Company: TVC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001376986-25-000044
Chunk: 115

Company: Tennessee Valley Authority
Filing Date: 2025-07-29
Form: 10-Q
Item: Part I, Item 2
Chunk 115
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 the incremental MW added through planned carbon-free generation asset additions and upgrades or uprates for existing carbon-free generation assets in the TVA fleet. 

Compensation Adjustments

Chief Financial Officer ("CFO")

On July 24, 2025, Chief Executive Officer ("CEO") Don Moul notified Tom Rice that his title would be changing to Executive Vice President and CFO effective July 28, 2025, and that he would be entitled to the following compensation in connection with this change: 

•Mr. Rice’s annual salary will be $705,000.

•Mr. Rice’s target annual incentive opportunity under the EAIP will remain unchanged at 75 percent of his annual salary.

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•Mr. Rice will continue to be a participant in TVA’s LTIP.

–Under the long-term performance (“LTP”) component of the LTIP, Mr. Rice will receive a LTP grant of $1,302,000 for the three-year performance cycle ending on September 30, 2026, and a LTP grant of $1,302,000 for the three-year performance cycle ending on September 30, 2027.  These grants will replace the grants that were previously awarded to Mr. Rice for these performance cycles.  Mr. Rice’s LTP grant for the three-year performance cycle ending on September 30, 2025, will remain unchanged. 

–Under the long-term retention (“LTR”) component of the LTIP, Mr. Rice will receive an LTR grant in the amount of $393,666 for the three-year period ending on September 30, 2026, and an LTR grant in the amount of $558,000 for the three-year period ending on September 30, 2027.   These grants will replace the grants that were previously awarded to Mr. Rice for these periods.  Mr. Rice’s LTR grant for the three-year period ending on September 30, 2025, will remain unchanged.

CEO

On July 25, 2025, the TVA Board approved the following as a supplement to the terms of Don Moul’s March 25, 2025, appointment to serve as TVA’s President and CEO, as necessary to reflect the Board’s intent at the time it made the initial appointment decision on March 25, 2025.  Mr. Moul