Document:

Exhibit 10.38

EXHIBIT 10.38

DEFERRAL AGREEMENT
William D. Johnson

The TVA Board of Directors has approved your participation in TVA’s Long-Term Deferred Compensation Plan (Plan) under the following terms:

	
					
	 
	 
	 
	Vesting Date(s)
	Vesting Amount

	Duration of deferral agreement:
	Two years nine months
	 
	 
	 

	First compensation credit:
	$300,000 (01/01/2013)
	 
	09/30/2013
	Balance of account on vesting date

	Second compensation credit:
	$300,000 (10/01/2013)
	 
	09/30/2014
	Balance of account on vesting date

	Third and final compensation credit:
	$300,000 (10/01/2014)
	 
	09/30/2015
	Balance of account on vesting date

	Total credits over deferral period:
	$900,000
	 
	 
	 

	Expiration date:
	09/30/2015
	 
	 
	 

	 
	 
	 
	 
	 

Please read the following provisions carefully and indicate your approval by signing at the designated place below.
________________________________________________________________________________

As a participant in the Plan, I hereby agree to be bound by the following terms and conditions:

Deferred compensation credits as stated above will be made to an account in my name to cover a service period, beginning January 1, 2013, and ending on September 30, 2015, provided that I remain employed by TVA through September 30, 2015.  I shall be entitled to compensation credits including interest and returns on the vesting dates as stated in the above schedule provided that I remain employed by TVA through each of the vesting periods.  At the end of each vesting period, the balance in my account, including interest or return as provided below, will be paid to me in a lump sum payment.

I understand that I must be an employee of TVA at the end of each vesting period stated above, or no payments or transfers under the Plan will be made by TVA, and any unvested credits to my account will be extinguished.  However, in the event that TVA terminates my employment during the term of this agreement through no act or delinquency of my own, this agreement is terminated as of the date of my termination and no further credits will be made under it and any credits in my account from this agreement, including interest or return as provided below, at the time of termination will become vested.  If TVA terminates my employment for cause prior to the expiration of this agreement, no further payments or credits will be made and my account balance will be extinguished.  In the event of my death during the term of this agreement, my account balance will be paid to the person identified on my beneficiary designation form or, in the absence of such designation, to my estate, in a manner permitted by applicable IRS rules.

Interest will be credited to the balance reflected in my LTDCP account on the same basis as interest is calculated and credited under the TVA Deferred Compensation Plan.  In the alternative, I may choose to have the balance of my LTDCP account adjusted based on the return of the funds I select under the same conditions as are contained in TVA’s Deferred Compensation Plan.  I understand that I am solely responsible for the risk associated with any return elections that I make.

The Plan may be amended or discontinued by the Board.  If the Board elects to discontinue the Plan, any credits to my account as of the date of termination of the Plan will be paid to me in accordance with applicable IRS rules. 

I understand that nothing contained in this agreement shall be construed as conferring the right to continue in the employment of TVA as an executive or in any other capacity and that the method of payment stated above is final (not revocable).  

/s/ William D. Johnson                                   1/2/13                                        
William D. Johnson                    DateExhibit 10.43

EXHIBIT 10.43

DEFERRAL AGREEMENT
John Madison Thomas III

TVA’s President and Chief Executive Officer has approved your participation in TVA’s Long-Term Deferred Compensation Plan (Plan) under the terms and conditions stated below.

	
		
	Duration of deferral agreement
	Ten Months

	First and only compensation credit
	$200,000 (03/01/2014)

	Total credits
	$200,000

	Expiration date
	12/31/2014

Please read the following provisions carefully and indicate your approval by signing at the designated place below.
________________________________________________________________________________________
As a participant in the Plan, I hereby agree to be bound by the following terms and conditions:

A deferred compensation credit in the amount of $200,000 will be made to an account in my name to cover a service period beginning March 1, 2014, and ending December 31, 2014.  Upon the expiration of this agreement, the entire amount credited to my account under this agreement, including interest or return as provided below, will be paid to me in a single lump sum cash payment.

