Company: TVC
Filing Date: 2025-03-31
Form Type: 8-K
Source: 0001376986-25-000020
Chunk: 2

Company: Tennessee Valley Authority
Filing Date: 2025-03-31
Form: 8-K
Item: Item 5.02
Chunk 2
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oul 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.

Amendments to Compensation Plans

In connection with approving the appointment of Mr. Moul as President and CEO, the TVA Board of Directors ("Board") approved amendments to the EAIP, LTIP, and ESP that will impact payouts under these plans to any CEO appointed by the Board on or after March 25, 2025, which, for the avoidance of doubt, includes Mr. Moul.

• EAIP. The EAIP is amended to provide that (1) the scorecard achievement for the CEO ranges from 0% to 200% and (2) the maximum payout for the CEO is 225% of the CEO’s target EAIP award.

• LTIP. The LTIP is amended to provide that (1) the scorecard achievement for the CEO ranges from 0% to 200% and (2) the maximum LTP award for the CEO is 200% of the LTP grant unless a different maximum is approved by an authorized party.

• ESP. The ESP is amended to provide that the cash separation payment for the CEO will be calculated as follows: Severance Multiple * (Annual Salary + Target EAIP).

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                         
  David B. Fountain                             
  Executive Vice President and General Counsel