FORM OF CHANGE IN CONTROL SEVERANCE AGREEMENTControl Severance Agreement • March 29th, 2018 • Security Federal Corp • State commercial banks • South Carolina
THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (the "Agreement") is made and entered into as of this ___ day of ______________, 201_ (the "Commencement Date"), by and between Security Federal Corporation (the "Company") and its wholly-owned subsidiary, Security Federal Bank (the "Bank")) (which, together with any successor thereto which executes and delivers the assumption agreement provided for in Section 6(a) hereof or which otherwise becomes bound by all of the terms and provisions of this Agreement by operation of law, is hereinafter sometimes referred to as "Security Federal"), and ______________ (the "Employee").
