EXHIBIT 10t.
                      EXECUTIVE CHANGE OF CONTROL AGREEMENT


         This EXECUTIVE CHANGE OF CONTROL AGREEMENT is made as of July 12, 2001,
by and between WINNEBAGO INDUSTRIES, INC., an Iowa corporation (the "Company"),
and William J. O'Leary (the "Executive").

                                    RECITALS:

         WHEREAS, the Executive is a senior executive and officer of the Company
and has made and is expected to continue to make major contributions to the
profitability, growth and financial strength of the Company;

         WHEREAS, the Company recognizes that, as is the case for most publicly
held companies, the possibility of a Change of Control (as hereafter defined)
exists;

         WHEREAS, it is in the best interests of the Company, considering the
past and future services of the Executive, to improve the security and climate
for objective decision making by providing for the personal security of the
Executive upon a Change of Control.

         NOW, THEREFORE, in consideration of the foregoing premises and the past
and future services rendered and to be rendered by the Executive to the Company
and of the mutual covenants and agreements hereinafter set forth, the parties
agree as follows:

                               A G R E E M E N T:

         1. CONTINUED SERVICE BY EXECUTIVE. In the event a person or entity, in
order to effect a Change of Control, commences a tender or exchange offer,
circulates a proxy to shareholders or takes other steps, the Executive agrees
that the Executive will not voluntarily leave the employ of the Company, and
will render faithful services to the Company consistent with Executive's
position and responsibilities, until the person or entity has abandoned or
terminated its efforts to effect such Change of Control or until such Change of
Control has occurred.

         2. CHANGE OF CONTROL. For purposes of this Agreement, the term "Change
of Control" means the time when (i) any Person becomes an Acquiring Person, or
(ii) individuals who shall qualify as Continuing Directors of the Company shall
have ceased for any reason to constitute at least a majority of the Board of
Directors of the Company; PROVIDED HOWEVER, that in the case of either clause
(i) or (ii) a Change of Control shall not be deemed to have occurred if the
event shall have been approved prior to the occurrence thereof by a majority of
the Continuing Directors who shall then be members of such Board of Directors,
and in the case of clause (i) a Change of Control shall not be deemed to have
occurred upon the acquisition of stock of the Company by a pension, profit
sharing, stock bonus, employee stock ownership plan or other retirement plan
intended to be qualified under Section 401(a) of the Internal Revenue Code of
1986, as amended, established by the Company or any subsidiary of the Company.
(In addition, stock held by such a plan shall not be treated as outstanding in
determining ownership percentages for purposes of this definition.)

         For the purpose of the foregoing definition of "Change of Control," the
capitalized terms shall have the following meanings:

<PAGE>


         (a)      "Continuing Director" means (i) any member of the Board of
                  Directors of the Company, while such person as a member of the
                  Board, who is not an Affiliate or Associate of any Acquiring
                  Person or of any such Acquiring Person's Affiliate or
                  Associate and was a member of the Board prior to the time when
                  such Acquiring Person shall have become an Acquiring Person,
                  and (II) any successor of a Continuing Director, while such
                  successor is a member of the Board, who is not an Acquiring
                  Person or any Affiliate or Associate of any Acquiring Person
                  or a representative or nominee of an Acquiring Person or of
                  any affiliate or associate of such Acquiring Person and is
                  recommended or elected to succeed the Continuing Director by a
                  majority of the Continuing Directors.

         (b)      "Acquiring Person" means any Person or any individual or group
                  of Affiliates or Associates of such Person who acquires
                  beneficial ownership, directly or indirectly, of 20% or more
                  of the outstanding stock of the Company if such acquisition
                  occurs in whole or in part following January 17, 2001, except
                  that the term "Acquiring Person" shall not include a Hanson
                  Family Member or an Affiliate or Associate of a Hanson Family
                  Member.

         (c)      "Affiliate" means a Person that directly or indirectly through
                  one or more intermediaries, controls, or is controlled by, or
                  is under common control with, the person specified.

