Tennessee Valley Authority
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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FY2025 · Filed Nov 13, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Executive Compensation Tables and Narrative Disclosures
Summary Compensation and Grants of Plan-Based Awards
The following table provides earned compensation information for each NEO in 2025 (and 2024 and 2023, as applicable).
| Summary Compensation Table | ||||||||
|---|---|---|---|---|---|---|---|---|
| Name and Principal Position · Year · Salary · Bonus(1) · Non-Equity Incentive Plan Compensation(2) · Change in Pension Value andNonqualified Deferred Compensation Earnings(3) · All Other Compensation(4) · Total(5) | ||||||||
| Donald A. Moul(6) | 2025 | $1,000,923 | $— | $3,769,438 | $908,756 | $31,050 | $5,710,167 | |
| President and Chief | 2024 | 819,468 | — | 3,691,552 | 479,688 | 29,700 | 5,020,408 | |
| Executive Officer | 2023 | 795,600 | — | 2,271,265 | 332,840 | 237,632 | 3,637,337 | |
| Jeffrey J. Lyash | 2025 | $745,638 | $— | $5,119,514 | $789,741 | $164,368 | $6,819,261 | |
| Retired President and Chief | 2024 | 1,227,000 | — | 6,908,558 | 2,371,704 | 29,700 | 10,536,962 | |
| Executive Officer | 2023 | 1,227,000 | — | 6,758,860 | 2,530,772 | 27,450 | 10,544,082 | |
| Thomas C. RiceExecutive Vice Presidentand Chief Financial Officer | 2025 | $550,214 | $— | $1,391,512 | $1,555 | $96,368 | $2,039,649 | |
| John M. Thomas, III | 2025 | $431,081 | $— | $1,900,938 | $1,891,430 | $146,523 | $4,369,972 | |
| Retired Executive Vice President | 2024 | 860,441 | — | 3,886,999 | 1,530,916 | 24,750 | 6,303,106 | |
| and Chief Financial and Strategy Officer | 2023 | 835,380 | — | 2,743,221 | 950,898 | 22,875 | 4,552,374 | |
| Matthew M. RasmussenSenior Vice President and Chief Nuclear Officer | 2025 | $496,231 | $— | $988,507 | $— | (7) | $73,326 | $1,558,064 |
| Rebecca C. ToleneExecutive Vice President and General Counsel | 2025 | $439,226 | $— | $766,972 | $3,357 | $334,319 | $1,543,874 | |
| Jeremy P. FisherExecutive Vice President and Chief Business Officer | 2025 | $443,886 | $— | $776,246 | $— | (8) | $64,002 | $1,284,134 |
| Timothy S. Rausch | 2025 | $682,581 | $— | $1,775,654 | $676,127 | $31,050 | $3,165,412 | |
| Retiring Executive Vice President | 2024 | 663,146 | — | 1,986,424 | 650,171 | 29,700 | 3,329,441 | |
| and Chief Nuclear Officer | 2023 | 637,640 | — | 1,817,165 | 322,682 | 27,450 | 2,804,937 | |
| David B. Fountain | 2025 | $475,145 | $— | $485,183 | $368,656 | $1,291,573 | $2,620,557 | |
| Former Executive Vice President | 2024 | 648,696 | — | 2,251,048 | 402,448 | 29,700 | 3,331,892 | |
| and General Counsel | 2023 | 629,802 | — | 1,630,441 | 221,672 | 27,450 | 2,509,365 | |
Notes
(1) There were no bonus awards in 2025.
(2) The 2025 data is outlined in the Non-Equity Incentive Plan Compensation table below.
(3) The 2025 data is outlined in the Change in Pension Value and Nonqualified Deferred Compensation Earnings table below.
(4) The 2025 data is outlined in the All Other Compensation table below.
