Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
OnApril 5, 2021 ,PPL Corporation ("PPL" or the "Company") announced the appointment ofGregory N. Dudkin to the position of Executive Vice President and Chief Operating Officer effectiveApril 12, 2021 .Mr. Dudkin , 63, has served as the President ofPPL Electric Utilities Corporation ("PPL Electric "), the Company's wholly ownedPennsylvania utility subsidiary, since 2012.Mr. Dudkin joinedPPL Electric in 2009 as Senior Vice President of Operations and served in that role until his appointment as President in 2012. Prior to joining PPL, he served as Comcast's senior vice president of technical operations and fulfillment, following 24 years of experience in the electric and gas utility industry in a variety of roles at subsidiaries of Exelon Corporation. In connection with his promotion, the Compensation Committee of the PPL Board of Directors (the "Committee") approved the following compensation forMr. Dudkin in 2021: an annual base salary of$740,000 effectiveApril 12, 2021 ; an annual short-term cash incentive target equal to 80 percent of base salary (prorated for the portion of the year serving as Executive Vice President and Chief Operating Officer); and an annual long-term equity incentive target of 220 percent of base salary.Mr. Dudkin has been a named executive officer of the Company as the President ofPPL Electric , and, as is the case for the Company's other named executive officers, under the Company's current long-term incentive program,Mr. Dudkin'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) unless otherwise determined by the Compensation Committee. In addition, in connection with his promotion consistent with PPL's compensation program, the Committee grantedMr. Dudkin a prorated long-term incentive award for 2021 comprising RSUs with a value of$75,180 , a PU-TSR award with a value of$150,360 and a PU-ROE award with a value of$150,360 , with the total number of shares to be determined based upon the closing price of PPL Common Stock onApril 12, 2021 .
Item 7.01. Regulation FD Disclosure.
On
As provided in General Instruction B.2 of Form 8-K, the information (including Exhibit 99.1) contained in Item 7.01 of this Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall any such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such a filing.
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Item 9.01 Financial Statements and Exhibits
(d) Exhibits 99.1 - Press Release datedApril 5, 2021
announcing certain PPL management changes.
104 - Cover Page Interactive Data File (the
Cover Page Interactive Data File is
embedded within the Inline XBRL document).
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