UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INFORMATION REQUIRED IN INFORMATION STATEMENT
SCHEDULE 14C INFORMATION
Information Statement Pursuant To Section 14(c)
of the Securities Exchange Act of 1934
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o | Preliminary information statement |
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o | Confidential, for use of the Commission only (as permitted by Rule 14c-5(d)(2)) | |||
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GEORGIA POWER COMPANY
(Name of Registrant as Specified in Its Charter)
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• | $22,000 retainer paid in quarterly amounts of $5,500 | |
• | additional $3,000 retainer paid in quarterly amounts of $750 if serving as chair of a standing board committee |
• | 520 shares of Southern Company Common Stock paid in quarterly grants of 130 shares(1) |
• | $1,800 for participation in a meeting of the board | |
• | $1,200 for participation in a meeting of a committee of the board | |
• | $1,200 for each day of a visit to a plant or office of the Company and for any other business meeting at which the director participates as a representative of the Company |
• | in Southern Company Common Stock units which earn dividends as if invested in Southern Company Common Stock and are distributed in shares of Southern Company Common Stock upon leaving the board |
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• | in Southern Company Common Stock units which earn dividends as if invested in Southern Company Common Stock and are distributed in cash upon leaving the board | |
• | at prime interest which is paid in cash upon leaving the board |
Change in | ||||||||||||||||||||
Pension | ||||||||||||||||||||
Value and | ||||||||||||||||||||
Nonqualified | ||||||||||||||||||||
Fees Earned | Deferred | |||||||||||||||||||
or Paid in | Stock | Compensation | All Other | |||||||||||||||||
Cash | Awards | Earnings | Compensation | Total | ||||||||||||||||
Name | ($)(1) | ($)(2) | ($)(3) | ($)(4) | ($) | |||||||||||||||
Juanita Powell Baranco(5) | 14,068 | 7,064 | 0 | 52 | 21,184 | |||||||||||||||
Gus H. Bell III(6) | 28,850 | 12,358 | 369 | 52 | 41,629 | |||||||||||||||
Robert L. Brown, Jr. | 34,000 | 17,458 | 0 | 93 | 51,551 | |||||||||||||||
Ronald D. Brown | 31,600 | 17,458 | 0 | 239 | 49,297 | |||||||||||||||
Anna R. Cablik | 38,200 | 17,458 | 0 | 52 | 55,710 | |||||||||||||||
D. Gary Thompson | 37,600 | 17,458 | 0 | 116 | 55,174 | |||||||||||||||
Richard W. Ussery | 43,023 | 17,458 | 0 | 361 | 60,842 | |||||||||||||||
William Jerry Vereen | 49,000 | 17,458 | 0 | 610 | 67,068 | |||||||||||||||
E. Jenner Wood III | 38,200 | 17,458 | 0 | 52 | 55,710 | |||||||||||||||
(1) | Includes amounts voluntarily deferred in the Director Deferred Compensation Plan. | |
(2) | Includes fair market value of equity grants on grant dates. All such stock awards are vested immediately upon grant. | |
(3) | Above-market earnings for Mr. Bell on amounts invested in the Deferred Compensation Plan for Directors of Savannah Electric and Power Company. Above-market earnings are defined by the SEC as any amount above 120% of the applicable federal long-term rate as prescribed under Section 1274(d) of the Internal Revenue Code. | |
(4) | Consists of“gross-ups” for the reimbursement for taxes on spousal air travel and gifts/activities provided to attendees at Company-sponsored events. | |
(5) | Ms. Baranco resigned as a director of the Company effective February 21, 2006. | |
(6) | Mr. Bell’s compensation includes compensation earned in 2006 as a director of Savannah Electric and Power Company, a former wholly-owned subsidiary of Southern Company which merged with and into the Company, effective July 1, 2006, as well as compensation earned as a director of the Company. Mr. Bell was a director of Savannah Electric and Power Company until the merger was complete, effective July 1, 2006. He became a director of the Company effective May 17, 2006. |
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• | Members are Mr. Ussery, Chair; Mr. Thompson and Mr. Vereen | |
• | Met four times in 2006 | |
• | Oversees the Company’s internal controls and compliance matters |
• | Members are Ms. Cablik, Chair; Mr. Robert Brown and Mr. Ronald Brown | |
• | Met one time in 2006 | |
• | Oversees the administration of the Company’s compensation arrangements |
• | Members are Mr. Garrett, Chair; Mr. Robert Brown, Mr. Ussery, Mr. Vereen and Mr. Wood | |
• | Met one time in 2006 | |
• | Acts in place of full board on matters that require board action between meetings of the board to the extent permitted by law and within certain limits set by the board |
• | Members are Mr. Wood, Chair; Mr. Bell, Mr. Robert Brown and Ms. Cablik | |
• | Met three times in 2006 | |
• | Reviews the Company’s financial and fiscal affairs and recommends/approves actions on behalf of the board to the extent permitted by law and within certain limits set by the board |
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• | Members are Mr. Vereen, Chair; Mr. Ussery and Mr. Thompson | |
• | Met two times in 2006 | |
• | Reviews nuclear operations activities |
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2005 | 2006 | |||||||
(in thousands) | ||||||||
Audit Fees(1) | $ | 3,128 | $ | 3,101 | ||||
Audit-Related Fees(2) | 8 | 8 | ||||||
Tax Fees | 0 | 0 | ||||||
All Other Fees | 0 | 0 | ||||||
Total | $ | 3,136 | $ | 3,109 | ||||
(1) | Includes services performed in connection with financing transactions. | |
(2) | Includes internal control review services and accounting consultations. |
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• | Southern Company’s actual earnings per share (“EPS”) and the Company’s business unit performance, which includes return on equity (“ROE”), compared to target performance levels established early in the year, determine the ultimate short-term (annual) incentive payouts. | |
• | Southern Company common stock (“Common Stock”) price changes result in higher or lower ultimate values of stock options. | |
• | Southern Company’s dividend payout and total shareholder return (“TSR”) compared to those of industry peers lead to higher or lower payouts under the Performance Dividend Program (“PDP”). |
Intended Role and | ||||
Pay Element | What the Element Rewards | Why We Use the Element | ||
Base Salary | Base salary is pay for competence in the executive role, with a focus on scope of responsibilities. | • Market practice. • Provides a threshold level of cash compensation for job performance. | ||
Short-Term Incentive | The Company’s Performance Pay Program (the “PPP”) rewards achievement of operational, EPS and Company financial goals. | • Market practice. • Focuses attention on achievement of short-term goals that ultimately works to fulfill our mission to customers and lead to increased stockholder value in the long-term. | ||
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Intended Role and | ||||
