Sorgi Vincent 4

What Happened

• Vincent Sorgi, President and CEO of PPL Corp (PPL), exercised stock-based derivatives and received performance-based awards. On 01/29–01/30/2026 he exercised/options-converted a total of 227,608.742 shares (66,087; 146,265; 15,256.742) at exercise prices of $36.31 and $36.25, representing gross proceeds/costs of about $8.26M. The company withheld 99,626 shares to cover taxes (valued at about $3.62M).
• In addition, Sorgi was granted and/or converted a mix of performance units and restricted stock units (RSUs): three performance grants determined on 01/29/2026 (42,144; 42,144; 84,288) and an RSU grant of 42,144. Some performance awards were earned based on multi-year performance (see footnotes) and converted to shares (reported at $0 exercise price).

Key Details

• Dates & prices: primary exercise/conversion dates 01/29/2026 and 01/30/2026. Exercised portions: 66,087 & 146,265 shares @ $36.31 and 15,256.742 shares @ $36.25. Gross value of exercised shares ≈ $8.26M; tax-withheld share value ≈ $3.62M.
• Shares withheld for taxes (transaction code F) were used to satisfy tax withholding obligations under the Stock Incentive Plan (cashless/net settlement).
• Performance awards: committee determined earned percentages on 01/29/2026 (F10/F11). F10: one award earned at 161.10%; F11: another at 145.58%. Net delivery/calculation of underlying shares (after withholding) completed 01/30/2026.
• Vesting note: one RSU tranche vested 01/30/2026 (one‑third of the 01/30/2025 grant) with remaining tranches in 2027–2028 (F12). Total RSUs and performance units beneficially owned as of 02/02/2026: ~126,369 RSUs and ~611,896 performance units (per footnotes F5 & F7).
• Filing: Form 4 filed 02/02/2026 for report period 01/29/2026. This filing appears timely (within the Form 4 two-business-day window).

Context

• These transactions combine option/derivative exercises (M) and award/grant conversions (A). The withholding entries (F) reflect the company retaining shares to pay required taxes — a routine, non‑market-sale settlement method (cashless/net share settlement).
• Performance-based conversions (reported at $0 exercise price) reflect awards earned per the company’s Stock Incentive Plan; they do not imply an open-market purchase or sale by the insider.
• This report is informational about insider compensation and settlement activity; it is factual and not an indication of buying/selling intent beyond the mechanics described.