Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.20    
    

 
 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
  OF
  THE PACIFIC GAS AND ELECTRIC COMPANY    
    

        This
is the controlling and definitive statement of the Supplemental Executive Retirement Plan ("PLAN")1/ for ELIGIBLE EMPLOYEES of Pacific Gas and Electric Company
("COMPANY") and such other companies, affiliates, subsidiaries, or associations as the BOARD OF DIRECTORS may designate from time to time. The PLAN was first adopted by the BOARD OF DIRECTORS in 1984
and was effective January 1, 1985. It has since been amended from time to time. Except as expressly stated by any amendment to this PLAN, benefits of ELIGIBLE EMPLOYEES who retire, terminate
from employment, or cease to be ELIGIBLE EMPLOYEES prior to the effective date of any amendment shall not be affected by any such amendment. The amended PLAN as contained herein is effective
December 31, 2004, and is frozen as of January 1, 2005. 

	1/
	Words
in all capitals are defined in Article I. 

 
 

ARTICLE I
  DEFINITIONS    
    

        1.01    Basic SERP Benefit shall mean the benefit described in Section 2.01. 

        1.02    Beneficiary shall mean the person, persons, or entity designated by the ELIGIBLE EMPLOYEE to receive payments under any
optional form of benefit elected pursuant to Section 2.03 c. or Section 2.03 d., payable or owed but unpaid at the time of the ELIGIBLE EMPLOYEE's death. An ELIGIBLE EMPLOYEE shall
designate a BENEFICIARY on a form provided by the PLAN ADMINISTRATOR and kept on file in the PLAN ADMINISTRATOR's office. An ELIGIBLE EMPLOYEE may change a BENEFICIARY at any time by filing a new
beneficiary form with the PLAN ADMINISTRATOR. 

        1.03    Board or Board of Directors shall mean the BOARD OF DIRECTORS of the
COMPANY or, when appropriate, any committee of the BOARD which has been delegated the authority to take action with respect to the PLAN. 

        1.04    Company shall mean the Pacific Gas and Electric Company, a California corporation. 

        1.05    Eligible Employee shall mean (1) employees of the COMPANY, or (2) with respect to PG&E Corporation and
PG&E Corporation Support Services, Inc., employees who were transferred to PG&E Corporation or PG&E Corporation Support Services, Inc., from the COMPANY, (3) who are officers in
Officer Bands I-V, and (4) such other employees of the COMPANY, or such other companies, affiliates, subsidiaries, or associations, as may be designated by the Chairman of the Board
of the COMPANY. ELIGIBLE EMPLOYEES shall not include employees who are employed by the COMPANY, PG&E Corporation or PG&E Corporation Support Services, Inc. on or after January 1, 2005. 

        1.06    STIP Payment shall mean amounts received by an ELIGIBLE EMPLOYEE under the Short-Term Incentive Plan
maintained by PG&E Corporation. 

        1.07    Plan shall mean the Supplemental Executive Retirement Plan ("SERP") as set forth herein and as may be amended from time
to time. 

        1.08    Plan Administrator shall mean the Employee Benefit Finance Committee or such individual or individuals as that Committee
may appoint to handle the day-to-day affairs of the PLAN. 

 

        1.09    Retirement Plan shall mean the Pacific Gas and Electric Company Retirement Plan for Management Employees. 

        1.10    Salary shall mean the base salary received by an ELIGIBLE EMPLOYEE. SALARY shall not include amounts received by an
employee after such employee ceases to be an ELIGIBLE EMPLOYEE. For purposes of calculating benefits under the PLAN, SALARY shall not be reduced to reflect amounts which have been deferred under the
PG&E Corporation Supplemental Retirement Savings Plan. 

        1.11    Service shall mean "credited service" as that term is defined in the RETIREMENT PLAN or, if the Nominating and
Compensation Committee of the BOARD OF DIRECTORS has granted an adjusted service date for an ELIGIBLE EMPLOYEE, "credited service" as calculated from such adjusted service date. In no event, however,
shall SERVICE include periods of time after which an officer has ceased to be an ELIGIBLE EMPLOYEE. 