Pay Element | What the Element Rewards | Why We Use the Element | ||
Long-Term Incentive: Stock Options | Stock options reward price increases in Common Stock over the market price on date of grant, over a10-year term. | • Represents performance-based compensation. • Aligns executives’ interests with those of Southern Company stockholders. | ||
Long-Term Incentive: Performance Dividend Program | The PDP provides cash compensation dependent on the number of stock options held at year end, Southern Company’s declared dividends during the year and Southern Company’s four-year TSR versus industry peers. | • Performance-based compensation. • Enhances the value of stock options and focuses executives on maintaining a significant dividend yield for Southern Company’s stockholders. • Aligns executives’ interests with Southern Company’s stockholder interests since payouts are dependent on performance, defined as Southern Company stock performance vs. industry peers. • Competitive market practice. | ||
Discretionary Bonus | • An employee’s supervisor, may make discretionary bonus payments to an individual based on extraordinary performance. • Awards are not tied to pre-established performance goals. | Provides a means of rewarding, on a current basis, extraordinary performance of individuals. | ||
Retirement Benefits | • The Deferred Compensation Plan (the “DCP”) provides the opportunity to defer to future years all or part of base salary and bonus in either a prime interest rate or Common Stock account. • Executives participate in employee benefit plans available to all employees of the Company, including a 401(k) savings plan and the funded Southern Company Pension Plan (the “Pension Plan”). • The Supplemental Benefit Plan (the “SBP”) counts pay ineligible to be counted under the Pension Plan and the 401(k) plan due to Internal Revenue Service rules, including deferred salary. • The Supplemental Executive Retirement Plan (the “SERP”) counts short-term incentive pay above 15% of base salary for pension purposes. | • The DCP is a cost-effective method of providing additional cash flow to the Company while enhancing the retirement savings of executives. • The effect of the SBP and the SERP is to eliminate the effect of tax limitations on the payment of retirement benefits. • Represents market practice for companies in Southern Company’s peer group and generally. | ||
Perquisites and Other Personal Benefits | • Personal financial planning maximizes the perceived value of our executive compensation program to executives and allows executives to focus on Company operations. • Home security systems lower our risk of harm to executives. • Club memberships are provided primarily for business use. | Perquisites benefit both the Company and executives, at low cost to us. | ||
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Intended Role and | ||||
Pay Element | What the Element Rewards | Why We Use the Element | ||
Post-Termination Pay | • CIC plans and agreements provide severance pay, accelerated vesting and payment of short- and long-term incentive awards upon a CIC of the Company or Southern Company coupled with involuntary termination not for “Cause” or a voluntary termination for “Good Reason.” • Severance agreements provide compensation to employees who retire early conditioned on execution of standard releases and non-compete requirements. | • Providing protections to senior executives upon a CIC minimizes disruption during a pending or anticipated CIC. • Payment and vesting occur only upon the occurrence of both an actual CIC and loss of the executive’s position. • Providing severance rewards to employees who retire early protects the Company by providing standard legal releases and non-compete requirements. | ||
Allegheny Energy, Inc. | Entergy Corporation | PNM Resources, Inc. | ||
Alliant Energy Corporation | Exelon Corporation | PPL Corporation | ||
Ameren Corporation | FirstEnergy Corp. | Progress Energy, Inc. | ||
American Electric Power Company, Inc. | FPL Group, Inc. | Public Service Enterprise Group Incorporated | ||
Centerpoint Energy, Inc. | Great Plains Energy Incorporated | Puget Energy, Inc. | ||
Cinergy Corp. | Hawaiian Electric Industries, Inc. | SCANA Corporation | ||
CMS Energy Corporation | KeySpan Corporation | Sempra Energy | ||
Consolidated Edison, Inc. | NiSource Inc. | Sierra Pacific Resources | ||
Constellation Energy Group, Inc. | Northeast Utilities | TECO Energy, Inc. | ||
Dominion Resources, Inc. | NSTAR | TXU Corp. | ||
DTE Energy Company | OGE Energy Corp. | Wisconsin Energy Corporation | ||
Duke Energy Corporation | Pepco Holdings, Inc. | WPS Resources Corporation | ||
Edison International | PG&E Corporation | Xcel Energy Inc. | ||
Energy East Corporation | Pinnacle West Capital Corporation | |||
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• | Base salaries for senior executives were targeted at market, though individual salaries may be above or below that level for reasons of time in position, criticality to the business, individual performance or internal equity. | |
• | Target PPP opportunities were somewhat higher than market because in 2000, a long-term incentive plan (the Productivity Improvement Plan) was terminated and its award opportunities folded in with PPP. Target opportunities are set at a percentage of base salary. | |
• | To counterbalance the above-market PPP opportunities, stock option award sizes were set to be somewhat below market after taking into account the related PDP opportunity. |
• | As discussed above, we target total compensation opportunities for senior executives as a group at market. Therefore, some senior executives may be paid somewhat above and others somewhat below market. This practice allows for minor differentiation based on time in the position, individual performance and internal equity. The average total target compensation opportunities for the named executive officers for 2006 were 12% above the market data described above. | |
• | In 2004, the Compensation Committee received a detailed comparison of Southern Company’s executive benefits program to the benefits of a group of other large utilities and general industry companies. The results indicated that Southern Company’s executive benefits program was slightly below market. | |
• | In addition to the components described above, an employee’s supervisor may make discretionary bonuses. These discretionary bonuses are not tied to the achievement of pre-established performance goals. They are used to reward extraordinary performance on a current basis. |
Mr. David M. Ratcliffe, the Southern Company President and Chief Executive Officer, except for his own salary. Mr. Garrett also is an executive officer of Southern Company. His base salary is recommended by Mr. Ratcliffe to the Compensation Committee and was influenced by the above-described market data and his time in the position and individual performance.
