Document:

Exhibit 10(d)41

                           DEFERRED COMPENSATION PLAN

                                       FOR

                         DIRECTORS OF GULF POWER COMPANY

                 Amended and Restated Effective January 1, 1987

                                    Article I

                                   Definitions

  1.1      "Account" shall mean the Deferred Compensation Account established
           for each Director electing to participate in the Plan pursuant to
           Article VI.

1.2      "Board of Directors" or "Board" shall mean the Board of Directors of
         Gulf Power Company.

  1.3      "Common Stock" shall mean the common stock of The Southern Company.

  1.4      "Company" shall mean Gulf Power Company.

  1.5      "Compensation" shall mean the compensation payable to the Directors
           of the Company, including retainer fees and meeting fees, as
           determined from time to time by the Board of Directors.

  1.6      "Deferral Election" shall mean the written election by a Director to
           defer payment of all or a portion of his Compensation under the Plan
           pursuant to Article VI.

1.7      "Director" shall mean a member of the Board of Directors and shall
         include an Advisory Director.

  1.8      "Investment Election" shall mean the written election by a Director
           to have his Deferred Compensation invested pursuant to Section 7.2 or
           Section 7.3.

  1.9      "Market Value" shall mean the average of the high and low prices of
           the Common Stock, as Published in the Wall Street Journal in its
           report of New York Stock Exchange composite transactions, on the date
           such Market Value is to be determined, as specified herein (or the
           average of the high and low sale prices on the trading day
           immediately preceding such date if the Common Stock is not traded on
           the New York Stock Exchange on such date).

1.10     "Plan" shall mean the Deferred Compensation Plan for Directors of Gulf
         Power Company.

  1.11     "Plan Period" shall mean the period designated in
           Article V.

                                      II-5

<PAGE>

                                   Article II

                                     Purpose

  2.1      The Plan provides a method of deferring payment to a Director of his
           Compensation until a date following the termination of his membership
           on the Board of Directors.

                                   Article III

                                   Eligibility

  3.1      An individual who serves as a Director and is not otherwise actively
           employed by the Company or any of its subsidiaries or affiliates
           shall be eligible to participate in the Plan.

                                   Article IV

                                 Administration

  4.1      The Plan shall be administered by the Compensation Committee of the
           Board of Directors, as appointed from time to time. The Compensation
           Committee shall have the power to interpret the Plan and, subject to
           its provisions, to make all determinations necessary or desirable for
           the Plan's administration.

                                    Article V

                                  Plan Periods

  5.1      The first Plan Period shall commence June 1, 1981. Said first Plan
           Period shall be a seven-month period and all subsequent Plan Periods
           shall be on a calendar year basis, except that the initial Plan
           Period applicable to any person elected to fill a vacancy on the
           Board of Directors who was not a Director on the preceding December
           31 shall begin on the first day of such Director's membership on the
           Board of Directors.

                                   Article VI

                                  Participation

  6.1      Prior to the beginning of any Plan Period, a Director may elect to
           participate in the Plan by directing that payment of all or any part
           of the Compensation which would otherwise be paid to the Director in
           the next succeeding Plan period be deferred until the Director
           terminates his membership on the Board of Directors and elects to
           commence distribution of his Deferred Compensation Account pursuant
           to the terms of the Plan.

  6.2      The Deferral Election shall be in writing on a form prescribed by the
           Compensation Committee and shall state (a) that the Director wishes
           to make an election to defer payment of his Compensation, (b) the
           percentage/dollar amount of Compensation to be deferred, (c) the
           method of

                                      II-6

<PAGE>

         payment, which shall be the payment of a lump sum or a series of annual
         payments not to exceed ten (10), and (d) the time for commencement of
         distribution of his Account balance, which shall be not later than the
         first day of the month coinciding with or next following the second
         anniversary of the termination of his membership on the Board of
         Directors. Each Director making a Deferral Election in accordance with
         the terms of the Plan, and his successors, heirs and assigns shall be
         bound as to any action taken pursuant to the terms thereof and to the
         terms of the Plan.

  6.3      The Deferral Election shall be made by written notice delivered to
           the Corporate Secretary of the Company prior to the first day of the
           next succeeding Plan Period and shall be effective on the first day
           of such succeeding Plan Period. The Deferral Election made in
           accordance with this Article shall be irrevocable during that Plan
           Period. Such Deferral Election shall continue from Plan Period to
           Plan Period unless the Director terminates participation or changes
           the Deferral Election regarding future payments by submitting a
           written request to the Corporate Secretary of the Company on a form
           prescribed by the Compensation Committee. Any such termination or
           change shall become effective as of the first day of the Plan Period
           next following the Plan Period in which such request is given. A
           termination of participation in the Plan or change in Deferral
           Election regarding future payments shall not affect amounts
           previously deferred. The initial Deferral Election made after the
           effective date of this Amendment and Restatement with respect to (a)
           the method of payment, whether it be lump sum or installments,
           including the number of installments selected, and (b) the time for
           commencement of distribution of a Participants Account may not be
           revoked and shall govern the distribution of a Participant's Account,
           except as provided in Section 6.5.

  6.4      A Director who has filed a termination of Deferral Election may
           thereafter file a new Deferral Election to participate for Plan
           Periods subsequent to the Plan Period of the filing of such Deferral
           Election. The new Deferral Election shall not affect amounts
           previously deferred.

  6.5      With the approval of the Compensation Committee, a Director may amend
           a prior Deferral Election on a form prescribed by the Compensation
           Committee not prior to the 390th day nor later than the 360th day
           prior to his termination on the Board of Directors in order to change
           (a) the form, and/or (b) the time for commencement of the
           distribution of his Deferred Compensation Account in accordance with
           the terms of the Plan. Any such amendment to a prior Deferral
           Election, as described in this Section 6.5, shall be contingent upon
           the Director's completion of his term of membership on the Board of
           Directors, except in the event of the disability or death of such
           Director.

                                      II-7

<PAGE>

                                   Article VII
                         Deferred Compensation Accounts

  7.1      An Account shall be established on the Company books for
           each Director electing to defer all or a portion of his
           compensation, which shall be credited with (a) any Compensation
           deferred in accordance with Article VI and (b) pursuant to each
           Director's Investment Election, the amounts computed in
           accordance with Section 7.2 and/or the number of shares
           computed in accordance with Section 7.3.

