appropriate.
The final score will be determined in the discretion of the PG&E Corporation Board of Directors or its delegate, including any decision to reduce or forego payment entirely.  As part of exercising such discretion, the Board or its delegate (including, as appropriate, the Committee or the Pacific Gas and Electric Company Board) will take into consideration public, employee and contractor safety performance.
The final payout percentage, if any, will be determined as soon as practicable following the date that the Committee or an equivalent body certifies the extent to which the performance goal has been attained.  PG&E Corporation will issue shares as soon as practicable after such determination, but no earlier than the Vesting Date, and not later than March 15 of the calendar year following completion of the Performance Period.

						
	Dividends	Each time that PG&E Corporation declares a dividend on its shares of common stock, an amount equal to the dividend multiplied by the number of Performance Shares granted to you by this Agreement will be accrued on your behalf.  If you receive a Performance Share settlement in accordance with the preceding paragraph, at that same time you also will receive a cash payment equal to the amount of any dividends accrued with respect to your Performance Shares multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.
	Voluntary Termination	If you terminate your employment with PG&E Corporation voluntarily before the Vesting Date (other than for Retirement), all of the Performance Shares will be cancelled as of the date of such termination and any dividends accrued with respect to your Performance Shares will be forfeited.
	Termination for Cause	If your employment with PG&E Corporation is terminated at any time by PG&E Corporation for cause before the Vesting Date, all of the Performance Shares will be cancelled as of the date of such termination and any dividends accrued with respect to your Performance Shares will be forfeited.  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 before the Vesting Date, a portion of your outstanding Performance Shares will vest proportionally based on the number of months during the Performance Period that you were employed (rounded down) divided by the number of months in the Performance Period (36 months).  All other outstanding Performance Shares will be cancelled, and any associated accrued dividends will be forfeited, unless your termination of employment was in connection with a Change in Control as provided below. Your vested Performance Shares will be settled, if at all, as soon as practicable after the Vesting Date and no later than March 15 of the year following completion of the Performance Period, based on the same payout percentage applied to active employees.  At that time you also will receive a cash payment, if any, equal to the amount of dividends accrued over the Performance Period with respect to your vested Performance Shares multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.

	Retirement

    
	If you retire before the Vesting Date, a portion of your outstanding Performance Shares will vest proportionally based on the number of months during the Performance Period that you were employed (rounded down) divided by the number of months in the Performance Period (36 months).  All other outstanding Performance Shares will be cancelled, and any associated accrued dividends will be forfeited. Your vested Performance Shares will be settled, if at all, as soon as practicable after the Vesting Date and no later than March 15 of the year following completion of the Performance Period, based on the same payout percentage applied to active employees.  At that time you also will receive a cash payment, if any, equal to the amount of dividends accrued over the Performance Period with respect to your vested Performance Shares multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.  Your termination of employment will be considered a Retirement if you are age 55 or older on the date of termination and if you were employed by PG&E Corporation for at least eight consecutive years ending on the date of termination of your employment.

	Death/Disability	If your employment terminates due to your death or disability before the Vesting Date, all of your Performance Shares will immediately vest as to the service requirement and will be settled, if at all, as soon as practicable after the Vesting Date and no later than March 15 of the year following completion of the Performance Period, based on the same payout percentage applied to active employees.  At that time you also will receive a cash payment, if any, equal to the amount of dividends accrued over the Performance Period with respect to your Performance Shares multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.

