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Exhibit 4.30(a) (Description of PG&E Corporation’s Securities – Common Stock)

DESCRIPTION OF PG&E CORPORATION’S SECURITIES  REGISTERED UNDER SECTION 12 OF THE  SECURITIES EXCHANGE ACT OF 1934
Description of Common Stock

The following description of PG&E Corporation’s common stock (the “Common Stock”) is only a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to applicable law, our Amended and Restated Articles of Incorporation effective as of June 21, 2019 (the “Articles of Incorporation”) and our Bylaws amended as of April 10, 2019 (the “Bylaws”), each of which is filed as an exhibit to this Annual Report on Form 10-K and is incorporated by reference herein. We encourage you to read the Articles of Incorporation and the Bylaws for additional information.   

In this section, references to “we,” “our,” “ours” and “us” refer only to PG&E Corporation and not to any of its direct or indirect subsidiaries or affiliates except as expressly provided.

General

Our Articles of Incorporation authorize the issuance of 800,000,000 shares of Common Stock and 85,000,000 shares of preferred stock. As of December 31, 2019, there were approximately 529,229,517 shares of our Common Stock, no par value,  outstanding and no shares of preferred stock outstanding. All outstanding shares of our Common Stock are fully paid and nonassessable.

We may issue our Common Stock from time to time upon such terms and for such consideration as may be determined by our Board of Directors. Such further issuances, up to the aggregate amounts authorized by our Articles of Incorporation, will not require approval by our shareholders. We may also issue Common Stock from time to time under dividend reinvestment and employee benefit plans.

Voting Rights

Except as otherwise provided by law, holders of our Common Stock have voting rights on the basis of one vote per share on each matter submitted to a vote at a meeting of shareholders, subject to any class or series voting rights of holders of our preferred stock. Our shareholders may not cumulate votes in elections of directors. As a result, the holders of our Common Stock and (if issued) preferred stock entitled to exercise more than 50% of the voting rights in an election of directors can elect all of the directors to be elected if they choose to do so. In such event, the holders of the remaining Common Stock and preferred stock voting for the election of directors will not be able to elect any persons to the Board of Directors.

Dividend Rights

Holders of our Common Stock, subject to any prior rights or preferences of preferred stock outstanding, have equal rights to receive dividends if and when declared by our Board of Directors out of funds legally available therefor.

Liquidation Rights

In the event of our liquidation, dissolution or winding up and after payment of all prior claims, holders of our Common Stock would be entitled to receive any of our remaining assets, subject to any preferential rights of holders of outstanding shares of preferred stock.

Conversion, Redemption and Preemptive Rights

Holders of our Common Stock have no preemptive rights to subscribe for additional shares of Common Stock or any of our other securities, nor do holders of our Common Stock have any redemption or conversion rights.

Listing

Our Common Stock is listed on the New York Stock Exchange under the symbol “PCG.”

Transfer Agent and Registrar

The transfer agent and registrar for our Common Stock is Wells Fargo Shareowner Services, a division of Wells Fargo Bank, N.A.

Limitations on Rights of Holders of Common Stock - Preferred Stock

The rights of holders of Common Stock may be materially limited or qualified by the rights of holders of preferred stock that we may issue in the future.  Set forth below is a description of PG&E Corporation’s authority to issue preferred stock and the possible terms of that stock.

Our Board of Directors is authorized, pursuant to our Articles of Incorporation, to issue up to 85,000,000 shares of preferred stock in one or more series and to fix and determine the number of shares of preferred stock of any series, to determine the designation of any such series, to increase or decrease the number of shares of any such series subsequent to the issue of shares of that series, and to determine or alter the rights, preferences, privileges and restrictions granted to or imposed upon any such series. 

Prior to the issuance of shares of each series of our preferred stock, our Board of Directors is required to adopt resolutions and file a certificate of determination with the Secretary of State of the State of California. The certificate of determination will fix for each series the designation and number of shares and the rights, preferences, privileges and restrictions of the shares including, but not limited to, the following:

•the title and stated value of the preferred stock;

•voting rights, if any, of the preferred stock;

•any rights and terms of redemption (including sinking fund provisions);

•the dividend rate(s), period(s) and/or payment date(s) or method(s) of calculation applicable to the preferred stock;

•whether dividends are cumulative or non-cumulative and, if cumulative, the date from which dividends on the preferred stock will accumulate;

•the relative ranking and preferences of the preferred stock as to dividend rights and rights upon the liquidation, dissolution or winding up of our affairs;

•the terms and conditions, if applicable, upon which the preferred stock will be convertible into our Common Stock, including the conversion price (or manner of calculation) and conversion period;

•the provision for redemption, if applicable, of the preferred stock;

•the provisions for a sinking fund, if any, for the preferred stock;

•liquidation preferences;

•any limitations on issuance of any class or series of preferred stock ranking senior to or on a parity with the class or series of preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of our affairs; and

•any other specific terms, preferences, rights, limitations or restrictions of the preferred stock.  

