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                                                                    EXHIBIT 10.1

DRAFT ONE 3/24/2003

        EXHIBIT 10.1 EMPLOYMENT AGREEMENT BETWEEN TEAM FINANCIAL, INC. AND
        ROBERT J. WEATHERBIE DATED JANUARY 1, 2002.

                              EMPLOYMENT AGREEMENT
                                     BETWEEN
                              TEAM FINANCIAL, INC.
                                       AND
                              ROBERT J. WEATHERBIE

This Agreement is made this 1st day of January, 2003, between Team Financial,
Inc., a Kansas corporation ("COMPANY") and Robert J. Weatherbie ("EXECUTIVE").

        A.      Executive is employed as Chairman and Chief Executive Officer,
        has rendered valuable services to Company and has acquired an extensive
        background in and knowledge of Company's business.

        B.      Company desires to continue the services of Executive and
        Executive desires to continue to serve Company as Chairman and Chief
        Executive Officer.

        In consideration of the foregoing recitals and the agreements set forth
        herein, Company and Executive agree as follows:

1.      TERM OF AGREEMENT AND DEFINITIONS:

        1.0     TERM OF AGREEMENT: Company shall employ Executive and Executive
        accepts such employment for a period beginning on the date of this
        Agreement and ending the 31st day of December, 2005, subject to the
        terms and condition set forth herein, unless earlier termination of the
        agreement shall occur in accordance with the subsequent provisions set
        forth herein.

        1.1     AUTOMATIC EXTENSION OF AGREEMENT TERM: Not withstanding the
        foregoing, if this Agreement shall not have been terminated in
        accordance with the provisions herein on or by the 31st day of December,
        2005; the term of this Agreement shall be extended automatically without
        further action by either party such that at every moment of time
        thereafter, the term shall be one year.

        Provided, however, during such period of automatic extension of the
        term, this Agreement may be terminated in accordance with the
        termination provisions of this Agreement as set forth in Sections 10 and
        11.

        1.2     DEFINITIONS: The following definitions shall be used in the
        interpretation of this Agreement.

        1.2.1   EMPLOYMENT ON AN ACTIVE FULL TIME BASIS means the Executive's
        professional services shall be substantially devoted to Company.
        Although prior approval by the Company of Executive's employment by
        third parties is not required, the Company shall have the right to
        review any employment of Executive by any entity and shall have the
        right to require Executive to abandon any unsuitable employment as may
        be determined by Company or any activities competitive with Company. The
        term "active full time basis" includes the requirement that Executive
        refrain from any activities which interfere with Executive's Company
        duties.

        1.2.2   YEAR, MONTH, WEEK AND DAY, unless otherwise provided in this
        agreement, the word "year" shall be construed to mean a calendar year of
        365 days, the word "month" shall be construed to mean a calendar

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DRAFT ONE 3/24/2003
        month, the word "week" shall be construed to mean a calendar week of 7
        days, and the word "day" shall be construed to mean a period of 24 hours
        running from midnight to midnight.

        1.2.3   ANNUAL BASE SALARY is the sum of money regularly paid by Company
        to Executive each year of the term of this Agreement pursuant to
        provisions of Section 8.0 of this Agreement.

        1.2.4   CUSTOMARY PAYROLL PRACTICES are those policies and procedures
        routinely followed by the Company concerning the time and method of
        payment of compensation to its employees as may from time to time be
        adopted by the Company during course of this Agreement.

        1.2.5   COMPANY POLICIES are those written policies adopted by the
        Company and/or customary practices routinely followed by the Company,
        which may from time to time be adopted by the Company during the course
        of the Agreement. The parties acknowledge the Company may from time to
        time reasonably enact new policies or alter existing policies.

        1.2.6   ORGANIZATION as used herein shall be broadly defined to include
        any business, civic or community group or entity.

        1.2.7   WILLFUL MISCONDUCT is any act performed with a designed purpose
        or intent on the part of a person to do wrong.

        1.2.8   GROSS MISAPPROPRIATION OF FUNDS shall be any misappropriation of
        company funds by any means which is intentional and not of an
        inconsequential nature or amount.

2.      ENTIRE AGREEMENT

        2.0     With respect to the matters specified herein, this Agreement
        contains the entire agreement between the parties and supersedes all
        prior oral and written agreements, understandings and commitments
        between the parties. This Agreement shall not affect the provisions of
        any other compensation, retirement or other benefit programs of Company
        to which Executive is a party or of which he is a beneficiary.

3.      VALIDITY

        3.0     In the event that any provision of this Agreement is held to be
        invalid, void or unenforceable, the same shall not affect, in any
        respect whatsoever, the validity of any other provision of the
        Agreement.

4.      PARAGRAPHS AND OTHER HEADINGS

        4.0     Paragraphs and other headings contained in this Agreement are
        for reference purposes only and shall not affect in any way the meaning
        or interpretation of this Agreement.

5.      SUCCESSORS

        5.0     The rights and duties of a party hereunder shall not be
        assignable by that party; provided, however, that this Agreement shall
        be binding upon and inure to the benefit of any successor of Company,
        and any such successor shall be deemed substituted for Company under the
        terms of this Agreement. The term "successor" as used herein shall
        include any person, firm, corporation or other business entity which at
        any time, by merger, purchase or otherwise, acquires all or
        substantially all of the assets or business of Company.

