PPL (PPL) EVP Lonnie Bellar granted RSUs and PSUs, converts units to shares

Rhea-AI Filing Summary

PPL Corp executive vice president Lonnie E. Bellar reported multiple equity award and vesting transactions under the company’s Stock Incentive Plan. On 01/29/2026, he received 5,533 restricted stock units and three performance stock unit awards of 5,533, 5,533, and 11,065 units, all at a stated price of $0 per unit.

Also on 01/29/2026 and 01/30/2026, previously granted stock and performance units were converted into common shares at prices around $36.31 and $36.25 per share, with portions of 1,092, 2,202, and 383 shares withheld to cover taxes. Following these transactions, Bellar directly held 39,664 shares of PPL common stock, along with ongoing restricted and performance units subject to future vesting and performance conditions.

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)
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		3,395	A	$36.31	34,525	D
Common Stock	01/29/2026		F(1)		1,092	D	$36.31	33,433	D
Common Stock	01/29/2026		M		7,512	A	$36.31	40,945	D
Common Stock	01/29/2026		F(1)		2,202	D	$36.31	38,743	D
Common Stock	01/30/2026		M		1,304	A	$36.25	40,047	D
Common Stock	01/30/2026		F(1)		383	D	$36.25	39,664	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
Stock Unit (SIP)	(2)	01/29/2026		A		5,533		(3)	(3)	Common Stock	5,533	$0	5,533(4)	D
Performance Stock Unit (SIP)	(5)	01/29/2026		A		11,065		(5)	(5)	Common Stock	11,065	$0	11,065(6)	D
Performance Stock Unit (SIP)	(7)	01/29/2026		A		5,533		(7)	(7)	Common Stock	5,533	$0	5,533(6)	D
Performance Stock Unit (SIP)	(8)	01/29/2026		A		5,533		(8)	(8)	Common Stock	5,533	$0	5,533(6)	D
Performance Stock Unit (SIP)	(9)	01/29/2026		M			7,512(10)	(9)	(9)	Common Stock	7,512(10)	$0	0(6)	D
Performance Stock Unit (SIP)	(11)	01/29/2026		M			3,395(10)	(11)	(11)	Common Stock	3,395(10)	$0	0(6)	D
Stock Unit (SIP)	(2)	01/30/2026		M			1,304	(12)	(12)	Common Stock	1,304	$0	2,610	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. 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.

3. The total grant of 5,533 restricted stock units will vest in three equal installments on 01/29/2027, 01/29/2028, and 01/29/2029.

4. As of 02/02/2026, total restricted stock units beneficially owned is 11,166.57. This total includes the 01/25/2024 grant of 2,462 restricted stock units, the 03/04/2024 grant of 318 restricted stock units, two-thirds of the 01/30/2025 grant, which totals 2,610, the 04/25/2025 grant of 243.571 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 5,533 restricted stock units.

5. 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.

6. As of 02/02/2026, total performance units beneficially owned is 53,444.995. This total includes the 01/20/2023 grant of 2,332.003 performance units, 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.

7. 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.

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 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.

9. 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.

10. Total includes the reinvestment of dividends.

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 Lonnie E. Bellar	02/02/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did PPL (PPL) executive Lonnie Bellar report?

Lonnie Bellar reported grants, vesting, and tax-withholding transactions in PPL equity awards. He received new restricted and performance stock units and had previously granted units convert into common shares, with some shares withheld to pay taxes under the Stock Incentive Plan.

How many PPL restricted stock units were granted to Lonnie Bellar on 01/29/2026?

Bellar received 5,533 restricted stock units on 01/29/2026. These units vest in three equal installments on 01/29/2027, 01/29/2028, and 01/29/2029, converting into PPL common shares on each vesting date under the company’s Stock Incentive Plan.

What performance stock unit awards did Lonnie Bellar receive from PPL on 01/29/2026?

On 01/29/2026, Bellar received three performance stock unit awards of 5,533, 5,533, and 11,065 units. The ultimate number of PPL shares earned depends on company performance, earnings growth, and sustainability-related metrics over a three-year period ending 12/31/2028.

Why were some PPL shares withheld in Lonnie Bellar’s Form 4 filing?

Shares labeled with code “F” were withheld to pay taxes due at vesting. Specifically, 1,092, 2,202, and 383 PPL common shares were retained by the company to satisfy withholding obligations when restricted or performance units converted into stock.

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

After the reported transactions on 01/29/2026 and 01/30/2026, Bellar directly held 39,664 shares of PPL common stock. This figure reflects unit conversions into shares and the shares withheld by PPL for tax obligations under the Stock Incentive Plan.

What are the total PPL restricted stock units and performance units Bellar beneficially owned as of 02/02/2026?

As of 02/02/2026, Bellar beneficially owned 11,166.57 restricted stock units and 53,444.995 performance units. These totals include multiple grants from 2023–2026 and additional units credited as dividend equivalents on outstanding awards.