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EXHIBIT 10.31

PG&E CORPORATION
2014 LONG-TERM  INCENTIVE PLAN

RESTRICTED  STOCK  UNIT AWARD

PG&E CORPORATION, a California corporation, hereby grants Restricted Stock Units to the Recipient named below (sometimes referred to as “you”). The Restricted Stock Units  have  been granted under the PG&E Corporation 2014 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:             August 3, 2020

Name of Recipient:                                          William L. Smith                                                       Recipient’s Participant ID:                                    <Emp Id>                                                            Number of Restricted Stock Units:                                        163,934                                                            

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 Restricted Stock Units.

If, for any reason, you wish to not accept this award, please notify PG&E Corporation in writing within 90 calendar days of the date of this award at ATTN: LTIP Administrator, Pacific Gas and Electric Company, 245 Market Street, N2T, San Francisco, 94105.

Attachment

PG&E CORPORATION
2014 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

The LTIP and Other Agreements

This Agreement  and  the  above  cover  sheet  constitute  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  Any  prior agreements, commitments, or  negotiations  are  superseded.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  or the above cover  sheet  and  the  LTIP,  the  LTIP  will  govern.  Capitalized  terms that are not defined in this Agreement or the above cover sheet are defined in the LTIP.  In the  event  of any  conflict  between the  provisions  of this Agreement or the above cover sheet and the PG&E Corporation 2012 Officer Severance Policy, this Agreement or the above  cover  sheet  will govern, as applicable. For purposes of this Agreement, employment with PG&E Corporation means 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,  the  total number of Restricted Stock Units originally subject to  this  Agreement,  as shown on the cover sheet, will  vest  upon  the  earlier  of  (1)  one  year  after the Date of Grant or (2)  PG&E  Corporation’s  election  of  a  permanent Chief Executive Officer to replace the recipient.

Dividends                  

Restricted Stock Units will accrue Dividend Equivalents in the event that cash dividends are paid with respect to PG&E Corporation common stock having a record date prior to the date on which the RSUs 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  will  issue shares as soon as practicable after the Restricted Stock Units vest  in accordance with the Normal Vesting Schedule (but not later than  sixty  (60) days after the  applicable  vesting  date);  provided,  however,  that  such issuance will, 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,  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.  For the  avoidance  of doubt, you will not be eligible to retire if  your  employment  is  being  or  is  terminated  for cause.

Termination other than for Cause

If your employment with PG&E  Corporation  is terminated by PG&E Corporation other than for cause, all unvested Restricted Stock  Units  will vest and be settled as soon as practicable after  (but not later  than sixty (60) days after) the date of your termination of employment.

Death/Disability 

In the event of your death or Disability (as defined in Code Section 409A) while you are employed, all of your Restricted Stock Units will 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 will be settled as soon as practicable after (but not later than sixty (60) days after)  the  date  of  your death or Disability.

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  so  assumed  nor  so  continued  by the Acquiror, and the Acquiror does not provide a substantially  equivalent  award in substitution for the Restricted Stock Units, all of your unvested Restricted Stock Units will  vest  immediately preceding and  contingent  on, the Change in Control  and be  settled  in  accordance   with  the  Normal Vesting Schedule, subject to the earlier settlement  provisions  of  this Agreement.

Termination In Connection with a Change in Control

If you separate from service (other than termination  for  cause  or  your voluntary termination) 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)  will  vest on the date of the Change in Control and will be settled  in accordance  with the Normal Vesting  Schedule  (without  regard  to  the  requirement  that you be employed) subject to  the earlier settlement  provisions  of  this Agreement.

In the event of such a separation in connection with  a  Change  in  Control within two years following  the  Change  in  Control,  your  Restricted  Stock Units (to the  extent  they  did  not  previously  vest  upon,  for  example,  failure  of the Acquiror to assume or continue this  award)  will  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 has the  sole  discretion  to determine whether termination of your employment was made in connection with a Change in Control.

Delay                         

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

Withholding Taxes

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

through   additional   payroll   withholding,   any   amount of the Withholding Taxes that is not satisfied by the withholding of shares described above.

