Document:

PG&E Corporation 2006 Long-Term Incentive Plan, as amended

 Exhibit 10.10 

PG&E Corporation 
 2006 Long-Term Incentive Plan 

 PG&E Corporation 

2006 Long-Term Incentive Plan 
 (As adopted effective January 1, 2006, and 
 as amended effective on
February 15, 2006, December 20, 2006, October 17, 2007, September 17, 2008, January 1, 2009, February 18, 2009, December 16, 2009, May 12, 2010, December 15, 2010,
and June 15, 2011) 
  

	1.	ESTABLISHMENT, PURPOSE AND TERM OF PLAN.

 1.1     Establishment. The PG&E Corporation 2006 Long-Term
Incentive Plan (the “Plan”) is hereby established effective as of January 1, 2006 (the “Effective Date”), provided it has been approved by the shareholders of the
Company. 
 1.2     Purpose. The purpose of the Plan is to advance the interests of the
Participating Company Group and its shareholders by providing an incentive to attract and retain the best qualified personnel to perform services for the Participating Company Group, by motivating such persons to contribute to the growth and
profitability of the Participating Company Group, by aligning their interests with interests of the Company’s shareholders, and by rewarding such persons for their services by tying a significant portion of their total compensation package to
the success of the Company. The Plan seeks to achieve this purpose by providing for Awards in the form of Options, Stock Appreciation Rights, Restricted Stock Awards, Performance Shares, Performance Units, Restricted Stock Units, Deferred
Compensation Awards and other Stock-Based Awards as described below. 
 1.3     Term of Plan. The
Plan shall continue in effect until the earlier of its termination by the Board or the date on which all of the shares of Stock available for issuance under the Plan have been issued and all restrictions on such shares under the terms of the Plan
and the agreements evidencing Awards granted under the Plan have lapsed. However, all Awards shall be granted, if at all, within ten (10) years from the Effective Date. Moreover, Incentive Stock Options shall not be granted later than ten
(10) years from the date of shareholder approval of the Plan. 
  

	2.	DEFINITIONS AND CONSTRUCTION. 

2.1     Definitions. Whenever used herein, the following terms shall have their respective meanings set forth
below: 
 (a)     “Affiliate” means (i) an entity, other than a
Parent Corporation, that directly, or indirectly through one or more intermediary entities, controls the Company or (ii) an entity, other than a Subsidiary Corporation, that is controlled by the Company directly, or indirectly through one or
more intermediary entities. For this purpose, the term “control” (including the term “controlled by”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of the
relevant entity, whether through the ownership of voting securities, by contract or otherwise; or shall have such other meaning assigned such term for the purposes of registration on Form S-8 under the Securities Act. 

  
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 (b)     “Award” means any Option,
SAR, Restricted Stock Award, Performance Share, Performance Unit, Restricted Stock Unit or Deferred Compensation Award or other Stock-Based Award granted under the Plan. 
 (c)     “Award Agreement” means a written agreement between the Company and a Participant setting forth the terms, conditions and restrictions of
the Award granted to the Participant. 
 (d)     “Board” means the
Board of Directors of the Company. 
 (e)     “Change in Control”
means, unless otherwise defined by the Participant’s Award Agreement or contract of employment or service, the occurrence of any of the following: 
 (i)     any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any benefit plan for Employees or any trustee, agent or other
fiduciary for any such plan acting in such person’s capacity as such fiduciary), directly or indirectly, becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), of stock of the Company
representing twenty percent (20%) or more of the combined voting power of the Company’s then outstanding voting stock; or 
 (ii)     during any two consecutive years, individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority of the Board,
unless the election, or the nomination for election by the shareholders of the Company, of each new Director was approved by a vote of at least two-thirds (2/3) of the Directors then still in office who were Directors at the beginning of the
period; or 
 (iii)     the consummation of any consolidation or merger of the Company other than a merger
or consolidation which would result in the voting stock of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting stock of the surviving entity or any parent of
such surviving entity) at least seventy percent (70%) of the Combined Voting Power of the Company, such surviving entity or the parent of such surviving entity outstanding immediately after the merger or consolidation; or 

(iv)     the approval of the Shareholders of the Company of any (1) sale, lease, exchange or other transfer (in
one or a series of related transactions) of all or substantially all of the assets of the Company, or (2) any plan or proposal for the liquidation or dissolution of the Company. 
 For purposes of paragraph (iii), the term “Combined Voting Power” shall mean the combined voting power of the Company’s or other relevant entity’s then outstanding voting
stock. 
 (f)     “Code” means the Internal Revenue Code of 1986, as
amended, and any applicable regulations promulgated thereunder. 
 (g)    
“Committee” means the Compensation Committee or other committee of the Board duly appointed to administer the Plan and having such powers as shall be specified by

  
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the Board. If no committee of the Board has been appointed to administer the Plan, the Board shall exercise all of the powers of the Committee granted herein, and, in any event, the Board may in
its discretion exercise any or all of such powers. 
 (h)    
“Company” means PG&E Corporation, a California corporation, or any successor corporation thereto. 
 (i)     “Consultant” means a person engaged to provide consulting or advisory services (other than as an Employee or a member of the Board) to a
Participating Company, provided that the identity of such person, the nature of such services or the entity to which such services are provided would not preclude the Company from offering or selling securities to such person pursuant to the Plan in
reliance on registration on a Form S-8 Registration Statement under the Securities Act. 
 (j)    
“Deferred Compensation Award” means an award of Stock Units granted to a Participant pursuant to Section 12 of the Plan. 
 (k)     “Director” means a member of the Board. 
 (l)     “Disability” means the permanent and total disability of the Participant, within the meaning of Section 22(e)(3) of the Code, except
as otherwise set forth in the Plan or an Award Agreement. 
 (m)     “Dividend
Equivalent” means a credit, made at the discretion of the Committee or as otherwise provided by the Plan, to the account of a Participant in an amount equal to the cash dividends paid on one share of Stock for each share of Stock
represented by an Award held by such Participant. 
 (n)    
“Employee” means any person treated as an employee (including an Officer or a member of the Board who is also treated as an employee) in the records of a Participating Company and, with respect to any Incentive
Stock Option granted to such person, who is an employee for purposes of Section 422 of the Code; provided, however, that neither service as a member of the Board nor payment of a director’s fee shall be sufficient to constitute employment
for purposes of the Plan. The Company shall determine in good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective date of such individual’s employment or termination of
employment, as the case may be. For purposes of an individual’s rights, if any, under the Plan as of the time of the Company’s determination, all such determinations by the Company shall be final, binding and conclusive, notwithstanding
that the Company or any court of law or governmental agency subsequently makes a contrary determination. 

(o)     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 (p)     “Fair Market Value” means, as of any date, the value of a
share of Stock or other property as determined by the Committee, in its discretion, or by the Company, in its discretion, if such determination is expressly allocated to the Company herein, subject to the following: 

  
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 (i)     Except as otherwise determined by the Committee, if, on such
date, the Stock is listed on a national or regional securities exchange or market system, the Fair Market Value of a share of Stock shall be the closing price of a share of Stock as quoted on the New York Stock Exchange or such other national or
regional securities exchange or market system constituting the primary market for the Stock, as reported in The Wall Street Journal or such other source as the Company deems reliable. If the relevant date does not fall on a day on which the
Stock has traded on such securities exchange or market system, the date on which the Fair Market Value shall be established shall be the last day on which the Stock was so traded prior to the relevant date, or such other appropriate day as shall be
determined by the Committee, in its discretion. 
 (ii)     Notwithstanding the foregoing, the Committee
may, in its discretion, determine the Fair Market Value on the basis of the opening, closing, high, low or average sale price of a share of Stock or the actual sale price of a share of Stock received by a Participant, on such date, the preceding
trading day, the next succeeding trading day or an average determined over a period of trading days. The Committee may vary its method of determination of the Fair Market Value as provided in this Section for different purposes under the Plan.

 (iii)     If, on such date, the Stock is not listed on a national or regional securities exchange or
market system, the Fair Market Value of a share of Stock shall be as determined by the Committee in good faith without regard to any restriction other than a restriction which, by its terms, will never lapse. 

(q)     “Incentive Stock Option” means an Option intended to be (as set forth
in the Award Agreement) and which qualifies as an incentive stock option within the meaning of Section 422(b) of the Code. 
 (r)     “Insider” means an Officer, a Director or any other person whose transactions in Stock are subject to Section 16 of the Exchange Act.

 (s)     “Net-Exercise” means a procedure by which the Participant will be issued
a number of shares of Stock determined in accordance with the following formula: 
 X = Y(A-B)/A, where 

X = the number of shares of Stock to be issued to the Participant upon exercise of the Option; 

Y = the total number of shares with respect to which the Participant has elected to exercise the Option; 

A = the Fair Market Value of one (1) share of Stock; 
 B = the exercise price per share (as defined in the Participant’s Award Agreement). 
 (t)     “Nonemployee Director” means a Director who is not an Employee. 

(u)     “Nonemployee Director Award” means an Award granted to a Nonemployee
Director pursuant to Section 7 of the Plan. 

  
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 (v)      “Nonstatutory Stock
Option” means an Option not intended to be (as set forth in the Award Agreement) an incentive stock option within the meaning of Section 422(b) of the Code. 

(w)      “Officer” means any person designated by the Board as an
officer of the Company. 
 (x)      “Option” means the
right to purchase Stock at a stated price for a specified period of time granted to a Participant pursuant to Section 6 or Section 7 of the Plan. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 

(y)      “Option Expiration Date” means the date of expiration of the
Option’s term as set forth in the Award Agreement. 
 (z)      “Parent
Corporation” means any present or future “parent corporation” of the Company, as defined in Section 424(e) of the Code. 
 (aa)      “Participant” means any eligible person who has been granted one or more Awards. 

(bb)      “Participating Company” means the Company or any Parent
Corporation, Subsidiary Corporation or Affiliate. 
 (cc)      “Participating
Company Group” means, at any point in time, all entities collectively which are then Participating Companies. 
 (dd)      “Performance Award” means an Award of Performance Shares or Performance Units. 

(ee)      “Performance Award Formula” means, for any Performance
Award, a formula or table established by the Committee pursuant to Section 10.3 of the Plan which provides the basis for computing the value of a Performance Award at one or more threshold levels of attainment of the applicable Performance
Goal(s) measured as of the end of the applicable Performance Period. 

(ff)      “Performance Goal” means a performance goal established by
the Committee pursuant to Section 10.3 of the Plan. 

(gg)      “Performance Period” means a period established by the
Committee pursuant to Section 10.3 of the Plan at the end of which one or more Performance Goals are to be measured. 

(hh)      “Performance Share” means a bookkeeping entry representing
a right granted to a Participant pursuant to Section 10 of the Plan to receive a payment equal to the value of a Performance Share, as determined by the Committee, based on performance. 

  
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 (ii)      “Performance
Unit” means a bookkeeping entry representing a right granted to a Participant pursuant to Section 10 of the Plan to receive a payment equal to the value of a Performance Unit, as determined by the Committee, based upon
performance. 
 (jj)      “Restricted Stock Award” means an
Award of Restricted Stock. 
 (kk)      “Restricted Stock Unit” or
“Stock Unit” means a bookkeeping entry representing a right granted to a Participant pursuant to Section 11 or Section 12 of the Plan, respectively, to receive a share of Stock on a date determined in
accordance with the provisions of Section 11 or Section 12, as applicable, and the Participant’s Award Agreement. 
 (ll)      “Restriction Period” means the period established in accordance with Section 9.4 of the Plan during which shares subject
to a Restricted Stock Award are subject to Vesting Conditions. 

(mm)      “Retirement” means termination as an Employee of a Participating Company
at age 55 or older, provided that the Participant was an Employee for at least five consecutive years prior to the date of such termination. 
 (nn)      “Rule 16b-3” means Rule 16b-3 under the Exchange Act, as amended from time to time, or any successor rule or regulation.

 (oo)      “SAR” or “Stock Appreciation
Right” means a bookkeeping entry representing, for each share of Stock subject to such SAR, a right granted to a Participant pursuant to Section 8 of the Plan to receive payment in any combination of shares of Stock or cash
of an amount equal to the excess, if any, of the Fair Market Value of a share of Stock on the date of exercise of the SAR over the exercise price. 
 (pp)      “Section 162(m)” means Section 162(m) of the Code. 

(qq)      “Section 409A Change in Control” means a “change
in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation,” within the meaning of Section 409A of the Code, as such definition applies to the Company.

 (rr)      “Securities Act” means the Securities Act of
1933, as amended. 
 (ss)      “Separation from Service”
means a Participant’s “separation from service,” within the meaning of Section 409A of the Internal Revenue Code. 
 (tt)      “Service” means a Participant’s employment or service with the Participating Company Group, whether in the capacity of an
Employee, a Director or a Consultant. A Participant’s Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders such Service or a change in the Participating Company for which the
Participant renders such Service, provided that there is no interruption or termination of the Participant’s Service. Furthermore, a Participant’s Service shall not be deemed to have terminated if the Participant takes any military leave,
sick leave, or other bona fide leave of absence approved by the Company. However, if any such leave taken 

  
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by a Participant exceeds ninety (90) days, then on the one hundred eighty-first (181st) day following the commencement of such leave any Incentive Stock Option held by the Participant
shall cease to be treated as an Incentive Stock Option and instead shall be treated thereafter as a Nonstatutory Stock Option, unless the Participant’s right to return to Service with the Participating Company Group is guaranteed by statute or
contract. Notwithstanding the foregoing, unless otherwise designated by the Company or required by law, a leave of absence shall not be treated as Service for purposes of determining vesting under the Participant’s Award Agreement. A
Participant’s Service shall be deemed to have terminated either upon an actual termination of Service or upon the entity for which the Participant performs Service ceasing to be a Participating Company. Subject to the foregoing, the Company, in
its discretion, shall determine whether the Participant’s Service has terminated and the effective date of such termination. 
 (uu)      “Stock” means the common stock of the Company, as adjusted from time to time in accordance with Section 4.2 of the Plan.

 (vv)      “Stock-Based Awards” means any award that is
valued in whole or in part by reference to, or is otherwise based on, the Stock, including dividends on the Stock, but not limited to those Awards described in Sections 6 through 12 of the Plan. 

