[Form 4] The Southern Company Insider Trading Activity

Rhea-AI Filing Summary

Southern Company (SO) director David J. Grain filed a Form 4 covering activity on 07/01/2025.

• Deferred compensation grant: Grain received 839.6533 Deferred Stock Units (DSUs) at a reference price of $92.30 per unit under the company’s Deferred Compensation Plan.
• The award is payable only in stock upon termination; it carries no exercise or expiration date.
• After the grant, the director’s total derivative holdings rose to 80,724.3603 DSUs.
• Table I lists a line for 500 common shares marked “D” (disposed), but the form provides no price, code, or contextual detail, limiting insight into that movement.

The filing reflects routine director compensation rather than open-market buying or selling. No material change to share count, governance, or fundamentals is indicated.

Insights

Securities Analyst

TL;DR: Routine DSU grant; negligible impact on SO valuation.

The Form 4 shows David J. Grain, an outside director, accepting ~840 DSUs via Southern’s deferred-compensation program at a reference price of $92.30, lifting his deferred holdings to ~80.7 k units. Because the units convert only at separation and involve no cash outlay or market purchase, the economic impact to current shareholders is de minimis and fully anticipated in the company’s equity-compensation dilution forecasts. The un-elaborated 500-share disposition is too small to affect float or signal sentiment. I classify the disclosure as neutral for investors.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GRAIN DAVID J

(Last) (First) (Middle)

30 IVAN ALLEN JR. BLVD., NW

(Street)

ATLANTA GA 30308

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SOUTHERN CO [ SO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Southern Company Common Stock Holding								500	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units Holding(1)	$0	07/01/2025		A		839.6533		(1)	(1)	Southern Company Common Stock	839.6533	$92.3	80,724.3603	D

Explanation of Responses:

1. Acquired pursuant to Southern's Deferred Compensation Plan, payable in stock only upon termination. There is no exercise or expiration date.

	/s/ J. Patrick Becker, Attorney-in-Fact for David J. Grain	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did Southern Company (SO) director David J. Grain report on Form 4?

He acquired 839.6533 Deferred Stock Units on 07/01/2025 under the company’s Deferred Compensation Plan.

How many derivative shares does David J. Grain hold after the transaction?

His total deferred stock unit holdings increased to 80,724.3603 units.

Was there any open-market purchase or sale of SO common stock?

No. The DSU grant is a compensation accrual; the form shows no open-market activity.

Is the DSU award immediately exercisable or subject to expiration?

Neither. The units convert to shares only upon termination of service and have no expiration date.

Does this Form 4 filing have a material impact on Southern Company’s share count?

The incremental dilution is immaterial relative to SO’s outstanding shares and therefore not material.