6.      DESIGNATION OF BENEFICIARIES

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DRAFT ONE 3/24/2003
        6.0     If Executive should die during the term of this Agreement, all
        such sums due to Executive hereunder shall be paid as designated by
        Executive on the attached Beneficiary Designation Form.

        6.1     The spouse of the Executive shall join in any designation of a
        beneficiary other than the spouse.

        6.2     If Executive wholly fails to designate a beneficiary as provided
        for in this paragraph, or if the Executive's spouse at the time of his
        death shall not have joined in the designation of a beneficiary, then
        the sums due Executive shall be paid to his estate.

7.      DUTIES

        7.0     Company employs Executive upon an active full-time basis, as
        Chairman of the Board of Directors and Chief Executive Officer subject
        to the order and direction of the Board of Directors ("BOARD") of
        Company.

        7.1     During the term of this Agreement Executive shall devote
        substantially all of his time, attention, and best efforts to the
        business of Company and its subsidiaries. Executive shall perform such
        duties and shall exercise such power and authority as delegated by the
        Board from time to time provided that such duties are commensurate with
        the positions of Chairman of the Board and Chief Executive Officer.
        Executive may engage in other non-business activities such as
        charitable, educational, religious and similar types of activities so
        long as such activities do not prevent the performance of Executive's
        duties herein or conflict in any material way with the business of
        Company. Notwithstanding the above, Executive shall be permitted to
        serve as a Director or Trustee of other organizations, in accordance
        with the policies of Company.

        7.2     The duties of Chairman of the Board and Chief Executive Officer
        shall be defined using a written job definition, developed by an
        executive compensation committee appointed by the Board of Directors.
        The Board shall consult with Executive in the development of the written
        job definition. Executive and said written job definition shall be
        subject to any systematic evaluation system(s) that the Board may from
        time to time employ.

        7.3     Executive's duties shall be performed principally at Company's
        headquarters located in Paola, Kansas. During the term of the Agreement,
        it is understood that Company expects to maintain its principal place of
        business in Paola, Kansas. If the requirements of Company, as determined
        by the Board, make it desirable to relocate the principal offices of
        Company to another location during any period of employment, Executive
        will be consulted in advance of any such relocation. Unless Executive
        otherwise consents, the principal place of Executive's employment shall
        be within a 50 mile radius of Paola, Kansas.

8.      SALARY, BONUS, BENEFITS, ADDITIONAL COMPENSATION

        8.0     ANNUAL BASE SALARY.

        Executive shall receive an annual base salary of $216,000.00 payable
        according to the customary payroll practices of Company and subject to
        all required withholding taxes. The compensation committee of Board, in
        its discretion, may increase this annual base salary upon relevant
        circumstances. Executive will be reviewed at least annually. At least
        every two years compensation committee will review Executive's annual
        base salary for competitiveness and appropriateness in the industry. Any
        increase in annual base salary awarded to the Executive by Company,
        shall constitute a new annual base salary for the purpose of this
        Agreement. To be effective such changes in the annual base salary shall
        be in writing signed by the Company.

        8.1     BONUS.

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DRAFT ONE 3/24/2003
        8.1.1   STANDARD COMPANY BONUSES. Executive shall be eligible to
        receive, in addition to his salary, any contributions or sums specified
        as additional compensation through any established plan or policy of
        Company which is available to senior executives as compensation over and
        above established salaries.

        8.1.2   ANNUAL EXECUTIVE BONUS. In addition, Executive shall be entitled
        to receive a yearly annual bonus. The amount of such bonus shall be
        based upon criteria established by the compensation committee of Board
        and may include either or both stock and cash. Provided, however, such
        bonus shall not exceed fifty percent (50%) of Executive's annual base
        salary in effect for the period for which the bonus is granted. During
        the term of this Agreement, the yearly annual bonus shall be paid not
        later than January 31 of the calendar year following annual bonus year.

        8.2     BENEFITS.

        8.2.0   Executive shall be entitled to receive all benefits generally
        made available to executives of Company as may from time to time be in
        effect.

        8.2.1   Executive shall be entitled, in addition to life insurance
        coverage in effect for all employees, to a life insurance policy in the
        amount of $240,000.00 all premiums to be paid by Company.

        8.2.2   Executive shall be entitled to participate, during the term of
        the Agreement, under the terms and conditions thereof, in any group
        life, medical, dental or other health and welfare plans generally
        available to management personnel of Company which may be in effect from
        time to time; provided that nothing herein shall require the Company to
        establish or maintain such plans.

        8.2.3   EXECUTIVE EXPENSES. Executive shall be entitled to reimbursement
        for business expenses. Executive shall be expected to incur various
        business expenses customarily incurred by persons holding like
        positions, including but not limited to traveling, entertainment and
        similar expenses, all of which are to be incurred by Executive for the
        benefit of Company. Executive shall be subject to Company's policies
        regarding the reimbursement and non-reimbursement of said expense.
        Executive acknowledges that Company policies do not necessarily provide
        for the reimbursement of all expenses.

