PPL (PPL) EVP Lonnie Bellar converts 3,533 units with tax share withholding

Rhea-AI Filing Summary

PPL Corp executive vice president Lonnie E. Bellar converted 3,533 Performance Stock Units under the Stock Incentive Plan into 3,533 shares of common stock at a reference price of $37.44 per share. To cover tax obligations, 1,036 of these shares were withheld by the company, leaving Bellar with 42,161 common shares held directly after the transactions.

The performance units were earned at 151.5% of target based on the company’s earnings growth over a three-year period ending December 31, 2025, with the award determination made on January 29, 2026 and share calculations completed on February 20, 2026. As of February 24, 2026, Bellar also beneficially owned 51,112.992 performance units, including multiple prior grants and dividend-equivalent credits.

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

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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^*

Bellar Lonnie E

(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-Eng, Constr and Gen

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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	02/20/2026		M		3,533	A	$37.44	43,197	D
Common Stock	02/20/2026		F(1)		1,036	D	$37.44	42,161	D

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
Performance Stock Unit (SIP)	$0.00	02/20/2026		M			3,533(2)	(3)	(3)	Common Stock	3,533(2)	$0.00	0(4)	D

Explanation of Responses:

1. 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).

2. Total includes the reinvestment of dividends.

3. 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 (151.5%) based on the Company's earnings growth 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 02/20/2026.

4. As of 02/24/2026, total performance units beneficially owned is 51,112.992. This total includes the three 01/25/2024 grants of (a) 2,627.456, (b) 2,627.456, and (c) 5,254.909 performance units, the three 03/04/2024 grants of (a) 339.371, (b) 339.371, and (c) 677.674, the three 01/30/2025 grants of (a) 4,035.882, (b) 4,035.882, and (c) 8,070.731 performance units, the three 4/25/2025 grants of (a) 243.571, (b) 243.571, and (c) 486.118 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) 5,533, (b) 5,533, and (c) 11,065 performance units.

	/s/ W. Eric Marr, as Attorney-In-Fact for Lonnie E. Bellar	02/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did PPL (PPL) executive Lonnie Bellar report in this Form 4?

Lonnie E. Bellar reported converting 3,533 Performance Stock Units into 3,533 PPL common shares. The filing also shows a tax-withholding share disposition and confirms his updated direct share ownership and remaining performance unit holdings under the Stock Incentive Plan.

How many PPL shares did Lonnie Bellar acquire and how many were withheld for taxes?

Bellar acquired 3,533 PPL common shares through conversion of Performance Stock Units. Of these, 1,036 shares were withheld by the company to pay taxes due, leaving him with 42,161 common shares held directly after completing the reported transactions.

What do the M and F transaction codes mean in this PPL Form 4?

Code M shows the exercise or conversion of a derivative security, here converting Performance Stock Units into common shares. Code F reflects shares disposed of to satisfy tax liabilities, with 1,036 PPL shares withheld by the company under the Stock Incentive Plan’s tax-withholding provisions.

How were Lonnie Bellar’s PPL Performance Stock Units earned under the SIP?

The performance units were earned at 151.5% of target based on PPL’s earnings growth over a three-year period ending December 31, 2025. The People and Compensation Committee determined the earned percentage on January 29, 2026 before calculating the resulting share delivery.

How many PPL common shares does Lonnie Bellar hold directly after these transactions?

After the reported transactions, Bellar holds 42,161 PPL common shares directly. This figure reflects the 3,533 shares issued upon unit conversion, minus 1,036 shares withheld to cover taxes, as shown in the final line’s post-transaction ownership balance.

How many PPL performance units does Lonnie Bellar still beneficially own?

As of February 24, 2026, Bellar beneficially owns 51,112.992 performance units. This total includes multiple grants made in 2024, 2025, and 2026, along with incremental performance units credited as dividend-equivalent amounts on the underlying awards.