Document:

Restricted Stock Unit Agreement - Johns and PG&E Corporation

 Exhibit 10.4 

PG&E CORPORATION 
 2006 LONG-TERM INCENTIVE PLAN 
 RETENTION AWARD - RESTRICTED STOCK UNIT
GRANT 
 PG&E CORPORATION, a California corporation, hereby grants Restricted Stock Units to the
Recipient named below. The Restricted Stock Units have been granted under the PG&E Corporation 2006 Long-Term Incentive Plan, as amended (the “LTIP”). The terms and conditions of the Restricted Stock Units are set forth in this cover
sheet and in the attached Restricted Stock Unit Agreement (the “Agreement”). 
 Date of
Grant:            May 9, 2011 
 Name of Recipient:
                                Christopher P.
Johns                                       
                                
 Recipient’s Participant ID:
                                xxxx       
                                         
                                    

Number of Restricted Stock Units:
                    21,895                   
                                         
                     
 By accepting this award, you agree to all of the terms and conditions described in the attached Agreement. You and PG&E Corporation agree to execute such further instruments and to take such
further action as may reasonably be necessary to carry out the intent of the attached Agreement. You are also acknowledging receipt of this Grant, the attached Agreement, and a copy of the prospectus describing the LTIP and the Restricted Stock
Units dated March 1, 2011. 
  
  

 
  
  

Attachment 

 PG&E CORPORATION 

2006 LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 
  

			
		
	The LTIP and Other Agreements	  	 This Agreement constitutes the entire understanding between you and PG&E Corporation regarding the Restricted Stock Units, subject to the terms of the
LTIP. Any prior agreements, commitments, or negotiations are superseded. In the event of any conflict or inconsistency between the provisions of this Agreement and the LTIP, the LTIP shall govern. Capitalized terms that are not defined in this
Agreement are defined in the LTIP. In the event of any conflict between the provisions of this Agreement and the PG&E Corporation Officer Severance Policy, this Agreement shall govern. For purposes of this Agreement, employment with PG&E
Corporation shall mean employment with any member of the Participating Company Group.

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

		
	Vesting of Restricted Stock Units	  	 As long as you remain employed with PG&E Corporation, 50 percent of the total number of Restricted Stock Units originally subject to this Agreement, as
shown above on the cover sheet, will vest on the second anniversary of the Date of Grant, and the remaining 50 percent of the total number of shares of Restricted Stock Units will vest on the on the third anniversary of the Date of Grant
(collectively, the “Vesting Schedule”). The amounts payable upon each vesting date are hereby designated separate payments for purposes of Code Section 409A. Except as described below, all Restricted Stock Units subject to this Agreement
which have not vested upon termination of your employment shall then be automatically cancelled. As set forth below, the Restricted Stock Units may vest earlier upon the occurrence of certain events.

		
	Dividends	  	 Restricted Stock Units will accrue Dividend Equivalents in the event cash dividends are paid with respect to PG&E Corporation common stock having a record
date prior to the date on which the Restricted Stock Units are settled. Such Dividend Equivalents will be converted into cash and paid, if at all, upon settlement of the underlying Restricted Stock Units.

		
	Settlement	  	 Vested Restricted Stock Units will be settled in an equal number of shares of PG&E Corporation common stock, subject to the satisfaction of Withholding
Taxes, as described below. PG&E Corporation shall issue shares as soon as practicable after the Restricted Stock Units vest in accordance with the Vesting Schedule (but not later than sixty (60) days after the applicable vesting date); provided,
however, that such issuance shall, if earlier, be made with respect to all of your outstanding vested Restricted Stock Units (after giving effect to the vesting provisions described below) as soon as practicable after (but not later than sixty
(60)

			
		
		  	 days after) the earliest to occur of your (1) Disability (as defined under Code Section 409A), (2) death or (3) “separation from service,” within
the meaning of Code Section 409A within 2 years following a Change in Control.