        8.2.4   SPECIAL EXECUTIVE ALLOWANCE. Company agrees to pay reasonable
        room, board, travel, and sponsored event expenses of Executive's spouse
        on three (3) business trips per year of Executive's choice.

        8.2.5   ACCOUNTING. Executive shall account to Company for any
        reimbursement or payment of such expenses in such a manner as Company
        practices may from time to time require. Subject to Company's policy
        regarding the payment of reimbursable expenses, Company shall reimburse
        Executive for such expenses from time to time, at Executive's request.

        8.2.6   Executive shall be entitled to reimbursement, not to exceed
        $5,000.00 for the term of the agreement, for home office use, including,
        but not limited to, an appropriate computer/modem installation, printer,
        desk, chair, and such business related supplies as are used for
        Company's business.

        8.2.7   Company shall indemnify and hold Executive harmless for any
        legal fees and expenses incurred by Executive in the performance of his
        duties as a result of civil or criminal actions against him in
        accordance with the indemnification provisions of the Articles of
        Incorporation and Bylaws of Company.

        8.2.8   During (i) the term of this Agreement, (ii) the twelve month
        period following the termination of this Agreement as a result of death,
        (iii) a two year period following the termination of this Agreement as a
        result of disability, (iv) a three year period following termination of
        this Agreement by Executive for material breach or good cause, and (v) a
        three year period following a termination of this Agreement by Company
        without cause; Company shall pay to Executive, or his estate if he be
        deceased, a sum as reimbursement for reasonable out-of-pocket expenses
        incurred for third-party professional financial and tax advice provided
        by a licensed professional of Executive's choice, or the choice of
        Executive's designated

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DRAFT ONE 3/24/2003
        beneficiary, or in the absence of a designated beneficiary his estate if
        he be deceased. Provided, however, that in (i) above, the sum shall not
        exceed fifteen percent (15%) of Executive's annual base salary for that
        year; (ii) above, the sum shall not exceed twenty-five percent (25%) of
        Executive's annual base salary for that year; (iii), (iv) and (v) above,
        the sum shall not exceed twenty-five percent (25%), each year, of
        Executive's annual base salary at the time of Executive's disability or
        time of termination.

        8.2.9   Executive shall be provided with a personal automobile under
        arrangements equivalent to those currently in effect with respect to
        other Company executives and of equivalent size and features as
        presently driving.

        8.3     ADDITIONAL COMPENSATION.

        Executive shall be eligible to receive, in addition to his salary, any
        contributions or sums specified for additional compensation through any
        established plan or policy of Company which is available to senior
        executives as compensation over and above established salaries,
        including but not limited to stock options.

        8.4     TAX LIABILITY.

        Any tax liability which these benefits create for Executive will be the
        sole responsibility of Executive.

9.      PROTECTION OF COMPANY'S INTERESTS

        9.0     During the term of this Agreement Executive shall not directly
        or indirectly engage in competition with, or not own any interest in any
        business which competes with, any business of Company; provided,
        however, that the provisions of this Section 9 shall not prohibit his
        ownership of not more than 5% of voting stock of any publicly held
        corporation.

        9.1     Except for actions taken in the course of his employment
        hereunder, at no time shall Executive divulge, furnish or make
        accessible to any person any information of a confidential or
        proprietary nature obtained by him while in the employ of Company. Upon
        termination of his employment by Company, Executive shall return to
        Company all such information which exists in writing or other physical
        form and all copies thereof in his possession or under his control.

        9.2     Company, its successors and assigns, shall, in addition to
        Executive's services, be entitled to receive and own all of the results
        and proceeds of said services (including, without limitation, literary
        material and other intellectual property) produced or created during the
        term of Executive's employment hereunder. Executive will, at the request
        of Company, execute such assignments, certificates or other instruments
        as Company may from time to time deem necessary or desirable to
        evidence, establish, maintain, protect, enforce or defend its right or
        title to any such material.

10.     TERMINATION BY COMPANY

        10.0    Company shall have the right to terminate this Agreement under
        the following circumstances:
                (i)     Upon the DEATH of Executive;
                (ii)    Upon the DISABILITY of Executive;
                (iii)   Upon MATERIAL BREACH or GOOD CAUSE; and
                (iv)    Upon WRITTEN NOTICE BY COMPANY WITHOUT CAUSE.
                (v)     Upon WRITTEN NOTICE BY COMPANY, during the period of
                        automatic extension of the term, OF COMPANY'S INTENTION
                        TO HAVE THIS AGREEMENT EXPIRE IN ONE YEAR.

        10.1

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                If Executive dies before his employment with Company is
otherwise terminated, Executive's designated beneficiary, or in the absence of a
designated beneficiary, the estate of the Executive, will receive all sums due
under the Split Dollar Agreement and Deferred Compensation Agreement between
Executive and TeamBank, N. A. then in existence. In the event the total amount
paid to the beneficiaries or the estate of Executive is less than $500,000.00,
Company shall pay to the designated beneficiary of Executive, or in the absence
of a designated beneficiary, to the estate of Executive, as soon as reasonably
practical, a sum equal to the difference between the total amount paid under the
Split Dollar Agreement and $500,000.00. Under this section it is the intent of
the Company and Executive that the Executive's beneficiary, or in the absence of
a designated beneficiary, to the estate of Executive, receive in total death
benefits shall not be less than $500,000.00. Company may purchase life insurance
to cover all or any part of its obligations contained in this section. Executive
agrees to take a physical examination to facilitate the Company's purchase of
such insurance. In the event that Executive is uninsurable, Company may elect to
disperse any funds owed by Company under this section in equal monthly payments
over the remaining period of the year of Executive's death, or if less than six
(6) months, over a period of twelve (12) consecutive months. Executive's
dependents will also be entitled to:

