Cornett John Gregory 4

What Happened
John Gregory Cornett, president of a PPL subsidiary, exercised derivatives and received multiple equity awards in transactions dated Jan 29–30, 2026. He exercised a total of about 7,066.93 shares (1,995; 4,412; 659.93) at prices around $36.25–$36.31, paying approximately $256,560 in exercise price. The company withheld roughly 2,309 shares to cover taxes (value ≈ $83,828), leaving a net of about 4,757.93 shares delivered to him. In addition, Cornett was credited with multiple restricted stock / performance unit awards (zero purchase price) totaling about 21,137 units under the company’s Stock Incentive Plan; the People and Compensation Committee determined earned amounts for performance awards on 01/29/2026 and delivery/net-withholding was completed on 01/30/2026.

Key Details

• Transaction dates: Jan 29–30, 2026 (Form 4 filed 02/02/2026; filing is timely).
• Exercise details: 1,995 @ $36.31 ($72,438); 4,412 @ $36.31 ($160,200); 659.93 @ $36.25 ($23,922). Total exercise cash paid ≈ $256,560.
• Tax withholding: 719 + 1,389 + 201 = 2,309 shares withheld (values: $26,107; $50,435; $7,286; total ≈ $83,828) under company withholding (F1).
• Awards/grants: multiple A-coded grants/conversions on 01/29/2026 totaling ~21,137 restricted stock units / performance units (no cash paid). Some awards were performance-earned (see F10 and F12).
• Reported beneficial ownership (as of 02/02/2026) per filing: restricted stock units = 16,756.710; performance units = 27,368.297 (see F4, F7).
• Notable footnotes: F1 (shares withheld for taxes); F10/F12 (performance awards earned at 161.10% and 145.58% for two grants, determined 01/29/2026; net delivery completed 01/30/2026); F3/F5 vesting schedules for certain RSUs.
• Transaction codes used: M = exercise/conversion of derivative; A = award/grant; F = shares withheld to satisfy tax withholding.

Context

• This was primarily an exercise of equity awards plus delivery of RSU/performance awards rather than an open-market sale—withholding of shares to satisfy taxes is a routine administrative step and not an open-market liquidity event.
• Performance-based awards had payout multipliers set by the People and Compensation Committee based on multi-year performance/ESG metrics; the filing documents the committee’s determinations and net delivery.
• These transactions do not, by themselves, indicate intent to buy or sell stock in the open market; they are largely plan-driven exercises and award deliveries.