Document:

Form of 2011 Restricted Stock/Performance Shares Agreement

 EXHIBIT 10.2 
 2011 Form Restricted Stock Agreement 
 3-Year Cliff and Performance Vesting

 California and Attorneys 

 

 

 Career Education Corporation 
 2008 Incentive Compensation Plan 
 Cover Page to Restricted Stock
Agreement 
 (The Restricted Stock Agreement is attached hereto) 

Pursuant and subject to the Career Education Corporation 2008 Incentive Compensation Plan (the “Plan”) and the attached Restricted Stock
Agreement, the Committee has awarded the Grantee named below shares of restricted common stock of Career Education Corporation (“Restricted Shares”) as follows: 

Name of Grantee: INSERT NAME 
 Grant Date: March 3, 2010 
 Total Number of Restricted Shares
Granted and 
 Available for Vesting Under This Award: A 

 

			
	Understanding This Award
	
Time-Vesting Shares
	    	B
	
Performance- and Time-Vesting Shares
	    	C
	
Restricted Shares Available for Vesting
	    	A

 By executing below, the Grantee hereby acknowledges, (1) receipt of a true copy of the Restricted Stock Agreement; (2) that the Grantee has read the Restricted Stock Agreement and the Plan
carefully, and fully understands their contents; (3) that the Grantee accepts the award of Restricted Shares; and (4) the Grantee agrees to be bound by the terms and conditions of the Restricted Stock Agreement and the Plan. Grantee
further acknowledges and understands that the Restricted Shares that are Performance-Vesting are issued on the Grant Date at the maximum number of Restricted Shares that would vest if Maximum Performance is met. 

IN WITNESS WHEREOF, as of the Grant Date the Company and the Grantee hereby agree to be bound by the terms and conditions of the Restricted Stock
Agreement and the Plan. 
  

											
	CAREER EDUCATION CORPORATION	  	GRANTEE	  	
	By:	 	 /s/ Gary E. McCullough
	 		  	By:	  	  
	  	
	Gary E. McCullough	  		  		  	
	President & Chief Executive Officer	  		  		  	

 Please sign and return your signed copy of this cover page to the Restricted Stock Agreement
by April     , 2011, to                     at CEC corporate via pdf, fax or inter-office mail
(                    ). Failure to do so will result in forfeiture of the award. Please retain a copy of this signed cover page;
the remainder of the Restricted Stock Agreement is for your records and does not need to be returned. 

 2011 Form Restricted Stock Agreement 

3-Year Cliff and Performance Vesting 
 California and Attorneys 
  

 CAREER EDUCATION CORPORATION 

2008 INCENTIVE COMPENSATION PLAN 
 RESTRICTED STOCK AGREEMENT 
 In accordance with and subject to the terms of
the Career Education Corporation 2008 Incentive Compensation Plan (the “Plan”) and this Agreement, the Committee granted to the person named as grantee (the “Grantee”), on the cover page attached to this Restricted
Stock Agreement (the “Cover Page”) an award of shares of Restricted Shares of the Career Education Corporation (the “Company”) (the Cover Page and this Restricted Stock Agreement hereinafter referred to as the
“Agreement”). 
 To evidence such award and to set forth its terms, the Company and the Grantee agree as
follows. All capitalized terms not otherwise defined in the Agreement shall have the meaning set forth in the Plan. 
 1. Grant of Restricted
Shares. Subject to and upon the terms and conditions set forth in this Agreement and the Plan, the Committee granted to the Grantee the number of shares of Restricted Shares set forth on the Cover Page (the “Restricted Shares”),
effective as of the grant date set forth on the Cover Page (the “Grant Date”), and the Grantee hereby accepts the grant of the Restricted Shares on a restricted basis, as set forth herein. 

