Exhibit 10(a)72
THE SOUTHERN COMPANY
PERFORMANCE PAY PLAN
As Amended and Restated
Effective January 1, 1993
ARTICLE DESCRIPTION PAGE
I Definitions . . . . . . . . . . . . . . . 2
II Participation . . . . . . . . . . . . . . 5
III Funding of Incentive Pay Awards . . . . . 7
IV Incentive Pay Award Opportunities . . . . 10
V Administration of Plan . . . . . . . . . 12
VI Miscellaneous Provisions . . . . . . . . 14
THE SOUTHERN COMPANY
PERFORMANCE PAY PLAN
Purposes
The purposes of the Performance Pay Plan are to focus the
attention and efforts of employees on goals which have a direct
and significant influence on individual, organizational and
corporate performance; to improve the correlation between pay and
performance for the achievement of individual, organizational and
corporate goals; and to provide the potential for levels of
compensation that will enhance the ability of the Operating
Companies to attract, retain, and motivate employees. In order
to achieve these objectives, the Performance Pay Plan is intended
to pay additional compensation to eligible employees based upon
individual, organizational and corporate performance. Such
compensation shall be paid out of the general assets of The
Southern Company. No benefits under the Performance Pay Plan
shall be deferred or held in trust for the benefit of eligible
employees. The Performance Pay Plan is not intended to be an
employee benefit plan or any other plan subject to regulation by
the Employee Retirement Income Security Act of 1974.
The Performance Pay Plan was established effective January
1, 1989 and was first amended and restated effective January 1,
1991. The Board of Directors of Southern Company Services, Inc.
now desires to amend and restate the Performance Pay Plan to
incorporate numerous changes including provisions modifying the
allocation of funds under the Performance Pay Plan. The
effective date of this amendment and restatement (the
"Restatement Effective Date") of the Performance Pay Plan shall
be January 1, 1993
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ARTICLE I
Definitions
For purposes of the Performance Pay Plan, the following
terms shall have the following meanings, unless a different
meaning is plainly required by the context:
1.1 "Annual Salary" shall mean with respect to Non-Covered
Employees the base salary or wages paid to a Participant before
deductions for taxes, social security, etc., including all
amounts contributed by an Operating Company to The Southern
Electric System Flexible Benefits Plan or The Southern Company
Flexible Benefits Plan on behalf of a Participant, amounts
contributed by any Operating Company to The Southern Company
Employee Savings Plan as Elective Employer Contributions, as said
term is defined in Section 4.1 therein, pursuant to the
Participant's exercise of his deferral option made in accordance
with Section 401(k) of the Internal Revenue Code, and amounts
contributed to the Deferred Compensation Plan for The Southern
Electric System, but excluding all awards under The Southern
Company Performance Pay Plan and The Southern Company
Productivity Improvement Plan, overtime pay, shift differential
and substitution pay. With respect to Covered Employees, "Annual
Salary" shall be defined in the Covered Employee Plan established
by an Operating Company for the benefit of Covered Employees.
1.2 "Board of Directors" shall mean the Board of Directors
of Southern Company Services, Inc.
1.3 "Company Goal Funding Rate" shall mean the rate at
which funding of the Incentive Pay Award Pool is achieved for
each of the Company Goals, which rates shall be established and
committed to writing by no later than the end of each Performance
Period by The Southern Company Management Council.
1.4 "Company Goals" shall mean the Organizational Goal,
Customer Satisfaction Goal, Competitive Cost Goal and Earnings
Goal, as is applicable.
1.5 "Covered Employee" shall mean an employee of an
Operating Company covered by a collective bargaining agreement
between the Operating Company and a union or other employee
representative who participates in a Covered Employee Plan.
1.6 "Covered Employee Plan" shall mean a performance based
plan established for the benefit of Covered Employees by an
Operating Company pursuant to a collective bargaining agreement
which plan is maintained in conjunction with this Performance Pay
Plan.