  7.2      The Deferred Compensation Account of each Director electing to invest
           his Deferred Compensation for a Plan Period pursuant to this Section
           7.2 shall be credited with an amount computed by the Company by
           treating the amount deferred as a sum certain to which the Company
           will add in lieu of interest an amount equal to the prime rate of
           interest set by the First National Bank of Atlanta. Interest shall be
           computed as if credited from the date such Compensation would
           otherwise have been paid and shall be compounded quarterly at the end
           of each calendar quarter. The prime rate in effect on the first day
           of each calendar quarter shall be deemed the prime rate in effect for
           each calendar quarter. Interest will be treated as if accrued and
           will be compounded on any balance until such amount is fully
           distributed.

  7.3      The Deferred Compensation Account of each Director electing to invest
           his Deferred Compensation for a Plan Period pursuant to this Section
           7.3 shall be credited with the number of shares (including fractional
           shares) of Common Stock which could have been Purchased on the date
           such Deferred Compensation otherwise would have been paid based upon
           the Common Stock's Market Value. As of each date of payment of
           dividends on the Common Stock, there shall be credited with respect
           to shares of Common Stock in the Director's Deferred Compensation
           Account such additional shares (including fractional shares) of
           Common Stock as follows:

           (a)       In the case of cash dividends, such additional shares as
                     could be purchased at the Market Value as of the dividend
                     payment date with the dividends which would have been
                     payable if the credited shares had been outstanding;

           (b)       In the case of dividends payable in property other than
                     cash or Common Stock, such additional shares as could be
                     purchased at the Market Value as of the payment date with
                     the fair market value of the property which would have been
                     payable if the credited shares had been outstanding; or

           (c)       In the case of dividends payable in Common Stock, such
                     additional shares as would have been payable on the
                     credited shares if they had been outstanding.

                                      II-8

<PAGE>

  7.4      The Investment Election by a Director with respect to his Deferred
           Compensation Account shall be made in writing on a form prescribed by
           the Compensation Committee and delivered to the Corporate Secretary
           of the Company prior to the first day of the next succeeding Plan
           Period and shall be effective on the first day of such succeeding
           Plan Period. The Investment Election made in accordance with this
           Article VII shall be irrevocable during that Plan Period. Such
           Investment Election shall continue from Plan Period to Plan Period
           unless the Director changes the Investment Election regarding future
           deferred Compensation by submitting a written request to the
           Corporate Secretary of the Company on a form prescribed by the
           Compensation Committee. Any such change shall become effective as of
           the first day of the Plan Period next following the Plan Period in
           which such request is given.

  7.5      At the end of each Plan Period, a report shall be issued to each
           Director who has a Deferred Compensation Account which sets forth the
           amount and Market Value of any shares of Common Stock (and fractions
           thereof) reflected in such Account.

                                  Article VIII

                            Distribution of Accounts

  8.1      When a Director terminates his membership on the Board of Directors,
           said Director shall be entitled to receive the entire amount and the
           Market Value of any shares of Common Stock (and fractions thereof)
           reflected in his Deferred Compensation Account payable in cash in
           accordance with his Deferral Election. No portion of a Director's
           Deferred Compensation Account shall be distributed in Common Stock.
           In the event a Director shall have elected to receive the balance of
           his Deferred Compensation Account in a lump sum, distribution shall
           be made on the first day of the month selected by the Director in
           accordance with the terms of the Plan, or as soon as reasonably
           possible thereafter. In the event the Director shall have elected to
           receive annual installments, the first payment shall be on the first
           day of the month selected by a Director, or as soon as reasonably
           possible thereafter, and shall be paid an amount equal to the balance
           in the Director's Account on such date divided by the number of
           annual installment payments. Each subsequent annual payment shall be
           an amount equal to the balance in the Director's Account on the
           payment date divided by the number of remaining annual payments and
           shall be paid on the anniversary of the preceding payment date.
           Notwithstanding a Director's election to receive his Deferred
           Compensation Account balance in annual installments, the Compensation
           Committee, in its sole discretion upon request of the Director or his
           legal representative, may accelerate the payment of any such
           installments for cause. The Market Value of any shares of Common
           Stock credited to a Director's Deferred Compensation Account shall be
           determined as of the twenty-fifth (25th) day of the month immediately
           preceding the date of any lump sum or installment distribution.

                                      II-9

  8.2      Upon the death of a Director, or a former Director prior to the
           payment of all amounts and the Market Value of any shares of Common
           Stock (and fractions thereof) credited to said Director's Account,
           the unpaid balance shall be paid in the sole discretion of the
           Compensation Committee (a) in a lump sum to the designated
           beneficiary of such Director or former Director within thirty (30)
           days of the date of death (or as soon as reasonably possible
           thereafter) or (b) in accordance with the Deferral Election made by
           such Director or former Director. In the event a beneficiary
           designation has not been made, or the designated beneficiary is
           deceased or cannot be located, payment shall be made to the estate of
           the Director or former Director. The Market Value of any shares of
           Common Stock credited to a Director's Deferred Compensation Account
           shall be determined as of the twenty-fifth (25th) day of the month
           immediately preceding the date of any lump sum or installment
           distribution.

  8.3      The beneficiary designation referred to above may be changed by a
           Director or former Director at any time, and without the consent of
           the prior beneficiary, on a form to be provided by the Corporate
           Secretary of the Company.

                                   Article IX

                                  Miscellaneous

  9.1      No Director or beneficiary shall have any right to sell, assign,
           transfer, encumber or otherwise convey the right to receive payment
           of any benefit payable hereunder, which payment and the right thereto
           are expressly declared to be nonassignable and non-transferable. Any
           attempt to do so shall be null and void and of no effect.

  9.2      The Company shall not reserve or otherwise set aside funds for the
           payment of its obligations hereunder, which obligations will be paid
           from the general assets of the Company. Notwithstanding that Director
           shall be entitled to receive the entire amount in his Deferred
           Compensation Account as provided in Section 8.1, any amounts credited
           to a Director's Account to be paid to such Director shall at all
           times be subject to the claims of the Company's creditors.

  9.3      The Board of Directors may terminate the Plan at any time or may,
           from time to time, amend the Plan; provided, however, that no such
           amendment or termination shall impair any rights to payments which
           had been deferred under the Plan prior to the termination or
           amendment.