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• | Continued industry-leading reliability and customer satisfaction, while maintaining our low retail prices relative to the national average; and | |
• | Meeting increased energy demand with the best economic and environmental choices. |
• | Southern Company EPS Growth — A continuation of growing EPS an average of five percent per year from a base, excluding synfuel earnings, established in 2002. The target goal shown below is five percent greater than the goal established for 2005. | |
• | Company ROE in the top quartile of comparable electric utilities. | |
• | Common Stock Dividend Growth. | |
• | Long-term, risk-adjusted Southern Company TSR. | |
• | Financial Integrity — An attractive risk-adjusted return, sound financial policy and a stable ‘A’ credit rating. |
• | Operational goals for 2006 were safety, customer service, plant availability, transmission and distribution system reliability, inclusion and capital expenditures. Each of these operational goals is explained in more detail under “Goal Details” below. The result of all operational goals is averaged and multiplied by the bonus impact of the EPS and Company financial goals. The amount for each goal can range from 0.90 to 1.10 or 0 if a threshold performance level of goal is not achieved as more fully described below. The level of achievement for each operational goal is determined and the results are averaged. | |
• | Southern Company EPS is weighted at 50% of the financial goals. EPS is defined as earnings from continuing operations divided by average shares outstanding during the year, excluding synthetic fuel earnings (“synfuel earnings”). The EPS performance measure is applicable to all participants in the PPP, including the named executive officers. |
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• | Company Financial Performance is weighted at 50% of the financial goals. The Company financial performance goal is ROE, which is defined as the Company’s net income divided by average equity for the year. The Company’s ROE goal established by the Compensation Committee in early 2006 provided for the Southern Company Chief Executive Officer to assess the Company’s merger with Savannah Electric and Power Company and to adjust the ROE goal performance based on that assessment. Please see the section entitled “PPP Goal Achievement” below for discussion on the impact of that exclusion on reported ROE. | |
• | In addition, superior individual performance can increase an individual’s payout by up to 10% of base salary, at the discretion of the Compensation Committee in the case of Mr. Garrett, or in the discretion of Messrs. Garrett and Ratcliffe in the case of the other named executive officers. |
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Level of | Customer | |||||||||||||||
Performance | Service | Reliability | Availability | Safety | Inclusion | Capital | ||||||||||
Maximum (1.10) | Top quartile | Improve historical performance | 2.00 | % | 1.25 | Significant improvement | Below budget | |||||||||
Target (1.00) | 2nd quartile | Maintain historical performance | 2.75 | % | 1.75 | Improve | Slightly above budget | |||||||||
Threshold (0.90) | 3rd quartile | Below historical performance | 3.75 | % | 2.50 | Below expectations | Above budget | |||||||||
0 Trigger | 4th quartile | Significant issues | 6.00 | % | >2.50 | Significant issues | See gate goal | |||||||||
Payout | ||||||||||
Southern | Factor at | Payout | ||||||||
Company | Highest | Below | ||||||||
EPS | Company | Level of | Threshold for | |||||||
Excluding | Financial | Operational | Operational | |||||||
Level of | Synfuel | Performance | Payout | Goal | Goal | |||||
Performance | Earnings | ROE | Factor | Achievement | Achievement | |||||
Maximum | $2.11 | 14.25% | 2.00 | 2.20 | 0 | |||||
Target | $2.055 | 13.25% | 1.00 | 1.10 | 0 | |||||
Threshold | $1.97 | 10.50% | 0.25 | 0.275 | 0 | |||||
Below threshold | <$1.97 | <10.50% | 0 | 0 | 0 | |||||
Total | ||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||
Operational | EPS, | EPS Goal | Financial | |||||||||||||||||||||
Goal | Excluding | Performance | Company | Company Financial | Performance | |||||||||||||||||||
Multiplier | Synfuel | Factor | Financial | Performance Factor | Factor | Total PPP Factor | ||||||||||||||||||
(A) | Earnings | (50% Weight) | Performance | (50% Weight) | (B) | (A x B) | ||||||||||||||||||
1.08 | $ | 2.10 | 1.84 | 14.02 | % | 1.77 | 1.80 | 1.95 | ||||||||||||||||
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Allegheny Energy, Inc. | Exelon Corporation | Progress Energy, Inc. | ||
Alliant Energy Corporation | FirstEnergy Corporation | Public Service Enterprise Group Incorporated | ||
Ameren Corporation | FPL Group, Inc. | Puget Energy, Inc. | ||
American Electric Power Company, Inc. | NiSource Inc. | SCANA Corporation | ||
Avista Corporation | Northeast Utilities | Sempra Energy | ||
Cinergy Corp. | NorthWestern Corporation | Sierra Pacific Resources | ||
Consolidated Edison, Inc. | NSTAR | Westar Energy, Inc. | ||
DTE Energy Company | OGE Energy Corp. | Wisconsin Energy Corporation | ||
Energy East Corporation | PEPCO Holdings, Inc. | Xcel Energy Inc. | ||
Entergy Corporation | Pinnacle West Capital Corporation | |||
Payout (% of A Full | ||||
Performance vs. Peer Group | Year’s Dividend Paid) | |||
90th percentile or higher | 100 | % | ||
50th percentile | 50 | % | ||
10th percentile or lower | 0 | % | ||
