Document:

ex1013.htm

    Exhibit
10.13

     

    PG&E
CORPORATION

    2006
LONG-TERM INCENTIVE PLAN

     

    PERFORMANCE
SHARE GRANT

     

    PG&E CORPORATION, a
California corporation, hereby grants Performance Shares to the Recipient named
below.  The Performance Shares have been granted under the PG&E
Corporation 2006 Long-Term Incentive Plan, as amended on February 15, 2006 and
December 20, 2006 (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:
                        November
6, 2007

     

    Name of
Recipient:                                   MORROW,
WILLIAM
T.                               

     

    Last Four
Digits of Recipient’s Social Security Number:                --8024                             

     

    Number of
Shares of Restricted Stock Granted:                          22,480                                   

     

    

     

    

     

    By
signing this cover sheet, 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 Grant, the
attached Agreement, and a copy of the prospectus describing the LTIP and the
Performance Shares dated January 1, 2007.

     

    

     

    Recipient:
                                /s/
William T.
Morrow                                                     

                                                                   (Signature)

    

    

    Attachment

     

    

     

    Please
sign and return to PG&E Corporation, Human Resources,

    One
Market, Spear Tower, Suite 400, San Francisco, California 94105

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    PG&E
CORPORATION 2006 LONG-TERM INCENTIVE PLAN (“LTIP”)

     

    PERFORMANCE
SHARE AGREEMENT

     

    
      	
              The
      LTIP and Other Agreements

            	
              This
      Agreement constitutes 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 and the LTIP, the LTIP shall
      govern. Capitalized terms that are not defined in this Agreement are
      defined in the LTIP.

               

              For
      purposes of this Agreement, employment with PG&E Corporation shall
      mean 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 are subject to
      the terms and conditions of this Agreement and the LTIP.

               

            
	
              Vesting
      of 

              Performance
      Shares

            	
              As
      long as you remain employed with PG&E Corporation, the Performance
      Shares will vest on the first business day of January (the “Vesting Date”)
      of 2011.  Except as described below, all Performance Shares
      subject to this Agreement that have not vested shall be forfeited upon
      termination of your employment.

               

            
	
              Payment
      of 

              Performance
      Shares

            	
              Upon
      the Vesting Date, PG&E Corporation’s total shareholder return (TSR)
      will be compared to the TSR of the twelve other companies in PG&E
      Corporation’s comparator group1
      for the prior three calendar years (the “Performance
      Period”).  Subject to rounding considerations, there will be no
      payout for TSR below the 25th
      percentile of the comparator group; TSR at the 25th
      percentile will result in a 25% payout of Performance Shares; TSR at the
      75th
      percentile will result in a 100% payout of Performance Shares; and TSR in
      the top rank will result in a 200% payout of Performance
      Shares.  The following table sets forth the payout percentages
      for the various TSR rankings that could be achieved:

               

                                                               
      Number of Companies in

                                                                  Total (Including
      PG&E)            

                                                                                       13                     

                                         

                                                                     Performance                  Rounded

                                              Rank                Percentile                        Payout          

               

                                                1                        100%                             200%

                                                2                          92%                             170%

                                                3                          83%                             130%

                                                4                          75%                             100%

                                                5                          67%                             90%

                                                6                          58%                              75%

                                                7                          50%                              65%

               

            
	
              1The
      identities of the companies currently comprising the comparator group are
      included in the prospectus.  PG&E Corporation reserves the
      right to change the companies comprising the comparator group at any
      time.                                           

                                                                  
      A-1

            
	 
      	
                                             

               

                                            
         8                          42%                              50%

                                                9                          33%                              35%

                                              10                          25%                              25%

                                              11                          17%   
                                 
      0%

                                              12                            8%  
                                  
      0%

                                              13                            0%                                0%

               

              The
      payment will equal the product of the number of vested Performance Shares,
      the applicable payout percentage, and the average closing price of a share
      of PG&E Corporation common stock for the last 30 calendar days of the
      year preceding the Vesting Date as reported on the New York Stock
      Exchange.  Payments, if any, will be made as soon as practicable
      following the date that the Nominating, Compensation, and Governance
      Committee of the PG&E Corporation Board of Directors certifies the TSR
      percentile rank over the Performance Period pursuant to Section 10.5(a) of
      the LTIP.

               

            
	
              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 shall be accrued on
      your behalf.  If you receive a Performance Share payout in
      accordance with the preceding paragraph, you shall also receive a cash
      payment equal to the amount of any dividends accrued over the Performance
      Period multiplied by the same payout percentage used to determine the
      amount of the Performance Share payout.

               

            
	
              Voluntary
      Termination

            	
              If
      you terminate your employment with PG&E Corporation voluntarily before
      the Vesting Date, all of the Performance Shares shall be cancelled as of
      the date of such termination and any dividends accrued with respect to
      your Performance Shares shall be forfeited.

               

            
	
              Termination
      for Cause

            	
              If
      your employment with PG&E Corporation is terminated by PG&E
      Corporation for cause before the Vesting Date, all of the Performance
      Shares shall be cancelled as of the date of such termination and any
      dividends accrued with respect to your Performance Shares shall 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.

               

            
	
              Termination
      other 

              than
      for Cause

            	
              If
      your employment with PG&E Corporation is terminated by PG&E
      Corporation other than for cause before the Vesting Date, your unvested
      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 (and any
      associated accrued dividends) shall automatically be cancelled upon such
      termination.  Your vested Performance Shares will be payable, if
      at all, after the completion of the Performance Period based on the same
      formula applied to active employees.  You shall also receive a
      cash payment, if any, equal to the

               

              A-2

               

                
      

              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 amount, if any, of the Performance Share
payout.

               

            
	
              Retirement

            	
              If
      you retire before the Vesting Date, your outstanding Performance Shares
      will continue to vest as though your employment had continued and will be
      payable, if at all, as soon as practicable following the Vesting
      Date.  You shall also 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 amount, if any, of the Performance Share
      payout.  You will be considered to have retired if you are age
      55 or older on the date of termination and if you were employed by
      PG&E Corporation for at least five 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 shall immediately vest and
      will be payable, if at all, as soon as practicable after the completion of
      the Performance Period based on the same formula applied to active
      employees.  You shall also 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 amount, if any, of the Performance Share
      payout.

               

            
	
              Termination
      Due to 

              Disposition
      of Subsidiary

            	
              (1)
      If your employment is terminated (other than for cause or your voluntary
      termination) 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) if your employment is terminated (other than for cause or
      your voluntary termination) coincident with the sale of all or
      substantially all of the assets of a subsidiary of PG&E Corporation,
      all Performance Shares shall 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 (and any
      associated accrued dividends) shall automatically be cancelled upon such
      termination.  Your vested Performance Shares will be payable, if
      at all, after the completion of the Performance Period based on the same
      formula applied to active employees.  You shall also 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 amount, if
      any, of the Performance Share payout.

               

            
	
              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

              A-3

               

                
      

              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, TSR shall be
      calculated by aggregating (a) the TSR of PG&E Corporation for the
      period from January 1 of the year of grant to the date of the Change in
      Control, and (b) the TSR of the Acquiror from the date of the Change in
      Control to the Vesting Date.   The payout percentage
      reflected in the table set forth above for the highest percentile TSR
      performance met or exceeded when calculated on that basis, and considering
      any adjustments to the comparator group, will be used to determine the
      amount of the payout, if any, upon settlement of the assumed, continued or
      substituted award.  You shall also receive a cash payment, if
      any, equal to the amount of dividends accrued with respect to your
      Performance Shares to the first business day of the year following the
      Change in Control multiplied by the same payout percentage used to
      determine the amount, if any, of the Performance Share
payout.