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1.7 "Earnings Thresholds" shall mean The Southern Company
Earnings Threshold and the Operating Company Earnings Threshold
set forth at Section 3.1 of the Plan.
1.8 "Effective Date" shall mean January 1, 1989. The
"Restatement Effective Date" shall mean January 1, 1993.
1.9 "Funding Unit" shall mean each organizational unit
established by an Operating Company for which Company Goals are
established and assessed for the purpose of paying Incentive Pay
Awards.
1.10 "Funding Unit Head" shall mean the individual
responsible for managing a Funding Unit.
1.11 "Grade" shall mean the evaluation assigned under the
job evaluation system.
1.12 "Grade Value" shall mean with respect to Non-Covered
Employees the assigned dollar value within the Annual Salary
range for a Grade Level in a Performance Period and upon which
Incentive Pay Awards are based. Grade Values of Non-Covered
Employees who commence service during a Performance Period and
Grade Values of Non-Covered Employees who terminate their
employment for one of the reasons set forth in Section 2.1(b)(1)-
(4) shall be prorated based upon their date of commencement or
termination of service with their Operating Company in accordance
with Schedule I or Schedule II, as appropriate. With respect to
Covered Employees, "Grade Value" shall be defined in the Covered
Employee Plan established by the Operating Company in which such
Covered Employee participates.
1.13 "Incentive Pay Award" shall mean the amount awarded to
a Participant in accordance with Article IV.
1.14 "Incentive Pay Award Pool" shall mean the pool of funds
established in accordance with Article III either for the benefit
of Non-Covered Employees or for the benefit of Covered Employees,
respectively, and which funds are allocated to each Operating
Company.
1.15 "Non-Covered Employee" shall mean each active full-time
and regular part-time employee of an Operating Company,
regardless of their classification as an exempt or non-exempt
employee, who is not covered by a collective bargaining agreement
between their Operating Company and a union or other employee
representative. The term "Non-Covered Employee" shall not
include any person who is a temporary employee, cooperative
employee or a contractor of an Operating Company. In addition,
the term "Employee" shall not include any employee who is
eligible to participate in any incentive compensation program
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maintained by his Operating Company that specifically provides
that an eligible employee under such program shall not be
entitled to also receive Incentive Pay Awards under this Plan.
1.16 "Operating Companies" shall mean Southern Company
Services, Inc., or any affiliate or subsidiary (direct or
indirect) of The Southern Company, which the Board of Directors
may from time to time determine to be eligible to participate
under the Plan and which shall adopt the Plan, and any successor
of any such affiliate or subsidiary. The Operating Companies as
of the Restatement Effective Date are as follows: Alabama Power
Company, Georgia Power Company, Gulf Power Company, Mississippi
Power Company, Savannah Electric and Power Company, Southern
Company Services, Inc. and Southern Nuclear Operating Company,
Inc.
1.17 "Participant" shall mean all Non-Covered and Covered
Employees who satisfy the criteria set forth in Article II.
1.18 "Performance Period" shall mean each 12-month period
commencing on the first day of January and ending on the last day
of December next following.
1.19 "Plan" shall mean The Southern Company Performance Pay
Plan, as described herein or as from time to time amended.
1.20 "Plan Administrator" shall mean Compensation Department
of each Operating Company.
1.21 "ROE" shall mean return on equity.
1.22 "The Southern Company Earnings Test" shall mean the
test set forth at Section 3.2(b) of the Plan.
1.23 "The Southern Company Earnings Threshold" shall mean
the percentage ROE determined under Section 3.1(a).
1.24 "Threshold for Funding" shall mean the minimum level of
performance established for each of the Company Goals before the
commencement of each Performance Period by The Southern Company
Management Council.
Where the context requires, words in the masculine gender
include the feminine and neuter genders and words in the singular
include the plural and words in the plural include the singular.
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ARTICLE II
Participation
2.1 Non-Covered Employees. All Non-Covered Employees of an
Operating Company shall be eligible to participate in the Plan
and receive Incentive Pay Awards.
