Bellar Lonnie E 4

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.