Document:

ex10-31.htm

    
      

      

    

    EXHIBIT
10.31

    

    

    Overview
of Financial Counseling Services Program

    

    

    In 2009,
TVA began offering a Financial Counseling Services Program for a limited number
of executives approved by the CEO.  Under the program, participants
are eligible to receive personal financial counseling services, such as estate
planning, investment planning, income tax planning, income tax preparation, and
retirement planning.  TVA pays the cost of the program for each
participant and also pays each participant a gross-up amount that reasonably
approximates the additional income and employment taxes estimated to be payable
as a result of TVA’s payments pursuant to the program.  The program is
administered by The Ayco Company, L.P.ex10-35.htm

    
      

      

    

    EXHIBIT
10.35

    

    February 19, 2009

    

    Tom
Kilgore, WT 7B-K

    John E.
Long, Jr., WT 7B-K

    

    REQUEST
FOR APPROVAL – SELECTION OF AND COMPENSATION FOR PRESTON D.
SWAFFORD

    

    

    Approval
is requested for the selection of and compensation for Preston D. Swafford as
Chief Nuclear Officer and Executive Vice President, TVA Nuclear.  This
position reports directly to the Chief Operating Officer and is responsible for
directing and managing TVA’s Nuclear Power Group and ensuring a stable base load
from all of TVA’s nuclear operating units.  Responsibilities include
planning and directing all organizational activities related to nuclear power
production, nuclear power plant operations, maintenance, modifications, and all
nuclear support services and engineering activities.  Mr. Swafford
will succeed William R. Campbell who has been appointed Senior Vice
President of Fleet Engineering.

    

    Mr.
Swafford currently serves as Executive Vice President, Fossil Power, and is
responsible for directing and managing TVA’s fossil power generation system,
including operations, maintenance, engineering, modifications, and related
support.  He has more than 22 years of experience in the energy
services industry.  Prior to joining TVA in 2006 as Senior Vice
President, Nuclear Support, he held a number of key management and executive
leadership positions in the energy delivery and power generation area with
Exelon.

    

    Mr. Swafford
currently receives an annual salary of $476,021.  He is a participant
in TVA’s Executive Annual Incentive Plan with an approved annual incentive
opportunity of 60 percent of his annual salary, and in TVA’s Executive Long-Term
Incentive Plan with an approved long-term incentive opportunity of 60 percent of
his annual salary.  Mr. Swafford also entered into a Long-Term
Deferred Compensation Plan (LTDCP) agreement that provides annual credits of
$125,000 each through FY 2010.  He will become vested and receive the
full value of his LTDCP account if he remains employed by TVA through the
expiration of the agreement on
September 30, 2010.  Mr. Swafford is also a Tier I
participant in TVA’s Supplemental Executive Retirement Plan (SERP).

    

    In order
to provide a competitive level of compensation for this position, approval is
requested to provide Mr. Swafford an annual salary of
$500,000.  Approval is also requested to increase Mr. Swafford’s
annual incentive opportunity to 75 percent of his annual salary beginning this
fiscal year (FY 2009) and increase his long-term incentive opportunity to 80
percent of his annual salary beginning with the performance cycle ending on
September 30, 2009.

    

    In
addition, approval is requested to grant Mr. Swafford an additional five years
of credited service under TVA’s SERP and waive the “Prior Employer
Offset”.  The additional years of credited service will be for SERP
benefit calculation purposes only and will not count toward the minimum
five-year vesting requirement.  The “Qualified Plan Offset” will be
calculated based on the pension benefit he will be eligible to receive under the
TVA Retirement System’s Cash Balance structure at the time of separation
assuming an additional 5 years of credited service.  The estimated
increase in the present value of a lifetime benefit at age 62 with five
additional years of credited service, assuming that there is no change in
Mr. Swafford’s annual salary and annual incentive and that there are no
amendments to the SERP, is approximately $1.2 million.

    

    If
approved, the selection and compensation actions outlined above will be
effective on February 5, 2009.

    

    
      	 
      	 
      	 
      
	
              /s/
      William R. McCollum, Jr.

            	 
      	
              /s/
      Phillip L. Reynolds

            
	
              William
      R. McCollum, Jr.

            	 
      	
              Phillip
      L. Reynolds

            
	
              Chief
      Operating Officer

            	 
      	
              Vice
      President

            
	
              MR
      3A-C

            	 
      	
              Human
      Resources

            
	 
      	 
      	
              LP
      3A-C

            
	 
      	 
      	 
      
	 
      	 
      	 
      

    

    GFB

    Attachment
(Position description and resume)

    
      	
              cc:

            	
              W.
      A. Conkin, WT 8D-K

            
	 
      	
              M.
      H. Dunn, WT 6A-K (with position descriptions for financial disclosure
      process)

            
	 
      	
              J.
      D. Jones, WT 8C-K

              E.
      M. Nickle, WT 8D-K

              M.
      N. Pruitt, WT 4C-K

            
	 
      
	 
      

    

    

    
      	 
      	 
      	 
      	 
      
	 
      	
              /s/
      John E. Long, Jr.

