Bergstein Joseph P Jr 4

What Happened

• Joseph P. Bergstein, EVP and Chief Financial Officer of PPL Corp (PPL), exercised stock option/derivative awards and received performance- and restricted-stock unit awards tied to multi-year performance. He exercised a total of 68, (plus fractional) option-derived share amounts that generated approximately $2,507,991 in underlying stock value, and had shares withheld to cover tax obligations.
• Key exercised items: 20,293 shares @ $36.31 (value $736,839); 44,910 shares @ $36.31 (value $1,630,682); and 3,875.024 shares @ $36.25 (value $140,470). To satisfy tax withholding, 6,879; 19,658; and 1,697 shares were withheld (total withheld = 28,234 shares; cash value withheld ≈ $1,025,074).
• He also received awards under the company’s Stock Incentive Plan (SIP): multiple grants (11,123; 22,245; 11,123; 11,123 shares shown) that reflect performance- and time-based restricted stock/performance units.

Key Details

• Transaction dates and prices:
  • 01/29/2026: Exercised 20,293 @ $36.31 and 44,910 @ $36.31; awards granted 01/29/2026.
  • 01/30/2026: Exercised 3,875.024 @ $36.25; related vesting/settlement completed 01/30/2026.
• Tax withholding: 28,234 shares were withheld by the company to cover taxes (reported as dispositions under code F).
• Award details (footnotes):
  • Some awards were performance-based: one award earned at 161.10% (F10) and another at 145.58% (F11) based on three‑year performance periods ending 12/31/2025; final share counts were determined 01/29/2026 and net settlement completed 01/30/2026.
  • One-third of a 01/30/2025 RSU grant vested on 01/30/2026 (F12); other RSUs vest in future installments (F4).
• Shares/units held after transactions:
  • Total restricted stock units beneficially owned: 33,152.191 (F5).
  • Total performance units beneficially owned: 162,046.725 (F7).
• Filing timeliness: Transactions dated 01/29–01/30/2026 were reported on Form 4 filed 02/02/2026 (within the typical two-business‑day filing window, so timely).

Context

• These transactions are largely compensation-related: the filings show option/derivative exercises and the conversion/settlement of performance and restricted stock units rather than open-market buys or sales. The share withholdings were routine tax-withholding/settlement actions (code F), not market sales to raise cash.
• For retail investors: such exercises and awards are common for executives as part of pay and long-term incentive plans; they do not necessarily indicate the insider is buying or selling shares for investment reasons.