         (d)      "Associate" means (1) any corporate, partnership, limited
                  liability company, entity or organization (other than the
                  Company or a majority-owned subsidiary of the Company) of
                  which such a Person is an officer, director, member, or
                  partner or is, directly or indirectly the beneficial owner of
                  ten percent (10%) or more of the class of equity securities,
                  (2) any trust or fund in which such person has a substantial
                  beneficial interest or as to which such person serves as
                  trustee or in a similar fiduciary capacity, (3) any relative
                  or spouse of such person, or any relative of such spouse, or
                  (4) any investment company for which such person or any
                  Affiliate of such person serves as investment advisor.

         (e)      "Hanson Family Member" means John K. Hanson (deceased) and
                  Luise V. Hanson (and the executors or administrators of their
                  estates), their lineal descendants (and the executors or
                  administrators of their estates), the spouses of their lineal
                  descendants (and the executors or administrators of their
                  estates) and the John K. and Luise V. Hanson Foundation.

         (f)      "Person" means an individual, corporation, limited liability
                  company, partnership, association, joint stock company, trust,
                  unincorporated organization or government or political
                  subdivision thereof.

         3. SPECIAL BENEFITS EFFECTIVE IMMEDIATELY UPON A CHANGE OF CONTROL. If
a Change of Control shall have occurred while the Executive is still an employee
of the Company, then the Executive shall immediately be entitled to the
following benefits:

                  (a) IMMEDIATE VESTING OF ALL STOCK OPTIONS AND RIGHTS. All
options and rights granted to the Executive by the Company pursuant to the
Company's Stock Option Plan effective as of August 14, 1997, or any successor or
supplemental stock plan shall become immediately exercisable upon a Change of
Control.

                  (b) EXECUTIVE SPLIT DOLLAR LIFE INSURANCE PROGRAM. If the
Executive is a participant under the Company's Executive Split Dollar Life
Insurance Program at the time of a Change of Control and the Company has paid
any portion of the premium on the policy or policies issued in connection
therewith during the twelve months preceding the occurrence of the Change of
Control, then the Company shall continue to pay all premiums on such policies so
long as the Executive remains in the employ of the Company.

<PAGE>


                  (c) RETIREE HEALTH INSURANCE. Any plans or policies of the
Company providing for medical, dental, vision or similar benefits for retired
employees existing as of the time of a Change of Control shall, as to the
Executive, not be rescinded or modified in any manner which is adverse to the
Executive following a Change of Control.

                  (d) RESTRICTED STOCK. All nonregistered stock of the Company
owned by the Executive, which is subject to restrictions on sale or other
transfer, shall, at the option of the Executive (exercisable at any time by the
delivery of written notice to the Company) be purchased by the Company at its
fair market value. The purchase shall be completed by the Company within thirty
(30) days after the Company receives the written notice of exercise from the
Executive. So long as the Company's stock is traded on the New York Stock
Exchange (the "NYSE"), the "fair market value" shall be the mean between the
highest and lowest reported selling prices as reported by the NYSE on the
business day immediately preceding the day of sale.

         4. OTHER BENEFITS EFFECTIVE IMMEDIATELY UPON A CHANGE OF CONTROL
PURSUANT TO PLAN DOCUMENTS. It is acknowledged that there presently exist other
plans and agreements of the Company which may provide benefits to the Executive
and which contain specific provisions dealing with the occurrence of a change of
control of the Company (as defined in such plan or agreement). Following a
Change of Control, no such plan or agreement shall be rescinded or modified in
any manner which is adverse to the Executive. Such other plans and agreements of
the Company shall mean: (a) the Executive Share Option Program; (b) the Officers
Long-Term Incentive Plan; (c) the Deferred Compensation and Deferred Bonus
Plans; and (d) the Officers Incentive Compensation Plan. Nothing herein shall be
construed to affect the Company's right and ability to terminate or amend any
such plan or agreement (subject to the terms thereof) prior to a Change of
Control.