		
	Voluntary Termination	  	 In the event of your voluntary termination (other than Retirement), all unvested Restricted Stock Units will be cancelled on the date of
termination.

		
	Termination for Cause	  	 If your employment with PG&E Corporation is terminated at any time by PG&E Corporation for cause, all unvested Restricted Stock Units will be
cancelled on the date of termination. In general, termination for “cause” means termination of employment because of dishonesty, a criminal offense or violation of a work rule, and will be determined by and in the sole discretion of
PG&E Corporation.

		
	Termination other than for Cause	  	 If your employment with PG&E Corporation is terminated by PG&E Corporation other than for cause and you are an officer in Bands 1-5, any unvested
Restricted Stock Units that would have vested during the period of the “Severance Multiple” under the Officer Severance Policy will continue to vest and be settled pursuant to the Vesting Schedule (without regard to the requirement that
you be employed), subject to the earlier settlement provisions of this Agreement. In the event of your involuntary termination other than for cause, if you are not an officer in Bands 1-5, any unvested Restricted Stock Units that would have vested
within the 12 months following such termination had your employment continued will continue to vest and be settled pursuant to the Vesting Schedule (without regard to the requirement that you be employed), subject to the earlier settlement
provisions of this Agreement. All other unvested Restricted Stock Units will be cancelled unless your termination of employment was in connection with a Change in Control as provided below.

		
	Death/Disability	  	 In the event of your death or Disability while you are employed, all of your Restricted Stock Units shall vest and be settled as soon as practicable after
(but not later than sixty (60) days after) the date of such event. If your death or Disability occurs following the termination of your employment and your Restricted Stock Units are then outstanding under the terms hereof, then all of your vested
Restricted Stock Units plus any Restricted Stock Units that would have otherwise vested during any continued vesting period hereunder shall be settled as soon as practicable after (but not later than sixty (60) days after) the date of your death or
Disability.

		
	Termination Due to Disposition of Subsidiary	  	 (1) If your employment is terminated (other than termination for cause, your voluntary termination, or your Retirement) by reason of a divestiture or change
in control of a subsidiary of PG&E Corporation, which divestiture or change in control results in such subsidiary no longer qualifying as a subsidiary corporation under Section 424(f) of the Internal Revenue Code of 1986, as amended (the
“Code”), or (2) if your employment is terminated (other than termination for cause, your voluntary

  
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		  	 termination, or your Retirement) coincident with the sale of all or substantially all of the assets of a subsidiary of PG&E Corporation, the Restricted
Stock Units shall vest and be settled in the same manner as for a “Termination other than for Cause” described above.

		
	Change in Control	  	 In the event of a Change in Control, the surviving, continuing, successor, or purchasing corporation or other
business entity or parent thereof, as the case may be (the “Acquiror”), may, without your consent, either assume or continue PG&E Corporation’s rights and obligations under this Agreement or provide a substantially
equivalent award in substitution for the Restricted Stock Units subject to this Agreement.
 If the Restricted Stock Units are
neither assumed nor continued by the Acquiror or if the Acquiror does not provide a substantially equivalent award in substitution for the Restricted Stock Units, all of your unvested Restricted Stock Units shall automatically vest immediately
preceding and contingent on, the Change in Control and be settled in accordance with the Vesting Schedule, subject to the earlier settlement provisions of this Agreement.

		
	Termination In Connection with a Change in Control	  	 If you separate from service (other than termination for cause, your voluntary termination, or your Retirement) in connection with a Change in Control within
three months before the Change in Control occurs, all of your outstanding Restricted Stock Units (including Restricted Stock Units that you would have otherwise forfeited after the end of the continued vesting period) shall automatically vest on the
date of the Change in Control and will be settled in accordance with the Vesting Schedule (without regard to the requirement that you be employed) subject to the earlier settlement provisions of this Agreement. In the event of such a separation in
connection with a Change in Control within two years following the Change in Control, your Restricted Stock Units (to the extent they did not previously vest upon, for example, failure of the Acquiror to assume or continue this Award) shall
automatically vest on the date of such separation and will be settled as soon as practicable after (but not later than sixty (60) days after) the date of such separation. PG&E Corporation shall have the sole discretion to determine whether
termination of your employment was made in connection with a Change in Control

