Pay vs Performance Disclosure, Table

The following tables and supporting narrative contain information regarding Compensation Actually Paid (CAP) to our NEOs and the relationship to company performance.

Pay Versus Performance Tables (PVP)


PG&E Corporation PEOs/NEOs (1)
Year	SCT Total for PEO #1 ($)	CAP to PEO #1 ($)	SCT Total for PEO #2 ($)	CAP to PEO #2 ($)	ASCT Total for Non-PEO NEOs ($)	ACAP to Non-PEO NEOs ($)	Value of Initial Fixed $100 Investment Based On:		Net Income ($mm)	Non-GAAP Core EPS ($)(3)
							TSR ($)	Peer Group TSR ($)(2)
(a)	(b)	(c)	(b)	(c)	(d)	(e)	(f)	(g)	(h)	(i)
2025	19,812,481	7,193,982	Not an NEO	Not an NEO	4,127,493	1,689,180	130	145	2,593	1.50
2024	15,823,939	21,556,432	Not an NEO	Not an NEO	4,707,164	5,191,697	163	129	2,475	1.36
2023	16,994,840	22,616,942	Not an NEO	Not an NEO	3,881,976	2,111,037	145	112	2,242	1.23
2022	14,119,861	27,957,027	Not an NEO	Not an NEO	3,249,730	5,861,192	130	119	1,800	1.10
2021	51,235,000	55,442,358	361,605	159,676	3,087,062	2,871,276	97	117	(102)	1.00


Utility PEOs/NEOs(1)
Year	SCT Total for PEO #1 ($)	CAP to PEO #1 ($)	SCT Total for PEO #2 ($)	CAP to PEO #2 ($)	SCT Total for PEO #3 ($)	CAP to PEO #3 ($)	SCT Total for PEO #4 ($)	CAP to PEO #4 ($)	ASCT Total for Non-PEO NEOs ($)	ACAP to Non-PEO NEOs ($)	Value of Initial Fixed $100 Investment Based On:		Net Income ($mm)	Non-GAAP Core EPS ($)(3)
											TSR ($)	Peer Group TSR ($)(2)
(a)	(b)	(c)	(b)	(c)	(b)	(c)	(b)	(c)	(d)	(e)	(f)	(g)	(h)	(i)
2025	4,967,673	2,108,164	3,433,318	1,371,571	4,866,019	1,512,668	Not an NEO	Not an NEO	2,021,807	283,668	130	145	2,593	1.50
2024	4,691,181	6,022,186	3,309,513	4,353,133	5,229,955	6,608,250	Not an NEO	Not an NEO	2,997,875	3,453,143	163	129	2,475	1.36
2023	5,340,021	6,388,002	3,748,529	4,882,561	5,397,418	6,990,446	296,755	(7,485,884)	1,263,826	(517,761)	145	112	2,242	1.23
2022	Not an NEO	Not an NEO	3,319,458	4,773,078	4,788,022	7,257,976	4,709,106	7,132,385	2,334,877	3,595,303	130	119	1,800	1.10
2021	1,619,095	1,630,236	3,074,861	3,147,964	7,484,086	7,525,239	6,508,160	6,875,783	1,503,306	1,434,284	97	117	(102)	1.00

Legend

1) SCT

–

Summary Compensation Table

3) CAP

–

Compensation Actually Paid

5) TSR

–

Total Shareholder Return

2) ASCT

–

Average Summary Compensation Table

4) ACAP

–

Average Compensation Actually Paid

6) EPS

–

Earnings Per Share

Company Selected Measure Name

Non-GAAP core EPS

Named Executive Officers, Footnote

(1) The individuals listed below are included as indicated in the tables above as PEOs and non-PEO NEOs. NEOs that have served as both a Utility PEO and as a Corporation non-PEO NEO in the same year, are included only once as a PEO in the Utility table and do not appear in the PG&E Corporation table.

