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Quotes & Info
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| SO > SEC Filings for SO > Form 8-K on 5-Nov-2008 | All Recent SEC Filings |
5-Nov-2008
Other Events
On October 27, 2008, David M. Ratcliffe, Chairman, President and Chief Executive Officer of The Southern Company (the "Company"), entered into a Rule 10b5-1 plan (the "Plan") with a broker to sell Company common stock that will be acquired on Mr. Ratcliffe's exercise of certain Company stock options. Under the Plan, up to 174,786 shares of Company common stock may be sold beginning in November 2008. The Plan will terminate upon the earlier of (i) the sale of all such shares in accordance with the terms of the Plan or (ii) December 1, 2009. All sales of Company common stock under the Plan will be reported through appropriate filings with the Securities and Exchange Commission.
The Plan is intended to comply with the Company's trading policy for insiders and the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Rule 10b5-1 permits officers and directors of public companies to adopt pre-determined plans for buying or selling specified amounts of stock. Mr. Ratcliffe also is subject to the Company's executive stock ownership guidelines, which require that Mr. Ratcliffe own shares of Company common stock with a market value of at least five times his annual base salary.
The Company does not undertake any obligation to report Rule 10b5-1 plans that may be adopted by any of the Company's directors or officers from time to time, or to report any modification or termination of such plans.
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