(5) The total compensation amount reflected in this column, determined under applicable SEC rules, may differ substantially from compensation amounts actually earned within the fiscal year reflected. Change in Pension Value and Nonqualified Deferred Compensation Earnings can substantially impact this total, which are affected by external variables such as interest rates, assumptions about life expectancy, and changes in discount rate, which are functions of the economy and actuarial calculations not related to company performance or controlled or approved by the TVA Board or People and Governance Committee.
(6) The 2025 CEO Total Direct Compensation at target is below the 25th percentile of 2025 market composite data.
(7) The Change in Pension Value in 2025 was ($850).
(8) The Change in Pension Value in 2025 was ($174).
| Non-Equity Incentive Plan Compensation | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Donald A. Moul | Jeffrey J. Lyash | Thomas C. Rice | John M. Thomas, III | Matthew M. Rasmussen | Rebecca C. Tolene | Jeremy P. Fisher | Timothy S. Rausch | David B. Fountain | |
| EAIP | $1,411,271 | $1,277,024 | $635,536 | $498,202 | $433,507 | $334,872 | $382,246 | $696,154 | $485,183 |
| LTP | 1,396,500 | 2,846,739 | 336,013 | 1,124,959 | 294,000 | 142,100 | 245,000 | 710,500 | — |
| LTR 2023-03(A) | 261,667 | 331,917 | 47,963 | 83,333 | 43,000 | 21,000 | 33,000 | 110,000 | — |
| LTR 2024-02(B) | 350,000 | 331,917 | 186,000 | 97,222 | 109,000 | 140,000 | 58,000 | 125,000 | — |
| LTR 2025-01(C) | 350,000 | 331,917 | 186,000 | 97,222 | 109,000 | 129,000 | 58,000 | 134,000 | — |
| Total | $3,769,438 | $5,119,514 | $1,391,512 | $1,900,938 | $988,507 | $766,972 | $776,246 | $1,775,654 | $485,183 |
Notes
(A) LTR grant representing the third tranche of the 2023 LTR award effective October 1, 2022.
(B) LTR grant representing the second tranche of the 2024 LTR award effective October 1, 2023.
(C) LTR grant representing the first tranche of the 2025 LTR award effective October 1, 2024.
| Change in Pension Value and Nonqualified Deferred Compensation Earnings | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Donald A. Moul | Jeffrey J. Lyash | Thomas C. Rice | John M. Thomas, III | Matthew M. Rasmussen (B) | Rebecca C. Tolene | Jeremy P. Fisher (C) | Timothy S. Rausch | David B. Fountain | |
| Increase under TVARS Plans(A) | $— | $— | $1,555 | $116,657 | $— | $3,357 | $— | $— | $— |
| Increase under SERP | 908,756 | 789,741 | — | 1,774,773 | — | — | — | 676,127 | 368,656 |
| Total | $908,756 | $789,741 | $1,555 | $1,891,430 | $— | $3,357 | $— | $676,127 | $368,656 |
Notes
(A) The present value of the TVARS Plans and SERP are impacted by plan assumption changes and actual plan experience which may be different than previously assumed.
(B) The Increase under TVARS Plans was ($850).
(C) The Increase under TVARS Plans was ($174).
| All Other Compensation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Donald A. Moul · Jeffrey J. Lyash · Thomas C. Rice · John M. Thomas, III · Matthew M. Rasmussen · Rebecca C. Tolene · Jeremy P. Fisher · Timothy S. Rausch · David B. Fountain | ||||||||||
| 401(k) Matching Contribution | $15,525 | $15,525 | $15,525 | $13,527 | $15,525 | $15,525 | $15,525 | $15,525 | $15,525 | |
| Non-Elective 401(k) Contribution | 15,525 | 15,525 | 10,350 | 10,350 | 10,350 | 10,350 | 10,350 | 15,525 | 15,525 | |
| Restoration Plan Contributions | — | — | 70,493 | — | 47,451 | 308,444 | (A) | 38,127 | — | — |
| Severance Payments | — | — | — | — | — | — | — | — | 1,168,951 | |
| Unused Annual Leave | — | 133,318 | — | 122,646 | — | — | — | — | 91,572 | |
| Total | $31,050 | $164,368 | $96,368 | $146,523 | $73,326 | $334,319 | $64,002 | $31,050 | $1,291,573 | |
Notes
(A) The amount for Ms. Tolene represents a discretionary contribution of $275,000 and a restoration contribution of $33,444. The amounts for the other NEOs represent restoration contributions.
