ITEM 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Compensatory Arrangements of Certain Officers

Form of Change in Control Severance Agreement for Executive Officer of Security Federal Bank.

On January 3, 2022 (the "Commencement Date"), Security Federal Bank (the "Bank"), the wholly-owned subsidiary of Security Federal Corporation, entered into a change of control severance agreement with the Bank's President Philip Wahl.

The agreement has an initial term from the Commencement Date until December 31, 2022, and will be extended for one year on each January 1 provided that the Board of Directors of has not given Mr. Wahl notice of non-renewal. If, within six months before or 24 months following a change in control, Mr. Wahl experiences an involuntary termination, the Bank will pay Mr. Wahl (1) his salary through the date of termination, including the pro rata portion of any incentive, and (2) a lump sum cash payment equal to 1.2 times his annual base salary.

Any payments made under the agreement are subject to and conditioned upon (1) compliance with 12 U.S.C. §1828(k) and Federal Deposit Insurance Corporation regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments, and (2) other statutory and regulatory requirements.

The foregoing description of the change in control severance agreement does not purport to be complete and is qualified in its entirety by reference to the change in control severance agreement, a copy of which is furnished as Exhibit 10.1 and is incorporated herein by reference. ITEM 9.01 - Financial Statements and Exhibits



(d)     Exhibits

 10.1   Change in Control Severance Agreement for Philip Wahl

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


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