2. Limitations on Transferability. At any time prior to vesting in accordance with Paragraph 3 or 4, the Restricted Shares, or any interest
therein, cannot be directly or indirectly transferred, sold, assigned, pledged, hypothecated, encumbered or otherwise disposed. 
 3. Dates
of Vesting. Subject to the provisions of Paragraphs 4 and 5 of this Agreement, the Restricted Shares shall cease to be restricted and shall become non-forfeitable (thereafter being referred to as “Vested Shares”) on the dates
(each, a “Vesting Date”) as follows: 
 (a) the portion of the Restricted Shares designated as
“Time-Vesting Shares” on the Cover Page (“Time-Vesting Shares”) shall become Vested Shares on the third anniversary of the Grant Date. 
 (b) provided that the performance criteria specified on Exhibit A hereto have been satisfied, the portion of the Restricted Shares designated as “Performance- and Time-Vesting Shares” on the
Cover Page (“Performance-Vesting Shares”) shall become Vested Shares as of the third anniversary of the Grant Date, but only to the extent and in the proportion that such performance criteria have been satisfied as determined in the
sole and complete discretion of the Compensation Committee as described below. 
 Notwithstanding the foregoing, and subject to
Paragraphs 4 and 5 below, in the event that the Grantee incurs a Termination of Service prior to any Vesting Date, any Restricted Shares that were unvested at the date of such Termination of Service shall be immediately forfeited to the
Company.
 Any shares of Performance-Vesting Shares that do not become Vested Shares on the third anniversary of the Grant Date
as a result of a failure to fully satisfy the applicable performance criteria shall be forfeited to the Company. The Committee shall have full discretion and authority to determine whether and to what extent such performance criteria have been
satisfied, and the determination of the Committee shall be final and binding on the Grantee, the 

  
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 2011 Form Restricted Stock Agreement 

3-Year Cliff and Performance Vesting 
 California and Attorneys 
  

 
Company and all other interested persons. In addition, notwithstanding the fact that the performance criteria may otherwise be fully satisfied, to the extent determined by the Committee in its
sole and complete discretion, the number of Performance-Vesting Shares that are to become vested on the Vesting Date may be reduced by the Committee. Any such reduction shall occur during the period between January 1, 2012 and March 31,
2012. Any Performance-Vesting Shares which will not become vested pursuant to this paragraph shall be forfeited to the Company at the time of the relevant determination by the Committee. Nothing in this paragraph shall affect the requirement that
the Grantee remain employed by the Company as of the Vesting Date (subject to Paragraphs 4 and 5 below). 
 4. Termination of Service.
Subject to Paragraph 5 below, the provisions of this Paragraph 4 shall apply in the event the Grantee incurs a Termination of Service at any time prior to the applicable Vesting Date set forth in Paragraph 3: 

(a) If the Grantee incurs a Termination of Service because of his or her death or Disability, any then outstanding Restricted Shares that
had not become Vested Shares prior to the date of the Termination of Service shall become Vested Shares, and the Grantee shall immediately own the Vested Shares free of all restrictions otherwise imposed by this Agreement except for Vested Shares
used to satisfy the tax withholding obligations set forth in Section 25 of this Agreement or otherwise required by any taxing authority. 
 (b) To the extent the Grantee incurs a Termination of Service for any reason other than his or her death or Disability, any then outstanding Restricted Shares that had not become Vested Shares prior to
the date of the Termination of Service shall be immediately forfeited to the Company. 
 5. Change in Control. Upon a Change in Control,
the Grantee will have such rights with respect to the then outstanding Restricted Shares as are provided for in the Plan. 

