Document:

Form of Note Linked to the Nasdaq 100 Index

 Exhibit 4.1 
  
  
 [Face of Note] 
  
 Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name
of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  
  
 
	 CUSIP NO. 949746 EU 1
 	  	 FACE AMOUNT:
$                    
 
	 
	 REGISTERED NO.             
 	  	  

 
  
  
 WELLS FARGO & COMPANY

  
 Notes Linked to the Nasdaq-100 Index® due January 4, 2008 
  
 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined below), in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts, on January 4, 2008. This Security shall not bear any interest. 
  
 Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota.

  
 
 
 “Nasdaq®,” “Nasdaq-100®,” and “Nasdaq-100 Index®” are trademarks, trade names or service marks of The Nasdaq Stock Market, Inc. (“Nasdaq”, which term, as
used herein, includes its successors) and have been licensed for use by the Company. This Security has not been passed on by Nasdaq or its affiliates as to its legality or suitability. This Security, based on the performance of the Nasdaq-100 Index,
is not issued, sponsored, endorsed, sold or promoted by Nasdaq or its affiliates and neither Nasdaq nor its affiliates makes a representation regarding the advisability of investing in this Security. 

  
 Determination of Maturity Payment Amount 

 
 “Maturity Payment Amount” shall mean, for each $1,000 Face Amount of this Security, 
  

	 	Ÿ
	 
	if the Average Closing Index Level is equal to or greater than the Initial Index Level, the sum of (i) $1,000 and (ii) the Additional Amount, if any; and

 

  

	 	Ÿ
	 
	if the Average Closing Index Level is less than the Initial Index Level, an amount equal to the greater of (i) $900 and (ii) the product of 

  

	 	Ÿ
	 
	$1,000; and 
 

  

	 	Ÿ
	 
	Average Closing Index Level 
 

 Initial Index Level 
  
 Set forth below are certain defined terms used in this Security in connection
with the determination of the Maturity Payment Amount. 
  
 “Additional Amount” shall mean, for each $1,000
Face Amount of this Security, an amount equal to the greater of (i) zero and (ii) the product of: 
  

	 	Ÿ
	 
	$1,000; 
 

  

	 	Ÿ
	 
	Participation Rate; and 
 

  

	 	Ÿ
	 
	Average Closing Index Level - Initial Index Level 
 

 Initial Index Level 
  
 “Average Closing Index Level” shall
mean, except as set forth in the next sentence, the arithmetic average of the Closing Levels of the Nasdaq-100 Index on the last Trading Day of each of the 60 months after December 2002, starting from and including January 2003 and ending at and
including December 2007. If the Calculation Agent determines that one or more Market Disruption Events have occurred on any of these dates, the Calculation Agent will determine the Closing Level for such date by reference to the Closing Level of the
Nasdaq-100 Index on the next Trading Day on which there is not a Market Disruption Event; provided, however, that if a Market Disruption Event occurs on the last Trading Day of December 2007 and the next Trading Day on which there is not a
Market Disruption Event has not occurred on or prior to January 3, 2008, the Calculation Agent will determine the Average Closing Index Level without including a Closing Level for December 2007 and the Average Closing Index Level will be based on
the Closing Levels on 59 monthly dates. 
  
 “Calculation Agency Agreement” shall mean the Calculation
Agency Agreement dated as of December 30, 2002 between the Company and the Calculation Agent, as amended from time to time. 
  
 “Calculation Agent” shall mean the Person that has entered into the Calculation Agency Agreement with the Company providing for, among other things, the determination of the
 

 
 2 

 
Average Closing Index Level, the Additional Amount, if any, and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation
Agency Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agency Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of the Securities
of this series without the consent of the Holders of the Securities of this series and without notifying the Holders of the Securities of this series. 
  
 “Closing Level” shall mean, on any date, the last reported level of the Nasdaq-100 Index at 4:00 p.m., New York City time, on such date as reported by Nasdaq; provided, however, that
in the event that Nasdaq discontinues publication of the Nasdaq-100 Index, the Closing Level will be determined in the manner set forth in this Security under “Discontinuance Of The Nasdaq-100 Index; Alteration Of Method Of Calculation.”

  
 “Face Amount” shall mean, when used with respect to any Security or Securities of this series, the
amount set forth on the face of such Security or Securities as its or their “Face Amount.” 
  
 “Initial Index Level” shall mean                         . 
  
