Henninger Tadd J 4

What Happened
Tadd J. Henninger, SVP–Finance and Treasurer of PPL Corp (PPL), exercised stock-based derivatives and received equity awards. On 01/29–01/30/2026 he exercised a total of 11,135.704 shares (3,242; 7,175; 718.704) at exercise prices of $36.31 and $36.25, with a reported cash amount of about $404,294. The company withheld 3,301 shares to cover taxes/withholding obligations (reported value ~$119,847). Separately, on 01/29/2026 he was credited with a total of 11,740 award units: 2,348 restricted stock units (RSUs) and 9,392 performance-based units (per the Stock Incentive Plan); calculations and net delivery were completed 01/30/2026.

Key Details

• Transaction dates: 2026-01-29 and 2026-01-30; Form 4 filed 2026-02-02 (timely).
• Option exercises: 11,135.704 shares exercised (3,242; 7,175; 718.704) at $36.31 / $36.25; total cash reported ≈ $404,294. (Transaction code M = exercise/conversion of derivative.)
• Tax/withholding disposition: 3,301 shares withheld/disposed (1,029; 2,065; 207) to satisfy tax liabilities; reported value ≈ $119,847. (Transaction code F = payment of exercise price or tax liability / shares withheld.)
• Awards granted: 11,740 units on 01/29/2026 — includes one RSU grant of 2,348 units (vests per schedule) and three performance-unit grants totaling 9,392 units. Footnotes state performance percentages earned (e.g., 161.10% and 145.58%) and that deliveries were calculated net of withholding on 01/30/2026 (F10, F11, F4, F12).
• Holdings after transactions (per filing): 18,992.984 restricted stock units and 31,491.294 performance units beneficially owned as of 02/02/2026 (F5, F7).
• Codes explained: M = exercised/conversion of derivative; F = shares withheld/used to pay taxes; A = award/grant. No 10b5-1 or late filing indicated.

Context
This was an exercise of derivative awards with shares withheld to cover taxes (a common net-withholding or tax-satisfaction practice) and the scheduled/ performance-based grant of RSUs and performance units. Exercises and routine tax-withholding are administrative and do not necessarily signal a change in the insider’s view of the company; newly granted performance units reflect payout determined by multi-year performance metrics under PPL’s Stock Incentive Plan.