						
	Termination Due to Disposition of Subsidiary	If your employment is terminated (other than for cause, your voluntary termination, or 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 Section 424(f) of the Internal Revenue Code of 1986, as amended, or (2) coincident with the sale of all or substantially all of the assets of a subsidiary of PG&E Corporation, then your outstanding Performance Shares 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 Performance Shares subject to this Agreement.  
If the Acquiror assumes or continues PG&E Corporation’s rights and obligations under this Agreement or substitutes a substantially equivalent award, Performance Shares will vest on the Vesting Date, and performance will be deemed to have been achieved at target, resulting in a payout percentage of 100%. Settlement will occur as soon as practicable after the Vesting Date and no later than March 15 of the year following completion of the Performance Period. At that time you also will receive a cash payment, if any, equal to the amount of dividends accrued with respect to your Performance Shares over the Performance Period multiplied by a payout percentage of 100%. 
If the Change in Control of PG&E Corporation occurs before the Vesting Date, and if this award is neither so assumed nor so continued by the Acquiror, and the Acquiror does not provide a substantially equivalent award in substitution for the Performance Shares subject to this Agreement, all of your outstanding Performance Shares will vest and become nonforfeitable on the date of the Change in Control.  Such vested Performance Shares will be settled, if at all, as soon as practicable following the original Vesting Date and no later than March 15 of the year following completion of the Performance Period.  Performance will be deemed to have been achieved at target and the payout percentage will be 100%. At that time you also will receive a cash payment, if any, equal to the amount of dividends accrued with respect to your Performance Shares to the date of the Change in Control multiplied by a payout percentage of 100%.  

						
	Termination In Connection with a Change in Control	If your employment is terminated by PG&E Corporation other than for cause in connection with a Change in Control within two years following the Change in Control, all of your outstanding Performance Shares (to the extent they did not previously vest upon failure of the Acquiror to assume or continue this award) will vest and become nonforfeitable on the date of termination of your employment. 
If your employment is terminated by PG&E Corporation other than for cause in connection with a Change in Control within three months before the Change in Control occurs, all of your outstanding Performance Shares will vest in full and become nonforfeitable (including the portion that you would have otherwise forfeited based on the proration of vested Performance Shares through the date of termination of your employment) as of the date of the Change in Control. 
Your vested Performance Shares will be settled, if at all, as soon as practicable following the original Vesting Date but no later than March 15 of the year following completion of the Performance Period, based on the same payout percentage applied to active employees (which in this case will be deemed to be at target, consistent with the “Change in Control” section, above).  At that time you also will receive a cash payment, if any, equal to the amount of dividends accrued over the Performance Period with respect to your vested Performance Shares multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.  PG&E Corporation has the sole discretion to determine whether termination of your employment was made in connection with a Change in Control.

						
	Withholding Taxes	The number of shares of PG&E Corporation common stock that you are otherwise entitled to receive upon settlement of your Performance Shares 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 Performance Shares 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.” 
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.

						
	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 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 intranet 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.

Exhibit  A

CUSTOMER EXPERIENCE
Customer Satisfaction Score – 25%
•Measured by a quarterly survey  conducted  by a third  party retained  by PG&E.  The  score is based on customer responses to a single overall question: “How would you rate the products and/or services offered by PG&E?”

Final metric score will be based on the average of the quarterly scores in  2022 (the last year in the Performance Period).

•Targets for threshold, target and maximum payouts are as follows:

◦Threshold, 0.5: CSS score of 71.7
◦Target, 1.0: CSS score of 72.3
◦Maximum, 2.0: CSS score of 74.4

PSPS Notification Accuracy – 25%
•Measured as the percentage of PSPS-affected customers who  receive  notifications  at least 12 hours in advance of a PSPS outage.

Final metric score based on the average of the percentages across all  PSPS events during the three year Performance Period.

•Threshold, target and maximum scores for PSPS impacted customers receiving notifications at least 12 hours ahead of the event are as follows:

o 0.5: 98.0%
o 1.0: 99.0%
o 2.0: 99.9%

PUBLIC SAFETY
System Hardening – 25%
•Completion of (i) rebuild of overhead circuitry to current hardening design standards; (ii) targeted undergrounding; or (iii) elimination of overhead circuitry, measures in  miles  of circuit.