            	 
      	
              02/26/2009

            
	
              I
      CONCUR:

            	
              John
      E. Long, Jr.

            	 
      	
              Date

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              /s/
      Tom Kilgore

            	 
      	
              03/03/2009

            
	
              I
      APPROVE:

            	
              Tom
      Kilgore

            	 
      	
              Dateex10-36.htm

    
      

      

    

    EXHIBIT
10.36

    

    

    Overview
of Compensation Arrangements for Preston D. Swafford Effective as of July 1,
2009

    

    Effective
as of July 1, 2009, Tom Kilgore approved the following compensation arrangements
for Preston D. Swafford:

    

    
      	
              ·  

            	
              A
      base salary of $525,000

            

    

    
      	
              ·  

            	
              Executive
      Annual Incentive Plan opportunity of 80 percent of salary beginning with
      fiscal year 2009

            

    

    
      	
              ·  

            	
              Executive
      Long-Term Incentive Plan opportunity of 100 percent of salary beginning
      with the performance cycle ending on September 30,
  2009

            

    

    

    In
addition, Mr. Kilgore approved a performance arrangement that will provide Mr.
Swafford, as long as he remains responsible for managing and directing TVA’s
Nuclear Power Group, the opportunity to receive annual performance awards for
improvements in the overall performance of any of TVA’s nuclear plants based on
nuclear power industry peer evaluations.  Under the arrangement, Mr.
Swafford will receive a lump-sum performance award of $100,000 following each
fiscal year that at least one nuclear plant in TVA’s generation portfolio
achieves an improved performance evaluation.  In the event the
performance of any plant drops below that achieved in the most recent evaluation
of the plant, no award will be made.  Mr. Swafford is eligible to
receive these annual performance awards based on evaluations completed in 2010
and beyond.  All awards will be recommended by the Chief Operating
Officer and approved by the CEO at the end of each fiscal year.ex10-37.htm

    
      

      

    

    EXHIBIT
10.37

    

    

    Overview
of Compensation Arrangements for Preston D. Swafford Effective as of October 27,
2009

    

    Effective
as of October 27, 2009, Mr. Kilgore approved a $100,000 lump sum performance
award for Mr. Swafford for improvements in the overall performance of Watts Bar
Nuclear Plant in 2009 based on nuclear power industry peer
evaluations.  The award recognizes Mr. Swafford’s demonstrated
leadership and commitment to teamwork, safety, and high level of performance
throughout TVA’s nuclear organization, which contributed to the improved
performance achieved by Watts Bar Nuclear Plant.ex10-39.htm

    
      

      

    

    

    EXHIBIT
10.39

    

    

    

    DEFERRAL
AGREEMENT

    Tom
Kilgore

    

    

    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:

            	
              Four
      years

            	 
      	 
      	 
      
	
              First
      compensation credit:

            	
              $300,000
      (12/01/2009)

            	 
      	
              11/30/2010

            	
              Balance
      of account on vesting date

            
	
              Second
      compensation credit:

            	
              $300,000
      (12/01/2010)

            	 
      	
              11/30/2011

            	
              Balance
      of account on vesting date

            
	
              Third
      compensation credit:

            	
              $300,000
      (12/01/2011)

            	 
      	
              11/30/2012

            	
              Balance
      of account on vesting date

            
	
              Fourth
      and final compensation credit:

            	
              $300,000
      (12/01/2012)

            	 
      	
              11/30/2013

            	
              Balance
      of account on vesting date

            
	
              Total
      credits over deferral period:

            	
              $1,200,000

            	 
      	 
      	 
      
	
              Expiration
      date:

            	
              11/30/2013

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

    

    

    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 December 1, 2009, and ending on
November 30, 2013, provided that I remain employed by TVA through
November 30, 2013.  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 unless I elect below to have the vested amounts transferred to my TVA
deferred compensation account.

    

    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 I
elect below to have the vested balances of my Long-Term Deferred Compensation
Plan (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 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 elect the following option for payments under this
agreement:

    

    
      	
              X

            	 
      	
              Vested
      balances of account to be paid to me in a lump sum

            
	 
      	 
      	 
      
	 
      	 
      	
              Vested
      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/
      Tom Kilgore

            	 
      	
              11/24/2009

            
	
              Tom
      Kilgore

            	 
      	
              Date

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