Leaves of Absence

For purposes of this Agreement, if you are on an approved  leave of absence from PG&E Corporation, or a recipient of PG&E Corporation sponsored disability benefits, you  will  continue  to  be  considered  as employed. If  you  do  not  return  to  active  employment  upon  the  expiration of your leave of absence  or the expiration of your PG&E Corporation sponsored disability benefits, you will be considered to  have voluntarily terminated your employment. See above under “Voluntary Termination.”

Notwithstanding the foregoing, if the leave of  absence   exceeds   six  (6) months, and a return to service upon expiration of  such  leave  is  not guaranteed by statute or contract, then you will 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 will 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 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). No Restricted Stock Units and no shares of Stock that have not been issued hereunder may be sold, assigned, transferred,  pledged,  or otherwise encumbered, other than by will or the laws of decent  and  distribution,  and  the  Restricted  Stock  Units   may  be  exercised   during  the life of the Recipient only  by  the  Recipient  or  the  Recipient’s  guardian  or legal representative.

No Retention Rights

This Agreement  is  not  an  employment  agreement  and  does  not  give  you  the right to be retained by  PG&E  Corporation.  Except  as  otherwise provided in an applicable employment  agreement,  PG&E   Corporation reserves the right to terminate your employment at  any  time  and  for  any reason.

Recoupment of Awards

Awards are subject to  recoupment  in  accordance  with  any  applicable  law and any recoupment policy adopted by the Corporation from time to time, including the PG&E 

Corporation and Pacific Gas and Electric Company Executive Incentive Compensation Recoupment Policy, as last revised on February 19, 2019 and available on the PG&E@Work internet site for the Long-Term Incentive Plan (the  policy  and  location  may  be  changed  from time to time by PG&E Corporation).

Applicable  Law        

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

EXHIBIT 10.32

PG&E CORPORATION
2014 LONG-TERM INCENTIVE PLAN

NON-ANNUAL RESTRICTED STOCK UNIT AWARD

PG&E CORPORATION, a California corporation, hereby grants Restricted Stock Units  to  the  Recipient  named  below  (sometimes  referred  to  as  “you”).  The  Restricted Stock Units have been granted under the PG&E Corporation 2014 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:             August 14, 2020

Name of Recipient:                                              John Simon                                                            Recipient’s Participant ID:                                    <Emp Id>                                                             Number of Restricted Stock Units:                                        139,479                                                            

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 Restricted Stock Units dated August 2020.

If, for any reason, you wish to not accept this award, please notify PG&E Corporation in writing within 30 calendar days of the date of this award at ATTN: LTIP Administrator, Pacific Gas and Electric Company, 245 Market Street, N2T, San Francisco, 94105.

Attachment

PG&E CORPORATION
2014 LONG-TERM INCENTIVE PLAN

NON-ANNUAL RESTRICTED STOCK UNIT AGREEMENT

The LTIP and Other Agreements

This  Agreement  and  the  above  cover  sheet  constitute  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  or the above cover  sheet  and  the  LTIP,  the  LTIP  will  govern.  Capitalized  terms that are not defined in this Agreement or the above cover sheet are defined in the LTIP.  In the  event  of any  conflict  between the  provisions  of this Agreement or the above cover sheet and the PG&E Corporation 2012 Officer Severance Policy, this Agreement or the above  cover  sheet  will govern, as applicable. For purposes of this Agreement, employment with PG&E Corporation means 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,  the  total number of Restricted Stock Units originally subject to  this  Agreement,  as shown on the cover sheet, will vest in accordance with the below vesting schedule (the “Normal Vesting Schedule”).

69,739  on  August  13, 2021

69,740  on  August  13, 2022

The amounts payable  upon   each  vesting  date  are  hereby  designated separate payments for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”). Except as described below,  all Restricted Stock Units subject  to  this Agreement which have not vested upon termination of your employment will then be 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 that cash dividends are paid with respect to PG&E Corporation common stock having a record date prior to the date on which the RSUs 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  will  issue  shares as soon as practicable after the Restricted Stock Units  vest  in accordance with the Normal Vesting Schedule (but not later than  sixty  (60) days  after the  applicable  vesting  date);  provided,  however,  that  such issuance will, 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.  For the  avoidance  of doubt,  you will not be eligible to retire if  your  employment  is  being  or  is  terminated  for cause.

