PG&E Corporation Compensation Letter to Peter Darbee (August 15, 2003)
PG&E Corporation, with approval from its Board's Nominating, Compensation and Governance Committee, offers Peter Darbee modifications to his compensation. Effective July 1, 2003, Darbee will participate in the company's supplemental executive retirement plan, receiving five years of credited service initially. He will earn additional credited service each year and will receive another five years of credited service if he remains employed through July 1, 2008. This letter outlines the terms of his enhanced pension benefits as part of his executive compensation.
Exhibit 10.4
August 15, 2003
Peter Darbee
Dear Peter:
Having received the approval of the Nominating, Compensation and Governance Committee of the PG&E Corporation Board of Directors, I am pleased to offer you the following modifications to your current compensation package:
- Defined Benefit Pension Arrangement : Effective July 1, 2003, you will
become a participant in our defined benefit supplemental executive retirement
plan. Initially, you will be provided with five years of credited service under
the plan. While you will earn additional credited service for each year you are
employed, you will also be provided with an additional five years of credited
service under the plan on or about July 1, 2008, provided you remain
employed by the organization until such time.
Peter, you are and continue to be a very valued member of my senior management
team. I am confident in your abilities and see you as a key player in the future
of PG&E Corporation.
Sincerely,
| /s/ Robert D. Glynn, Jr. |
| Robert D. Glynn, Jr. |