(a) Non-Covered Employees who commence service with an
Operating Company after January 1 and before December
15 of a Performance Period shall be eligible to receive
Incentive Pay Awards in the same proportion as the
ratio of the number of months employed during a
Performance Period bears to the total number of months
in a Performance Period. For purposes of calculating
the number of months of employment with an Operating
Company under this Section 2.1:
(1) Non-Covered Employees whose effective date of
employment is on or before the fourteenth (14th)
day of a month shall be considered Employees as of
the first day of such month; and
(2) Non-Covered Employees whose effective date of
employment is on or after the fifteenth (15th) day
of a month shall not be considered Employees until
the first day of the next succeeding month.
Non-Covered Employees whose effective date of
employment is on or after December 15 of a Performance
Period shall not be eligible to participate until the
next succeeding Performance Period.
(b) Non-Covered Employees whose employment with an
Operating Company is terminated during a Performance
Period for one of the following reasons shall be
eligible to receive an Incentive Pay Award for such
Performance Period on a pro-rata basis:
(1) retirement,
(2) total disability (as determined by the Social
Security Administration),
(3) death, or
(4) termination of employment, but only in the event
the Participant shall transfer to or be reemployed
by Southern Electric International, Inc. during
such Performance Period.
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The pro-rata amount of an Incentive Pay Award shall be
determined for the Performance Period in which such
termination described above occurs by a fraction which
is the number of months of employment with an Operating
Company during the Performance Period, divided by the
total number of months in the Performance Period. For
purposes of calculating the number of months of
employment with an Operating Company under this Section
2.(1)(b) for a Non-Covered Employee whose service is
terminated for one of the reasons described above:
(1) The month in which the Non-Covered Employee's
service terminates shall not be considered if such
terminating event occurs on or before the
fourteenth (14th) day of the month; and
(2) The month in which the Non-Covered Employee's
service terminates shall be considered if such
terminating event occurs on or after the fifteenth
(15th) day of the month.
A Non-Covered Employee whose employment with an
Operating Company is terminated during a Performance
Period for any reason other the reasons described above
shall not be eligible to receive an Incentive Pay Award
for such Performance Period.
2.2 Covered Employees. All Covered Employees of an
Operating Company who are covered under a Covered Employee Plan
shall not be eligible to participate in the Plan, but shall be
eligible to participate in the Covered Employee Plan and to
receive Incentive Pay Awards in accordance with the terms of such
Covered Employee Plan.
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ARTICLE III
Funding of Incentive Pay Awards
3.1 Earnings Thresholds. Incentive Pay Award Pools shall
be eligible for funding for the Performance Period in an amount
determined in accordance with this Article III of the Plan for
each Operating Company, provided both of the following Earnings
Thresholds are achieved:
(a) Southern Company Earnings Threshold - The Southern
Company achieves earnings during the Performance Period
equal to or greater than a percentage return on equity,
which percentage is designated by The Southern Company
Management Council by no later than the end of each
Performance Period and which percentage and its dollar
equivalent shall be set forth on Schedule III; and
(b) Operating Company Earnings Threshold - Each Operating
Company achieves earnings during the Performance Period
equal to or greater than a percentage return on equity,
which percentage is designated by The Southern Company
Management Council by no later than the end of each
Performance Period and which percentage and its dollar
equivalent shall be set forth on Schedule IV.
If, during the Performance Period, The Southern Company Earnings
Threshold is not satisfied, no Incentive Pay Award Pool for any
Operating Company shall be eligible for funding. If, during the
Performance Period, The Southern Company Earnings Threshold is
satisfied, but an Operating Company fails to satisfy its
Operating Company Earnings Threshold, such Operating Company's
Incentive Pay Award Pool shall not be eligible for funding. If,
during the Performance Period, The Southern Company Earnings
Threshold is satisfied and the Operating Company satisfies its
Operating Company Earnings Threshold, such Operating Company's
Incentive Pay Award Pools shall be eligible for funding in
accordance with this Article III.
