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|4Feb 2, 5:25 PM ET

Bellar Lonnie E 4

4 · PPL Corp · Filed Feb 2, 2026

Research Summary

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PPL (PPL) EVP Lonnie Bellar Exercises Options, Receives Awards

What Happened

  • Lonnie E. Bellar, EVP — Engineering, Construction & Generation at PPL, exercised stock derivatives and received performance- and restricted-stock awards. He exercised options converting 12,211 shares into common stock (3,395 + 7,512 + 1,304), paying exercise prices of $36.31 and $36.25 for a total cash outlay of about $443,303. The company withheld 3,677 shares to cover taxes (disposals) valued at about $133,490.
  • In addition, Bellar received performance and restricted stock unit awards totaling approximately 27,664 shares (several grants reported at $0 price because they are derivative awards). Some of these were performance-based awards earned above target (see footnotes).

Key Details

  • Transaction dates & prices: exercises on 2026-01-29 and 2026-01-30 at $36.31 and $36.25; tax-withholding share disposals on same dates.
  • Shares acquired by exercise: 12,211 shares (total consideration ≈ $443,303).
  • Shares withheld for taxes (disposed): 3,677 shares (total value ≈ $133,490).
  • Awards received: ~27,664 performance/restricted stock units granted/converted at $0 (derivative awards).
  • Beneficial holdings reported (as of 02/02/2026): 11,166.57 restricted stock units and 53,444.995 performance units (per footnotes F4 and F6).
  • Notable footnotes: F1 — shares were withheld by the company to pay taxes; F11 & F9 — certain performance awards were earned above target (e.g., 145.58% and 161.10%) and determined by the People and Compensation Committee on 01/29/2026 with calculations completed 01/30/2026; F12 & F3 — some RSUs vest in future installments.
  • Filing timeliness: Form 4 filed 2026-02-02 for transactions dated 01/29–01/30/2026; appears timely under standard 2-business-day reporting.

Context

  • These were not open-market purchases or sales for cash profit/loss: Bellar exercised options (derivative conversion) and received grants. The company withheld shares to satisfy tax obligations (a routine, non-public-market disposition).
  • Performance awards reported were outcome-based (earned based on multi-year metrics); such awards reflect plan payouts determined by the compensation committee rather than immediate trading decisions.

Insider Transaction Report

Form 4
Period: 2026-01-29
PPL CorpPPL
Bellar Lonnie E
EVP-Eng, Constr and Gen
Transactions
  • Exercise/Conversion

    Common Stock

    2026-01-29$36.31/sh+3,395$123,272→ 34,525 total
  • Tax Payment

    Common Stock

    [F1]
    2026-01-29$36.31/sh−1,092$39,651→ 33,433 total
  • Exercise/Conversion

    Common Stock

    2026-01-29$36.31/sh+7,512$272,761→ 40,945 total
  • Tax Payment

    Common Stock

    [F1]
    2026-01-29$36.31/sh−2,202$79,955→ 38,743 total
  • Exercise/Conversion

    Common Stock

    2026-01-30$36.25/sh+1,304$47,270→ 40,047 total
  • Tax Payment

    Common Stock

    [F1]
    2026-01-30$36.25/sh−383$13,884→ 39,664 total
  • Award

    Stock Unit (SIP)

    [F2][F3][F4]
    2026-01-29+5,533→ 5,533 total
    → Common Stock (5,533 underlying)
  • Award

    Performance Stock Unit (SIP)

    [F5][F6]
    2026-01-29+11,065→ 11,065 total
    → Common Stock (11,065 underlying)
  • Award

    Performance Stock Unit (SIP)

    [F7][F6]
    2026-01-29+5,533→ 5,533 total
    → Common Stock (5,533 underlying)
  • Award

    Performance Stock Unit (SIP)

    [F8][F6]
    2026-01-29+5,533→ 5,533 total
    → Common Stock (5,533 underlying)
  • Exercise/Conversion

    Performance Stock Unit (SIP)

    [F9][F10][F6]
    2026-01-29−7,512→ 0 total
    → Common Stock (7,512 underlying)
  • Exercise/Conversion

    Performance Stock Unit (SIP)

    [F11][F10][F6]
    2026-01-29−3,395→ 0 total
    → Common Stock (3,395 underlying)
  • Exercise/Conversion

    Stock Unit (SIP)

    [F2][F12]
    2026-01-30−1,304→ 2,610 total
    → Common Stock (1,304 underlying)
Footnotes (12)
  • [F1]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).
  • [F10]Total includes the reinvestment of dividends.
  • [F11]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.
  • [F12]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.
  • [F2]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.
  • [F3]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.
  • [F4]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.
  • [F5]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.
  • [F6]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.
  • [F7]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.
  • [F8]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.
  • [F9]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.
Signature
/s/ W. Eric Marr, as Attorney-In-Fact for Lonnie E. Bellar|2026-02-02

Documents

1 file
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    ownership.xmlPrimary

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