Year

Corporation PEOs

Utility PEOs

Corporation Non-PEO NEOs

Utility Non-PEO NEOs

2025

1. Patricia K. Poppe

1. Sumeet Singh

Carolyn J. Burke

Stephanie N. Williams

2. Jason M. Glickman

John R. Simon

Kaled H. Awada

3. Marlene M. Santos

Ajay Waghray

Alejandro T. Vallejo

2024

1. Patricia K. Poppe

1. Sumeet Singh

Carolyn J. Burke

Stephanie N. Williams

2. Jason M. Glickman

John R. Simon

Kaled H. Awada

3. Marlene M. Santos

Ajay Waghray

2023

1. Patricia K. Poppe

1. Sumeet Singh

Carolyn J. Burke

Stephanie N. Williams

2. Jason M. Glickman

John R. Simon

David S. Thomason

3. Marlene M. Santos

Christopher A. Foster

Julius Cox

4. Adam L. Wright

2022

1. Patricia K. Poppe

2. Jason M. Glickman

Christopher A. Foster

David S. Thomason

3. Marlene M. Santos

John R. Simon

Sumeet Singh

4. Adam L. Wright

Julius Cox

2021

1. Patricia K. Poppe

1. Sumeet Singh

Christopher A. Foster

David S. Thomason

2. William L. Smith

2. Jason M. Glickman

John R. Simon

James M. Welsch

3. Marlene M. Santos

4. Adam L. Wright

Peer Group Issuers, Footnote

(2) Dow Jones Utility Index is used to determine the peer group for TSR purposes in the PVP and is used for purposes of the performance graph in PG&E Corporation’s and the Utility’s Joint Annual Report.

Adjustment To PEO Compensation, Footnote


			Deductions from SCT Total Pay		Additions to SCT Total Pay
PEO	Year	SCT Total ($)	Amounts Reported in the Summary Compensation Table for Stock Awards ($)	Amounts Reported in the Summary Compensation Table for Pension Value ($)	Fair Value of Equity Awards Calculated in Accordance with Compensation Actually Paid Requirements ($)(a)	Value of Service Cost and Prior Service Cost under the Pension Plans ($)	CAP ($)
P. K. Poppe	2025	19,812,481	11,155,472	27,348	(1,459,104)	23,426	7,193,982
S. Singh	2025	4,967,673	2,441,458	170,087	(292,676)	44,712	2,108,164
J. M. Glickman	2025	3,433,318	1,643,292	24,190	(412,977)	18,712	1,371,571
M. M. Santos	2025	4,866,019	2,441,458	36,671	(895,286)	20,063	1,512,668
Average for non-PEO Corporation NEOs	2025	4,127,493	1,666,765	641,005	(276,216)	145,674	1,689,180
Average for non-PEO Utility NEOs	2025	2,021,807	926,653	59,738	(777,984)	26,236	283,668

(a) The following elements comprise the equity fair values included in CAP.


PEO	Year	Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding ($)	Addition of change in fair value at FY end versus prior FY end for awards granted in prior FY that remained outstanding ($)	Addition of change in fair value at vesting date versus prior FY end for awards granted in prior FY that vested during FY ($)	Addition of fair value at vesting date, of equity awards granted during the FY that vested during the FY ($)	Deduction of the fair value at the prior FY end for awards granted in prior FY that failed to meet their vesting conditions ($)	Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	Total Equity Adjustments Reflected in CAP ($)
P. K. Poppe	2025	10,811,906	(8,684,578)	(3,648,185)	—	—	61,753	(1,459,104)
S. Singh	2025	2,366,266	(1,998,270)	(672,048)	—	—	11,376	(292,676)
J. M. Glickman	2025	1,592,682	(1,344,987)	(672,048)	—	—	11,376	(412,977)
M. M. Santos	2025	2,366,266	(2,279,982)	(998,470)	—	—	16,901	(895,286)
Average for non-PEO Corporation NEOs	2025	1,615,432	(1,506,472)	(391,763)	—	—	6,587	(276,216)
Average for non-PEO Utility NEOs	2025	501,882	(414,235)	(185,277)	—	(682,988)	2,633	(777,984)