9.4      This Plan shall be construed in accordance with and governed by the
         laws of the State of Florida.

                                      II-10

<PAGE>

                                 FIRST AMENDMENT

                        TO THE DEFERRED COMPENSATION PLAN

                       FOR DIRECTORS OF GULF POWER COMPANY

         WHEREAS, the Board of Directors of Gulf Power Company (the "Company")
heretofore adopted the amendment and restatement of the Deferred Compensation
Plan for Directors of Gulf Power Company (the "Plan") effective as of January
16, 1987; and

         WHEREAS, the Board of Directors of the Company desires to amend the
Plan to comply with changes in the Securities and Exchange Act of 1934; and

         WHEREAS, under Section 9.3 of the Plan, the Board of Directors has the
authority to amend the Plan at any time.

         NOW THEREFORE, effective as of the date of execution, the Board of
Directors hereby amends the Plan as follows:

                                       1.

         Section 6.5 of the Plan shall be amended by deleting said Section in
its entirety and substituting therefore the following language:

         6.5 Except as provided below, with the approval of the Compensation
Committee, a Director may amend a prior Deferral Election on a form prescribed
by the Compensation Committee not prior to the 390th day nor later than the
360th day prior to his termination of membership on the Board of Directors in
order to change (a) the form, and/or (b) the time for commencement of the
distribution of his Deferred Compensation Account in accordance with the terms
of the Plan; provided, however, that any Director who is required to file
reports pursuant to Section 16(a) of the Securities and Exchange Act of 1934, as
amended, with respect to equity securities of The Southern Company shall not be
permitted to amend his Deferral Election during any time period for which such
Director is required to file any such reports with respect to the portion of his
Deferred Compensation Account invested in accordance with the provisions of
Section 7.3 of the Plan. Any such amendment to a prior Deferral Election, as
described in this Section 6.5, shall be contingent upon the Director's
completion of his term of membership on the Board of Directors, except in the
event of the disability or death of such Director.

                                       2.

         Except as amended herein by this First Amendment, the Plan shall remain
in full force and effect as adopted and amended by the Company prior to the
adoption of this First Amendment.

<PAGE>

         IN WITNESS WHEREOF, this First Amendment has been executed pursuant to
resolutions of the Board of Directors of Gulf Power Company this 1st day of
February, 1993, to be effective as of the date of execution.

                                                   GULF POWER COMPANY

                                               By:  /s/ D. L. McCrary
                                                  -------------------
                                               Its:  President
                                                   ------------------
Attest:

By:  /s/ W. E. Tate
   ------------------------
Its:  Secretary & Treasurer
    -----------------------

         (CORPORATE SEAL)

                                       -2-

<PAGE>
                             SECOND AMENDMENT TO THE
                         DEFERRED COMPENSATION PLAN FOR
                         DIRECTORS OF GULF POWER COMPANY

                  WHEREAS, the Board of Directors of Gulf Power Company (the
"Company') heretofore adopted the Amendment and Restatement of the Deferred
Compensation Plan for Directors of Gulf Power Company (the "Plan') effective as
of January 16, 1987; and

                  WHEREAS, the Board of Directors of the Company desires to
amend the Plan to address the payment of compensation in the form of stock to
Participants in the Plan; and

                  WHEREAS, under Section 9.3 of the Plan, the Board of Directors
has the authority to amend the Plan at any time.

                  NOW, THEREFORE, effective as of the date of execution set
forth below, the Board of Directors hereby amends the Plan as follows:

                                       1.

                  Section 1.5 of the Plan shall be amended by deleting said
Section in its entirety and substituting therefore the following language:

                  1.5      "Compensation" shall mean the compensation payable to
                           the Directors of the Company, including retainer fees
                           and meeting fees, but excluding any amount paid in
                           the form of stock, as determined from time to time by
                           the Board of Directors.

                                       2.

         Section 6.3 of the Plan shall be amended by adding to the end of such
Section the following language:

                  Notwithstanding the foregoing, if the Compensation paid to a
                  Director is increased during a Plan Period, such Director
                  shall receive a Deferral Election Form proscribed by the
                  Compensation Committee and shall be entitled to make a new
                  deferral election regarding increased future Compensation
                  effective as of the date the increase in Compensation occurs.

                                       3.

                  Except as amended herein by this Second Amendment, the Plan
shall remain in full force and effect as adopted and amended by the Company
prior to adoption of this Second Amendment.

<PAGE>

                  IN WITNESS WHEREOF, this Second Amendment has been executed
pursuant to resolutions of the Board of Directors of Gulf Power Company this
27th day of July, 1994, to be effective as of the date of execution.

                                     GULF POWER COMPANY

                                     By:   /s/ Travis J. Bowden

                                     Its:         President
                                        --------------------------------

ATTEST:

By:         /s/ W. E. Tate
  ---------------------------------

Its:        Secretary/Treasurer

[CORPORATE SEAL]

                                        2
<PAGE>
                             THIRD AMENDMENT TO THE
                         DEFERRED COMPENSATION PLAN FOR
                         DIRECTORS OF GULF POWER COMPANY

         WHEREAS, the Board of Directors of Gulf Power Company (the "Company")
heretofore adopted the amendment and restatement of the Deferred Compensation
Plan for the Directors of Gulf Power Company (the "Plan") effective as of
January 1, 1987; and

         WHEREAS, under Section 9.3 of the Plan, the Board of Directors has the
authority to amend the Plan from time to time; and

         WHEREAS, the Board of Directors of the Company desires to amend the
Plan to add an additional deferral feature;

         NOW, THEREFORE, effective as of April 25, 1997, the Board of Directors
hereby amends the Plan as follows:

1.       A new Section 1.15 is hereby added to the Plan and shall read as
         follows:

1.15     "Accrued Pension" means the U.S. dollar amount of the
         actuarially-determined present value of the accrued and unpaid past
         service pension benefits under The Southern Company OutsideDirectors'
         Pension Plan (the "Directors Pension Plan ") of a Director acting as
         such at and as of December 31, 1996, as calculated as of the
         termination date of the Directors Pension Plan (the "Termination
         Date"), taking into account the Directors age and years and months of
         past service and such other assumptions as shall be reasonable and
         uniformly applied to all Directors.

2.       A new Section 6.25 is hereby added to the Plan and shall read as
         follows:

6.25     Deferred Pension Election

         (a)      Any Director, who has an Accrued Pension as of the Termination
                  Date, may make a single one- time election, on or before April
                  25, 1997 in writing and on a form to be furnished by the
                  Committee, to convert his or her Accrued Pension into a
                  deferred pension account under the Plan (a "Deferred Pension
                  Account").

<PAGE>

                  Upon making a deferred pension election (a "Deferred
                  Pension Election '), a new Deferred Pension Account
                  will be established in the Director's name and will
                  be credited with the amount of his or her Accrued
                  Pension so converted.

