Document:

Exhibit

Exhibit 10(a)19
FIRST AMENDMENT TO THE SOUTHERN COMPANY 
SUPPLEMENTAL BENEFIT PLAN
WHEREAS, the Board of Directors of Southern Company Services, Inc. (the “Company”) heretofore established and adopted the Southern Company Supplemental Benefit Plan, as amended and restated effective June 30, 2016 (the “Plan”); and
WHEREAS, the Company has authorized an amendment to the Plan to implement changes necessary to coordinate the Plan provisions with design changes occurring to the Southern Company Pension Plan; and
WHEREAS, the Company desires to amend the Plan to add small benefit pay-out features; and
WHEREAS, Section 6.2 of the Plan provides in relevant part that the Plan may be amended or modified at any time by the Company.
NOW, THEREFORE, effective as the date set forth below, the Company hereby amends the Plan as follows:
1.
Effective January 1, 2017, the Plan is hereby amended by adding the following new Section 5.11:
5.11  Payment of Small Pension Benefits and Non-Pension Benefits.
(a)Cash Out.    With respect to a Participant who retires under the terms of the Plan and has a Separation from Service on or after July 1, 2017, as permitted under Treas. Reg. §1.409A-3(j)(4)(v) and subject to paragraph (c) below, the Administrative Committee in its sole discretion may pay in a single lump sum the entire Pension Benefit and/or separately the Non-Pension Benefit of a Participant the date when (1) in the case of the Pension Benefit, the first installment of such Pension Benefit would have otherwise be paid under Section 5.2(b) and (2) in the case of the Non-Pension Benefit, the payment would have commenced in accordance with the Participant’s election under Section 5.5(a) of the Plan, provided that (3), (A) the Company evidences such decision in writing no later than the date of payment to the Participant, (B) the payment results in the termination and liquidation of the Participant’s interest under the Plan and under all other plans maintained by the Company and its affiliates that are required to be aggregated with the Plan under Code Section 409A, (C) in the case of the Pension Benefit, the total payment amount of such Pension Benefit and the benefit of any other plan required to be aggregated with the Plan under Code Section 409A does not exceed the dollar limit under Code Section 402(g)(1)(B) applicable for the year of payment, and (D) in the case of the Non-Pension Benefit, the separate total payment amount with respect to such Non-Pension Benefit and the benefit of any other plan required to be 

aggregated with the Plan under Code Section 409A does not exceed the dollar limit under Code Section 402(g)(1)(B) applicable for the year of payment. For purposes of paragraph (a)(3)(C) above, the Pension Benefit will be calculated as the Single-Sum Amount provided in Section 2.34 of the Plan. For purposes of paragraph (a)(3)(D) above, the Non-Pension Benefit will be determined in accordance with Section 5.5(a) of the Plan. For the avoidance of doubt, the Pension Benefit and the Non-Pension Benefit under this Plan are not required to be aggregated for purposes of paragraph (a)(3)(B) above because each is considered to be a different type of deferred compensation plan under Code Section 409A.
(b)Payment of Small Benefit.    Subject to paragraph (c) below, with respect to an Employee who first becomes a Participant in the Plan on or after January 1, 2017, and retires under the terms of the Plan and who has a Separation from Service on or after July 1, 2017, (1) if the Single-Sum Amount plus Earnings, if any, of such Participant’s Pension Benefit calculated as provided in Sections 2.34 and 5.2 of the Plan is not greater than $50,000 at the time when the first installment of the Pension Benefit would otherwise be paid after retirement under Section 5.2(b)(1), such Pension Benefit shall be paid as a single lump sum at that time and/or (2) if the value of such Participant’s Non-Pension Benefit Account is not greater than $50,000 as of his Separation from Service and such Participant has elected an installment form of payment, such Non-Pension Benefit shall be paid in accordance with Section 5.5(a). The Company in applying this Section 5.11(b) must treat all similarly situated Participants on a reasonably equivalent basis.
(c)Rules of General Application.  (1) Notwithstanding paragraphs (a) and (b) above, if a Participant is a Key Employee, such Participant shall be subject to the Key-Employee Delay, if applicable, and the payment of the lump sum following Separation from Service shall be as of the first day of the seventh full calendar month following the Participant’s Separation from Service. (2) The Pension Benefit of a Participant who has made an election under Section 5.3 to receive an annuity form of benefit may not be paid out under this Section 5.11. (3) Paragraph (b) above is inapplicable to Non-Pension Benefits governed by the Schedule of Provisions for Pre-2005 Non-Pension Benefits. (4) Any Participant’s benefit paid under this Section 5.11 shall be adjusted for payment of FICA consistent with the terms of this Plan. 