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

		
	Withholding	  	 The number of shares of PG&E Corporation common stock that you are

  
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	Taxes	  	 otherwise entitled to receive upon settlement of Restricted Stock Units will be reduced by a number of shares having an aggregate Fair Market Value, as
determined by PG&E Corporation, equal to the amount of any Federal, state, or local taxes of any kind required by law to be withheld by PG&E Corporation in connection with the Restricted Stock Units determined using the applicable minimum
statutory withholding rates, including social security and Medicare taxes due under the Federal Insurance Contributions Act and the California State Disability Insurance tax (“Withholding Taxes”). If the withheld shares were not sufficient
to satisfy your minimum Withholding Taxes, you will be required to pay, as soon as practicable, including through additional payroll withholding, any amount of the Withholding Taxes that is not satisfied by the withholding of shares described
above.

		
	Leaves of Absence	  	 For purposes of this Agreement, if you are on an approved leave of absence from PG&E Corporation, or a recipient
of PG&E Corporation sponsored disability benefits, you will continue to be considered as employed. If you do not return to active employment upon the expiration of your leave of absence or the expiration of your PG&E Corporation sponsored
disability benefits, you will be considered to have voluntarily terminated your employment. See above under “Voluntary Termination.”
 Notwithstanding the foregoing, if the leave of absence exceeds six (6) months, and a return to service upon expiration of such leave is not guaranteed by statute or contract, then you shall be deemed to
have had a “separation from service” for purposes of any Restricted Stock Units that are settled hereunder upon such separation. To the extent an authorized leave of absence is due to a medically determinable physical or mental impairment
that can be expected to result in death or to last for a continuous period of at least six (6) months and such impairment causes you to be unable to perform the duties of your position of employment or any substantially similar position of
employment, the six (6) month period in the prior sentence shall be twenty-nine (29) months.
  
 PG&E Corporation reserves the right to determine which leaves of absence will be considered as continuing employment and when your employment terminates for all purposes under this
Agreement.

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

		
	No Retention Rights	  	 This Agreement is not an employment agreement and does not give you the right to be retained by PG&E Corporation. Except as otherwise provided in an
applicable employment agreement, PG&E Corporation reserves the right to terminate your employment at any time and for any

  
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		  	 reason.

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

  
 A-5Severance Agreement - Pacific Gas and Electric Company and Keenan

 Exhibit 10.5 

SEVERANCE AGREEMENT 
 This Severance Agreement (“Agreement”) is entered into as of April 5, 2011 by and between Pacific Gas and Electric Company (the “Company”) and John S. Keenan
(“Executive”) (each a “Party,” and together , the “Parties”) and sets forth the terms and conditions of Mr. Keenan’s separation from employment with the Company. 

WHEREAS, Executive is employed by the Company as its Chief Operating Officer; 

WHEREAS, Executive will end his employment with the Company on April 30, 2011 (the “Last Date of Employment”) and become
retired effective May 1, 2011; 
 WHEREAS, the Parties wish resolve any and all disputes that may exist between them;

 NOW, THEREFORE, in consideration of the mutual promises made herein and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows: 
  

	1.	Resignation from Employment. 

 (a)     Executive shall be deemed to have resigned from his employment with the Company and from all offices and directorships (if any) held with the Company and any of the
Company’s parents, affiliates and/or subsidiaries (“Affiliates”) on the Last Date of Employment. Executive shall retire on May 1, 2011. Executive shall promptly execute such documents as the Company and/or its Affiliates may
reasonably deem necessary or desirable to effectuate the foregoing retirement, so long as such documents are consistent with this Agreement. Executive acknowledges that, except as provided or referenced in this Agreement, he shall have no further
rights to any compensation or benefits from the Company or its Affiliates. 
 (b)     Until the Last Date of
Employment, Executive will, as requested by the Company, (i) continue to devote his best skill and perform his duties as Chief Operating Officer, (ii) cooperate and participate in employee meetings, and (iii) cooperate in
communications with media, investment community, regulators, elected officials, and other policymakers, government officials and other stakeholders. 
 (c)     Through the Last Date of Employment, Executive shall continue to receive his base salary and benefits as in effect on March 31, 2011. 

