PPL (PPL) EVP Bonenberger reports large stock and performance unit awards

Rhea-AI Filing Summary

PPL Corp executive David J. Bonenberger, EVP & COO-Utilities, reported equity award vesting and new grants under the company’s Stock Incentive Plan. On 01/29/2026 and 01/30/2026, stock units and performance stock units converted into shares of common stock at prices around $36.25–$36.31 per share.

The company withheld several thousand shares, coded as “F,” to cover taxes due at vesting, with the remainder added to his direct holdings. After these transactions, he directly owned about 67,340.372 shares of common stock, plus indirect holdings through an employee stock ownership plan and a spouse’s IRA.

Bonenberger also received new grants of 6,355 restricted stock units and performance stock units totaling 25,419 units tied to relative performance, earnings growth and sustainability metrics over a three‑year period ending 12/31/2028. As of 02/02/2026, he beneficially owned 38,248.564 restricted stock units and 81,438.231 performance units, which may convert into future shares depending on plan results.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bonenberger David J

(Last) (First) (Middle)

645 HAMILTON STREET

(Street)

ALLENTOWN PA 18101

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PPL Corp [ PPL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & COO-Utilities

3. Date of Earliest Transaction (Month/Day/Year)
01/29/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/29/2026		M		7,567	A	$36.31	56,741.906(1)	D
Common Stock	01/29/2026		F(2)		2,178	D	$36.31	54,563.906(1)	D
Common Stock	01/29/2026		M		16,746	A	$36.31	71,309.906(1)	D
Common Stock	01/29/2026		F(2)		5,132	D	$36.31	66,177.906(1)	D
Common Stock	01/30/2026		M		2,068.466	A	$36.25	68,246.372(1)	D
Common Stock	01/30/2026		F(2)		906	D	$36.25	67,340.372(1)	D
Common Stock								5,073.336(1)	I	Held in trust pursuant to the Employee Stock Ownership Plan.
Common Stock								100	I	By Spouse in IRA.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Unit (SIP)	(3)	01/29/2026		A		6,355		(4)	(4)	Common Stock	6,355	$0	6,355(5)	D
Performance Stock Unit (SIP)	(6)	01/29/2026		A		12,709		(6)	(6)	Common Stock	12,709	$0	12,709(7)	D
Performance Stock Unit (SIP)	(8)	01/29/2026		A		6,355		(8)	(8)	Common Stock	6,355	$0	6,355(7)	D
Performance Stock Unit (SIP)	(9)	01/29/2026		A		6,355		(9)	(9)	Common Stock	6,355	$0	6,355(7)	D
Performance Stock Unit (SIP)	(10)	01/29/2026		M			16,746(1)	(10)	(10)	Common Stock	16,746(1)	$0	0(7)	D
Performance Stock Unit (SIP)	(11)	01/29/2026		M			7,567(1)	(11)	(11)	Common Stock	7,567(1)	$0	0(7)	D
Stock Unit (SIP)	(3)	01/30/2026		M			2,068.466(1)	(12)	(12)	Common Stock	2,068.466(1)	$0.00	4,136.932(1)	D

Explanation of Responses:

1. Total includes the reinvestment of dividends.

2. Shares withheld by the company at the request of the executive officer to pay taxes due following expiration of the applicable restriction period, under the terms of the Stock Incentive Plan (SIP).

3. No conversion or exercise price applies. Under the terms of the Stock Incentive Plan (SIP), a restricted stock unit converts to a share of common stock on the applicable vesting date.

4. The total grant of 6,355 restricted stock units will vest in three equal installments on 01/29/2027, 01/29/2028, and 01/29/2029.

5. As of 02/02/2026, total restricted stock units beneficially owned is 38,248.564. This total includes the 01/25/2024 grant of 5,855.744 restricted stock units, two-thirds of the 01/30/2025 grant, which totals 4,136.932, the 03/31/2025 grant of 21,256.142 restricted stock units, the 04/25/2025 grant of 644.746 restricted stock units, plus in each case, the incremental addition of restricted stock units credited to the original grant in amounts equal to dividend equivalents deemed earned on shares underlying such restricted stock units, and the 01/29/2026 grant of 6,355 restricted stock units.

6. No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), all, some or none of the underlying securities will be earned depending on the Company's performance relative to a peer group (determined by the Company's People and Compensation Committee as described in more detail in the Company's annual Proxy Statement on Schedule 14A), over a three-year performance period ending 12/31/2028. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2029.