              If
      this Award is neither assumed nor continued by the Acquiror or if 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 shall automatically vest and become
      nonforfeitable when the Change in Control of PG&E Corporation occurs
      before the Vesting Date.  Such vested Performance Shares will
      become payable on the first business day of the year following the Change
      in Control.  The payment, if any, will be based on PG&E
      Corporation’s TSR for the period from January 1, 2008 to the date of the
      Change in Control compared to the TSR of the other companies in PG&E
      Corporation’s comparator group2 for the same period.  The
      payment will be calculated by multiplying the number of vested Performance
      Shares by the payout percentage.  The resulting number of
      Performance Shares will be multiplied by the average closing price of a
      share of PG&E Corporation common stock for the last 30 calendar days
      preceding the Change in Control as reported on the New York Stock
      Exchange.  You shall also receive a cash payment, if any, equal
      to the amount of dividends accrued with respect to your Performance Shares
      to the first business day of the year following the Change in Control
      multiplied by the same payout percentage used to determine the amount, if
      any, of the Performance Share payout.

               

            
	
              Termination
      In Connection 

              with
      a Change in Control

            	
              If
      your employment is terminated in connection with a Change in Control
      within three months before the Change in Control occurs or 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) shall automatically vest and
      become nonforfeitable on the date of termination of your employment. Your
      vested Performance Shares will be payable, if at all, on the first
      business day of the

               

            
	
              2The
      identities of the companies currently comprising the comparator group are
      included in the prospectus.  PG&E Corporation reserves the
      right to change the companies comprising the comparator group at any
      time.

                                                                                          A-4

            
	 
      	
              following
      year following the completion of the Performance Period and will be based
      on the same formula applied to active employees.  You shall also
      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 amount, if
      any, of the Performance Share payout.

               

              PG&E
      Corporation shall have the sole discretion to determine whether
      termination of your employment was made in connection with a Change in
      Control.

               

            
	
              Withholding
      Taxes

            	
              PG&E
      Corporation will withhold amounts necessary to satisfy applicable taxes
      from the payment to be made with respect to your Performance
      Shares.  You will receive the remaining proceeds in
      cash.

               

            
	
              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.

               

            
	
              Applicable
      Law

            	
              This
      Agreement will be interpreted and enforced under the laws of the State of
      California.

               

            

    

    By
signing the cover sheet of this Agreement, you agree to all of the terms and
conditions described above and in the LTIP.

    

    

                                                           
A-5ex1014.htm

    

      Exhibit
10.14

       

      PG&E
CORPORATION

      2006
LONG-TERM INCENTIVE PLAN

       

      RESTRICTED
STOCK GRANT

       

      PG&E CORPORATION, a
California corporation, hereby grants shares of Restricted Stock to the
Recipient named below.  The shares of Restricted Stock have been
granted under the PG&E Corporation 2006 Long-Term Incentive Plan, as amended
on February 15, 2006 and December 20, 2006 (the “LTIP”).  The terms
and conditions of the Restricted Stock are set forth in this cover sheet and in
the attached Restricted Stock Agreement (the “Agreement”).

       

       

      Date of
Grant:
                        November
6, 2007

       

      Name of
Recipient:                                   MORROW,
WILLIAM
T.                               

       

      Last Four
Digits of Recipient’s Social Security Number:                --8024                             

       

      Number of
Shares of Restricted Stock Granted:                          22,480                                   

       

      

       

      By
signing this cover sheet, 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 Grant, the attached Agreement, and a copy of
the prospectus describing the LTIP and the Restricted Stock dated January 1,
2007.

       

      

       

      Recipient:
                                /s/
William T.
Morrow                                                     

                                                                                 (Signature)

      

      

      Attachment

       

      

       

      Please
sign and return to PG&E Corporation, Human Resources,

      One
Market, Spear Tower, Suite 400, San Francisco, California 94105

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      PG&E
CORPORATION

      2006
LONG-TERM INCENTIVE PLAN (“LTIP”)

       

      RESTRICTED
STOCK AGREEMENT

       

      
        	
                The
      LTIP and Other 

                Agreements

              	
                This
      Agreement constitutes the entire understanding between you and PG&E
      Corporation regarding the Restricted Stock, 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 and the LTIP, the LTIP shall
      govern.  Capitalized terms that are not defined in this
      Agreement are defined in the LTIP. For purposes of this Agreement,
      employment with PG&E Corporation shall mean employment with any member
      of the Participating Company Group.

