Company: TVC
Filing Date: 2025-01-13
Form Type: 8-K
Source: 0001376986-25-000004
Chunk: 1

Company: Tennessee Valley Authority
Filing Date: 2025-01-13
Form: 8-K
Item: Item 5.02
Chunk 1
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 163.3 percent of his annual salary. As such, Mr. Rice will receive new grants replacing his existing grants for the three-year performance cycles ending on September 30, 2025, September 30, 2026, and September 30, 2027. The aggregate LTP grants for these performance cycles will be $342,870, $616,000, and $893,444, respectively. LTP awards will vest upon the completion of the three-year performance cycles, contingent upon continued employment through the vesting dates and subject to achievement of performance goals.

• Under the long-term retention (“ LTR”) component of the LTIP, Mr. Rice’s target grant opportunity will increase from 22.6 percent to 70.0 percent of his annual salary. As such, Mr. Rice will receive new grants replacing his existing grants for the retention periods ending on September 30, 2025, September 30, 2026, and September 30, 2027. If Mr. Rice remains employed by TVA on these dates, he will receive aggregate LTR awards of $263,037, $355,074, and $407,667, respectively.

Mr. Rice will be a participant in the TVA Restoration Plan, which is a non-qualified excess 401(k) plan designed to allow certain eligible employees whose contributions to the 401(k) plan are limited by IRS rules to save additional amounts for retirement and receive non-elective and matching employer contributions. Mr. Rice will also be a participant in the TVA Executive Severance Plan and will be entitled to the applicable benefits described in Item 11, Executive Compensation - Executive Compensation Tables and Narrative Disclosures - Retirement and Pension Plans - Executive Severance Plan in TVA’s Annual Report on Form 10-K for the year ended September 30, 2024.

There are no family relationships between Mr. Rice and any director, executive officer, or person nominated or chosen to become a director or executive officer of TVA. Mr. Rice does not have a direct or indirect material interest in any transaction or arrangement in which TVA is a participant other than in connection with his employment as described in this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  Tennessee Valley Authority                    
  (Registrant)                                  
  /s/ David B. Fountain