EXHIBIT
10.27
[PG&E
CORPORATION LETTERHEAD]
AMENDMENT
TO SHORT-TERM INCENTIVE PROGRAMS
AND
OTHER BONUS PROGRAMS
All
current and future bonus plans of PG&E Corporation (“PG&E”) with an
annual (or shorter) performance period (the “Plans”) are hereby amended as
described below, effective January 1, 2009.
1. Payments
under the Plans shall be made within two months and 15 days following the end of
the calendar year in which such payments cease to be subject to a “substantial
risk of forfeiture,” within the meaning of Section 409A of the Internal Revenue
Code of 1986 (“Section 409A”). In the event that PG&E’s taxable
year ceases to be the calendar year, then payments under the Plans shall be made
within two months and 15 days following the later of the end of the calendar
year or PG&E’s taxable year in which such payments cease to be subject to a
“substantial risk of forfeiture,” within the meaning of Section
409A.
IN WITNESS WHEREOF, PG&E
Corporation has caused this Plan to be executed by its Senior Vice President,
Human Resources, at the direction of the Chief Executive Officer, on December
31, 2008.
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PG&E
CORPORATION |
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By:
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JOHN
R. SIMON |
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John R. Simon
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Senior
Vice President - Human Resources |