Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 338

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 338
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150 percent for the retired CEO.  NEO award payouts are detailed below and in the Executive Compensation Tables and Narrative Disclosures – Summary Compensation Table under "Non-Equity Incentive Plan Compensation."

171

NEO2023–2025 LTP Award CalculationLTP TargetScorecard Results Percent of OpportunityAchievedLTP Award PayoutDonald A. Moul$1,425,000 98%$1,396,500 Jeffrey J. Lyash(1)(2)3,429,806 83%2,846,739 Thomas C. Rice342,870 98%336,013 John M. Thomas, III(2)1,147,917 98%1,124,959 Matthew M. Rasmussen300,000 98%294,000 Rebecca C. Tolene145,000 98%142,100 Jeremy P. Fisher250,000 98%245,000 Timothy S. Rausch725,000 98%710,500 David B. 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.