Document:

Exhibit 10.1

EMPLOYMENT AGREEMENT

BETWEEN

TEAM FINANCIAL, INC.

AND

ROBERT J. WEATHERBIE

TABLE OF CONTENTS

	
  Section

  	
   

  	
  Page No.

  
	
   

  	
   

  	
   

  
	
  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

  	
  3

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Duties

  	
  3

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Salary, Bonus, Benefits, Additional Compensation

  	
  3

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Protection of Company’s Interests

  	
  5

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Termination by Company

  	
  5

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Termination by Executive

  	
  8

  
	
   

  	
   

  	
   

  
	
  12.

  	
  Consequences of Breach

  	
  10

  
	
   

  	
   

  	
   

  
	
  13.

  	
  Mitigation and Offset

  	
  11

  
	
   

  	
   

  	
   

  
	
  14.

  	
  Tax “Gross-Up” Provision

  	
  11

  
	
   

  	
   

  	
   

  
	
  15.

  	
  Remedies

  	
  11

  
	
   

  	
   

  	
   

  
	
  16.

  	
  Binding Agreement

  	
  11

  
	
   

  	
   

  	
   

  
	
  17.

  	
  Arbitration

  	
  11

  
	
   

  	
   

  	
   

  
	
  18.

  	
  Amendment; Waiver

  	
  11

  
	
   

  	
   

  	
   

  
	
  19.

  	
  Governing Law

  	
  12

  
	
   

  	
   

  	
   

  
	
  20.

  	
  Notices

  	
  12

  
	
   

  	
   

  	
   

  
	
  Signatures

  	
   

  	
  12

  
				

 

EMPLOYMENT
AGREEMENT

BETWEEN

TEAM
FINANCIAL, INC.

AND

ROBERT J. WEATHERBIE

This Agreement is
made this 1st day of January, 2007, 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, 2009, 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, 2009;
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 Aactive
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 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.

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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.

1.2.9                     Disability
shall mean either (i) that the Executive is incapable of engaging in any
substantial gainful occupation by reason of any medically determinable physical
or mental impairment which can be expected to result in death or to last for a
continuous period of not less than twelve (12) months, or (ii) that the
Executive is, by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last
for a  continuous  period of not less than twelve (12) months,
receiving income replacement benefits for a period of not less than three(3)
months under an accident and health plan covering employees of the company, or
as hereinafter modified pursuant to Section 409(a) of the Internal Revenue
Code.

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 Asuccessor@
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.

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6.                                      Designation
of beneficiaries

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
$286,125.00 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.

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8.1                               Bonus.

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 

 4
 

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 ten
percent (10%) of Executive’s annual base salary for that year; (ii) above, the
sum shall not exceed ten percent (10%) of Executive’s annual base salary for that
year; (iii), (iv) and (v) above, the sum shall not exceed ten percent (10%),
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, and/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;

(iv)                              Upon
written notice by Company without cause; and

(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         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 

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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                           With
respect to any termination by Company for disability as defined above in 1.2.9,
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
physician who shall make such determination in writing.  If there is disagreement by 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 physician, 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 their employment with Company is
otherwise terminated, Company shall continue to pay the current annual base
salary for three (3) 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 they are disabled, pursuant to the
terms of any insurance provided by Company, the compensation payable to them
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 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 

 6
 

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 equal to the Paola 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

(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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(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 5%) 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-ten percent
(10%) and in the aggregate, thirty percent (30%) 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 ten percent (10%) of Executive’s base salary, as
provided in Section 8;

(viii)                        Company shall pay Executive a
sum equal to the Paola 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

11.0                           Executive
shall have the right to terminate this Agreement under the following
circumstances:

(i)                                  Upon
material breach or good cause;

(ii)                               Upon
written notice to the Chief Executive Officer without cause; and

(iii)                            Company is sold as set
forth in paragraph 11.4 below.

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, 

 8
 

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.  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 5%) 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)                                 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;

(vi)                              Company
shall pay Executive a sum equal to the Paola Country Club membership dues for
one (1) year; and

(vii)                           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, employment contract, 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 

 9
 

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; A(iv)
A cash payment equal to the present value (based upon a discount rate of 5%) 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.

(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, internet, 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)                                 Company
shall pay Executive a sum equal to the Paola Country Club membership dues for
one (1) year;

(vi)                              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.

 10
 

13.                               Tax
“Gross-Up” Provision

13.0                           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 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”.

14.                               Mitigation
and Offset

14.0                           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.

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.

 11
 

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:

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 23rd day of January, 2007, effective as of the day and year first above
written.

	
   

  	
  TEAM FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Denis A.
  Kurtenbach

  	
   

  
	
   

  	
  Denis A.
  Kurtenbach

  
	
   

  	
  Chairman of
  Compensation Committee

  
	
   

  	
   

  
	
   

  	
  ROBERT J.
  WEATHERBIE

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Robert J.
  Weatherbie

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive

  
					

 

 12Exhibit 10.2

EMPLOYMENT AGREEMENT

BETWEEN

TEAMBANK, N.A.

