Form 4: PPL Corp EVP Bonenberger Reports Stock Transactions

PPL Corp's EVP & COO-Utilities, David J. Bonenberger, reported multiple acquisitions and dispositions of common stock and derivative securities related to incentive plans.

Summary

• David J. Bonenberger, EVP & COO-Utilities of PPL Corp, reported several transactions involving PPL common stock and derivative securities.
• Transactions included the acquisition of 7,567, 16,746, and 2,068.466 shares of common stock at prices of $36.31 and $36.25, respectively, through the exercise or vesting of awards.
• A total of 2,178, 5,132, and 906 shares of common stock were disposed of at $36.31 and $36.25 to cover tax obligations related to vested awards.
• Bonenberger acquired 6,355 restricted stock units, which will vest in three equal installments on January 29, 2027, 2028, and 2029.
• He also acquired performance stock units totaling 12,709, 6,355, and 6,355 units, tied to company performance relative to a peer group, earnings growth, and sustainability metrics, respectively, with performance periods ending December 31, 2028.
• Performance stock units from prior grants were earned at 161.10% based on peer group performance and 145.58% based on ESG-related metrics for the period ending December 31, 2025.
• As of February 2, 2026, Bonenberger directly beneficially owned 67,340.372 shares of common stock, 38,248.564 restricted stock units, and 81,438.231 performance units.
• Indirect beneficial ownership includes 5,073.336 shares in an Employee Stock Ownership Plan trust and 100 shares held by a spouse in an IRA.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive report for the executive, reflecting successful vesting of performance-based awards at above-target levels and ongoing participation in long-term incentive plans, indicating continued alignment with company performance.

Positives

• Performance stock units from prior grants were earned at a high rate: 161.10% based on company performance relative to a peer group and 145.58% based on ESG-related metrics for the period ending December 31, 2025.
• Acquisition of new restricted stock units (6,355 units) and performance stock units (totaling 25,419 units) indicates ongoing long-term incentive compensation.
• Total beneficial ownership of common stock, restricted stock units, and performance units remains substantial, indicating alignment with shareholder interests.

Negatives

• A significant number of shares (2,178, 5,132, and 906) were disposed of to cover tax liabilities upon the vesting of awards, which reduces direct share ownership.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that these transactions reflect routine executive compensation activities within the utilities sector, where long-term incentive plans often include restricted stock units and performance-based awards tied to financial and ESG metrics. The earning percentages for performance units suggest PPL Corp performed well against its peer group and on sustainability goals for the 2023-2025 period.

Stakeholder Impact

• Shareholders: The executive's continued accumulation of shares and performance-based awards aligns management's interests with shareholder value creation. The above-target earning of performance units suggests strong company performance against set metrics.
• Employees: The Stock Incentive Plan (SIP) and Employee Stock Ownership Plan (ESOP) mentioned indicate broader employee equity participation, fostering a sense of ownership.

Next Steps

• Vesting of 6,355 restricted stock units in three equal installments on January 29, 2027, January 29, 2028, and January 29, 2029.
• Vesting of remaining one-third installments of the January 30, 2025 restricted stock unit grant on January 30, 2027, and January 30, 2028.
• Determination of earned performance stock units (12,709, 6,355, and 6,355 units) by the People and Compensation Committee in January 2029, based on performance periods ending December 31, 2028.

Key Dates

Recommendation

This Form 4 filing details routine executive compensation transactions, including the vesting of equity awards and subsequent tax-related dispositions, along with new grants. While the above-target achievement of performance metrics is positive, these are standard events for an executive and do not provide new fundamental information to warrant a change in investment recommendation. The filing reinforces that executive incentives are aligned with company performance, but it does not present new catalysts for significant share price movement.

Keywords

PPL Corp, PPL, Insider Trading, Form 4, Stock Transactions, Executive Compensation, Restricted Stock Units, Performance Stock Units, Equity Awards, David J. Bonenberger, Utilities Sector