2    

2.
Except as amended herein by this First Amendment, the Plan shall remain in full force and effect.
IN WITNESS WHEREOF, the Company, through its duly authorized officer, has adopted this First Amendment to the Southern Company Supplemental Benefit Plan, as amended and restated as of June 30, 2016 this 19th day of December, 2016.

	
				
	 
	 
	SOUTHERN COMPANY SERVICES, INC.

	 
	 
	By:
	/s/Stacy Kilcoyne

	 
	 
	Its:
	Human Resources Vice President

	Attest:
	 
	 

	By:
	/s/Laura O. Hewett
	 
	 

	Its:
	Assistant Secretary
	 
	 

3Exhibit

Exhibit 10(e)21
MISSISSIPPI POWER COMPANY
PROMISSORY NOTE

	
		
	November 10, 2015
	Up to $375,000,000

FOR VALUE RECEIVED, MISSISSIPPI POWER COMPANY, a Mississippi corporation (the “Borrower”), hereby promises to pay on or before December 1, 2017 (the “Final Maturity Date”), to THE SOUTHERN COMPANY, a Delaware corporation (the “Holder”), the principal sum of up to THREE HUNDRED AND SEVENTY-FIVE MILLION DOLLARS ($375,000,000), together with interest on the principal amount, all as indicated in the records of the Holder and on the grid attached hereto.
Interest. Interest (calculated on the basis of a year of 360 days and the actual number of days elapsed) on this Promissory Note (this “Note”) shall be paid monthly in arrears, or if the Borrower fails to pay interest each month, such interest shall be included in the outstanding principal balance for purposes of calculating interest due to the extent permitted by applicable law.  The interest rate on this Note shall be a floating rate equal to the Adjusted LIBOR Rate.
Adjusted LIBOR Rate.  Interest shall be at a rate equal to the one-month London Interbank Offered Rate (“LIBOR”) plus the Applicable Percentage corresponding to the senior debt rating of the Borrower in effect from time to time as described below (the “Senior Debt Rating”):
	
		
	Senior Debt Rating
	Applicable Percentage

	I.   ≥ A- from S&P
	1.375%

	   ≥ A3 from Moody’s
	 

	   ≥ A- from Fitch
	 

	 
	 

	II.   ≥ BBB+ but < A‐ from S&P
	1.500%

	   ≥ Baa1 but < A3 from Moody’s
	 

	   ≥ BBB+ but < A‐ from Fitch
	 

	 
	 

	III.   ≥ BBB but < BBB+ from S&P
	1.750%

	   ≥ Baa2 but < Baa1 from Moody’s
	 

	   ≥ BBB but < BBB+ from Fitch
	 

	 
	 

	IV.   < BBB from S&P
	2.000%

	   < Baa2 from Moody’s
	 

	   < BBB from Fitch
	 

	   unrated by any two of S&P, Moody’s or Fitch
	 

 
Notwithstanding the above, if at any time there is a split in Senior Debt Ratings among Standard & Poor’s Financial Services LLC, a division of McGraw‐Hill Financial, Moody’s Investors Service, Inc., and Fitch Ratings, Inc., or any successor or assignee of the business of 

