Company: TVC
Filing Date: 2025-01-13
Form Type: 8-K
Source: 0001376986-25-000004
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Company: Tennessee Valley Authority
Filing Date: 2025-01-13
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The Tennessee Valley Authority (“ TVA”) announced on January 13, 2025, that Thomas C. Rice has been appointed as TVA’s new Senior Vice President and Chief Financial Officer, effective January 27, 2025. Mr. Rice, 45, will be responsible for directing all of TVA’s financial functions, including treasury, risk management, accounting, financial operations and performance, financial planning and investor relations. He will succeed John M. Thomas, III, who, on December 2, 2024, announced his retirement from his position with TVA effective March 7, 2025, as reported by TVA on December 5, 2024. Until his retirement, Mr. Thomas will serve as Executive Vice President and Advisor to the Chief Executive Officer and assist with the transition of his responsibilities.

Mr. Rice has been the Senior Vice President, Finance at TVA since August 2024. He served as the Vice President, Treasurer and Chief Risk Officer from August 2023 to August 2024, as the Vice President, Financial Operations and Performance from October 2018 to August 2023, and as the Director, Business Planning and Analysis from June 2017 to October 2018. Mr. Rice joined TVA in 2002 and held a number of other positions before assuming the role of Director, Business Planning and Analysis.

In connection with his promotion, Mr. Rice’s salary will increase from $384,560 to $600,000. He will continue to be a participant in TVA’s Executive Annual Incentive Plan (“ EAIP”), and his target annual incentive opportunity will increase from 55 percent to 75 percent of his annual salary. As such, Mr. Rice will receive an additional EAIP award for the year ending September 30, 2025. The aggregate EAIP target award for the year ending September 30, 2025, will be $367,445. These EAIP awards are contingent upon continued employment through September 30, 2025, and subject to achievement of performance goals.

Mr. Rice will also continue be a participant in TVA’s Long-Term Incentive Plan (“ LTIP”).

• Under the long-term performance (“ LTP”) component of the LTIP, Mr. Rice’s target grant opportunity will increase from 52.3 percent to