Document:

Document

EXHIBIT 10.33

PG&E CORPORATION
2014 LONG-TERM INCENTIVE PLAN

NON-ANNUAL 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 2014 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:             August 14, 2020

Name of Recipient:                                              Jason Wells                                                           Recipient’s Participant ID:                                    <Emp Id>                                                           Number of Restricted Stock Units:                                        139,479                                                            

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 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

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  Any  prior agreements, commitments, or  negotiations  are  superseded.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”).

69,739  on  August  13, 2021

69,740  on  August  13, 2022

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.

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.

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, 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.

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) (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.

Termination In Connection with a Change in Control

If you separate from service (other than termination for  cause,  or  your voluntary termination) 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.

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.

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 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.Document

EXHIBIT 10.34

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:                                          James Welsch                                                             Recipient’s Participant ID:                                 <Emp Id>                                                                Number of Performance Shares:                                         53,333                                                                 

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.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]