 A “Market Disruption Event” with respect to the Nasdaq-100 Index will occur on any day if the Calculation Agent determines any
of the following: 
  

	 	Ÿ
	 
	A suspension, absence or material limitation of trading in 20% or more of the underlying stocks which then comprise the Nasdaq-100 Index or any successor index
has occurred on that day, in each case, for more than two hours of trading or during the one-half hour period preceding the close of trading on The Nasdaq Stock Market or the applicable primary exchange or trading system. Limitations on trading
during significant market fluctuations imposed pursuant to New York Stock Exchange Rule 80B or any applicable rule or regulation enacted or promulgated by The New York Stock Exchange, any other exchange, trading system or market, any other self
regulatory organization or the Securities and Exchange Commission of similar scope or as a replacement for Rule 80B, may be considered material. A “trading system” includes bulletin board services. Notwithstanding the first sentence of
this paragraph, a Market Disruption Event for a security traded on a bulletin board means a suspension, absence or material limitation of trading of that security for more than two hours or during the one hour period preceding 4:00 p.m., New York
City time. 
 

  

	 	Ÿ
	 
	A suspension, absence or material limitation has occurred on that day, in each case, for more than two hours of trading or during the one-half hour period
preceding the close of trading in options or futures contracts related to the Nasdaq-100 Index or any successor index, whether by reason of movements in price exceeding levels permitted by an exchange, trading system or market on which those options
or futures contracts are traded or otherwise. 
 

 
 3 

  

	 	Ÿ
	 
	Information is unavailable on that date, through a recognized system of public dissemination of transaction information, for more than two hours of trading or
during the one-half hour period preceding the close of trading, of accurate price, volume or related information in respect of 20% or more of the underlying stocks which then comprise the Nasdaq-100 Index or any successor index or in respect of
options contracts related to the Nasdaq-100 Index or any successor index, in each case traded on any major U.S. exchange or trading system or, in the case of securities of a non-U.S. issuer, traded on the primary non-U.S. exchange, trading system or
market for that security. 
 

  
 For purposes of determining whether a Market Disruption Event has occurred: 

 

	 	Ÿ
	 
	a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular
business hours of the relevant exchange, trading system or market; 
 

  

	 	Ÿ
	 
	any suspension in trading in an options contract on the Nasdaq-100 Index or any successor index by a major securities exchange, trading system or market by
reason of: 
 

  

	 	Ÿ
	 
	a price change violating limits set by that securities market, 
 

  

	 	Ÿ
	 
	an imbalance of orders relating to those contracts or 
 

  

	 	Ÿ
	 
	a disparity in bid and ask quotes relating to those contracts 
 

  
 will constitute a Market Disruption Event notwithstanding that the suspension or material limitation is less than two hours; 
  

	 	Ÿ
	 
	a suspension or material limitation on an exchange, trading system or market will include a suspension or material limitation of trading by one class of
investors provided that the suspension continues for more than two hours of trading or during the last one-half hour period preceding the close of trading on the relevant exchange, trading system or market but will not include any time when the
relevant exchange, trading system or market is closed for trading as part of that exchange’s, trading system’s or market’s regularly scheduled business hours; and 
 

  

	 	Ÿ
	 
	close of trading means the close of trading on the relevant exchange without taking into account any extended or after-hours trading sessions. 

  
 “Nasdaq-100 Index” shall mean the Nasdaq-100 Index as calculated by Nasdaq. 

 
 “Participation Rate” means
                        . 
  
 “Stated Maturity Date” shall mean January 4, 2008. 

 
 4 

  
 “Trading Day” shall mean each Monday, Tuesday, Wednesday, Thursday and
Friday that is a day on which The New York Stock Exchange, The Nasdaq National Market and the American Stock Exchange are open for trading. 
  
 Discontinuance Of The Nasdaq-100 Index; Alteration Of Method Of Calculation 
  
 If Nasdaq discontinues publication of the Nasdaq-100 Index and Nasdaq or another entity publishes a successor or substitute index that the Calculation Agent determines, in its sole discretion, to be comparable to the
discontinued Nasdaq-100 Index, then any subsequent Closing Level will be determined by reference to the value of such successor or substitute index (in any such case, a “successor index”) at the close of trading on The New York Stock
Exchange, the American Stock Exchange, The Nasdaq National Market or the relevant exchange or market for the successor index on the date that any such subsequent Closing Level is to be determined. 
  
 Upon any selection by the Calculation Agent of a successor index, the Company will promptly give notice to the Holders of the Securities
of this series. 
  