The following table provides information on non-equity incentive plan opportunities and grants provided to NEOs and the possible range of payouts associated with the opportunities and grants. Awards under the EAIP, LTP, and LTR that vested as of September 30, 2025, will be paid in cash during the first quarter of 2026.
| Grants of Plan-Based Awards Table as of September 30, 2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Estimated Possible Payouts UnderNon-Equity Incentive Plan Awards(1) · Estimated Possible Future Payouts Under Non-Equity Incentive Plan Awards(1) | |||||||||||||
| Current Year · Future Years · Performance Period End /Vesting Date | |||||||||||||
| Name · Plan · Threshold(2) · Target(2) · Maximum(2) · Threshold(2) · Target(2) · Maximum(2) | |||||||||||||
| Donald A. Moul | EAIP | (3) | $484,640 | $969,280 | $1,938,560 | 9/30/2025 | |||||||
| LTP 2023 | (4) | 712,500 | 1,425,000 | 2,850,000 | 9/30/2025 | ||||||||
| LTR 2023-03 | (5) | 261,667 | 261,667 | 9/30/2025 | |||||||||
| LTR 2024-02 | (5) | 350,000 | 350,000 | 9/30/2025 | |||||||||
| LTR 2025-01 | (5) | 350,000 | 350,000 | 9/30/2025 | |||||||||
| LTP 2024 | (6) | $1,225,000 | $2,450,000 | $4,900,000 | 9/30/2026 | ||||||||
| LTR 2024-03 | (5) | 350,000 | 350,000 | 9/30/2026 | |||||||||
| LTR 2025-02 | (5) | 350,000 | 350,000 | 9/30/2026 | |||||||||
| LTP 2025 | (6) | 1,225,000 | 2,450,000 | 4,900,000 | 9/30/2027 | ||||||||
| LTR 2025-03 | (5) | 350,000 | 350,000 | 9/30/2027 | |||||||||
| Jeffrey J. Lyash | EAIP | (3) | $556,195 | $1,112,390 | $1,668,585 | 9/30/2025 | |||||||
| LTP 2023 | (4) | 1,714,903 | 3,429,806 | 5,144,709 | 9/30/2025 | ||||||||
| LTR 2023-03 | (5) | 331,917 | 331,917 | 9/30/2025 | |||||||||
| LTR 2024-02 | (5) | 331,917 | 331,917 | 9/30/2025 | |||||||||
| LTR 2025-01 | (5) | 331,917 | 331,917 | 9/30/2025 | |||||||||
| LTP 2024 | (6) | $1,051,070 | $2,102,139 | $3,153,209 | 9/30/2026 | ||||||||
| LTP 2025 | (6) | 387,236 | 774,472 | 1,161,708 | 9/30/2027 | ||||||||
| Thomas C. Rice | EAIP | (3) | $189,780 | $379,560 | $759,120 | 9/30/2025 | |||||||
| LTP 2023 | (4) | 171,435 | 342,870 | 685,740 | 9/30/2025 | ||||||||
| LTR 2023-03 | (5) | 47,963 | 47,963 | 9/30/2025 | |||||||||
| LTR 2024-02 | (5) | 186,000 | 186,000 | 9/30/2025 | |||||||||
| LTR 2025-01 | (5) | 186,000 | 186,000 | 9/30/2025 | |||||||||
| LTP 2024 | (6) | $651,000 | $1,302,000 | $2,604,000 | 9/30/2026 | ||||||||
| LTR 2024-03 | (5) | 186,000 | 186,000 | 9/30/2026 | |||||||||
| LTR 2025-02 | (5) | 186,000 | 186,000 | 9/30/2026 | |||||||||
| LTP 2025 | (6) | 651,000 | 1,302,000 | 2,604,000 | 9/30/2027 | ||||||||
| LTR 2025-03 | (5) | 186,000 | 186,000 | 9/30/2027 | |||||||||
| John M. Thomas, III | EAIP | (3) | $171,086 | $342,172 | $684,344 | 9/30/2025 | |||||||
| LTP 2023 | (4) | 573,959 | 1,147,917 | 2,295,834 | 9/30/2025 | ||||||||
| LTR 2023-03 | (5) | 83,333 | 83,333 | 9/30/2025 | |||||||||
