---
schema_version: "secwatch.filing_event.v1"
accession: "0000939057-22-000003"
form_type: "8-K"
ticker: "SFDL"
cik: "0000818677"
company_name: "SECURITY FEDERAL CORP"
filed_at: "2022-01-05T23:59:59+00:00"
generated_at: "2026-06-27T20:47:51.328460+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000939057-22-000003
- form_type: 8-K
- ticker: SFDL
- cik: 0000818677
- company_name: SECURITY FEDERAL CORP
- filed_at: 2022-01-05T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818677/000093905722000003/0000939057-22-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818677/000093905722000003/k81322.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000939057-22-000003
- JSON: https://secwatch.observer/filing/0000939057-22-000003.json
- Plain text: https://secwatch.observer/filing/0000939057-22-000003.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.