New insider Bellar Lonnie E claimed ownership of 28,536 shares (SEC Form 3)

4/9/25 4:13:48 PM ET

$PPL

Electric Utilities: Central

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SEC FORM 3 SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Bellar Lonnie E

(Last)

(First)

(Middle)

645 HAMILTON STREET

(Street)

ALLENTOWN

18101

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/31/2025

3. Issuer Name and Ticker or Trading Symbol
PPL Corp [ PPL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP-Eng, Constr and Gen

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	28,536	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Unit (ICPKE)	⁽¹⁾	⁽¹⁾	Common Stock	1,735	⁽²⁾	D
Stock Unit (SIP)	⁽³⁾	⁽³⁾	Common Stock	2,106	⁽⁴⁾	D
Stock Unit (SIP)	⁽⁵⁾	⁽⁵⁾	Common Stock	2,462	⁽⁴⁾	D
Stock Unit (SIP)	⁽⁶⁾	⁽⁶⁾	Common Stock	318	⁽⁴⁾	D
Stock Unit (SIP)	⁽⁷⁾	⁽⁷⁾	Common Stock	3,914	⁽⁴⁾	D
Performance Unit (SIP)	⁽⁸⁾	⁽⁸⁾	Common Stock	2,278.669⁽⁹⁾	⁽⁸⁾	D
Performance Unit (SIP)	⁽¹⁰⁾	⁽¹⁰⁾	Common Stock	2,278.669⁽⁹⁾	⁽¹⁰⁾	D
Performance Unit (SIP)	⁽¹¹⁾	⁽¹¹⁾	Common Stock	4,556.257⁽⁹⁾	⁽¹¹⁾	D
Performance Unit (SIP)	⁽¹²⁾	⁽¹²⁾	Common Stock	2,567.363⁽⁹⁾	⁽¹²⁾	D
Performance Unit (SIP)	⁽¹³⁾	⁽¹³⁾	Common Stock	2,567.363⁽⁹⁾	⁽¹³⁾	D
Performance Unit (SIP)	⁽¹⁴⁾	⁽¹⁴⁾	Common Stock	5,134.726⁽⁹⁾	⁽¹⁴⁾	D
Performance Unit (SIP)	⁽¹²⁾	⁽¹²⁾	Common Stock	331.61⁽⁹⁾	⁽¹²⁾	D
Performance Unit (SIP)	⁽¹³⁾	⁽¹³⁾	Common Stock	331.61⁽⁹⁾	⁽¹³⁾	D
Performance Unit (SIP)	⁽¹⁴⁾	⁽¹⁴⁾	Common Stock	662.175⁽⁹⁾	⁽¹⁴⁾	D
Performance Unit (SIP)	⁽¹⁵⁾	⁽¹⁵⁾	Common Stock	3,943.578⁽⁹⁾	⁽¹⁵⁾	D
Performance Unit (SIP)	⁽¹⁶⁾	⁽¹⁶⁾	Common Stock	3,943.578⁽⁹⁾	⁽¹⁶⁾	D
Performance Unit (SIP)	⁽¹⁷⁾	⁽¹⁷⁾	Common Stock	7,886.148⁽⁹⁾	⁽¹⁷⁾	D

Explanation of Responses:

1. The units will vest on 07/28/2025.

2. No conversion or exercise price applies. Under the terms of the Incentive Compensation Plan for Key Employees (ICPKE), a restricted stock unit converts to a share of common stock on the applicable vesting date.

3. The units will vest on 01/20/2026.

4. 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.

5. The units will vest on 01/25/2027.

6. The units will vest on 03/04/2027.

7. The units will vest in three equal installments on 01/30/2026, 01/30/2027 and 01/30/2028.

8. 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 12/31/2025. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2026.

9. Total includes the reinvestment of dividends.

10. 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 ESG-related metrics over a three-year performance period ending 12/31/2025. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2026.

11. 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 12/31/2025. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2026.

12. 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 12/31/2026. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2027.

13. 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 ESG-related metrics over a three-year performance period ending 12/31/2026. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2027.

14. 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 12/31/2026. Determination of number of underlying securities that have been earned, if any, will be made by the People and Compensation Committee in January 2027.

15. 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.

16. 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.

17. 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.

	/s/ W. Eric Marr, as Attorney-In-Fact for Lonnie E. Bellar	04/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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Recent Analyst Ratings for

$PPL

Date	Price Target	Rating	Analyst
12/11/2024	$36.00	Outperform	BMO Capital Markets
10/25/2024	$37.00	Overweight	JP Morgan
9/20/2024	$38.00	Buy	Jefferies
3/8/2024	$30.00	Hold → Buy	Argus
10/4/2023	$29.00 → $25.00	Buy → Neutral	UBS
8/23/2023	$26.00	Equal Weight	Barclays
12/15/2022	$32.00	Equal-Weight → Overweight	Morgan Stanley
10/6/2022	$28.50	Neutral → Buy	Seaport Research Partners

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New insider Bellar Lonnie E claimed ownership of 28,536 shares (SEC Form 3)

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SEC Form 4 filed by SVP-Eng, Constr and Gen Bellar Lonnie E

SEC Form 4 filed by EVP & COO-Utilities Bonenberger David J