Non-PEO NEO Average Total Compensation Amount

$ 4,127,493

$ 4,707,164

$ 3,881,976

$ 3,249,730

$ 3,087,062

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,689,180

5,191,697

2,111,037

5,861,192

2,871,276

Adjustment to Non-PEO NEO Compensation Footnote


			Deductions from SCT Total Pay		Additions to SCT Total Pay
PEO	Year	SCT Total ($)	Amounts Reported in the Summary Compensation Table for Stock Awards ($)	Amounts Reported in the Summary Compensation Table for Pension Value ($)	Fair Value of Equity Awards Calculated in Accordance with Compensation Actually Paid Requirements ($)(a)	Value of Service Cost and Prior Service Cost under the Pension Plans ($)	CAP ($)
P. K. Poppe	2025	19,812,481	11,155,472	27,348	(1,459,104)	23,426	7,193,982
S. Singh	2025	4,967,673	2,441,458	170,087	(292,676)	44,712	2,108,164
J. M. Glickman	2025	3,433,318	1,643,292	24,190	(412,977)	18,712	1,371,571
M. M. Santos	2025	4,866,019	2,441,458	36,671	(895,286)	20,063	1,512,668
Average for non-PEO Corporation NEOs	2025	4,127,493	1,666,765	641,005	(276,216)	145,674	1,689,180
Average for non-PEO Utility NEOs	2025	2,021,807	926,653	59,738	(777,984)	26,236	283,668

(a) The following elements comprise the equity fair values included in CAP.


PEO	Year	Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding ($)	Addition of change in fair value at FY end versus prior FY end for awards granted in prior FY that remained outstanding ($)	Addition of change in fair value at vesting date versus prior FY end for awards granted in prior FY that vested during FY ($)	Addition of fair value at vesting date, of equity awards granted during the FY that vested during the FY ($)	Deduction of the fair value at the prior FY end for awards granted in prior FY that failed to meet their vesting conditions ($)	Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	Total Equity Adjustments Reflected in CAP ($)
P. K. Poppe	2025	10,811,906	(8,684,578)	(3,648,185)	—	—	61,753	(1,459,104)
S. Singh	2025	2,366,266	(1,998,270)	(672,048)	—	—	11,376	(292,676)
J. M. Glickman	2025	1,592,682	(1,344,987)	(672,048)	—	—	11,376	(412,977)
M. M. Santos	2025	2,366,266	(2,279,982)	(998,470)	—	—	16,901	(895,286)
Average for non-PEO Corporation NEOs	2025	1,615,432	(1,506,472)	(391,763)	—	—	6,587	(276,216)
Average for non-PEO Utility NEOs	2025	501,882	(414,235)	(185,277)	—	(682,988)	2,633	(777,984)

Compensation Actually Paid vs. Total Shareholder Return

The following charts provide a clear, visual comparison, for each of 2025, 2024, 2023, 2022, and 2021, between SCT paid to our PEOs, CAP to our PEOs, the average SCT paid to our non-PEO NEOs, and CAP to our non-PEO NEOs, to PG&E’s TSR and the peer group’s TSR for each of those years. In addition, the charts illustrate how PG&E’s TSR compares to our PVP peer group’s TSR.

Compensation Actually Paid vs. Company Selected Measure

TSR is used as a performance measure in our LTIP program, applicable to PSUs, but the peer group of companies against which LTIP TSR performance is compared and the calculation for determining the LTIP TSR performance score are different than what is shown in the above charts. Additionally, TSR has a 35% weighting in our LTIP and, accordingly, it has limited impact on the CAP. However, as LTIP awards make up a large portion of total compensation, it is a factor that impacts the value of outstanding and vested awards and thereby the CAP.

Our company-selected measure is non-GAAP core EPS, which accounts for 20% of the outcome under our STIP. Given the relatively small weight of this measure in our incentive framework, non-GAAP core EPS has a very limited relationship with CAP. We do not use GAAP net income in our incentive plans, although it is a component of non-GAAP core EPS. Accordingly, net income, like non-GAAP core EPS, has a very limited relationship with CAP. While financial measures are not heavily weighted, PG&E emphasizes many quantifiable non-financial performance measures in our incentive plans, based on operational customer and safety metrics. Details of these can be found in the Compensation Discussion & Analysis.

