Company: SOJE
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0000092122-25-000088
Chunk: 2

Company: SOUTHERN CO
Filing Date: 2025-11-03
Form: 424B5
Chunk 2
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ilution adjustments:

o if the applicable market value, which is the average of the volume-weighted average price of the Company’s common stock on each trading day during the 20 consecutive scheduled trading day period ending on the third scheduled trading day prior to the purchase contract settlement date, subject to adjustment as described herein if a market disruption event occurs, equals or exceeds $ , shares of the Company’s common stock;

o if the applicable market value is less than $ but greater than $ , a number of shares of the Company’s common stock equal to $50 divided by the applicable market value, rounded to the nearest ten thousandth of a share; and

o if the applicable market value is less than or equal to $ , shares of the Company’s common stock.

• The Company will pay you quarterly contract adjustment payments at a rate of % per year on the stated amount of $50 per Equity Unit, or $ per year, in respect of each purchase contract, subject to the Company’s right to defer these payments, as described in this Prospectus Supplement. No deferral period will extend beyond the purchase contract settlement date. The contract adjustment payments are payable quarterly on March 15, June 15, September 15 and December 15 of each year, commencing on March 15, 2026. The contract adjustment payments will be subordinated to all of the Company’s existing and future “Senior Indebtedness” (as defined under “Description of the Junior Subordinated Notes—Subordination” in the accompanying Prospectus) and will be structurally subordinated to all liabilities of the Company’s subsidiaries.

• The Series 2025B RSNs will initially bear interest at a rate of % per year, and the Series 2025C RSNs will initially bear interest at a rate of % per year. The Company will initially pay interest on the RSNs on March 15, June 15, September 15 and December 15 of each year, commencing on March 15, 2026. The RSNs will be direct, unsecured and unsubordinated obligations of the Company ranking equally with all other unsecured and unsubordinated obligations of the Company from time to time outstanding. Since the Company is a holding company, the right of the Company and, hence, the right of creditors of the Company (including holders of the RSNs) to participate in any distribution of the assets of any subsidiary of the Company, whether upon liquidation, reorganization or otherwise, is structurally subordinated to