Document:

Ex-10.23 Joseph R. Bynum Deferral Agreement

 

Exhibit
10.23

DEFERRAL AGREEMENT

Joseph R. Bynum

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

	 	 	 
	Annual deferred compensation credits:

	 	140,000 on 10/01/01, and 10/01/02 (previously credited under the original
agreement), and $150,000 annually on October 1 of each subsequent year. 
	Duration of deferral agreement:

	 	5 years (approximately) 
	First compensation credit:

	 	$140,000(10/01/2001) 
	Second compensation credit:

	 	$140,000 (10/01/02) 
	Third through fifth compensation credits:

	 	$150,000 on (10/01/03, 10/01/04, 10/01/05) 
	Total credits over deferral period:

	 	$730,000 
	Expiration date:

	 	09/30/2006 

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:

In consideration of this new agreement, I agree that all rights and obligations
under the deferral agreement, which I signed on August 20, 2001, are hereby extinguished
and that this agreement now contains my rights and obligations under
the Plan.

Annual deferred compensation credits as stated above will be made to an account in my
name for a period of approximately five years, beginning on
October 1, 2001, and ending on
October 1, 2005, provided that I remain employed by TVA through the expiration of this
agreement (9/30/2006). 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. Within 30 days of my termination, my account balance, including interest or
return as provided below, shall be paid to me in a lump sum. 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.

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 at any time. 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 within 30 days of Plan termination. Please elect one of the following
options for payment upon expiration of this agreement:

	 	 	 	o Balance of account to be paid to me in a lump sum
	 
	 	 	 	û 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/
J.R. Bynum 

Participant

	 	 	 	3/03/04 

Date
	 	 
	 
	 	 	 	 	 	 
	/s/
O.J. Zeringue 

Chief Officer

	 	 	 	3/02/04 

DateEx-10.24 Tom D. Kilgore Deferral Agreement

 

Exhibit
10.24

DEFERRAL AGREEMENT

Tommy D. Kilgore

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

	 	 	 	 	 	 	 	 
	Annual deferred compensation credits:
	 	$300,000	 	 	Vesting Date(s)	 	Vesting Amount
	Duration of deferral agreement:
	 	4 years and 7 months	 	 	 	 	 
	First compensation credit:
	 	$300,000 (03/31/2005)	 	 	03/31/2005	 	$300,000
	Second compensation credit:
	 	$300,000(10/01/2005)	 	 	09/30/2009	 	Balance of account
	Third
compensation credit:
	 	$300,000(10/01/2006)	 	 	09/30/2009	 	Balance of account
	Fourth compensation credit:
	 	$300,000 (10/01/2007)	 	 	09/30/2009	 	Balance of account
	Fifth and final compensation credit:
	 	$300,000 (10/01/2008)	 	 	09/30/2009	 	Balance of account
	Total credits over deferral period:
	 	$1,500,000	 	 	 	 	 
	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 as stated above will be made to an account in my name
for a period of 4 years and 7 months, beginning on
March 3, 2005, and ending on September
30, 2009, provided that I remain employed by TVA during that period. I shall be entitled to
compensation credits including interest and returns on the vesting dates as stated in the
above schedule provided that I am employed by TVA through the vesting period. The first
credit shall be made directly to an account in TVA’s Merit Incentive Supplemental
Retirement Income Plan (MISRIP). Upon expiration of this agreement, the balance of the
account, including interest and return as provided below, will be paid to me in a lump sum
unless I elect below to have the balance transferred to an account in TVA’s MISRIP.

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. Within 30 days of my termination, my remaining account balance, including interest or
return as provided below, shall be paid to me in a lump sum. If TVA terminates my
employment for cause prior to any vesting date, no further payments will be made and my
account balance will be extinguished. In the event of my death during the term of this
agreement, my current account balance will be paid to the person identified on my
beneficiary designation form or, in the absence of such designation, to my estate.

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 at any time. 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 within 30 days of Plan termination. Please
elect one of the following
options for payment upon expiration of this agreement:

	 	 	 	o Balance of account to be paid to me in a lump sum
	 
	 	 	 	ü 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/
Tommy D. Kilgore 

Participant

	 	 	 	3/29/05 

Date
	 	 
	 
	 	 	 	 	 	 
	/s/
John E. Long, Jr. 

EVP, Human Resources

	 	 	 	3/29/05 

DateEx-10.25 Karl W. Singer First Deferral Agreement

 

Exhibit
10.25

DEFERRAL AGREEMENT

Karl W. Singer

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

	 	 	 	 	 	 	 	 
	Annual deferred compensation credits:
	 	$200,000	 	 	Vesting Date(s)	 	Vesting Amount
	Duration of deferral agreement:
	 	5 years	 	 	 	 	 
	First
compensation credit:
	 	$200,000 (10/01/2004)	 	 	09/30/2007	 	1/2 of current account balance
	Second compensation credit:
	 	$200,000 (10/01/2005)	 	 	09/30/2008	 	1/2 of current account balance
	Third compensation credit:
	 	$200,000 (10/01/2006)	 	 	09/30/2009	 	Balance of account
	Fourth compensation credit:
	 	$200,000 (10/01/2007)	 	 	 	 	 
	Fifth and final compensation credit:
	 	$200,000 (10/01/2008)	 	 	 	 	 
	Total credits over deferral period:
	 	$1,000,000	 	 	 	 	 
	Expiration data:
	 	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:

In consideration of this new agreement and in recognition of the new position to which
I have recently been selected, TVA agrees to transfer the balance of my current Long
Term Deferred Compensation Plan account to my Merit Incentive Supplemental Retirement
Income Plan (MISRIP) account and I agree that all rights and obligations under the
deferral agreement, which I signed on August 13, 2001, are
hereby extinguished.

Annual deferred compensation credits as stated above will be made to an account in my
name for a period of five years, beginning on October 1, 2004, and ending in fiscal
year 2009, provided that I remain employed by TVA through
September 30, 2009. I shall
be entitled to compensation credits including interest and returns on the vesting
dates as stated in the above schedule provided that I am employed by TVA through the
vesting period. Upon completion of each vesting period, the amount
stated above will
be paid to me in a lump sum unless I elect below to have the amount 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 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. Within 30 days of my termination, my remaining account balance,
including interest or return as provided below, shall be paid to me in a lump sum. If
TVA terminates my employment for cause prior to any vesting date, no further payments
will be made and my account balance will be extinguished. In the event of my death
during the term of this agreement, my current account balance will be paid to the
person identified on my beneficiary designation form or, in the absence of such
designation, to my estate.

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 at any time. 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 within 30 days of Plan termination. Please elect one of
the following options for payment upon fulfillment of the vesting requirements:

	 	 	 	û Vesting amount stated above to be paid to me in a
lump sum
	 
	 	 	 	o Vesting amount stated above 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/
Karl W. Singer 

Participant

	 	 	 	5/2/04 

Date
	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/
John E. Long, Jr. 

Chief Officer

	 	 	 	5/7/04 

Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]