Document:

exhibit10-34.htm

    
      

      

    

     

     

    Exhibit
      10.34

    

 

    DEFERRAL
      AGREEMENT

    Kimberly
      S. Greene

    

    

    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:

            	
              3
                years and 1 month

            	 	 	 
	
              First
                compensation credit:

            	
              $280,000
                (09/04/2007)

            	 	
              09/04/2007

            	
              $280,000

            
	
              Second
                compensation credit:

            	
              $100,000
                (10/01/2008)

            	 	
              09/30/2011

            	
              Balance
                of account

            
	
              Third
                compensation credit:

            	
              $100,000
                (10/01/2009)

            	 	
              09/30/2011

            	
              Balance
                of account

            
	
              Fourth
                and final compensation credit:

            	
              $100,000
                (10/01/2010)

            	 	
              09/30/2011

            	
              Balance
                of account

            
	
              Total
                credits over deferral period:

            	
              $580,000

            	 	 	 
	
              Expiration
                date:

            	
              09/30/2011

            	 	 	 
	 	 	 	 	 

    

    

    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 of three years and one month, beginning on
      September 4, 2007, and ending on September 30, 2011, provided that I remain
      employed by TVA through September 30, 2011.  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
      the
      vesting periods.  The first credit shall be made directly to an
      account in TVA’s Merit Incentive Supplemental Retirement Income Plan (MISRIP)
      and will be paid out to me, upon termination of my employment with TVA, in
      five
      annual installments.  Upon expiration of this agreement, the balance
      of the account, including interest and return as provided below, will be
      transferred to my TVA deferred compensation account and all credits from this
      agreement will be paid out to me, upon termination of my employment with TVA,
      in
      five annual installments.

    

    I
      understand that I must be an employee of TVA at the time of the vesting dates
      stated above 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.  The balance of my account
      will be transferred to my TVA MISRIP account and all credits from this agreement
      will be paid out to me in five annual installments or in accordance with
      otherwise applicable IRS rules.  If TVA terminates my employment for
      cause prior to the expiration of this agreement, no further credits will be
      made
      and my unvested account balance will be forfeited.  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 on the same
      basis as interest is calculated and credited under MISRIP.  In the
      alternative, I may choose to have my balance adjusted based on the return of
      the
      funds I select under the same conditions as are contained in
      MISRIP.  I understand that I am solely responsible for the risk
      associated with any return elections that I make.

    

    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/  Kimberly
      S.
      Greene                                 
      9/4/07  

        Kimberly
      S. Greene 
                                         Date

    

    

    /s/  John
      E. Long,
      Jr.                                           9/4/07 

          Chief
      Officer                                                  
  Dateexhibit10-35.htm

    
      

      

    

    Exhibit
      10.35

    

    

    DEFERRAL
      AGREEMENT

    John
      M. Hoskins

    

    

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

    

    
      	
              Duration
                of deferral agreement

            	
              3
                Years

            
	
              First
                compensation credit

            	
              $60,000
                (10/01/2006)

            
	
              Second
                and third compensation credits

            	
              $60,000
                each (10/01/07 & 10/01/08)

            
	
              Total
                credits over service period

            	
              $180,000

            
	
              Expiration
                date

            	
              09/30/2009

            

    

    

    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 of $60,000 will be made to an account in my name
      to cover a service period of three years, beginning on October 1, 2006 and
      ending on September 30, 2009, provided that I remain employed by TVA through
      September 30, 2009.  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 credits transferred to an account in TVA’s Merit Incentive Supplemental
      Retirement Income Plan (MISRIP).

    

    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 account transferred to my TVA MISRIP
      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 deferral account on the same
      basis as interest is calculated and credited under MISRIP.  In the
      alternative, I may choose to have my balance adjusted based on the return of
      the
      funds I select under the same conditions as are contained in
      MISRIP.  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:

    

      
         X       Balance
      of account to be paid to me in a lump sum

    

    ______   Balance
      of account to be transferred to TVA MISRIP 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/
      John M.
      Hoskins                                      
10/27/06    

    John
      M.
      Hoskins                                              Date

    

    

    /s/
      John E. Long,
      Jr.                                      
10/30/06     

    Chief
      Officer                                                    
 Date

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