(d)     On the Last Date of Employment, Executive shall be paid any unpaid base salary through the Last Date of
Employment and any accrued, unused vacation. 

  
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 (e)     After Executive’s Last Day of Employment and upon his
May 1, 2011 retirement, Executive shall be eligible for benefits under the Pacific Gas and Electric Company Retirement Plan and the Supplemental Executive Retirement Plan of PG&E Corporation in accordance with the terms of those plans and
Executive’s distribution elections. 
 (f)     After Executive’s Last Date of Employment and upon
his May 1, 2011 retirement, in accordance with the terms of the PG&E Corporation Long-Term Incentive Plan (the “LTIP”), Executive shall be eligible for continued vesting of benefits under the LTIP. 

(g)     After Executive’s Last Date of Employment and upon his May 1, 2011 retirement, in accordance with
the terms of the PG&E Corporation Special Incentive Stock Ownership Premiums Plan (the “SISOP”), all unvested SISOPs shall immediately vest. 
 (h)     Executive gives up any right or claim to future employment with the Company and/or its Affiliates, including without limitation, any future compensation or benefits, except as
set forth in this Agreement and the parties’ Settlement Agreement executed concurrently with this Agreement and Mortgage Subsidy Agreement Executive will submit within thirty (30) days of the Last Date of Employment a request for
reimbursement of any and all reasonable business expenses not reimbursed on or before the Last Date of Employment which he has incurred. Any request submitted by him will be reviewed and expenses reimbursed in accordance with the Company’s
normal reimbursement process and requirements. 
 (i)     Executive shall make a diligent search for, and
deliver to the Company, by the Last Date of Employment, (i) any document, materials, files or computer files, or copies, reproductions, duplicates, transcriptions or replicas thereof relating to the Company’s business or affairs or
belonging to the Company or any of its Affiliates, which are in his possession or control and (ii) all other Company property (including, without limitation, laptop computer, blackberry, identification cards, security access cards, credit cards
etc.) that are in his possession or control. 
  

	2.	Severance. 

(a)     Severance Benefits. Provided that Executive signs, delivers, and does not revoke this Agreement within
the time-frames specified in Section 5(e), the Company will provide the following severance benefits: 

(i)     No sooner than the eighth (8th) day after Executive delivers to the Company a signed copy of this Agreement (the “Effective
Date”), and no later than April 20, 2011 pay to Executive in a single lump sum, of $2,278,449. (TWO MILLION TWO HUNDRED SEVENTY-EIGHT THOUSAND AND FOUR HUNDRED FORTY-NINE DOLLARS), less applicable withholdings and deductions. In the event
of Executive’s death, the benefits payable herein shall be payable to the Executive’s estate and/or heirs. 

  
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 (b)     Exclusivity of Benefits. Except as expressly provided in
Sections 1 and 2 of this Agreement, Executive is not entitled to any additional payments or benefits in connection with Executive’s employment or the termination thereof or under or in connection with any contract, agreement or
understanding between Executive and the Company and Affiliates, unless they have been set forth in the Settlement Agreement executed concurrently with this Agreement or Mortgage Subsidy Agreement. 

 

	3.	Non-Disparagement/Public Statements. 

 (a)     Executive covenants never to disparage the Company or Affiliates, or any product or service of the Company or Affiliates, or any past or present employee, officer or director
of the Company or any Affiliate, or any member of any Board of Directors of any entity affiliated with the Company. 