(ww)      “Subsidiary Corporation” means any present or future
“subsidiary corporation” of the Company, as defined in Section 424(f) of the Code. 

(xx)      “Ten Percent Owner” means a Participant who, at the time
an Option is granted to the Participant, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of a Participating Company (other than an Affiliate) within the meaning of
Section 422(b)(6) of the Code. 
 (yy)      “Vesting
Conditions” mean those conditions established in accordance with Section 9.4 or Section 11.2 of the Plan prior to the satisfaction of which shares subject to a Restricted Stock Award or Restricted Stock Unit Award,
respectively, remain subject to forfeiture or a repurchase option in favor of the Company upon the Participant’s termination of Service. 
 2.2      Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan.
Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

  

	3.	ADMINISTRATION. 

 3.1      Administration by the Committee. The Plan shall be administered by the Committee. All questions of interpretation of the Plan or of any Award shall be
determined by the Committee, and such determinations shall be final and binding upon all persons having an interest in the Plan or such Award. 

  
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 3.2      Authority of Officers. Any Officer shall have
the authority to act on behalf of the Company with respect to any matter, right, obligation, determination or election which is the responsibility of or which is allocated to the Company herein, provided the Officer has apparent authority with
respect to such matter, right, obligation, determination or election. In addition, to the extent specified in a resolution adopted by the Board, the Chief Executive Officer of the Company shall have the authority to grant Awards to an Employee who
is not an Insider and who is receiving a salary below the level which requires approval by the Committee; provided that the terms of such Awards conform to guidelines established by the Committee and provided further that at the time of making such
Awards the Chief Executive Officer also is a Director. 
 3.3      Administration with Respect
to Insiders. With respect to participation by Insiders in the Plan, at any time that any class of equity security of the Company is registered pursuant to Section 12 of the Exchange Act, the Plan shall be administered in compliance with the
requirements, if any, of Rule 16b-3. 
 3.4      Committee Complying with
Section 162(m). While the Company is a “publicly held corporation” within the meaning of Section 162(m), the Board may establish a Committee of “outside directors” within the meaning of Section 162(m) to
approve the grant of any Award which might reasonably be anticipated to result in the payment of employee remuneration that would otherwise exceed the limit on employee remuneration deductible for income tax purposes pursuant to Section 162(m).

 3.5      Powers of the Committee. In addition to any other powers set
forth in the Plan and subject to the provisions of the Plan, the Committee shall have the full and final power and authority, in its discretion: 
 (a)      to determine the persons to whom, and the time or times at which, Awards shall be granted and the number of shares of Stock or units to be subject to each Award
based on the recommendation of the Chief Executive Officer of the Company (except that Awards to the Chief Executive Officer shall be based on the recommendation of the independent members of the Board in compliance with applicable stock exchange
rules and Awards to Nonemployee Directors shall be granted automatically pursuant to Section 7 of the Plan); 

(b)      to determine the type of Award granted and to designate Options as Incentive Stock Options or
Nonstatutory Stock Options; 
 (c)      to determine the Fair Market Value of shares of Stock or
other property; 
 (d)      to determine the terms, conditions and restrictions applicable to
each Award (which need not be identical) and any shares acquired pursuant thereto, including, without limitation, (i) the exercise or purchase price of shares purchased pursuant to any Award, (ii) the method of payment for shares purchased
pursuant to any Award, (iii) the method for satisfaction of any tax withholding obligation arising in connection with Award, including by the withholding or delivery of shares of Stock, (iv) the timing, terms and conditions of the
exercisability or vesting of any Award or any shares acquired pursuant thereto, (v) the Performance Award Formula and Performance Goals applicable to any Award and the extent to which such Performance Goals have been attained, (vi) the
time of the expiration of any Award, 

  
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(vii) the effect of the Participant’s termination of Service on any of the foregoing, and (viii) all other terms, conditions and restrictions applicable to any Award or shares
acquired pursuant thereto not inconsistent with the terms of the Plan; 
 (e)      to determine
whether an Award will be settled in shares of Stock, cash, or in any combination thereof; 

(f)      to approve one or more forms of Award Agreement; 

(g)      to amend, modify, extend, cancel or renew any Award or to waive any restrictions or conditions
applicable to any Award or any shares acquired pursuant thereto; 
 (h)      to accelerate,
continue, extend or defer the exercisability or vesting of any Award or any shares acquired pursuant thereto, including with respect to the period following a Participant’s termination of Service; 

(i)      without the consent of the affected Participant and notwithstanding the provisions of any Award
Agreement to the contrary, to unilaterally substitute at any time a Stock Appreciation Right providing for settlement solely in shares of Stock in place of any outstanding Option, provided that such Stock Appreciation Right covers the same number of
shares of Stock and provides for the same exercise price (subject in each case to adjustment in accordance with Section 4.2) as the replaced Option and otherwise provides substantially equivalent terms and conditions as the replaced Option, as
determined by the Committee; 
 (j)      to prescribe, amend or rescind rules, guidelines and
policies relating to the Plan, or to adopt sub-plans or supplements to, or alternative versions of, the Plan, including, without limitation, as the Committee deems necessary or desirable to comply with the laws or regulations of or to accommodate
the tax policy, accounting principles or custom of, foreign jurisdictions whose citizens may be granted Awards; 

(k)      to correct any defect, supply any omission or reconcile any inconsistency in the Plan or any
Award Agreement and to make all other determinations and take such other actions with respect to the Plan or any Award as the Committee may deem advisable to the extent not inconsistent with the provisions of the Plan or applicable law; and

 (l)      to delegate to the Chief Executive Officer or the Senior Vice President of Human
Resources the authority with respect to ministerial matters regarding the Plan and Awards made under the Plan. 

3.6      Option or SAR Repricing/Buyout. Notwithstanding anything to the contrary set forth in the
Plan, without the affirmative vote of holders of a majority of the shares of Stock cast in person or by proxy at a meeting of the shareholders of the Company at which a quorum representing a majority of all outstanding shares of Stock is present or
represented by proxy, the Company shall not approve a program providing for any of the following: (a) the cancellation of outstanding Options or SARs and the grant in substitution therefore of new Options or SARs having a lower exercise price,
(b) the amendment of outstanding Options or SARs to reduce the exercise price thereof or (c) the purchase of outstanding unexercised Options or SARs by the Company whether by cash payment or otherwise. This paragraph shall not be construed
to apply 

  
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to “issuing or assuming a stock option in a transaction to which section 424(a) applies,” within the meaning of Section 424 of the Code. 

3.7      Indemnification. In addition to such other rights of indemnification as they may have as
members of the Board or the Committee or as officers or employees of the Participating Company Group, members of the Board or the Committee and any officers or employees of the Participating Company Group to whom authority to act for the Board, the
Committee or the Company is delegated shall be indemnified by the Company against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in
connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, or any right granted hereunder, and against all amounts paid by them in settlement
thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged
in such action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in duties; provided, however, that within sixty (60) days after the institution of such action, suit or proceeding, such
person shall offer to the Company, in writing, the opportunity at its own expense to handle and defend the same. 
  

	4.	SHARES SUBJECT TO PLAN. 

4.1      Maximum Number of Shares Issuable. Subject to adjustment as provided in Section 4.2
and subject to Section 409A of the Code, the maximum aggregate number of shares of Stock that may be issued under the Plan shall be twelve million (12,000,000) and shall consist of authorized but unissued or reacquired shares of Stock or
any combination thereof. If an outstanding Award for any reason expires or is terminated or canceled without having been exercised or settled in full, or if shares of Stock acquired pursuant to an Award subject to forfeiture or repurchase are
forfeited or repurchased by the Company, the shares of Stock allocable to the terminated portion of such Award or such forfeited or repurchased shares of Stock shall again be available for issuance under the Plan. Shares of Stock shall not be deemed
to have been issued pursuant to the Plan with respect to any portion of an Award that is settled in cash (other than in the case of Options or SARs, in which case shares of Stock having a Fair Market Value equal to the cash delivered shall be deemed
issued pursuant to the Plan). In addition, shares of Stock shall not be deemed to have been issued pursuant to the Plan to the extent such shares are withheld or reacquired by the Company in satisfaction of tax withholding obligations pursuant
to Section 16.2 (other than in the case of such shares withheld in connection with the exercise of Options or SARs, which shall be deemed to be issued pursuant to the Plan). Upon the exercise of an SAR, the number of shares available for
issuance under the Plan shall be reduced by the gross number of shares for which the SAR is exercised. If the exercise price of an Option is paid by tender to the Company, or attestation to the ownership, of shares of Stock owned by the Participant,
or by means of a Net-Exercise, the number of shares available for issuance under the Plan shall be reduced by the gross number of shares for which the Option is exercised. 
 4.2      Adjustments for Changes in Capital Structure. Subject to any required action by the shareholders of the Company, in the event of any change in
the Stock effected without 

  
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receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock
split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the shareholders of the Company in a form other
than Stock (excepting normal cash dividends) that has a material effect on the Fair Market Value of shares of Stock, appropriate adjustments shall be made in the number and kind of shares subject to the Plan and to any outstanding Awards, in the
Award limits set forth in Section 5.4, in the Nonemployee Director Awards to be granted automatically pursuant to Section 7, and in the exercise or purchase price per share under any outstanding Award in order to prevent dilution or
enlargement of Participants’ rights under the Plan. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected without receipt of consideration by the Company.” Any
fractional share resulting from an adjustment pursuant to this Section 4.2 shall be rounded down to the nearest whole number. The Committee in its sole discretion, may also make such adjustments in the terms of any Award to reflect, or related
to, such changes in the capital structure of the Company or distributions as it deems appropriate, including modification of Performance Goals, Performance Award Formulas and Performance Periods. The adjustments determined by the Committee pursuant
to this Section 4.2 shall be final, binding and conclusive. 
  

	5.	ELIGIBILITY AND AWARD LIMITATIONS. 

5.1      Persons Eligible for Awards. Awards may be granted only to Employees, Consultants and
Directors. For purposes of the foregoing sentence, “Employees,” “Consultants” and “Directors” shall include prospective Employees, prospective Consultants and prospective Directors to whom Awards are granted in
connection with written offers of an employment or other service relationship with the Participating Company Group; provided, however, that no Stock subject to any such Award shall vest, become exercisable or be issued prior to the date on which
such person commences Service. A Nonemployee Director Award may be granted only to a person who, at the time of grant, is a Nonemployee Director. 
 5.2      Participation. Awards other than Nonemployee Director Awards are granted solely at the discretion of the Committee. Eligible persons may be granted more than
one Award. However, excepting Nonemployee Director Awards, eligibility in accordance with this Section shall not entitle any person to be granted an Award, or, having been granted an Award, to be granted an additional Award. 

5.3      Incentive Stock Option Limitations. 

(a)      Persons Eligible. An Incentive Stock Option may be granted only to a person who, on
the effective date of grant, is an Employee of the Company, a Parent Corporation or a Subsidiary Corporation (each being an “ISO-Qualifying Corporation”). Any person who is not an Employee of an ISO-Qualifying
Corporation on the effective date of the grant of an Option to such person may be granted only a Nonstatutory Stock Option. An Incentive Stock Option granted to a prospective Employee upon the condition that such person become an Employee of an
ISO-Qualifying Corporation shall be deemed granted effective on the date such person commences Service with an ISO-Qualifying Corporation, with an exercise price determined as of such date in accordance with Section 6.1. 

  
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 (b)      Fair Market Value Limitation. To the
extent that options designated as Incentive Stock Options (granted under all stock option plans of the Participating Company Group, including the Plan) become exercisable by a Participant for the first time during any calendar year for stock having
a Fair Market Value greater than One Hundred Thousand Dollars ($100,000), the portion of such options which exceeds such amount shall be treated as Nonstatutory Stock Options. For purposes of this Section, options designated as Incentive Stock
Options shall be taken into account in the order in which they were granted, and the Fair Market Value of stock shall be determined as of the time the option with respect to such stock is granted. If the Code is amended to provide for a limitation
different from that set forth in this Section, such different limitation shall be deemed incorporated herein effective as of the date and with respect to such Options as required or permitted by such amendment to the Code. If an Option is treated as
an Incentive Stock Option in part and as a Nonstatutory Stock Option in part by reason of the limitation set forth in this Section, the Participant may designate which portion of such Option the Participant is exercising. In the absence of such
designation, the Participant shall be deemed to have exercised the Incentive Stock Option portion of the Option first. Upon exercise, shares issued pursuant to each such portion shall be separately identified. 

5.4 Award Limits. 
 (a)      Maximum Number of Shares Issuable Pursuant to Incentive Stock Options. Subject to adjustment as provided in Section 4.2, the maximum aggregate
number of shares of Stock that may be issued under the Plan pursuant to the exercise of Incentive Stock Options shall not exceed twelve million (12,000,000) shares. The maximum aggregate number of shares of Stock that may be issued under the
Plan pursuant to all Awards other than Incentive Stock Options shall be the number of shares determined in accordance with Section 4.1, subject to adjustment as provided in Section 4.2 and further subject to the limitation set forth in
Section 5.4(b) below. 
 (b)      Aggregate Limit on Full Value Awards.
Subject to adjustment as provided in Section 4.2, in no event shall more than twelve million (12,000,000) shares in the aggregate be issued under the Plan pursuant to the exercise or settlement of Restricted Stock Awards, Restricted Stock
Unit Awards and Performance Awards (“Full Value Awards”). Except with respect to a maximum of five percent (5%) of the shares of Stock authorized in this Section 5.4(b), any Full Value Awards which vest on the basis of the
Participant’s continued Service shall not provide for vesting which is any more rapid than annual pro rata vesting over a three (3) year period and any Full Value Awards which vest upon the attainment of Performance Goals shall provide for
a Performance Period of at least twelve (12) months. 
 (c)      Section 162(m)
Award Limits. The following limits shall apply to the grant of any Award if, at the time of grant, the Company is a “publicly held corporation” within the meaning of Section 162(m). 

(i)      Options and SARs. Subject to adjustment as provided in Section 4.2, no Employee shall
be granted within any fiscal year of the Company one or more Options or Freestanding SARs which in the aggregate are for more than 400,000 shares of Stock reserved for issuance under the Plan. 