the foregoing in the business of rating securities and (a) two Senior Debt Ratings are equal and higher than the third Senior Debt Rating, the higher Senior Debt Ratings will apply, (b) two Senior Debt Ratings are equal and lower than the third Senior Debt Rating, the lower Senior Debt Ratings will apply or (c) no Senior Debt Ratings are equal, the intermediate Senior Debt Rating will apply.  In the event that the Borrower shall maintain Senior Debt Ratings from only two of S&P, Moody’s or Fitch and there is a split in such Senior Debt Ratings, (i) in the event of a single level split, the higher Senior Debt Rating (i.e. the lower pricing) will apply and (ii) in the event of a multiple level split, one level below the higher Senior Debt Rating will apply.
Repayment. The Borrower shall be entitled, at any time and from time to time, without the consent of the Holder and without paying any penalty or premium therefor, to prepay all or any portion or portions of the outstanding principal balance.  The outstanding principal balance shall be payable in full on the Final Maturity Date, together with all accrued interest thereon.
Records. All long-term borrowings by the Borrower from the Holder from the date hereof and all payments on account of principal hereof shall be recorded by the Holder in its books and records and endorsed on the grid attached hereto and made a part hereof; provided, however, that no failure to keep or any error in such records or endorsements shall affect the obligations of the undersigned hereunder.
Payment by the Borrower to the Holder pursuant to this Note shall be made without set-off or counterclaim, at the Holder’s office located in Atlanta, Georgia, or at any other place designated by the Holder in writing.
Representations and Warranties. The Borrower hereby represents and warrants: (i) that it is a corporation duly organized and existing under the laws of the State of Mississippi, is duly qualified to carry on its business as a corporation under the laws of the State of Mississippi, is duly qualified to carry on its business as a foreign corporation under the laws of the State of Alabama, and has due corporate authority to carry on the public utility business in which it is engaged and to own and operate the properties used by it in such business; (ii) that the execution, delivery and performance of this Note are within the power of the Borrower and have been duly authorized by all necessary action of the board of directors of the Borrower; (iii) that it has duly executed and delivered this Note; (iv) that this Note constitutes the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with its terms; and (v) that the Borrower’s execution, delivery and performance of this Note do not require the consent of any other party.
Events of Default.  If any of the following events shall occur, such event shall constitute an event of default (“Event of Default”) under this Note: (i) the Borrower shall fail to pay when due any payment required hereunder and such failure shall continue for five (5) or more business days; (ii) (A) a court or governmental agency having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Borrower or for any substantial part of its property or ordering the winding up or liquidation of its affairs; or (B) an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect is commenced against the Borrower and such petition remains unstayed and in 

effect for a period of sixty (60) consecutive days; or (C) the Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such person or any substantial part of its property or make any general assignment for the benefit of creditors; or (D) the Borrower shall admit in writing its inability to pay its debts generally as they become due or any action shall be taken by such person in furtherance of any of the aforesaid purposes; (iii) if an event of default shall occur under any other indebtedness of the Borrower in excess of $75,000,000; or (iv) one or more judgments, orders or decrees shall be entered against the Borrower involving a liability of $75,000,000 or more, in the aggregate (to the extent not paid or covered by insurance provided by a carrier who has acknowledged coverage) and such judgments, orders or decrees shall continue unsatisfied, undischarged and unstayed for a period of at least thirty (30) days after the last day on which such judgment, order or decree becomes final and unappealable and, where applicable, with the status of a judicial lien.
Upon the occurrence of any Event of Default, the Holder shall be entitled to accelerate the payment of the principal of and all accrued and unpaid interest on this Note and declare the same to be immediately due and payable and shall also have available to it all rights and remedies permitted by applicable law.
In the event that, upon an Event of Default hereunder, the Holder deems it necessary or proper to employ an attorney to enforce collection of any unpaid balance hereunder, the Borrower agrees to pay the Holder’s reasonable attorney’s fees and collection costs.
Exercising Rights. No delay or omission on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right or any other right under this Note.  A waiver of any right or remedy on any one occasion shall not be construed as a bar to or waiver of any right or remedy on any future occasion.
Waiver. The Borrower hereby waives presentment, demand for payment, notice or dishonor and all other notices or demands in connection with the delivery, acceptance, performance, default or endorsement of this Note.
Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York.  In the event this Note is collected by law or through an attorney at law, the Borrower agrees to pay all reasonable attorney’s fees and costs of collection actually incurred by the Holder.

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed as of the date first above written.

MISSISSIPPI POWER COMPANY,
a Mississippi corporation

By:_/s/Moses H. Feagin___________
Moses H. Feagin
Vice President, Treasurer and Chief Financial Officer

	
				
	Date
	Principal Borrowed
	Principal Repaid
	Notation

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