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This excerpt taken from the PCG 10-Q filed May 6, 2008. Severance
payment. Under the terms of the PG&E Corporation Officer
Severance Policy, Mr. Powell’s severance payment amount is Six Hundred
Sixty-Seven Thousand Seven Hundred Twenty-Five Dollars ($667,725) of which
Sixty-Two Thousand Six Hundred Twenty-Eight Dollars ($62,628) will be converted
into additional age to age 55 under the PG&E Corporation Supplemental
Executive Retirement Plan. As a result, Mr. Powell will be entitled
to receive an annual defined supplemental pension benefit as a single life
annuity of Six Hundred Twenty-Six Dollars and Eighty-Six Cents ($626.86)
beginning on the first of October 2008. On the Effective Date of this
Agreement as set forth in paragraph 17(a) below, the Corporation will make a
lump-sum payment to Mr. Powell in the gross amount of Six Hundred Five Thousand
Ninety-Seven Dollars ($605,097), less applicable withholdings and
deductions.
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