Document:

EXHIBIT 10.1

PG&E CORPORATION

 2014 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD – NON-EMPLOYEE DIRECTORS

PG&E CORPORATION, a California corporation, hereby grants Restricted Stock Units to the Recipient named below.  The Restricted Stock Units have been granted under the PG&E Corporation 2014 Long-Term Incentive Plan (the "LTIP").  The terms and conditions of the Restricted Stock Units are set forth in this cover sheet and in the attached Restricted Stock Unit Agreement (the "Agreement").

Date of Grant:   May 26, 2016

Name of Recipient: 

Award ID Number: 

Number of Restricted Stock Units:     2,357

By accepting this award, you agree to all of the terms and conditions described in the attached Agreement. You and PG&E Corporation agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of the attached Agreement.  You are also acknowledging receipt of this award, the attached Agreement, and a copy of the prospectus describing the LTIP and the May 26, 2016 Equity Awards for Non-Employee Directors under the LTIP, dated May 26, 2016.

Attachment

PG&E CORPORATION

 2014 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT FOR NON-EMPLOYEE DIRECTORS

	
The LTIP and Other Agreements

	
This Agreement constitutes the entire understanding between you and PG&E Corporation regarding the Restricted Stock Units, subject to the terms of the LTIP.  Any prior agreements, commitments, or negotiations are superseded.  In the event of any conflict or inconsistency between the provisions of this Agreement and the LTIP, the LTIP will govern.  Capitalized terms that are not defined in this Agreement are defined in the LTIP.

	
Grant of Restricted Stock Units

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

	
Vesting of Restricted Stock Units

	
In general, provided that you have not had a Separation from Service, your Restricted Stock Units will vest on the earlier of (i) the first anniversary of the Date of Grant shown on the cover sheet to this Agreement or (ii) the last day of the director's elected term (the "Normal Vesting Date").  As set forth elsewhere in this Agreement, the Restricted Stock Units may vest earlier upon the occurrence of certain events.

	
Dividends

	
Your Restricted Stock Unit account will be credited quarterly on each dividend payment date with additional Restricted Stock Units (including fractions computed to three decimal places), determined by dividing (1) the amount of cash dividends paid on the number of shares of PG&E Corporation common stock represented by the Restricted Stock Units previously credited to your Restricted Stock Unit account by (2) the Fair Market Value of a share of PG&E Corporation common stock on the dividend payment date.  Such additional Restricted Stock Units will be subject to the same terms and conditions and will be settled in the same manner and at the same time as the Restricted Stock Units covered by this Agreement.

 

	
Settlement

	
Vested Restricted Stock Units will be settled in an equal number of shares of PG&E Corporation common stock (a "Share"), rounded down to the nearest whole Share.  PG&E Corporation will issue Shares in settlement of vested Restricted Stock Units upon the earliest of (1) the first anniversary of the Date of Grant (the "Normal Settlement Date"), (2) your Disability (as defined under Section 409A of the Code), (3) your death, or (4) your Separation from Service following a Change in Control.  However, if you previously made a timely, valid deferral election to receive Shares in settlement of vested Restricted Stock Units after the Normal Settlement Date (commencing in January of a year following the Normal Settlement Date), then settlement will be according to the terms of your election and the LTIP, unless settled earlier in a lump sum as set forth in the LTIP upon occurrence of any of the events listed in sections (2) – (4) above.  Further, if pursuant to any such deferral election you begin receiving any annual installments, then upon the subsequent occurrence of any of the events listed in sections (2) – (4) above, any unpaid installments will be settled in a lump sum upon occurrence of the event, except to the extent that such acceleration would result in taxation under Section 409A of the Code.

	
Separation of Service

	
If you have a Separation from Service, whether voluntarily or involuntarily, before the Normal Vesting Date, all Restricted Stock Units subject to this Agreement that have not vested on account of your death, Disability (within the meaning of Section 409A of the Code), or because you for any reason ceased to be on the Board (other than resignation) following a Change in Control will be automatically cancelled and forfeited; provided, however, that if you have a Separation from Service due to a pending Disability determination, forfeiture will not occur until a finding that such Disability has not occurred.

	 Death/Disability	In the event of your Disability (as defined in Section 409A of the Code) or death, all Restricted Stock Units credited to your account under this Agreement will immediately become fully vested and be settled in accordance with the settlement provisions described above.
	