Termination other than for Cause             

If your employment  with  PG&E   Corporation   is  terminated  by  PG&E Corporation other than for cause, any unvested Restricted Stock Units that would  have  vested  within  the  12  months  following   such termination  had your employment continued will continue to vest and
be settled pursuant to the  Normal  Vesting  Schedule  (without  regard  to  the  requirement  that  you be  employed), subject  to the earlier settlement provisions of  this Agreement. All other unvested  Restricted  Stock  Units  will  be  cancelled  unless  your  termination   of  employment   was  in  connection  with  a  Change in Control as provided below.

Death/Disability       

In the event of your death or Disability (as defined in Code Section 409A) while you are employed, all of your Restricted Stock Units will 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 will 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

If your employment is terminated (other than for cause, or your voluntary termination) (1) 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 Code Section 424(f), or (2) coincident with the sale of  all  or substantially all of the assets of  a  subsidiary  of  PG&E  Corporation,  then your Restricted Stock Units will 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  so  assumed  nor  so  continued  by the Acquiror, and the Acquiror does not provide a substantially  equivalent  award in substitution for the Restricted Stock Units, all of your unvested Restricted Stock  Units  will  vest  immediately preceding and  contingent  on, the Change in Control  and  be  settled  in  accordance   with  the  Normal Vesting Schedule, subject to the earlier settlement  provisions  of  this Agreement.

Termination In Connection with a Change in Control

If you separate from service (other than termination for  cause,  or  your voluntary termination) 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)  will  vest on the date of the Change in Control and  will be settled  in accordance  with the Normal Vesting  

Schedule  (without  regard  to  the  requirement  that you be employed) subject to  the earlier settlement  provisions  of  this Agreement.

In the event of such a separation in connection with  a  Change  in  Control within two years following the  Change  in  Control,  your  Restricted  Stock  Units (to the  extent  they  did  not  previously  vest  upon,  for  example,  failure  of the Acquiror to assume or continue this  award)  will  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 has the  sole  discretion  to determine whether termination of your employment was made in connection with a Change in Control.

Delay                         

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

Withholding Taxes

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

Leaves of Absence

For purposes of this Agreement, if you are  on  an  approved  leave  of absence from PG&E Corporation, or a recipient of PG&E Corporation sponsored disability benefits, you  will  continue  to  be  considered  as employed. If  you  do  not  return  to  active  employment  upon  the  expiration of your leave of absence  or the expiration of your PG&E Corporation sponsored disability benefits, you will be considered to  have voluntarily terminated your employment. See above under “Voluntary Termination.”

Notwithstanding the foregoing, if the leave of  absence   exceeds   six  (6) months, and a return to service upon expiration of  such  leave  is  not guaranteed by statute or contract, then you will 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 will 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 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). No Restricted Stock Units and no shares of Stock that have not been issued hereunder may be sold, assigned, transferred,  pledged,  or otherwise encumbered, other than by will or the laws of decent  and  distribution,  and  the  Restricted  Stock  Units  may  be  exercised   during   the life of the Recipient only by  the  Recipient  or  the  Recipient’s  guardian  or  legal representative.

No Retention Rights

This  Agreement  is  not  an  employment  agreement  and  does  not  give  you  the right to be retained by  PG&E  Corporation.  Except  as  otherwise provided in an applicable employment  agreement,  PG&E   Corporation reserves the right to terminate your employment at  any  time  and  for  any reason.

Recoupment of Awards

Awards are subject to  recoupment  in  accordance  with  any  applicable  law and any recoupment policy adopted by the Corporation from time to time, including the PG&E Corporation and Pacific Gas and Electric Company Executive Incentive Compensation Recoupment Policy, as last revised on February 19, 2019 and available on the PG&E@Work internet site for the Long-Term Incentive Plan (the  policy  and  location  may  be  changed  from time to time by PG&E Corporation).

Applicable Law

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

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