 
 

ARTICLE II
  SERP BENEFITS    
    

        2.01    The
BASIC SERP BENEFIT payable from the PLAN shall be a monthly annuity commencing on the first of the month following the month in which the ELIGIBLE EMPLOYEE
(i) attains his 65th birthday or (ii) ceases to be an employee of the COMPANY, whichever is later. The monthly amount of the BASIC SERP BENEFIT shall be equal to the product of: 

        1.7% × [average
of three highest calendar years' combination of SALARY and STIP PAYMENT for the last ten years of
SERVICE] × SERVICE × 1/12. 

        In
computing a year's combination of SALARY and STIP PAYMENT, the year's amount shall be the sum of the SALARY and STIP PAYMENT, if any, paid or payable in the same calendar year. If an
ELIGIBLE EMPLOYEE has fewer than three years' SALARY, the average shall be the combination of SALARY and STIP PAYMENT for such shorter time, divided by the number of years and partial years during
which such employee was an ELIGIBLE EMPLOYEE. 

        The
BASIC SERP BENEFIT is further reduced by any amounts paid or payable from the RETIREMENT PLAN, calculated before adjustments for marital or joint pension option elections. 

        2.02    For
ELIGIBLE EMPLOYEES of the COMPANY, PG&E Corporation, or PG&E Corporation Support Services, Inc., who transfer from any of said companies to another
subsidiary or affiliate, the principles of Section 10 of the RETIREMENT PLAN shall govern the calculation of benefits under this PLAN. An ELIGIBLE EMPLOYEE who ceases to be an employee of the
COMPANY and who is also not employed by any of its subsidiaries, affiliates, or related associations shall be entitled to receive a benefit payable from the PLAN at any time after his 55th birthday.
The amount of the benefit payable shall be reduced by the appropriate age and service factors contained in the RETIREMENT PLAN applicable to such employee. For such calculations, the service factor
shall be SERVICE as defined in the PLAN. 

        In
computing amounts payable from the RETIREMENT PLAN as an offset to the benefit payable from this PLAN, the RETIREMENT PLAN benefit shall be calculated as though the ELIGIBLE EMPLOYEE
elected to receive a pension from the RETIREMENT PLAN commencing on the same date as benefits from this PLAN. 

        2.03    An
ELIGIBLE EMPLOYEE may elect to have his BASIC SERP BENEFIT paid in any one of the following forms: 

	a.
	BASIC
SERP BENEFIT, or a reduced BASIC SERP BENEFIT as calculated under Section 2.02, paid as a monthly annuity for the life of the ELIGIBLE EMPLOYEE with no survivor's benefit. 

2

 

	b.
	A
monthly annuity payable for the life of the ELIGIBLE EMPLOYEE with a survivor's option payable to the ELIGIBLE EMPLOYEE's joint annuitant beginning on the first of the month
following the ELIGIBLE EMPLOYEE'S death. The factors to be applied to reduce the BASIC SERP BENEFIT to provide for a survivor's benefit shall be the factors which are contained in the RETIREMENT PLAN
and which are appropriate given the type of joint pension elected and the ages and marital status of the joint annuitants.

	c.
	A
five-year or ten-year certain annuity, with equal annual installment payments beginning on January 1 of the year following the year in which payments
of the BASIC SERP BENEFIT would otherwise have commenced and continuing every January 1 thereafter until all payments are made. In determining the amount of the annuity payments, the present
value of the BASIC SERP BENEFIT shall be computed using the appropriate mortality factors contained in the RETIREMENT PLAN for single life annuities and the interest rate set by the Pension Benefit
Guaranty Corporation as of the first day of the year in which annuity payments begin.

	d.
	A
lump sum payment of the actuarial present value of the BASIC SERP BENEFIT which would have been payable to the ELIGIBLE EMPLOYEE under Section 2.03 a. In determining the
actuarial present value of the BASIC SERP BENEFIT, the PLAN ADMINISTRATOR shall apply the appropriate mortality factors used in calculating lump sum payments under the RETIREMENT PLAN for single life
annuities and the interest rate set by the Pension Benefit Guaranty Corporation as of the first day of the year in which the lump sum payment is made. 