Total Shareholder Return Vs Peer Group

Tabular List, Table

For the fiscal year ending December 31, 2025, non-GAAP core EPS is the most important financial performance measure in linking CAP to PG&E Corporation and Utility’s performance and is included in the PVP tables. The other two most important measures for PVP purposes consists of the remaining financial measures identified in our Compensation Discussion & Analysis for 2025. The following table lists the collective ‘most important’ financial measures alphabetically.


Tabular List of Most Important Measures
(1) Operating Cash Flow
(2) Non-GAAP Core EPS
(3) Relative TSR

Total Shareholder Return Amount

$ 130

163

145

130

Peer Group Total Shareholder Return Amount

145

129

112

119

117

Net Income (Loss)

$ 2,593

$ 2,475

$ 2,242

$ 1,800

$ (102)

Company Selected Measure Amount

1.50

1.36

1.23

1.10

1.00

Measure:: 1

Non-GAAP Measure Description

Name

(1) Operating Cash Flow

(3) Non-GAAP core EPS is identified as our company-selected measure and included in column (i) of both tables. Details of the reconciliation to our audited financial statements can be found in Exhibit A of the Proxy for each respective year. Non-GAAP core EPS for the full year 2021 was $1.00 per share on a fully diluted basis and $1.08 using a basic share count. The impact of dilution was $(0.08) per share.

Measure:: 2

Name

(2) Non-GAAP Core EPS

Measure:: 3

Adjustment, Stock Awards, Corporate Average [Member]

Name

(3) Relative TSR

Adjustment, Pension Value, Corporate Average [Member]

$ 1,666,765

Adjustment, Fair Value of Equity Awards, Corporate Average [Member]

641,005

Adjustment, Value of Service Cost and Prior Service Cost Under the Pension Plans, Corporate Average [Member]

(276,216)

Adjustment, Stock Awards, Utility Average [Member]

145,674

Adjustment, Pension Value, Utility Average [Member]

926,653

Adjustment, Fair Value of Equity Awards, Utility Average [Member]

59,738

Adjustment, Value of Service Cost and Prior Service Cost Under the Pension Plans, Utility Average [Member]

(777,984)

Adjustment, Fair Value of Equity Awards Granted, Outstanding, Corporate Average [Member]

26,236

Adjustment, Fair Value of Equity Awards Granted, Vested, Corporate Average [Member]

1,615,432

Adjustment, Change in Fair Value for Awards Granted, Outstanding, Corporate Average [Member]

(1,506,472)

Adjustment, Fair Value for Awards Granted, Outstanding, Corporate Average [Member]

(391,763)

Adjustment, Fair Value for Awards Granted, Failed to Vest, Corporate Average [Member]

Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year, Corporate Average [Member]

Adjustment, Total, Corporate Average [Member]

6,587

Adjustment, Fair Value of Equity Awards Granted, Outstanding, Utility Average [Member]

(276,216)

Adjustment, Fair Value of Equity Awards Granted, Vested, Utility Average [Member]

501,882

Adjustment, Change in Fair Value for Awards Granted, Outstanding, Utility Average [Member]

(414,235)

Adjustment, Fair Value for Awards Granted, Outstanding, Utility Average [Member]

(185,277)

Adjustment, Fair Value for Awards Granted, Failed to Vest, Utility Average [Member]

Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year, Utility Average [Member]

(682,988)

Adjustment, Total, Utility Average [Member]

2,633

(777,984)

PEO #1 [Member]

19,812,481

$ 15,823,939

$ 16,994,840

$ 14,119,861

$ 51,235,000

PEO #1 [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

7,193,982

21,556,432

22,616,942

27,957,027

55,442,358

PEO #1 [Member] | Aggregate Pension Adjustments Service Cost

27,348

PEO #1 [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

23,426

PEO #1 [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

11,155,472

PEO #1 [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

(1,459,104)

PEO #1 [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

10,811,906

PEO #1 [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(8,684,578)

PEO #1 [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO #1 [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

(3,648,185)

PEO #1 [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

61,753

PEO #2 [Member]

361,605

PEO #1, Pacific Gas & Electric Co [Member]