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Allegheny Energy, Inc. | Edison International | PG&E Corporation | ||
Alliant Energy Corporation | Energy East Corporation | Pinnacle West Capital Corporation | ||
Ameren Corporation | Entergy Corporation | Progress Energy, Inc. | ||
American Electric Power Company, Inc. | Exelon Corporation | Puget Energy, Inc. | ||
Aquila, Inc. | FPL Group, Inc. | SCANA Corporation | ||
Centerpoint Energy, Inc. | KeySpan Corporation | Sempra Energy | ||
Cinergy Corp. | NiSource Inc. | Sierra Pacific Resources | ||
CMS Energy Corporation | Northeast Utilities | Westar Energy, Inc. | ||
Consolidated Edison, Inc. | NSTAR | Wisconsin Energy Corporation | ||
DPL Inc. | Pepco Holdings, Inc. | Xcel Energy Inc. | ||
Payout (% of a Full | ||||
Performance vs. Peer Group | Year’s Dividend Paid) | |||
90th percentile or higher | 100 | % | ||
50th percentile | 50 | % | ||
10th percentile or lower | 0 | % | ||
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Multiple of Salary Without | Multiple of Salary Counting | |||||||
Position | Counting Stock Options | 1/3 of Vested Options | ||||||
M. D. Garrett | 3 Times | 6 Times | ||||||
C. S. Thrasher | 3 Times | 6 Times | ||||||
M. A. Brown | 3 Times | 6 Times | ||||||
J. H. Miller, III | 2 Times | 4 Times | ||||||
C. C. Womack | 3 Times | 6 Times | ||||||
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Change in | ||||||||||||||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||||||||||
Value and | ||||||||||||||||||||||||||||||||||||
Non-Equity | Nonqualified | |||||||||||||||||||||||||||||||||||
Incentive | Deferred | |||||||||||||||||||||||||||||||||||
Stock | Option | Plan | Compensation | All Other | ||||||||||||||||||||||||||||||||
Name and Principal | Salary | Bonus | Awards | Awards | Compensation | Earnings | Compensation | Total | ||||||||||||||||||||||||||||
Position | Year | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||||||||||||||
Michael D. Garrett | 2006 | 575,100 | 29,288 | 0 | 391,843 | 967,002 | 880,636 | 47,183 | 2,891,052 | |||||||||||||||||||||||||||
President, CEO and Director | ||||||||||||||||||||||||||||||||||||
Cliff S. Thrasher | 2006 | 252,473 | 7,500 | 0 | 85,258 | 271,025 | 153,762 | 24,174 | 794,192 | |||||||||||||||||||||||||||
Executive Vice President, CFO and Treasurer | ||||||||||||||||||||||||||||||||||||
James H. Miller, III | 2006 | 309,877 | 7,500 | 0 | 104,451 | 372,419 | 71,082 | 40,438 | 905,767 | |||||||||||||||||||||||||||
Senior Vice President and General Counsel | ||||||||||||||||||||||||||||||||||||
Christopher C. Womack | 2006 | 312,912 | 0 | 0 | 96,449 | 375,424 | 35,972 | 30,106 | 850,863 | |||||||||||||||||||||||||||
Executive Vice President | ||||||||||||||||||||||||||||||||||||
Mickey A. Brown | 2006 | 302,197 | 10,000 | 0 | 102,049 | 334,310 | 258,079 | 31,503 | 1,038,138 | |||||||||||||||||||||||||||
Executive Vice President | ||||||||||||||||||||||||||||||||||||
William C. Archer | 2006 | 105,535 | 0 | 0 | 102,542 | 141,894 | 366,502 | 1,005,991 | 1,722,464 | |||||||||||||||||||||||||||
Executive Vice President, retired in March 2006 | ||||||||||||||||||||||||||||||||||||
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Amount Expensed in 2006 | ||||
(Christopher C. Womack) | ||||
Grant Date | ($) | |||
2003 | 3,965 | |||
2004 | 28,801 | |||
2005 | 34,306 | |||
2006 | 29,377 | |||
TOTAL | 96,449 | |||
PPP | PDP | Total | ||||||||||
Name | ($) | ($) | ($) | |||||||||
M. D. Garrett | 856,660 | 110,342 | 967,002 | |||||||||
C. S. Thrasher | 248,528 | 22,497 | 271,025 | |||||||||
J. H. Miller, III | 304,471 | 67,948 | 372,419 | |||||||||
C. C. Womack | 307,231 | 68,193 | 375,424 | |||||||||
M. A. Brown | 297,476 | 36,834 | 334,310 | |||||||||
W. C. Archer, III | 62,175 | 79,719 | 141,894 | |||||||||
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Above-Market | ||||||||||||
Earnings on | ||||||||||||
Change in | Deferred | |||||||||||
Pension Value | Compensation | Total | ||||||||||
Name | ($) | ($) | ($) | |||||||||
M. D. Garrett | 872,674 | 7,962 | 880,636 | |||||||||
C. S. Thrasher | 148,301 | 5,461 | 153,762 | |||||||||
J. H. Miller, III | 71,082 | 0 | 71,082 | |||||||||
C. C. Womack | 27,385 | 8,587 | 35,972 | |||||||||
M. A. Brown | 257,064 | 1,015 | 258,079 | |||||||||
W. C. Archer, III | 338,465 | 28,037 | 366,502 | |||||||||
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Tax | Miscellaneous | |||||||||||||||||||||||
Perquisites | Reimbursements | ESP | SBP-N | Payments | Total | |||||||||||||||||||
Name | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||
M. D. Garrett | 10,437 | 10,326 | 9,900 | 16,520 | 0 | 47,183 | ||||||||||||||||||
C. S. Thrasher | 5,198 | 7,380 | 9,940 | 1,656 | 0 | 24,174 | ||||||||||||||||||
J. H. Miller, III | 13,914 | 12,291 | 9,900 | 4,333 | 0 | 40,438 | ||||||||||||||||||
C. C. Womack | 11,243 | 5,920 | 9,900 | 3,043 | 0 | 30,106 | ||||||||||||||||||
M. A. Brown | 6,559 | 11,063 | 9,688 | 4,193 | 0 | 31,503 | ||||||||||||||||||
W. C. Archer, III | 7,692 | 5,556 | 3,343 | 0 | 989,400 | 1,005,991 | ||||||||||||||||||
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All Other | ||||||||||||||||||||||||||||||||||||
Option | Closing | |||||||||||||||||||||||||||||||||||
Awards: | Exercise or | Price on Last | Grant Date | |||||||||||||||||||||||||||||||||
Estimated Possible Payouts Under | Number of | Base Price | Trading Date | Fair Value of | ||||||||||||||||||||||||||||||||