        (i)     All Company insured and self insured medical and dental plans in
        which Executive was participating immediately prior to termination,
        provided however, that if Company so elects, or such continued
        participation is not possible under the general terms and conditions of
        such plans or under such policies, Company shall, in lieu of the
        foregoing, arrange to have issued for the benefit of Executive's
        dependents equivalent benefits (on an after-tax basis); provided,
        further that, in no event shall Executive's dependents be required to
        pay any premiums or other charges in an amount greater than that which
        Executive would have paid in order to participate in Company's plans and
        policies.

        Entitlement (i) above shall be maintained in effect for the continued
        benefit of Executive's dependents for a period of twelve (12) months
        after the date of termination due to death.

        10.2 For the purposes of this Agreement, Executive shall be deemed to
have become disabled, if, during any year of the term of this Agreement, because
of ill health, physical or mental impairment, or for other causes beyond
Executive's control, Executive shall have been continuously unable or unwilling,
or shall have failed to perform his duties under this Agreement for ninety (90)
consecutive days, or if, during any calendar year of the term of this Agreement,
Executive shall have been unable or unwilling or shall have failed to perform
his duties for a total period of one hundred eighty (180) days, irrespective of
whether or not such days are consecutive. With respect to any termination by
Company for disability, the specifics of the basis of termination shall be
communicated to Executive in writing at least thirty (30) days before the date
on which the termination is proposed to take effect. Executive shall have until
the effective date of the notice to cure or remedy such disability and or
correct the misconception of the disability. If this Agreement is terminated for
disability, any questions as to the existence of the Total and Permanent
disability of Executive as to which Executive and Company cannot agree shall be
determined in writing by a qualified independent physician mutually acceptable
to Executive and Company. If Executive and Company cannot agree as to a
qualified independent physician, each shall appoint such a physician and those
two physicians shall select a third who shall make such determination in
writing. If there is a disagreement between Executive and Company as to the
disability of Executive, the effective date of the termination will be extended
a reasonable time to allow for a determination by a physical, as described
above. Any refusal by Executive to submit to a medical examination for the
purpose of certifying disability under this section shall be deemed to
constitute conclusive evidence of Executive's disability. If Executive is
disabled before his employment with Company is otherwise terminated, Company
shall continue to pay the current annual base salary for three years to the
Executive, or if the Executive is totally incapacitated, to his appointed
guardian, at the time he is determined to be disabled. Whenever compensation is
payable to Executive hereunder, during a time when he is disabled, pursuant to
the terms of any insurance provided by Company, the compensation payable to him
hereunder shall be inclusive of any such disability insurance and shall not be
in addition thereto. If this agreement is terminated for disability Executive
shall also be entitled to:

                (i)     All Company insured and self insured medical and dental
                plans in which Executive was participating immediately prior to
                termination paid for by the company for a period of one year
                provided, further that, in no event shall Executive be required
                to pay any premiums or other

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DRAFT ONE 3/24/2003
                charges in an amount greater than that which Executive would
                have paid in order to participate in Company's plans and
                policies..
                (ii)    The group individual life insurance policies of Company
                then in effect for Executive, and the life insurance contained
                within section 8.2.1; provided, further that, in no event shall
                Executive be required to pay any premiums or other charges in an
                amount greater than that which Executive would have paid in
                order to participate in Company's plans and policies.
                (iii)   All such Bonuses and Other Compensation as provided for
                in Section 8 above, it being understood, however, that all such
                payments due, if made pursuant to this clause shall be paid in
                cash within thirty (30) days of the date of termination. All
                stock options granted by Company to Executive under any
                provision of Section 8 or granted by Company to Executive prior
                to the date hereof will accelerate and become immediately
                exercisable;
                (iv)    Company shall pay Executive a sum to pay for a Country
                Club membership dues for one (1) year;
                (v)     Company shall transfer to Executive title of the
                personal car, furnished Executive by Company, in use at the time
                of the termination.

        10.3    For purposes of this Agreement, material breach and good cause
        shall mean willful misconduct in following the legitimate directions of
        the compensation committee of the Board of Directors; commission of a
        significant act of dishonesty, deceit or breach of fiduciary duty in the
        performance of Executive's duties; gross misappropriation of Company
        funds or property; habitual drunkenness; excessive absenteeism not
        related to illness, sick leave or vacations. Provided, however,
        Executive shall be entitled to notice of any acts which the Board
        considers to be misconduct or excessive absenteeism as described in this
        paragraph. Such notice shall include the specifics of the basis for
        possible termination and shall be communicated to Executive in writing
        at least thirty (30) days prior to any such intended termination. Prior
        to any such termination, if requested before the effective date of the
        intended termination, Executive shall be given a reasonable period of
        time in which to show that he has corrected any specified deficiencies.
        Upon the cure or remedy of such deficiencies, the Company shall rescind
        its notice of termination. If there is any question about the effective
        correction of the deficiencies, a decision will be sought from a lawyer
        agreed to by Company and Executive. If the Company and Executive cannot
        agree on a lawyer, each will pick a lawyer who will together pick a
        lawyer who will render a decision.