Circuit  miles  are recorded as complete when individual  spans/sections  for  each project are constructed, inspected for quality control and quality assurance against the hardening design standard, and passed as “fire safe.”

Final metric score is total circuit miles completed during the three-year Performance Period.

•Targets for threshold, target and maximum payouts are as follows:

◦0.5:      919 miles

o 1.0:      1,021 miles

o 2.0:      1, 225 miles

Substation Enablement – 25%
•Measured as the number of substations out of a possible 64 substations that are “energizable” during a Transmission-Level PSPS event. “Energizable” includes microgrid temporary or permanent generation solutions or other yet-to-be-identified solutions that allow a substation to be energized during a Transmission-Level PSPS event.

Final metric score is the count of “energizable” substations at the end of the three-year Performance Period.

•Targets for threshold, target and maximum payouts are as follows:

o 0.5:      30
o 1.0:      40
o 2.0:      50

FINANCIAL STABILITY MODIFIER
Total Shareholder Return (TSR)

Performance share payouts are targeted at the 50th percentile of TSR performance of the 2020 Performance Comparator Group.

•      Seventy-five (75) percent modifier for TSR  performance below the threshold 25th percentile of the Performance  Comparator  Group.  One  hundred  (100)  percent  modifier  for TSR performance at the target 50th percentile. One  hundred  fifty  (125)  percent  modifier  for TSR performance at the maximum 80th percentile.

•      If TSR performance is between the 25th  percentile  and  the  target,  or  between  the  target and the 80th percentile, the settlement percentage for  award   payouts  is  determined  by straight-line interpolation between (1) the Performance Percentile associated  with  each Comparator Rank and (2) the Rounded Modifier associated with each Performance Percentile (including the 25th, 50th, and 80th percentiles), as shown in the “2020 Performance  Modifier Scale” set forth below, adjusted to the nearest whole number.

2020 Performance  Comparator  Group                                  
			
	Alliant Energy
	Ameren Corporation
	American Electric Power
	CMS Energy
	Consolidated Edison, Inc.
	DTE Energy
	Duke Energy
	Edison International, Inc.
	Evergy, Inc.
	Eversource Energy
	NiSource, Inc.
	Pinnacle West Capital
	Southern Company
	WEC Energy Group, Inc.
	Xcel Energy, Inc.

            

 2020 Performance Modifier 
									
	Comparator
Rank
	Performance
Percentile
	Rounded
Modifier

	1	100%	125%
	2	93%	125%
	3	87%	125%
	4 Maximum
	80%	125%
	5	73%	139%
	6	67%	128%
	7	60%	117%
	8	53%	106%
	Target	50%	100%
	9	47%	97%
	10	40%	90%
	11	33%	83%
	12	27%	77%
	Threshold	25%	75%
	13	20%	75%
	14	13%	75%
	15	7%	75%

        
												
				
				
			

•      TSR performance is measured using an average of closing prices for 20 trading days immediately prior to the beginning and end of the performance period.

•      If any member of the 2020 group ceases to be  publicly  traded,  that  member  will  be removed from the 2020 group and the  payout  methodology  will  be  applied  to  the  revised smaller 2020 group.

						
		
		

1     Interpolation shall be used in the event that PG&E’s TSR does not fall directly  on  one  of the  TSR ranks listed. For  example,  if  PG&E Corporation’s  TSR is  one-quarter of the  way between the TSRs of comparator companies ranked at 5 and 6, then the applicable Performance Percentile will be one- quarter of the way between the percentiles for the  fifth-  and sixth-ranked  comparator  group companies, and the modifier will be one-quarter of the way between the associated Rounded Modifier values.Document

EXHIBIT 10.38

SEPARATION AGREEMENT
September 21, 2020
This Separation Agreement ("Agreement") is made and entered into by and between Andrew Vesey and Pacific Gas and Electric Company (the "Company" or "PG&E") (collectively the "Parties") and sets forth the terms and conditions of Mr. Vesey’s separation from employment with the Company. The "Effective Date" of this Agreement is defined in paragraph 18(a).