         5. TERMINATION FOLLOWING A CHANGE OF CONTROL. If a Change of Control
shall have occurred while the Executive is still an employee of the Company, and
if the Executive's employment with the Company is terminated, within three years
following such Change of Control, then the Executive shall be entitled to the
compensation and benefits provided in Sections 6 and 7, unless such termination
is a result of: (a) the Executive's death; (b) the Executive's Disability [as
defined in Section S(a) below]; (c) the Executive's Retirement [as defined in
Section 5(b) below]; (d) the Executive's termination by the Company for Cause
[as defined in Section S(c) below]; or (e) the Executive's decision to terminate
employment other than for Good Reason [as defined in Section 5(d) below].

                  (a) DISABILITY. If, as a result of the Executive's incapacity
due to physical or mental illness, the Executive shall have been absent from his
duties with the Company on a full-time basis for six months and within 30 days
after written notice of termination is thereafter given by the Company the
Executive shall not have returned to the full-time performance of the
Executive's duties, the Company may terminate the Executive for "Disability."

                  (b) RETIREMENT. The term "Retirement" as used in this
Agreement shall mean termination by the Company or the Executive of the
Executive's employment based on the Executive having attained the age of 65 or
such other age as shall have been fixed in any arrangement established with the
Executive's consent with respect to the Executive.

<PAGE>


                  (c) CAUSE. The Company may terminate the Executive's
employment for Cause. For purposes of this Agreement only, the Company shall
have "Cause" to terminate the Executive's employment hereunder only on the basis
of (i) fraud, misappropriation or embezzlement on the part of the Executive; or
(ii) intentional misconduct or gross negligence on the part of the Executive
which has resulted in material harm to the Company. Notwithstanding the
foregoing, the Executive shall not be deemed to have been terminated for Cause
unless and until there shall have been delivered to the Executive a copy of a
resolution duly adopted by the affirmative vote of not less than three-quarters
of the entire membership of the Company's Board of Directors at a meeting of the
Board called and held for the purpose (after reasonable notice to the Executive
and an opportunity for the Executive, together with the Executive's counsel, to
be heard before the Board), finding that in the good faith opinion of the Board
the Executive was guilty of conduct set forth in the second sentence of this
Section 5(c) and specifying the particulars thereof in detail. Nothing herein
shall limit the right of the Executive or his beneficiaries to contest the
validity or propriety of any such determination.

                  (d) GOOD REASON. The Executive may terminate the Executive's
employment for Good Reason at any time during the term of this Agreement. For
purposes of this Agreement, "Good Reason" shall mean any of the following
(without the Executive's express written consent):

                  (i) the assignment to the Executive by the Company of duties
         inconsistent with the Executive's position, duties, responsibilities
         and status with the Company immediately prior to a Change in Control of
         the Company, or a change in the Executive's titles or offices as in
         effect immediately prior to a Change in Control of the Company, or any
         removal of the Executive from or any failure to reelect the Executive
         to any of such positions, except in connection with the termination of
         his employment for Disability, Retirement or Cause or as a result of
         the Executive's death or by the Executive other than for Good Reason;

                  (ii) a reduction by the Company in the Executive's base salary
         as in effect on the date hereof or as the same may be increased from
         time to time during the term of this Agreement or the Company's failure
         to increase (within 12 months of the Executive's last increase in base
         salary) the Executive's base salary after a Change in Control of the
         Company in an amount which at least equals, on a percentage basis, the
         average percentage increase in base salary for all officers of the
         Company effected in the preceding 12 months;

                  (iii) any failure by the Company to continue in effect any
         benefit plan or arrangement [including, without limitation, the
         Company's 401(K) plan, nonqualified deferred compensation plan, profit
         sharing plan, group life insurance plan, and medical, dental, accident
         and disability plans] in which the Executive is participating at the
         time of a Change of Control (or any other plans providing the Executive
         with substantially similar benefits) (hereinafter referred to as
         "Benefit Plans"), or the taking of any action by the Company which
         would adversely affect the Executive's participation in or materially
         reduce the Executive's benefits under any such Benefit Plan or deprive
         the Executive of any material fringe benefit enjoyed by the Executive
         at the time of a Change in Control of the Company;