        If this agreement is terminated for material breach or good cause,
        Executive shall be entitled to:
                (i)     All Company insured and self insured medical and dental
                plans in which Executive was participating immediately prior to
                termination; and
                (ii)    The group individual life insurance and disability
                insurance policies of Company then in effect for Executive;
        provided, however, that if Company so elects, or such continued
        participation is not possible under the general terms and conditions of
        such plans or under such policies, Company shall, in lieu of the
        foregoing, arrange to have issued for the benefit of Executive and
        Executive's dependents equivalent benefits (on an after-tax basis);
        provided, further that, in no event shall Executive be required to pay
        any premiums or other charges in an amount greater than that which
        Executive would have paid in order to participate in Company's plans and
        policies.

        Entitlement of (i) and (ii) of this section shall be maintained in
        effect for the continued benefit of Executive and his dependents for a
        period of six (6) months after the date of termination or until the
        commencements of each equivalent benefit from Executive's new employer,
        but not to be provided longer than six (6) months.

        10.4    Company shall be entitled to terminate this Agreement without
        cause upon ninety (90) days written notice to Executive. If Company
        shall so terminate this Agreement, Executive shall be entitled to:

                (i)     All Company insured and self insured medical and dental
                plans in which Executive was participating immediately prior to
                termination; and

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DRAFT ONE 3/24/2003
                (ii)    The group individual life insurance and disability
                insurance policies of Company then in effect for Executive;
                provided, however, that if Company so elects, or such continued
                participation is not possible under the general terms and
                conditions of such plans or under such policies, Company shall,
                in lieu of the foregoing, arrange to have issued for the benefit
                of Executive and Executive's dependents equivalent benefits (on
                an after-tax basis); provided, further that, in no event shall
                Executive be required to pay any premiums or other charges in an
                amount greater than that which Executive would have paid in
                order to participate in Company's plans and policies.

        Entitlement of (i) and (ii) of this section shall be maintained in
        effect for the continued benefit of Executive and his dependents for a
        period of three (3) years after the date of termination or until the
        commencement of each equivalent benefit from Executive's new employer,
        but not to be provided longer than three (3) years after the date of
        termination.
                (iii)   A furnished office, equivalent to his Company office,
                from which to operate for a period of one (1) year or until
                Executive accepts employment with another employer, which ever
                occurs first. Executive's office will be provided, at Company's
                expense, with a desk; credenza; conference table; phone; access
                to fax for outgoing and incoming faxes; computer, software, and
                printer. All of the above will be equivalent to what Executive
                was using at the time of termination.
                (iv)    A cash payment equal to the present value (based on a
                discount rate of 8%) of Executive's annual base salary hereunder
                for the remainder of the term of the Agreement, or for one (1)
                year, which ever is longer, payable within thirty (30) days of
                the date of such termination;
                (v)     All such Bonuses and Other Compensation as provided for
                in Section 8 above, it being understood, however, that all such
                payments due, if made pursuant to this clause shall be paid in
                cash within thirty (30) days of the date of termination. All
                stock options granted by Company to Executive under any
                provision of Section 8 or granted by Company to Executive prior
                to the date hereof will accelerate and become immediately
                exercisable;
                (vi)    A sum as reimbursement for reasonable out-of-pocket
                expenses incurred for third-party professional financial and tax
                advice provided by a licensed professional of Executive's choice
                for a period of three (3) years after the date of termination,
                sum not to exceed, in any one year, twenty-five percent (25%)
                and in the aggregate, seventy-five percent (75%) of Executive's
                base salary, as provided in Section 8;
                (vii)   A sum as reimbursement for reasonable out-of-pocket
                expenses incurred for out-placement advice and counseling
                provided by a professional placement agency and/or recruiter of
                Executive's choice for a period of twelve (12) months after date
                of termination, sum not to exceed fifty percent (50%) of
                Executive's base salary, as provided in Section 8;
                (viii)  Company shall pay Executive a sum to pay for a Country
                Club membership dues for one (1) year;
                (ix)    Company shall transfer to Executive title of the
                personal car, furnished Executive by Company, in use at the time
                of the termination.

        10.5    Company shall be entitled to terminate this Agreement during the
        period of automatic extension of the term as set forth in Section 1.1,
        by giving written notice to Executive of the Company's intention to have
        the term of this Agreement expire one year from the date of such
        notification. If Company shall so terminate this agreement, Executive
        shall be entitled only to those benefits provided under existing law.

        10.6    Company may purchase life insurance to cover all or any part of
        its obligations contained in this paragraph and Executive agrees to take
        a physical examination to facilitate the placement of such insurance. In
        the event that Executive is uninsurable, Company may elect to disperse
        the funds due in equal monthly payments over the remaining period of the
        year due, or if less than six (6) months, over a period of twelve (12)
        consecutive months.