1.Employment Termination. Mr. Vesey’s employment as Chief Executive Officer and President of the Company was terminated by the Company as of August 3, 2020 (for purposes of this Agreement, the "Date of Termination"). Mr. Vesey shall have until October 13, 2020, to accept this Agreement by submitting a signed copy to the Company. Regardless of whether Mr. Vesey accepts this Agreement, Mr. Vesey has or will be paid all salary or wages and vacation accrued, unpaid and owed to him as of that date (including 30 days’ pay in lieu of notice) and he will receive notice of the right to continue his existing health-insurance coverage pursuant to COBRA. Mr. Vesey will also remain entitled to any other benefits to which he is otherwise entitled under the provisions of the Company's plans and programs, excluding the Company’s 2020 Short Term Incentive Program (“STIP”) except as set forth in paragraph 2b, below.

Mr. Vesey previously received a sign-on bonus and a relocation allowance at the start of his employment with the Company. The Company agrees that it will not seek the return of any portion of the sign on bonus or relocation allowance from Mr. Vesey and it waives its right to collect any portion of the bonus and allowance under the respective agreements signed by him. The benefits set forth in paragraph 2 below are conditioned upon Mr. Vesey's acceptance and non-revocation of this Agreement.

2.Separation Benefits. In consideration of his acceptance and non-revocation of this Agreement, the Company will provide to Mr. Vesey the following separation benefits, conditioned in each case on Mr. Vesey’s execution of this Agreement and the occurrence of the Effective Date of this Agreement as set forth in paragraph 18(a) below:

a.Severance Payment. Under the terms of the PG&E Corporation 2012 Officer Severance Policy, Mr. Vesey's severance payment amount is $1,850,000.00 (One million eight hundred and fifty thousand dollars). The Company will make the severance payment, less applicable withholdings and deductions, to Mr. Vesey within 30 days following the Effective Date.

b.STIP. The Company will also make a payment to Mr. Vesey equal to his full target award of $850,000 under the Company’s 2020 Short Term Incentive Program (“STIP”), without any proration and less applicable withholdings and deductions.

c.Stock. Upon the Effective Date all unvested restricted stock unit grants and performance share grants provided to Mr. Vesey under PG&E's 2014 Long-Term Incentive Plan ("LTIP"), each of which is set forth on Schedule A, shall continue to vest, terminate, or be canceled as provided in the LTIP agreements.

d.Career Transition Services. For a maximum period of one year following the Date of Termination, the Company will provide Mr. Vesey with executive career transition services from Lee Hecht Harrison, with total payments to the firm not to exceed $19,500 (Nineteen thousand five hundred dollars). Lee Hecht Harrison shall bill the Company directly for their services to Mr. Vesey. Mr. Vesey’s entitlement to services under this Agreement will terminate when he becomes employed, either by another employer or through self- employment other than consulting with the Company.

e.Payment of COBRA premium. In addition to the severance payment described in paragraph 2(a), the Company will pay Mr. Vesey the amount of $52,876.00 (Fifty-Two Thousand Eight Hundred and Seventy-Six dollars), which is an estimated value of his monthly COBRA premiums for the eighteen month period commencing the first full month after the Date of Termination. The Company will make this payment, less applicable withholdings and deductions, to Mr. Vesey within 30 days following the Effective Date.

f.Payment of Relocation Expenses. The Company agrees to reimburse, or pay on behalf of Mr. Vesey, an amount not to exceed$25,000 (twenty-five thousand dollars) for reasonable personal moving and relocation expenses incurred for relocation after his resignation. Mr. Vesey will provide receipts and documentation for relocation expenses in accordance with the Company’s regular accounting and relocation policies.