                 

              
	
                Grant
      of Restricted Stock

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

                 

              
	
                Lapse
      of Restrictions

              	
                As
      long as you remain employed with PG&E Corporation, the restrictions
      will lapse as to 20 percent of the total number of shares of Restricted
      Stock originally subject to this Agreement, as shown above on the cover
      sheet, on the first business day of January of each of 2009, 2010, and
      2011.  The restrictions will lapse as to an additional 40
      percent of the total number of shares of Restricted Stock on the first
      business day of January of 2013; provided, however, that the restrictions
      will lapse as to this 40 percent on the first business day of January of
      2011 if PG&E Corporation’s performance in total shareholder return
      (“TSR”) is at or above the 75th
      percentile for the prior three calendar years as compared with the
      comparator group established from time to time by PG&E
      Corporation.  (Each lapse day is an “Annual Lapse
      Date”).  Except as described below, all shares of Restricted
      Stock subject to this Agreement as to which the restrictions have not
      lapsed shall be forfeited upon termination of your
employment.

                 

                To
      the extent this Agreement provides for the continued lapse of restrictions
      following the termination of employment, such continued lapse shall be
      subject to your continued compliance with certain post-employment
      restrictions.

                 

              
	
                Voluntary
      Termination

              	
                In
      the event that you terminate your employment with PG&E Corporation
      voluntarily, you will automatically forfeit to PG&E Corporation all of
      the shares of Restricted Stock as to which the restrictions have not
      lapsed subject to this Agreement as of the date of such
      Termination.

                 

              
	
                Termination
      for Cause

              	
                If
      your employment with PG&E Corporation is terminated by PG&E
      Corporation for cause, you will automatically forfeit to PG&E
      Corporation all shares of Restricted Stock as to which the restrictions
      have not lapsed subject to this Agreement as of the date of such
      termination.  In general,

                 

                A-1

                
                  
      

                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.

                 

              
	
                Termination
      other than

                for
      Cause

              	
                If
      your employment with PG&E Corporation is terminated by PG&E
      Corporation other than for cause before the restrictions on your
      Restricted Stock lapse, and you are an officer in Bands 1-5, the
      restrictions on your outstanding shares of Restricted Stock that would
      have lapsed during the period of the “Severance Multiple” under the
      applicable severance policy shall continue to lapse pursuant to the
      regular lapse schedule (or sooner, to the extent described below in
      connection with a Change in Control during such period). In the event of
      your involuntary termination other than for cause, if you are not an
      officer in Bands 1-5, the restrictions on your outstanding shares of
      Restricted Stock that would have lapsed within 12 months following such
      termination will continue to lapse pursuant to the regular lapse schedule
      (or sooner, in the event of a Change in Control during such
      period).  All other outstanding shares of Restricted Stock shall
      automatically be forfeited to PG&E Corporation upon such
      termination.

                 

              
	
                Retirement

              	
                In
      the event of your Retirement, the restrictions on your outstanding shares
      of Restricted Stock will continue to lapse as though your employment had
      continued.  You will be considered to have retired if you are
      age 55 or older on the date of termination and if you were employed by
      PG&E Corporation for at least five consecutive years ending on the
      date of termination of your employment.

                 

              
	
                Death/Disability

              	
                If
      your employment terminates due to your death or disability, the
      restrictions on all of your shares of Restricted Stock shall lapse on the
      next Annual Lapse Date.  In the event of a Change in Control
      after such termination and before such next Annual Lapse Date, the
      restrictions as to all shares of Restricted Stock shall immediately lapse
      to the extent described below under “Change in Control.”

                 

              
	
                Termination
      Due to Disposition of Subsidiary

              	
                (1)
      If your employment is terminated (other than for cause or your voluntary
      termination) 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 (the “Code”), or (2) if your employment is terminated (other than
      for cause or your voluntary termination) coincident with the sale of all
      or substantially all of the assets of a subsidiary of PG&E
      Corporation, the restrictions on all shares of Restricted Stock shall
      lapse on the next Annual Lapse Date.  In the event of a Change
      in Control after such Termination and before such next Annual Lapse Date,
      the restrictions as to all shares of Restricted Stock shall immediately
      lapse to the extent described below under “Change in
Control.”