6. Stock Issuance, Restrictions and Escrow. The Company, in its sole discretion, shall either (a) credit the
Restricted Shares to the Grantee in a book entry on the records kept by the Company’s stockholder record keeper, or (b) cause to be issued certificates for Restricted Shares. To the extent the Restricted Shares are credited pursuant to
clause (a) of the preceding sentence, then any outstanding Restricted Shares shall be subject to restrictions on transfer until, and to the extent, such Restricted Shares become Vested Shares pursuant to Paragraph 3, 4 or 5 above. To the
extent certificates for the Restricted Shares are issued pursuant to clause (b) above, such certificates shall be held in escrow by the Company until, and to the extent, such Restricted Shares shall become Vested Shares pursuant to Paragraph 3,
4 or 5 above. To the extent any such Restricted Shares fail to become Vested Shares pursuant to Paragraph 3, 4 or 5 above, the Company shall cancel any portion of the Restricted Shares forfeited by the Grantee pursuant to the terms of the Plan
or this Agreement. The Company shall release the restrictions upon the remaining Vested Shares in the book entry records, or release the related certificates, together with any assets or securities held in escrow hereunder, from escrow, as
applicable, in each case resulting in the release of any Vested Shares to the Grantee. 
 7. Liability of Company. The inability of the
Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and transfer of any Shares pursuant to this Agreement shall relieve the Company of any liability with respect to the
non-issuance or transfer of the Shares as to which such approval shall not have been obtained. However, the Company shall use its best efforts to obtain all such approvals. 

  
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 2011 Form Restricted Stock Agreement 

3-Year Cliff and Performance Vesting 
 California and Attorneys 
  

 8. Adjustment in Restricted Shares. The Committee may make or provide for such adjustments as
provided for in Section 4.2 of the Plan. 
 9. Plan Amendment. No discontinuation, modification, or amendment of the Plan may,
without the written consent of the Grantee, adversely affect the rights of the Grantee under this Agreement, except as otherwise provided under the Plan. This Agreement may be amended as provided under the Plan, but no such amendment shall adversely
affect the Grantee’s rights under the Agreement without the Grantee’s written consent, unless otherwise permitted by the Plan. 
 10.
Stockholder Rights. The Grantee shall be entitled to receive any dividends that become payable on or after the Grant Date with respect to the Restricted Shares and Vested Shares; provided, however, that no dividends shall be
payable (a) with respect to the Restricted Shares on account of record dates occurring prior to the Grant Date, and (b) with respect to forfeited Restricted Shares on account of record dates occurring on or after the date of such
forfeiture. The Grantee shall be entitled to vote the Restricted Shares on or after the Grant Date to the same extent as would have been applicable to the Grantee if the Restricted Shares had then been Vested Shares; provided, however,
that the Grantee shall not be entitled to vote (a) the Restricted Shares on account of record dates occurring prior to the Grant Date, and (b) with respect to forfeited Restricted Shares on account of record dates occurring on or after the
date of such forfeiture. 
 11. Employment Rights. This Agreement is not a contract of employment, and the terms of employment of the
Grantee or other relationship of the Grantee with the Company shall not be affected in any way by this Agreement except as specifically provided herein. The execution of this Agreement shall not be construed as conferring any legal rights upon the
Grantee for a continuation of an employment or other relationship with the Company, nor shall it interfere with the right of the Company to discharge the Grantee and to treat him or her without regard to the effect which such treatment might have
upon him or her as a Grantee. 
 12. Disclosure Rights. Except as required by applicable law, the Company (or any of its affiliates)
shall not have any duty or obligation to disclose affirmatively to a record or beneficial holder of Common Stock, Restricted Shares or Vested Shares, and such holder shall have no right to be advised of, any material information regarding the
Company at any time prior to, upon or in connection with receipt of the Shares. 
 13. Governing Law. The interpretation, performance and
enforcement of this Agreement shall be governed by and enforced in accordance with the laws of the State of Delaware (other than its laws respecting choice of law). 
 14. Compliance with Laws and Regulations. Notwithstanding anything herein to the contrary, the Company shall not be obligated to either (a) cause to be issued or delivered any
certificates for Restricted Shares or Vested Shares, or (b) credit a book entry related to the Restricted Shares or Vested Shares to be entered on the records of the Company’s stockholder record keeper, unless and until the Company is
advised by its counsel that such issuance and 

  
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 2011 Form Restricted Stock Agreement 