 If Nasdaq discontinues publication of the Nasdaq-100 Index prior to, and such discontinuance is
continuing on, the date that any Closing Level is to be determined and the Calculation Agent determines that no successor index is available at such time, then, on such date, the Calculation Agent will determine each subsequent Closing Level to be
used in computing the Maturity Payment Amount. Each such Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating the Nasdaq-100 Index last in effect prior to such discontinuance, using the
Closing Price (or, if trading in the relevant security has been materially suspended or materially limited, its good faith estimate of the Closing Price that would have prevailed but for such suspension or limitation) at the close of the principal
trading session on such date of each security most recently comprising the Nasdaq-100 Index on the primary organized U.S. exchange or trading system for such security. “Closing Price” means, with respect to any security on any date, the
last reported sales price regular way on such date or, in case no such reported sale takes place on such date, the average of the reported closing bid and asked prices regular way on such date, in either case on the primary organized U.S. exchange
or trading system on which such security is then listed or admitted to trading. 
  
 If at any time the method of
calculating the Nasdaq-100 Index or a successor index, or the Closing Level thereof, is changed in a material respect, or if the Nasdaq-100 Index or a successor index is in any other way modified so that such index does not, in the opinion of the
Calculation Agent, fairly represent the value of the Nasdaq-100 Index or such successor index had such changes or modifications not been made, then, from and after such time, the Calculation Agent will, at the close of business in New York City on
the date that any Closing Level is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a value of a stock index comparable to the Nasdaq-100 Index
or such successor index, as the case may be, as if such changes or modifications had not been made, and calculate the Closing Level and the Maturity Payment Amount with reference to the Nasdaq-100 Index or such successor index, as adjusted.
Accordingly, if the method of calculating the Nasdaq-100 Index or a successor index is modified
 

 
 5 

 
so that the value of such index is a fraction of what it would have been if it had not been modified (for example, due to a split in the index), then the Calculation Agent will adjust such index
in order to arrive at a value of the Nasdaq-100 Index or such successor index as if it had not been modified (for example, as if such split had not occurred). 
  
 Calculation Agent 
  
 The Calculation Agent will determine the Maturity Payment Amount. In addition, the Calculation Agent will determine if adjustments are required to the Closing Level under the circumstances described in this Security, the Closing
Price or Prices under the circumstances described in this Security, the successor index if publication of the Nasdaq-100 Index is discontinued and whether a Market Disruption Event has occurred. 
  

The Company covenants that, so long as any of the Securities of this series are Outstanding, there shall at all times be a Calculation Agent (which shall be a
broker-dealer, bank or financial institution) with respect to the Securities of this series. 
  
 All determinations
made by the Calculation Agent with respect to the Securities of this series will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holders
of the Securities of this series. All percentages and other amounts resulting from any calculation with respect to the Securities of this series will be rounded at the Calculation Agent’s discretion. 
  
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose. 

 
 6 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

  
  
 DATED:
                                        

  
 
	 WELLS FARGO & COMPANY
 
	 
	 By:
 	 	  
	  	 	 

	  	 	 Its:
 

 
  
 [SEAL] 
  
 
	 
	 Attest:
 	 	  
	  	 	 

	  	 	 Its:
 

 
  
 TRUSTEE’S CERTIFICATE OF 
 AUTHENTICATION 
 This is one of the
Securities of the 
 series designated therein described 
 in the within-mentioned Indenture. 
  
 CITIBANK,
N.A., 
     as Trustee 
 
	 
	 By:
 	 	  
	  	 	 

	  	 	 Authorized Signature
 

 
  
                         OR 
  
 WELLS FARGO BANK MINNESOTA, N.A., 
     as Authenticating Agent for the Trustee 
  
 
	 
	 By:
 	 	  
	  	 	 

	  	 	 Authorized Signature
 

 
  

 
 7 

  
 [Reverse of Note] 
  
  
 WELLS FARGO & COMPANY 
  
 Notes Linked to the Nasdaq-100 Index® due
January 4, 2008 
  
 This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and Citibank, N.A.,
as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, limited in aggregate Face Amount to $                    ; provided, however, that the Company may, so
long as no Event of Default has occurred and is continuing, without the consent of the Holders of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall
be considered part of the same series under the Indenture as the Securities of this series. 
  
 The Securities of
this series are not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to January 4, 2008. The Securities will not be entitled to any sinking fund. 
  
 The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of Securities of this series. 
  