  
 12 

 (ii)      Restricted Stock and Restricted Stock Unit
Awards. Subject to adjustment as provided in Section 4.2, no Employee shall be granted within any fiscal year of the Company one or more Restricted Stock Awards or Restricted Stock Unit Awards, subject to Vesting Conditions based on the
attainment of Performance Goals, for more than 400,000 shares of Stock reserved for issuance under the Plan. 

(iii)      Performance Awards. Subject to adjustment as provided in Section 4.2, no Employee
shall be granted (1) one or more awards of Performance Shares which could result in such Employee receiving more than 400,000 shares of Stock reserved for issuance under the Plan for each full fiscal year of the Company contained in the
Performance Period for such Award, and (2) one or more awards of Performance Units which could result in such Employee receiving more than five million dollars ($5 million) for each full fiscal year of the Company contained in the Performance
Period for such Award, with such amount to be pro-rated for Performance Periods of less than one full fiscal year. 
  

	6.	TERMS AND CONDITIONS OF OPTIONS. 

Options shall be evidenced by Award Agreements specifying the number of shares of Stock covered thereby, in such form as the Committee
shall from time to time establish. No Option or purported Option shall be a valid and binding obligation of the Company unless evidenced by a fully executed Award Agreement. Award Agreements evidencing Options may incorporate all or any of the terms
of the Plan by reference and, except as otherwise set forth in Section 7 with respect to Nonemployee Director Options, if any, shall comply with and be subject to the following terms and conditions: 

6.1      Exercise Price. The exercise price for each Option shall be established in
the discretion of the Committee; provided, however, that (a) the exercise price per share shall be not less than the Fair Market Value of a share of Stock on the effective date of grant of the Option and (b) no Incentive Stock Option
granted to a Ten Percent Owner shall have an exercise price per share less than one hundred ten percent (110%) of the Fair Market Value of a share of Stock on the effective date of grant of the Option. Notwithstanding the foregoing, an Option
(whether an Incentive Stock Option or a Nonstatutory Stock Option) may be granted with an exercise price lower than the minimum exercise price set forth above if such Option is granted pursuant to an assumption or substitution for another option in
a manner qualifying under the provisions of Section 424(a) of the Code. 

6.2      Exercisability and Term of Options. Options shall be exercisable at such time
or times, or upon such event or events, and subject to such terms, conditions, performance criteria and restrictions as shall be determined by the Committee and set forth in the Award Agreement evidencing such Option; provided, however, that
(a) no Option shall be exercisable after the expiration of ten (10) years after the effective date of grant of such Option, (b) no Incentive Stock Option granted to a Ten Percent Owner shall be exercisable after the expiration of five
(5) years after the effective date of grant of such Option, and (c) no Option granted to a prospective Employee, prospective Consultant or prospective Director may become exercisable prior to the date on which such person commences
Service. Subject to the foregoing, unless otherwise specified by the Committee in the grant of an Option, any Option granted hereunder 

  
 13 

 
shall terminate ten (10) years after the effective date of grant of the Option, unless earlier terminated in accordance with its provisions. 

6.3      Payment of Exercise Price. 

(a)      Forms of Consideration Authorized. Except as otherwise provided below, payment of
the exercise price for the number of shares of Stock being purchased pursuant to any Option shall be made (i) in cash, by check or in cash equivalent, (ii) by tender to the Company, or attestation to the ownership, of shares of Stock owned
by the Participant having a Fair Market Value not less than the exercise price, (iii) by delivery of a properly executed notice of exercise together with irrevocable instructions to a broker providing for the assignment to the Company of the
proceeds of a sale or loan with respect to some or all of the shares being acquired upon the exercise of the Option (including, without limitation, through an exercise complying with the provisions of Regulation T as promulgated from time to
time by the Board of Governors of the Federal Reserve System) (a “Cashless Exercise”), (iv) by delivery of a properly executed notice of exercise electing a Net-Exercise, (v) by such other
consideration as may be approved by the Committee from time to time to the extent permitted by applicable law, or (vi) by any combination thereof. The Committee may at any time or from time to time grant Options which do not permit all of the
foregoing forms of consideration to be used in payment of the exercise price or which otherwise restrict one or more forms of consideration. 
 (b)      Limitations on Forms of Consideration. 
 (i)      Tender of Stock. Notwithstanding the foregoing, an Option may not be exercised by tender to the Company, or attestation to the ownership, of shares of Stock
to the extent such tender or attestation would constitute a violation of the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock. 

(ii)      Cashless Exercise. The Company reserves, at any and all times, the right, in the
Company’s sole and absolute discretion, to establish, decline to approve or terminate any program or procedures for the exercise of Options by means of a Cashless Exercise, including with respect to one or more Participants specified by the
Company notwithstanding that such program or procedures may be available to other Participants. 

6.4      Effect of Termination of Service. 

(a)      Option Exercisability. Subject to earlier termination of the Option as
otherwise provided herein and unless otherwise provided by the Committee, an Option shall be exercisable after a Participant’s termination of Service only during the applicable time periods provided in the Award Agreement. 

(b)      Extension if Exercise Prevented by Law. Notwithstanding the foregoing,
unless the Committee provides otherwise in the Award Agreement, if the exercise of an Option within the applicable time periods is prevented by the provisions of Section 14.1 below, the Option shall remain exercisable until three
(3) months (or such longer period of time as determined by the Committee, in its discretion) after the date the Participant is notified by the 

  
 14 

 
Company that the Option is exercisable, but in any event no later than the Option Expiration Date. 
 (c)    Extension if Participant Subject to Section 16(b). Notwithstanding the foregoing, if a sale within the applicable time periods of shares acquired upon
the exercise of the Option would subject the Participant to suit under Section 16(b) of the Exchange Act, the Option shall remain exercisable until the earliest to occur of (i) the tenth (10th) day following the date on which a sale
of such shares by the Participant would no longer be subject to such suit, (ii) the one hundred and ninetieth (190th) day after the Participant’s termination of Service, or (iii) the Option Expiration Date. 

6.5    Transferability of Options. During the lifetime of the Participant, an Option shall be exercisable only
by the Participant or the Participant’s guardian or legal representative. Prior to the issuance of shares of Stock upon the exercise of an Option, the Option shall not be subject in any manner to anticipation, alienation, sale, exchange,
transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. Notwithstanding the foregoing, to the extent
permitted by the Committee, in its discretion, and set forth in the Award Agreement evidencing such Option, a Nonstatutory Stock Option shall be assignable or transferable subject to the applicable limitations, if any, described in the General
Instructions to Form S-8 Registration Statement under the Securities Act. 
  

	7.	TERMS AND CONDITIONS OF NONEMPLOYEE DIRECTOR AWARDS.

 Nonemployee Director Awards granted under this Plan shall be automatic and non-discretionary and shall
comply with and be subject to the terms and conditions set forth in this Section 7. 
 For purposes of this Section 7
as amended on December 15, 2010, the grant date for all Nonemployee Director awards to be made under this Section 7 shall be the date on which the independent inspector of election certifies the results of the annual election of directors
by shareholders of PG&E Corporation; provided, however, that in extraordinary circumstances, the grant shall be delayed until the first business day of the next open trading window period following certification of the director election results,
as determined by the General Counsel of PG&E Corporation (the “Grant Date”) 
 Grants made pursuant to this
Section 7, but prior to December 15, 2010, shall be subject to the terms of the Plan in effect at the time of grant. 

7.1    Grant of Restricted Stock Unit. 

(a)    Timing and Amount of Grant. Each person who is a Nonemployee Director on the Grant Date shall
receive a grant of Restricted Stock Units with the number of Restricted Stock Units determined by dividing $90,000 by the Fair Market Value of the Stock on the Grant Date (rounded down to the nearest whole Restricted Stock Unit). The Restricted
Stock Units awarded to a Nonemployee Director shall be credited to the director’s Restricted Stock Unit account. Each Restricted Stock Unit awarded to a Nonemployee Director in accordance with this Section 7.1(a) shall be deemed to be
equal to one (1) (or fraction thereof) share of Stock 

  
 15 

 
on the Grant Date, and the value of the Restricted Stock Unit shall thereafter fluctuate in value in accordance with the Fair Market Value of the Stock. No person shall receive more than one
grant of Restricted Stock Units pursuant to this Section 7.1(a) during any calendar year. 

(b)    Dividend Rights. Each Nonemployee Director’s Restricted Stock Unit account shall be
credited quarterly on each dividend payment date with additional shares of Restricted Stock Units (including fractions computed to three decimal places) determined by dividing (1) the amount of cash dividends paid on such date with respect to
the number of shares of Stock represented by the Restricted Stock Units previously credited to the account by (2) the Fair Market Value per share of Stock on such date. Such additional Restricted Stock Units shall be subject to the same terms
and conditions and shall be settled in the same manner and at the same time as the Restricted Stock Units originally subject to the Restricted Stock Unit Award. 
 (c)    Settlement of Restricted Stock Units. Restricted Stock Units credited to a Nonemployee Director’s Restricted Stock Unit account shall be settled in a lump sum
by the issuance of an equal number of shares of Stock, rounded down to the nearest whole share, upon the earliest of (i) the first anniversary of the Grant Date (normal vesting date), (ii) the Nonemployee Director’s death,
(iii) the Nonemployee Director’s Disability (within the meaning of Section 409A of the Code), (iv) a Change in Control that also constitutes a Section 409A Change in Control, or (v) the Nonemployee Director’s
Separation from Service following a Change in Control. 
 7.2    Effect of Termination of Service as a
Nonemployee Director. 
 (a)    Forfeiture of Award. If the Nonemployee Director
has a Separation from Service prior to the normal vesting date, other than for the occurrence of any of the distribution events set forth in Section 7.1(c), all Restricted Stock Units credited to the Participant’s account shall be
forfeited to the Company and from and after the date of such Separation from Service, and the Participant shall cease to have any rights with respect thereto; provided, however, that if the Nonemployee Director Separates from Service due to a
pending Disability determination, such forfeiture shall not occur until a finding that such Disability has not occurred. 

(b)    Death or Disability. If the Nonemployee Director becomes “disabled,” within the
meaning of Section 409A of the Code or in the event of the Nonemployee Director’s death, all Restricted Stock Units credited to the Nonemployee Director’s account shall immediately vest and become payable, in accordance with
Section 7.1(c), to the Participant (or the Participant’s legal representative or other person who acquired the rights to the Restricted Stock Units by reason of the Participant’s death) in the form of a number of shares of Stock equal
to the number of Restricted Stock Units credited to the Restricted Stock Unit account, rounded down to the nearest whole share. 
 (c)    Notwithstanding the provisions of Section 7.1(c) above, the Board, in its sole discretion, may establish different terms and conditions pertaining to Nonemployee Director
Awards. 

  
 16 

 7.3    Effect of Change in Control on Nonemployee Director Awards.
Upon the occurrence of a Change in Control, all Restricted Stock Units shall immediately vest but shall not be settled until the first of the events specified in Section 7.1(c) occurs. 

 

	8.	TERMS AND CONDITIONS OF STOCK APPRECIATION
RIGHTS. 

 Stock Appreciation Rights shall be evidenced by Award Agreements specifying the
number of shares of Stock subject to the Award, in such form as the Committee shall from time to time establish. No SAR or purported SAR shall be a valid and binding obligation of the Company unless evidenced by a fully executed Award Agreement.
Award Agreements evidencing SARs may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions: 
 8.1    Types of SARs Authorized. SARs may be granted in tandem with all or any portion of a related Option (a “Tandem SAR”) or may be
granted independently of any Option (a “Freestanding SAR”). A Tandem SAR may be granted either concurrently with the grant of the related Option or at any time thereafter prior to the complete exercise,
termination, expiration or cancellation of such related Option. 
 8.2    Exercise Price. The
exercise price for each SAR shall be established in the discretion of the Committee; provided, however, that (a) the exercise price per share subject to a Tandem SAR shall be the exercise price per share under the related Option and
(b) the exercise price per share subject to a Freestanding SAR shall be not less than the Fair Market Value of a share of Stock on the effective date of grant of the SAR. 
 8.3    Exercisability and Term of SARs. 

(a)    Tandem SARs. Tandem SARs shall be exercisable only at the time and to the extent, and only to
the extent, that the related Option is exercisable, subject to such provisions as the Committee may specify where the Tandem SAR is granted with respect to less than the full number of shares of Stock subject to the related Option. 

(b)    Freestanding SARs. Freestanding SARs shall be exercisable at such time or times, or upon such
event or events, and subject to such terms, conditions, performance criteria and restrictions as shall be determined by the Committee and set forth in the Award Agreement evidencing such SAR; provided, however, that no Freestanding SAR shall be
exercisable after the expiration of ten (10) years after the effective date of grant of such SAR. 

8.4    Deemed Exercise of SARs. If, on the date on which an SAR would otherwise terminate or expire, the SAR
by its terms remains exercisable immediately prior to such termination or expiration and, if so exercised, would result in a payment to the holder of such SAR, then any portion of such SAR which has not previously been exercised shall automatically
be deemed to be exercised as of such date with respect to such portion. 
 8.5    Effect of Termination
of Service. Subject to earlier termination of the SAR as otherwise provided herein and unless otherwise provided by the Committee in the grant of an SAR and set forth in the Award Agreement, an SAR shall be exercisable after a Participant’s
termination of Service only as provided in the Award Agreement. 

  
 17 

 8.6    Nontransferability of SARs. During the lifetime of the
Participant, an SAR shall be exercisable only by the Participant or the Participant’s guardian or legal representative. Prior to the exercise of an SAR, the SAR shall not be subject in any manner to anticipation, alienation, sale, exchange,
transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. 

9.    TERMS AND CONDITIONS OF RESTRICTED
STOCK AWARDS. 
 Restricted Stock Awards shall be evidenced by Award Agreements
specifying the number of shares of Stock subject to the Award, in such form as the Committee shall from time to time establish. No Restricted Stock Award or purported Restricted Stock Award shall be a valid and binding obligation of the Company
unless evidenced by a fully executed Award Agreement. Award Agreements evidencing Restricted Stock Awards may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:

 9.1    Types of Restricted Stock Awards Authorized. Restricted Stock Awards may or may not require
the payment of cash compensation for the stock. Restricted Stock Awards may be granted upon such conditions as the Committee shall determine, including, without limitation, upon the attainment of one or more Performance Goals described in
Section 10.4. If either the grant of a Restricted Stock Award or the lapsing of the Restriction Period is to be contingent upon the attainment of one or more Performance Goals, the Committee shall follow procedures substantially equivalent to
those set forth in Sections 10.3 through 10.5(a). 
 9.2    Purchase Price. The purchase price,
if any, for shares of Stock issuable under each Restricted Stock Award and the means of payment shall be established by the Committee in its discretion. 
 9.3    Purchase Period. A Restricted Stock Award requiring the payment of cash consideration shall be exercisable within a period established by the Committee; provided,
however, that no Restricted Stock Award granted to a prospective Employee, prospective Consultant or prospective Director may become exercisable prior to the date on which such person commences Service. 