All shares of preferred stock will, when issued, be fully paid and nonassessable and will not have any preemptive or similar rights.

In addition to the terms listed above, we will set forth in a prospectus supplement the following terms relating to the class or series of preferred stock being offered:

•the number of shares of preferred stock offered, the liquidation preference per share and the offering price of the preferred stock;

•the procedures for any auction and remarketing, if any, for the preferred stock;

•any listing of the preferred stock on any securities exchange; and

•a discussion of any material and/or special United States federal income tax considerations applicable to the preferred stock.

Until our Board of Directors determines the rights of the holders of a series of preferred stock, we cannot predict the effect of the issuance of any shares of such series of preferred stock upon the rights of holders of our Common Stock. However, the effect could include one or more of the following:

•restricting dividends on our Common Stock;

•diluting the voting power of our Common Stock;

•impairing the liquidation rights of our Common Stock; or

•delaying or preventing a change in control of us without further action by our shareholders.

Our preferred stock, if issued, would rank, with respect to dividends and upon our liquidation, dissolution or winding up:

•senior to all classes or series of our Common Stock and to all of our equity securities ranking junior to the preferred stock;

•on a parity with all of our equity securities the terms of which specifically provide that the equity securities rank on a parity with the preferred stock; and

•junior to all of our equity securities the terms of which specifically provide that the equity securities rank senior to the preferred stock.

Holding Company Structure 

PG&E Corporation conducts its operations primarily through its subsidiaries and substantially all of its consolidated assets are held by its subsidiaries, including Pacific Gas and Electric Company (the “Utility”).  Accordingly, PG&E Corporation’s cash flow and its ability to meet its obligations are largely dependent upon the earnings of its subsidiaries and the distribution or other payment of these earnings to PG&E Corporation in the form of dividends or loans or advances and repayment of loans and advances. PG&E Corporation’s subsidiaries are separate and distinct legal entities and have no obligation to pay any amounts or make any funds available for payment pursuant to PG&E Corporation’s obligations.  

Because PG&E Corporation is a holding company, its obligations will be structurally subordinated to all existing and future liabilities of its subsidiaries, including all debt securities and issued and outstanding preferred stock of the Utility (see Exhibit 4.33(b) for a description of such preferred stock). Furthermore, the rights of PG&E Corporation to participate in the assets of any subsidiary upon the liquidation or reorganization of the subsidiary will be subject to the prior claims of such subsidiary’s creditors, including any holders of preferred stock of such subsidiary. To the extent that PG&E Corporation is itself a creditor with recognized claims against any of its 

subsidiaries, its claims would still be effectively subordinated to any security interest in, or mortgages or other liens on, the assets of the subsidiary and would be subordinated to any indebtedness or other liabilities of the subsidiary that are senior to the claims held by PG&E Corporation.Document

Exhibit 4.30(b) (Description of Pacific Gas and Electric Company’s Securities – Preferred Stock)