3-Year Cliff and Performance Vesting 
 California and Attorneys 
  

 
delivery of such certificates or entry on the records, as applicable, is in compliance with all applicable laws, regulations of governmental authority, and the requirements of any exchange upon
which Shares are traded. The Company may require, as a condition of such issuance and delivery of such certificates or entry on the records, as applicable, and in order to ensure compliance with such laws, regulations and requirements, that the
Grantee make such covenants, agreements, and representations as the Company, in its sole discretion, considers necessary or desirable. 
 15.
Successors and Assigns. Except as otherwise expressly set forth in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the succeeding administrators, heirs and legal representatives of the
Grantee and the successors and assigns of the Company. 
 16. No Limitation on Rights of the Company. This Agreement shall not in any way
affect the right of the Company to adjust, reclassify, reorganize or otherwise make changes in its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. 

17. Notices. Any communication or notice required or permitted to be given hereunder shall be in writing, and, if to the Company, to its principal
place of business, attention: Secretary, and, if to the Grantee, to the address appearing on the records of the Company. Such communication or notice shall be delivered personally or sent by certified, registered, or express mail, postage prepaid,
return receipt requested, or by a reputable overnight delivery service. Any such notice shall be deemed given when received by the intended recipient. Notwithstanding the foregoing, any notice required or permitted hereunder from the Company to the
Grantee may be made by electronic means, including by electronic mail to the Company-maintained electronic mailbox of the Grantee, and the Grantee hereby consents to receive such notice by electronic delivery. To the extent permitted in an
electronically delivered notice described in the previous sentence, the Grantee shall be permitted to respond to such notice or communication by way of a responsive electronic communication, including by electronic mail. 

18. Construction. Notwithstanding any other provision of this Agreement, this Agreement is made and the Shares are granted pursuant to the Plan
and are in all respects limited by and subject to the express provisions of the Plan, as amended from time to time. To the extent any provision of this Agreement is inconsistent or in conflict with any term or provision of the Plan, the Plan shall
govern. The interpretation and construction by the Committee of the Plan, this Agreement and any such rules and regulations adopted by the Committee for purposes of administering the Plan, shall be final and binding upon the Grantee and all other
persons. 
 19. Entire Agreement. This Agreement, together with the Plan, constitute the entire obligation of the parties hereto with
respect to the subject matter hereof and shall supersede any prior expressions of intent or understanding with respect to this transaction. 

20. Amendment. Any amendment to this Agreement shall be in writing and signed by the Company and the Grantee. 

21. Waiver; Cumulative Rights. The failure or delay of either party to require performance by the other party of any provision hereof shall not
affect its right to require performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is cumulative and may be exercised in part or in whole from time to time. 

22. Counterparts. This Agreement may be signed in two counterparts, each of which shall be an original, but both of which shall constitute but one
and the same instrument. 

  
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 2011 Form Restricted Stock Agreement 

3-Year Cliff and Performance Vesting 
 California and Attorneys 
  

 23. Headings. The headings contained in this Agreement are for reference purposes only and shall
not affect the meaning or interpretation of this Agreement. 
 24. Severability. If any provision of this Agreement shall for any reason
be held to be invalid or unenforceable, such invalidity or unenforceability shall not effect any other provision hereof, and this Agreement shall be construed as if such invalid or unenforceable provision were omitted. 

25. Tax Consequences. The Grantee acknowledges and agrees that the Grantee is responsible for all taxes and tax consequences with respect to the
grant of the Restricted Shares or the lapse of restrictions otherwise imposed by this Agreement. The Grantee further acknowledges that it is the Grantee’s responsibility to obtain any advice that the Grantee deems necessary or appropriate with
respect to any and all tax matters that may exist as a result of the grant of the Restricted Shares or the lapse of restrictions otherwise imposed by this Agreement. Notwithstanding any other provision of this Agreement, the Restricted Shares,
together with any other assets or securities held in escrow hereunder, shall not be released to the Grantee unless, as provided in Section 17 of the Plan, the Grantee shall have paid to the Company, or made arrangements satisfactory to the
Company regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to the grant of the Restricted Shares or the lapse of restrictions otherwise imposed by this Agreement. 

