PPL Corporation

01/15/2025 | Press release | Distributed by Public on 01/15/2025 15:04

Management Change/Compensation Form 8 K

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On January 13, 2025, in connection with an internal reallocation of duties among the senior executives of PPL Corporation (the "Company"), the Board of Directors of the Company approved the elimination of the position of Executive Vice President and Chief Operating Officer of the Company, which will result in the separation of employment without cause of Francis X. Sullivan effective April 4, 2025. In connection with Mr. Sullivan's separation of employment, he will be eligible for severance payments and benefits in accordance with the Company's Executive Severance Plan, as filed with the Securities and Exchange Commission (the "SEC") and described in the Company's Proxy Statement filed with the SEC on April 3, 2024. The severance payment is subject to Mr. Sullivan's execution of a release of claims and compliance with all applicable restrictive covenants. Because Mr. Sullivan is of retirement age under the Company's Amended and Restated 2012 Stock Incentive Plan, the grants he received under the plan in 2023, 2024 and 2025 also will vest in accordance with the terms of the equity incentive plan. In addition, Mr. Sullivan will be eligible for a pro rata annual bonus for the portion of 2025 during which he is employed with the Company, based on actual performance.
Mr. Sullivan's duties shall be delegated to other officers of the Company.
The foregoing description of the terms and conditions of the separation agreement with Mr. Sullivan does not purport to be complete and is qualified in its entirety by reference to the full text thereof, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Section 9 - Financial Statements and Exhibits