3.2 Funding for Non-Covered Employee Participants. Subject
to Paragraph (c) of this Section 3.2, Plan funding for the
Incentive Pay Award Pool benefiting Non-Covered Employees for
each Operating Company shall equal for any given Performance
Period the funding achieved under the Company Goals set forth in
Paragraph (a) below, unless such amount is reduced by application
of The Southern Company Earnings Test set forth in Paragraph (b)
below.
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(a) Company Goals. Each of the Company Goals provides for
a Threshold for Funding, which must be achieved in
order to obtain funding under any particular Goal. The
Threshold for Funding and the Company Goal Funding Rate
shall be designated by no later than the end of each
Performance Period by The Southern Company Management
Council on Schedule V. Funding under each Company Goal
shall be calculated at the end of each Performance
Period in accordance with Appendix A.
(b) The Southern Company Earnings Test. The Southern
Company Earnings Test shall be applied, as set forth in
Appendix B, at the end of each Performance Period to
total amount calculated for each Operating Company
under the Company Goals.
(c) If a Non-Covered Employee Participant transfers from
one Funding Unit to another Funding Unit during a
Performance Period, the transferee Funding Unit will
fund such Participant's Incentive Pay Award for the
entire Performance Period, and shall include such
Participant's Grade Value in the calculation of the
Incentive Pay Award Pool for the transferee Funding
Unit without prorating the Grade Value of such
Participant for the Performance Period.
3.3 Funding for Covered Employee Participants. With
respect to a Covered Employee Plan sponsored by an Operating
Company, such Plan shall be funded in accordance with this
Section 3.3.
(a) A Covered Employee Plan shall be eligible for funding
provided the Earnings Thresholds set forth in Section
3.1 are satisfied.
(b) Provided the Incentive Pay Award Pool for a Covered
Employee Plan is eligible for funding under Paragraph
(a) above, the Incentive Pay Award Pool for a Covered
Employee Plan shall be funded in accordance with its
terms, except that the maximum dollar amount of the
Incentive Pay Award Pool for the Covered Employee Plan
shall be subject to and may be limited by The Southern
Company Earnings Test.
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3.4 Extraordinary Item Exception. If requested by an
Operating Company, at the discretion of the Chief Executive
Officer of The Southern Company, the Incentive Pay Award Pool for
a Performance Period may be calculated without regard to any
extraordinary item of income or expense ("Extraordinary Item")
incurred by The Southern Company or any Operating Company,
provided such determination is made prior to the close of the
Performance Period. If the Chief Executive Officer of The
Southern Company approves an Extraordinary Item, it shall be
identified in Schedule VI, and, in addition, an explanation as to
how such Extraordinary Item shall impact upon the funding of the
Plan and the Incentive Pay Award Pool of the Operating Company
requesting approval of the Extraordinary Item shall be set forth
therein.
3.5 Appliance Sales Performance Plan. The portion of the
Incentive Pay Award Pool otherwise distributable under the terms
of the Plan on behalf of Non-Covered Employees of Gulf Power
Company shall be reduced by the amount necessary (the "Necessary
Amount") to fund the Gulf Power Company Appliance Sales
Performance Pay Plan (hereinafter referred to as the "Gulf Plan")
as determined by the executive committee (as that term is defined
under the Gulf Plan) of the Gulf Plan. Such Necessary Amount
shall be distributed directly to the Gulf Plan from the Incentive
Pay Award Pool and shall be further distributed in accordance
with the terms of the Gulf Plan. The portion of the Incentive
Pay Award Pool otherwise payable on behalf of Employees of Gulf
Power Company but not payable to the Gulf Plan in accordance with
this Section 3.5 shall be subject to and distributed in
accordance with the provisions of this Plan. Except as provided
in Section 3.5(a) below, in no event shall a Gulf Power Company
Appliance Sales Department employee be entitled to receive a
distribution from both this Plan and the Gulf Plan.