Non-Equity Incentive Plan Awards | Securities | of Option | Prior to | Stock and | ||||||||||||||||||||||||||||||||
Threshold | Target | Maximum | Underlying | Awards | Grant Date | Option Awards | ||||||||||||||||||||||||||||||
Name | Grant Date | ($) | ($) | ($) | Options (#) | ($/Sh) | ($/Sh) | ($) | ||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | ||||||||||||||||||||||||||||
M. D. Garrett | 2/20/2006 | PPP | 98,845 | 439,313 | 966,489 | 94,420 | 33.81 | 33.86 | 391,843 | |||||||||||||||||||||||||||
PDP | 20,164 | 201,636 | 403,272 | |||||||||||||||||||||||||||||||||
C. S. Thrasher | 2/20/2006 | PPP | 28,676 | 127,450 | 280,390 | 20,544 | 33.81 | 33.86 | 85,258 | |||||||||||||||||||||||||||
PDP | 4,111 | 41,111 | 82,222 | |||||||||||||||||||||||||||||||||
J. H. Miller, III | 2/20/2006 | PPP | 35,131 | 156,139 | 343,507 | 25,169 | 33.81 | 33.86 | 104,451 | |||||||||||||||||||||||||||
PDP | 12,417 | 124,168 | 248,335 | |||||||||||||||||||||||||||||||||
C. C. Womack | 2/20/2006 | PPP | 35,817 | 159,187 | 350,212 | 24,673 | 33.81 | 33.86 | 102,393 | |||||||||||||||||||||||||||
PDP | 12,461 | 124,614 | 249,229 | |||||||||||||||||||||||||||||||||
M. A. Brown | 2/20/2006 | PPP | 34,324 | 152,552 | 335,614 | 24,590 | 33.81 | 33.86 | 102,049 | |||||||||||||||||||||||||||
PDP | 6,731 | 67,310 | 134,620 | |||||||||||||||||||||||||||||||||
W. C. Archer, III | 2/20/2006 | PPP | 34,490 | 153,291 | 337,240 | 24,709 | 33.81 | 33.86 | 102,542 | |||||||||||||||||||||||||||
PDP | 14,568 | 145,676 | 291,352 | |||||||||||||||||||||||||||||||||
26
Stock | ||||||||||||||||
Options Held | Performance Dividend | Performance Dividend | Performance Dividend | |||||||||||||
as of | Equivalent Per Option | Equivalent Per | Per Option Paid at | |||||||||||||
December 31, | Paid at Threshold | Option Paid at Target | Maximum | |||||||||||||
2006 | Performance | Performance | Performance | |||||||||||||
Name | (#) | ($) | ($) | ($) | ||||||||||||
M. D. Garrett | 262,718 | 0.07675 | 0.7675 | 1.535 | ||||||||||||
C. S. Thrasher | 53,565 | 0.07675 | 0.7675 | 1.535 | ||||||||||||
J. H. Miller, III | 161,782 | 0.07675 | 0.7675 | 1.535 | ||||||||||||
C. C. Womack | 162,364 | 0.07675 | 0.7675 | 1.535 | ||||||||||||
M. A. Brown | 87,700 | 0.07675 | 0.7675 | 1.535 | ||||||||||||
W. C. Archer, III | 189,806 | 0.07675 | 0.7675 | 1.535 | ||||||||||||
27
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||||||||||||||
Equity | Incentive | Incentive | ||||||||||||||||||||||||||||||||||
Incentive | Plan | Plan Awards: | ||||||||||||||||||||||||||||||||||
Plan | Awards: | Market or | ||||||||||||||||||||||||||||||||||
Number | Awards: | Market | Number of | Payout Value | ||||||||||||||||||||||||||||||||
of | Number of | Number of | Number of | Value of | Unearned | of Unearned | ||||||||||||||||||||||||||||||
Securities | Securities | Securities | Shares or | Shares or | Shares, Units | Shares, Units | ||||||||||||||||||||||||||||||
Underlying | Underlying | Underlying | Units of | Units of | or Other | or Other | ||||||||||||||||||||||||||||||
Unexercised | Unexercised | Unexercised | Option | Stock That | Stock That | Rights That | Rights That | |||||||||||||||||||||||||||||
Options | Options | Unearned | Exercise | Option | Have Not | Have Not | Have Not | Have Not | ||||||||||||||||||||||||||||
(#) | (#) | Options | Price | Expiration | Vested | Vested | Vested | Vested | ||||||||||||||||||||||||||||
Name | Exercisable | Unexercisable | (#) | ($) | Date | (#) | ($) | (#) | ($) | |||||||||||||||||||||||||||
M. D. Garrett | 36,314 | 0 | 0 | 27.975 | 02/14/2013 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
35,613 | 17,806 | 29.50 | 02/13/2014 | |||||||||||||||||||||||||||||||||
26,819 | 52,376 | 32.70 | 02/18/2015 | |||||||||||||||||||||||||||||||||
0 | 94,420 | 33.81 | 02/20/2016 | |||||||||||||||||||||||||||||||||
C. S. Thrasher | 10,959 | 5,480 | 0 | 29.50 | 02/13/2014 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
5,528 | 11,054 | 32.70 | 02/18/2015 | |||||||||||||||||||||||||||||||||
0 | 20,544 | 33.81 | 02/20/2016 | |||||||||||||||||||||||||||||||||
J. H. Miller, III | 20,600 | 0 | 0 | 22.425 | 04/16/2011 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
32,611 | 0 | 25.26 | 02/15/2012 | |||||||||||||||||||||||||||||||||
28,968 | 0 | 27.975 | 02/14/2013 | |||||||||||||||||||||||||||||||||
18,241 | 9,120 | 29.50 | 02/13/2014 | |||||||||||||||||||||||||||||||||
9,025 | 18,048 | 32.70 | 02/18/2015 | |||||||||||||||||||||||||||||||||
0 | 25,169 | 33.81 | 02/20/2016 | |||||||||||||||||||||||||||||||||
C. C. Womack | 28,027 | 0 | 0 | 22.425 | 04/16/2011 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
30,018 | 0 | 25.26 | 02/15/2012 | |||||||||||||||||||||||||||||||||
26,923 | 0 | 27.975 | 02/14/2013 | |||||||||||||||||||||||||||||||||
17,540 | 8,770 | 29.50 | 02/13/2014 | |||||||||||||||||||||||||||||||||
8,805 | 17,608 | 32.70 | 02/18/2015 | |||||||||||||||||||||||||||||||||
0 | 24,673 | 33.81 | 02/20/2016 | |||||||||||||||||||||||||||||||||
M. A. Brown | 18,091 | 0 | 0 | 27.975 | 02/14/2013 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
12,547 | 6,273 | 29.50 | 02/13/2014 | |||||||||||||||||||||||||||||||||
8,733 | 17,466 | 32.70 | 02/18/2015 | |||||||||||||||||||||||||||||||||
0 | 24,590 | 33.81 | 02/20/2006 | |||||||||||||||||||||||||||||||||
W. C. Archer, III | 25,764 | 0 | 0 | 19.0762 | 03/20/2011 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
30,871 | 0 | 22.425 | 03/20/2011 | |||||||||||||||||||||||||||||||||