DESCRIPTION OF PACIFIC GAS AND ELECTRIC COMPANY’S 
SECURITIES REGISTERED UNDER 
SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
Description of Preferred Stock
The following description of Pacific Gas and Electric Company’s (the “Utility”) preferred stock is only a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to applicable law, our Restated Articles of Incorporation effective as of April 12, 2004 (the “Articles of Incorporation”) and Bylaws amended as of October 11, 2019 (the “Bylaws”), each of which is filed as an exhibit to this Annual Report on Form 10-K and is incorporated by reference herein. We encourage you to read the Articles of Incorporation and the Bylaws for additional information. 
In this section, references to “we,” “our,” “ours” and “us” refer only to the Utility and not to any of its direct or indirect parents, subsidiaries or affiliates except as expressly provided.
General
Our Articles of Incorporation authorize the issuance of 800,000,000 shares of common stock with a par value of $5 per share, 75,000,000 shares of first preferred stock with a par value of $25 per share (the “First Preferred Stock”), and 10,000,000 of $100 first preferred stock, cumulative, with a par value of $100 per share (the “$100 First Preferred Stock” and, together with the First Preferred Stock, the “Preferred Stock”), including 4,211,662 shares of 6% Nonredeemable First Preferred Stock, 1,173,163 shares of 5.5% First Nonredeemable Preferred Stock, and 400,000 shares of 5% Nonredeemable First Preferred Stock (each as defined below).
All outstanding shares of our common stock are owned by PG&E Corporation.  There are no shares of $100 First Preferred Stock outstanding.  First Preferred Stock is issued and outstanding in the following series:  
•5% series A redeemable (“5% First Preferred Series A Stock”)
•5% redeemable (“5% First Preferred Stock”)
•4.80% redeemable (“4.8% First Preferred Stock”)
•4.50% redeemable  (“4.5% First Preferred Stock”)
•4.36% series A redeemable (“4.36% First Preferred Series A Stock”)
•6% nonredeemable  (“6% Nonredeemable First Preferred Stock”)
•5.50% nonredeemable (“5.5% Nonredeemable First Preferred Stock”)
•5% nonredeemable (“5% Nonredeemable First Preferred Stock”)
As of December 31, 2019, the Utility’s First Preferred Stock outstanding included:
•4,211,661 shares of 6% Nonredeemable First Preferred Stock; 
•1,173,163 shares of 5.5% Nonredeemable First Preferred Stock; 

•400,000 shares of 5% Nonredeemable First Preferred Stock; 
•1,778,172 shares of 5% First Preferred Series A Stock;
•934,322 shares of 5% First Preferred Stock;
•793,031 shares of 4.8% First Preferred Stock; 
•611,142 shares of 4.5% First Preferred Stock; and 
•418,291 shares of 4.36% First Preferred Series A Stock.  
Under the Articles of Incorporation, the Board of Directors of the Utility is authorized without further shareholder action to provide for the issuance of Preferred Stock up to the amounts authorized by the Articles of Incorporation, in one or more series, with such rights, preferences, privileges and restrictions as shall be stated and expressed in the resolution or resolutions providing for the issue of such Preferred Stock, or series thereof, adopted, at any time or from time to time, by the Board of Directors. 
Voting Rights
Except as otherwise provided by law, holders of our Preferred Stock have voting rights on the basis of one vote per share on each matter submitted to a vote at a meeting of shareholders. Our shareholders may not cumulate votes in elections of directors. As a result, the holders of our Preferred Stock entitled to exercise more than 50% of the voting rights in an election of directors can elect all of the directors to be elected if they choose to do so. In such event, the holders of the remaining Preferred Stock voting for the election of directors will not be able to elect any persons to the Board of Directors.
Dividend Rights
The owners and holders of shares of Preferred Stock, when issued as fully paid, are entitled to receive, from the date of issue of such share, out of funds legally available therefor, cumulative preferential dividends, when and as declared by the Board of Directors, at the following rates upon the par value of their respective shares, and not more: 
•5% per year upon the 5% First Preferred Series A Stock, 5% First Preferred Stock and 5% Nonredeemable First Preferred Stock
•4.8% per year upon the 4.8% First Preferred Stock
•4.5% per year upon the 4.5% First Preferred Stock
•4.36% per year upon the 4.36% First Preferred Stock
•6% per year upon the 6% Nonredeemable First Preferred Stock
•5.5% per year upon the 5.5% Nonredeemable First Preferred Stock
Such dividends shall be declared and shall be either paid or set apart for payment before any dividend upon the shares of common stock shall be either declared or paid.  All shares of Preferred Stock rank equally in priority with regard to preference in dividend rights, except that shares of different classes or different series thereof may differ as to the amounts of dividends to which they are entitled.
Liquidation Rights