         (b)      Once made, a Deferred Pension Election cannot be changed or
                  revoked.

         (c)      A Deferred Pension Election shall defer the starting date for
                  the payment of the designated amount of the Director's Accrued
                  Pension, and any investment return credited thereon, until the
                  termination of the Director's membership on the Board.

         (d)      In the event of any such Deferred Pension Election, the form
                  of payment of any distribution (i.e., in a lump sum or in up
                  to ten approximately equal annual installments) and the
                  starting date of such distribution, (which may not be later
                  than the date which is twenty- four (24) months following the
                  date of termination of membership on the Board) shall be
                  elected at the same time. Except as herein provided, such
                  form-of-payment election shall not be changed or revoked.

                  IN WITNESS WHEREOF, this Third Amendment has been executed
pursuant to resolutions of the Board of Directors of Gulf Power Company this
25th day of April, 1997, to be effective as of the date of execution.

                                                     GULF POWER COMPANY

                                                     By:  /s/ Travis J. Bowden

                                                     Its:   President
                                                         ---------------------

Attest:

By: /s/ W. E. Tate
   ----------------------

Its:  Secretary/Treasurer

(Corporate Seal)

                                       -2-

April 25, 1997Exhibit 10(e)37

                         DEFERRED COMPENSATION PLAN FOR

                     DIRECTORS OF MISSISSIPPI POWER COMPANY

                 Amended and Restated Effective January 1, 2000

<PAGE>

                                    SECTION 1

                                   Definitions

1.1      "Beneficial Ownership" means beneficial ownership within the meaning of
         Rule 13d-3 promulgated under the Exchange Act.

"Board" or "Board of Directors" means the Board of Directors of the Company.

1.3      "Business Combination" means a reorganization, merger or consolidation
         or sale of Southern, or a sale of all or substantially all of
         Southern's assets.

1.4      "Cash Compensation" means the annual retainer fees and meeting fees
         payable to a Director in cash.

1.5      "Code" means the Internal Revenue Code of 1986, as amended, or any
         successor statute.

1.6      "Committee" means the Compensation Committee of the Board, or such
         other committee as may be designated by the Board to be responsible for
         administering the Plan.

1.7      "Common Stock" means the common stock of Southern, including any shares
         into which it may be split, subdivided, or combined.

1.8      "Company" means Mississippi Power Company or any successor thereto.

1.9      "Company Change in Control" means the following:
                  (a) The Consummation of an acquisition by any Person of
         Beneficial Ownership of 50% or more of the combined voting power of the
         then outstanding Voting Securities of the Company; provided, however,
         that for purposes of this Section 1.9, any acquisition by an Employee,
         or Group composed entirely of Employees, any qualified pension plan,
         any publicly held mutual fund or any employee benefit plan (or related
         trust) sponsored or maintained by Southern or any corporation
         Controlled by Southern shall not constitute a Change in Control;

                  (b) Consummation of a reorganization, merger or consolidation
         of the Company (a "Company Business Combination"), in each case,
         unless, following such Company Business Combination, Southern Controls
         the corporation surviving or resulting from such Company Business
         Combination; or

                  (c) Consummation of the sale or other disposition of all or
         substantially all of the assets of the Company to an entity which
         Southern does not Control.

1.10     "Compensation Payment Date" means the date on which compensation,
         including cash retainer, meeting fees, and the Stock Retainer, is
         payable to a Director or compensation would otherwise be payable to a
         Director if an election to defer such compensation had not been made.

1.11     "Consummation" means the completion of the final act necessary to
         complete a transaction as a matter of law, including, but not limited
         to, any required approvals by the corporation's shareholders and board
         of directors, the transfer of legal and beneficial title to securities
         or assets and the final approval of the transaction by any applicable
         domestic or foreign governments or agencies.

1.12      "Control" means, in the case of a corporation, Beneficial Ownership of
          more than 50% of the combined voting power of the corporation's Voting
          Securities, or in the case of any other entity, Beneficial Ownership
          of more than 50% of such entity's voting equity interests.

1.13     "Deferred Cash Trust" means the Deferred Cash Compensation Trust for
         Directors of The Southern Company and its Subsidiaries.

1.14     "Deferred Compensation Account" means the Prime Rate Investment
         Account, the Phantom Stock Investment Account, and/or the Deferred
         Stock Account.

1.15     "Deferred Pension Election" means the election by a Director under
         Section 5.3 in connection with the deferral of receipt of the
         Director's Pension Benefit until termination from the Board.

1.16     "Deferred Stock Account" means the bookkeeping account established
         under Section 6.3 on behalf of a Director and includes shares of Common
         Stock credited thereto to reflect the reinvestment of dividends
         pursuant to Section 6.3(a)(iii).

1.17     "Deferred Stock Trust" means the Deferred Stock Trust for Directors of
         The Southern Company and its Subsidiaries.

1.18     "Director" means a member of the Board.

1.19     "Distribution Election" means the designation by a Director of the
         manner of distribution of the amounts and quantities held in the
         Director's Deferred Compensation Accounts upon the director's
         termination from the Board pursuant to Section 5.4.

1.20     "Effective Date" means January 1, 2000.

1.21     "Employee" means an employee of Southern or any of its subsidiaries
         that are "employing companies" as defined in the Southern Company
         Deferred Compensation Plan as amended and restated January 1, 2000, and
         as may be amended from time to time.

1.22     "Exchange Act" means the Securities Exchange Act of 1934, as amended.
1.23     "Group" has the meaning set forth in Section 14(d) of the Exchange Act.
1.24     "Incumbent Board" means those individuals who constitute the Southern
         board of directors as of October 19, 1998, plus any individual who
         shall become a director subsequent to such date whose election or
         nomination for election by Southern's shareholders was approved by a
         vote of at least 75% of the directors then comprising the Incumbent
         Board. Notwithstanding the foregoing, no individual who shall become a
         director of the Southern board of directors subsequent to October 19,
         1998, whose initial assumption of office occurs as a result of an
         actual or threatened election contest (within the meaning of Rule
         14a-11 of the regulations promulgated under the Exchange Act) with
         respect to the election or removal of directors or other actual or
         threatened solicitation of proxies or consents by or on behalf of a
         Person other than the Southern board of directors shall be a member of
         the Incumbent Board.

1.25     "Market Value" means the average of the high and low prices of the
         Common Stock, as published in the Wall Street Journal in its report of
         New York Stock Exchange composite transactions, on the date such Market
         Value is to be determined, as specified herein (or the average of the
         high and low sale prices on the trading day immediately preceding such
         date if the Common Stock is not traded on the New York Stock Exchange
         on such date).

