Crockett John R III 4

What Happened

• John R. Crockett III, president of a PPL subsidiary, converted/exercised performance-based awards and restricted stock units (RSUs) around 01/29–01/30/2026. Gross conversion/acquisition totaled 29,917.097 shares (8,867 + 19,623 + 1,427.097) for which he paid aggregate exercise/consideration of $1,086,204. The company withheld 10,481 shares to cover taxes (value withheld ≈ $380,527), leaving approximately 19,436.097 net shares delivered to him.
• In addition, Crockett was granted/credited with performance/award units on 01/29/2026 (four award entries totaling 17,444 units). Some awards were earned at above-target levels per the company’s performance determinations (see footnotes).

Key Details

• Transaction dates and prices:
  • 01/29/2026: exercised/converted 8,867 shares @ $36.31 (paid $321,961); 19,623 shares @ $36.31 (paid $712,511). Company withheld 2,870 and 6,968 shares, respectively, for taxes.
  • 01/30/2026: exercised/converted 1,427.097 shares @ $36.25 (paid $51,732); 643 shares withheld for taxes.
  • 01/29/2026: grants/awards recorded of 3,489; 6,977; 3,489; and 3,489 performance/Rsu units (total 17,444 units) at $0 exercise price (derivative awards).
• Withholding (tax payment) entries: 2,870; 6,968; 643 shares — total 10,481 shares withheld (~$380,527).
• Shares/units owned after transactions (per filing footnotes):
  • Restricted stock units beneficially owned: 12,563.888
  • Performance units beneficially owned: 62,052.100
• Notable footnotes:
  • F11 / F9: Certain performance awards were earned above target (e.g., 145.58% and 161.10%) based on multi-year performance assessments ending 12/31/2025; People & Compensation Committee determined awards on 01/29/2026 and shares were delivered net of withholding on 01/30/2026.
  • F1: Shares were withheld by the company at the officer’s request to pay taxes following vesting/expiration under the Stock Incentive Plan.
  • F12 / F3: Some RSUs follow multi-year vesting schedules (one‑third vested 01/30/2026; others vest in later years).
• Timeliness: Form 4 filed 02/02/2026 for transactions dated 01/29–01/30/2026; filing appears to be within the standard Section 16 reporting window.

Context

• These were not open-market purchases or sales but conversions/vestings of company awards and RSUs with shares withheld to satisfy tax obligations (transaction codes: M = exercise/conversion of derivative; A = grant/award; F = shares withheld for taxes). This is typically a routine administrative outcome of vested awards or performance payouts rather than a discretionary buy/sell in the market.
• Performance awards reflected above-target payouts per the company’s disclosed metrics for multi-year performance periods (see footnotes F9 and F11), which is why the number of underlying shares delivered exceeded the original target amounts.