29,741 | 0 | 25.26 | 03/20/2011 | |||||||||||||||||||||||||||||||||
26,560 | 0 | 27.975 | 03/20/2011 | |||||||||||||||||||||||||||||||||
25,582 | 0 | 29.50 | 03/20/2011 | |||||||||||||||||||||||||||||||||
26,579 | 0 | 32.70 | 03/20/2011 | |||||||||||||||||||||||||||||||||
24,709 | 0 | 33.81 | 03/20/2011 | |||||||||||||||||||||||||||||||||
Expiration Date | Date Fully Vested | |
February 13, 2014 | February 13, 2007 | |
February 18, 2015 | February 18, 2008 | |
February 20, 2016 | February 20, 2009 | |
28
Option Awards | Stock Awards | |||||||||||||||
Number of Shares | Value Realized | Number of Shares | Value Realized on | |||||||||||||
Acquired on | on Exercise | Acquired on Vesting | Vesting | |||||||||||||
Name | Exercise (#) | ($) | (#) | ($) | ||||||||||||
(a) | (b) | (c) | (d) | (e) | ||||||||||||
M. D. Garrett | 0 | 0 | 0 | 0 | ||||||||||||
C. S. Thrasher | 16,742 | 132,011 | 0 | 0 | ||||||||||||
J. H. Miller, III | 20,000 | 257,422 | 0 | 0 | ||||||||||||
C. C. Womack | 25,245 | 378,097 | 0 | 0 | ||||||||||||
M. A. Brown | 20,061 | 214,452 | 0 | 0 | ||||||||||||
W. C. Archer, III | 0 | 0 | 0 | 0 | ||||||||||||
Number of | Present Value of | |||||||||||||
Years Credited | Accumulated | Payments During | ||||||||||||
Service | Benefit | Last Fiscal Year | ||||||||||||
Name | Plan Name | (#) | ($) | ($) | ||||||||||
(a) | (b) | (c) | (d) | (e) | ||||||||||
M. D. Garrett | Pension Plan | 37.67 | 828,741 | 0 | ||||||||||
SBP-P | 37.67 | 2,875,057 | 0 | |||||||||||
SERP | 37.67 | 976,029 | 0 | |||||||||||
C. S. Thrasher | Pension Plan | 35.17 | 756,437 | 0 | ||||||||||
SBP-P | 35.17 | 484,957 | 0 | |||||||||||
SERP | 35.17 | 263,681 | 0 | |||||||||||
J. H. Miller, III | Pension Plan | 11.75 | 255,826 | 0 | ||||||||||
SBP-P | 11.75 | 314,423 | 0 | |||||||||||
SERP | 11.75 | 130,149 | 0 | |||||||||||
Supplemental Pension Benefit Agreement | 10.00 | 606,569 | 0 | |||||||||||
C. C. Womack | Pension Plan | 17.92 | 242,905 | 0 | ||||||||||
SBP-P | 17.92 | 254,265 | 0 | |||||||||||
SERP | 17.92 | 112,086 | 0 | |||||||||||
Supplemental Pension Benefit Agreement | 8.00 | 275,609 | 0 | |||||||||||
M. A. Brown | Pension Plan | 36.42 | 900,318 | 0 | ||||||||||
SBP-P | 36.42 | 866,262 | 0 | |||||||||||
SERP | 36.42 | 386,849 | 0 | |||||||||||
W. C. Archer, III | Pension Plan | 34.08 | 953,483 | 51,362 | ||||||||||
SBP-P | 34.08 | 1,000,199 | 53,879 | |||||||||||
SERP | 34.08 | 435,810 | 23,476 | |||||||||||
29
30
• | Discount rate — six percent as of September 30, 2006 | |
• | Retirement date — Normal retirement age (65 for all named executive officers) | |
• | Mortality after normal retirement — RP2000 Combined Healthy mortality rate table | |
• | Mortality, withdrawal, disability and retirement rates prior to normal retirement — None | |
• | Form of payment |
• | Unmarried retirees: 100% elect a single life annuity | |
• | Married retirees: 20% elect a single life annuity; 40% elect a joint and 50% survivor annuity; and 40% elect a joint and 100% survivor annuity |
• | Percent married at retirement — 80% of males and 70% of females | |
• | Spouse ages — Wives two years younger than their husbands | |
• | Incentives earned but unpaid as of the measurement date — 130% of target percentages times base rate of pay for year incentive is earned |
31
Executive | Registrant | Aggregate | Aggregate | |||||||||||||||||
Contributions | Contributions | Earnings | Withdrawals/ | Aggregate Balance | ||||||||||||||||
in Last FY | in Last FY | in Last FY | Distributions | at Last FYE | ||||||||||||||||
Name | ($) | ($) | ($) | ($) | ($) | |||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||
M. D. Garrett | 0 | 16,520 | 90,606 | 0 | 1,114,170 | |||||||||||||||
C. S. Thrasher | 0 | 1,656 | 54,165 | 0 | 686,238 | |||||||||||||||
J. H. Miller, III | 0 | 4,333 | 15,497 | 0 | 151,832 | |||||||||||||||
C. C. Womack | 109,769 | 3,043 | 118,088 | 0 | 1,364,315 | |||||||||||||||
M. A. Brown | 27,613 | 4,193 | 14,014 | 0 | 171,896 | |||||||||||||||
W. C. Archer, III | 0 | 0 | 270,920 | 754,966 | 3,272,980 | |||||||||||||||
32
Amounts Deferred under | Amounts Contributed by the | |||||||||||
the DCP Prior to 2006 | Company under the SBP-N | |||||||||||
and Reported in Prior | Prior to 2006 and Reported | |||||||||||
Years’ Information | in Prior Years’ Information | |||||||||||
Statements or Annual | Statements or Annual | |||||||||||
Reports onForm 10-K | Reports onForm 10-K | Total | ||||||||||
Name | ($) | ($) | ($) | |||||||||
M. D. Garrett | 0 | 33,651 | 33,651 | |||||||||
C. S. Thrasher | 56,881 | 0 | 56,881 | |||||||||
J. H. Miller, III | 0 | 11,454 | 11,454 | |||||||||
C. C. Womack | 664,730 | 25,489 | 690,219 | |||||||||
M. A. Brown | 104,801 | 14,139 | 118,940 | |||||||||
W. C. Archer, III | 2,781,464 | 52,257 | 2,833,721 | |||||||||
• | Retirement or Retirement Eligible — Termination of a named executive officer who is at least 50 years old and has at least 10 years of credited service. | |
• | Resignation — Voluntary termination of a named executive officer who is not retirement eligible. | |
• | Lay Off — Involuntary termination of a named executive officer not for cause, who is not retirement eligible. | |
• | Involuntary Termination — Involuntary termination of a named executive officer for cause. Cause includes individual performance below minimum performance standards and misconduct, such as violation of the Company’s Drug and Alcohol Policy. | |
• | Death or Disability — Termination of a named executive officer due to death or disability. |
