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Tennessee
Valley Authority, 400
West Summit Hill Drive, Knoxville, Tennessee 37902 -
1401
John E. Long,
Jr.
Executive Vice President
Human Resources
Mr. Michael E. Rescoe
Chief Financial Officer and Executive
Vice President, Financial
Services
Tennessee Valley Authority
400 West Summit Hill Drive
Knoxville, Tennessee 37902-1401
This confirms
our further discussions regarding your continuing employment as the
Chief Financial Officer and Executive Vice President, Financial
Services, with TVA. You have expressed concern that a change in the
structure of the TVA Board and resulting selection of a Chief
Executive Officer (CEO) could lead to your
termination.
To address your
concern, this confirms that if there is a change in your reporting
relationship with the Board such that you report to a CEO or other
similarly named executive, and if you are asked to leave TVA
employment or are asked to take a position with TVA other than your
current position as Chief Financial Officer and Executive Vice
President, Financial Services, prior to July 10, 2008, TVA will pay
you a lump-sum payment in an amount equal t
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