 If an Event of Default, as defined in the Indenture, with
respect to Securities of this series shall occur and be continuing, the Maturity Payment Amount (calculated as set forth in the next sentence) of the Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment Amount hereof calculated as though the date of acceleration was the Stated Maturity Date and
the date for determining the Closing Level for the last measurement period; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred on such date, the next Trading Day on which there is not a Market
Disruption Event will be deemed to be the date for determining the Closing Level for the last measurement period. Upon payment of the amount so declared due and payable, all of the Company’s obligations in respect of payment of the Maturity
Payment Amount shall terminate. The Securities of this series will not bear a default rate of interest after the occurrence of an Event of Default or an acceleration under the Indenture. 

 
 8 

  
 The Company agrees, and by acceptance of a beneficial ownership interest in this
Security each beneficial owner of this Security will be deemed to have agreed, for United States federal income tax purposes (i) to treat this Security as a single debt instrument subject to the Treasury regulations governing contingent payment debt
instruments, (ii) to report all income (or loss) with respect to this Security according to those Treasury regulations, and (iii) to be bound by the Company’s determination of the “comparable yield” and the “projected payment
schedule” (within the meaning of such Treasury regulations) for this Security, unless such beneficial owner timely discloses and justifies in its federal income tax return the use of a different comparable yield and projected payment schedule.

  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of
the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount
of the Securities at the time Outstanding of all series to be affected, acting together. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected
by certain provisions of the Indenture, acting together, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their
consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of
determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal
amount, the principal amount of this Security will be deemed to be equal to its Face Amount. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and
of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
  
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the
entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of Section
401 of the Indenture shall apply to this Security. 
  
 Upon due presentment for registration of transfer of this
Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor,
as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
  
 This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within

 
 9 

  
 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company
in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred
and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same terms and of authorized denominations aggregating a like amount.

  
 This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in
this Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 
  
 No reference herein to the Indenture and no provision of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
Maturity Payment Amount at the times and place, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
  
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
  
 No recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based on this Security, or otherwise in respect hereof, or based on or in respect
of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule
of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
  
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security. 
  
 This Security shall be governed by and construed in accordance with the laws
of the State of New York. 

 
 10 

 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

  
 
	 TEN COM
 	 	 —
 	  	 as tenants in common
 	  	  
	 
	 TEN ENT
 	 	 —
 	  	 as tenants by the entireties
 	  	  
	 
	 JT TEN
 	 	 —
 	  	 as joint tenants with right
 	  	  
	  	 	  	  	 of survivorship and not
 	  	  
	  	 	  	  	 as tenants in common
 	  	  

 
  
  
 
	 UNIF GIFT MIN ACT
 	 	 —
 	  	  	 	 Custodian
 	  	  
	 	 	 	
	
	 	 	
	

	  	 	  	  	 (Cust)
 	 	  	  	 (Minor)
 

 
  
  
 
	 Under Uniform Gifts to Minors Act
 	  	  	  	  	  	  
	 
	  	  	  	  	  	  	  
	
	 	 	 	 	 	 
	 (State)
 	  	  	  	  	  	  

 
  
 Additional abbreviations may also be used though not in the above
list. 
  
  
 FOR VALUE RECEIVED, the undersigned hereby sell(s) and
transfer(s) unto 
  
  
 
	 Please Insert Social Security or
 Other Identifying Number of Assignee
 	  	  	  	  	  	  
	 
	  	  	  	  	  	  	  
	
	 	 	 	 	 	 
	 
	  	  	  	  	  	  	  
	 
	  	  	 
	  	  
	 
	  	  	 
	  	  
	 
	  	  	 
	  	  

 
  
  
  
  
 (PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL
ZIP CODE OF ASSIGNEE) 
  

 
 11 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint
                             attorney to transfer the said Security on the books of the Company, with
full power of substitution in the premises. 
  
  
 
	 Dated:
                                        
        
 	 	  	 	 

	 
	  	 	  	 	 

 
  
 NOTICE: The signature to this assignment must correspond with the name as written upon the
face of the within instrument in every particular, without alteration or enlargement or any change whatever. 
  