9.4    Vesting and Restrictions on Transfer. Shares issued pursuant to any Restricted Stock Award may or may
not be made subject to Vesting Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance criteria, including, without limitation, Performance Goals as described in Section 10.4, as shall be
established by the Committee and set forth in the Award Agreement evidencing such Award. During any Restriction Period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, such shares may not be sold,
exchanged, transferred, pledged, assigned or otherwise disposed of other than as provided in the Award Agreement or as provided in Section 9.7. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer
restrictions prior to the receipt of shares of Stock hereunder and shall promptly present to the Company any and all certificates representing shares of Stock acquired 

  
 18 

 
hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions. 
 9.5    Voting Rights, Dividends and Distributions. Except as provided in this Section, Section 9.4 and any Award Agreement, during the Restriction Period applicable to
shares subject to a Restricted Stock Award, the Participant shall have all of the rights of a shareholder of the Company holding shares of Stock, including the right to vote such shares and to receive all dividends and other distributions paid with
respect to such shares. However, in the event of a dividend or distribution paid in shares of Stock or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.2, any and all new, substituted or
additional securities or other property (other than normal cash dividends) to which the Participant is entitled by reason of the Participant’s Restricted Stock Award shall be immediately subject to the same Vesting Conditions as the shares
subject to the Restricted Stock Award with respect to which such dividends or distributions were paid or adjustments were made. 

9.6    Effect of Termination of Service. Unless otherwise provided by the Committee in the grant of a
Restricted Stock Award and set forth in the Award Agreement, if a Participant’s Service terminates for any reason, whether voluntary or involuntary (including the Participant’s death or disability), then the Participant shall forfeit to
the Company any shares acquired by the Participant pursuant to a Restricted Stock Award which remain subject to Vesting Conditions as of the date of the Participant’s termination of Service in exchange for the payment of the purchase price, if
any, paid by the Participant. The Company shall have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the Company. 

9.7    Nontransferability of Restricted Stock Award Rights. Prior to the issuance of shares of Stock pursuant
to a Restricted Stock Award, rights to acquire such shares shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance or garnishment by creditors of the Participant or the
Participant’s beneficiary, except transfer by will or the laws of descent and distribution. All rights with respect to a Restricted Stock Award granted to a Participant hereunder shall be exercisable during his or her lifetime only by such
Participant or the Participant’s guardian or legal representative. 
  

	10.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS.

 Performance Awards shall be evidenced by Award Agreements in such form as the Committee shall from time to
time establish. No Performance Award or purported Performance Award shall be a valid and binding obligation of the Company unless evidenced by a fully executed Award Agreement. Award Agreements evidencing Performance Awards may incorporate all or
any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions: 

10.1    Types of Performance Awards Authorized. Performance Awards may be in the form of either Performance
Shares or Performance Units. Each Award Agreement evidencing a Performance Award shall specify the number of Performance Shares or Performance Units 

  
 19 

 
subject thereto, the Performance Award Formula, the Performance Goal(s) and Performance Period applicable to the Award, and the other terms, conditions and restrictions of the Award. 

10.2    Initial Value of Performance Shares and Performance Units. Unless otherwise provided by the Committee
in granting a Performance Award, each Performance Share shall have an initial value equal to the Fair Market Value of one (1) share of Stock, subject to adjustment as provided in Section 4.2, on the effective date of grant of the
Performance Share. Each Performance Unit shall have an initial value determined by the Committee. The final value payable to the Participant in settlement of a Performance Award determined on the basis of the applicable Performance Award Formula
will depend on the extent to which Performance Goals established by the Committee are attained within the applicable Performance Period established by the Committee. 
 10.3    Establishment of Performance Period, Performance Goals and Performance Award Formula. In granting each Performance Award, the Committee shall establish in writing the
applicable Performance Period, Performance Award Formula and one or more Performance Goals which, when measured at the end of the Performance Period, shall determine on the basis of the Performance Award Formula the final value of the Performance
Award to be paid to the Participant. To the extent compliance with the requirements under Section 162(m) with respect to “performance-based compensation” is desired, the Committee shall establish the Performance Goal(s) and
Performance Award Formula applicable to each Performance Award no later than the earlier of (a) the date ninety (90) days after the commencement of the applicable Performance Period or (b) the date on which 25% of the Performance
Period has elapsed, and, in any event, at a time when the outcome of the Performance Goals remains substantially uncertain. Once established, the Performance Goals and Performance Award Formula shall not be changed during the Performance Period. The
Company shall notify each Participant granted a Performance Award of the terms of such Award, including the Performance Period, Performance Goal(s) and Performance Award Formula. 

10.4    Measurement of Performance Goals. Performance Goals shall be established by the Committee on the basis
of targets to be attained (“Performance Targets”) with respect to one or more measures of business or financial performance (each, a “Performance Measure”), subject to the
following: 
 (a)    Performance Measures. Performance Measures shall be calculated with
respect to the Company and/or each Subsidiary Corporation and/or such division or other business unit as may be selected by the Committee. Performance Measures may be based upon one or more of the following objectively defined and non-discretionary
business criteria and any other objectively verifiable and non-discretionary adjustments permitted and pre-established by the Committee in accordance with Section 162(m), as determined by the Committee: (i) sales revenue; (ii) gross
margin; (iii) operating margin; (iv) operating income; (v) pre-tax profit; (vi) earnings before interest, taxes and depreciation and amortization (EBITDA)/adjusted EBITDA; (vii) net income; (viii) expenses;
(ix) the market price of the Stock; (x) earnings per share; (xi) return on shareholder equity or assets; (xii) return on capital; (xiii) return on net assets; (xiv) economic profit or economic value added (EVA);
(xv) market share; (xvi) customer satisfaction; (xvii) safety; (xviii) total shareholder return; (xix) earnings; (xx) cash flow; (xxi) revenue; (xxii) profits before interest and taxes;
(xxiii) profit/loss; (xxiv) profit margin; (xxv)

  
 20 

 
working capital; (xxvi) price/earnings ratio; (xxvii) debt or debt-to-equity; (xxviii) accounts receivable; (xxix) write-offs; (xxx) cash; (xxxi) assets;
(xxxii) liquidity; (xxxiii) earnings from operations; (xxxiv) operational reliability; (xxxv) environmental performance; (xxxvi) funds from operations; (xxxvii) adjusted revenues; (xxxviii) free cash flow; or
(xxxix) core earnings. 
 (b)    Performance Targets. Performance Targets may include a
minimum, maximum, target level and intermediate levels of performance, with the final value of a Performance Award determined under the applicable Performance Award Formula by the level attained during the applicable Performance Period. A
Performance Target may be stated as an absolute value or as a value determined relative to a standard selected by the Committee. 
 10.5    Settlement of Performance Awards. 

(a)    Determination of Final Value. As soon as practicable, but no later than the 15th day of the
third month following the completion of the Performance Period applicable to a Performance Award, the Committee shall certify in writing the extent to which the applicable Performance Goals have been attained and the resulting final value of the
Award earned by the Participant and to be paid upon its settlement in accordance with the applicable Performance Award Formula. 
 (b)    Discretionary Adjustment of Award Formula. In its discretion, the Committee may, either at the time it grants a Performance Award or at any time thereafter,
provide for the positive or negative adjustment of the Performance Award Formula applicable to a Performance Award that is not intended to constitute “qualified performance based compensation” to a “covered employee” within the
meaning of Section 162(m) (a “Covered Employee”) to reflect such Participant’s individual performance in his or her position with the Company or such other factors as the Committee may determine. With
respect to a Performance Award intended to constitute qualified performance-based compensation to a Covered Employee, the Committee shall have the discretion to reduce some or all of the value of the Performance Award that would otherwise be paid to
the Covered Employee upon its settlement notwithstanding the attainment of any Performance Goal and the resulting value of the Performance Award determined in accordance with the Performance Award Formula. 

(c)    Payment in Settlement of Performance Awards. As soon as practicable following the
Committee’s determination and certification in accordance with Sections 10.5(a) and (b) but, in any case, no later than the 15th day of the third month following completion of the Performance Period applicable to a Performance Award,
payment shall be made to each eligible Participant (or such Participant’s legal representative or other person who acquired the right to receive such payment by reason of the Participant’s death) of the final value of the
Participant’s Performance Award. Payment of such amount shall be made in cash, shares of Stock, or a combination thereof as determined by the Committee. 
 10.6    Voting Rights, Dividend Equivalent Rights and Distributions. Participants shall have no voting rights with respect to shares of Stock represented by Performance Share
Awards until the date of the issuance of such shares, if any (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Committee, in its discretion, may provide in the
Award Agreement evidencing any 

  
 21 

 
Performance Share Award that the Participant shall be entitled to receive Dividend Equivalents with respect to the payment of cash dividends on Stock having a record date prior to the date on
which the Performance Shares are settled or forfeited. Such Dividend Equivalents, if any, shall be credited to the Participant in the form of additional whole Performance Shares as of the date of payment of such cash dividends on Stock. The number
of additional Performance Shares (rounded to the nearest whole number) to be so credited shall be determined by dividing (a) the amount of cash dividends paid on such date with respect to the number of shares of Stock represented by the
Performance Shares previously credited to the Participant by (b) the Fair Market Value per share of Stock on such date. Dividend Equivalents may be paid currently or may be accumulated and paid to the extent that Performance Shares become
nonforfeitable, as determined by the Committee in accordance with Section 409A of the Code. Settlement of Dividend Equivalents may be made in cash, shares of Stock, or a combination thereof as determined by the Committee, and may be paid on the
same basis as settlement of the related Performance Share as provided in Section 10.5. Dividend Equivalents shall not be paid with respect to Performance Units. In the event of a dividend or distribution paid in shares of Stock or any other
adjustment made upon a change in the capital structure of the Company as described in Section 4.2, appropriate adjustments shall be made in the Participant’s Performance Share Award so that it represents the right to receive upon
settlement any and all new, substituted or additional securities or other property (other than normal cash dividends) to which the Participant would be entitled by reason of the shares of Stock issuable upon settlement of the Performance Share
Award, and all such new, substituted or additional securities or other property shall be immediately subject to the same Performance Goals as are applicable to the Award. 
 10.7    Effect of Termination of Service. Unless otherwise provided by the Committee in the grant of a Performance Award and set forth in the Award Agreement, the effect of a
Participant’s termination of Service on the Performance Award shall be as follows: 

(a)    Death or Disability. If the Participant’s Service terminates because of the death or
Disability of the Participant before the completion of the Performance Period applicable to the Performance Award, the final value of the Participant’s Performance Award shall be determined by the extent to which the applicable Performance
Goals have been attained with respect to the entire Performance Period and shall be prorated based on the number of months of the Participant’s Service during the Performance Period. Payment shall be made following the end of the Performance
Period in any manner permitted by Section 10.5. 
 (b)    Other Termination of Service.
If the Participant’s Service terminates for any reason except death or Disability before the completion of the Performance Period applicable to the Performance Award, such Award shall be forfeited in its entirety; provided, however, that in the
event of an involuntary termination of the Participant’s Service, the Committee, in its sole discretion, may waive the automatic forfeiture of all or any portion of any such Award. 

10.8    Nontransferability of Performance Awards. Prior to settlement in accordance with the provisions of the
Plan, no Performance Award shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer
by 

  
 22 

 
will or by the laws of descent and distribution. All rights with respect to a Performance Award granted to a Participant hereunder shall be exercisable during his or her lifetime only by such
Participant or the Participant’s guardian or legal representative. 
  

	11.	TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT
AWARDS. 

 Restricted Stock Unit Awards shall be evidenced by Award
Agreements specifying the number of Restricted Stock Units subject to the Award, in such form as the Committee shall from time to time establish. No Restricted Stock Unit Award or purported Restricted Stock Unit Award shall be a valid and binding
obligation of the Company unless evidenced by a fully executed Award Agreement. Award Agreements evidencing Restricted Stock Units may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following
terms and conditions: 
 11.1    Grant of Restricted Stock Unit Awards. Restricted Stock Unit Awards
may be granted upon such conditions as the Committee shall determine, including, without limitation, upon the attainment of one or more Performance Goals described in Section 10.4. If either the grant of a Restricted Stock Unit Award or the
Vesting Conditions with respect to such Award is to be contingent upon the attainment of one or more Performance Goals, the Committee shall follow procedures substantially equivalent to those set forth in Sections 10.3 through 10.5(a).

 11.2    Vesting. Restricted Stock Units may or may not be made subject to Vesting Conditions based
upon the satisfaction of such Service requirements, conditions, restrictions or performance criteria, including, without limitation, Performance Goals as described in Section 10.4, as shall be established by the Committee and set forth in the
Award Agreement evidencing such Award. 
 11.3    Voting Rights, Dividend Equivalent Rights and
Distributions. Participants shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company). However, the Committee, in its discretion, may provide in the Award Agreement evidencing any Restricted Stock Unit Award that the Participant shall be entitled to receive Dividend Equivalents with
respect to the payment of cash dividends on Stock having a record date prior to the date on which Restricted Stock Units held by such Participant are settled. Such Dividend Equivalents, if any, shall be paid by crediting the Participant with
additional whole Restricted Stock Units as of the date of payment of such cash dividends on Stock. The number of additional Restricted Stock Units (rounded to the nearest whole number) to be so credited shall be determined by dividing (a) the
amount of cash dividends paid on such date with respect to the number of shares of Stock represented by the Restricted Stock Units previously credited to the Participant by (b) the Fair Market Value per share of Stock on such date. Such
additional Restricted Stock Units shall be subject to the same terms and conditions and shall be settled in the same manner and at the same time as the Restricted Stock Units originally subject to the Restricted Stock Unit Award, provided that
Dividend Equivalents may be settled in cash, shares of Stock, or a combination thereof as determined by the Committee. In the event of a dividend or distribution paid in shares of Stock or any other adjustment made upon a change in the capital
structure of the Company as described in Section 4.2, appropriate adjustments shall be made in the Participant’s Restricted 

  
 23 

 
Stock Unit Award so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than normal cash dividends) to which the
Participant would be entitled by reason of the shares of Stock issuable upon settlement of the Award, and all such new, substituted or additional securities or other property shall be immediately subject to the same Vesting Conditions as are
applicable to the Award. 
 11.4    Effect of Termination of Service. Unless otherwise provided by
the Committee in the grant of a Restricted Stock Unit Award and set forth in the Award Agreement, if a Participant’s Service terminates for any reason, whether voluntary or involuntary (including the Participant’s death or disability),
then the Participant shall forfeit to the Company any Restricted Stock Units pursuant to the Award which remain subject to Vesting Conditions as of the date of the Participant’s termination of Service. 