(b)     The Company covenants that directors and officers of the Company and its Affiliates shall not while employed
by or serving as a member of the Board, as the case may be, disparage Executive. 
 (c)     [INTENTIONALLY
DELETED] 
 (d)     The Company shall file a Form 8-K Report. 

(e)     This Agreement shall not be construed or applied so as to limit any person from giving truthful information
or testimony in any lawsuit or action or from providing candid, truthful information to any governmental or regulatory body or any self-regulatory organization. 
  

	4.	No Unfair Competition. 

(a)     Executive will not engage in any unfair competition against the Company or its Affiliates. 

(b)     For a period of one year after the Effective Date, Executive will not, directly or indirectly, solicit or
contact for the purpose of diverting or taking away or attempt to solicit or contact for the purpose of diverting or taking away: 
 (i)     any existing customer of the Company or its Affiliates; 
 (ii)     any prospective customer of the Company or its Affiliates about whom Executive acquired information as a result of any solicitation efforts by the Company or its Affiliates,
or by the prospective customer, during Executive’s employment with the Company; 
 (iii)     any
existing vendor of the Company or its Affiliates; 
 (iv)     any prospective vendor of the Company or its
Affiliates, about whom Executive acquired information as a result of any solicitation efforts by the Company or 

  
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its Affiliates, or by the prospective vendor, during Executive’s employment with the Company; 
 (v)     any existing employee, agent or executive of the Company or its Affiliates, to terminate or otherwise alter the person’s or entity’s employment, agency or Executive
relationship with the Company or its parent, affiliates or subsidiaries; or 
 (vi)     any existing
employee, agent or executive of the Company or its Affiliates, to work in any capacity for or on behalf of any person, company or other business enterprise that is in competition with the Company or its Affiliates. 

 

	5.	Release of Claims. 

(a)     General Release. Executive, on behalf of himself, his heirs, estate, trust(s), successors and assigns,
hereby releases and forever discharges the “Releasees” hereunder, consisting of the Company and its Affiliates, and each of their respective partners, members, managers, associates, affiliates, subsidiaries, successors, heirs,
assigns, agents, directors, officers, employees, shareholders, benefit plans and related trusts, representatives, lawyers, insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all Claims,
as defined in Section 5(b), except as provided in Section 5(c). 
 (b)     Claims Released.
The “Claims” released herein include any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs,
attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent, which he now has or may hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning
of time to the date hereof. Without limiting the generality of the foregoing, Claims shall include: any claims in any way arising out of, based upon, or related to Executive’s employment by or service as a director to any of the Releasees, or
any of them, or the termination thereof; any claim for wages, salary, commissions, bonuses, fees, incentive payments, profit-sharing payments, expense reimbursements, leave, vacation, severance pay or other benefits; any alleged breach of any
express or implied contract of employment; any alleged torts or other alleged legal restrictions on the Company’s rights to terminate the employment of Employee; and any alleged violation of any federal, state or local statute or ordinance
including, without limitation, Claims arising under: the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621, et seq.; Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42
U.S.C. § 2000 et seq.; the Equal Pay Act, as amended, 29 U.S.C. § 206(d); the Civil Rights Act of 1866, 42 U.S.C. § 1981; the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq.; the Americans with
Disabilities Act of 1990, 42 U.S.C. § 12101 et seq.; the False Claims Act , 31 U.S.C. § 3729 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; the Worker
Adjustment and Retraining Notification Act, as amended, 29 U.S.C. § 2101 et seq. the Fair Labor Standards Act, 29 U.S.C. § 215 et seq., the Sarbanes-Oxley Act of 2002; the California Fair Employment and Housing Act, as
amended, Cal. Lab. Code § 12940 et seq.; the California Equal Pay Law, as amended, 

