PPL Corp — Director's Dealing 2025

Feb 3, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PPL Corp (PPL)
CIK: 0000922224
Period of Report: 2025-01-30

Reporting Person: Sullivan Francis X (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-01-30	Common Stock	M	1979	$33.47	Acquired	3410	Direct
2025-01-30	Common Stock	F	848	$33.47	Disposed	2562	Direct
2025-01-30	Common Stock	M	3177	$33.47	Acquired	5739	Direct
2025-01-30	Common Stock	F	1226	$33.47	Disposed	4513	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-01-30	Stock Unit (SIP)	$	A	10494	Acquired		Common Stock (10494)	Direct
2025-01-30	Performance Stock Unit (SIP)	$	A	20988	Acquired		Common Stock (20988)	Direct
2025-01-30	Performance Stock Unit (SIP)	$	A	10494	Acquired		Common Stock (10494)	Direct
2025-01-30	Performance Stock Unit (SIP)	$	A	10494	Acquired		Common Stock (10494)	Direct
2025-01-30	Performance Stock Unit (ICPKE)	$	M	3177	Disposed		Common Stock (3177)	Direct
2025-01-30	Performance Stock Unit (ICPKE)	$	M	1979	Disposed		Common Stock (1979)	Direct

Footnotes

F1: Shares withheld by the company at the request of the executive officer to pay taxes due following expiration of the applicable restriction period, under the terms of the Incentive Compensation Plan for Key Employees (ICPKE).

F2: No conversion or exercise price applies. Under the terms of the Stock Incentive Plan (SIP), a restricted stock unit converts to a share of common stock on the applicable vesting date.

F3: The total grant of 10,494 restricted stock units will vest in three equal installments on 01/30/2026, 01/30/2027, and 01/30/2028.

F4: As of 02/03/2025, total restricted stock units beneficially owned is 33,241.635. This total includes the 01/20/2023 grant of 9,083.902 restricted stock units, and the 01/25/2024 grant of 13,663.733 restricted stock units, plus in each case, the incremental addition of restricted stock units credited to the original grant in amounts equal to dividend equivalents deemed earned on shares underlying such restricted stock units, and the 01/30/2025 grant of 10,494 restricted stock units.

F5: No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), all, some or none of the underlying securities will be earned depending on the Company's performance relative to an industry peer group over a three-year performance period ending 12/31/2027. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2028.

F6: As of 02/03/2025, total performance units beneficially owned is 133,976.999. This total includes the 01/27/2022 grant of 1,011.535 performance units, the three 01/20/2023 grants of (a) 18,166.728, (b) 9,083.902, and (c) 9,083.902 performance units and the three 01/25/2024 grants of (a) 27,327.466, (b) 13,663.733, and (c) 13,663.733 performance units, plus in each case, the incremental addition of performance units credited to the original grant in amounts equal to dividend equivalents deemed earned on shares underlying such performance units, and the three 01/30/2025 grants of (a) 20,988, (b) 10,494, and (c) 10,494 performance units.

F7: No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), all, some or none of the underlying securities will be earned depending on the Company's earnings growth over a three-year performance period ending 12/31/2027. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2028.

F8: No conversion or exercise price or exercise or expiration date applies. Under the terms of the Stock Incentive Plan (SIP), all, some or none of the underlying securities will be earned depending on the Company's achievement of certain long-term sustainability-related metrics over a three-year performance period ending 12/31/2027. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2028.

F9: No conversion or exercise price or exercise or expiration date applies. Under the terms of the Incentive Compensation Plan for Key Employees (ICPKE), the underlying securities were earned (157.10%) based on the Company's performance relative to an industry peer group over a three-year performance period ending 12/31/2024. Determination of the percentage of the award earned was made by the People and Compensation Committee on 01/30/2025 and calculation of the underlying shares to be delivered, net of withholding, was completed on 01/30/2025.

F10: Total includes the reinvestment of dividends.

F11: No conversion or exercise price or exercise or expiration date applies. Under the terms of the Incentive Compensation Plan for Key Employees (ICPKE), the underlying securities were earned (195.64%) based on the Company's achievements of certain ESG-related metrics over a three-year performance period ending 12/31/2024. Determination of the percentage of the award earned was made by the People and Compensation Committee on 01/30/2025 and calculation of the underlying shares to be delivered, net of withholding, was completed on 01/30/2025.