159,676

4,967,673

4,691,181

5,340,021

1,619,095

PEO #1, Pacific Gas & Electric Co [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

2,108,164

6,022,186

6,388,002

1,630,236

PEO #1, Pacific Gas & Electric Co [Member] | Aggregate Pension Adjustments Service Cost

170,087

PEO #1, Pacific Gas & Electric Co [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

44,712

PEO #1, Pacific Gas & Electric Co [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

2,441,458

PEO #1, Pacific Gas & Electric Co [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

(292,676)

PEO #1, Pacific Gas & Electric Co [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

2,366,266

PEO #1, Pacific Gas & Electric Co [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(1,998,270)

PEO #1, Pacific Gas & Electric Co [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO #1, Pacific Gas & Electric Co [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

(672,048)

PEO #1, Pacific Gas & Electric Co [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

PEO #4, Pacific Gas & Electric Co [Member]

11,376

3,433,318

3,309,513

3,748,529

3,319,458

3,074,861

PEO #4, Pacific Gas & Electric Co [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

1,371,571

4,353,133

4,882,561

4,773,078

3,147,964

PEO #4, Pacific Gas & Electric Co [Member] | Aggregate Pension Adjustments Service Cost

24,190

PEO #4, Pacific Gas & Electric Co [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

18,712

PEO #4, Pacific Gas & Electric Co [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

1,643,292

PEO #4, Pacific Gas & Electric Co [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

(412,977)

PEO #4, Pacific Gas & Electric Co [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

1,592,682

PEO #4, Pacific Gas & Electric Co [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(1,344,987)

PEO #4, Pacific Gas & Electric Co [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO #4, Pacific Gas & Electric Co [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

(672,048)

PEO #4, Pacific Gas & Electric Co [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

PEO #5, Pacific Gas & Electric Co [Member]

11,376

4,866,019

5,229,955

5,397,418

4,788,022

7,484,086

PEO #5, Pacific Gas & Electric Co [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

1,512,668

6,608,250

6,990,446

7,257,976

7,525,239

PEO #5, Pacific Gas & Electric Co [Member] | Aggregate Pension Adjustments Service Cost

36,671

PEO #5, Pacific Gas & Electric Co [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

20,063

PEO #5, Pacific Gas & Electric Co [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

2,441,458

PEO #5, Pacific Gas & Electric Co [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

(895,286)

PEO #5, Pacific Gas & Electric Co [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

2,366,266

PEO #5, Pacific Gas & Electric Co [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(2,279,982)

PEO #5, Pacific Gas & Electric Co [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO #5, Pacific Gas & Electric Co [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

(998,470)

PEO #5, Pacific Gas & Electric Co [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

PEOs/NEOs, Pacific Gas & Electric Co [Member]

16,901

Non-PEO NEO Average Total Compensation Amount

2,021,807

2,997,875

1,263,826

2,334,877

1,503,306

Non-PEO NEO Average Compensation Actually Paid Amount

283,668

3,453,143

(517,761)

3,595,303

1,434,284

Total Shareholder Return Amount

130

163

145

130

Peer Group Total Shareholder Return Amount

145

129

112

119

117

Net Income (Loss)

$ 2,593

$ 2,475

$ 2,242

1,800

(102)

Company Selected Measure Amount

1.50

1.36

1.23

PEO #6, Pacific Gas & Electric Co [Member]

$ 296,755

4,709,106

6,508,160

$ (7,485,884)

$ 7,132,385

$ 6,875,783

PEO | PEO #1 [Member]

1. Patricia K. Poppe

PEO | PEO #2 [Member]

PEO | PEO #1, Pacific Gas & Electric Co [Member]

2. William L. Smith

PEO | PEO #4, Pacific Gas & Electric Co [Member]

1. Sumeet Singh

2. Jason M. Glickman

1. Sumeet Singh

PEO | PEO #2, Pacific Gas & Electric Co [Member]

4. Adam L. Wright

PEO | PEO #3, Pacific Gas & Electric Co [Member]

2. Jason M. Glickman

3. Marlene M. Santos

2. Jason M. Glickman