  
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Cal. Lab. Code §§ 1197.5(a), 1199.5; the Moore-Brown-Roberti Family Rights Act of 1991, as amended, Cal. Gov’t Code §§ 12945.2, 19702.3; the California Labor Code; the
California WARN Act, Cal. Lab. Code § 1400 et seq.; the California False Claims Act, Cal. Gov’t Code § 12650 et seq.; the California Corporate Criminal Liability Act, Cal. Penal Code § 387; or under the California
Labor Code, or any other federal, state or local law. 
 (c)     Claims Not Released. Notwithstanding
the generality of the foregoing, the Claims released shall not include the “Unreleased Claims,” which consist of: any claim or right: 
 (i)     to indemnification under California Labor Code Sections 2800 or 2802, the Company’s articles of incorporation or bylaws, and any policy of directors and officers
insurance; 
 (ii)     Executive’s rights under this Agreement and the Settlement Agreement executed
concurrently with this Agreement and the Mortgage Subsidy Agreement; 
 (iii)     Executive’s vested
rights under any pension or welfare benefit plan; 
 (iv)     for unemployment insurance benefits;

 (v)     for worker’s compensation benefits; or 

(vi)     that may not be released by private agreement. 

(d)     Unknown Claims. EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE IS HEREBY ADVISED OF AND IS FAMILIAR WITH THE
PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS: 
 “A GENERAL RELEASE DOES
NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES ANY RIGHTS EXECUTIVE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER
STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 
 (e)     Review and Revocation. Executive
agrees and acknowledges that this Agreement includes a waiver and release of all claims that Executive has or may have under the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. § 621, et seq.
(“ADEA”). The following terms and conditions apply to and are part of the waiver and release of the ADEA claims under this general release: 

  
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 (i)     This Agreement is written in a manner calculated to be
understood by Executive. 
 (ii)     The waiver and release of claims under the ADEA contained in this
Agreement does not cover rights or claims that may arise after the date on which Executive signs this Agreement. 

(iii)     This Agreement provides for consideration in addition to anything of value to which Executive is already
entitled. 
 (iv)     Executive is hereby advised to consult an attorney before signing this Agreement.

 (v)     Executive has been granted twenty-one (21) days after receiving this Agreement to decide
whether or not to sign this Agreement. If Executive signs this Agreement prior to the expiration of the twenty-one (21) day period, Executive does so voluntarily and after having had the opportunity to consult with an attorney, and Executive
hereby waives the remainder of the twenty-one (21) day period. The twenty-one (21) day period shall not restart in the event of changes to this Agreement, other than material changes. 

(vi)     Executive has the right to revoke this Agreement within seven (7) days of signing this Agreement. In
the event this Agreement is revoked, this Agreement and the Settlement Agreement will be null and void in their entirety, and Executive will not be entitled to the Severance Benefits as provided in Section 2 of this Agreement.

 (vii)     If Executive wishes to revoke this Agreement, Executive must deliver written notice stating
Executive’s intent to revoke this Agreement to the Company’s Senior Vice President, Human Resources, John R. Simon, on or before 5:00 p.m. on the seventh (7th) Day after the date on which Executive signs this Agreement. 

(f)     No Assignments of Claims. Executive represents and warrants that there has been no assignment or other
transfer of any interest in any Claim that Executive may have against the Releasees, or any of them, and Executive agrees to indemnify and hold the Releasees, and each of them, harmless from any liability, Claims, demands, damages, costs, expenses
and attorneys’ fees incurred by the Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer. It is the intention of the Parties that this indemnity does not
require payment as a condition precedent to recovery by the Releasees against Executive under this indemnity. 

(g)     No Actions. Executive agrees that if Executive hereafter commences any suit arising out of, based
upon, or relating to any of the Claims released hereunder or in any manner assert against the Releasees, or any of them, any of the Claims released hereunder, then Executive will pay to the Releasees, and each of them, in addition to any other
damages caused to the Releasees thereby, all attorneys’ fees incurred by the Releasees in defending or otherwise responding to said suit or Claim. The foregoing shall not apply to: (1) Executive’s right to file a charge with the
United States Equal 

  
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Employment Opportunity Commission; provided, however, that Executive hereby waives any right to any damages or individual relief resulting from such charge; or (2) any suit or Claim to the
extent it challenges the effectiveness of this release with respect to a claim under the Age Discrimination in Employment Act. 