(a) If an employee of the Gulf Power Company Appliance
Sales Department transfers between the Appliance Sales
Department and another department of Gulf Power Company
or another Operating Company, such employee shall be
entitled to receive a pro-rata award under the Plan for
that portion of the Performance Period in which such
employee participates in the Plan. The accrual rate of
the pro-rata award to be awarded to such employee under
this Section 3.5(a) shall be determined in accordance
with Schedule I of the Plan.
(b) Grade Values for employees transferring to or from the
Appliance Sales Department as described in Section
3.5(a) above shall be prorated based upon the
employee's time of participation in this Plan.
3.6 Determination of Funding Amount. Funding in accordance
with this Article III shall be fixed in all events by the end of
each Performance Period.
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ARTICLE IV
Incentive Pay Award Opportunities
4.1 Non-Covered Employee Participants.
(a) The Incentive Pay Award Pool benefiting Non-Covered
Employee Participants of an Operating Company shall be
allocated to each Funding Unit by the Plan
Administrator of the Operating Company in accordance
with performance goals established by the Operating
Company and each of its Funding Unit Heads. The amount
allocated to each Funding Unit shall then be allocated
among Participants employed in such Funding Unit in
accordance with individual, team, departmental or other
criteria established by the respective Funding Unit
Head. All Funding Unit Heads for a Performance Period
shall be identified before the first day of the next
succeeding Performance Period. The Funding Unit Heads
shall be responsible for publishing the criteria
established for the purpose of allocating its portion
of the Incentive Pay Award Pool attributable to their
respective Funding Units within a reasonable period of
time after commencement of each Performance Period, and
shall also communicate such criteria to the Plan
Administrator prior to the close of each Performance
Period.
(b) The Plan Administrator shall be solely responsible for
calculating each Participant's Incentive Pay Award and
distributing such Incentive Pay Award in accordance
with the criteria established by the Funding Unit
Heads.
(c) The Plan Administrator shall endeavor to pay the
Incentive Pay Awards for a Performance Period to the
Participants not later than two and one-half (2 1/2)
months following the close of the preceding Performance
Period, or such shorter or longer period of time
following the close of the preceding Performance Period
as may be required under the Internal Revenue Code to
preserve the federal income tax deduction for Incentive
Pay Awards paid with respect to such Performance
Period. The Incentive Pay Award payment shall be made
in cash or its functional equivalent and the receipt of
such payment may not be deferred at the option of the
Participant. In the event of a Participant's death
prior to the payment of any Incentive Pay Award payable
to the Participant, such amount shall be paid to the
estate of the Participant.
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4.2 Covered Employee Participants.
(a) The Incentive Pay Award Pool benefiting Covered
Employees of an Operating Company shall be allocated
among Covered Employee Participants in the Covered
Employee Plan in accordance with the terms of such
Covered Employee Plan.
(2) The Plan Administrator shall be solely responsible for
calculating and distributing each Participant's
Incentive Pay Award in accordance with the terms of the
Covered Employee Plan in which the Covered Employee
Participant participates.
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ARTICLE V
Administration of Plan
5.1 Employment of Agents. The Plan Administrator shall be
responsible for the daily administration of the Plan and may
appoint other persons or entities to perform or assist in the
performance of any of its fiduciary duties, subject to its review
and approval. The Plan Administrator shall have the right to
remove any such appointee from his position without cause upon
notice. Any person, group of persons, or entity may serve in
more than one fiduciary capacity.
5.2 Record Keeping and Reporting.
(a) The Plan Administrator shall maintain permanent records
and accounts of Participants and shall be responsible for all
receipts, disbursements, transfers and other transactions
concerning the Plan. Such accounts, books, and records relating
thereto shall be open to inspection and audit by the Boards of
Directors of the Operating Companies and any persons designated
thereby at all reasonable times.
