PPL Electric Form 8-K/A February 16, 2006
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K/A
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported): February 13,
2006
Commission
File
Number
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Registrant;
State of Incorporation;
Address
and Telephone Number
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IRS
Employer
Identification
No.
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1-905
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PPL
Electric Utilities Corporation
(Exact
name of Registrant as specified in its charter)
(Pennsylvania)
Two
North Ninth Street
Allentown,
PA 18101-1179
(610)
774-5151
|
23-0959590
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Explanatory
Note
This
Current Report on Form 8-K/A amends the Current Report on Form 8-K filed by
PPL
Electric Utilities Corporation (“PPL Electric”) on February 1, 2006 (the
“Original Form 8-K”) to report certain compensation matters relating to PPL
Electric’s President, Senior Vice President-Financial and Treasurer, who are PPL
Electric’s “named executive officers” (as defined in Item 402(a)(3) of
Regulation S-K). The Original Form 8-K reported approvals on January 26, 2006
by
the Compensation and Corporate Governance Committee (“C&CGC”) of the Board
of Directors of PPL Corporation regarding the long-term incentive equity awards
of all three of PPL Electric’s named executive officers and the 2006 base
salaries and short-term incentive cash awards of PPL Electric’s President and
Senior Vice President-Financial. As noted in the Original Form 8-K, the 2006
base salary and short-term incentive cash award of PPL Electric’s Treasurer,
James E. Abel, were scheduled to be approved by PPL Corporation's Corporate
Leadership Council (“CLC”) on February 13, 2006. Mr. Abel also is an officer of
PPL Corporation and is not paid separately as an officer of
PPL Electric.
Section
1 - Registrant's Business and Operations
Item
1.01 Entry into a Material Definitive Agreement
On
February 13, 2006, the CLC approved an increase in Mr. Abel’s base salary from
$250,773 in 2005 to $265,773 in 2006, after a review of performance and
competitive market data. Also on February 13, the CLC authorized an annual
incentive cash (i.e., bonus) award to Mr. Abel for 2005 performance of $110,200.
The incentive cash award was made to Mr. Abel for the achievement of specific,
independent goals established and measured by the CLC, with an award target
of
40% of his 2005 base salary. The annual incentive cash award was made by
applying this target percentage to the percentage of goal attainment as
determined by the CLC. The goal categories for 2005 were listed in the Original
Form 8-K. On March 1, 2006, pursuant to his election under the terms of PPL
Corporation's Cash Incentive Premium Exchange Program, Mr. Abel will be granted
1,020 restricted stock units in exchange for $22,040 of his incentive cash
award.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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PPL
ELECTRIC UTILITIES CORPORATION
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By:
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/s/
Paul A. Farr
Paul
A. Farr
Senior
Vice President-Financial
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Dated: February
16, 2006