11.5    Settlement of Restricted Stock Unit Awards. The Company shall issue to a Participant on the date on
which Restricted Stock Units subject to the Participant’s Restricted Stock Unit Award vest or on such other date determined by the Committee, in its discretion, and set forth in the Award Agreement one (1) share of Stock (and/or any other
new, substituted or additional securities or other property pursuant to an adjustment described in Section 11.3) for each Restricted Stock Unit then becoming vested or otherwise to be settled on such date, subject to the withholding of
applicable taxes. Notwithstanding the foregoing, if permitted by the Committee and set forth in the Award Agreement, the Participant may elect in accordance with terms specified in the Award Agreement to defer receipt of all or any portion of the
shares of Stock or other property otherwise issuable to the Participant pursuant to this Section. 

11.6    Nontransferability of Restricted Stock Unit Awards. Prior to the issuance of shares of Stock in
settlement of a Restricted Stock Unit Award, the Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the
Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to a Restricted Stock Unit Award granted to a Participant hereunder shall be exercisable during his or her lifetime only by
such Participant or the Participant’s guardian or legal representative. 
  

	12.	DEFERRED COMPENSATION AWARDS. 

12.1    Establishment of Deferred Compensation Award Programs. This Section 12 shall not be effective
unless and until the Committee determines to establish a program pursuant to this Section. The Committee, in its discretion and upon such terms and conditions as it may determine, may establish one or more programs pursuant to the Plan under which:

 (a)    Participants designated by the Committee who are Insiders or otherwise among a select group of
highly compensated Employees may irrevocably elect, prior to a date specified by the Committee, to reduce such Participant’s compensation otherwise payable in cash (subject to any minimum or maximum reductions imposed by the Committee) and to
be granted automatically at such time or times as specified by the Committee one or more Awards of Stock Units with respect to such numbers of shares of Stock as determined in accordance with the rules of the program established by the Committee and
having such other terms and conditions as established by the Committee. 

  
 24 

 (b)     Participants designated by the Committee who are Insiders or
otherwise among a select group of highly compensated Employees may irrevocably elect, prior to a date specified by the Committee, to be granted automatically an Award of Stock Units with respect to such number of shares of Stock and upon such other
terms and conditions as established by the Committee in lieu of cash or shares of Stock otherwise issuable to such Participant upon the settlement of a Performance Award or Performance Unit. 

12.2   Terms and Conditions of Deferred Compensation Awards. Deferred Compensation Awards granted pursuant to this
Section 12 shall be evidenced by Award Agreements in such form as the Committee shall from time to time establish. No such Deferred Compensation Award or purported Deferred Compensation Award shall be a valid and binding obligation of the
Company unless evidenced by a fully executed Award Agreement. Award Agreements evidencing Deferred Compensation Awards may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and
conditions: 
 (a)     Vesting Conditions. Deferred Compensation Awards shall not be subject
to any vesting conditions. 
 (b)     Terms and Conditions of Stock Units. 

(i)     Voting Rights, Dividend Equivalent Rights and Distributions. Participants shall have no voting rights
with respect to shares of Stock represented by Stock Units until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, a
Participant shall be entitled to receive Dividend Equivalents with respect to the payment of cash dividends on Stock having a record date prior to the date on which Stock Units held by such Participant are settled. Such Dividend Equivalents shall be
paid by crediting the Participant with additional whole and/or fractional Stock Units as of the date of payment of such cash dividends on Stock. The method of determining the number of additional Stock Units to be so credited shall be specified by
the Committee and set forth in the Award Agreement. Such additional Stock Units shall be subject to the same terms and conditions and shall be settled in the same manner and at the same time as the Stock Units originally subject to the Stock Unit
Award. In the event of a dividend or distribution paid in shares of Stock or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.2, appropriate adjustments shall be made in the
Participant’s Stock Unit Award so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than normal cash dividends) to which the Participant would be entitled by
reason of the shares of Stock issuable upon settlement of the Award. 
 (ii)     Settlement of Stock
Unit Awards. A Participant electing to receive an Award of Stock Units pursuant to this Section 12, shall specify at the time of such election a settlement date with respect to such Award in accordance with rules established by the
Committee. The Company shall issue to the Participant upon the earlier of the settlement date elected by the Participant or the date of the Participant’s Separation from Service, a number of whole shares of Stock equal to the number of whole
Stock Units subject to the Stock Unit Award. Such shares of Stock shall be fully vested, and the Participant shall not be required to 

  
 25 

 
pay any additional consideration (other than applicable tax withholding) to acquire such shares. Any fractional Stock Unit subject to the Stock Unit Award shall be settled by the Company by
payment in cash of an amount equal to the Fair Market Value as of the payment date of such fractional share. 

(iii)    Nontransferability of Stock Unit Awards. Prior to their settlement in accordance with the provision
of the Plan, no Stock Unit Award shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except
transfer by will or by the laws of descent and distribution. All rights with respect to a Stock Unit Award granted to a Participant hereunder shall be exercisable during his or her lifetime only by such Participant or the Participant’s guardian
or legal representative. 
  

	13.	OTHER STOCK-BASED AWARDS. 

In addition to the Awards set forth in Sections 6 through 12 above, the Committee, in its sole discretion, may carry out the purpose of
this Plan by awarding Stock-Based Awards as it determines to be in the best interests of the Company and subject to such other terms and conditions as it deems necessary and appropriate. 

 

	14.	CHANGE IN CONTROL. 

 14.1    Effect of Change in Control on Options and SARs. 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 the consent of any Participant, either assume or continue the Company’s rights and obligations under outstanding Options or SARs or
substitute for outstanding Options or SARs substantially equivalent options or SARs covering the Acquiror’s stock. Any Options or SARs which are neither assumed or continued by the Acquiror in connection with the Change in Control nor exercised
as of the Change in Control shall, contingent on the Change in Control, become fully vested and exercisable immediately prior to the Change in Control. Options and SARs which are assumed or continued in connection with a Change in Control shall be
subject to such additional accelerated vesting and/or exercisability in connection with the Participant’s subsequent termination of Service as the Board may determine. 
 14.2    Effect of Change in Control on Other Awards. In the event of a Change in Control, the Acquiror may, without the consent of any Participant, either assume
or continue the Company’s rights and obligations under outstanding Awards other than Options or SARs or substitute for such Awards substantially equivalent Awards covering the Acquiror’s stock. Any such Awards which are neither assumed or
continued by the Acquiror in connection with the Change in Control shall, contingent on the Change in Control, become fully vested. Awards which are assumed or continued in connection with a Change in Control shall be subject to such additional
accelerated vesting or lapse of restrictions in connection with the Participant’s subsequent termination of Service as the Board may determine. 
 14.3    Nonemployee Director Awards. Notwithstanding the foregoing, Nonemployee Director Awards shall be subject to the terms of Section 7, and not this Section 14.

  
 26 

	15.	COMPLIANCE WITH SECURITIES LAW. 

The grant of Awards and the issuance of shares of Stock pursuant to any Award shall be subject to compliance with all applicable
requirements of federal, state and foreign law with respect to such securities and the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, no Award may be exercised or shares issued pursuant to
an Award unless (a) a registration statement under the Securities Act shall at the time of such exercise or issuance be in effect with respect to the shares issuable pursuant to the Award or (b) in the opinion of legal counsel to the
Company, the shares issuable pursuant to the Award may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having
jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares hereunder shall relieve the Company of any liability in respect of the failure to issue or sell such shares
as to which such requisite authority shall not have been obtained. As a condition to issuance of any Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any
applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 
  

	16.	TAX WITHHOLDING. 

 16.1    Tax Withholding in General. The Company shall have the right to deduct from any and all payments made under the Plan, or to require the Participant, through payroll
withholding, cash payment or otherwise, including by means of a Cashless Exercise or Net Exercise of an Option, to make adequate provision for, the federal, state, local and foreign taxes, if any, required by law to be withheld by the Participating
Company Group with respect to an Award or the shares acquired pursuant thereto. The Company shall have no obligation to deliver shares of Stock, to release shares of Stock from an escrow established pursuant to an Award Agreement, or to make any
payment in cash under the Plan until the Participating Company Group’s tax withholding obligations have been satisfied by the Participant. 
 16.2    Withholding in Shares. The Company shall have the right, but not the obligation, to deduct from the shares of Stock issuable to a Participant upon the exercise or
settlement of an Award, or to accept from the Participant the tender of, a number of whole shares of Stock having a Fair Market Value, as determined by the Company, equal to all or any part of the tax withholding obligations of the Participating
Company Group. The Fair Market Value of any shares of Stock withheld or tendered to satisfy any such tax withholding obligations shall not exceed the amount determined by the applicable minimum statutory withholding rates. 

 

	17.	AMENDMENT OR TERMINATION OF PLAN. 

The Board or the Committee may amend, suspend or terminate the Plan at any time. However, without the approval of the Company’s
shareholders, there shall be (a) no increase in the maximum aggregate number of shares of Stock that may be issued under the Plan (except by operation of the provisions of Section 4.2), (b) no change in the class of persons eligible
to receive Incentive Stock Options, and (c) no other amendment of the Plan that would require approval of the Company’s shareholders under any applicable law, regulation or rule. 

  
 27 

 
Notwithstanding the foregoing, only the Board may amend Section 7. No amendment, suspension or termination of the Plan shall affect any then outstanding Award unless expressly provided by
the Board or the Committee. In any event, no amendment, suspension or termination of the Plan may adversely affect any then outstanding Award without the consent of the Participant unless necessary to comply with any applicable law, regulation or
rule. 
  

	18.	MISCELLANEOUS PROVISIONS. 

 18.1    Repurchase Rights. Shares issued under the Plan may be subject to one or more repurchase options, or other conditions and restrictions as determined by the
Committee in its discretion at the time the Award is granted. The Company shall have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the
Company. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer restrictions prior to the receipt of shares of Stock hereunder and shall promptly present to the Company any and all certificates
representing shares of Stock acquired hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions. 
 18.2    Provision of Information. Each Participant shall be given access to information concerning the Company equivalent to that information generally made available to the
Company’s common shareholders. 
 18.3    Rights as Employee, Consultant or Director. No person,
even though eligible pursuant to Section 5, shall have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant. Nothing in the Plan or any Award granted under the Plan shall confer on any
Participant a right to remain an Employee, Consultant or Director or interfere with or limit in any way any right of a Participating Company to terminate the Participant’s Service at any time. To the extent that an Employee of a Participating
Company other than the Company receives an Award under the Plan, that Award shall in no event be understood or interpreted to mean that the Company is the Employee’s employer or that the Employee has an employment relationship with the Company.

 18.4    Rights as a Shareholder. A Participant shall have no rights as a shareholder with respect
to any shares covered by an Award until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends,
distributions or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 4.2 or another provision of the Plan. 
 18.5    Fractional Shares. The Company shall not be required to issue fractional shares upon the exercise or settlement of any Award. 

18.6    Severability. If any one or more of the provisions (or any part thereof) of this Plan shall be held
invalid, illegal or unenforceable in any respect, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part thereof) of the Plan shall not
in any way be affected or impaired thereby. 

  
 28 

 18.7    Beneficiary Designation. Subject to local laws and
procedures, each Participant may file with the Company a written designation of a beneficiary who is to receive any benefit under the Plan to which the Participant is entitled in the event of such Participant’s death before he or she receives
any or all of such benefit. Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Company during the
Participant’s lifetime. If a married Participant designates a beneficiary other than the Participant’s spouse, the effectiveness of such designation may be subject to the consent of the Participant’s spouse. If a Participant dies
without an effective designation of a beneficiary who is living at the time of the Participant’s death, the Company will pay any remaining unpaid benefits to the Participant’s legal representative. 

18.8    Unfunded Obligation. Participants shall have the status of general unsecured creditors of the Company.
Any amounts payable to Participants pursuant to the Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974. No Participating Company shall
be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust
investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between the
Committee or any Participating Company and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of any Participating Company. The Participants shall have no claim
against any Participating Company for any changes in the value of any assets which may be invested or reinvested by the Company with respect to the Plan. Each Participating Company shall be responsible for making benefit payments pursuant to the
Plan on behalf of its Participants or for reimbursing the Company for the cost of such payments, as determined by the Company in its sole discretion. In the event the respective Participating Company fails to make such payment or reimbursement, a
Participant’s (or other individual’s) sole recourse shall be against the respective Participating Company, and not against the Company. A Participant’s acceptance of an Award pursuant to the Plan shall constitute agreement with this
provision. 
 18.9    Choice of Law. Except to the extent governed by applicable federal law, the
validity, interpretation, construction and performance of the Plan and each Award Agreement shall be governed by the laws of the State of California, without regard to its conflict of law rules. 

18.10  Section 409A of the Code. Notwithstanding anything to the contrary in the Plan, to the extent any Award
payable in connection with a Participant's Separation from Service constitutes deferred compensation subject to (and not exempt from) Section 409A of the Code and (ii) the Participant is deemed at the time of
such separation to be a “specified employee" under Section 409A of the Code and the Treasury regulations thereunder, then payment shall not be made or commence until the earlier of (i) six (6)-months after such Separation from
Service or (ii) the date of the Participant’s death following such Separation from Service; provided, however, that such delay shall only be effected to the extent required to avoid adverse tax treatment to the Participant, including
(without limitation) the additional twenty percent (20%)

  
 29 

 
tax for which the Participant would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such delay. Upon the expiration of the applicable delay period, any
payment which would have otherwise been paid during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to the Participant or the Participant’s beneficiary in one lump sum on the first
business day immediately following such delay. 