        2.04    Annuities
payable to an ELIGIBLE EMPLOYEE who is receiving a (i) BASIC SERP BENEFIT, (ii) a BASIC SERP BENEFIT reduced to provide a survivor's benefit to
a joint annuitant, or (iii) a joint annuitant who is receiving a survivor's benefit shall be decreased by any additional amounts which can be paid from the RETIREMENT PLAN where such additional
amounts are due to increases in the limits placed on benefits payable from qualified pension plans under Section 4l5 of the Internal Revenue Code. The amount of any such decrease shall be
adjusted to reflect the type of pension elected by an ELIGIBLE EMPLOYEE under the RETIREMENT PLAN and this PLAN. Decreases under this Section 2.04 shall not be applied to decrease benefits
payable under the lump sum or the five-year or ten-year certain annuity options. 

 
 

ARTICLE III
  DEATH BENEFITS    
    

        3.01    For
an ELIGIBLE EMPLOYEE who has elected to receive his PLAN benefits in one of the optional forms described in Section 2.03 c. or 2.03 d. and who dies before
receiving the total number of payments selected under the optional form of benefit, the PLAN ADMINISTRATOR shall continue to make the scheduled benefit payments to the BENEFICIARY designated by the
ELIGIBLE EMPLOYEE. If the ELIGIBLE EMPLOYEE has failed to designate a BENEFICIARY or if there is no designated BENEFICIARY surviving at the time of the ELIGIBLE EMPLOYEE'S death, the PLAN
ADMINISTRATOR shall make the remaining payments to the estate of the ELIGIBLE EMPLOYEE. 

        3.02    In
the event that an ELIGIBLE EMPLOYEE who has accrued a benefit under this PLAN dies prior to the date that a BASIC SERP BENEFIT would otherwise commence and the
ELIGIBLE EMPLOYEE is married at the time of the ELIGIBLE EMPLOYEE's death, the PLAN ADMINISTRATOR shall pay a spouse's benefit to the ELIGIBLE EMPLOYEE's surviving spouse: 

	a.
	If
the sum of the age and SERVICE of the ELIGIBLE EMPLOYEE at the time of death equaled 70 (69.5 or more is rounded to 70) or if the ELIGIBLE EMPLOYEE was age 55 at the time of
death, the spouse's benefit shall be a monthly annuity commencing on the first of 

3

 

the
month following the month in which the ELIGIBLE EMPLOYEE dies and shall be payable for the life of the surviving spouse. The amount of the monthly benefit shall be one-half of the
monthly BASIC SERP BENEFIT which would have been paid to the ELIGIBLE EMPLOYEE calculated: 

	1)
	as
if he had elected to receive a BASIC SERP BENEFIT, without survivor's option;

	2)
	the
monthly annuity starting date was the first of the month following the month in which the ELIGIBLE EMPLOYEE died; and

	3)
	without
the application of early retirement reduction factors.

	b.
	If
the ELIGIBLE EMPLOYEE is less than 55 years of age or had fewer than 70 points (as calculated under Section 3.02(a)) at the time of death, the surviving spouse will be
entitled to receive a monthly annuity commencing on the first of the month following the month in which the ELIGIBLE EMPLOYEE would have become age 55 if he had survived. The amount of the monthly
annuity payable to the surviving spouse shall be equal to the BASIC SERP BENEFIT converted to a marital joint annuity providing for a 50 percent survivor's benefit, calculated as if:
1) the ELIGIBLE EMPLOYEE had terminated employment at the date of death, 2) had lived until age 55, 3) had begun to receive PENSION payments, and 4) had subsequently died.

	c.
	If
a former ELIGIBLE EMPLOYEE was age 55 or older at the time of his death and not yet receiving a SERP BENEFIT under the PLAN, the surviving spouse will be entitled to receive a
monthly annuity in an amount equal to the BASIC SERP BENEFIT converted to a marital joint annuity providing for a 50 percent survivor's benefit, calculated as if the former ELIGIBLE EMPLOYEE
had begun receiving the converted SERP BENEFIT immediately prior to his death.

	d.
	If
a former ELIGIBLE EMPLOYEE was younger than age 55 or had fewer than 70 points (as calculated under Section 3.02(a)) at the time of his death, the surviving spouse will be
entitled to receive a monthly annuity in an amount equal to the BASIC SERP BENEFIT converted to a marital joint annuity providing for a 50 percent survivor's benefit, calculated as if:
1) the former ELIGIBLE EMPLOYEE had survived until age 55, 2) had begun receiving the converted SERP BENEFIT, and 3) had subsequently died. 

