Company: SOJE
Filing Date: 2025-03-31
Form Type: PRE 14A
Source: 0000092122-25-000032
Chunk: 75

Company: SOUTHERN CO
Filing Date: 2025-03-31
Form: PRE 14A
Chunk 75
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 Average Earnings Formula and participated in or had a benefit under the SERP.

In 2002, the Company entered into a Supplemental Retirement Agreement (SRA) with Mr. Womack. At the time, it was common practice, especially for utility companies, to provide additional years of service under retirement plans to attract key talent and recognize valuable service earned prior to joining the Company. Under his SRA, the Company recognizes eight years of Mr. Womack’s prior service. Since 2014, the Company has not entered into SRAs or credited any employee with additional years of service. No NEO has been credited with additional years of benefit service other than the SRA entered into with Mr. Womack in 2002.

Additional details of these plans are described in the Benefit Plan Summary in Appendix B beginning on page 102 . The table above reflects the present value of benefits accrued by each of the NEOs from the applicable plans or agreement.

Compensation used for determining pension benefits under the Pension Plan, SBP-P, SERP and SRA generally includes only salary and annual cash incentives. The amounts reflected for each plan represent the present value of the maximum benefit payable under the applicable plan or agreement. In some cases, the payments may be reduced for early retirement or by benefits paid by other Southern Company-sponsored retirement plans, statutory payments or Social Security.

The figures above reflect an assumption that each NEO continues to live at least until the earliest age at which an unreduced benefit is payable. The discount rate assumption used by the Company in calculating the present value of accumulated benefits was 5.77% for the Pension Plan and 5.55% for the SBP-P, the SERP and Mr. Womack’s SRA.

#### Pension Benefit Assumptions
The following assumptions were used in the present value calculations for all pension benefits:

4 Discount rate — 5.77% Pension Plan and 5.55% supplemental plans (SBP-P, SERP and SRA) as of December 31, 2024

4 Retirement date – Earliest unreduced retirement age (age 65) or age as of December 31, 2024 if executive is older or retired

4 Mortality after normal retirement — PRIA RP-2012 mortality tables with Aon custom projection scale (Endemic mortality)

4 Mortality, withdrawal, disability and retirement rates prior to normal retirement — None

4 Annual performance-based compensation earned but unpaid as of the measurement date at 155% (all