  
 30 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1.          Establishment, Purpose and Term of Plan
	  	 	1	  
		
	 1.1       Establishment
	  	 	1	  
	 1.2       Purpose
	  	 	1	  
	 1.3       Term of Plan
	  	 	1	  
		
	 2.          Definitions and Construction
	  	 	1	  
		
	 2.1       Definitions
	  	 	1	  
	 2.2       Construction
	  	 	7	  
		
	 3.          Administration
	  	 	7	  
		
	 3.1       Administration by the Committee
	  	 	7	  
	 3.2       Authority of Officers
	  	 	8	  
	 3.3       Administration with Respect to Insiders
	  	 	8	  
	 3.4       Committee Complying with Section 162(m)
	  	 	8	  
	 3.5       Powers of the Committee
	  	 	8	  
	 3.6       Option or SAR Repricing
	  	 	9	  
	 3.7       Indemnification
	  	 	10	  
		
	 4.          Shares Subject to Plan
	  	 	10	  
		
	 4.1       Maximum Number of Shares Issuable
	  	 	10	  
	 4.2       Adjustments for Changes in Capital Structure
	  	 	10	  
		
	 5.          Eligibility and Award Limitations
	  	 	11	  
		
	 5.1       Persons Eligible for Awards
	  	 	11	  
	 5.2       Participation
	  	 	11	  
	 5.3       Incentive Stock Option Limitations
	  	 	11	  
	 5.4       Award Limits
	  	 	12	  
		
	 6.          Terms and Conditions of Options
	  	 	13	  
		
	 6.1       Exercise Price
	  	 	13	  
	 6.2       Exercisability and Term of Options
	  	 	13	  
	 6.3       Payment of Exercise Price
	  	 	14	  
	 6.4       Effect of Termination of Service
	  	 	14	  
	 6.5       Transferability of Options
	  	 	15	  
		
	 7.          Terms and Conditions of Nonemployee Director Awards
	  	 	15	  
		
	 7.1       Grant of Restricted Stock Unit
	  	 	15	  
	 7.2       Effect of Termination of Service as a Nonemployee Director
	  	 	16	  
	 7.3       Effect of Change in Control on Nonemployee Director Awards
	  	 	17	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 8.          Terms and Conditions of Stock Appreciation Rights
	  	 	17	  
		
	 8.1       Types of SARs Authorized
	  	 	17	  
	 8.2       Exercise Price
	  	 	17	  
	 8.3       Exercisability and Term of SARs
	  	 	17	  
	 8.4       Deemed Exercise of SARs
	  	 	17	  
	 8.5       Effect of Termination of Service
	  	 	17	  
	 8.6       Nontransferability of SARs
	  	 	18	  
		
	 9.          Terms and Conditions of Restricted Stock Awards
	  	 	18	  
		
	 9.1       Types of Restricted Stock Awards Authorized
	  	 	18	  
	 9.2       Purchase Price
	  	 	18	  
	 9.3       Purchase Period
	  	 	18	  
	 9.4       Vesting and Restrictions on Transfer
	  	 	18	  
	 9.5       Voting Rights, Dividends and Distributions
	  	 	19	  
	 9.6       Effect of Termination of Service
	  	 	19	  
	 9.7       Nontransferability of Restricted Stock Award Rights
	  	 	19	  
		
	 10.       Terms and Conditions of Performance Awards
	  	 	19	  
		
	 10.1     Types of Performance Awards Authorized
	  	 	19	  
	 10.2     Initial Value of Performance Shares and Performance Units
	  	 	20	  
	 10.3     Establishment of Performance Period, Performance Goals and Performance Award
Formula
	  	 	20	  
	 10.4     Measurement of Performance Goals
	  	 	20	  
	 10.5     Settlement of Performance Awards
	  	 	21	  
	 10.6     Voting Rights, Dividend Equivalent Rights and Distributions
	  	 	21	  
	 10.7     Effect of Termination of Service
	  	 	22	  
	 10.8     Nontransferability of Performance Awards
	  	 	22	  
		
	 11.       Terms and Conditions of Restricted Stock Unit Awards
	  	 	23	  
		
	 11.1     Grant of Restricted Stock Unit Awards
	  	 	23	  
	 11.2     Vesting
	  	 	23	  
	 11.3     Voting Rights, Dividend Equivalent Rights and Distributions
	  	 	23	  
	 11.4     Effect of Termination of Service
	  	 	24	  
	 11.5     Settlement of Restricted Stock Unit Awards
	  	 	24	  
	 11.6     Nontransferability of Restricted Stock Unit Awards
	  	 	24	  
		
	 12.       Deferred Compensation Awards
	  	 	24	  
		
	 12.1     Establishment of Deferred Compensation Award Programs
	  	 	24	  
	 12.2     Terms and Conditions of Deferred Compensation Awards
	  	 	25	  
		
	 13.       Other Stock-Based Awards
	  	 	26	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 14.       Change in Control
	  	 	26	  
		
	 14.1     Effect of Change in Control on Options and SARs
	  	 	26	  
	 14.2     Effect of Change in Control on Restricted Stock and Other Awards
	  	 	26	  
	 14.3     Nonemployee Director Awards
	  	 	26	  
		
	 15.       Compliance with Securities Law
	  	 	27	  
		
	 16.       Tax Withholding
	  	 	27	  
		
	 16.1     Tax Withholding in General
	  	 	27	  
	 16.2     Withholding in Shares
	  	 	27	  
		
	 17.       Amendment or Termination of Plan
	  	 	27	  
		
	 18.       Miscellaneous Provisions
	  	 	28	  
		
	 18.1     Repurchase Rights
	  	 	28	  
	 18.2     Provision of Information
	  	 	28	  
	 18.3     Rights as Employee, Consultant or Director
	  	 	28	  
	 18.4     Rights as a Shareholder
	  	 	28	  
	 18.5     Fractional Shares
	  	 	28	  
	 18.6     Severability
	  	 	28	  
	 18.7     Beneficiary Designation
	  	 	29	  
	 18.8     Unfunded Obligation
	  	 	29	  
	 18.9     Choice of Law
	  	 	29	  
	 18.10   Section 409A of the Code
	  	 	29	  

  
 iiiPG&E Corporation 2005 Supplemental Retirement Savings Plan

 EXHIBIT 10.11 

PG&E CORPORATION 
 2005 SUPPLEMENTAL RETIREMENT SAVINGS PLAN 
 This is the controlling and
definitive statement of the PG&E CORPORATION (“PG&E CORP”) 2005 Supplemental Retirement Savings Plan (the “Plan”). The Plan was amended for compliance with the final Code Section 409A regulations
effective as of January 1, 2009, and further amended effective July 13, 2009 and August 1, 2011 with respect to available investment options. Except as provided herein, the Plan is generally effective as of January 1, 2005, with
respect to all individuals who are Eligible Employees as of such date. The Plan continues the benefit program embodied in the PG&E Corporation Supplemental Retirement Savings Plan (the “Prior Plan”). Benefits accrued under the
Prior Plan continue to be payable under the Prior Plan pursuant to the terms and conditions of the Prior Plan. 

1.    Purpose of the Plan. The Plan is established and is maintained for the benefit of a select group of management and
highly compensated employees of PG&E CORP and its Participating Subsidiaries in order to provide such employees with certain deferred compensation benefits. The Plan is an unfunded deferred compensation plan that is intended to qualify for the
exemptions provided in Sections 201, 301, and 401 of ERISA. 
 2.    Definitions. The following words and phrases
shall have the following meanings unless a different meaning is plainly required by the context: 

(a)    “Basic Employer Contributions” shall mean the amounts credited to Eligible Employees’
Accounts under the Plan by the Employers, in accordance with Section 3(c). 
 (b)    “Board of
Directors” shall mean the Board of Directors of PG&E CORP, as from time to time constituted. 

(c)    “Code” shall mean the Internal Revenue Code of 1986, as amended. Reference to a specific
section of the Code shall include such section, any valid regulation promulgated thereunder, and any comparable provision of any future legislation amending, supplementing, or superseding such section. 

(d)    “Committee” shall mean the Compensation Committee of the Board, as it may be constituted from
time to time. 
 (e)    “Eligible Employee” shall mean an Employee who: 

(1)    Is an officer of PG&E CORP or any Participating Subsidiary and who is in Officer Band 5 or above; or

 (2)    Is a key employee of PG&E CORP or any Participating Subsidiary and who is designated by the
Plan Administrator as eligible to participate in the Plan. 
 (f)    “Eligible Employee’s
Account” or “Account” shall mean as to any Eligible Employee, the separate account maintained on the books of the Employer in accordance with Section 6(a) in order to reflect his or her interest under the Plan.
Accounts shall be centrally administered by the Plan Administrator or its designee. 

  
 1 

 (g)    “Employee” shall mean an individual who is
treated in the records of an Employer as an employee of the Employer, who is not on an unpaid leave of absence, and/or who is not covered by a collective bargaining agreement; provided, however, such term shall not mean an individual who is a
“leased employee” or who has entered into a written contract or agreement with an Employer which explicitly excludes such individual from participation in an Employer’s benefit plans. The provisions of this definition shall govern,
whether or not it is determined that an individual otherwise meets the definition of “common law” employee. 

(h)    “Employers” shall mean PG&E CORP and the Participating Subsidiaries designated by the
Employee Benefit Committee of PG&E CORP. An initial list of the Employers is contained in Appendix A to this Plan. 

(i)    “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. Reference
to a specific section of ERISA shall include such section, any valid regulation promulgated thereunder, and any comparable provision of any future legislation amending, supplementing, or superseding such section. 

(j)    “Investment Funds” shall mean the investment funds established by the Board of Directors and
reflected from time to time on Appendix B. The Investment Funds shall be used for tracking phantom investment results under the Plan. 
 (k)    “Matching Employer Contributions” shall mean the amounts credited to Eligible Employees’ Accounts under the Plan by the Employers, in accordance with
Section 3(b). 
 (l)    “Participating Subsidiary” shall mean a United States-based
subsidiary of PG&E CORP, which has been designated by the Employee Benefit Committee of PG&E CORP as a Participating Subsidiary under this Plan and which has agreed to make payments or reimbursements with respect to its Eligible Employees
pursuant to Section 14(d). At such times and under such conditions as the Employee Benefit Committee may direct, one or more other subsidiaries of PG&E CORP may become Participating Subsidiaries or a Participating Subsidiary may be
withdrawn from the Plan. An initial list of the Participating Subsidiaries is contained in Appendix A to this Plan. 

(m)    “PG&E CORP” shall mean PG&E Corporation, a California corporation. 

(n)    “Plan” shall mean the PG&E Corporation 2005 Supplemental Retirement Savings Plan, as set
forth in this instrument and as heretofore and hereafter amended from time to time. 
 (o)    “Plan
Year” shall mean the calendar year. 
 (p)    “Prior Plan” shall mean the PG&E
Corporation Supplemental Retirement Savings Plan. 
 (q)    “Retirement” or
“Retire” shall mean an Eligible Employee’s Separation from Service, provided that the Eligible Employee is at least 55 years of age and has been employed by an Employer for at least five consecutive years prior to the
Separation from Service. 
 (r)    “RSP” shall mean, with respect to any Eligible Employee, the
PG&E Corporation Retirement Savings Plan or any predecessor qualified retirement plan sponsored by PG&E CORP or any of its subsidiary companies. 

  
 2 

 (s)    “Separation from Service” shall mean an Eligible
Employee’s “separation form service” within the meaning of Code Section 409A(a)(2)(A)(i) and related Treasury Regulations and other guidance, as determined by the Plan Administrator in its discretion. 

(t)    “Valuation Date” shall mean: 

(1)    For purposes of valuing Plan assets and Eligible Employees’ Accounts for periodic reports and
statements, the date as of which such reports or statements are made; and 
 (2)    For purposes of
determining the amount of assets actually distributed to the Eligible Employee, his or her beneficiary, or an Alternate Payee (or available for withdrawal), a date that shall not be more than seven business days prior to the date the check is issued
to the Eligible Employee. 
 In any other case, the Valuation Date shall be the date designated by the Plan Administrator (in its discretion) or
the date otherwise set forth in this Plan. In all cases, the Plan Administrator (in its discretion) may change the Valuation Date, on a uniform and nondiscriminatory basis, as is necessary or appropriate. Notwithstanding the foregoing, the Valuation
Date shall occur at least annually. 
 3.    Employer Contributions. 

(a)    Matching Employer Contributions. Subject to the provisions of Section 13, the Eligible
Employee’s Account shall be credited for each Plan Year with a Matching Employer Contribution, calculated in the manner provided in Sections 3(a)(1), (2), and (3) below: 

(1)    First, an amount shall be calculated equal to the maximum matching contribution that would be made under the
terms of the RSP, taking into account for such Plan Year the amount of pre-tax deferrals and after-tax contributions the Eligible Employee elected under the RSP. For purposes of this calculation, any amounts deferred under Subsection 4(a) of this
Plan shall be treated as pre-tax deferrals under the RSP. 
 (2)    The calculation made in accordance with
this Section 3(a)(1) above shall be made without regard to any limitation on such amounts under the RSP resulting from the application of any of the limitations under Code Sections 401(m), 401(a)(17), or 415. 

(3)    The Employer Matching Contribution to be credited to the Account of an Eligible Employee for any Plan Year
shall equal the amount calculated in accordance with Sections 3(a)(1) and (2) above, reduced by the amount of matching contribution made to such Eligible Employee’s account for such Plan Year under the RSP. 

(b)    Crediting of Matching Employer Contributions. Matching Employer Contributions shall be calculated and
credited to the Eligible Employee’s Account as of the first business day of February of the calendar year following the Plan Year and shall be credited only if the Eligible Employee is an Employee on the last day of Plan Year for which the
amounts are credited. All such amounts shall be invested in the SRSP Money Market Investment Fund. 