AND

CAROLYN SUE JACOBS

TABLE OF CONTENTS

	
  Section

  	
   

  	
   

  	
   

  	
  Page No.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  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

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Duties

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Salary, Bonus,
  Benefits, Additional Compensation

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Protection of
  Company’s Interests

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Termination by
  Company

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  Termination by
  Executive

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
   

  	
  Consequences of
  Breach

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  13.

  	
   

  	
  Tax “Gross-Up”
  Provision

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  14.

  	
   

  	
  Mitigation and
  Offset

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15.

  	
   

  	
  Remedies

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16.

  	
   

  	
  Binding
  Agreement

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  17.

  	
   

  	
  Arbitration

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  18.

  	
   

  	
  Amendment;
  Waiver

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  19.

  	
   

  	
  Governing Law

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  20.

  	
   

  	
  Notices

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signatures

  	
   

  	
  12

  

 

	
   

  	
   

  
	
  EMPLOYMENT
  AGREEMENT

  	
   

  
	
  BETWEEN

  	
   

  
	
  TEAMBANK,
  N.A.

  	
   

  
	
  AND

  	
   

  
	
  CAROLYN
  SUE JACOBS

  	
   

  

 

This Agreement is
made this 1st day of January, 2007, between TeamBank, N.A. located in Paola,
Kansas (“Company”) and Carolyn Sue
Jacobs (“Executive”).

A.                                    Executive is
employed as Senior Vice President and Trust Officer and Administrator for the
Team Financial, Inc. Employee Stock Ownership Plan (ESOP) for whom TeamBank,
N.A. is the agent, 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 Senior Vice President and Trust Officer of TeamBank, N.A. and
Administrator for the (ESOP).

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 term beginning on the
date of this Agreement and ending the 31st day of December, 2009, 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, 2009;
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 Aactive
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 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
 

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.

1.2.9       Disability
shall mean either (i)
that the Executive is incapable of engaging in any substantial gainful
occupation by reason of any medically determinable physical or mental
impairment which can be expected to result in death or to last for a continuous
period of not less than twelve (12) months, or (ii) that the Executive is, by
reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a  continuous 
period of not less than twelve (12) months, receiving income replacement
benefits for a period of not less than three(3) months under an accident and
health plan covering employees of the company.

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 Executive 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.

 2
 

6.                                      Designation
of beneficiaries

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 death shall not have
joined in the designation of a beneficiary, then the sums due Executive shall
be paid to the estate.

7.                                      Duties

7.0                                 Company
employs Executive upon an active full-time basis, as Senior Vice President and
Trust Officer of TeamBank, N.A. and Administrator for the ESOP subject to the
order and direction of the President of Company.

7.1                                 During
the term of this Agreement Executive shall devote substantially all of her
time, attention, and best efforts to the business of Company.  Executive shall perform such duties and shall
exercise such power and authority as delegated by the President from time to
time provided that such duties are commensurate with the position of Senior
Vice President and Trust Officer of TeamBank, N.A. and Administrator for the
ESOP.  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  Executive shall be defined
using a written job definition, developed by the President.  The President 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 Company 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.

8.                                      Salary,
Bonus, Benefits, Additional Compensation

8.0                               Annual
Base Salary.

Executive shall receive an annual base salary of $
101,000.00 payable according to the customary payroll practices of Company and
subject to all required withholding taxes. 
The President, in the President’s discretion, may increase this annual
base salary upon relevant circumstances. 
Executive will be reviewed at least annually.    Any increase in annual base salary awarded
by the President will constitute a new annual base salary for the purpose of
the Agreement.

8.1                               Bonus.

8.1.1                     Standard
Company Bonuses.  Executive shall be
eligible to receive, in addition to 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 President and may include either or both stock and
cash.  Provided, however, such bonus
shall not exceed fifty percent (50%) of

 3
 

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 31st 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 $110,000.00 with 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                        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.

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

8.2.6                        During (i) the term of this
Agreement, (ii) the twelve month period following the termination of this
Agreement as a result of death, (iii) the twelve (12) month 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, orherestate
if 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. 
Provided, however, that in (i) above, the sum shall not exceed ten
percent (10%) of Executive’s annual base salary for that year; (ii) above, the
sum shall not exceed ten percent (10%) of Executive’s annual base salary for
that year; (iii), (iv) and (v) above, the sum shall not exceed ten percent
(10%), each year, of Executive’s annual base salary at the time of Executive’s
disability or time of termination.

8.3                                 Additional Compensation.

Executive shall be eligible to receive, in addition to
her 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.

 4
 

9.                                      Protection
of Company’s Interests

9.0                                 During
the term of this Agreement Executive shall not directly or indirectly engage in
competition with, and/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 her ownership of not more than 5% of voting stock
of any publicly held corporation.

