SEC Contract Filing

Filing Date: 2022-02-18

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<DIV><FONT size="1" style="font-size:1pt;color:white">1 Confidential EG PPL Corporation Amended and Restated 2012 Stock Incentive Plan Performance Unit Agreement PERFORMANCE UNIT AGREEMENT (the &#8220;Agreement&#8221;) dated as of the Date of Grant set forth in the Notice of Grant (as defined below), by and between PPL Corporation, a Pennsylvania corporation (the &#8220;Company&#8221;), and the participant whose name appears on the Notice of Grant (the &#8220;Participant&#8221;). 1. Grant of Stock Based Award. Subject to the terms and conditions of this Agreement (including vesting conditions): (a) The Company hereby evidences and confirms its grant to the Participant, effective as of the Date of Grant, of the number of stock based units contingent upon Company financial performance (the &#8220;Performance Units&#8221;) specified in the Notice of Grant attached hereto as Exhibit A and made a part hereof (&#8220;Notice of Grant&#8221;). (b) Dividend Equivalent Grants. (i) If on any date while the Performance Units are outstanding hereunder the Company shall pay any cash dividend on its shares of Common Stock, the Participant shall be granted, as of the applicable dividend payment date, a &#8220;Cash Dividend Equivalent Award&#8221; which shall represent a future contingent right to a number of shares of Common Stock (rounded down to the nearest whole share) with a current Fair Market Value equal to the product of (x) the number of &quot;Total Performance Units&quot; (as defined below) held by the Participant hereunder as of the related dividend record date, multiplied by (y) the amount of such cash dividend per share of Common Stock, rounded to the nearest whole cent. Any Cash Dividend Equivalent Award shall be subject to the same payment terms and conditions as the corresponding Performance Units to which they relate. (ii) If on any date while the Performance Units are outstanding hereunder the Company shall pay any dividend on its shares of Common Stock in the form of shares of Common Stock, the Participant shall be granted, as of the applicable dividend payment date, the contingent right to a future number of shares of Common Stock, equal to the product of (x) the number of Total Performance Units held by the Participant hereunder as of the related dividend record date, multiplied by (y) the number of shares of Common Stock (including any fraction thereof) payable as a dividend on one share of Common Stock, rounded down to the nearest whole Unit. (iii) At any point in time, the total number of shares of Common Stock of all Performance Units, Cash Dividend Equivalent Awards, and rights to the stock dividends, if any, referred to in Section 1(b)(ii) above, shall be defined as &quot;Total Performance Units.&quot; (c) This Agreement and the Total Performance Units granted hereunder are subject to all of the terms and conditions of the PPL Corporation Amended and Restated 2012 Exhibit 10(ee) </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">2 Confidential Stock Incentive Plan (the &#8220;Plan&#8221;), as amended from time to time, which are incorporated by reference herein. If there is any inconsistency between the terms hereof and the terms of the Plan, the terms of the Plan shall govern. Any capitalized terms used herein without definition shall have the meanings set forth in the Plan. 2. Vesting of Total Performance Units. (a) Vesting In General. The Total Performance Units will vest subject to satisfaction of the Performance Vesting Condition and Service Vesting Condition as described below in this Section 2. (b) Performance Vesting Condition. The proportion of the Total Performance Units that satisfy the Performance Vesting Condition shall be based on the extent of the achievement of the performance goals (&#8220;Goals&#8221;) established by the Committee for the &#8220;Performance Period&#8221; (as set forth in the Notice of Grant). Promptly after the conclusion of the Performance Period, the Committee will determine the extent to which the Goals have been satisfied. Based on the Committee&#8217;s determination, (A) the Total Performance Units will satisfy the Performance Vesting Condition as and to the extent set forth in the Notice of Grant, and (B) the portion of the Total Performance Units, if any, that do not satisfy the Performance Vesting Condition shall be immediately forfeited and cancelled by the Company without any consideration. (c) Service Vesting Condition. (i) General. The Service Vesting Condition shall be satisfied if the Participant continues employment through the &#8220;Vesting Date&#8221; (as set forth in the Notice of Grant). Except as provided in Section 2(c)(ii) or 2(d) below, in the event of the Participant&#8217;s termination of Employment for any reason prior to the Vesting Date, the Participant's Total Performance Units shall be immediately forfeited and cancelled by the Company without consideration. (ii) Death, Disability, Retirement. (A) Subject to Section 2(d)(i) below, in the event of the Participant&#8217;s termination of Employment with the Company and its Affiliates due to death, Disability or Retirement prior to the Vesting Date, the Service Vesting Condition shall be deemed satisfied. (B) For purposes of this Agreement, &#8220;Retirement&#8221; shall mean the Participant&#8217;s termination of Employment at a time when the Partici