Summary
This Form 8-K filing from The Southern Company (SO) reports on a pre-arranged trading plan established by G. Edison Holland, Jr., Executive Vice President and General Counsel. On August 1, 2008, Mr. Holland entered into a Rule 10b5-1 plan to sell up to 107,064 shares of the Company's common stock. These shares will be acquired through the exercise of existing stock options. The primary purpose of this plan is to facilitate the orderly sale of shares while complying with insider trading regulations and the company's own trading policies. The sales are permitted to begin in September 2008 and the plan will remain in effect until August 1, 2009, or until all planned shares are sold. This announcement provides transparency regarding insider transactions and should be viewed within the context of compliance with securities laws and company governance.
Key Highlights
- 1G. Edison Holland, Jr., Executive Vice President and General Counsel, established a Rule 10b5-1 trading plan.
- 2The plan allows for the sale of up to 107,064 shares of Southern Company common stock.
- 3The shares to be sold will be acquired through the exercise of stock options.
- 4Sales under the plan are authorized to commence in September 2008.
- 5The trading plan has a termination date of August 1, 2009, or upon the sale of all designated shares.
- 6The plan is designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934 and the company's insider trading policies.
- 7Mr. Holland is subject to the company's executive stock ownership guidelines.