Form 4: PPL Corp Executive Bonenberger Reports Stock Transactions

David J. Bonenberger, SVP & COO-Utilities of PPL Corp, reports acquisition and disposal of common stock and derivative securities related to incentive plans.

Summary

• On January 30, 2025, David J. Bonenberger, SVP & COO-Utilities of PPL Corp, reported transactions involving PPL Corp common stock and derivative securities.
• These transactions include the acquisition of common stock through the exercise of performance stock units and the withholding of shares to cover tax obligations.
• Bonenberger acquired shares through the exercise of stock units (SIP) and performance stock units (ICPKE) at a price of $33.47.
• A total of 30,231 shares were acquired through the exercise of stock units.
• Shares were also withheld by the company to cover tax obligations related to the vesting of incentive compensation plans.
• Following these transactions, Bonenberger directly owns 62,592.229 shares of common stock and indirectly owns 4,920.403 shares through the Employee Stock Ownership Plan and 100 shares through a spousal IRA.
• Bonenberger also holds derivative securities, including 23,635.769 restricted stock units and 46,688.133 performance units.

Sentiment

Score: 6

Explanation: The document reflects routine transactions related to executive compensation. It doesn't contain any particularly positive or negative news, but the exercise of stock options suggests a degree of confidence in the company's future performance.

Positives

• The acquisition of shares through incentive plans suggests confidence in the company's performance.
• The reporting person now directly owns 62,592.229 shares of common stock.

Negatives

• The withholding of shares to cover tax obligations reduces the net gain from the exercised stock units.

Risks

• The value of performance stock units is contingent on the company's performance relative to its peers and achievement of sustainability metrics.
• Changes in tax laws could impact the attractiveness of equity-based compensation.

Future Outlook

The reporting person holds restricted stock units and performance units that will vest or be earned based on future company performance and other metrics.

Industry Context

Executive compensation through stock options and restricted stock units is a common practice in publicly traded companies to align management's interests with those of shareholders.

Comparison to Industry Standards

• Stock ownership and equity-based compensation are standard practices among executives in publicly traded utilities companies.
• Companies like Duke Energy, Southern Company, and Exelon also utilize similar incentive plans to reward and retain key personnel.
• The specific terms and conditions of these plans, such as vesting schedules and performance metrics, can vary significantly between companies.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they relate to executive compensation.
• Employees participating in the Employee Stock Ownership Plan may see slight changes in their holdings.

Next Steps

• The restricted stock units will vest in three equal installments on 01/30/2026, 01/30/2027, and 01/30/2028.
• The People and Compensation Committee will determine the number of underlying securities that have been earned in January 2028.

Key Dates