| LTR 2024-02 | (5) | 97,222 | 97,222 | 9/30/2025 | |||||||||
| LTR 2025-01 | (5) | 97,222 | 97,222 | 9/30/2025 | |||||||||
| LTP 2024 | (6) | $336,459 | $672,917 | $1,345,834 | 9/30/2026 | ||||||||
| LTP 2025 | (6) | 102,222 | 204,444 | 408,888 | 9/30/2027 | ||||||||
| Matthew M. Rasmussen | EAIP | (3) | $148,869 | $297,738 | $595,476 | 9/30/2025 | |||||||
| LTP 2023 | (4) | 150,000 | 300,000 | 600,000 | 9/30/2025 | ||||||||
| LTR 2023-03 | (5) | 43,000 | 43,000 | 9/30/2025 | |||||||||
| LTR 2024-02 | (5) | 109,000 | 109,000 | 9/30/2025 | |||||||||
| LTR 2025-01 | (5) | 109,000 | 109,000 | 9/30/2025 | |||||||||
| LTP 2024 | (6) | $382,100 | $764,200 | $1,528,400 | 9/30/2026 | ||||||||
| LTR 2024-03 | (5) | 109,000 | 109,000 | 9/30/2026 | |||||||||
| LTR 2025-02 | (5) | 109,000 | 109,000 | 9/30/2026 | |||||||||
| LTP 2025 | (6) | 382,100 | 764,200 | 1,528,400 | 9/30/2027 | ||||||||
| LTR 2025-03 | (5) | 109,000 | 109,000 | 9/30/2027 | |||||||||
| Rebecca C. Tolene | EAIP | (3) | $114,997 | $229,994 | $459,988 | 9/30/2025 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LTP 2023 | (4) | 72,500 | 145,000 | 290,000 | 9/30/2025 | ||||||||
| LTR 2023-03 | (5) | 21,000 | 21,000 | 9/30/2025 | |||||||||
| LTR 2024-02 | (5) | 140,000 | 140,000 | 9/30/2025 | |||||||||
| LTR 2025-01 | (5) | 129,000 | 129,000 | 9/30/2025 | |||||||||
| LTP 2024 | (6) | $451,250 | $902,500 | $1,805,000 | 9/30/2026 | ||||||||
| LTR 2024-03 | (5) | 140,000 | 140,000 | 9/30/2026 | |||||||||
| LTR 2025-02 | (5) | 129,000 | 129,000 | 9/30/2026 | |||||||||
| LTP 2025 | (6) | 451,250 | 902,500 | 1,805,000 | 9/30/2027 | ||||||||
| LTR 2025-03 | (5) | 129,000 | 129,000 | 9/30/2027 | |||||||||
| Jeremy P. Fisher | EAIP | (3) | $114,144 | $228,288 | $456,576 | 9/30/2025 | |||||||
| LTP 2023 | (4) | 125,000 | 250,000 | 500,000 | 9/30/2025 | ||||||||
| LTR 2023-03 | (5) | 33,000 | 33,000 | 9/30/2025 | |||||||||
| LTR 2024-02 | (5) | 58,000 | 58,000 | 9/30/2025 | |||||||||
| LTR 2025-01 | (5) | 58,000 | 58,000 | 9/30/2025 | |||||||||
| LTP 2024 | (6) | $200,500 | $401,000 | $802,000 | 9/30/2026 | ||||||||
| LTR 2024-03 | (5) | 58,000 | 58,000 | 9/30/2026 | |||||||||
| LTR 2025-02 | (5) | 58,000 | 58,000 | 9/30/2026 | |||||||||
| LTP 2025 | (6) | 200,500 | 401,000 | 802,000 | 9/30/2027 | ||||||||
| LTR 2025-03 | (5) | 58,000 | 58,000 | 9/30/2027 | |||||||||
| Timothy S. Rausch | EAIP | (3) | $239,064 | $478,128 | $956,256 | 9/30/2025 | |||||||
| LTP 2023 | (4) | 362,500 | 725,000 | 1,450,000 | 9/30/2025 | ||||||||
| LTR 2023-03 | (5) | 110,000 | 110,000 | 9/30/2025 | |||||||||
| LTR 2024-02 | (5) | 125,000 | 125,000 | 9/30/2025 | |||||||||
| LTR 2025-01 | (5) | 134,000 | 134,000 | 9/30/2025 | |||||||||
| LTP 2024 | (6) | $362,500 | $725,000 | $1,450,000 | 9/30/2026 | ||||||||
| LTR 2024-03 | (5) | 125,000 | 125,000 | 9/30/2026 | |||||||||
| LTR 2025-02 | (5) | 134,000 | 134,000 | 9/30/2026 | |||||||||
