Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 26, 2020, PPL Corporation ("PPL" or the "Company") announced the appointment of Vincent Sorgi to the position of President and Chief Executive Officer effective June 1, 2020. On May 27, 2020, in connection with his promotion, the Compensation Committee of the Board of Directors ("Committee") approved the following compensation for Mr. Sorgi in 2020: an annual base salary of $1,100,000, effective June 1, 2020; an annual short-term cash incentive target equal to 125 percent of base salary (pro-rated for the portion of the year serving as President and Chief Executive Officer); and an annual long-term equity incentive target, based on a three-year performance period, of 425 percent of base salary. As is the case for the Company's other named executive officers, Mr. Sorgi's long-term equity incentive awards will be structured as a combination of restricted stock units ("RSUs"; 20% of total award), performance units based on a total shareowner return target ("PU-TSR"; 40% of total award) and performance units based on a return on equity target ("PU-ROE"; 40% of total award). In addition, in connection with his promotion, the Committee granted Mr. Sorgi a pro-rated long-term incentive award for 2020 comprising RSUs with a value of $347,742, a PU-TSR award with a value of $695,485 and a PU-ROE award with a value of $695,485, with the total number of shares determined based upon the closing price of PPL Common Stock on June 1, 2020.

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