Company: TVC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001376986-25-000044
Chunk: 401

Company: Tennessee Valley Authority
Filing Date: 2025-07-29
Form: 10-Q
Item: Part II, Item 3
Chunk 401
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 announced his retirement from TVA effective March 7, 2025.  Until his retirement, Mr. Thomas served as Executive Vice President and Advisor to the CEO and assisted with the transition of his responsibilities.  Mr. Rice's title changed to Executive Vice President and Chief Financial Officer, effective July 28, 2025. 

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Table of Contents                               Draft 4.0                    07/24/2025 5:00 PM

On January 29, 2025, Jeffrey J. Lyash, TVA's President and CEO, notified his executive leadership team, and the TVA Board, of his intention to retire no later than October 2, 2025.  On March 31, 2025, TVA announced that Donald A. Moul had been appointed as TVA’s new President and CEO, effective April 9, 2025.  Mr. Lyash continued to serve until April 30, 2025, to support the transition.

In his new position, Mr. Moul will be entitled to the compensation set forth in his offer letter accepted as of March 25, 2025, and the most significant elements of his compensation are described below.

•Mr. Moul’s salary will increase from $844,052 to $1,200,000.

•Mr. Moul will continue to be a participant in TVA’s Executive Annual Incentive Plan (“EAIP”), and his target annual incentive opportunity will increase from 80 percent to 110 percent of his annual salary.  For the year ending September 30, 2025, Mr. Moul’s EAIP award will be prorated based on time spent in his two roles.  The EAIP award is contingent upon continued employment through September 30, 2025, and is subject to achievement of performance goals.

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

–Under the long-term performance (“LTP”) component of the LTIP, Mr. Moul’s target grant opportunity for the performance cycle ending on September 30, 2025, will remain $1,425,000, and his target grant opportunity for the performance cycle ending on September 30, 2026 will be $2,450,000.  Except as described below in Item 5, LTP awards will vest upon the completion of the three-year performance cycles,