(h)     No Admission. Executive understands and agrees that neither the payment of any sum of money nor the
execution of this Release shall constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to him. 

(i)     No Reliance. Executive acknowledges that different or additional facts may be discovered in addition
to what is now known or believed to be true by Executive with respect to the matters released in this Agreement, and Executive agrees that this Agreement shall be and remain in effect in all respects as a complete and final release of the matters
released, notwithstanding any different or additional facts. 
  

	6.	Notices. 

 Any notice
required or permitted under this Agreement shall be given in writing and shall be deemed effectively given upon the earliest of personal delivery, actual receipt or the third (3rd) full business day following deposit in the United States mail
with postage and fees prepaid, addressed to the other Party hereto at such Party’s address shown below or at such other address as such Party may designate by ten (10) calendar days’ advance written notice to the other Party hereto.
The addresses for notices are as follows: 
  

			
	 For the Company:
	  	 John R. Simon
 Senior Vice
President, Human Resources
 Pacific Gas and Electric Company
 77 Beale Street
 San Francisco, CA 94177

		
	 With a copy to:
	  	 Stacy Campos
 Law
Department
 PO Box 7442
 San Francisco,
CA 94120

		
	 For Executive:
	  	 John S. Keenan
 104
Genoe’s Point Road SW
 Supply, North Carolina 28462

		
	 With a copy to:
	  	 Raymond N. Stella Erlach

LAW OFFICES OF RAYMOND N.
 STELLA
ERLACH
 275 Battery Street, Suite 2600

San Francisco, CA 94111

  
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	7.	Severability. 

 If any
term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to exceed the limitations permitted by applicable law, as determined by such court in such action, then the provisions will be deemed reformed to
apply to the maximum limitations permitted by applicable law so long as the rights, duties and obligations of the Parties have been served and the Parties hereby expressly acknowledge their desire that in such event such action be taken.
Notwithstanding the foregoing, the Parties further agree that if any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions shall
remain in full force and effect and in no way shall be affected, impaired or invalidated so long as the right, duties and obligations of the parties have been served. 
  

	8.	Entire Agreement; Amendment. 

 This Agreement represents the entire agreement and understanding among the Parties concerning Executive’s employment and separation from the Company and, except as expressly set forth herein and in
the Settlement Agreement and Mortgage Subsidy Agreement, supersedes and replaces any and all prior agreements and understandings concerning Executive’s relationship with the Company and his compensation from the Company. This Agreement may only
be amended by a writing signed by both Executive and the President of the Company. Notwithstanding the foregoing, Executive’s obligations under any confidentiality, intellectual property and/or assignment of inventions agreement shall survive
the Last Date of Employment and shall not be amended, limited or superseded by this Agreement. 
  

	9.	Waiver. 

 The failure of
either Party to this Agreement to enforce any of its terms, provisions or covenants shall not be construed as a waiver of the same or of the right of such Party to enforce the same. Waiver by either Party hereto of any breach or default by the other
Party of any term or provision of this Agreement shall not operate as a waiver of any other breach or default. 
  

	10.	Governing Law. 

 This
Agreement and all rights, duties and remedies hereunder shall be governed by and construed and enforced in accordance with the laws of the State of California, without reference to its conflict of law rules. 

 

	11.	Dispute Resolution 

 Any
dispute arising under or relating in any way to this Agreement shall be submitted to arbitration in San Francisco, California, or such other venue as the Parties may mutually determine, in front of a single arbitrator who is a member of the panel of
former judges affiliated with the Judicial Arbitration Mediation Services (the “JAMS”), in accordance with the Employment Arbitration Rules of the American Arbitration 

  
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Association then in effect, as the exclusive remedy for such dispute. Each Party shall submit a list of three names of proposed arbitrators from the JAMS panel. If the Parties cannot mutually
agree on an arbitrator from such lists, each Party shall strike two names from the other Party’s list, and the arbitrator shall then be chosen at random by the JAMS from the two remaining names. The Parties agree that such arbitration will be
confidential and that no details, descriptions, settlements, or other facts concerning such arbitration shall be disclosed or released to any third party without the specific written consent of the other Party, unless required by law or in
connection with enforcement of any decision in such arbitration. Any claim for punitive damages is waived by the parties and any damages awarded in such arbitration shall not include punitive damages. The award of the arbitrator may be entered as a
judgment in any court of competent jurisdiction. 
  