33
• | Southern Company CIC I — Acquisition by another entity of 20% or more of Common Stock, or following a merger with another entity the Southern Company’s stockholders own 65% or less of the company surviving the merger. | |
• | Southern Company CIC II — Acquisition by another entity of 35% or more of Common Stock, or following a merger with another entity the Southern Company’s stockholders own less than 50% of the company surviving the merger. | |
• | Southern Company Termination — A merger or other event and the Southern Company is not the surviving company or the Common Stock is no longer publicly traded. | |
• | Company CIC — Acquisition by another entity, other than another subsidiary of the Southern Company, of 50% or more of the stock of the Company, a merger with another entity and the Company is not the surviving company or the sale of substantially all the assets of the Company. |
• | Involuntary CIC Termination or Voluntary CIC Termination for Good Reason — Employment is terminated within two years of a CIC, other than for cause, or the employee voluntary terminates for Good Reason. Good Reason for voluntarily termination within two years of a CIC is generally satisfied when there is a reduction in salary, incentive compensation opportunity or benefits, relocation of over 50 miles or a diminution in duties and responsibilities. |
Lay Off | ||||||||||
Retirement/ | (Involuntary | Involuntary | ||||||||
Retirement | Termination | Termination | ||||||||
Program | Eligible | Not For Cause) | Resignation | Death or Disability | (For Cause) | |||||
Pension Benefits: • Pension Plan • SBP-P • SERP | Lifetime of monthly benefits paid. Reductions apply if payments start prior to age 65. | SERP-related benefits forfeited. Other vested benefits paid monthly for lifetime after executive reaches retirement eligibility. Reductions apply if payments start prior to age 65. | Same as Lay Off. | At death, surviving spouse receives a lifetime of monthly payments equal to 45% (or 80% if participant has made that election) of benefits earned. If vested under the Pension Plan, all pension benefits continue to accumulate while disabled. Lifetime of monthly payments after executive becomes retirement eligible and elects commencement. | Same as for retirement and resignation, as the case may be. | |||||
PPP | Pro-rated if terminate before12/31. | Pro-rated if terminate before12/31. | Forfeit. | Pro-rated if terminate before12/31. | Forfeit. | |||||
PDP | Paid year of retirement plus two additional years. | Forfeit. | Forfeit. | Payable until options expire or exercised. | Forfeit. | |||||
34
Lay Off | ||||||||||
Retirement/ | (Involuntary | Involuntary | ||||||||
Retirement | Termination | Termination | ||||||||
Program | Eligible | Not For Cause) | Resignation | Death or Disability | (For Cause) | |||||
Stock Options | Vest; expire earlier of original expiration date or five years. | Vested options expire in 90 days; unvested are forfeited. | Vested options expire in 90 days; unvested are forfeited. | Vest; expire earlier of original expiration or three years. | Forfeit. | |||||
Financial Planning Perquisite | Continues for one year. | Terminates. | Terminates. | Continues for one year. | Terminates. | |||||
DCP | Payable per prior elections (lump sum or up to 10 annual installments). | Same as Retirement. | Same as Retirement. | Payable to beneficiary or disabled participant per prior elections; amounts deferred prior to 2005 can be paid as a lump sum at the DCP administrative committee’s discretion. | Same as Retirement. | |||||
SBP-N | Payable per prior elections (lump sum or up to 20 annual installments). | Same as Retirement. | Same as Retirement. | Same as the DCP, above. | Same as Retirement. | |||||
Involuntary CIC- | ||||||||
Related Termination | ||||||||
or Voluntary CIC- | ||||||||
Southern Company | Related Termination | |||||||
Southern Company | Southern Company | Termination or | for | |||||
Program | CIC I | CIC II | Company CIC | Good Reason | ||||
Nonqualified Pension Benefits: • SBP-P • SERP • SPBA | All SERP-related benefits vest if participant vested in Pension Plan benefits; otherwise, no impact. | Vesting called for upon a Southern Company CIC I, and benefits paid as a lump sum following termination or retirement. | Same as Southern Company CIC II. | Based on type of CIC Event. | ||||
PPP | No plan termination is paid at greater of target or actual performance. If plan terminated within two years of CIC, pro-rated at target performance level. | Same as Southern Company CIC I. | Pro-rated at target performance level. | If not otherwise eligible for payment, if PPP still in effect, pro-rated at target performance level. | ||||
35
Involuntary CIC- | ||||||||
Related Termination | ||||||||
or Voluntary CIC- | ||||||||
Southern Company | Related Termination | |||||||
Southern Company | Southern Company | Termination or | for | |||||
Program | CIC I | CIC II | Company CIC | Good Reason | ||||
PDP | No plan termination is paid at greater of target or actual performance. If plan terminated within two years of CIC, pro-rated at greater of target or actual performance level. | Same as Southern Company CIC I. | Pro-rated at greater of actual or target performance level. | If not otherwise eligible for payment, if the PDP still in effect, greater of actual or target performance level for year of severance only. | ||||
