secwatch.observer — SEC 8-K summary
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Issuer:     SECURITY FEDERAL CORP (SFDL)
CIK:        0000818677
Form:       8-K
Filed at:   2022-01-05T23:59:59+00:00
Accession:  0000939057-22-000003
Event type: leadership
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/818677/000093905722000003/0000939057-22-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/818677/000093905722000003/k81322.htm
  HTML page:      https://secwatch.observer/filing/0000939057-22-000003

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer