Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 598

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 11
Chunk 598
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 Fountain(3)— —%— 

Note

(1)Mr. Lyash's LTP award was calculated in the same manner as that of each NEO, except that his award was calibrated using a Scorecard Achievement range of 0 percent to 150 percent instead of 0 percent to 200 percent.  For Mr. Lyash, the maximum LTP award is 150 percent of the LTP incentive target.

(2)  LTP Target is prorated due to retirement in 2025.

(3)  Mr. Fountain separated from service before his 2023 - 2025 LTP Award vested.

Performance Measures for Future Performance Cycles.  For the three-year performance cycles ending on September 30, 2026, September 30, 2027, and September 30, 2028, the Board has approved the use of the following performance goals: Total Spend, Carbon-Free Performance Indicator, and Powerful Partnerships Survey, which are weighted at 60 percent, 20 percent, and 20 percent, respectively. 

LTR Grants and Vested Awards.  As a corporate agency of the U.S., TVA does not have equity securities that it can use to provide stock awards, options, or other equity-based awards as compensation for its employees.  The purpose of the retention grants under the LTIP is to provide a "fixed" retention incentive similar to restricted stock or restricted stock units.  These grants are intended to encourage executives to remain with TVA and to provide, in combination with salary, EAIP, and LTP grants, a competitive level of TDC.  LTR awards vest ratably over a three-year period, subject to continued employment on each vesting date.  The grants are generally effective as of October 1 and the one-third vesting is on each subsequent September 30 or upon death, disability, or retirement if earlier on a pro-rated basis.  Each award will be paid in a lump sum within two months of vesting.

LTR awards that vested in 2025 are described below and reported in the Executive Compensation Tables and Narrative Disclosures — Summary Compensation Table under "Non-Equity Incentive Plan Compensation."  Total 2025 LTR Earned reflects vested tranches (one-third) of 2023, 2024, and 2025 LTR program awards.

2025 LTR Vested Awards PayoutNEO2023 LTR Award2024 LTR Award2025 LTR Award202