Southern Company amends change-in-control plans; updates severance calculation and equity vesting triggers

SOUTHERN CO

BPP eliminates 'Company Does Not Survive Merger' category; adds liquidation/dissolution and asset sale as triggering events.
Equity awards granted on/after Aug 15, 2022: if no replacement award in Company Change in Control I, awards vest at greater of target or projected actual performance.
Severance Plan: cash severance now based on greater of target annual incentive or 3-year average actual payouts; PSUs vest at greater of target or projected actual.
Definitions of change-in-control events aligned between BPP and Severance Plan.

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