 
 12EXHIBIT 10.6

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (hereinafter referred to as this
"AGREEMENT"), entered into this 1st day of July, 2002, by and among Winton
Financial Corporation, a savings and loan holding company incorporated under
Ohio law (hereinafter referred to as "WFC"), The Winton Savings and Loan Co., a
savings and loan association incorporated under Ohio law and a wholly-owned
subsidiary of WFC (hereinafter referred to as "WINTON"), and Robert L. Bollin,
an individual (hereinafter referred to as the "EMPLOYEE");

                                   WITNESSETH:

         WHEREAS,  the EMPLOYEE is  currently  employed as President  of WFC and
WINTON  (hereinafter  collectively  referred to as the "EMPLOYERS");

         WHEREAS, as a result of the skill, knowledge and experience of the
EMPLOYEE, the Boards of Directors of the EMPLOYERS desire to retain the services
of the EMPLOYEE as the President of WINTON and of WFC;

         WHEREAS, the EMPLOYEE desires to continue to serve as the President of
WINTON and of WFC; and

         WHEREAS, the EMPLOYEE and the EMPLOYERS desire to enter into this
Agreement to set forth the terms and conditions of the employment relationship
between the EMPLOYERS and the EMPLOYEE;

         NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the EMPLOYERS and the EMPLOYEE hereby agree as follows:

         Section l. Employment and Term. Upon the terms and subject to the
conditions of this AGREEMENT, the EMPLOYERS hereby employ the EMPLOYEE, and the
EMPLOYEE hereby accepts employment, as the President of WINTON and of WFC. The
term of this AGREEMENT shall commence on July 1, 2002 and shall end on July 1,
2005 (hereinafter referred to as the "TERM").

         Section 2.        Duties of EMPLOYEE.

         (a) General Duties and Responsibilities. As an officer of each of the
EMPLOYERS, the EMPLOYEE shall perform the duties and responsibilities customary
for such office to the best of his ability and in accordance with the policies
established by the Boards of Directors of the EMPLOYERS and all applicable laws
and regulations. The EMPLOYEE shall perform such other duties not inconsistent
with his position as may be assigned to him from time to time by the Boards of
Directors of the EMPLOYERS; provided, however, that the EMPLOYERS shall employ
the EMPLOYEE during the TERM in a senior executive capacity without diminishment
of the importance or prestige of his position.

         (b) Devotion of Entire Time to the Business of the EMPLOYERS. The
EMPLOYEE shall devote his entire productive time, ability and attention during
normal business hours throughout the TERM to the faithful performance of his
duties under this AGREEMENT. The EMPLOYEE shall not directly or indirectly
render any services of a business, commercial or professional nature to any
person or organization without the prior written consent of the Boards of
Directors of the EMPLOYERS; provided, however, that the EMPLOYEE shall not be
precluded from (i) vacations and other leave time in accordance with Section
3(e) hereof; (ii) reasonable participation in community, civic, charitable or

                                       1
<PAGE>

similar organizations; or (iii) the pursuit of personal investments which do not
interfere or conflict with the performance of the EMPLOYEE'S duties to the
EMPLOYERS.

         Section 3.        Compensation, Benefits and Reimbursements.

         (a) Salary. The EMPLOYEE shall receive during the TERM an annual salary
payable in equal installments not less often than monthly. The amount of such
annual salary shall be $221,500 until changed by the Boards of Directors of the
EMPLOYERS in accordance with Section 3(b) of this AGREEMENT.

         (b) Annual Salary Review. In December of each year throughout the TERM,
the annual salary of the EMPLOYEE shall be reviewed by the Boards of Directors
of the EMPLOYERS and shall be set, effective January l of the following year, at
an amount not less than $221,500, based upon the EMPLOYEE'S individual
performance and the overall profitability and financial condition of the
EMPLOYERS (hereinafter referred to as the "ANNUAL REVIEW"). The results of the
ANNUAL REVIEW shall be reflected in the minutes of the Boards of Directors of
the EMPLOYERS.

         (c) Expenses. In addition to any compensation received under Section
3(a) or (b) of this AGREEMENT, the EMPLOYERS shall pay or reimburse the EMPLOYEE
for all reasonable travel, entertainment and miscellaneous expenses incurred in
connection with the performance of his duties under this AGREEMENT. Such
reimbursement shall be made in accordance with the existing policies and
procedures of the EMPLOYERS pertaining to reimbursement of expenses to senior
management officials.

         (d)      Employee Benefit Program.

                 (i) During the TERM, the EMPLOYEE shall be entitled to
         participate in all formally established employee benefit, bonus,
         pension and profit-sharing plans and similar programs that are
         maintained by the EMPLOYERS from time to time, including programs in
         respect of group health, disability or life insurance, reimbursement of
         membership fees in civic, social and professional organizations and all
         employee benefit plans or programs hereafter adopted in writing by the
         Boards of Directors of the EMPLOYERS, for which senior management
         personnel are eligible, including any employee stock ownership plan,
         stock option plan or other stock benefit plan (hereinafter collectively
         referred to as the "BENEFIT PLANS"). Notwithstanding the foregoing
         sentence, the EMPLOYERS may discontinue or terminate at any time any
         such BENEFIT PLANS, now existing or hereafter adopted, to the extent
         permitted by the terms of such plans and shall not be required to
         compensate the EMPLOYEE for such discontinuance or termination.