3.Defense and Indemnification in Third-Party Claim. The Company and/or its affiliates, or subsidiaries will provide Mr. Vesey with legal representation and indemnification protection against any claims, losses, harm, costs and fees in any legal proceeding in which he is a party or is threatened to be made a party by reason of the fact that he is or was an employee or officer of the Company and/or its affiliate or subsidiary, in accordance with the terms of the resolution of the Board of Directors of PG&E dated July 19, 1995, any subsequent PG&E policy or plan providing greater protection to Mr. Vesey, or as otherwise required by law.

4.Cooperation with Legal Proceedings. Mr. Vesey will, upon reasonable notice, furnish information and proper assistance to the Company and/or its affiliate or subsidiary (including truthful testimony and document production) as may reasonably be required by them or any of them in connection with any legal, administrative or regulatory proceeding in which they or any of them is, or may become, a party, or in connection with any filing or similar obligation imposed by any taxing, administrative or regulatory authority having jurisdiction, provided, however, that the Company and/or its affiliate or subsidiary will pay all reasonable expenses, including legal fees and costs, incurred by Mr. Vesey in complying with this paragraph.

5.Release of Claims and Covenant Not to Sue.

a.In consideration of the benefits the Company is providing under this Agreement, Mr. Vesey, on behalf of himself and his representatives, agents, heirs and assigns, waives, releases, discharges and promises never to assert any and all claims, liabilities or obligations of every kind and nature, whether known or unknown, suspected or unsuspected that he ever had, now has or might have as of the Effective Date against the Company or its predecessors, affiliates, subsidiaries, shareholders, owners, directors, officers, employees, agents, attorneys, successors, or assigns. These released claims include, without limitation, any claims arising from or related to Mr. Vesey’s employment with the Company, or any of its affiliates and subsidiaries, and the termination of that employment. These released claims also specifically include, but are not limited to, any claims arising under any federal, state and local statutory or common law, such as (as amended and as applicable) Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Americans With Disabilities Act, the Employee Retirement Income Security Act, the California Fair Employment and Housing Act, the California Labor Code, any other federal, state or local law governing the terms and conditions of employment or the termination of employment, and the law of contract and tort; and any claim for attorneys’ fees. Nothing in this Section 5.a. is intended to release or waive Mr. Vesey’s rights (i) under COBRA, (ii) to accrued and vested stock options or restricted shares as set forth herein; (iii) to commence an action or proceeding to enforce the terms of this Agreement, (iv) to any claims arising or that may arise out of Executive’s status as a consumer, client, insured, shareholder and/or investor that are unrelated to his employment, compensation or separation of employment with the Company, or (v) to indemnification as set forth in Section 3 herein and pursuant to applicable statutes, Certificates of Incorporation, By-laws, resolutions of the Board of Directors, policies of insurance and plans of the Company its affiliates or subsidiaries.

b.Mr. Vesey acknowledges that there may exist facts or claims in addition to or different from those which are now known or believed by his to exist. Nonetheless, this Agreement extends to all claims of every nature and kind whatsoever, whether known or unknown, suspected or unsuspected, past or present, and Mr. Vesey specifically waives all rights under Section 1542 of the California Civil Code which provides that:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT IF KNOWN BY HIM OR HER, WOULD HAVE 

MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

c.With respect to the claims released in the preceding paragraphs, Mr. Vesey will not initiate or maintain any legal or administrative action or proceeding of any kind against the Company or its predecessors, affiliates, subsidiaries, shareholders, owners, directors, officers, employees, agents, attorneys, successors, or assigns, for the purpose of obtaining any personal relief, nor ( except as otherwise required or permitted by law) assist or participate in any such proceedings, including any proceedings brought by any third parties.