(c)    Basic Employer Contributions. Subject to the provisions of Section 13, the Account of each
Eligible Employee shall be credited for each Plan Year with a Basic Employer Contribution, calculated in the manner provided in Sections 3(c)(1), (2), and (3) below: 

  
 3 

 (1)    First, an amount shall be calculated equal to the Basic Employer
Contribution that would be made under the terms of the RSP, taking into account for such Plan Year the Eligible Employee’s Covered Compensation under the RSP, before any deductions for compensation deferrals elected by such Eligible Employee
under Subsection 4(a) of this Plan. For Eligible Employees as defined by Section 2(e)(1) of this Plan, compensation shall also reflect such Eligible Employee’s Short-Term Incentive Plan awards. 

(2)    The calculation made in accordance with this Section 3(c)(1) above shall be made without regard to any
limitation on such amounts under the RSP resulting from the application of any of the limitations under Code Sections 401(a)(4), 401(a)(17), or 415. 
 (3)    The Employer Contribution to be credited to the Account of an Eligible Employee for any Plan Year shall equal the amount calculated in accordance with Sections 3(c)(1) and
(2) above, reduced by the amount of Basic Employer Contributions made to such Eligible Employee’s account for such Plan Year under the RSP. 
 (d)    Crediting of Basic Employer Contributions. The Employer Contribution attributable to an Eligible Employee’s Short Term Incentive Plan award shall be credited to an
Eligible Employee’s Account as of the first business day of the month following the date on which the Short-Term Incentive Plan award is paid. All other Employer Contributions made in respect of an Eligible Employee shall be credited to the
Eligible Employee’s Account as of the first business day of February of the calendar year following the Plan Year and shall be credited only if the Eligible Employee is an Employee on the last day of the Plan Year for which the amounts are
credited. All such amounts shall be invested in the SRSP Money Market Investment Fund. 
 (e)    FICA
Taxes. Each Eligible Employee shall be responsible for FICA taxes on amounts credited to his or her Account under Sections 3 and 4(d). 

4.    Eligible Employee Deferrals. 
 (a)    Amount of Deferral. An Eligible Employee may defer (i) 5 percent to 50 percent of his or her annual salary; and (ii) all or part of his or her Short Term
Incentive Plan awards, Long-Term Incentive Plan (LTIP) awards (other than stock options), Perquisite Allowances, and any other special payments, awards, or bonuses as authorized by the Plan Administrator. 

(b)    Credits to Accounts. Salary deferrals shall be credited to an Eligible Employee’s Account as of
each payroll period. All other deferrals attributable to allowances, awards, bonuses, and other payments shall be credited as of the date that they otherwise would have been paid. 

(c)    Deferral Election. An Eligible Employee must file an election form with the Plan Administrator which
indicates the percentage of salary and the amount of any awards, allowances, payments, and bonuses to be deferred under the Plan. The election shall occur no later than December 31 (or such earlier date established by the Plan Administrator) of
the calendar year next preceding the service year (within the meaning of Treasury Regulation Section 1.409A-2(a)(3)). Notwithstanding the foregoing, to the extent permitted under Treasury Regulation Section 1.409A-2(a)(7), upon first
becoming an Eligible Employee, an election to defer shall be effective for compensation to be earned for services performed beginning in the month following the filing of a Deferral Election Form, provided said Form is filed within 30

  
 4 

 
days following the date when the employee first becomes an Eligible Employee. Notwithstanding the foregoing, in the case of performance-based compensation (within the meaning of Treasury
Regulation Section 1.409A-1(e)), the election may be made with respect to such performance-based compensation on or before the date that is six months before the end of the applicable performance period to the extent permitted under Treasury
Regulation Section 1.409A-2(a)(8). The Plan Administratory may, in its sole discretion, permit elections to made under other timing rules that comply with Code Section 409A. 

(d)    Deferral of Special Incentive Stock Ownership Premiums. All of an Eligible Employee’s Special
Incentive Stock Ownership Premiums are automatically deferred to the Plan immediately upon grant and converted into units in the PG&E Corporation Phantom Stock Fund. The units attributable to Special Incentive Stock Ownership Premiums and any
additional units resulting from the conversion of dividend equivalents thereon remain unvested until the earlier of the third anniversary of the date on which the Special Incentive Stock Ownership Premiums are credited to an Eligible Employee’s
account (provided the Eligible Employee continues to be employed on such date), death, disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code), or Retirement of the participant, or upon a Change in Control (as defined
in the LTIP). Unvested units attributable to Special Incentive Stock Ownership Premiums and any additional units resulting from the conversion of dividend equivalents thereon shall be forfeited upon termination of the Eligible Employee’s
employment (unless otherwise provided in the PG&E Corporation Executive Stock Ownership Program or the PG&E Corporation Officer Severance Plan) or if an Eligible Employee’s stock ownership falls below the levels set forth in the
Executive Stock Ownership Program. 
 5.    Investment Funds. Although no assets will be segregated or otherwise set
aside with respect to an Eligible Employee’s Account, the amount that is ultimately payable to the Eligible Employee with respect to such Account shall be determined as if such Account had been invested in some or all of the Investment Funds.
The Plan Administrator, in its sole discretion, shall adopt (and modify from time to time) such rules and procedures as it deems necessary or appropriate to implement the deemed investment of the Eligible Employees’ Accounts. Such procedures
generally shall provide that an Eligible Employee’s Account shall be deemed to be invested among the available Investment Funds in the manner elected by the Eligible Employee in such percentages and manner as prescribed by the Plan
Administrator. In the event no election has been made by the Eligible Employee, such Account will be deemed to be invested in the SRSP Target Date Funds. Eligible Employees shall be able to reallocate their Accounts between the Investment Funds and
reallocate amounts newly credited to their Accounts at such time and in such manner as the Plan Administrator shall prescribe. Anything to the contrary herein notwithstanding, an Eligible Employee may not reallocate Account balances between
Investment Funds if such reallocation would result in a non-exempt Discretionary Transaction as defined in Rule 16b-3 of the Securities Exchange Act of 1934, as amended, or any successor to Rule 16b-3, as in effect when the reallocation is
requested. The available Investment Funds shall be listed on Appendix B and may be changed from time to time by the Board of Directors. 

6.    Accounting. 
 (a)    Eligible Employees’ Accounts. At the direction of the Plan Administrator, there shall be established and maintained on the books of the Employer, a separate account
for each Eligible Employee in order to reflect his or her interest under the Plan. 

  
 5 

 (b)    Investment Earnings. Each Eligible Employee’s Account
shall initially reflect the value of his or her Account’s interest in each of the Investment Funds, deemed acquired with the amounts credited thereto. Each Eligible Employee’s Account shall also be credited (or debited) with the net
appreciation (or depreciation), earnings and gains (or losses) with respect to the investments deemed made by his or her Account. Any such net earnings or gains deemed realized with respect to any investment of any Eligible Employee’s Account
shall be deemed reinvested in additional amounts of the same investment and credited to the Eligible Employee’s Account. 

(c)    Accounting Methods. The accounting methods or formulae to be used under the Plan for the purpose of
maintaining the Eligible Employees’ Accounts shall be determined by the Plan Administrator. The accounting methods or formulae selected by the Plan Administrator may be revised from time to time but shall conform to the extent practicable with
the accounting methods used under the Applicable Plan. 
 (d)    Valuations and Reports. The fair
market value of each Eligible Employee’s Account shall be determined as of each Valuation Date. In making such determinations and in crediting net deemed earnings and gains (or losses) in the Investment Funds to the Eligible Employees’
Accounts, the Plan Administrator (in its discretion) may employ such accounting methods as the Plan Administrator (in its discretion) may deem appropriate in order to fairly reflect the fair market values of the Investment Funds and each Eligible
Employee’s Account. For this purpose, the Plan Administrator may rely upon information provided by the Plan Administrator or other persons believed by the Plan Administrator to be competent. 

(e)    Statements of Eligible Employee’s Accounts. Each Eligible Employee shall be furnished with
periodic statements of his or her interest in the Plan. 
 7.    Distributions. 

(a)    Distribution of Account Balances. Except to the extent the Eligible Employee has elected otherwise
under this Section 7 at the time of deferral, distribution of the balance credited to an Eligible Employee’s Account shall be made in a single lump sum as soon as reasonably practicable (but in any event within 90 days) following the date
that is seven (7) months following Separation from Service. 
 In the case of an Alternate Payee (as defined in
Section 9(a)), to the extent allowable under Code Section 409A, distribution shall be made as directed in a domestic relations order which the Plan Administrator determines is a QDRO (as defined in Section 9(a)), but only as to the
portion of the Eligible Employee’s Account which the QDRO states is payable to the Alternate Payee. 

(b)    “Specific Date” Distributions. By filing an irrevocable election with the Plan Administrator,
an Eligible Employee may at the time of deferral elect to receive distribution of the specific type of income deferral for that calendar year plus the earnings thereon (exclusive of Special Incentive Stock Ownership Premiums) in January of any
future year instead of pursuant to Section 7(a). 
 (c)    Change in Distribution Election. An
Eligible Employee may change a distribution election previously made pursuant to Section 7(b) (or in place by default pursuant to Section 7(a)) only with respect to the portion of the Eligible Employee’s Account attributable to

  
 6 

 
Eligible Employee Deferrals (exclusive of Special Incentive Stock Ownership Premiums) and only in accordance with the rules under Code Section 409A. Generally, a subsequent election pursuant
to this Section 7(c): (1) cannot take effect for twelve (12) months, (2) must occur at least twelve (12) months before the first scheduled payment under a payment at a specified date elected pursuant to Section 7(b),
and (3) must defer a previously elected distribution at least five (5) additional years. The Plan Administrator may establish additional rules or restrictions on changes in distribution elections. 

(d)    Death Distributions. If an Eligible Employee dies before the balance of his or her Account has been
distributed (whether or not the Eligible Employee had previously had a Separation from Service), the Eligible Employee’s Account shall be distributed to the beneficiary designated or otherwise determined in accordance with Section 7(g), as
soon as practicable the date of death (but in any event within 90 days after the date of death). 

(e)    Special Incentive Stock Ownership Premiums. Distributions attributable to Special Incentive Stock
Ownership Premiums shall only be made in the form of one or more certificates for the number of vested Special Incentive Stock Ownership Premium units, rounded down to the nearest whole share, in accordance with the timing rule set forth in
Section 7(a). 
 (f)    Effect of Change in Eligible Employee Status. If an Eligible Employee
ceases to be an Eligible Employee but does not experience a Separation from Service, the balance credited to his or her Account shall continue to be credited (or debited) with appreciation, depreciation, earnings, gains or losses under the terms of
the Plan and shall be distributed to him or her at the time and in the manner set forth in this Section 7. 

(g)    Payments to Incompetents. If any individual to whom a benefit is payable under the Plan is a minor or
if the Plan Administrator determines that any individual to whom a benefit is payable under the Plan is incompetent to receive such payment or to give a valid release therefor, payment shall be made to the guardian, committee, or other
representative of the estate of such individual which has been duly appointed by a court of competent jurisdiction. If no guardian, committee, or other representative has been appointed, payment may be made to any person as custodian for such
individual under the California Uniform Transfers to Minors Act (or similar law of another state) or may be made to or applied to or for the benefit of the minor or incompetent, the incompetent’s spouse, children or other dependents, the
institution or persons maintaining the minor or incompetent, or any of them, in such proportions as the Plan Administrator from time to time shall determine; and the release of the person or institution receiving the payment shall be a valid and
complete discharge of any liability of PG&E CORP with respect to any benefit so paid. 

(h)    Beneficiary Designations. Each Eligible Employee may designate, in a signed writing delivered to the
Plan Administrator, on such form as it may prescribe, one or more beneficiaries to receive any distribution which may become payable under the Plan as the result of the Eligible Employee’s death. An Eligible Employee may designate different
beneficiaries at any time by delivering a new designation in like manner. Any designation shall become effective only upon its receipt by the Plan Administrator, and the last effective designation received by the Plan Administrator shall supersede
all prior designations. If an Eligible Employee dies without having designated a beneficiary or if no beneficiary survives the Eligible Employee, the Eligible Employee’s Account shall be payable to the beneficiary or beneficiaries designated or
otherwise determined under the RSP. 

  
 7 

 (i)    Undistributable Accounts. Each Eligible Employee and (in
the event of death) his or her beneficiary shall keep the Plan Administrator advised of his or her current address. If the Plan Administrator is unable to locate the Eligible Employee or beneficiary to whom an Eligible Employee’s Account is
payable under this Section 7, the Eligible Employee’s Account shall be frozen as of the date on which distribution would have been completed in accordance with this Section 7, and no further appreciation, depreciation, earnings, gains
or losses shall be credited (or debited) thereto. PG&E CORP shall have the right to assign or transfer the liability for payment of any undistributable Account to the Eligible Employee’s former Employer (or any successor thereto).

 (j)    Plan Administrator Discretion. Within the specific time periods described in this
Section 7, the Plan Administrator shall have sole discretion to determine the specific timing of the payment of any Account balance under the Plan. 
 8.    Distribution Due to Unforeseeable Emergency (Hardship Distribution). A participant may request a distribution due to an unforeseeable emergency (within the meaning of Code
Section 409A) by submitting a written request to the Plan Administrator. The Plan Administrator shall have the authority to require such evidence as it deems necessary to determine if a distribution is warranted. If an application for a
hardship distribution due to an unforeseeable emergency is approved, the distribution shall be payable in a lump sum within 30 days after approval of such distribution. After receipt of a payment requested due to an unforeseeable emergency, a
participant may not make additional deferrals during the remainder of the Plan Year in which the recipient received the payment. The distribution due to an unforeseeable emergency shall not exceed the amount reasonably necessary to meet the
emergency. This Section 8 shall be administered in accordance with the requirements of Code Section 409A. 

9.    Domestic Relations Orders. 
 (a)    Qualified Domestic Relations Orders. The Plan Administrator shall establish written procedures for determining whether a domestic relations order purporting to dispose of
any portion of an Eligible Employee’s Account is a qualified domestic relations order (within the meaning of Section 414(p) of the Code) (a “QDRO”). 

(1)    No Payment Unless a QDRO. No payment shall be made to any person designated in a domestic relations order (an
“Alternate Payee”) until the Plan Administrator (or a court of competent jurisdiction reversing an initial adverse determination by the Plan Administrator) determines that the order is a QDRO. Payment shall be made to each Alternate
Payee as specified in the QDRO. 
 (2)    Time of Payment. Payment may be made to an Alternate Payee in the
form of a lump sum, at the time specified in the QDRO, but no earlier than the date the QDRO determination is made. 