        3.03    A
surviving spouse who is entitled to receive a spouse's benefit under Section 3.02 shall not be entitled to receive any other benefit under the PLAN. 

 
 

ARTICLE IV
  ADMINISTRATIVE PROVISIONS    
    

        4.01    Administration. The PLAN shall be administered by the PLAN ADMINISTRATOR who shall have the authority to interpret the
PLAN and make such rules as it deems appropriate. The PLAN ADMINISTRATOR shall have the duty and responsibility of maintaining records, making the requisite calculations, and disbursing payments
hereunder. The PLAN ADMINISTRATOR's interpretations, determinations, rules, and calculations shall be final and binding on all persons and parties concerned. 

        4.02    Amendment and Termination. The COMPANY may amend or terminate the PLAN at any time, provided, however, that no such
amendment or termination shall adversely affect an accrued benefit which an ELIGIBLE EMPLOYEE has earned prior to the date of such amendment or termination, nor shall any amendment or termination
adversely affect a benefit which is being provided to an ELIGIBLE EMPLOYEE, surviving spouse, joint annuitant, or beneficiary under Article II or Article III on the date of such
amendment or termination. Anything in this Section 4.02 to the contrary 

4

 

notwithstanding,
the COMPANY may reduce or terminate any benefit to which an ELIGIBLE EMPLOYEE, surviving spouse, joint annuitant, or BENEFICIARY is or may become entitled provided that such ELIGIBLE
EMPLOYEE, surviving spouse, joint annuitant, or BENEFICIARY is or becomes entitled to an amount equal to such benefit under another plan, practice, or arrangement of the COMPANY. 

        4.03    Nonassignability of Benefits. The benefits payable under this PLAN or the right to receive future benefits under this
PLAN 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 any benefits becomes bankrupt, the
interest under the PLAN of the person affected may be terminated by the PLAN ADMINISTRATOR which, in its 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 it deems appropriate. 

        4.04    Nonguarantee of Employment. Nothing contained in this PLAN shall be construed as a contract of employment between the
COMPANY or the ELIGIBLE EMPLOYEE, or as a right of the ELIGIBLE EMPLOYEE to be continued in the employ of the COMPANY, to remain as an officer of the COMPANY, or as a limitation on the right of the
COMPANY to discharge any of its employees, with or without cause. 

        4.05    Benefits Unfunded and Unsecured. The benefits under this PLAN are unfunded, and the interest under this PLAN of any
ELIGIBLE EMPLOYEE and such ELIGIBLE EMPLOYEE's right to receive a distribution of benefits under this PLAN shall be an unsecured claim against the general assets of the COMPANY. 

        4.06    Applicable Law. All questions pertaining to the construction, validity, and effect of the PLAN 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. 

        4.07    Satisfaction of Claims. Notwithstanding Section 4.05 or any other provision of the PLAN, the COMPANY may at any
time satisfy its obligations (either on a before-tax or after-tax basis) for any benefits accrued under the PLAN by the purchase from an insurance company of an annuity
contract on behalf of an ELIGIBLE EMPLOYEE. Such purchase
shall be in the sole discretion of the COMPANY and shall be subject to the ELIGIBLE EMPLOYEE'S acknowledgement that the COMPANY'S obligations to provide benefits hereunder have been discharged,
without regard to the payments ultimately made under the contract. In the event of a purchase pursuant to this Section 4.07, the COMPANY may in its sole discretion make payments to or on behalf
of an ELIGIBLE EMPLOYEE to defray the cost to such ELIGIBLE EMPLOYEE of any personal income tax in connection with the purchase. 

