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SO > SEC Filings for SO > Form 8-K on 9-Feb-2009All Recent SEC Filings

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Form 8-K for SOUTHERN CO


9-Feb-2009

Other Events


Item 8.01. Other Events.

On February 4, 2009, Michael D. Garrett, Executive Vice President of The Southern Company (the "Company") and President and Chief Executive Officer of Georgia Power Company, entered into a Rule 10b5-1 plan (the "Plan") with a broker to sell Company common stock that will be acquired on Mr. Garrett's exercise of certain Company stock options. Under the Plan, up to 166,550 shares of Company common stock may be sold beginning in March 2009. 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) March 1, 2010. 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. Garrett also is subject to the Company's executive stock ownership guidelines, which require that Mr. Garrett own shares of Company common stock with a market value of at least three 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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