11.     TERMINATION BY EXECUTIVE

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        11.0    Executive shall have the right to terminate this Agreement under
        the following circumstances:
                (i)     Upon MATERIAL BREACH or GOOD CAUSE; and
                (ii)    Upon WRITTEN NOTICE TO THE CHIEF EXECUTIVE OFFICER
                WITHOUT CAUSE.

        11.1    For purposes of this Agreement, a material breach by Company of
        the terms of this Agreement shall entitle Executive, upon written notice
        to the Board of Directors, to terminate his services under this
        Agreement effective thirty (30) days from and after receipt of such
        notice by Board. Such notice shall include a specific description of
        such breach and Board shall have until the effective date of the notice
        to cure or remedy such breach. Upon the cure or remedy of such breach,
        Executive shall rescind his notice of termination. For purposes of this
        Agreement, a termination for good cause by Executive shall be based upon
        the following action by the Board: a failure, without good cause or
        Executive's consent to continue Executive as Chairman and Chief
        Executive Officer of Company and a director of Company; a failure,
        without good cause or Executive's consent to continue to vest Executive
        with the power and authority of Chairman and Chief Executive Officer of
        Company; the loss, without good cause or Executive's consent, of any
        significant duties or responsibilities attending such office. Provided,
        however, Executive shall have the exclusive right and option to approve
        any resulting salary and benefits, title, duties and responsibilities of
        Executive if Company is (or substantially all of its assets are) sold to
        or combined with another entity and Executive is offered continuing
        employment with such entity. Upon the failure of Executive to approve
        any such resulting salary and benefits, title, duties and
        responsibilities he shall be deemed to have elected to terminate this
        Agreement for a good cause. Upon the occurrence of any happening which
        would authorize Executive to terminate his employment for good cause,
        Executive shall notify Board in writing within sixty (60) days following
        such occurrence or Executive shall be deemed to have waived his right to
        terminate this Agreement for such occurrence. Board shall have until the
        effective date of the notice to cure or remedy such good cause
        occurrence. Upon the cure or remedy of such good cause occurrence,
        Executive shall rescind his notice of termination. Upon termination of
        employment by Executive for material breach or good cause, Executive
        shall be entitled to:

                (i)     All company insured and self insured medical and dental
                plans in which Executive was participating immediately prior to
                termination; and
                (ii)    The group individual life insurance and disability
                insurance policies of Company then in effect for Executive;
                provided, however, that if Company so elects, or such continued
                participation is not possible under the general terms and
                conditions of such plans or under such policies, Company shall,
                in lieu of the foregoing, arrange to have issued for the benefit
                of Executive and Executive's dependents equivalent benefits (on
                an after-tax basis); provided, further that, in no event shall
                Executive be required to pay any premiums or other charges in an
                amount greater than that which Executive would have paid in
                order to participate in Company's plans and policies.

        Entitlement of (i) and (ii) of this section shall be maintained in
        effect for the continued benefit of Executive and his dependents for a
        period of three (3) years after the date of termination or until the
        commencement of each equivalent benefit from Executive's new employer,
        but not to be provided longer than three (3) years after the date of
        termination.

                (iii)   A furnished office, equivalent to his Company office,
                from which to operate for a period of one (1) year or until
                Executive accepts employment with another employer, which ever
                occurs first. Executive's office will be provided, at Company
                expense, with a desk; credenza; conference table; phone; access
                to fax for outgoing and incoming faxes; computer, software, and
                printer. All the above will be equivalent to what Executive was
                using at the time of termination;
                (iv)    A cash payment equal to the present value (based on a
                discount rate 8%) of Executive's base salary hereunder for the
                remainder of the term of the Agreement, or for one (1) year,
                which ever is longer, payable within thirty (30) days of the
                date of such termination;
                (v)     All such Bonuses and Other Compensation as provided for
                the Section 8 above, it being understood, however, that all such
                payments due, if made pursuant to this clause shall be paid in
                cash within thirty (30) days of the date of termination. All
                stock options granted by Company to

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DRAFT ONE 3/24/2003
                Executive under any provision of Section 8 or granted by Company
                to Executive prior to the date hereof will accelerate and become
                immediately exercisable;
                (vi)    A sum as reimbursement for reasonable out-of-pocket
                expenses incurred for third-party professional financial and tax
                advice provided by a licensed professional of Executive's choice
                for a period of three (3) years after date of termination, sum
                not to exceed, in any one year, twenty five percent (25%) and in
                the aggregate, seventy five percent (75%) of Executive's base
                salary, as provided in Section 8;
                (vii)   A sum as reimbursement for reasonable out-of-pocket
                expenses incurred for out-placement advice and counseling
                provided by a professional placement agency and/or recruiter of
                Executive's choice for a period of twelve (12) months after date
                of termination, sum not to exceed fifty (50) percent of
                Executive's base salary;
                (viii)  Company shall pay Executive a sum to pay for Country
                Club membership dues for one (1) year; and
                (ix)    Company shall transfer to Executive title of the
                personal car, furnished Executive by company, in use at the time
                of the termination.

        11.2    Company may purchase life insurance to cover all or any part of
        its obligations contained in this paragraph and Executive agrees to take
        a physical examination to facilitate the placement of such insurance. In
        the event that Executive is uninsurable, Company may elect to disperse
        the funds due in equal monthly payments over the remaining period of the
        year due, or if less than six (6) months, over a period of twelve (12)
        consecutive months.

