Security Federal Bank enters change-in-control severance agreement with President Philip Wahl

SECURITY FEDERAL CORP

Lump sum of 1.2x base salary if terminated within 6 months before or 24 months after a change in control.
Initial term through Dec 31, 2022; auto-renewed annually unless Board gives 30-day notice of non-renewal.
Payments subject to golden parachute regulations (12 U.S.C. §1828(k), 12 C.F.R. Part 359).
Includes one-year post-termination restrictive covenants: non-solicitation, nondisclosure, non-defamation.
Violation of restrictive covenants allows cessation of remaining payments and clawback of prior payments.

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