                 

              
	
                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

                 

                 

                A-2

                 

                  
      

                may
      be (the “Acquiror”), may, without your
      consent, either assume or continue PG&E Corporation’s rights and
      obligations under this Agreement or provide substantially equivalent
      awards associated with the Acquiror’s stock.  If this Award is
      neither assumed nor continued by the Acquiror or if the Acquiror does not
      provide a substantially equivalent award, the restrictions on all of your
      outstanding shares of Restricted Stock shall automatically lapse and the
      shares shall become nonforfeitable immediately preceding, and contingent
      on, the Change in Control of PG&E Corporation.

                 

                If
      the Acquiror assumes or continues PG&E Corporation’s rights and
      obligations under this Agreement or substitutes a substantially equivalent
      award, TSR shall be calculated by aggregating (a) the TSR of PG&E
      Corporation for the period from January 1 of 2008 to the date of the
      Change in Control, and (b) the TSR of the Acquiror from the date of the
      Change in Control to the end of the calendar year preceding the third
      Annual Lapse Date.

                 

              
	
                Termination
      In Connection 

                with
      a Change in Control

              	
                If
      your employment is terminated in connection with a Change in Control
      within three months before the Change in Control occurs or within two
      years following the Change in Control, the restrictions on all of your
      outstanding shares of Restricted Stock (to the extent the restrictions did
      not previously lapse upon failure of the Acquiror to assume or continue
      this Award) shall lapse and the shares shall become nonforfeitable on the
      date of termination of your employment.  PG&E Corporation
      shall have the sole discretion to determine whether termination of your
      employment was made in connection with a Change in Control.

                 

              
	
                Escrow

              	
                The
      certificates for the Restricted Stock shall be deposited in escrow with
      the Corporate Secretary of PG&E Corporation to be held in accordance
      with the provisions of this paragraph.  Each deposited
      certificate shall be accompanied by any assignment documents PG&E
      Corporation may require you to execute.  The deposited
      certificates shall remain in escrow until such time as the certificates
      are to be released or otherwise surrendered for cancellation as discussed
      below.

                 

                All
      dividends, if any, on the Restricted Stock shall be held in escrow and
      subject to the same restrictions as the shares to which they
      relate.

                 

              
	
                Release
      of Shares and 

                Withholding
      Taxes

              	
                The
      shares of Restricted Stock held in escrow hereunder shall be subject to
      the following terms and conditions relating to their release from escrow
      or their surrender to PG&E Corporation:

                 

                ·    
      When the restrictions as to your shares of Restricted Stock lapse
      as described above, the certificates for such shares shall be released
      from escrow and delivered to you, at your request within thirty (30) days
      of the applicable Annual Lapse Date.

                 

                ·    
      Upon termination of your employment, any shares of Restricted Stock
      as to which the restrictions have not lapsed shall be forfeited
      and

                 

                 

                A-3

                
                  
      

                automatically
      surrendered to PG&E Corporation as provided herein.

                 

                Note
      that you must make arrangements acceptable to PG&E Corporation to
      satisfy withholding or other taxes that may be due before your shares will
      be released to you.  If you so elect, PG&E Corporation will
      assist you in selling your shares through a broker so that you can use the
      sales proceeds to satisfy applicable taxes.  You will receive
      the remaining proceeds in cash.  However, if you wish to receive
      the stock certificates in lieu of selling your shares, you will need to
      make arrangements to pay the applicable taxes either by check or through
      payroll deduction.  PG&E Corporation will notify you about
      how to instruct PG&E Corporation to sell your shares when the
      restrictions lapse or make other arrangements.