                  (iv) any failure by the Company to continue in effect any
         incentive plan or arrangement (including, without limitation, the
         Company's Officers Incentive Compensation Plan, Officers Long-Term
         Incentive Plan, bonus and contingent bonus arrangements and credits and
         the right to receive performance awards and similar incentive
         compensation benefits) in which the Executive is participating at the
         time of a Change of Control (or any other plans or arrangements
         providing him with substantially similar benefits) (hereinafter
         referred to as "Incentive Plans") or the taking of any action by the
         Company which would adversely affect the Executive's participation in
         any such Incentive Plan or reduce the Executive's benefits under any
         such Incentive Plan, expressed as a percentage of his base


<PAGE>


         salary, by more than 10 percentage points in any fiscal year as
         compared to the immediately preceding fiscal year;

                  (v) any failure by the Company to continue in effect any plan
         or arrangement to receive securities of the Company in which the
         Executive is participating at the time of a Change of Control (or plans
         or arrangements providing him with substantially similar benefits)
         (hereinafter referred to as "Securities Plans") or the taking of any
         action by the Company which would adversely affect the Executive's
         participation in or materially reduce the Executive's benefits under
         any such Securities Plan;

                  (vi) a relocation of the Company's principal executive offices
         to a location outside of Forest City, Iowa, or the Executive's
         relocation to any place other than the location at which the Executive
         performed the Executive's duties prior to a Change in Control of the
         Company, except for required travel by the Executive on the Company's
         business to an extent substantially consistent with the Executive's
         business travel obligations at the time of a Change in Control of the
         Company;

                  (vii) any failure by the Company to provide the Executive with
         the number of paid vacation days to which the Executive is entitled at
         the time of a Change in Control of the Company;

                  (viii) any material breach by the Company of any provision of
         this Agreement;

                  (ix) any failure by the Company to obtain the assumption of
         this Agreement by any successor or assign of the Company; or

                  (x) any purported termination of the Executive's employment
         which is not effected pursuant to a Notice of Termination satisfying
         the requirements of Section 3(f), and for purposes of this Agreement,
         no such purported termination shall be effective.

                  (e) NOTICE OF TERMINATION. Any termination by the Company
pursuant to Section 5(a), (b) or (c) shall be communicated by a Notice of
Termination. For purposes of this Agreement, a "Notice of Termination" shall
mean a written notice which shall indicate those specific termination provisions
in this Agreement relied upon and which sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the
Executive's employment under the provisions so indicated. For purposes of this
Agreement, no such purported termination by the Company shall be effective
without such Notice of Termination.

                  (f) DATE OF TERMINATION. "Date of Termination" shall mean (a)
if this Agreement is terminated by the Company for Disability, 30 days after
Notice of Termination is given to the Executive (provided that the Executive
shall not have returned to the performance of the Executive's duties on a
full-time basis during such 30-day period) or (b) if the Executive's employment
is terminated by the Company for any other reason, the date on which a Notice of
Termination is given; PROVIDED that if within 30 days after any Notice of
Termination is given to the Executive by the Company the Executive notifies the
Company that a dispute exists concerning the termination, the Date of
Termination shall be the date the dispute is finally determined, whether by
mutual agreement by the parties or upon final judgment, order or decree of a
court of competent jurisdiction (the time for appeal therefrom having expired
and no appeal having been perfected).

         6. SEVERANCE COMPENSATION UPON TERMINATION OF EMPLOYMENT. If the
Company shall terminate the Executive's employment other than pursuant to
Section 5(a), (b) or (c) or if the Executive shall terminate his employment for
Good Reason, then the Company shall pay to the Executive as severance pay in a
lump sum, in cash, on the fifth day following the Date of Termination, an amount
equal to three (3) times the average of the aggregate annual

<PAGE>


compensation paid to the Executive during the three (3) fiscal years of the
Company immediately preceding the Change of Control by the Company subject to
United States income taxes [or, such fewer number of fiscal years if the
Executive has not been employed by the Company during each of the preceding
three (3) fiscal years].