Change in Control

	
In the event you cease to be on the Board for any reason (other than resignation) following the occurrence of a Change in Control, all Restricted Stock Units credited to your account under this Agreement will immediately become fully vested and be settled in accordance with the settlement provisions described above.

	
Delay

	
PG&E Corporation will delay the issuance of any Shares to the extent it is necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain "key employees" of certain publicly traded companies); in such event, any Shares to which you would otherwise be entitled during the six (6) month period following the date of your Separation from Service (or shorter period ending on the date of your death following such Separation from Service) will instead be issued on the first business day following the expiration of the applicable delay period.

	
Withholding Taxes

	
PG&E Corporation generally will not be required to withhold taxes on taxable income recognized by you upon settlement of your Restricted Stock Units.  However, any taxes that are required to be withheld will be payable by you in cash, by check, or through deductions from your compensation.  Also, the Board may, in its discretion and subject to such restrictions as the Board may impose, permit you to satisfy such tax withholding obligations by electing to have PG&E Corporation withhold otherwise deliverable Shares having a fair market value equal to the amount that would be required to be withheld.

 

	
Voting and Other Rights

	
You will not have voting rights with respect to the Restricted Stock Units until the date the underlying Shares are issued (as evidenced by appropriate entry on the books of PG&E Corporation or its duly authorized transfer agent).

	
Applicable Law

	
This Agreement will be interpreted and enforced under the laws of the State of California.EXHIBIT 10.2

 

	  	
Human Resources

Executive Recruiting

	
245 Market Street

MAILCODE N17F

San Francisco, CA 94105

 

May 24, 2016

David Thomason

50 Lansing Street, #510

San Francisco, CA 94105

Dear David:

I am pleased to extend an invitation to you to join our team as Vice President and Controller of PG&E Corporation and Vice President, Chief Financial Officer and Controller of Pacific Gas and Electric Company, reporting to me Senior Vice President, Chief Financial Officer, effective June 1, 2016. The offer includes a new annual salary of $275,000 ($22,916.67/month) which acknowledges your expanded role.

You will also receive the following as part of your total compensation package:

	
·

	
You remain eligible to participate in the company's Short-Term Incentive Plan (STIP) with an increased target participation rate, effective June 1, 2016, of 40% percent of your eligible earnings (i.e., base salary) received during the plan year. The STIP is an at-risk component of pay that rewards employees annually, and is tied to company and individual performance.  Thus, STIP awards are not guaranteed. The Compensation Committee retains full discretion to determine and award STIP payments to PG&E employees.

	
·

	
Under PG&E Corporation's Long-Term Incentive Plan (LTIP) you will continue to be eligible to receive an LTIP award during the next annual LTIP award cycle in March. If you are an LTIP award recipient you will receive more details on the LTIP during the annual awards cycle.

	
·

	
In connection with your promotion, you will receive a $100,000 LTIP grant on June 15, 2016, or later if required by the Equity Grant Date Policy.  The terms and performance share/RSU allocation will be the same as for annual awards.

	
·

	
An annual perquisite allowance of $15,000, subject to ordinary withholdings. The annual allowance is included with March monthly pay.  (For 2016, the allowance will be included with June pay.)

	
·

	
Participation in the Defined Contribution Executive Supplemental Retirement Plan (DC-ESRP), a non-qualified deferred compensation plan. Each time you receive a base salary or STIP payment, an amount equal to 7% of the payment will be credited to your DC-ESRP account. Your account balance will accrue earnings/losses based on your choice of investment funds and will be distributed, based on your election, in one to ten annual installments commencing seven months following your termination of employment.

John Lowe will schedule a meeting with you soon to go over the compensation and benefits in detail.

I believe this will be an excellent opportunity for you to continue your significant contribution to the Company and to help shape our exciting future.

Sincerely,

/s/ JASON WELLS

Jason Wells

Senior Vice President and Chief Financial Officer

Please acknowledge your acceptance of this offer by signing the original and returning it to me.  It is important to note that you will be an employee-at-will.  This means that either you or Pacific Gas and Electric Company may end your employment at any time, with or without cause, and with or without notice.

 

 

	 /s/ DAVID S. THOMASON	 	 5/24/16
	
Signature

	 	
Date

CC: Lisa Free, Manager, Executive Recruiting

       Nora Delehanty, Human Resources Business Partner

       John Lowe, Senior Director, Compensation and HR Business Operations

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}]]