	12.	Successors and Assigns. 

This Agreement shall be binding upon, and shall inure to the benefit of, the Parties and their respective heirs, administrators,
representatives, executors, successors and assigns. In the event of Executive’s death, the benefits payable under this Agreement shall be payable to the Executive’s estate and/or heirs. Notwithstanding the foregoing, Executive shall not
assign any of his rights or delegate any of his obligations under this Agreement without obtaining the prior express written consent of the Company. 
  

	13.	Confidentiality. 

Executive will not, directly or indirectly, provide to any person or entity any information that concerns or relates to the negotiation
of or circumstances leading to the execution of this Agreement or to the terms and conditions hereof, provided that Executive may make disclosure of the foregoing: (a) to the extent that such disclosure is specifically required by law or legal
process or as authorized in writing by the Company; (b) to Executive’s tax advisor(s) or accountant(s) as may be necessary for the preparation of tax returns or other reports required by law; (c) to Executive’s attorney(s);
and/or (d) to members of Executive’s immediate family, provided, that prior to disclosing any such information (except disclosures required by law or legal process or as authorized in writing), Executive will inform the recipients that
they are bound by the limitations of this Section. 
  

	14.	Attorneys’ Fees. 

The Parties shall bear their own attorneys’ fees and expenses in connection with any dispute arising out of this Agreement;
provided, however, that the Company agrees to reimburse Executive up to $15,000 for the fees of his counsel in negotiating this Agreement, which sum the Company agrees is reasonable. Attorneys’ fees shall be paid no later than April 20,
2011. In the event of any arbitration or litigation arising out of a dispute as to the interpretation, enforcement or breach of this Agreement, the prevailing party shall be entitled to an award of its attorneys’ fees, expert witness expenses
and legal costs reasonably incurred. 

  
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	15.	Authority. 

 Executive
has full authority to enter into and to bind himself to this Agreement. This Agreement is subject to the approval of the Compensation Committee of the Board of Directors of PG&E Corporation. Upon such approval, the Company has full authority to
enter into and to bind itself to this Agreement. 
  

	16.	Construction. 

 The
parties acknowledge that they and their respective counsel have reviewed this Agreement in its entirety and have had a full and fair opportunity to negotiate its terms. Each Party therefore waives all applicable rules of construction that any
provision of this Agreement should be construed against its drafter, and agrees that all provisions of the Agreement shall be construed as a whole, according to the fair meaning of the language used. 

 

	17.	Counterparts. 

 This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

 

	18.	Acknowledgement. 

 The
Parties acknowledge that they have each read this Agreement and understand its terms. By signing this Agreement, the Parties acknowledge and agree that they enter into this Agreement knowingly, voluntarily and without coercion, and that they do not
rely, and have not relied, on any fact, representation, statement or assumption other than as specifically set forth in this Agreement. 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the
date first written above. 
  

									
	COMPANY:	 		 	Pacific Gas and Electric Company
					
		 		 		 	 	 	CHRISTOPER P. JOHNS
					
		 		 		 	By:	 	Christopher P. Johns
		 		 		 		 	President
					
		 		 		 	 	 	JOHN R. SIMON
					
		 		 		 	By:	 	John R. Simon
		 		 		 		 	Senior Vice President, Human Resources
				
		 	EXECUTIVE:	 		 	John S. Keenan
					
		 		 		 	 	 	JOHN S. KEENAN

  
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