Amendment No. 3 to PPL Corporation Incentive Compensation Plan

Summary

PPL Corporation and PPL Services Corporation have amended the PPL Corporation Incentive Compensation Plan, originally effective January 1, 1987, and previously amended. This third amendment, effective January 1, 2007, updates the definition of "Fair Market Value" for the company's common stock to reference the closing sale price on the New York Stock Exchange. All other terms of the plan remain unchanged. The amendment is executed by John R. Biggar, Executive Vice President and Chief Financial Officer.

EX-10.F 5 ppl10qexhibit10f.htm EXHIBIT 10(F) Exhibit 10(f)

Exhibit 10(f)

AMENDMENT NO. 3

PPL CORPORATION

INCENTIVE COMPENSATION PLAN

WHEREAS, PPL Corporation, (“PPL”) has adopted the PPL Corporation Incentive Compensation Plan (“Plan”), effective January 1, 1987; and

WHEREAS, the Plan was amended and restated effective January 1, 2003; and subsequently amended by Amendment No. 1 and 2; and

WHEREAS, PPL desires to further amend the Plan;

NOW, THEREFORE, the Plan is hereby amended as follows:

I. Effective January 1, 2007, Section 2(o) is amended to read:

SECTION 2. DEFINITIONS.

(o) “Fair Market Value” means the closing sale price of the Common Stock as reflected in the New York Stock Exchange Composite Transactions on the date as of which Fair Market Value is being determined or, if no Common Stock is traded on the date as of which Fair Market Value is being determined, Fair Market Value shall be the closing price of the Common Stock as reflected in the New York Stock Exchange Composite Transactions on the next preceding day on which the Common Stock was traded.

II. Except as provided for in this Amendment No. 3, all other provisions of the Plan shall remain in full force and effect.

IN WITNESS WHEREOF, this Amendment No. 3 is executed this day of , 2007.

PPL SERVICES CORPORATION		PPL CORPORATION

By:	__________________________________ John R. Biggar Executive Vice President and Chief Financial Officer	By:	__________________________________ John R. Biggar Executive Vice President and Chief Financial Officer