| LTP 2025 | (6) | 387,500 | 775,000 | 1,550,000 | 9/30/2027 | ||||||||
| LTR 2025-03 | (5) | 134,000 | 134,000 | 9/30/2027 | |||||||||
| David B. Fountain | EAIP | (3) | $166,615 | $333,230 | $666,460 | 9/30/2025 | |||||||
Notes
(1) TVA does not have any equity securities and therefore has no equity-based awards.
(2) Threshold, Target, and Maximum represent amounts that could be earned by an NEO based on performance during the applicable performance cycle. Threshold, Target, and Maximum targets for EAIP and LTIP were 50 percent, 100 percent, and 200 percent for 2025 (for all eligible participants, except the retired CEO). EAIP and LTIP incentive awards for the retired CEO are calculated in the same manner except that the scorecard achievement ranges from 0 percent to 150 percent instead of 0 percent to 200 percent.
(3) Target incentive opportunity was 70% of salary for Mr. Rausch. For all others, the target opportunity was a blended opportunity based on time in role. An individual performance multiplier of up to 150 percent may also be applied which may increase the award to 225 percent of target for all NEOs except for the retired CEO, whose maximum award is 150 percent of target. Actual EAIP awards earned for performance in 2025 are reported for each of the NEOs under the "Non-Equity Incentive Plan Compensation" column in the Summary Compensation Table.
(4) At the end of the performance period, TVA's LTIP Scorecard was applied to the grants in order to determine LTP award payouts. Award payouts are reported for each of the NEOs under the "Non-Equity Incentive Plan Compensation" column in the Summary Compensation Table. The LTP awards for Mr. Lyash and Mr. Thomas are prorated due to retirement in 2025.
(5) All LTR awards will be paid in a lump sum within two months of the September 30th vesting date except in the case of death, disability, or retirement. The awards will be paid in cash after deducting applicable federal, state, and local withholding taxes. In the case of death, the beneficiary will be paid as soon as administratively practicable but in no event later than the last day of the second full calendar month following the participant's death. Disability awards will be paid as soon as administratively practicable but in no event later than the last day of the second full calendar month following the participant's separation from service due to disability. Actual LTR awards earned in 2025 are reported for each of the NEOs under the "Non-Equity Incentive Plan Compensation" column in the Summary Compensation Table. The LTR awards for Mr. Lyash and Mr. Thomas are prorated due to retirement in 2025.
(6) At the end of the performance period, TVA's LTIP Scorecard will be applied to the grants in order to determine LTP award payouts. The final award may be adjusted by the TVA Board in its discretion in appropriate circumstances.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.