5

QuickLinks

Exhibit 10.20

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN OF THE PACIFIC GAS AND ELECTRIC COMPANY

ARTICLE I DEFINITIONS

ARTICLE II SERP BENEFITS

ARTICLE III DEATH BENEFITS

ARTICLE IV ADMINISTRATIVE PROVISIONSQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.21    
    

 
 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
  OF
  PG&E CORPORATION    
    

        This
is the controlling and definitive statement of the Supplemental Executive Retirement Plan ("PLAN")1/ for ELIGIBLE EMPLOYEES of PG&E Corporation ("CORPORATION"),
Pacific Gas and Electric Company ("COMPANY") and such other companies, affiliates, subsidiaries, or associations as the BOARD OF DIRECTORS may designate from time to time. The PLAN is the successor
plan to the Supplemental Executive Retirement Plan of the COMPANY. The PLAN as contained herein is effective January 1, 2005. 

	1/
	Words
in all capitals are defined in Article I. 

 
 

ARTICLE I
  DEFINITIONS    
    

        1.01    Basic SERP Benefit shall mean the benefit described in Section 2.01. 

        1.02    Board or Board of Directors shall mean the BOARD OF DIRECTORS of the
CORPORATION or, when appropriate, any committee of the BOARD which has been delegated the authority to take action with respect to the PLAN. 

        1.03    Company shall mean the Pacific Gas and Electric Company, a California corporation. 

        1.04    Corporation shall mean PG&E Corporation, a California corporation. 

        1.05    Eligible Employee shall mean (1) employees of the COMPANY (or, with respect to the CORPORATION and PG&E
Corporation Support Services, Inc., employees who were transferred to the CORPORATION or PG&E Corporation Support Services, Inc., from the COMPANY), (2) who are officers in
Officer Bands I-V, and (3) such other employees of the COMPANY, the CORPORATION, PG&E Corporation Support Services, Inc. or such other companies, affiliates, subsidiaries, or
associations, as may be designated by the Chairman of the Board of the CORPORATION. ELIGIBLE EMPLOYEES shall not include employees who retired prior to January 1, 2005, or whose employment
relationship with any of the PARTICIPATING EMPLOYERS was otherwise terminated prior to January 1, 2005. 

        1.06    STIP Payment shall mean amounts received by an ELIGIBLE EMPLOYEE under the Short-Term Incentive Plan
maintained by the CORPORATION. 

        1.07    Participating Employer shall mean the COMPANY, the CORPORATION, PG&E Corporation Support Services, Inc., and any
other companies, affiliates, subsidiaries or associations designated by the Chairman of the Board of the CORPORATION. 

        1.08    Plan shall mean the Supplemental Executive Retirement Plan ("SERP") as set forth herein and as may be amended from time
to time. 

        1.09    Plan Administrator shall mean the Employee Benefit Committee or such individual or individuals as that Committee may
appoint to handle the day-to-day affairs of the PLAN. 

        1.10    Retirement Plan shall mean the Pacific Gas and Electric Company Retirement Plan for Management Employees. 

        1.11    Salary shall mean the base salary received by an ELIGIBLE EMPLOYEE. SALARY shall not include amounts received by an
employee after such employee ceases to be an ELIGIBLE EMPLOYEE. For purposes of calculating benefits under the PLAN, SALARY shall not be reduced to 

 

reflect
amounts that have been deferred under the PG&E Corporation Supplemental Retirement Savings Plan. 

        1.12    Service shall mean "credited service" as that term is defined in the RETIREMENT PLAN or, if the Nominating and
Compensation Committee of the BOARD OF DIRECTORS has granted an adjusted service date for an ELIGIBLE EMPLOYEE, "credited service" as calculated from such adjusted service date. In no event, however,
shall SERVICE include periods of time after which an officer has ceased to be an ELIGIBLE EMPLOYEE. 

