Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 627

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 11
Chunk 627
---
. Because Item 402(u) provides companies with flexibility to select the methodology and assumptions used to identify the median employee and to calculate the pay ratio, the pay ratio reported by TVA may not be comparable to the pay ratios reported by other companies. 

Other Agreements

Except as described above and in the Compensation Discussion and Analysis, there are no other agreements between TVA and any of the NEOs.

186

Director Compensation

The TVA Act provides for up to nine directors on the TVA Board.  As of September 30, 2025, the TVA Board consisted of three members.  Under the TVA Act, each director receives certain stipends that are increased annually by the same percentage increase applicable to adjustments under 5 U.S.C. § 5318, which adjusts the annual rates of pay of employees on the Executive Schedule of the U.S. Government.  Effective January 1, 2025, the annual stipend for TVA directors was increased from $61,100 to $62,100 per year unless (1) the director chairs a TVA Board committee, in which case the stipend was increased from $62,300 to $63,400 per year, or (2) the director is the Chair of the TVA Board, in which case the stipend was increased from $68,100 to $69,300 per year.  Directors are also reimbursed under federal law for travel, lodging, and related expenses while attending meetings and for other official TVA business.

The most recent annual stipends provided by the TVA Act for each director, including former directors, and for the Chair of the TVA Board are listed below:

TVA Board Annual Stipends NameAnnual StipendWilliam J. Renick$69,300 Robert P. Klein63,400 A. Wade White63,400 Beth P. Geer (former director)63,400 Beth H. Harwell (former director)63,400 L. Michelle Moore (former director)63,400 Brian E. Noland (former director)63,400 Joe H. Ritch (former director)69,300 

The following table provides information on the compensation received by TVA's directors, including former directors, during 2025:

Director CompensationNameFees Earned or Paid in CashStockAwardsOptionAwardsNon-EquityIncentive PlanCompensationChange inPension ValueandNonqualifiedDeferredCompensation