                  (ii) After the expiration of the TERM or the termination of
         the employment of the EMPLOYEE for any reason other than JUST CAUSE (as
         defined hereinafter), the EMPLOYERS shall provide a group health
         insurance program in which the EMPLOYEE and his spouse will be eligible
         to participate until both the EMPLOYEE and his spouse become 65 years
         of age; provided, however that all premiums for such program shall be
         paid by the EMPLOYEE and/or his spouse after the EMPLOYEE'S retirement;
         provided further, however, that the EMPLOYEE and his spouse may only
         participate in such program for as long as the EMPLOYERS make available
         an employee group health insurance program which permits the EMPLOYERS
         to make coverage available for similarly situated retirees.

         (e)      Vacation and Sick Leave.  The  EMPLOYEE  shall be entitled,
without loss of pay, to be absent  voluntarily  from the performance of his
duties under this AGREEMENT, subject to the following conditions:

                  (i) The EMPLOYEE shall be entitled to an annual vacation in
         accordance with the policies periodically established by the Boards of
         Directors of the EMPLOYERS for senior management officials of the
         EMPLOYERS, the duration of which shall not be less than four weeks each
         calendar year;

                  (ii) Vacation time shall be scheduled by the EMPLOYEE in a
         reasonable manner and shall be subject to approval by the Boards of
         Directors of the EMPLOYERS. The EMPLOYEE shall not be entitled to
         receive any additional compensation from the EMPLOYERS in the event of
         his failure to take the full allotment of vacation time in any calendar

                                       2
<PAGE>

         year; provided, however, that a maximum of one week of unused vacation
         time in any calendar year may be carried over into any succeeding
         calendar year; and

                  (iii) The EMPLOYEE shall be entitled to annual sick leave as
         established by the Boards of Directors of the EMPLOYERS for senior
         management officials of the EMPLOYERS. In the event that any sick leave
         time shall not have been used during any calendar year, such leave
         shall accrue to subsequent calendar years, only to the extent
         authorized by the Boards of Directors of the EMPLOYERS. Upon
         termination of employment, the EMPLOYEE shall not be entitled to
         receive any additional compensation from the EMPLOYERS for unused sick
         leave.

         Section 4.        Termination of Employment.

         (a) General. The employment of the EMPLOYEE shall terminate at any time
during the TERM (i) at the option of the EMPLOYERS, upon the delivery by the
EMPLOYERS of written notice of termination to the EMPLOYEE, or (ii) at the
option of the EMPLOYEE, upon delivery by the EMPLOYEE of written notice of
termination to the EMPLOYERS if the present capacity or circumstances in which
the EMPLOYEE is employed are materially adversely changed, including, but not
limited to, a material reduction in responsibilities or authority, the
assignment of duties or responsibilities substantially inconsistent with those
normally associated with the EMPLOYEE'S position described in Section 2(a) of
this AGREEMENT, a change of title, the requirement that the EMPLOYEE regularly
perform his principal executive functions more than thirty-five (35) miles from
his primary office as of the date of this AGREEMENT or the reduction of the
EMPLOYEE'S benefits provided under this AGREEMENT, unless the benefit reductions
are part of a company-wide reduction. The following subsections (I), (II) and
(III) of this Section 4(a) shall govern the obligations of the EMPLOYERS to the
EMPLOYEE upon the occurrence of the events described in such subparagraphs:

                  (I) Termination for JUST CAUSE. In the event that the
         EMPLOYERS terminate the employment of the EMPLOYEE during the TERM
         because of the EMPLOYEE'S personal dishonesty, incompetence, willful
         misconduct, breach of fiduciary duty involving personal profit,
         intentional failure or refusal to perform the duties and
         responsibilities assigned in this AGREEMENT, willful violation of any
         law, rule, regulation or final cease-and-desist order (other than
         traffic violations or similar offenses), conviction of a felony or for
         fraud or embezzlement, or material breach of any provision of this
         AGREEMENT (hereinafter collectively referred to as "JUST CAUSE"), the
         EMPLOYEE shall not receive, and shall have no right to receive, any
         compensation or other benefits for any period after such termination.