 
 

ARTICLE II
  SERP BENEFITS    
    

        2.01    The
BASIC SERP BENEFIT payable from the PLAN shall be a monthly annuity commencing on the later of the first of the seventh (7th) month following the
month in which the ELIGIBLE EMPLOYEE ceases to be an employee of the PARTICIPATING EMPLOYER or the first of the month following the ELIGIBLE EMPLOYEE's 55th birthday. The monthly amount
of the BASIC SERP BENEFIT shall be equal to the product of: 

        1.7% × the
average of three highest calendar years' combination of SALARY and STIP PAYMENT for the last ten years of
SERVICE × SERVICE × 1/12. 

        In
computing a year's combination of SALARY and STIP PAYMENT, the year's amount shall be the sum of the SALARY and STIP PAYMENT, if any, paid or payable in the same calendar year. If an
ELIGIBLE EMPLOYEE has fewer than three years' SALARY, the average shall be the combination
of SALARY and STIP PAYMENT for such shorter time, divided by the number of years and partial years during which such employee was an ELIGIBLE EMPLOYEE. 

        The
BASIC SERP BENEFIT is further reduced by any amounts paid or payable from the RETIREMENT PLAN, calculated before adjustments for marital or joint pension option elections. 

        2.02    For
ELIGIBLE EMPLOYEES of the PARTICIPATING EMPLOYERS, who transfer from any of said companies to another subsidiary or affiliate, the principles of Section 10
of the RETIREMENT PLAN shall govern the calculation of benefits under this PLAN. An ELIGIBLE EMPLOYEE who ceases to be an employee of a PARTICIPATING EMPLOYER and who is also not employed by any of
the CORPORATION's subsidiaries, affiliates, or related associations shall be entitled to receive a benefit payable from the PLAN at any time after his 55th birthday. The amount of the benefit payable
shall be reduced by the appropriate age and service factors contained in the RETIREMENT PLAN applicable to such employee. For such calculations, the service factor shall be SERVICE as defined in the
PLAN. 

        In
computing amounts payable from the RETIREMENT PLAN as an offset to the benefit payable from this PLAN, the RETIREMENT PLAN benefit shall be calculated as though the ELIGIBLE EMPLOYEE
elected to receive a pension from the RETIREMENT PLAN commencing on the same date as benefits from this PLAN. 

        2.03    An
ELIGIBLE EMPLOYEE may elect to have his BASIC SERP BENEFIT paid in any one of the following forms: 

	a.
	BASIC
SERP BENEFIT, or a reduced BASIC SERP BENEFIT as calculated under Section 2.02, paid as a monthly annuity for the life of the ELIGIBLE EMPLOYEE with no survivor's benefit.

	b.
	A
monthly annuity payable for the life of the ELIGIBLE EMPLOYEE with a survivor's option payable to the ELIGIBLE EMPLOYEE's joint annuitant beginning on the first of the month
following the ELIGIBLE EMPLOYEE'S death. The factors to be applied to reduce the BASIC SERP BENEFIT to provide for a survivor's benefit shall be the factors which are 

2

 

contained
in the RETIREMENT PLAN and which are appropriate given the type of joint pension elected and the ages and marital status of the joint annuitants. 

        2.04    Annuities
payable to an ELIGIBLE EMPLOYEE who is receiving a (i) BASIC SERP BENEFIT, (ii) a BASIC SERP BENEFIT reduced to provide a survivor's benefit to
a joint annuitant, or (iii) a joint annuitant who is receiving a survivor's benefit shall be decreased by any additional amounts which can be paid from the RETIREMENT PLAN where such additional
amounts are due to increases in the limits placed on benefits payable from qualified pension plans under Section 4l5 of the Internal Revenue Code. The amount of any such decrease shall be
adjusted to reflect the type of pension elected by an ELIGIBLE EMPLOYEE under the RETIREMENT PLAN and this PLAN. 