(b) The Plan Administrator shall undertake the preparation
and filing of all documents and forms required by any
governmental agency. The Plan Administrator shall keep all such
books of account records, and other data as may be necessary for
proper administration of the Plan.
5.3 Responsibilities in General. The Plan Administrator
shall administer the Plan in accordance with its terms and shall
have all powers necessary to carry out the provisions of the Plan
as more particularly set forth herein. The Plan Administrator
shall interpret the Plan and shall determine all questions
concerning eligibility, administration, interpretation, and
application of the Plan, and all such determinations shall be
conclusive and binding on all Participants and interested
persons. The Plan Administrator shall adopt such procedures and
guidelines as it deems necessary and/or desirable in order to
discharge its duties hereunder.
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5.4 Indemnification. The Operating Companies shall
indemnify the Plan Administrator against any and all claims,
losses, damages, expenses, and liability arising from its actions
or omissions, except when the same is finally adjudicated to be
due to gross negligence or willful misconduct. The Operating
Companies may purchase at their own expense sufficient liability
insurance for the Plan Administrator to cover any and all claims,
losses, damages, and expenses arising from any action or omission
in connection with the execution of the duties as the Plan
Administrator.
5.5 Service of Process. The Plan Administrator shall be
the appointed agent for the service of process.
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ARTICLE VI
Miscellaneous Provisions
6.1 No Right of Assignment or Alienation. Neither the
Participant nor his personal representative shall have any rights
to commute, sell, assign, transfer or otherwise convey the right
to receive any payments hereunder, which payments and the rights
thereto are expressly declared to be nonassignable and
nontransferable. Any attempt to assign or transfer the right to
payments of this Plan shall be void and have no effect.
6.2 No Trust Requirement. The Operating Company shall not
reserve or otherwise set aside funds for the payments of
Incentive Pay Awards under the Plan.
6.3 Amendment and Termination of Plan. The Board of
Directors may terminate the Plan at any time or may from time to
time amend the Plan; provided, however, that no amendment shall
impair any rights to payments which have been earned under the
Plan prior to the termination or amendment. Notwithstanding the
foregoing, in the event that the Plan is terminated before
funding is fixed at the end of a Performance Period, no Incentive
Pay Award shall be funded, and accordingly, no Incentive Pay
Awards shall be paid for such Performance Period.
6.4 Incentive Pay Award as Compensation.
(a) Incentive Pay Awards made in accordance with the Plan
are in addition to any other benefits or compensation to which a
Participant may be entitled or for which he may be eligible,
whether funded or unfunded, by reason of his employment with the
Operating Company.
(b) There shall be deducted from each Incentive Pay Award
to a Participant the amount of any tax required to be withheld by
any governmental authority and paid over by the Operating Company
to such governmental authority.
6.5 Coordination with Benefit Plans. Any Incentive Pay
Awards paid to a Participant while employed by an Operating
Company shall not be considered in the calculation of the
Participant's benefits under any employee welfare or pension
benefit plan maintained by an Operating Company, unless otherwise
specifically provided therein.
6.6 Plan Not a Contract. The Plan shall not be deemed to
constitute a contract between an Operating Company and any Non-
Covered or Covered Employee, nor shall anything herein contained
be deemed to give any Non-Covered or Covered Employee any right
to be retained in the employ of an Operating Company or interfere
with the right of the Operating Company to discharge any Non-
Covered or Covered Employee at any time and to treat him without
regard to the effect which such treatment might have upon him as
a Participant.
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6.7 Choice of Law. This Plan shall be governed by and
construed in accordance with the laws of the State of Georgia.
IN WITNESS WHEREOF, Southern Company Services, Inc., through
its officers duly authorized, hereby amends and restates The
Southern Company Performance Pay Plan this _____ day of
_________________, _____, to be effective January 1, 1993.
SOUTHERN COMPANY SERVICES, INC.
