Bonenberger David J 4

What Happened
David J. Bonenberger, EVP & COO—Utilities at PPL (PPL), exercised/converted 5,197.733 derivative units on 2026-01-20 at an exercise price of $36.91 per share, representing $191,848 in value. To satisfy tax withholding under the company Stock Incentive Plan, 1,726 shares were withheld (disposed) and valued at $63,707, leaving a net of 3,471.733 shares retained. The filing also records the derivative conversion/settlement as a $0.00 disposal entry (administrative).

Key Details

• Transaction date: 2026-01-20; Form filed: 2026-01-21 (timely).
• Exercise/conversion: 5,197.733 shares at $36.91 → $191,848. (Code M)
• Tax withholding: 1,726 shares withheld/surrendered → $63,707. (Code F)
• Net shares retained after withholding: 3,471.733 (calculated).
• Footnotes: F3 — units vested on 01/20/2026; F2 — shares withheld by company to pay taxes under the Stock Incentive Plan; F1 — total includes reinvestment of dividends.
• Shares owned after the transaction: not provided in the supplied data.

Context
This was an equity award exercise/vesting event with shares withheld to cover taxes (a routine, non–open-market disposition). For retail investors, exercises with tax withholding typically reflect standard compensation mechanics rather than a deliberate market sale by the insider.