Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 526

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 7
Chunk 526
---
 case of death, disability, or retirement.  The awards will be paid in cash after deducting applicable federal, state, and local withholding taxes. In the case of death, the beneficiary will be paid as soon as 

177

administratively practicable but in no event later than the last day of the second full calendar month following the participant's death. Disability awards will be paid as soon as administratively practicable but in no event later than the last day of the second full calendar month following the participant's separation from service due to disability.  Actual LTR awards earned in 2025 are reported for each of the NEOs under the "Non-Equity Incentive Plan Compensation" column in the Summary Compensation Table.  The LTR awards for Mr. Lyash and Mr. Thomas are prorated due to retirement in 2025.

(6)  At the end of the performance period, TVA's LTIP Scorecard will be applied to the grants in order to determine LTP award payouts.  The final award may be adjusted by the TVA Board in its discretion in appropriate circumstances.

Retirement and Pension Plans 

The table below provides the actuarial present value of the NEOs' accumulated benefits, including the number of years of credited service, under TVA's retirement and pension plans as of September 30, 2025, determined using a methodology and interest rate and mortality rate assumptions consistent with those used in the financial statements in this Annual Report, set forth in Note 21 — Benefit Plans.

Pension Benefits TableNamePlan NameNumber ofYears of Credited ServicePresent Value of Accumulated BenefitPayments During Last YearDonald A. MoulTVARSN/AN/A(2)$— SERP Tier 14.275(3)$1,861,040 — Jeffrey J. LyashTVARSN/AN/A(2)— SERP Tier 116.060(1)13,831,451 3,755,034 Thomas C. RiceTVARS22.360279,056 — SERP Tier 1N/AN/A— John M. Thomas, III TVARS19.276570,531 19,896 SERP Tier 119.2767,593,527 2,061,530 Matthew M. RasmussenTVARS22.380354,509 — SERP Tier 1N/AN/A— Rebecca C. ToleneTVARS22.380334