         7. ADDITIONAL BENEFITS UPON TERMINATION. If within three years
following a Change of Control, the Company shall terminate the Executive's
employment other than pursuant to Section 5(a), 5(b) or 5(c) or if the Executive
shall terminate his employment for Good Reason, then the Company shall further
provide to the Executive the following benefits:

                  (a) LIFE, DENTAL, VISION, HEALTH AND LONG-TERM DISABILITY
COVERAGE. The Executive's participation in, and entitlement to, benefits under:
(i) all life insurance plans of the Company; (ii) all health insurance plans of
the Company, including but not limited to those providing major medical and
hospitalization benefits, dental benefits and vision benefits; and (iii) the
Company's long-term disability plan or plans; as all such plans existed
immediately prior to the Change of Control shall continue as though the
Executive remained employed by the Corporation for an additional period of three
(3) years or until the obtainment of such coverages by the Executive through
another employer, whichever is earlier; provided, however, that in the case of
all health insurance plans of the Company (including but not limited to those
providing major medical and hospitalization benefits, dental benefits and vision
benefits), such three (3) year period shall be extended to the time that the
Executive attains age 65 [and provided further that the Executive may then be
entitled to certain retiree health insurance under Section 3(c) hereof]. To the
extent such participation or entitlement is not possible for any reason
whatsoever, equivalent benefits shall be provided by the Company to the
Executive.

                  (b) AUTOMOBILE BENEFIT. If the Executive is entitled to the
use of a Company-owned automobile at the time of a Change of Control, then title
to such automobile shall be transferred to the Executive (upon termination of
employment as described in Section 7 above) free and clear of all liens and
encumbrances (or, if the Company does not own such automobile at the time of
termination, then the Company shall arrange for the purchase, for the benefit of
the Executive, of a similar make, model and year of automobile).

                  (c) EXECUTIVE SPLIT-DOLLAR LIFE INSURANCE PROGRAM. Provided
that the Company is obligated, pursuant to Section 3(b) hereof, to pay premiums
on a policy or policies issued in favor of the Executive following a Change of
Control, then the Company shall, in the same manner, continue making such
premium payments until the later of (i) the Executive attains the age of 55; or
(ii) three (3) years following the Executive's termination of employment
(provided, however, that the Company shall not be obligated to make any such
payments after the Executive attains age 65).

                  (d) DEFERRED COMPENSATION PLANS. Any vesting requirement
imposed under the provisions of, or rules relating to, the Company's Deferred
Compensation and Deferred Bonus Plans, (including, but not limited to, vesting
conditions requiring that the Executive attain the age of 55 and/or complete
five years of service following a deferral) shall be waived and the Executive
shall be fully vested in all deferrals made under such plans.

         8. EXCISE TAX-ADDITIONAL PAYMENT.

                  (a) Notwithstanding anything in this Agreement or any written
or unwritten policy of the Company to the contrary, (i) if it shall be
determined that any payment or distribution by the Company to or for the benefit
of the Executive, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement, any other agreement between the Company
and the Executive or otherwise (a "Payment"), would be subject to the excise tax
imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, (the
"Code") or any interest or penalties with respect to such excise tax (such
excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the "Excise Tax"), or (ii) if the

<PAGE>


Executive shall otherwise become obligated to pay the Excise Tax in respect of a
Payment, then the Company shall pay to the Executive an additional payment (a
"Gross-Up Payment") in an amount such that after payment by the Executive of all
taxes (including any interest or penalties imposed with respect to such taxes),
including any Excise Tax, imposed upon the Gross-Up Payment, the Executive
retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon
such Payment.

                  (b) All determinations and computations required to be made
under this Section 8, including whether a Gross-Up Payment is required under
clause (ii) of paragraph 8(a) above, and the amount of any Gross-Up Payment,
shall be made by the Company's regularly engaged independent certified public
accountants (the "Accounting Firm"). The Company shall cause the Accounting Firm
to provide detailed supporting calculations both to the Company and the
Executive within 15 business days after such determination or computation is
requested by the Executive. Any initial Gross-Up Payment determined pursuant to
this Section 8 shall be paid by the Company to the Executive within five days of
the receipt of the Accounting Firm's determination. A determination that no
Excise Tax is payable by the Executive shall not be valid or binding unless
accompanied by a written opinion of the Accounting Firm to the Executive that
the Executive has substantial authority not to report any Excise Tax on his
federal income tax return. Any determination by the Accounting Firm shall be
binding upon the Company and the Executive, except to the extent the Executive
becomes obligated to pay an Excise Tax in respect of a Payment. In the event
that the Company or the subsidiary exhausts or waives its remedies pursuant to
paragraph 8(c) and the Executive thereafter shall become obligated to make a
payment of any Excise Tax, and if the amount thereof shall exceed the amount, if
any, of any Excise Tax computed by the Accounting Firm pursuant to this
paragraph 8(b) in respect to which an initial Gross-Up Payment was made to the
Executive, the Accounting Firm shall within 15 days after Notice thereof
determine the amount of such excess Excise Tax and the amount of the additional
Gross-Up Payment to the Executive. All expenses and fees of the Accounting Firm
incurred by reason of this Section 8 shall be paid by the Company.

