PG&E seeks court approval to pay millions under 2020 incentive plans

By Caroline Salls

Pittsburgh, March 5 – PG&E Corp. requested court approval of short-term and long-term employee incentive plans that would pay out a maximum of $266 million and $187.8 million, respectively, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Northern District of California.

The company said roughly 10,000 employees, including senior executives, will be eligible to receive 2020 short-term awards, and 400 senior employees, who are also short-term plan participants, will be eligible to receive 2020 long-term awards.

The short-term plan would pay out $89 million at the threshold performance level, $177.5 million at the target level and $266 million at maximum performance. Meanwhile, the threshold performance level under the long-term plan would pay out $28.2 million in awards, the target level $75.1 million and the maximum level $187.8 million.

The short-term awards would be paid in cash and the long-term awards in the form of performance-based shares.

A hearing is scheduled for March 25.

PG&E is an electric and natural gas utility based in San Francisco. The company filed bankruptcy on Jan. 29, 2019 under Chapter 11 case number 19-30088.

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