(3)    Hold Procedures. Notwithstanding any contrary Plan provision, prior to the receipt of a domestic relations
order, the Plan Administrator may, in its sole discretion, place a hold upon all or a portion of an Eligible Employee’s Account for a reasonable period of time (as determined by the Plan Administrator in accordance with Code Section 409A)
if the Plan Administrator receives notice that (a) a domestic relations order is being sought by the Eligible 

  
 8 

 
Employee, his or her spouse, former spouse, child or other dependent, and (b) the Eligible Employee’s Account is a source of the payment under such domestic relations order. For
purposes of this Section 9(a)(3), a “hold” means that no withdrawals, distributions, or investment transfers may be made with respect to an Eligible Employee’s Account. If the Plan Administrator places a hold upon an Eligible
Employee’s Account pursuant to this Section 9(a)(3), it shall inform the Eligible Employee of such fact. 

10.    Vesting. Except as provided in Section 4(d), an Eligible Employee’s interest in his or her Account at all
times shall be 100 percent vested and nonforfeitable. 
 11.    Administration of the Plan. 

(a)    Plan Administrator. The Employee Benefit Committee of PG&E CORP is hereby designated as the
administrator of the Plan (within the meaning of Section 3(16)(A) of ERISA). The Plan Administrator delegates to the Senior Human Resource Officer for PG&E CORP, or his or her designee, the authority to carry out all duties and
responsibilities of the Plan Administrator under the Plan. The Plan Administrator shall have the authority to control and manage the operation and administration of the Plan. 
 (b)    Powers of Plan Administrator. The Plan Administrator shall have all discretion and powers necessary to supervise the administration of the Plan and to control its
operation in accordance with its terms, including, but not by way of limitation, the power to interpret the provisions of the Plan and to determine, in its sole discretion, any question arising under, or in connection with the administration or
operation of, the Plan. 
 (c)    Decisions of Plan Administrator. All decisions of the Plan
Administrator and any action taken by it in respect of the Plan and within the powers granted to it under the Plan shall be conclusive and binding on all persons and shall be given the maximum deference permitted by law. 

12.    Funding. All amounts credited to an Eligible Employee’s Account under the Plan shall continue for all purposes to
be a part of the general assets of PG&E CORP. The interest of the Eligible Employee in his or her Account, including his or her right to distribution thereof, shall be an unsecured claim against the general assets of PG&E CORP. While
PG&E CORP may choose to invest a portion of its general assets in investments identical or similar to those selected by Eligible Employees for purposes of determining the amounts to be credited (or debited) to their Accounts, nothing contained
in the Plan shall give any Eligible Employee or beneficiary any interest in or claim against any specific assets of PG&E CORP. 

13.    Modification or Termination of Plan. 
 (a)    Employers’ Obligations Limited. The Plan is voluntary on the part of the Employers, and the Employers do not guarantee to continue the Plan. PG&E CORP at any
time may, by appropriate amendment of the Plan, suspend Matching Employer Contributions and/or Basic Employer Contributions or may discontinue Matching Employer Contributions and/or Basic Employer Contributions, with or without cause. 

(b)    Right to Amend or Terminate. The Board of Directors, acting through the Committee, reserves the right
to alter, amend, or terminate the Plan, or any part thereof, in such manner as it may determine, for any reason whatsoever. 

  
 9 

 (1)    Limitations. Any alteration, amendment, or termination
shall take effect upon the date indicated in the document embodying such alteration, amendment, or termination, provided that no such alteration or amendment shall divest any portion of an Account that is then vested under the Plan. 

(c)    Effect of Termination. If the Plan is terminated, the balances credited to the Accounts of the Eligible
Employees affected by such termination shall be distributed to them at the time and in the manner set forth in Section 7; provided, however, that the Plan Administrator, in its sole discretion, may authorize accelerated distribution of Eligible
Employees’ Accounts to the extent provided in Treasury Regulation Sections 1-409A-3(j)(4)(ix) (A) (relating to terminations in connection with certain corporate dissolutions), (B) (relating to terminations in connection with certain
change of control events), and (C) (relating to general terminations). 
 14.    General Provisions. 

(a)    Inalienability. Except to the extent otherwise directed by a domestic relations order which the Plan
Administrator determines is a QDRO (as defined in Section 9(a)) or mandated by applicable law, in no event may either an Eligible Employee, a former Eligible Employee or his or her spouse, beneficiary or estate sell, transfer, anticipate,
assign, hypothecate, or otherwise dispose of any right or interest under the Plan; and such rights and interests shall not at any time be subject to the claims of creditors nor be liable to attachment, execution, or other legal process. 

(b)    Rights and Duties. Neither the Employers nor the Plan Administrator shall be subject to any liability
or duty under the Plan except as expressly provided in the Plan, or for any action taken, omitted, or suffered in good faith. 

(c)    No Enlargement of Employment Rights. Neither the establishment or maintenance of the Plan, the making
of any Matching Employer Contributions, nor any action of any Employer or Plan Administrator, shall be held or construed to confer upon any individual any right to be continued as an Employee nor, upon dismissal, any right or interest in any
specific assets of the Employers other than as provided in the Plan. Each Employer expressly reserves the right to discharge any Employee at any time, with or without cause or advance notice. 

(d)    Apportionment of Costs and Duties. All acts required of the Employers under the Plan may be performed
by PG&E CORP for itself and its Participating Subsidiaries, and the costs of the Plan may be equitably apportioned by the Plan Administrator among PG&E CORP and the other Employers. Whenever an Employer is permitted or required under the
terms of the Plan to do or perform any act, matter or thing, it shall be done and performed by any officer or employee of the Employer who is thereunto duly authorized by the board of directors of the Employer. Each Participating Subsidiary shall be
responsible for making benefit payments pursuant to the Plan on behalf of its Eligible Employees or for reimbursing PG&E CORP for the cost of such payments, as determined by PG&E CORP in its sole discretion. In the event the respective
Participating Subsidiary fails to make such payment or reimbursement, and PG&E CORP does not exercise its discretion to make the payment on such Participating Subsidiary’s behalf, participation in the Plan by the Eligible Employees of that
Participating Subsidiary shall be suspended in a manner consistent with Code Section 409A. If at some future date, the Participating Subsidiary makes all past-due payments and reimbursements, plus interest at a rate

  
 10 

 
determined by PG&E CORP in its sole discretion, the suspended participation of its Eligible Employees eligible to participate in the Plan will be recognized in a manner consistent with Code
Section 409A. In the event the respective Participating Subsidiary fails to make such payment or reimbursement, an Eligible Employee’s (or other payee’s) sole recourse shall be against the respective Participating Subsidiary, and not
against PG&E CORP. An Eligible Employee’s participation in the Plan shall constitute agreement with this provision. 

(e)    Applicable Law. The provisions of the Plan shall be construed, administered, and enforced in accordance
with the laws of the State of California and, to the extent applicable, ERISA. The Plan is intended to comply with the provisions of Code Section 409A. However, PG&E CORP makes no representation that the benefits provided under the Plan
will comply with Code Section 409A and makes no undertaking to prevent Code Section 409A from applying to the benefits provided under the Plan or to mitigate its effects on any deferrals or payments made under the Plan. 

(f)    Severability. If any provision of the Plan is held invalid or unenforceable, its invalidity or
unenforceability shall not affect any other provisions of the Plan, and the Plan shall be construed and enforced as if such provision had not been included. 
 (g)    Captions. The captions contained in and the table of contents prefixed to the Plan are inserted only as a matter of convenience and for reference and in no way define,
limit, enlarge, or describe the scope or intent of the Plan nor in any way shall affect the construction of any provision of the Plan. 

  
 11 

 APPENDIX A 
 EMPLOYERS 
 (As of January 1, 2005) 

            – PG&E Corporation 

            – All Participating Subsidiaries 

Participating Subsidiaries (as of January 1, 2005): 
             – Pacific Gas and Electric Company 
             – All U.S. subsidiaries of the above-named corporations 

 APPENDIX B 
 INVESTMENT FUNDS 
 (as of August 1, 2011) 

SRSP Target Date Funds are a suite of funds that provides investors with convenient, cost-effective exposure across major global asset classes
within single investment options. The suite consists of ten funds targeting a normal retirement age of 65. These broadly diversified vehicles combine low-cost stock and bond strategies and automatic rebalancing with professional judgment regarding
the appropriate risk level for a specific retirement date. On an annual basis, the SRSP Target Date Funds incrementally reduce exposure to equities and increase exposure to fixed income assets as the target retirement date approaches. This equity
roll down continues for five years after the target retirement date, at which time a fixed income-oriented allocation of 65% is combined with 35% stocks that is maintained indefinitely within the RSP Target Retirement Income Fund. A participant
typically invests in one fund within the suite which fund reflects a target retirement date closest to the anticipated retirement date of the participant. 
 PG&E Corporation Phantom Stock Fund converts contributions and transferred amounts into units of phantom common stock valued at the closing price of a share of PG&E Corporation common stock
on the contribution/transfer date. If the transfer request is received after the market closes, the following day’s closing price will be used. Thereafter, the value of a unit shall fluctuate depending on the price of PG&E Corporation
common stock. Each time a dividend is paid on common stock, an amount equal to such dividend shall be credited to the account as additional units. 
 SRSP Total US Stock Index Fund seeks to match the returns of the Russell 3000 Index. The Russell 3000 Index represents the 3,000 largest stocks in the US market and accounts for approximately 97%
of the US stock market’s capitalization. The strategy of investing in the same stocks as the Russell 3000 Index provides reliable exposure to this asset class and results in lower expenses. 

SRSP Large Company Stock Index Fund seeks to match the returns of the S&P 500 Index. The Fund invests in all 500 stocks in the S&P 500
Index in proportion to their weightings in the Index. The S&P 500 provides exposure to about 85% of the market value of all publicly traded common stocks in the United States. The strategy of investing in the same stocks as the S&P 500 Index
provides reliable exposure to this asset class and results in lower expenses. 
 SRSP Small Company Stock Index Fund seeks to match the
returns of the Russell Small Cap Completeness Index. The Fund invests in all of the stocks in the Russell Special Small Cap Completeness Index in proportion to their weightings in the Index. The Russell Small Cap Completeness Index represent about
15% of the market value of all publicly traded common stocks in the United States. The strategy of investing in the same stocks as the Russell Small Cap Completeness Index provides reliable exposure to this asset class and results in lower expenses.

 SRSP World Stock Index Fund seeks to match the returns of the MSCI All Country World Index over the
long term. The MSCI All Country World Index invests in the US, Canada, Europe, Australasia and Far East countries and emerging markets. The strategy of investing in a portfolio of stocks designed to track the MSCI All Country World Ex-US Index
provides reliable exposure to this asset class and results in lower expenses. 
 SRSP International Stock Index Fund seeks to match the
returns of the MSCI World ex-US Index. The Fund invests in all of the stocks in the MSCI World ex-US Index in proportion to their weightings in the Index. The MSCI World ex-US index provides exposure to Canada as well as developed market countries
in Europe, Australasia, and the Far East. The strategy of investing in the same stocks as the MSCI World ex-US provides reliable exposure to this asset class and results in lower expenses. 
 SRSP Emerging Markets Enhanced Index Fund seeks to provide a total investment return in excess of the performance of the MSCI Emerging Markets Index over the long term. The MSCI Emerging Markets
Index invests in emerging market countries. The strategy attempts to identify and capitalize on inefficiencies in the emerging markets by employing a disciplined investment process that combines top-down country selection with bottom-up stock
selection to determine an optimal country and security mix. Portfolio construction is risk-controlled, with the goal of a well-diversified portfolio that has characteristics similar to the benchmark and superior performance potential. 

SRSP Bond Index Fund seeks to match the returns of the Barclays Capital Aggregate Bond Index. The Fund invests in a portfolio of government,
corporate, mortgage-backed, and asset-backed fixed-income securities that is representative of the broad domestic bond market. The Barclays Capital Aggregate Bond Index is an unmanaged, market-value weighted index of investment-grade, fixed-rate
debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. The strategy of investing in a portfolio of bonds designed to track the Barclays Capital Aggregate Bond Index provides
reliable exposure to this asset class and results in lower expenses. 
 SRSP US Government Bond Index Fund seeks to match the returns of
the Barclays Capital US Government Bond Index. The Fund invests in a well-diversified portfolio that is representative of the Barclays Capital US Government Bond Index, which consists of US Government and government agency securities (other than
mortgage securities) with maturities of one year or more. The strategy of investing in a portfolio of stocks designed to track the Barclays Capital US Government Index provides reliable exposure to this asset class and results in lower expenses.

 SRSP Money Market Investment Fund is maintained for the purpose of investing in a diversified portfolio consisting primarily of
short-term government and non-government debt securities. The primary objective of this fund is to provide participants with preservation of principal. 
 Short-Term Bond Index Fund is maintained for the purpose of investing in a diversified portfolio consisting primarily of short-term, marketable fixed-income securities. 

 AA Utility Bond Fund accrues interest on the amount invested in this fund. The interest rate is equal
to the AA Utility Bond Yield reported by Moody’s Investor Services. 

 PG&E CORPORATION 

2005 SUPPLEMENTAL RETIREMENT SAVINGS PLAN 

							
	 1.
	  	Purpose of the Plan	  	 	1	  
			
	 2.
	  	Definitions	  	 	1	  
			
	 3.
	  	Employer Contributions	  	 	3	  
			
	 4.
	  	Eligible Employee Deferrals	  	 	4	  
			
	 5.
	  	Investment Funds	  	 	5	  
			
	 6.
	  	Accounting	  	 	5	  
			
	 7.
	  	Distributions	  	 	6	  
			
	 8.
	  	Distribution Due to Unforeseeable Emergency (Hardship Distribution)	  	 	8	  
			
	 9.
	  	Domestic Relations Orders	  	 	8	  
			
	 10.
	  	Vesting	  	 	9	  
			
	 11.
	  	Administration of the Plan	  	 	9	  
			
	 12.
	  	Funding	  	 	9	  
			
	 13.
	  	Modification or Termination of Plan	  	 	9	  
			
	 14.
	  	General Provisions	  	 	10

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