Company: TVC
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001376986-25-000029
Chunk: 58

Company: Tennessee Valley Authority
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 15
Chunk 58
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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.  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 component of the LTIP, Mr. Moul’s aggregate grant opportunity for the year ending on September 30, 2025, will be $961,667, and his aggregate grant opportunity for the year 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.

Effective April 2, 2025, David B. Fountain’s tenure as TVA’s Executive Vice President, General Counsel and Corporate Secretary ended.  Mr. Fountain’s no-fault separation from TVA was finalized on April 7, 2025. 

55

Table of Contents                               Draft 4.0                    04/24/2025 5:00 PM

Executive Actions

On January 20, 2025, President Trump issued an executive order (“EO”) that revoked a number of EOs, including several EOs relating to environmental matters.  See Environmental Matters — General below.  See also Environmental Matters — Clean Air Act Programs and Regulations — Mercury and Air Toxics Standards for Electric Utility Units for a discussion of a proclamation issued on April 8, 2025.  On January 20, 2025, President Trump also issued EO 14154, “Unleashing American Energy,” which in part instructed