 
 

ARTICLE III
  DEATH BENEFITS    
    

        3.01    In
the event that an ELIGIBLE EMPLOYEE who has accrued a benefit under this PLAN dies prior to the date that a BASIC SERP BENEFIT would otherwise commence and the
ELIGIBLE EMPLOYEE is married at the time of the ELIGIBLE EMPLOYEE's death, the PLAN ADMINISTRATOR shall pay a spouse's benefit to the ELIGIBLE EMPLOYEE's surviving spouse: 

	a.
	If
the sum of the age and SERVICE of the ELIGIBLE EMPLOYEE at the time of death equaled 70 (69.5 or more is rounded to 70) or if the ELIGIBLE EMPLOYEE was age 55 at the time of
death, the spouse's benefit shall be a monthly annuity commencing on the first of the month following the month in which the ELIGIBLE EMPLOYEE dies and shall be payable for the life of the surviving
spouse. The amount of the monthly benefit shall be one-half of the monthly BASIC SERP BENEFIT that would have been paid to the ELIGIBLE EMPLOYEE calculated:

	1)
	as
if he had elected to receive a BASIC SERP BENEFIT, without survivor's option;

	2)
	the
monthly annuity starting date was the first of the month following the month in which the ELIGIBLE EMPLOYEE died; and

	3)
	without
the application of early retirement reduction factors.

	b.
	If
the ELIGIBLE EMPLOYEE is less than 55 years of age or had fewer than 70 points (as calculated under Section 3.01(a)) at the time of death, the surviving spouse will be
entitled to receive a monthly annuity commencing on the first of the month following the month in which the ELIGIBLE EMPLOYEE would have become age 55 if he had survived. The amount of the monthly
annuity payable to the surviving spouse shall be equal to the BASIC SERP BENEFIT converted to a marital joint annuity providing for a 50 percent survivor's benefit, calculated as if:
1) the ELIGIBLE EMPLOYEE had terminated employment at the date of death, 2) had lived until age 55, 3) had begun to receive PENSION payments, and 4) had subsequently died.

	c.
	If
a former ELIGIBLE EMPLOYEE was age 55 or older at the time of his death and not yet receiving a SERP BENEFIT under the PLAN, the surviving spouse will be entitled to receive a
monthly annuity in an amount equal to the BASIC SERP BENEFIT converted to a marital joint annuity providing for a 50 percent survivor's benefit, calculated as if the former ELIGIBLE EMPLOYEE
had begun receiving the converted SERP BENEFIT immediately prior to his death.

	d.
	If
a former ELIGIBLE EMPLOYEE was younger than age 55 or had fewer than 70 points (as calculated under Section 3.01(a)) at the time of his death, the surviving spouse will be
entitled to receive a monthly annuity in an amount equal to the BASIC SERP BENEFIT converted to a marital joint annuity providing for a 50 percent survivor's benefit, calculated as if:
1) the 

3

 

former
ELIGIBLE EMPLOYEE had survived until age 55, 2) had begun receiving the converted SERP BENEFIT, and 3) had subsequently died. 

        3.02    A
surviving spouse who is entitled to receive a spouse's benefit under Section 3.01 shall not be entitled to receive any other benefit under the PLAN. 

 
 

ARTICLE IV
  ADMINISTRATIVE PROVISIONS    
    

        4.01    Administration. The PLAN shall be administered by the Senior Human Resources Officer of the CORPORATION ("PLAN
ADMINISTRATOR"), who shall have the authority to interpret the PLAN and make and revise such rules as he or she deems appropriate. The PLAN ADMINISTRATOR shall have the duty and responsibility of
maintaining records, making the requisite calculations, and
disbursing payments hereunder. The PLAN ADMINISTRATOR's interpretations, determinations, rules, and calculations shall be final and binding on all persons and parties concerned. 

        4.02    Amendment and Termination. The CORPORATION may amend or terminate the PLAN at any time, provided, however, that no such
amendment or termination shall adversely affect an accrued benefit which an ELIGIBLE EMPLOYEE has earned prior to the date of such amendment or termination, nor shall any amendment or termination
adversely affect a benefit which is being provided to an ELIGIBLE EMPLOYEE, surviving spouse, joint annuitant, or beneficiary under Article II or Article III on the date of such
amendment or termination. Anything in this Section 4.02 to the contrary notwithstanding, the CORPORATION may reduce or terminate any benefit to which an ELIGIBLE EMPLOYEE, surviving spouse or
joint annuitant, is or may become entitled provided that such ELIGIBLE EMPLOYEE, surviving spouse or joint annuitant is or becomes entitled to an amount equal to such benefit under another plan,
practice, or arrangement of the CORPORATION. 