                 

              
	
                Code
      Section 

                83(b)
      Election

              	
                Under
      Section 83(a) of the Code, the Fair Market Value of the Restricted Stock
      on the date any forfeiture restrictions applicable to such Restricted
      Stock lapse will be reportable as ordinary income at that
      time.  For this purpose, “forfeiture restrictions” include
      surrender to PG&E Corporation of Restricted Stock as described
      above.  You may elect to be taxed at the time the Restricted
      Stock is granted to you, rather than when the restrictions lapse by filing
      an election under Section 83(b) of the Code with the Internal Revenue
      Service within thirty (30) days after the Date of
      Grant.  Failure to make this filing within the thirty (30) day
      period will result in the recognition of ordinary income by you (in the
      event the Fair Market Value of the Restricted Stock increases after the
      date of purchase) as the forfeiture restrictions lapse.  YOU ACKNOWLEDGE THAT IT IS YOUR
      SOLE RESPONSIBILITY, AND NOT PG&E CORPORATION’S, TO FILE A TIMELY
      ELECTION UNDER CODE SECTION 83(b).  YOU ARE RELYING SOLELY ON
      YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO
      FILE A CODE SECTION 83(b) ELECTION.

                 

              
	
                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.

                 

              
	
                Voting
      and Other Rights

              	
                Subject
      to the terms of this Agreement, you shall have all the rights and
      privileges of a shareholder of PG&E Corporation while the Restricted
      Stock is held in escrow, including the right to vote.  As
      described above, all dividends, if any, on the Restricted Stock shall be
      held in escrow and subject to the same restrictions as the shares to which
      they relate.

                 

                 

                A-4

                 

              
	
                Restrictions
      on

                Issuance

                 

              	
                PG&E
      Corporation will not issue any Restricted Stock if the issuance of such
      Restricted Stock at that time would violate any law or
      regulation.

                 

              
	
                Restrictions
      on Resale 

                and
      Hedge Transactions

              	
                By
      signing this Agreement, you agree not to sell any Restricted Stock before
      the restrictions lapse or sell any shares acquired under this grant at a
      time when applicable laws, regulations or Company or underwriter trading
      policies prohibit sale.  In particular, in connection with any
      underwritten public offering by PG&E Corporation of its equity
      securities pursuant to an effective registration statement filed under the
      Securities Act of 1933, you shall not sell, make any short sale of, loan,
      hypothecate, pledge, grant any option for the purchase of, or otherwise
      dispose or transfer for value or agree to engage in any of the foregoing
      transactions with respect to any shares acquired under this grant without
      the prior written consent of PG&E Corporation or its underwriters, for
      such period of time after the effective date of such registration
      statement as may be requested by PG&E Corporation or the
      underwriters.

                 

                If
      the sale of shares acquired under this grant is not registered under the
      Securities Act of 1933, but an exemption is available which requires an
      investment or other representation and warranty, you shall represent and
      agree that the Shares being acquired are being acquired for investment,
      and not with a view to the sale or distribution thereof, and shall make
      such other representations and warranties as are deemed necessary or
      appropriate by PG&E Corporation and its counsel.

                 

                By
      your acceptance of the grant, you agree that while the Restricted Stock is
      subject to restrictions, you will not enter into a corresponding hedging
      transaction relating to PG&E Corporation’s stock nor engage in any
      short sale of PG&E Corporation’s stock.  This prohibition
      shall not apply to transactions effected through PG&E Corporation’s
      benefit plans that provide an opportunity to invest in Company stock or
      which provide compensation based on the price of Company
      stock.

                 

              
	
                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.

                 

              
	
                Legends

              	
                All
      certificates that may be issued to represent the Restricted Stock issued
      under this grant shall, where applicable, have endorsed thereon the
      following legends:

                 

                “THE
      SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS
      ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN PG&E CORPORATION AND THE
      REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST.  A
      COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF PG&E
      CORPORATION AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE CORPORATE
      SECRETARY OF PG&E CORPORATION BY THE HOLDER OF

                                                           

                A-5

                
                  
      

                 

                RECORD
      OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

                 

              
	
                Applicable
      Law

              	
                This
      Agreement will be interpreted and enforced under the laws of the State of
      California.

                 

              

      

      By
signing the cover sheet of this Agreement, you agree to all of the terms and
conditions described above and in the LTIP.

      

      

       

      

       

      

       

       

      

       

      

       

      

       

      

       

      

       

      

       

       

       

       

       

       

       

      A-6

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