9.1                                 Except
for actions taken in the course of Executive’s 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 Executive while in the
employ of Company.  Upon termination of
Executive’s employment by Company, Executive shall return to Company all such
information which exists in writing or other physical form and all copies
thereof in Executive’s possession or under Executive’s 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;

(iv)                           Upon written
notice by Company without cause; and

(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         If Executive dies before 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 $300,000.00, 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 $300,000.00. 
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
$300,000.00. 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.

 5
 

Entitlement (i) above shall be maintained in effect
for the continued benefit of Executive’s dependents for a period of six (6)
months after the date of termination due to death.

10.2                           With
respect to any termination by Company for disability as defined above in 1.2.9,
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
physician who shall make such determination in writing.  If there is disagreement by 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 physician,
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 their employment with Company is otherwise terminated,
Company shall continue to pay the current annual base salary for three (3)
years to the Executive, or if the Executive is totally incapacitated, to her
appointed guardian, at the time she is determined to be disabled.  Whenever compensation is payable to Executive
hereunder, during a time when they are disabled, pursuant to the terms of any
insurance provided by Company, the compensation payable to them 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 (1) year 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.

(ii)                                  The
group individual life insurance policies of Company then in effect for
Executive, 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;

10.3                           For
purposes of this Agreement, material breach and good cause shall mean willful
misconduct in following the legitimate directions of the President; 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 President
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 Executive 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

 6
 

(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 their
dependents for a period of six (6) months 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 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

(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 their
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 cash payment equal to
the present value (based on a discount rate of 5%) 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;

(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 one (1) year after the date
of termination, sum not to exceed, ten percent (10%) of Executive’s annual 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
annual base salary, as provided in Section 8;

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 

 7
 

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

11.0                           Executive
shall have the right to terminate this Agreement under the following
circumstances:

(i)                                     Upon
material breach or good cause;

(ii)                                  Upon
written notice to the President without cause; and

(iii)                               Company
is sold as set forth in paragraph 11.4 below.

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 Company, to
terminate her  services under this
Agreement effective thirty (30) days from and after receipt of such notice by
Company. Such notice shall include a specific description of such breach and
Company 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 Executive’s notice of termination.  For purposes of this Agreement, a termination
for good cause by Executive shall be based upon the following action by the
Company:  a failure, without good cause
to continue Executive as Senior Vice President and Trust Officer of TeamBank,
N.A. and Administrator for the ESOP of Company; 
failure, without good cause to continue to vest Executive with the power
and authority of Senior Vice President and Trust Officer of TeamBank, N.A. and
Administrator for the ESOP of Company; the loss, without good cause or
Executive’s consent,  of any significant
duties or responsibilities attending such offices.  Provided, however, Executive’s title, duties
and responsibilities shall be deemed to be altered with good cause by the
President if Company is (or substantially all of its assets are) sold to or
combined with another entity and Executive shall thereafter continue to have
the same significant duties and responsibilities with respect to Company’s
continuing business and with a like Agreement for a term no less than that of
this Agreement.  Upon the occurrence of
any happening which would authorize Executive to terminate Executive’s
employment for good cause, Executive shall notify President in writing within
sixty (60) days following such occurrence or Executive shall be deemed to have
waived her right to terminate this Agreement for such occurrence.  The President 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 Executive’s 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 Executive’s
dependents for a period of one (1) year 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 one (1) year after the date of termination.

(iii)                               A cash payment equal to
the present value (based on a discount rate 5%) 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;

(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

 8
 

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 one (1) year after date of
termination, sum not to exceed, ten percent (10%) of Executive’s annual 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 (50) percent of Executive’s annual
base salary.

11.2                           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 only
to those benefits provided under existing law.

11.3                           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..

11.4                           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)
cash payment equal to the present value (based upon a discount rate of 5%) 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 their 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)                               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)                              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 

 9
 

a period of one (1) year after the date of
termination, sum not to exceed, ten percent (10%) of Executive’s annual base
salary, as provided in Section 8;

(v)                                 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
annual base salary, as provided in Section 8;

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.                               Tax
“Gross-Up” Provision

13.0                           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 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”.

14.                               Mitigation
and Offset

14.0                           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 she is entitled to
such payment.

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, her
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.

 10
 

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:

If
to Executive, to:

Carolyn Sue Jacobs

807 East Osage

Paola,
Kansas 66071

If
to Company, to:

TeamBank, N.A.

President

1 South Pearl, P.O. Box
369

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.

 11
 

IN
WITNESS THEREOF, the parties have executed this agreement
this 14 th day of March, 2007, effective as of the day and year first
above written.

	
   

  	
  TEAMBANK, N.A.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J.
  Weatherbie

  	
   

  
	
   

  	
  Robert J.
  Weatherbie

  
	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
  CAROLYN SUE
  JACOBS

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Carolyn Sue
  Jacobs

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive

  

 

 

 12

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