26. Receipt of Plan. The Grantee acknowledges receipt of a copy of the Plan, and represents that the Grantee is familiar with the terms and
provisions thereof, and hereby accepts the Restricted Shares subject to all the terms and provisions of this Agreement and of the Plan. The Shares are granted pursuant to the terms of the Plan, the terms of which are incorporated herein by
reference, and the Restricted Shares shall in all respects be interpreted in accordance with the Plan. The Committee shall interpret and construe the Plan and this Agreement, and its interpretation and determination shall be conclusive and binding
upon the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder. 
 27.
Restrictive Covenants. During the Grantee’s employment with the Company and/or any of its subsidiaries and continuing thereafter for the post-termination periods specified below, the Grantee will not, in any way, directly or indirectly,
either for the Grantee or any other person or entity, whether paid or unpaid: 
 (a) For
[            (    )] months following Grantee’s voluntary resignation from Grantee’s employment with the Company or Grantee’s termination from
employment by the Company for Cause, accept employment with, own, manage, operate, consult or provide expert services to any person or entity that would require the use, disclosure or dissemination of confidential information belonging to the
Company and/or its subsidiaries. If the Grantee is involuntarily terminated from employment with the Company other than for Cause, the Grantee will not be subject to any post-termination restrictive covenant under this clause Section 27(a).

 (b) For twelve (12) months following Grantee’s termination of employment with the Company for any reason,
solicit, attempt to solicit, assist with the solicitation of, direct another to solicit, or otherwise entice any employee of the Company or any of its subsidiaries to leave his/her employment. 

  
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 2011 Form Restricted Stock Agreement 

3-Year Cliff and Performance Vesting 
 California and Attorneys 
  

 Should the Grantee breach the terms of these Restrictive Covenants, the Company reserves the right to
enforce the terms herein in court and seek any and all remedies available to it in equity and law, and the Grantee agrees to pay the Company’s attorneys’ fees and costs should it succeed on its claim(s). Further, should the Grantee breach
the terms of these Restrictive Covenants, the Grantee will forfeit any right to the Restricted Stock received hereunder, subject to the terms and conditions of the applicable Plan, and the Grantee agrees to pay the Company’s attorneys’
fees and costs incurred in recovering such Restricted Stock. 
 It is the intention of the Grantee and the Company that in the event any of the
covenants contained in these Restrictive Covenants are determined to be unreasonable and/or unenforceable with respect to scope, time or geographical coverage, the Grantee and the Company agree that such covenants may be modified and narrowed by a
court, so as to provide the maximum legally enforceable protection of the Company’s and any of its subsidiaries’ interests as described in this Agreement. 
 28. Condition to Return Signed Agreement. This Agreement shall be null and void unless the Grantee signs, dates, and returns this Agreement to the Company on or before April __, 2011.

 IN WITNESS WHEREOF, the parties hereto have acknowledged their rights and obligations under this Agreement as of the
Grant Date, by signing the Cover Page. 

  
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 Exhibit A 
 Performance Criteria 
 So long as the Company achieves Operating Income for 2011 of at
least $50,000,000.00, then one hundred percent the Performance-Vesting Shares shall be eligible to become Vested Shares, subject to Paragraph 3 of the Agreement. For this purpose, “Operating Income” means the aggregate of (a) the
earnings of the Company as reported on the Company’s Form 10-K for the year ending on December 31, 2011 (which is prepared in accordance with the generally accepted accounting principles of the U.S), and (b) the amounts paid
pursuant to the Career Education Corporation 2011 Annual Incentive Award Program and the 2011 Annual Incentive Award Program for Key Executives, each of which has been established under the Plan. 