Stock Options | Not affected by CIC events. | Not affected by CIC events. | Vest and convert to surviving company’s securities if there is a Southern Company Termination; if cannot convert, pay spread in cash; not affected by a Company Termination. | Vest. | ||||
DCP | Not affected by CIC events. | Payable in lump sum following termination. | Same as Southern Company CIC II. | Based on type of CIC event. | ||||
SBP-N | Not affected by CIC events. | Participant provided opportunity to elect lump sum payment. | Participant provided opportunity to elect lump sum payment. | Based on type of CIC event. | ||||
Severance Benefits | Not applicable. | Not applicable. | Not applicable. | Two or three times base salary plus target PPP plus tax gross up for certain named executive officers if severance amounts exceed Code Section 280G “excess parachute payment” by 10% or more. | ||||
Health Benefits | Not applicable. | Not applicable. | Not applicable. | Up to five years participation in group health plan plus payment of two or three years’ premium amounts. | ||||
Outplacement Services | Not applicable. | Not applicable. | Not applicable. | Six months. | ||||
36
Resignation or | Death | |||||||||||
Retirement | Involuntary Retirement | (monthly payments to | ||||||||||
(monthly payments) | (monthly payments) | a spouse) | ||||||||||
Name | ($) | ($) | ($) | |||||||||
M. D. Garrett | Pension Plan | 7,699 | All plans treated as retiring | 4,806 | ||||||||
SBP-P | 26,711 | 16,671 | ||||||||||
SERP | 10,903 | 6,805 | ||||||||||
C. S. Thrasher | Pension Plan | 7,047 | All plans treated as retiring | 4,473 | ||||||||
SBP-P | 4,518 | 2,867 | ||||||||||
SERP | 2,457 | 1,559 | ||||||||||
J. H. Miller, III | Pension Plan | 2,390 | All plans treated as retiring | 1,498 | ||||||||
SBP-P | 2,937 | 1,841 | ||||||||||
SERP | 1,216 | 762 | ||||||||||
SPBA | 5,627 | 3,527 | ||||||||||
C. C. Womack | Pension Plan | N/A | 1,404 | 2,305 | ||||||||
SBP-P | N/A | 1,469 | 2,414 | |||||||||
SERP | N/A | 0 | 1,064 | |||||||||
SPBA | N/A | 1,277 | 2,604 | |||||||||
M. A. Brown | Pension Plan | 8,179 | All plans treated as retiring | 4,624 | ||||||||
SBP-P | 7,871 | 4,450 | ||||||||||
SERP | 3,515 | 1,987 | ||||||||||
37
SBP-P | SERP | Total | ||||||||||
Name | ($) | ($) | ($) | |||||||||
M. D. Garrett | 4,165,085 | 1,700,121 | 5,865,206 | |||||||||
C. S. Thrasher | 708,551 | 385,328 | 1,093,879 | |||||||||
J. H. Miller, III | 458,634 | 189,887 | 648,521 | |||||||||
C. C. Womack | 237,858 | 104,923 | 342,781 | |||||||||
M. A. Brown | 1,181,886 | 527,802 | 1,709,688 | |||||||||
Additional PDP | ||||
Name | ($) | |||
M. D. Garrett | 91,294 | |||
C. S. Thrasher | 18,614 | |||
J. H. Miller, III | 56,220 | |||
C. C. Womack | 56,421 | |||
M. A. Brown | 30,476 | |||
38
Total Number of | Total Payable in Cash | |||||||||||
Number of | Options Following | under a Southern | ||||||||||
Options with | Accelerated Vesting | Company Termination | ||||||||||
Accelerated | under a Southern | without Conversion of | ||||||||||
Vesting | Company Termination | Stock Options | ||||||||||
Name | (#) | (#) | ($) | |||||||||
M. D. Garrett | 164,602 | 262,718 | 1,330,625 | |||||||||
C. S. Thrasher | 37,078 | 53,565 | 252,631 | |||||||||
J. H. Miller, III | 69,688 | 161,782 | 1,477,955 | |||||||||
C. C. Womack | 51,051 | 162,364 | 1,370,762 | |||||||||
M. A. Brown | 48,329 | 87,700 | 483,241 | |||||||||
39
Severance Amount | ||||
Name | ($ ) | |||
M. D. Garrett | 3,076,500 | |||
C. S. Thrasher | 764,700 | |||
J. H. Miller, III | 936,836 | |||
C. C. Womack | 955,123 | |||
M. A. Brown | 915,310 | |||
40
Shares Beneficially Owned Include: | ||||||||||||||||
Shares | ||||||||||||||||
Individuals | ||||||||||||||||
Shares | Have Rights to | Shares Held | ||||||||||||||
Name of Directors, Nominees | Beneficially | Deferred Stock | Acquire Within | by Family | ||||||||||||
and Executive Officers | Owned(1) | Units(2) | 60 Days(3) | Members(4) | ||||||||||||
Gus H. Bell, III | 3,218 | 2,715 | ||||||||||||||
Robert L. Brown, Jr. | 6,059 | 6,059 | ||||||||||||||
Ronald D. Brown | 1,027 | 951 | ||||||||||||||
Anna R. Cablik | 3,517 | 3,017 | 500 | |||||||||||||
Michael D. Garrett | 175,427 | 173,584 | ||||||||||||||
David M. Ratcliffe | 996,256 | 980,167 | ||||||||||||||
D. Gary Thompson | 14,338 | 4,339 | ||||||||||||||
Richard W. Ussery | 30,096 | |||||||||||||||
William J. Vereen | 5,216 | 2,768 | ||||||||||||||
E. Jenner Wood, III | 4,292 | 3,467 | ||||||||||||||
Cliff S. Thrasher | 39,215 | 34,342 | 1,000 | |||||||||||||
James H. Miller, III | 141,477 | 135,979 | ||||||||||||||
Christopher C. Womack | 138,732 | 137,112 | ||||||||||||||
Mickey A. Brown | 76,796 | 62,574 | ||||||||||||||
Judy M. Anderson | 97,227 | 91,404 | ||||||||||||||
Douglas E. Jones | 96,635 | 88,669 | ||||||||||||||
Directors, Nominees and Executive Officers as a group (16 people) | 1,829,528 | 23,316 | 1,703,831 | 1,500 | ||||||||||||
(1) | “Beneficial ownership” means the sole or shared power to vote, or to direct the voting of, a security,and/or investment power with respect to a security or any combination thereof. | |
(2) | Indicates the number of Deferred Stock Units held under the Director Deferred Compensation Plan. | |
(3) | Indicates shares of Common Stock that certain executive officers have the right to acquire within 60 days. Shares indicated are included in the Shares Beneficially Owned column. | |
(4) | Each directorand/or executive officer disclaims any interest in shares held by family members. Shares indicated are included in the Shares Beneficially Owned column. |
41
42