EX-10.4 2 offerletter-tricexcfo.htm EX-10.4
Exhibit 10.4
1101 Market Street, Chattanooga, Tennessee 37402
January 13, 2025
Thomas C. Rice
Dear Mr. Rice,
On behalf of TVA, it is with great pleasure that I offer you the position of SVP & Chief Financial Officer, effective January 27, 2025. The compensation components for your new role are as follows:
Your salary will be $600,000.
Your Executive Annual Incentive Plan (EAIP) opportunity will increase to 75% and will be prorated for the FY 2025 plan year based upon full months in new role. Actual EAIP amounts will be based on scorecard results.
You will be issued a new prorated Long-Term Incentive Performance grants in the amounts of $342,870 for the FY23-25 cycle, $616,000 for the FY24-26 cycle and $893,444 for the FY25-27 cycle, based on a target award of $980,000 for your new role. This grant will replace
the previously awarded FY23-25, FY24-26 and FY25-27 performance grants. Actual LTI-P amounts will be based on scorecard results.
Your Long-Term Retention grant target award will be set at $420,000, with remaining FY23-25, FY24-26 and FY25-27 awards prorated based upon full months in new role.
Please indicate your acceptance of this offer (below).
Regards,
Jeff Lyash
President & Chief Executive Officer
Accepted: ___/s/ Thomas C. Rice_____
Thomas C. Rice
cc: Executive Compensation
Human Resources