The similarity between Random Telegraph Noise and Negative Bias Temperature Instability (NBTI) relaxation is further demonstrated by the observation of exponentially-distributed threshold voltage shifts corresponding to single-carrier discharges in NBTI transients in deeply scaled pFETs. A SPICE-based simplified channel percolation model is devised to confirm this behavior. The overall device-to-device ΔV _th distribution following NBTI stress is argued to be a convolution of exponential distributions of uncorrelated individual charged defects Poisson-distributed in number. An analytical description of the total NBTI threshold voltage shift distribution is derived, allowing, among other things, linking its first two moments with the average number of defects per device.