                  (II) Termination after CHANGE OF CONTROL. In the event that,
         before the expiration of the TERM and in connection with or within one
         year of a CHANGE OF CONTROL (as defined hereinafter) of either one of
         the EMPLOYERS, the employment of the EMPLOYEE is terminated for any
         reason other than JUST CAUSE or is terminated by the EMPLOYEE as
         provided in Section 4(a)(ii) above, then the following shall occur:

                           (A) The EMPLOYERS shall promptly pay to the EMPLOYEE
                  or to his dependents, beneficiaries or estate an amount equal
                  to the sum of (l) the amount of compensation to which the
                  EMPLOYEE would be entitled for the remainder of the TERM under
                  this AGREEMENT, plus (2) the difference between (x) the
                  product of three, multiplied by the greater of the annual
                  salary set forth in Section 3(a) of this AGREEMENT or the
                  annual salary payable to the EMPLOYEE as a result of any
                  ANNUAL REVIEW, less (xx) the amount paid to the EMPLOYEE
                  pursuant to clause (l) of this subparagraph (A);

         (B) The EMPLOYEE, his dependents, beneficiaries and estate shall be
     covered under either the health, life and disability plans of the EMPLOYER
     or the health, life and disability plans of the successors, survivors or
     assigns of the EMPLOYERS without any material diminution in coverage or
     benefit at the expense of the EMPLOYERS or the successors, survivors or
     assigns of the EMPLOYERS as if the EMPLOYEE were still employed under this
     AGREEMENT until the earliest of the expiration of the TERM or the date on
     which the EMPLOYEE is included in another employer's benefit plans as a
     full-time employee; and

                                       3
<PAGE>
                           (C) The EMPLOYEE shall not be required to mitigate
                  the amount of any payment provided for in this AGREEMENT by
                  seeking other employment or otherwise, nor shall any amounts
                  received from other employment or otherwise by the EMPLOYEE
                  offset in any manner the obligations of the EMPLOYERS
                  hereunder, except as specifically stated in subparagraph (B)
                  above.

         Provided, however, that in the event that payments pursuant to this
         subsection (II) would result in the imposition of a penalty tax
         pursuant to Section 280G(b)(3) of the Internal Revenue Code of 1986, as
         amended, and the regulations promulgated thereunder (hereinafter
         collectively referred to as "SECTION 280G"), such payments shall be
         reduced to the maximum amount which may be paid under SECTION 280G
         without exceeding such limits.

                  (III) Termination Without CHANGE OF CONTROL. In the event that
         the employment of the EMPLOYEE is terminated before the expiration of
         the TERM for any reason other than death, JUST CAUSE or in connection
         with or within one year of a CHANGE OF CONTROL, the EMPLOYERS shall be
         obligated to continue (A) to pay on a monthly basis to the EMPLOYEE,
         his dependents, beneficiaries or estate his annual salary provided
         pursuant to Section 3(a) or (b) of this AGREEMENT until the expiration
         of the TERM and (B) to provide to the EMPLOYEE, his dependents,
         beneficiaries and estate at the EMPLOYERS' expense, health, life,
         disability and other benefits substantially equal to those being
         provided to the EMPLOYEE at the date of termination of his employment
         until the earliest to occur of the expiration of the TERM or the date
         the EMPLOYEE becomes employed full-time by another employer; provided,
         however, that in the event that payments pursuant to this subsection
         (III) would result in the imposition of a penalty tax pursuant to
         SECTION 280G, such payments shall be reduced to the maximum amount
         which may be paid under SECTION 280G without exceeding those limits.
         The EMPLOYEE shall not be required to mitigate the amount of any
         payment provided for in this AGREEMENT by seeking other employment or
         otherwise, nor shall any amounts received from other employment or
         otherwise by the EMPLOYEE offset in any manner the obligations of the
         EMPLOYERS hereunder, except as specifically stated in subparagraph
         (III)(B) above.

         (b) Death of the EMPLOYEE. The TERM automatically terminates upon the
death of the EMPLOYEE. In the event of such death, the EMPLOYEE'S estate shall
be entitled to receive the compensation due the EMPLOYEE through the last day of
the calendar month in which the death occurred, except as otherwise specified
herein.

         (c)      "Golden  Parachute"  Provision.  Any payments made to the
EMPLOYEE  pursuant to this  AGREEMENT,  or  otherwise,  are subject to and
conditioned upon their compliance with 12 U.S.C.ss.1828(k) and FDIC regulation
12 C.F.R.  Part 359, Golden Parachute and Indemnification Payments.

