Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On April 7, 2021, Pacific Gas and Electric Company (the “Utility”) announced that its board of directors appointed Jason M. Glickman, 40, as Executive Vice President,
Engineering, Planning, and Strategy of the Utility, effective May 3, 2021. Mr. Glickman will serve as a principal executive officer of the Utility, together with Adam L. Wright, Executive Vice President, Operations and Chief Operating Officer, and
Marlene M. Santos, Executive Vice President and Chief Customer Officer.
Mr. Glickman is currently a Partner and the Global Head of Utilities and Renewables at
Bain & Company. He became a Partner in 2014 and the Global Head of Utilities and Renewables in March 2020. His work focuses on advising leading energy ecosystem companies on large-scale transformation, spanning strategy and
sustainability, as well as cost and digital transformation. Prior to becoming a Partner, Mr. Glickman served as a Consultant at Bain & Company from 2007 to 2014. Prior to that, Mr. Glickman served as a Principal at EY–Parthenon (formerly The
Parthenon Group) from 2002 to 2007.
In connection with Mr. Glickman’s appointment, Mr. Glickman will receive an annual base salary of $675,000. Mr. Glickman will be eligible to participate in the Utility’s
annual Short-Term Incentive Plan, as in effect from time to time, with an initial target participation rate of 75% of his base salary. Mr. Glickman will be eligible to participate in the Utility’s Long-Term Incentive Plan with an initial target
value of $1.75 million for 2021. Mr. Glickman will receive a sign-on bonus of $500,000 in cash, which is subject to clawback if he voluntarily resigns within two years. Mr. Glickman will also be eligible to receive executive benefits, as
described in PG&E Corporation and the Utility’s joint Annual Report on Form 10-K/A filed on March 31, 2020.
There are no arrangements or understandings between Mr. Glickman and any other persons pursuant to which he was selected as Executive Vice President, Engineering,
Planning, and Strategy of the Utility. Further, there are no family relationships between Mr. Glickman and any director or executive officer of PG&E Corporation or the Utility. In addition, Mr. Glickman has not been party to any reportable
transactions with PG&E Corporation or the Utility pursuant to Item 404(a) of the Securities and Exchange Commission Regulation S-K.
A copy of the related news release dated April 7, 2021 is attached to this report as Exhibit 99.1.