                  (c) The Executive shall notify the Company in writing of any
claim by the Internal Revenue Service that, if successful, would require the
payment by the Company of a Gross-Up Payment. Such notification shall be given
as soon as practicable but no later than ten business days after the Executive
knows of such claim and shall apprise the Company of the nature of such claim
and the date on which such claim is requested to be paid. The Executive shall
not pay such claim prior to the expiration of the thirty-day period following
the date on which it gives such notice to the Company (or such shorter period
ending on the date that any payment of taxes with respect to such claim is due).
If the Company notifies the Executive in writing prior to the expiration of such
period that it desires to contest such claim, the Executive shall:

                  (i) give the Company any information reasonably requested
relating to such claim,

                  (ii) take such action in connection with contesting such claim
as the Company shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to such claim by
an attorney reasonably selected by the Company,

                  (iii) cooperate with the Company in good faith in order
effectively to contest such claim, and

                  (iv) permit the Company to participate in any proceedings
relating to such claim;

         PROVIDED, HOWEVER, that the Company shall bear and pay directly all
costs and expenses (including additional interest and penalties) incurred in
connection with such contest

<PAGE>


and shall indemnify and hold the Executive harmless, on an after-tax basis, for
any Excise Tax or income tax, including interest and penalties with respect
thereto, imposed as a result of such representation and payment of costs and
expenses. Without limitation on the foregoing provisions of this paragraph 8(c),
the Company shall control all proceedings taken in connection with such contest
and, at its sole option, may pursue or forgo any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of
such claim and may, at its sole option, either direct the Executive to pay the
tax claimed and sue for a refund or contest the claim in any permissible manner,
and the Executive agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more
appellate courts, as the Company or the subsidiary shall determine; PROVIDED,
HOWEVER, that if the Company or the subsidiary directs the Executive to pay such
claim and sue for a refund, the Company or the subsidiary shall advance the
amount of such payment to the Executive, on an interest-free basis and shall
indemnify and hold the Executive harmless, on an after-tax basis, from any
Excise Tax or income tax, including interest or penalties with respect thereto,
imposed with respect to such advance or with respect to any imputed income with
respect to such advance; and, FURTHER PROVIDED, that any extension of the statue
of limitations relating to payment of taxes for the taxable year of the
Executive with respect to which such contested amount is claimed to be due is
limited solely to such contested amount. Furthermore, control of the contest by
the Company shall be limited to issues with respect to which a Gross-Up Payment
would be payable hereunder and the Executive shall be entitled to settle or
contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

                  (d) If, after the receipt by the Executive of an amount
advanced by the Company or the subsidiary pursuant to paragraph 8(c), the
Executive becomes entitled to receive any refund with respect to such claim, the
Executive shall (subject to compliance with the requirements of Section 8 by the
Company or the subsidiary) promptly pay to the Company or the subsidiary the
amount of such refund (together with any interest paid or credited thereon after
taxes applicable thereto). If, after the receipt by the Executive of an amount
advanced by the Company or the subsidiary pursuant to paragraph 8(c), a
determination is made that the Executive shall not be entitled to any refund
with respect to such claim and the Company does not notify the Executive in
writing of its intent to contest such denial of refund prior to the expiration
of thirty days after such determination, then such advance shall be forgiven and
shall not be required to be repaid and the amount of such advance shall off-set,
to the extent thereof, the amount of Gross-Up Payment required to be paid.