1.26     "Participant" means a Director or former Director who has an unpaid
         Deferred Compensation Account balance under the Plan.

1.27     "Participating Companies" means those companies whose boards of
         directors have authorized the establishment of trust(s) for the funding
         of their respective directors' Deferred Compensation Accounts under
         their respective Deferred Compensation Plans for Directors, including
         the Company.

1.28     "Pension Benefit" means the U.S. dollar amount of the
         actuarially-determined present value of benefits based on a Director's
         expected service at the required retirement date under The Southern
         Company Outside Directors Pension Plan, as calculated as of the
         Termination Date, plus accrued earnings on such amount calculated as if
         invested at the Prime Interest Rate from the Termination Date, until
         such amount is invested in Deferred Compensation Accounts pursuant to
         the provisions of Section 5.3.

1.29     "Pension Benefit Investment Date" means the date to be determined by
         the Committee, as of which the Director's Pension Benefit will be
         credited to a Deferred Compensation Account in accordance with the
         director's Deferred Pension Election under Section 5.3.

1.30     "Phantom Stock Investment Account" means the bookkeeping account
         established pursuant to Section 6.2 in which a Director may elect to
         defer Cash Compensation or make investments, and includes amounts
         credited thereto to reflect the reinvestment of dividends.

1.31     "Plan" means the Deferred Compensation Plan for Directors of
         Mississippi Power Company as from time to time in effect.

"Plan Period" means the period designated in Section 4.

1.33     "Person" means any individual, entity or group within the meaning of
         Section 13(d)(3) or 14(d)(2) of the Exchange Act.

1.34     "Preliminary Change in Control" means the occurrence of any of the
         following as determined by the Southern Committee: (a) Southern or the
         Company has entered into a written agreement, such as, but not limited
         to, a letter of intent, which, if Consummated, would result in a
         Southern Change in Control or a Company Change in Control, as the case
         may be; (b) Southern, the Company or any Person publicly announces an
         intention to take or to consider taking actions which, if Consummated,
         would result in a Southern Change in Control or a Company Change in
         Control under circumstances where the Consummation of the announced
         action or intended action is legally and financially possible;

         (c) Any Person becomes the Beneficial Owner of fifteen percent (15%) or
         more of the Common Stock; or (d) The Southern board of directors or the
         board of directors of the Company has declared that a

                  Preliminary Change in Control has occurred.

1.35     "Prime Interest Rate" means the prime rate of interest as published in
         the Wall Street Journal.

"Prime   Rate Investment Account" means the bookkeeping account established
         pursuant to Section 6.1 in which a Director may elect to defer Cash
         Compensation or make investments, the investment return on which is
         computed at the Prime Interest Rate.

1.37     "Southern" means The Southern Company.

1.38     "Southern Change in Control" means any of the following:
         (a) The Consummation of an acquisition by any Person of Beneficial
         Ownership of 20% or more of Southern's Voting Securities; provided,
         however, that for purposes of this subsection (a), the following
         acquisitions of Southern's Voting Securities shall not constitute a
         Change in Control:

                  (i)      any acquisition directly from Southern,
                  (ii)     any acquisition by Southern,
                  (iii) any acquisition by any employee benefit plan (or related
                  trust) sponsored or maintained by Southern or any corporation
                  controlled by Southern, (iv) any acquisition by a qualified
                  pension plan or publicly held mutual fund, (v) any acquisition
                  by an Employee or Group composed exclusively of Employees, or
                  (vi) any Business Combination which would not otherwise
                  constitute a Change in Control because of the application of
                  clauses (i), (ii) and (iii) of Section 1.37(c);

         (b) A change in the composition of Southern's board of directors
         whereby individuals who constitute the Incumbent Board cease for any
         reason to constitute at least a majority of Southern's board of
         directors; or (c) Consummation of a Business Combination, unless,
         following such Business Combination, all of the following three
         conditions are met:

                  (i) all or substantially all of the individuals and entities
                  who held Beneficial Ownership, respectively, of Southern's
                  Voting Securities immediately prior to such Business
                  Combination beneficially own, directly or indirectly, 65% or
                  more of the combined voting power of the Voting Securities of
                  the corporation surviving or resulting from such Business
                  Combination, (including, without limitation, a corporation
                  which as a result of such transaction holds Beneficial
                  Ownership of all or substantially all of Southern's Voting
                  Securities or all or substantially all of Southern's assets)
                  (such surviving or resulting corporation to be referred to as
                  "Surviving Company"), in substantially the same proportions as
                  their ownership, immediately prior to such Business
                  Combination, of Southern's Voting Securities; (ii) no Person
                  (excluding any corporation resulting from such Business
                  Combination, any qualified pension plan, publicly held mutual
                  fund, Group composed exclusively of employees or employee
                  benefit plan (or related trust) of Southern, its subsidiaries,
                  or Surviving Company) holds Beneficial Ownership, directly or
                  indirectly, of 20% or more of the combined voting power of the
                  then outstanding Voting Securities of Surviving Company except
                  to the extent that such ownership existed prior to the
                  Business Combination; and (iii) at least a majority of the
                  members of the board of directors of Surviving Company were
                  members of the Incumbent Board at the earlier of the date of
                  execution of the initial agreement, or of the action of the
                  Southern board of directors, providing for such Business
                  Combination.

1.39     "Southern Committee" means Chairman of the Southern board of directors,
         Chief Financial Officer of Southern, General Counsel of Southern, and
         the Chairman of the "Administrative Committee", as defined in Section
         3.1 of the Southern Company Deferred Compensation Plan, as restated and
         amended effective January 1, 2000.

"Stock Retainer" means the annual Board retainer fee that is paid to the
Director in the form of Common Stock.

1.40     "Termination Date" means January 1, 1997, the date as of which The
         Southern Company Outside Directors Pension Plan was effectively
         terminated.

1.41     "Trust Administrator" means the individual or committee that is
         established to in the Deferred Stock Trust and the Deferred Cash Trust,
         to administer such trusts on behalf of the Participating Companies.

1.42     "Voting Securities" shall mean the outstanding voting securities of a
         corporation entitling the holder thereof to vote generally in the
         election of such corporation's directors.

Where the context requires, words in the masculine gender shall include the
feminine gender, words in the singular shall include the plural, and words in
the plural shall include the singular.

