Company: TVC
Filing Date: 2025-03-31
Form Type: 8-K
Source: 0001376986-25-000020
Chunk: 1

Company: Tennessee Valley Authority
Filing Date: 2025-03-31
Form: 8-K
Item: Item 5.02
Chunk 1
---
000 to $2,450,000, and his target grant opportunity for the performance cycle ending on September 30, 2026, will be $2,450,000. 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. Moul’s aggregate grant opportunity for the retention period ending on September 30, 2025, will increase from $882,000 to $1,050,000, and Mr. Moul’s aggregate grant opportunity for the retention period ending on September 30, 2026, will be $1,050,000. Mr. Moul will receive these amounts if he remains employed by TVA through the end of the retention periods.

On September 30, 2025, Mr. Moul will stop accruing benefits under TVA’s Supplemental Executive Retirement Plan (“ SERP”), but he will continue to have rights to his accrued benefit as calculated on that date. In the event that Mr. Moul is terminated for any reason prior to five years of actual service with TVA, the five-year vesting requirement under SERP will be waived and his SERP benefit will be calculated based on his actual years of credited service and his accrued benefit as of September 30, 2025.

On October 1, 2025, Mr. Moul will become eligible to participate in TVA’s Restoration Plan in accordance with the terms of that plan as they exist on September 30, 2025. The Restoration Plan 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. Moul will also be a participant in TVA’s Executive Severance Plan (“ ESP”) 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, as those benefits are modified by the amendments to the ESP described below.

There are no family relationships between Mr. Moul and any director, executive officer, or person nominated or chosen to become a director or executive officer of TVA. Mr. M