UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

---

 

FORM 8-K

 

---

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

---

 

Date of Report: February 9, 2021

(Date of earliest event reported)

 

---

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

---

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 9, 2021, the Compensation Committee of the PG&E Corporation Board of Directors (the “Compensation Committee”) approved a Short-Term Incentive Plan for 2021 performance (the “2021 STIP”), under which officers and employees of PG&E Corporation and Pacific Gas and Electric Company (the “Utility”) are provided incentive-based cash compensation based on metrics that are designed to align their interests with those of PG&E Corporation and the Utility’s focus on near and long-term customer welfare (including safety and operational) and financial stability.

A summary of the 2021 STIP is included below.

A description of specific performance measures and respective weightings for the four different groupings is provided below.

Measure Category		Sub- Measures	Support Organizations	Electric Operations	Gas Operations	Generation
Customer Welfare – prioritizing public and employee safety (75%)		Electric Operations	20%	40%	-	-
		Reportable Fire Ignitions	15%	30%	-	-
		Wire-Down Events Due to Equipment Failure	5%	10%	-	-
		Gas Operations	10%	-	45%	-
		Large Overpressure Events Rate	5%	-	23%	-
		Total Dig-Ins Reduction	5%	-	22%	-
		Generation	10%	-	-	50%
		Safe Dam Operating Capacity	5%	-	-	25%
		DCPP Reliability and Safety Indicator	5%	-	-	25%
		Workforce Safety	20%	20%	20%	20%
		Days Away, Restricted & Transferred Rate	5%	5%	5%	5%
		Serious Injuries Actual	5%	5%	5%	5%
		Percent of Serious Injuries and Fatalities (“SIF”) Investigations      Completed in 30 days	5%	5%	5%	5%
		Percent of SIF Corrective Action Completed Timely	5%	5%	5%	5%
		Operational Performance and Reliability	15%	15%	10%	5%
		Gas Customer Emergency Response	3.34%	-	5%	-
		911 Emergency Response	3.33%	5%	-	-
		Customers Experiencing Multiple Interruptions  - Unplanned	3.33%	5%	-	-
		Average Speed of Answer for Emergencies	5%	5%	5%	5%
Financial Stability (25%)		Non-GAAP Core Earnings Per Share	25%	25%	25%	25%

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.