                                    SECTION 2

                                     Purpose

The Plan provides a method of deferring payment to a Director of his
compensation until a date following the termination of his membership on the
Board.

                                    SECTION 3

                                   Eligibility

An individual who serves as a Director and is not otherwise actively employed by
the Company or any of its subsidiaries or affiliates is eligible to participate
in the Plan.

                                    SECTION 4

                                  Plan Periods

Except as pertains to a Director's initial Plan Period, all Plan Periods shall
be on a calendar year basis The initial Plan Period applicable to any person
elected to the Board who was not a Director on the preceding December 31, shall
begin on the first day of such Director's membership on the Board. The initial
Plan Period under this amended and restated plan shall begin January 1, 2000.
Except as otherwise provided herein, the terms of the Plan in effect prior to
the effective date of this Plan shall continue to be applicable to deferrals
made pursuant to the Plan prior to January 1, 2000.

                                    SECTION 5

                                    Elections

5.1      Cash Compensation

         (a)      Prior to the beginning of a Plan Period, a Director may direct
                  that payment of all or any portion of Cash Compensation that
                  otherwise would be paid to the Director for the Plan Period,
                  be deferred in amounts as designated by the Director, and
                  credited to (i) a Prime Rate Investment Account, (ii) a
                  Phantom Stock Investment Account, or (iii) a Deferred Stock
                  Account. Upon the Director's termination from the Board of
                  Directors, such deferred compensation and accumulated
                  investment return held in the Director's Deferred Compensation
                  Accounts shall be distributed to the Director in accordance
                  with the Director's Distribution Election and the provisions
                  of Section 7.

         (b)      An election to defer Cash Compensation is irrevocable. Such an
                  election shall continue from Plan Period to Plan Period unless
                  the Director changes his election to defer cash compensation
                  paid in a future Plan Period prior to the beginning of such
                  future Plan Period.

         (c)      Cash Compensation deferred under this Section 5.1 shall be
                  invested in Deferred Compensation Accounts as directed by the
                  Director on the Compensation Payment Date.

5.2      Stock Retainer

         (a)      Prior to the beginning of a Plan Period, a Director may direct
                  that payment of all of the Stock Retainer that otherwise would
                  be paid to the Director for the Plan Period, be deferred in
                  amounts as designated by the Directors, and credited to his
                  Deferred Stock Account, such deferred compensation and
                  accumulated investment return held in the Director's Deferred
                  Stock Account shall be distributed to the Director in
                  accordance with the Director's Distribution Election and the
                  provisions of Section 7.

         (b)      An election to defer the Stock Retainer is irrevocable. Such
                  an election shall continue from Plan Period to Plan Period
                  unless the Director changes his election to defer Stock
                  Retainer paid in a future Plan Period prior to the beginning
                  of such future Plan Period.

         (c)      Stock Retainer deferred under this Section 5.2 shall be
                  invested in Deferred Stock Account as directed by the Director
                  on the Compensation Payment Date.

5.3      Deferred Pension Election

         Any Director, who had a Pension Benefit as of the Termination Date,
         made a single one-time election, , to credit all of his Pension Benefit
         into a Deferred Compensation Account. The Pension Benefit was credited
         on the Pension Benefit Investment Date, at the election of the
         Director, to (i) a Prime Rate Investment Account or (ii) a Phantom
         Stock Investment Account. Upon the Director's termination from the
         Board, such Pension Benefit and accumulated investment return held in
         the Director's Deferred Compensation Accounts shall be distributed to
         the Director in accordance with the Director's Distribution Election
         and the provisions of Section 7.

5.4      Distribution Election

         (a)      Prior to the establishment of a Deferred Compensation Account
                  for a Director under this amended and restated plan, the
                  Director may elect that upon termination from the Board of
                  Directors the values and quantities held in the Directors
                  Deferred Compensation Accounts be distributed to the Director,
                  pursuant to the provisions of Section 7, in a single
                  distribution or in a series of annual installments not to
                  exceed ten (10). The time for the commencement of distribution
                  shall not be later than the first day of the month coinciding
                  with or next following the second anniversary of termination
                  of Board membership.

         (b)      A Distribution Election is irrevocable except that a Director
                  may amend the Distribution Election then in effect not prior
                  to the 390th day or later than the 360th day prior to his
                  termination of Board membership.

5.5      Beneficiary Designation

         A Director or former Director may designate a beneficiary to receive
         distributions from the Plan in accordance with the provisions of
         Section 7 upon the death of the director. The beneficiary designation
         may be changed by a Director or former Director at any time, and
         without the consent of the prior beneficiary.

5.6      Form of Election

         All elections pursuant to the provisions of this Section 5 of the Plan
         shall be made in writing to the Secretary of the Company on a form or
         forms available upon request of the Secretary.

                                    SECTION 6

                                    Accounts

6.1      Prime Rate Investment Account

         A Prime Rate Investment Account shall be established for each Director
         electing deferral or investment of Cash Compensation at the Prime
         Interest Rate. The amount directed by the Director to such account
         shall be credited to it as of the Pension Benefit Investment Date or
         Compensation Payment Date, as applicable, and credited thereafter with
         interest computed using the Prime Interest Rate. Interest shall be
         computed from the date such compensation is credited to the account and
         compounded quarterly at the end of each calendar quarter. The Prime
         Interest Rate in effect on the first day of a calendar quarter shall be
         deemed the Prime Interest Rate in effect for that entire quarter.
         Interest shall accrue and compound on any balance until the amount
         credited to the account is fully distributed.

6.2      Phantom Stock Investment Account

         The Phantom Stock Investment Account established for each Director
         electing deferral of Cash Compensation for investment at the Common
         Stock investment rate shall be credited with the number of shares
         (including fractional shares rounded to the nearest ten-thousandth) of
         Common Stock which could have been purchased on the Pension Benefit
         Investment Date or the Compensation Payment Date, as applicable, as
         determined by dividing the applicable compensation by the Market Value
         on such date. On the date of the payment of dividends on the Common
         Stock, the Director's Phantom Stock Investment Account shall be
         credited with additional shares (including fractional shares rounded to
         the nearest ten-thousandth) of Common Stock, as follows:

         (a)      In the case of cash dividends, such additional shares as would
                  have been purchased as of the Common Stock dividend record
                  date as if the credited shares had been outstanding on such
                  date and dividends reinvested thereon under the Southern
                  Investment Plan;

         (b)      In the case of dividends payable in property other than cash
                  or Common Stock, such additional shares as could be purchased
                  at the Market Value as of the date of payment with the fair
                  market value of the property which would have been payable if
                  the credited shares had been outstanding; and

         (c)      In the case of dividends payable in Common Stock, such
                  additional shares as would have been payable on the credited
                  shares as if they had been outstanding.