d.In consideration of the foregoing releases Mr. Vesey is providing under this Agreement, the Company, on behalf of itself and its subsidiaries, waives, releases, discharges and promises never to assert any and all claims, liabilities or obligations of every kind and nature, whether known or unknown, suspected or unsuspected that it ever had, now has or might have as of the Effective Date against Mr. Vesey; provided that the foregoing release shall not apply to any claims, liabilities, or obligations (x) arising out of any misconduct, breaches of duty of loyalty, criminal acts, or fraud on the part of Mr. Vesey or any right of the Company or its shareholders to disgorge profits or clawback compensation required under applicable securities or other law or company policies and/or (y) initiated in your capacity as a member of the board of directors of the Company.

e.The Company acknowledges that there may exist facts or claims in addition to or different from those which are now known or believed by his to exist. Nonetheless, this Agreement extends to all claims of every nature and kind whatsoever, whether known or unknown, suspected or unsuspected, past or present, and the Company specifically waives all rights under Section 1542 of the California Civil Code which provides that:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

f.With respect to the claims released in the paragraphs (d) and (e), the Company will not initiate or maintain any legal or administrative action or proceeding of any kind against Mr. Vesey for the purpose of obtaining any personal relief, nor (except as otherwise required or permitted by law) assist or participate in any such proceedings, including any proceedings brought by any third parties.

6.Non-disclosure.
a.Except to the extent previously disclosed publicly by the Company in SEC or regulatory filings, Mr. Vesey will not disclose, publicize, or circulate to anyone in whole or in part, any information concerning the terms, and/or conditions of this Agreement without the express written consent of PG&E's Senior Vice President of Human Resources or, as reasonably necessary to enforce the terms of this Agreement, unless otherwise required or permitted by law. Notwithstanding the preceding sentence, Mr. Vesey may disclose the terms and conditions of this Agreement to his family members, and any attorneys, financial or tax advisors, if any, to whom there is a bona fide need for disclosure in order for them to render professional services to him, provided that the person first agrees to keep the information confidential and not to make any disclosure of the terms and conditions of this Agreement unless otherwise required or permitted by law.
b.Mr. Vesey will not use, disclose, publicize, or circulate any confidential or proprietary information concerning the Company or its subsidiaries or affiliates, which has come to his attention during his employment with the Company, unless doing so is expressly authorized in writing by PG&E's Senior Vice President of Human Resources, or is otherwise required or permitted by law. Nothing in this Agreement prohibits Mr. Vesey from reporting possible violations of federal law or regulation to any governmental agency or regulatory authority, including but not limited to the U.S. Securities and Exchange Commission, or from making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation. For the purposes of this Agreement, neither “proprietary information” nor “confidential information” shall be understood 

to mean information that: (a) is or becomes generally known in the industry or available to the public other than through Mr. Vesey’s breach of this Agreement; (b) is communicated to Mr. Vesey by a third party that had no confidentiality obligations with respect to such information; (c) was in Mr. Vesey’s possession prior to Mr. Vesey’s employment with the Company including information located on Mr. Vesey’s Rolodex (whether paper or electronic); (d) is documented by Mr. Vesey as having been developed by Mr. Vesey outside the scope of his employment with the Company and independently; or (e) is required to be disclosed by law, including without limitation, pursuant to the terms of a court order or other legal process; provided that Mr. Vesey has given the Company prior notice of such disclosure and an opportunity to contest such disclosure.
c.Notwithstanding Section 6.d., the parties understand that Mr. Vesey will retain access to his personal LinkedIn and Twitter accounts, which he used to post information about the Company during the term of his employment.
d.Mr. Vesey shall be subject to the protections of the Defend Trade Secrets Act, 18 U.S.C. § 1833 which provides that an individual cannot be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made (i) in confidence to federal, state or local government officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law, (ii) under seal in a complaint or other document filed in a lawsuit or other proceeding, or (iii) to her attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for such lawsuit) as long as any document containing the trade secret is filed under seal and the trade secret is not disclosed except pursuant to court order.

