Summary
Southern Company (SO) filed an 8-K on March 7, 2013, to report on a Rule 10b5-1 trading plan established by its Executive Vice President and Chief Financial Officer, Art P. Beattie. This plan allows for the sale of up to 37,384 shares of company common stock, which are to be acquired through the exercise of stock options. The sales are permitted to commence in April 2013 and the plan will remain in effect until March 7, 2014, or until all shares are sold. This filing is primarily informational for investors regarding insider trading intentions. The plan is designed to comply with the company's insider trading policies and Rule 10b5-1, which provides a framework for executives to buy or sell securities without being subject to accusations of insider trading, provided the plan is adopted when the executive is not in possession of material non-public information. Mr. Beattie remains subject to the company's stock ownership guidelines, requiring him to maintain stock holdings valued at a minimum of three times his annual base salary.
Key Highlights
- 1CFO Art P. Beattie established a Rule 10b5-1 trading plan on March 6, 2013.
- 2The plan authorizes the sale of up to 37,384 shares of Southern Company common stock.
- 3Shares to be sold will be acquired through the exercise of stock options.
- 4Sales are permitted to begin in April 2013.
- 5The trading plan has an expiration date of March 7, 2014, or upon the sale of all designated shares.
- 6The plan complies with the company's insider trading policy and SEC Rule 10b5-1.
- 7Mr. Beattie is still required to meet executive stock ownership guidelines (3x annual base salary).