        11.3    Executive shall be entitled to terminate this Agreement without
        cause upon ninety (90) days written notice to Company. If Executive
        shall so terminate this Agreement, Executive shall be entitled to those
        benefits provided under existing law.

        11.4    If Company is (or substantially all of its assets are) sold to
                or combined with another entity, Executive shall have the
                exclusive right and option to approve any resulting salary,
                benefits, title, duties and/or responsibilities of Executive if
                the entity offers Executive continuing employment with the
                entity or in the alternative Executive shall be entitled to
                terminate this Agreement for good cause and shall have all of
                the entitlements set forth in Section 11.1 (i) through (ix)
                except the entitlement provided for in (iv) which shall be void
                in these circumstances and the following shall be substituted
                therefore; "(iv) A cash payment equal to the present value
                (based upon a discount rate of 8%) of Executives base after-tax
                salary hereunder for the remainder of the term of this
                Agreement, or for three (3) years, which ever is longer, payable
                within thirty days of the date of such termination." Executive
                shall also be entitled to:
                (i)     All Company insured and self insured medical and dental
                plans in which Executive was participating immediately prior to
                termination; and
                (ii)    The group individual life insurance and disability
                insurance policies of Company then in effect for Executive;
                provided, however, that if Company so elects, or such continued
                participation is not possible under the general terms and
                conditions of such plans or under such policies, Company shall,
                in lieu of the foregoing, arrange to have issued for the benefit
                of Executive and Executive's dependents equivalent benefits (on
                an after-tax basis); provided, further that, in no event shall
                Executive be required to pay any premiums or other charges in an
                amount greater than that which Executive would have paid in
                order to participate in Company's plans and policies.

        Entitlement of (i) and (ii) of this section shall be maintained in
        effect for the continued benefit of Executive and his dependents for a
        period of three (3) years after the date of termination or until the
        commencement of each equivalent benefit from Executive's new employer,
        but not to be provided longer than three (3) years after the date of
        termination.

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DRAFT ONE 3/24/2003
                (iii)   A furnished office, equivalent to his Company office,
                from which to operate for a period of one (1) year or until
                Executive accepts employment with another employer, which ever
                occurs first. Executive's office will be provided, at Company's
                expense, with a desk; credenza; conference table; phone; access
                to fax for outgoing and incoming faxes; computer, software, and
                printer. All of the above will be equivalent to what Executive
                was using at the time of termination.
                (iv)    All such Bonuses and Other Compensation as provided for
                in Section 8 above, it being understood, however, that all such
                payments due, if made pursuant to this clause shall be paid in
                cash within thirty (30) days of the date of termination. All
                stock options granted by Company to Executive under any
                provision of Section 8 or granted by Company to Executive prior
                to the date hereof will accelerate and become immediately
                exercisable;
                (v)     A sum as reimbursement for reasonable out-of-pocket
                expenses incurred for third-party professional financial and tax
                advice provided by a licensed professional of Executive's choice
                for a period of three (3) years after the date of termination,
                sum not to exceed, in any one year, twenty-five percent (25%)
                and in the aggregate, seventy-five percent (75%) of Executive's
                base salary, as provided in Section 8;
                (vi)    A sum as reimbursement for reasonable out-of-pocket
                expenses incurred for out-placement advice and counseling
                provided by a professional placement agency and/or recruiter of
                Executive's choice for a period of twelve (12) months after date
                of termination, sum not to exceed fifty percent (50%) of
                Executive's base salary, as provided in Section 8;
                (vii)   Company shall pay Executive a sum to pay for a Country
                Club membership dues for one (1) year;
                (viii)  Company shall transfer to Executive title of the
                personal car, furnished Executive by Company, in use at the time
                of the termination.

12.     CONSEQUENCES OF BREACH

        12.0    If this Agreement is terminated pursuant to Section 11.01
        hereof, or if Company shall terminate Executive's employment under this
        Agreement in any other way that is a breach of this Agreement by
        Company, the following shall apply:
                (i)     The parties believe that because of the limitations of
                Section 11 the payments to Executive do not constitute "Excess
                Parachute Payments" under Section 280G of the Internal Revenue
                Code of 1954, as amended (the "Code"). Notwithstanding such
                belief, if any benefit under the preceding paragraph is
                determined to be an "Excess Parachute Payment" Company shall pay
                Executive an additional amount ("Tax Payment") such that (x) the
                excess of all Excess Parachute Payments (including payments
                under this sentence) over the sum of excise tax thereon under
                Section 4999 of the Code and income tax thereon under Subtitle A
                of the Code and under applicable state law is equal to (y) the
                excess of all Excess Parachute Payments (excluding payments
                under this sentence) over income tax thereon under Subtitle A of
                the Code and under applicable state law.

13.     MITIGATION AND OFFSET

        13.0    Executive shall not be required to mitigate the amount of any
        payment provided for in this Agreement by seeking employment or
        otherwise, nor to offset the amount of any payment provided for in this
        Agreement by amounts earned as a result of Executive's employment or
        self-employment during the period he is entitled to such payment.