7.Non-Disparagement. The Parties agree to refrain from performing any act, engaging in any conduct or course of action or making or publishing any statements, claims, allegations or assertions, which have or may reasonably have the effect of demeaning the name or business reputation of the other Party, or in the case of the Company, any of its subsidiaries or affiliates, or any of their respective employees, officers, directors, agents or advisors in their capacities as such or which adversely affects (or may reasonably be expected adversely to affect) the best interests (economic or otherwise) of any of them. Nothing in this paragraph 7 shall preclude either Party from fulfilling any legal duty it may have, including responding to any subpoena or official inquiry from any court or government agency, or from reporting possible violations of federal law or regulation to any governmental agency or regulatory authority, including but not limited to the California Public Utilities Commission, the U.S. Securities and Exchange Commission, or from making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation.

8.No Solicitation.
a.For a period of 12 months after the Effective Date, Mr. Vesey will not, directly or indirectly, solicit or contact for the purpose of diverting or taking away or attempt to solicit or contact for the purpose of diverting or taking away:

(1) any existing employee, agent or consultant of the Company or its affiliates or subsidiaries, to terminate or otherwise alter the person's or entity's employment, agency or consultant relationship with the Company or its affiliates or subsidiaries; or

(2)any existing employee, agent or consultant of the Company or its affiliates or subsidiaries, to work in any capacity for or on behalf of any person, Company or other business enterprise that is in competition with the Company or its affiliates or subsidiaries.

9.Material Breach by Employee. In the event Mr. Vesey breaches any material provision of this Agreement, including but not necessarily limited to paragraphs 4, 5, 6, 7 and/or 8 and fails to cure said breach within 45 days of notice of such breach, the Company will be entitled to recover any actual damages and/or seek injunctive relief. Despite any breach by Mr. Vesey, his other duties and obligations under this Agreement, including his waivers and releases, will remain in full force and effect. For avoidance of doubt, in the event of a breach or threatened breach by Mr. Vesey of any of the provisions in paragraphs 4, 5, 6, 7 and/or 8, the Company will, in addition to any other remedies provided in this Agreement, be entitled to equitable and/or injunctive relief and because the damages for such a breach or threatened breach may be difficult to 

determine and may not provide a full and adequate remedy, the Company will also be entitled to specific performance by Mr. Vesey of his obligations under paragraphs 4, 5, 6, 7 and/or 8.

10.Material Breach by the Company. Mr. Vesey will be entitled to recover actual damages in the event of any material breach of this Agreement by the Company, including any unexcused late or non-payment of any amounts owed under this Agreement, or any unexcused failure to provide any other benefits specified in this Agreement. In the event of a breach or threatened breach by the Company of any of its material obligations to him under this Agreement, Mr. Vesey will be entitled to seek, in addition to any other remedies provided in this Agreement, specific performance of the Company's obligations and any other applicable equitable or injunctive relief.

11.No Admission of Liability. This Agreement is not, and will not be considered by either party, an admission of liability or of a violation of any applicable contract, law, rule, regulation, or order of any kind.

12.Complete Agreement. This Agreement together with Schedule A sets forth the entire agreement between the Parties pertaining to the subject matter of this Agreement and fully supersedes any prior or contemporaneous negotiations, representations, agreements, or understandings between the Parties with respect to any such matters, whether written or oral (including any that would have provided Mr. Vesey with any different severance arrangements). The Parties acknowledge that they have not relied on any promise, representation or warranty, express or implied, not contained in this Agreement. Parole evidence will be inadmissible to show agreement by and among the Parties to any term or condition contrary to or in addition to the terms and conditions contained in this Agreement.

13.Severability. If any provision of this Agreement is determined to be invalid, void, or unenforceable, the remaining provisions will remain in full force and effect.