6.3      Deferred Stock Account

         (a)      A Director's Deferred Stock Account will be credited:

                  (i)      with the number of shares of Common Stock (rounded to
                           the nearest ten thousandth of a share) determined by
                           dividing the amount of Cash Compensation subject to
                           deferral or investment in the Deferred Stock Account
                           by the average price paid by the Trustee of the
                           Deferred Stock Trust for shares of Common Stock with
                           respect to the Pension Benefit Investment Date or the
                           Compensation Payment Date, as applicable, as reported
                           by the Trustee, or, if the Trustee shall not at such
                           time purchase any shares of Common Stock, by the
                           Market Value on such date;

                  (ii)     as of the date on which Stock Retainer is paid, the
                           shares of Common Stock payable to the Director as his
                           Stock Retainer; and

                  (iii)    as of each date on which dividends are paid on the
                           Common Stock, with the number of shares of Common
                           Stock (rounded to the nearest ten thousandth of a
                           share) determined by multiplying the number of shares
                           of Common Stock credited in the Director's Deferred
                           Stock Account on the dividend record date, by the
                           dividend rate per share of Common Stock, and dividing
                           the product by the price per share of Common Stock
                           attributable to the reinvestment of dividends on the
                           shares of Common Stock held in the Deferred Stock
                           Trust on the applicable dividend payment date or, if
                           the Trustee of the Deferred Stock Trust has not
                           reinvested in shares of Common Stock on the
                           applicable dividend reinvestment date, the product
                           shall be divided by the Market Value on the dividend
                           payment date.

         (b)      If Southern enters into transactions involving stock splits,
                  stock dividends, reverse splits or any other recapitalization
                  transactions, the number of shares of Common Stock credited to
                  a Director's Deferred Stock Account will be adjusted (rounded
                  to the nearest ten thousandth of a share) so that the
                  Director's Deferred Stock Account reflects the same equity
                  percentage interest in Southern after the recapitalization as
                  was the case before such transaction.

         (c)      If at least a majority of Southern's stock is sold or
                  exchanged by its shareholders pursuant to an integrated plan
                  for cash or property (including stock of another corporation)
                  or if substantially all of the assets of Southern are disposed
                  of and, as a consequence thereof, cash or property is
                  distributed to Southern's shareholders, each Director's
                  Deferred Stock Account will, to the extent not already so
                  credited under this Section 6.3, be (i) credited with the
                  amount of cash or property receivable by a Southern
                  shareholder directly holding the same number of shares of
                  Common Stock as is credited to such Director's Deferred Stock
                  Account and (ii) debited by that number of shares of Common
                  Stock surrendered by such equivalent Southern shareholder.

         (d)      Each Director who has a Deferred Stock Account also shall be
                  entitled to provide directions to the Trust Administrator to
                  cause such committee to similarly direct the Trustee of the
                  Deferred Stock Trust to vote, on any matter presented for a
                  vote to the shareholders of Southern, that number of shares of
                  Common Stock held by the Deferred Stock Trust equivalent to
                  the number of shares of Common Stock credited to the
                  Director's Deferred Stock Account. Such committee shall
                  arrange for distribution to all Directors in a timely manner
                  of all communications directed generally to the Southern
                  shareholders as to which their votes are solicited.

                                    SECTION 7

                                  Distributions

7.1      Upon termination of a Director's membership on the Board, the amount
         credited to a Director's Deferred Compensation Accounts will be paid to
         the Director or his beneficiary, as applicable. The amount credited to
         a Director's Prime Rate Investment Account and Phantom Stock Investment
         Account shall be paid in cash and the amount credited to his Deferred
         Stock Account shall, except as otherwise provided in Section 6.3(c),
         Section 9.5, or to the extent the Company is otherwise, in the
         reasonable judgment of the Committee, precluded from doing so, be paid
         in shares of Common Stock (with any fractional share interest therein
         paid in cash to the extent of the then Market Value thereof). Such
         payments shall be from the general assets of the Company (including the
         Deferred Cash Trust and the Deferred Stock Trust) in accordance with
         this Section 7.

7.2      Unless other arrangements are specified by the Committee on a uniform
         and nondiscriminatory basis, deferred amounts shall be paid in the form
         of (i) a lump sum payment, or (ii) in approximately equal annual
         installments, as elected by the Director pursuant to the provision of
         Section 5.4; provided, however, that payments shall be made only in a
         single lump sum if payment commences due to termination for cause. Such
         payments shall be made (or shall commence) as soon as practicable
         following the termination of Board membership or, if so elected in the
         Distribution Election, up to twenty-four (24) months following such
         termination.

         In the event a Director elected to receive the balance of his Deferred
         Compensation Accounts in a lump sum, distribution shall be made on the
         first day of the month selected by the Director on his Distribution
         Election, or as soon as reasonably possible thereafter. If the Director
         elected to receive annual installments, the first payment shall be made
         on the first day of the month selected by a Director, or as soon as
         reasonably possible thereafter, and shall be equal to the balance in
         the Director's Deferred Compensation Accounts on such date divided by
         the number of annual installment payments. Each subsequent annual
         payment shall be an amount equal to the balance in the Director's
         Deferred Compensation Accounts on the date of payment divided by the
         number of remaining annual payments and shall be paid on the
         anniversary of the preceding date of payment. The Market Value of any
         shares of Common Stock credited to a Director's Phantom Stock
         Investment Account shall be determined as of the twenty-fifth (25th)
         day of the month immediately preceding the date of any lump sum or
         installment distribution.

         Upon the death of a Director, or a former Director prior to the payment
         of all amounts credited to the Director's Deferred Compensation
         Accounts, the unpaid balance shall be paid in the sole discretion of
         the Committee (i) in a lump sum to the designated beneficiary of such
         Director or former Director within thirty (30) days of the date of
         death (or as soon as reasonably possible thereafter) or (ii) in
         accordance with the Distribution Election made by such Director or
         former Director. In the event a beneficiary designation has not been
         made, or the designated beneficiary is deceased or cannot be located,
         payment shall be made to the estate of the Director or former Director.
         The Market Value of any shares of Common Stock credited to a Director's
         Phantom Stock Investment Account shall be determined as of the
         twenty-fifth (25th) day of the month immediately preceding the date of
         any lump sum or installment distribution.