Upon the liquidation or dissolution of the Utility at any time and in any manner, the owners and holders of Preferred Stock issued as fully paid will be entitled to receive an amount equal to the par value of such shares plus an amount equal to all accumulated and unpaid dividends thereon to and including the date fixed for such distribution or payment before any amount shall be paid to the holders of the Utility’s common stock.  All shares of Preferred Stock rank equally in priority with regard to preference in liquidation rights, except that shares of different classes or different series thereof may differ as to the amounts of liquidation payments to which they are entitled.  All shares of Preferred Stock rank senior to common stock with regard to liquidation rights.
If any share or shares of Preferred Stock shall at any time be issued as only partly paid, the owners and holders of such partly paid share or shares shall have the right to receive dividends and to share in the assets of the Utility upon its liquidation or dissolution in all respects like the owners and holders of fully paid shares of Preferred Stock, except that such right shall be only in proportion to the amount paid on account of the subscription price for which such partly paid share or shares shall have been issued.
Conversion, Redemption and Preemptive Rights
None of the 6% Nonredeemable First Preferred Stock, 5.5% Nonredeemable First Preferred Stock and 5% Nonredeemable First Preferred Stock is subject to redemption.
The remaining outstanding series of First Preferred Stock, and any Preferred Stock issued in the future, may be redeemed at the Utility’s option, at any time or from time to time, at the redemption price fixed for such series of Preferred Stock together with accumulated and unpaid dividends at the rate fixed therefor to and including the date fixed for redemption.  If less than all the outstanding shares of any such series are to be redeemed, the shares to be redeemed shall be determined pro rata or by lot in such manner as the Board of Directors may determine.  There is no restriction on the repurchase or redemption of Preferred Stock by the Utility while there is any arrearage in the payment of dividends or sinking fund payments.   
Unless the certificate of determination for any series of Preferred Stock shall otherwise provide, notice of every redemption shall be published in a newspaper of general circulation in the City and County of San Francisco, State of California, and in a newspaper of general circulation in the Borough of Manhattan, City and State of New York, at least once in each of two (2) successive weeks, commencing not earlier than sixty (60) nor later than thirty (30) days before the date fixed for redemption; successive publications need not be made in the same newspaper. A copy of such notice shall be mailed within the same period of time to each holder of record, as of the record date, of the shares to be redeemed, but the failure to mail such notice to any shareholder shall not invalidate the redemption of such shares.
From and after the date fixed for redemption, unless default be made by the Utility in paying the amount due upon redemption, dividends on the shares called for redemption shall cease to accrue, and such shares shall be deemed to be redeemed and shall be no longer outstanding, and the holders thereof shall cease to be shareholders with respect to such shares and shall have no rights with respect thereto except the right to receive from the Utility upon surrender of their certificates the amount payable with respect thereto upon redemption without interest.
None of the Preferred Stock has preemptive rights or conversion rights.
Non-Assessability
        Shares of Preferred Stock, the subscription price of which shall have been paid in full, whether such price be par or more or less than par, shall be issued as fully paid shares and shall never be subject to any call or assessment for any purpose whatever. Shares of Preferred Stock, only a part of the subscription price of which shall have been paid, shall be subject to calls for the unpaid balance of the subscription price thereof. But no call made on partly paid Preferred Stock or partly paid common stock shall be recoverable 

by action or be enforceable otherwise than by sale or forfeiture of delinquent stock in accordance with the applicable provisions of the Corporations Code of California. 
If at any time, whether by virtue of any amendment of the Articles of Incorporation or any amendment or change of the law of the State of California relating to corporations or otherwise, any assessment shall, in any event whatever, be levied and collected on any subscribed and issued shares of Preferred Stock after the subscription price thereof shall have been paid in full, the rights of the owners and holders thereof to receive dividends and their rights to share in the assets upon the liquidation or dissolution of the Utility shall, immediately upon the payment of such assessment and by virtue thereof, be increased in the same ratio as the total amount of the assessment or assessments so levied and collected shall bear to the par value of such shares of Preferred Stock.
Listing
The outstanding series of First Preferred Stock are listed on the NYSE American as follows:
•5% First Preferred Series A Stock is listed under the trading symbol PCG-PE
•5% First Preferred Stock is listed under trading symbol PCG-PD
•4.8% First Preferred Stock is listed under trading symbol PCG-PG
•4.5% First Preferred Stock is listed under trading symbol PCG-PH
•4.36% First Preferred Series A Stock is listed under trading symbol PCG-PI
•6% Nonredeemable First Preferred Stock is listed under trading symbol PCG-PA
•5.5% Nonredeemable First Preferred Stock is listed under trading symbol PCG-PB
•5% Nonredeemable First Preferred Stock is listed under trading symbol PCG-PC
Transfer Agent and Registrar
The Utility will be the transfer agent and dividend and redemption price disbursement agent and First Interstate Bank of California is the registrar for each series of Preferred Stock.

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