7. As of 02/02/2026, total performance units beneficially owned is 81,438.231. This total includes the 01/20/2023 grant of 5,197.733 performance units, the three 01/25/2024 grants of (a) 5,855.744, (b) 5,855.744, and (c) 11,711.488 performance units, the three 01/30/2025 grants of (a) 6,205.398, (b) 6,205.398, and (c) 12,409.766 performance units, the three 04/25/2025 grants of (a) 644.746, (b) 644.746, and (c) 1,288.468 performance units, plus in each case, the incremental addition of performance units credited to the original grant in amounts equal to dividend equivalents deemed earned on shares underlying such performance units, and the three 01/29/2026 grants of (a) 6,355, (b) 6,355, and (c) 12,709 performance units.

8. No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), all, some or none of the underlying securities will be earned depending on the Company's earnings growth over a three-year performance period ending 12/31/2028. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2029.

9. No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), all, some or none of the underlying securities will be earned depending on the Company's achievement of certain long-term sustainability-related metrics over a three-year performance period ending 12/31/2028. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2029.

10. No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), the underlying securities were earned (161.10%) based on the Company's performance relative to an industry peer group over a three-year performance period ending 12/31/2025. Determination of the percentage of the award earned was made by the People and Compensation Committee on 01/29/2026 and calculation of the underlying shares to be delivered, net of withholding, was completed on 01/30/2026.

11. No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), the underlying securities were earned (145.58%) based on the Company's achievements of certain ESG-related metrics over a three-year performance period ending 12/31/2025. Determination of the percentage of the award earned was made by the People and Compensation Committee on 01/29/2026 and calculation of the underlying shares to be delivered, net of withholding, was completed on 01/30/2026.

12. One-third of the 01/30/2025 grant of restricted stock units vested on 01/30/2026; the remaining thirds will vest on 01/30/2027 and 01/30/2028, respectively.

	/s/ W. Eric Marr, as Attorney-In-Fact for David J. Bonenberger	02/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did PPL (PPL) EVP David Bonenberger report?

David J. Bonenberger reported vesting and conversion of stock units and performance stock units into PPL common shares on 01/29/2026 and 01/30/2026, along with company share withholdings to cover taxes, and new grants of restricted and performance stock units under the Stock Incentive Plan.

How many PPL common shares does David Bonenberger hold after these Form 4 transactions?

After the reported transactions, David Bonenberger directly held 67,340.372 PPL common shares. He also had 5,073.336 shares held in trust under an Employee Stock Ownership Plan and 100 shares held indirectly through his spouse’s IRA, in addition to unvested equity awards.

What new equity awards did PPL grant to David Bonenberger in January 2026?

On 01/29/2026, PPL granted David Bonenberger 6,355 restricted stock units and three performance stock unit awards of 6,355, 6,355, and 12,709 units, all under the Stock Incentive Plan, with payouts tied to performance, earnings growth, and sustainability metrics over a three‑year period ending 12/31/2028.

Why were some PPL shares coded as transaction type “F” in David Bonenberger’s Form 4?

Transactions coded “F” represent shares withheld by PPL at Bonenberger’s request to pay taxes due at vesting. Instead of selling shares on the market, the company retains a portion of the newly delivered shares to satisfy tax obligations related to the expiring restrictions.

How many restricted stock units does David Bonenberger beneficially own at PPL?

As of 02/02/2026, David Bonenberger beneficially owned 38,248.564 restricted stock units. This total includes prior grants from 2024 and 2025, dividend-equivalent additions on those units, and the new 6,355-unit restricted stock grant made on 01/29/2026 under PPL’s Stock Incentive Plan.

What performance conditions apply to PPL performance stock units held by David Bonenberger?

PPL’s performance stock units may be earned based on relative performance to a peer group, earnings growth, and long-term sustainability or ESG metrics over a three-year period ending 12/31/2028. The People and Compensation Committee will determine earned amounts, if any, in January 2029.

How many performance stock units does David Bonenberger hold at PPL after these awards?

As of 02/02/2026, David Bonenberger beneficially owned 81,438.231 performance stock units. This figure aggregates grants from 2023, multiple 2024 and 2025 awards, dividend-equivalent credits, and three 01/29/2026 grants of 6,355, 6,355, and 12,709 units under the Stock Incentive Plan.