         9. NO OBLIGATION TO MITIGATE DAMAGES; NO EFFECT ON OTHER CONTRACTUAL
RIGHTS.

                  (a) The Executive shall not be required to mitigate damages or
the amount of any payment provided for under this Agreement by seeking other
employment or otherwise, nor shall the amount of any payment provided for under
this Agreement be reduced by any compensation earned by the Executive as the
result of employment by another employer after the Date of Termination, or
otherwise.

                  (b) The provisions of this Agreement, and any payment provided
for hereunder, shall not reduce any amounts otherwise payable, or in any way
diminish the Executive's existing rights, or rights which would accrue solely as
a result of the passage of time, under any Benefit Plan, Incentive Plan or
Securities Plan, employment agreements or other contract, plan or arrangement.

         10. SUCCESSOR TO THE COMPANY.

                  (a) The Company will require any successor or assign (whether
direct or indirect, by purchase, merger, consolidation or otherwise) of all or
substantially all of the business and/or assets of the Company, by agreement in
form and substance satisfactory to the Executive, expressly, absolutely and
unconditionally to assume and agree to perform this

<PAGE>


Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession or assignment had taken place. Any
failure of the Company to obtain such agreement prior to the effectiveness of
any such succession or assignment shall be a material breach of this Agreement
and shall entitle the Executive to terminate the Executive's employment for Good
Reason. As used in this Agreement, "Company" shall mean the Company as
hereinbefore defined and any successor or assign to its business and/or assets
as aforesaid which executes and delivers the agreement provided for in this
Section 10 or which otherwise becomes bound by all the terms and provisions of
this Agreement by operation of law.

                  (b) This Agreement shall inure to the benefit of and be
enforceable by the Executive's personal and legal representatives, executors,
administrators, successors, heirs, distributes, devisees and legatees. If the
Executive should die while any amounts are still payable to him hereunder, all
such amounts, unless otherwise provided herein, shall be paid in accordance with
the terms of this Agreement to the Executive's devisee, legatee, or other
designee or, if there be no such designee, to the Executive's estate.

         11. NO GUARANTY OF EMPLOYMENT. Nothing in this Agreement shall be
deemed to entitle the Executive to continued employment with the Company prior
to a Change of Control, and the rights of the Company to terminate the
employment of the Executive, prior to a Change of Control, shall continue as
fully as if this Agreement were not in effect.

         12. NOTICE. For purposes of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt registered, postage prepaid, as follows:

If to the Company:

         Attn: General Counsel
         Winnebago Industries, Inc.
         605 W. Crystal Lake Road
         P.O. Box 152
         Forest City, Iowa 50436

If to the Executive:

         William J. O'Leary
         765 - 11th Street Place
         Garner, Iowa 50438

or such other address as either party may have furnished to the other in writing
in accordance herewith, except that notices of change of address shall be
effective only upon receipt.

         13. MISCELLANEOUS. No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing signed by the Executive and the Company. No waiver by either party
hereto at any time of any breach by the other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time. No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject maker hereof have been made by either party which are not set forth
expressly in this Agreement. This Agreement shall be governed by and construed
in accordance with the laws of the State of Iowa.

         14. VALIDITY. The invalidity or unenforceability of any provisions of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

<PAGE>


         15. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

         16. LEGAL FEES AND EXPENSES. The Company shall pay all legal fees and
expenses which the Executive may incur as a result of the Company's contesting
the validity, enforceability or the Executive's interpretation of, or
determinations under, this Agreement.

         17. CONFIDENTIALITY. The Executive shall retain in confidence any and
all confidential information known to the Executive concerning the Company and
its business so long as such information is not otherwise publicly disclosed.

         IN WITNESS WHEREOF, the parties have executed this agreement on the
date set out above.


                                      COMPANY:

                                      WINNEBAGO INDUSTRIES, INC.


                                      By:
                                          --------------------------------------
                                          Bruce D. Hertzke
                                          Chairman of the Board, Chief Executive
                                          Officer and President


                                      EXECUTIVE:


                                      ------------------------------------------
                                      William J. O'Leary