EX-10.48 10 exhibit1048.htm EX-10.48
Exhibit 10.48
1101 Market Street, Chattanooga, Tennessee 37402
July 17, 2025
Jeremy P. Fisher
Dear Mr. Fisher,
On behalf of TVA, it is with great pleasure that I offer you the position of EVP, Business Operations, effective July 28, 2025. The compensation components for your new role are as follows:
Your salary will be $500,000.
Your Executive Annual Incentive Plan (EAIP) opportunity will be 60%.
You will be issued new Long-Term Incentive Performance (LTI-P) grants in the amount of
$401,000 for the FY24-26 cycle and $401,000 for the FY25-27 cycle. Each is based on a target award of $401,000 for your new role. These grants will replace the previously awarded FY24-26 and FY25-27 LTI-P grants. Your existing FY23-25 LTI-P grant will remain in place and will vest and pay out as prescribed in the respective grant notice. Actual LTI-P payouts will be based on scorecard results.
You will be issued new Long-Term Retention (LTI-R) grants in the amount of $149,000 for the FY24-26 cycle and $174,000 for the FY25-27 cycle, based on a target award of $174,000 for your new role. These grants replace the previously awarded FY24-26 and FY25-27 retention grants. More details of your new retention grants will be provided in new retention grant notices. Your FY23-25 retention grant will remain in place and will vest and pay out as prescribed in the respective grant notice.
Please indicate your acceptance of this offer (below). Regards,
/s/ Donald Moul
Donald Moul
President & Chief Executive Officer
Accepted: /s/ Jeremy P. Fisher
Jeremy P. Fisher
cc: Executive Compensation Human Resources