  
 8Form of Restricted Stock Unit Agreement for 2011 grants

 Exhibit 10.1 
 PG&E CORPORATION 
 2006 LONG-TERM INCENTIVE PLAN 

RESTRICTED STOCK UNIT GRANT 
 PG&E CORPORATION, a California corporation, hereby grants Restricted Stock Units to the Recipient named below. The Restricted Stock Units have been granted under the PG&E Corporation 2006
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:             March 1, 2011
	 		  			

							
			
	 Name of Recipient: 
	 	 	  			

							
			
	 Recipient’s Participant ID: 
	 	 	  			

							
			
	 Number of Restricted Stock Units: 
	 	 	  			

 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 Grant, the attached Agreement, and a copy of the prospectus describing the LTIP and the Restricted Stock Units dated March 1, 2011. 

Attachment 

 PG&E CORPORATION 

2006 LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 
  

			
	 The LTIP and Other
 Agreements
	    	 This Agreement constitutes 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 and the LTIP, the LTIP shall govern. Capitalized terms that are not defined in this
Agreement are defined in the LTIP. In the event of any conflict between the provisions of this Agreement and the PG&E Corporation Officer Severance Policy, this Agreement shall govern. 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 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, 20 percent of the total number of Restricted Stock Units originally subject to this Agreement, as
shown above on the cover sheet, will vest on the first business day of March of each of the first, second and third years following the Date of Grant, and the additional 40 percent of the total number of shares of Restricted Stock Units will vest on
the on the first business day of March of the fourth year following the Date of Grant (collectively, the “Normal Vesting Schedule”). The amounts payable upon each vesting date are hereby designated separate payments for purposes of Code
Section 409A. Except as described below, all Restricted Stock Units subject to this Agreement which have not vested upon termination of your employment shall then be automatically 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 cash dividends are paid with respect to PG&E Corporation common stock having a record
date prior to the date on which the Restricted Stock Units 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 shall 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 shall, 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.

		
	Retirement	  	 In the event of your Retirement, unvested Restricted Stock Units will continue to vest and be settled pursuant to the Normal Vesting Schedule (without regard
to the requirement that you be employed), subject to the earlier settlement provisions of this Agreement; provided, however that in the event of your Retirement within 2 years following a Change in Control, all of your Restricted Stock Units shall
vest and be settled as soon as practicable after (but not later than sixty (60) days after) the date of such event. Your voluntary termination of employment will be considered to be a Retirement if you are both 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.

		
	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.

		
	 Termination
 other
than for Cause
	  	 If your employment with PG&E Corporation is terminated by PG&E Corporation other than for cause and you are an officer in Bands 1-5, any unvested
Restricted Stock Units that would have vested during the period of the “Severance Multiple” under the Officer Severance Policy 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. In the event of your involuntary termination other than for cause, if you are not an officer in Bands 1-5, 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 while you are employed, all of your Restricted Stock Units shall vest and be settled as soon as practicable after
(but not later than sixty (60) days after) the date of such event. If your

  
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		  	 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 shall 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	  	 (1) If your employment is terminated (other than termination for cause, your voluntary termination, or your Retirement) 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 termination for cause, your voluntary termination, or your Retirement) coincident with the sale of all or substantially all of the assets of a subsidiary of PG&E Corporation,
the Restricted Stock Units shall 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 assumed nor continued by the Acquiror or if the Acquiror does not provide a substantially equivalent award in substitution for the Restricted Stock Units, all of
your unvested Restricted Stock Units shall automatically 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, your voluntary termination, or your Retirement) in connection with a Change in Control within
three months before the Change in Control occurs, all of your outstanding Restricted Stock Units (including Restricted Stock Units that you would have otherwise forfeited after the end of the continued vesting period) shall automatically 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)
shall automatically 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 shall have the sole discretion to determine whether
termination of your employment was made in connection with a Change in Control

  
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	Delay	  	 PG&E Corporation shall delay the issuance of any shares of common stock to the extent it is necessary to comply with Section 409A(a)(2)(B)(i) of the Code
(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 shall 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 shall be twenty-nine (29) months.

  
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		  	 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 shall 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 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.

  
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