14.     TAX "GROSS-UP" PROVISION

        14.0    If any payment due Executive under this Agreement results in
        Executive's liability for an excise tax ("parachute tax") under Section
        49 of the Internal Revenue Code of 1986, as amended (the "Code"), the
        Company will pay to Executive, after deducting any Federal, state or
        local income tax imposed on the

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DRAFT ONE 3/24/2003
        payment, an amount sufficient to fully satisfy the "parachute tax"
        liability. Such payment shall be made to Executive no later than thirty
        (30) days prior to the due date of the "parachute tax".

15.     REMEDIES

        15.0    Company recognizes that because of Executive's special talents,
        stature and opportunities in the financial services industry, in the
        event of termination by Company hereunder (except under Section 10.0),
        or in the event of termination by Executive under Section 11, before the
        end of the agreed term, Company acknowledges and agrees that the
        provisions of this Agreement regarding further payments of base salary,
        bonuses and the exerciseability of stock options constitute fair and
        reasonable provisions for the consequences of such termination, do not
        constitute a penalty, and such payments and benefits shall not be
        limited or reduced by amounts Executive might earn or be able to earn
        from any other employment or ventures during the remainder of the agreed
        term of this Agreement.

16.     BINDING AGREEMENT

        16.0    This Agreement shall be binding upon and inure to the benefit of
        Executive, his heirs, distributes and assigns and company, its
        successors and assigns. Executive may not, without the express written
        permission of the Company, assign or pledge any rights or obligations
        hereunder to any person, firm or corporation.

17.     ARBITRATION

        17.0    Company and Executive agree that any dispute or claim concerning
        this Agreement, or the terms and conditions of employment under this
        Agreement, shall be settled by arbitration. The arbitration proceedings
        will be conducted under the Commercial Arbitration Rules of the American
        Arbitration Association in effect at the time a demand for arbitration
        under the Rules is made. The decision of the arbitrators, including
        determination of the amount of any damages suffered, will be exclusive,
        final and binding on Company and Executive, their heirs, executors,
        administrators, successors and assigns. Each party will bear that
        party's own expenses in the arbitration proceedings for arbitrators'
        fees and attorney fees, for that party's witnesses, and other expenses
        of presenting the case. Other arbitration costs, including
        administrative fees and fees for records or transcripts, will be borne
        equally by Company and Executive.

18.     AMENDMENT; WAIVER

        18.0    This instrument contains the entire agreement of the parties
        with respect to the employment of Executive by Company and supersedes
        any prior Agreement between Company and Executive (it being understood,
        however, that this agreement shall not affect any stock options granted
        to Executive prior to the date hereof). No amendment or modification of
        this Agreement shall be valid unless evidenced by a written instrument
        executed by the parties hereto. No waiver by either party of any breach
        by the other party of any provision or condition of this Agreement shall
        be deemed a waiver of any similar or dissimilar provision or condition
        at the same or any prior or subsequent time.

19.     GOVERNING LAW

        19.0    This Agreement shall be governed by and construed in accordance
        with the laws of the State of Kansas.

20.     NOTICES

        20.0    All notices which a party is required or may desire to give to
        the other party under or in connection with this Agreement shall be
        given in writing by addressing the same to the other party as follows:

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DRAFT ONE 3/24/2003

        If to Executive, to:
                           Robert J. Weatherbie
                           2205 Lakeview Drive
                           Paola, Kansas 66071

                If to Company, to:
                           Team Financial, Inc.
                           Chairman of Compensation Committee
                           8 West Peoria
                           Paola, Kansas 66071

        or at such other place as may be designated in writing by like notice.
        Any notice shall be deemed to have been given within forty-eight (48)
        hours after being addressed as required herein and deposited,
        first-class postage prepaid, in the United States mail.

IN WITNESS THEREOF, the parties have executed this agreement this ________ day
of ________________, 2003, effective as of the day and year first above written.

                         TEAM FINANCIAL, INC.


                         By:
                            Chairman of Compensation Committee

                         ROBERT J. WEATHERBIE


                         Executive
                                TABLE OF CONTENTS

<Table>
<Caption>
Section                                                                                                    Page No.
-------                                                                                                    --------
<S>                                                                                                               <C>
 1.      Term of Agreement and Definitions....................................................................... 1

 2.      Entire Agreement........................................................................................ 2

 3.      Validity...............................................................................................  2

 4.      Paragraphs and other headings............................................................................2

 5.      Successors...............................................................................................2

 6.      Designation of beneficiaries.............................................................................2

 7.      Duties...................................................................................................3

 8.      Salary, Bonus, Benefits, Additional Compensation.........................................................3

 9.      Protection of Company's Interests........................................................................5

10.      Termination by Company...................................................................................5
</Table>

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DRAFT ONE 3/24/2003

<Table>
<S>                                                                                                              <C>
11.      Termination by Executive.................................................................................8

12.      Consequences of Breach...................................................................................9

13.      Mitigation and Offset...................................................................................10

14.      Tax "Gross-Up" Provision................................................................................10

15.      Remedies................................................................................................10

16.      Binding Agreement.......................................................................................10

17.      Arbitration.............................................................................................10

18.      Amendment; Waiver.......................................................................................10

19.      Governing Law...........................................................................................11

20.      Notices.................................................................................................11

Signatures.......................................................................................................11
</Table>

                                       (i)