By: ____________________________
W. C. Archer III
Vice President
Attest:
By: ___________________________
Tommy Chisholm
Secretary
[CORPORATE SEAL]
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THE SOUTHERN COMPANY
PERFORMANCE PAY PLAN
Amended and Restated
Effective January 1, 1993
SCHEDULE I
Employment Date Accrual Factor
--------------- ------- ------
January 1 - January 14 12/12 = 1.00
January 15 - February 14 11/12 = .92
February 15 - March 14 10/12 = .83
March 15 - April 14 9/12 = .75
April 15 - May 14 8/12 = .67
May 15 - June 14 7/12 = .58
June 15 - July 14 6/12 = .50
July 15 - August 14 5/12 = .42
August 15 - September 14 4/12 = .33
September 15 - October 14 3/12 = .25
October 15 - November 14 2/12 = .17
November 15 - December 14 1/12 = .08
December 15 - December 31 0/12 = .00
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THE SOUTHERN COMPANY
PERFORMANCE PAY PLAN
Amended and Restated
Effective January 1, 1993
SCHEDULE II
Termination Date Accrual Factor
---------------- ------- ------
December 15 - December 31 12/12 = 1.00
November 15 - December 14 11/12 = .92
October 15 - November 14 10/12 = .83
September 15 - October 14 9/12 = .75
August 15 - September 14 8/12 = .67
July 15 - August 14 7/12 = .58
June 15 - July 14 6/12 = .50
May 15 - June 14 5/12 = .42
April 15 - May 14 4/12 = .33
March 15 - April 14 3/12 = .25
February 15 - March 14 2/12 = .17
January 15 - February 14 1/12 = .08
January 1 - January 14 0/12 = .00
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THE SOUTHERN COMPANY
PERFORMANCE PAY PLAN
Amended and Restated
Effective January 1, 1993
SCHEDULE III
THE SOUTHERN COMPANY EARNINGS THRESHOLD
Year Percentage ROE/
Dollar Equivalent
-----------------
1993 11.50% / $1,335,397,000
1994
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THE SOUTHERN COMPANY
PERFORMANCE PAY PLAN
Amended and Restated
Effective January 1, 1993
SCHEDULE IV
OPERATING COMPANY EARNINGS THRESHOLD
Percentage ROE / Dollar Equivalent ($000)
Southern
Year Alabama Georgia Gulf Mississippi Savannah Nuclear SCS SOCO
---- ------- ------- ---- ----------- -------- -------- --- ----
1993 12% 12% 12% 12% 12% n/a n/a n/a
$ 461,900 $ 757,500 $ 77,700 $ 57,400 $ 30,900
1994
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THE SOUTHERN COMPANY
PERFORMANCE PAY PLAN
Amended and Restated
Effective January 1, 1993
SCHEDULE V
COMPANY GOALS FUNDING THRESHOLDS/RATES
Effective 1993
($000)
Southern
Alabama Georgia Gulf Mississippi Savannah Nuclear SCS
------- ------- ---- ----------- -------- -------- ---
ROE/ $ 492,757 $ 808,100 $ 82,900 $ 61,200 $ 32,845 n/a n/a
Earnings
Goal $0.10 $0.20 $0.10 $0.28 $0.09
Threshold/
Rate
Cost Goal $ 969,343 $1,424,000 $ 228,000 n/a $ 138,500 $ 611,000 n/a
Threshold/
Rate $0.10 $0.20 $0.10 $0.10 $0.10
Customer 60.1% 58.0% 56.6% 67.0% 60.8% n/a n/a
Satisfaction
Goal .6% .5% .5% 1.0% .5%
Threshold/
Rate
*Organizational _____ n/a _____ _____ _____ _____ n/a
Goal
Threshold/
Rate
* Level 5 - 4%
4 - 3
3 - 2
2 - 1
1 - 0%
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THE SOUTHERN COMPANY
PERFORMANCE PAY PLAN
Amended and Restated
Effective January 1, 1993
SCHEDULE VI
EXTRAORDINARY ITEMS
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