        4.03    Nonassignability of Benefits. Except to the extent otherwise directed by a domestic relations order that the Plan
Administrator determines is a Qualified Domestic Relations Order under Section 401(a)(12) of the Internal Revenue Code, the benefits payable under this PLAN or the right to receive future
benefits under this PLAN 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 any benefits
becomes bankrupt, the interest under the PLAN of the person affected may be terminated by the PLAN ADMINISTRATOR which, in its 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 it deems appropriate. 

        4.04    Nonguarantee of Employment. Nothing contained in this PLAN shall be construed as a contract of employment between a
PARTICPATING EMPLOYER and the ELIGIBLE EMPLOYEE, or as a right of the ELIGIBLE EMPLOYEE to be continued in the employ of a PARTICIPATING EMPLOYER, to remain as an officer of a PARTICIPATING EMPLOYER,
or as a limitation on the right of a PARTICIPATING EMPLOYER to discharge any of its employees, with or without cause. 

        4.05    Apportionment of Costs. The costs of the PLAN may be equitably apportioned by the PLAN ADMINISTRATOR among the
PARTICIPATING EMPLOYERS. Each PARTICIPATING EMPLOYER shall be responsible for making benefit payments pursuant to the PLAN on behalf of its ELIGIBLE EMPLOYEES or for reimbursing the CORPORATION for
the cost of such payments, as determined by the CORPORATION in its sole discretion. In the event the respective PARTICIPATING EMPLOYER fails to make such payment or reimbursement, and the CORPORATION
does not exercise its discretion to make the contribution on such PARTICIPATING EMPLOYER's behalf, future benefit accruals of the ELIGIBLE EMPLOYEES of that PARTICIPATING EMPLOYER shall be suspended.
If at some future date, the PARTICIPATING EMPLOYER makes all past-due contributions, plus interest at a rate determined by the PLAN ADMINISTRATOR in his or her sole 

4

 

discretion,
the benefit accrual of its ELIGIBLE EMPLOYEES will be recognized for the period of the suspension. 

        4.06    Benefits Unfunded and Unsecured. The benefits under this PLAN are unfunded, and the interest under this PLAN of any
ELIGIBLE EMPLOYEE and such ELIGIBLE EMPLOYEE's right to receive a distribution of benefits under this PLAN shall be an unsecured claim against the general assets of the CORPORATION. 

        4.07    Applicable Law. All questions pertaining to the construction, validity, and effect of the PLAN 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. 

        4.08    Satisfaction of Claims. Notwithstanding Section 4.05 or any other provision of the PLAN, the CORPORATION may at
any time satisfy its obligations (either on a before-tax or after-tax basis) for any benefits accrued under the PLAN by the purchase from an insurance company of an annuity
contract on behalf of an ELIGIBLE EMPLOYEE. Such purchase shall be in the sole discretion of the CORPORATION and shall be subject to the ELIGIBLE EMPLOYEE'S acknowledgement that the CORPORATION's
obligations to provide benefits hereunder have been discharged, without regard to the payments ultimately made under the contract. In the event of a purchase pursuant to this Section 4.07, the
CORPORATION may in its sole discretion make payments to or on behalf of an ELIGIBLE EMPLOYEE to defray the cost to such ELIGIBLE EMPLOYEE of any personal income tax in connection with the purchase. 

        Adopted
pursuant to the delegation contained in the Resolution of the Board of Directors of Pacific Gas and Electric Company dated December 15, 2004. 

	

By:	
 	

/s/  PETER A. DARBEE      
 Peter A. Darbee
 President and Chief Executive Officer	
 	

 

5

QuickLinks

Exhibit 10.21

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN OF PG&E CORPORATION

ARTICLE I DEFINITIONS

ARTICLE II SERP BENEFITS

ARTICLE III DEATH BENEFITS

ARTICLE IV ADMINISTRATIVE PROVISIONS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]