I understand that I must remain employed by TVA through the expiration of this agreement, or no payments or transfers under the Plan will be made by TVA, and any credits to my account will be extinguished.  However, in the event that TVA terminates my employment during the term of this agreement through no act or delinquency of my own, this agreement will be terminated as of the date of my termination and any credits in my account from this agreement, including interest or return as provided below, at the time of termination will become vested.  If TVA terminates my employment for cause prior to the expiration of this agreement, no payments will be made and my account balance will be extinguished.  In the event of my death during the term of this agreement, my account balance will be paid to the person identified on my beneficiary designation form or, in the absence of such designation, to my estate, in a manner permitted by applicable IRS rules.

Interest will be credited to the balance reflected in my deferral account associated with this agreement on the same basis as interest is calculated and credited under the TVA Deferred Compensation Plan.  In the alternative, I may choose to have the balance of my deferral account associated with this agreement adjusted based on the return of the funds I select under the same conditions as are contained in TVA’s Deferred Compensation Plan.  I understand that I am solely responsible for the risk associated with any return elections that I make.

The Plan may be amended or discontinued by the Board.  If the Board elects to discontinue the Plan, any credits to my account as of the date of termination of the Plan will be paid to me in accordance with applicable IRS rules

I understand that nothing contained in this agreement shall be construed as conferring the right to continue in the employment of TVA in any capacity and that the payment distribution is final (not revocable).  

/s/ John Madison Thomas III                              2/27/14                            
John Madison Thomas III                    DateExhibit 10.44

EXHIBIT 10.44

DEFERRAL AGREEMENT
Charles Graham Pardee

TVA’s President and Chief Executive Officer has approved your participation in TVA’s Long-Term Deferred Compensation Plan (Plan) under the following terms:

	
		
	Duration of deferral agreement
	Three years and eight months

	First compensation credit
	$200,000 (05/01/2013)

	Second and third compensation credits
	$200,000 each (01/01/2014, 01/01/2015 and 01/01/2016)

	Total credits over service period
	$800,000

	Expiration date
	12/31/2016

Please read the following provisions carefully and indicate your approval by signing at the designated place below.
___________________________________________________________________________________________
As a participant in the Plan, I hereby agree to be bound by the following terms and conditions:

Annual deferred compensation credits as stated above will be made to an account in my name to cover a service period beginning May 1, 2013 and ending on December 31, 2016, provided that I remain employed by TVA through the expiration of the agreement on December 31, 2016.  Upon the expiration of this agreement, the entire amount credited to my account, including interest or return as provided below, will be paid to me in a lump sum unless I elect below to have the balance of my Long-Term Deferred Compensation Plan (LTDCP) account transferred to my TVA deferred compensation account.

I understand that I must be an employee of TVA at the time of the expiration of this agreement, or no payments or transfers under the Plan will be made by TVA, and any credits to my account will be extinguished.  However, in the event that TVA terminates my employment during the term of this agreement through no act or delinquency of my own, this agreement is terminated as of the date of my termination and no further credits will be made under it and any credits in my account from this agreement, including interest or return as provided below, at the time of termination will become vested.  If I elect below to have the balance of my LTDCP account transferred to my TVA deferred compensation account, all credits from this agreement will be paid out to me in accordance with my deferral election applicable to such credits or in accordance with otherwise applicable IRS rules.  If TVA terminates my employment for cause prior to the expiration of this agreement, no payments will be made and my account balance will be extinguished.  In the event of my death during the term of this agreement, my account balance will be paid to the person identified on my beneficiary designation form or, in the absence of such designation, to my estate, in a manner permitted by applicable IRS rules.

Interest will be credited to the balance reflected in my LTDCP account on the same basis as interest is calculated and credited under the TVA Deferred Compensation Plan.  In the alternative, I may choose to have the balance of my LTDCP account adjusted based on the return of the funds I select under the same conditions as are contained in TVA’s Deferred Compensation Plan.  I understand that I am solely responsible for the risk associated with any return elections that I make.

The Plan may be amended or discontinued by the Board.  If the Board elects to discontinue the Plan, any credits to my account as of the date of termination of the Plan will be paid to me in accordance with applicable IRS rules.  I elect the following option for payment upon expiration of this agreement:  

___  __   Balance of account to be paid to me in a lump sum 

___X__   Balance of account to be transferred to my TVA Deferred Compensation Plan account

I understand that nothing contained in this agreement shall be construed as conferring the right to continue in the employment of TVA as an executive or in any other capacity and that the payment election I have made is final (not revocable).  

/s/ Charles Graham Pardee                               4.23.13                                   
Charles Graham Pardee                    Date

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