SEC Contract Filing

Filing Date: 2024-05-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>6
<FILENAME>exhibit101-tvacompensation.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i70d910f420b2401bb716e65846be3dc2_40"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Exhibit 10.1</font></div></div><div style="text-align:right"><img alt="image_0.jpg" src="image_0.jpg" style="height:88px;margin-bottom:5pt;vertical-align:text-bottom;width:318px"></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#1f497d;font-family:'Arial',sans-serif;font-size:28pt;font-weight:700;line-height:120%">COMPENSATION PLAN</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#1f497d;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:120%">Amended and Restated May 2024 </font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="i70d910f420b2401bb716e65846be3dc2_43"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:120%">Tennessee Valley Authority</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:120%">Compensation Plan </font></div><div style="margin-bottom:8.9pt"><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-style:italic;font-weight:700;line-height:120%">Principles </font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Authority</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> </font></div><div style="margin-bottom:12pt;padding-right:37.45pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Tennessee Valley Authority (&#8220;TVA&#8221;) Compensation Plan provides the framework for Management, the People and Governance Committee (or any successor committee with responsibility for compensation matters), and the Board of Directors of the Tennessee Valley Authority (&#8220;Board&#8221;) to establish and manage compensation for all TVA employees in a manner that is in compliance with the Tennessee Valley Authority Act of 1933, as amended (&#8220;TVA Act&#8221;). The Board approves the Compensation Plan and ensures that it is consistent with the TVA Act and TVA&#8217;s strategic goals. </font></div><div style="margin-bottom:12pt;padding-right:11.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The TVA Act provides that the Board will approve and establish a compensation plan for TVA employees which&#58; </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.85pt">Specifies all compensation (including salary or any other pay, bonuses, benefits, incentives, and any other form of remuneration) for the Chief Executive Officer (&#8220;CEO&#8221;) and TVA employees&#59; </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.85pt">Shall be based on an annual survey of the prevailing compensation for similar positions in private industry, including engineering and electric utility companies, publicly owned electric utilities, and Federal, State, and local governments&#59; and </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.85pt">Shall provide that education, experience, level of responsibility, geographic differences, and retention and recruitment needs will be taken into account in determining compensation of employees. </font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The TVA Act also provides that&#58; </font></div><div style="margin-bottom:12pt;padding-left:36pt;text