                                    SECTION 8

                 Change in Control and Other Special Provisions

8.1      Notwithstanding any other terms of the Plan to the contrary, following
         a Southern Change in Control or a Company Change in Control, the
         provisions of this Section 8 shall apply to the payment of benefits
         under the Plan with respect to any Director who is a Participant on
         such date.

8.2      The Deferred Cash Trust and the Deferred Stock Trust (collectively
         "Trusts") have been established to hold assets of the Participating
         Companies under certain circumstances as a reserve for the discharge of
         the Company's obligations under the Plan. In the event of a Preliminary
         Change in Control of Southern or the Company, the Company shall be
         obligated to immediately contribute such amounts to the Trusts as may
         be necessary to fully fund all benefits payable under the Plan in
         accordance with the procedures set forth in Section 8.3 hereof. In
         addition, in order to provide the added protections for certain
         individuals in accordance with Paragraph 7(c) of the Trust, the Company
         may fund the Trusts prior to a Preliminary Change in Control of
         Southern or the Company in accordance with the terms of the Trusts. All
         assets held in the Trusts remain subject only to the claims of the
         Participating Companies' general creditors whose claims against the
         Participating Companies are not satisfied because of the Participating
         Companies' bankruptcy or insolvency (as those terms are defined in the
         Trust). No Participant has any preferred claim on, or beneficial
         ownership interest in, any assets of the Trusts before the assets are
         paid to the Participant and all rights created under the Trusts, as
         under the Plan, are unsecured contractual claims of the Participant
         against the Company.

8.3      As soon as practicable following either a Preliminary Change in Control
         of Southern or of the Company, the Company shall contribute an amount
         based upon the funding strategy adopted by the Trust Administrator
         necessary to fulfill the Company's obligations pursuant to this Section
         8. In the event of a dispute over such actuary's determination, the
         Company and any complaining Participant(s) shall refer such dispute to
         an independent, third party actuarial consultant, chosen by the Company
         and such Participant. If the Company and the Participant cannot agree
         on an independent, third party actuarial consultant, the actuarial
         consultant shall be chosen by lot from an equal number of actuaries
         submitted by the Company and the applicable Trustee. Any such referral
         shall only occur once in total and the determination by the third-party
         actuarial consultant shall be final and binding upon both parties. The
         Company shall be responsible for all of the fees and expenses of the
         independent actuarial consultant.

8.4      In the event of a Southern Change in Control or a Company Change in
         Control, notwithstanding anything to the contrary in the Plan, upon
         termination as a Director, that amount in the Deferred Compensation
         Plan Account(s) of a Participant who was a Director determined as of
         such Change in Control shall be paid out in a lump sum if such
         Participant makes an election pursuant to procedures established by the
         Trust Administrator, in its sole and absolute discretion. If no such
         election is made, the Director shall receive payment of his Accounts
         solely in accordance with Section 7.

                                    SECTION 9

                               General Provisions

9.1      In the event that the Company shall decide to establish an advance
         accrual reserve on its books against the future expense of payments
         from any Deferred Compensation Accounts, such reserve shall not under
         any circumstances be deemed to be an asset of this Plan but, at all
         times, shall remain a part of the general assets of the Company,
         subject to claims of the Company's creditors.

9.2      A person entitled to any amount under this Plan shall be a general
         unsecured creditor of the Company with respect to such amount.
         Furthermore, a person entitled to a payment or distribution with
         respect to a Deferred Compensation Account shall have a claim upon the
         Company only to the extent of the balance in his Deferred Compensation
         Accounts.

9.3      All commissions, fees, and expenses that may be incurred in operating
         the Plan will be paid by the Company.

9.4      The Company will pay its prorated share of all commissions, fees, and
         expenses that may be incurred in operating any trust(s) established
         under the Plan (including the Deferred Stock Trust and the Deferred
         Cash Trust).

9.5      Notwithstanding any other provision of this Plan: (i) elections under
         this Plan may only be made by Directors while they are directors of the
         Company; (with the exception of the designation of beneficiaries) and
         (ii) distributions otherwise payable to a Director in the form of
         Common Stock shall be delayed and/or instead paid in cash in an amount
         equal to the fair market value thereof if such payment in Common Stock
         would violate any federal or State securities laws (including Section
         16(b) of the Securities Exchange Act of 1934, as amended) and/or rules
         and regulations promulgated thereunder.

9.6      Directors, their legal representatives and their beneficiaries shall
         have no right to anticipate, alienate, sell, assign, transfer, pledge
         or encumber their interests in the Plan, nor shall such interests be
         subject to attachment, garnishment, levy or execution by or on behalf
         of creditors of the Directors or of their beneficiaries.

                                   SECTION 10

                                 Administration

Subject to the express provisions of the Plan, the Committee shall have the
exclusive right to interpret the Plan, to prescribe, amend and rescind rules and
regulations relating to it and to make all other determinations necessary or
advisable for the administration of the Plan. The decisions, actions and records
of the Committee shall be conclusive and binding upon the Company and all
persons having or claiming to have any right or interest in or under the Plan.

The Committee may delegate to such officers, employees, or departments of the
Company or Southern, such authority, duties, and responsibilities of the
Committee as it, in its sole discretion, considers necessary or appropriate for
the proper and efficient operation of the Plan, including, without limitation,
(i) interpretation of the Plan, (ii) approval and payment of claims, and (iii)
establishment of procedures for administration of the Plan.

                                   SECTION 11

                    Amendment, Termination and Effective Date

11.1     Amendment of the Plan

         Except for the provisions of Section 8, which may not be amended
         following a Southern Change in Control or Company Change in Control,
         and subject to the provisions of Section 11.3, the Plan may be wholly
         or partially amended or otherwise modified at any time by written
         action of the Board of Directors.

11.2     Termination of the Plan

         Subject to the provisions of Section 11.3 herein, the Plan may be
         terminated at any time by written action of the Board of Directors.

11.3     No Impairment of Benefits

         Notwithstanding the provisions of Sections 11.1 and 11.2, herein no
         amendment to or termination of the Plan shall impair any rights to
         benefits that have accrued hereunder.

11.4     Governing Law

         This Plan shall be construed in accordance with and governed by the
laws of the State of Mississippi.

         IN WITNESS WHEREOF, the Plan, as amended and restated effective January
1, 2000, has been executed pursuant to resolutions of the Board of Directors of
Mississippi Power Company, this 23rd day of February, 2000.

                                            MISSISSIPPI POWER COMPANY

                                           By: ________________________________

Attest:

By: ___________________________

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