14.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 Agreement, Mr. Vesey’s employment with the Company (or with the employing subsidiary), the separation of Mr. Vesey from that employment and from his positions as an officer and/or director of the Company or any subsidiary or affiliate, or any claims for benefits, rights under, or interpretation of this Agreement, will be resolved exclusively by final and binding arbitration using one arbitrator in accordance with the Commercial Arbitration Rules of the American Arbitration Association currently in effect, provided, however, that in rendering their award, the arbitrators will be limited to those legal rights and remedies provided for by law. The only claims not covered by this paragraph are any non-waivable claims for benefits under workers' compensation or unemployment insurance laws, which will be resolved under those laws. Any arbitration pursuant to this paragraph will take place in San Francisco, California. The Parties may be represented by legal counsel at the arbitration but must bear their own fees for such representation in the first instance. The prevailing party in any dispute or controversy covered by this paragraph, or with respect to any request for specific performance, injunctive or other equitable relief in any forum, will be entitled to recover, in addition to any other available remedies specified in this Agreement, all litigation expenses and costs, including any arbitrator, administrative or filing fees and reasonable attorneys' fees, except as prohibited or limited by law. The Parties specifically waive any right to a jury trial on any dispute or controversy covered by this paragraph. Judgment may be entered on the arbitrators' award in any court of competent jurisdiction. Subject to the arbitration provisions of this paragraph, the sole jurisdiction and venue for any action related to the subject matter of this Agreement will be the California state and federal courts having within their jurisdiction the location of the Company's principal place of business in California at the time of such action, and both Parties thereby consent to the jurisdiction of such courts for any such action.

15.Governing Law. This Agreement will be governed by and construed under the laws of the United States and, to the extent not preempted by such laws, by the laws of the State of California, without regard to their conflicts of law provisions.

16.No Waiver. The failure of either Party to exercise or enforce, at any time, or for any period of time, any of the provisions of this Agreement will not be construed as a waiver of that provision, or any portion of that provision, and will in no way affect that party’s right to exercise or enforce such provisions. No waiver or default of any provision of this Agreement will be deemed to be a waiver of any succeeding breach of the same or any other provisions of this Agreement.

17.Successors and Assigns. The Company agrees that this Agreement shall be binding upon and inure to the benefit of the parties and their respective affiliates, successors and assigns.

18.Acceptance of Agreement.
a.Mr. Vesey was provided over 21 days to consider and accept the terms of his Agreement and was advised to (and did) consult with an attorney about the Agreement before signing it. After signing the Agreement, Mr. Vesey will have an additional seven (7) days in which to revoke in writing acceptance of this Agreement. To revoke, Mr. Vesey will submit a signed statement to that effect to PG&E's Senior Vice President of Human Resources before the close of business on the seventh day. If Mr. Vesey does not submit a timely revocation, the Effective Date of this Agreement will be the eighth day after he has signed it.
b.Mr. Vesey acknowledges reading and understanding the contents of this Agreement, being afforded the opportunity to review carefully this Agreement with an attorney of his choice, not relying on any oral or written representation not contained in this Agreement, signing this Agreement knowingly and voluntarily, and, after the Effective Date of this Agreement, being bound by all of its provisions.

[Signature Pages Follow]

						
		
		

															
	Dated:   	9/21/20		PACIFIC GAS AND ELECTRIC
				COMPANY
					
				By: 	/s/ JOHN R. SIMON
					Name: John R. Simon
					Title: Counsel for Pacific Gas and
					Electric Company
					Senior Vice President, General Counsel
					and Chief Ethics and Compliance Officer
					of PG&E Corporation, Its Parent
					

															
	Dated:   	9/22/20		ANDREW VESEY
				
				/s/ ANDREW VESEY
					

 [Signature Page to Separation Agreement]

Schedule A
Unvested Restricted Stock Unit Grants and Performance Share Grants
																								
	Last Name	First Name	Plan	Award Date	Award Type	Award Amount	Vested	Unvested
	Vesey	Andrew	2014 Long-Term Incentive Plan	11/12/2019	Restricted Stock Unit 	12,004	—	12,004

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