         (d)      Definition of "CHANGE OF CONTROL". A "CHANGE OF CONTROL" shall
mean any one of the following events: (i) the acquisition of ownership or power
to vote more than 25% of the voting stock of either of the EMPLOYERS; (ii) the
acquisition of the ability to control the election of a majority of the
directors of either of the EMPLOYERS; (iii) during any period of two consecutive
years, individuals who at the beginning of such period constitute the Board of
Directors of WFC or WINTON cease for any reason to constitute at least a
majority thereof; provided, however, that any individual whose election or
nomination for election as a member of the Board of Directors of WFC or WINTON
was approved by a vote of at least two-thirds of the directors then in office
shall be considered to have continued to be a member of the Board of Directors
of WFC or WINTON; or (iv) the acquisition by any person or entity of "conclusive
control" of WINTON within the meaning of 12 C.F.R. ss.574.4(a), or the
acquisition by any person or entity of "rebuttable control" within the meaning
of 12 C.F.R. ss.574.4(b) that has not been rebutted in accordance with 12 C.F.R.
ss.574.4(c). For purposes of this paragraph, the term "person" refers to an
individual or corporation, partnership, trust, association, or other
organization, but does not include the EMPLOYEE and any person or persons with
whom the EMPLOYEE is "acting in concert" within the meaning of 12 C.F.R.
Part 574.

         Section 5.   Special Regulatory  Events.  Notwithstanding  Section 4 of
this AGREEMENT,  the obligations of the EMPLOYERS to the EMPLOYEE shall be as
follows in the event of the following circumstances:

                                       4
<PAGE>

         (a) If the EMPLOYEE is suspended and/or temporarily prohibited from
participating in the conduct of the EMPLOYERS' affairs by a notice served under
Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (hereinafter
referred to as the "FDIA"), the EMPLOYERS' obligations under this AGREEMENT
shall be suspended as of the date of service of such notice, unless stayed by
appropriate proceedings. If the charges in the notice are dismissed, the
EMPLOYERS may, in their discretion, pay the EMPLOYEE all or part of the
compensation withheld while the obligations in this AGREEMENT were suspended and
reinstate, in whole or in part, any of the obligations that were suspended.

         (b) If the EMPLOYEE is removed and/or permanently prohibited from
participating in the conduct of the EMPLOYERS' affairs by an order issued under
Section 8(e)(4) or (g)(l) of the FDIA, all obligations of the EMPLOYERS under
this AGREEMENT shall terminate as of the effective date of such order; provided,
however, that vested rights of the EMPLOYEE shall not be affected by such
termination.

         (c) If the EMPLOYERS are in default, as defined in Section 3(x)(1) of
the FDIA, all obligations under this AGREEMENT shall terminate as of the date of
default; provided, however, that vested rights of the EMPLOYEE shall not be
affected.

         (d) All obligations under this AGREEMENT shall be terminated, except to
the extent of a determination that the continuation of this AGREEMENT is
necessary for the continued operation of the EMPLOYERS, (i) by the Director of
the Office of Thrift Supervision (hereinafter referred to as the "OTS"), or his
or her designee, at the time that the Federal Deposit Insurance Corporation
enters into an agreement to provide assistance to or on behalf of the EMPLOYERS
under the authority contained in Section 13(c) of the FDIA; or (ii) by the
Director of the OTS, or his or her designee, at any time the Director of the
OTS, or his or her designee, approves a supervisory merger to resolve problems
related to the operation of the EMPLOYERS or when the EMPLOYERS are determined
by the Director of the OTS to be in an unsafe or unsound condition. No vested
rights of the EMPLOYEE shall be affected by any such action.

         Section 6. Consolidation, Merger or Sale of Assets. Nothing in this
AGREEMENT shall preclude the EMPLOYERS from consolidating with, merging into, or
transferring all, or substantially all, of their assets to another corporation
that assumes all of the EMPLOYERS' obligations and undertakings hereunder. Upon
such a consolidation, merger or transfer of assets, the term "EMPLOYERS" as used
herein shall mean such other corporation or entity and this AGREEMENT shall
continue in full force and effect; provided, however, that the assumption of the
EMPLOYERS' obligations and undertakings hereunder shall not affect the
EMPLOYEE'S right to payments pursuant to Section 4(a)(II) of this AGREEMENT in
connection with such consolidation, merger or transfer of assets.

         Section 7. Confidential Information. The EMPLOYEE acknowledges that
during his employment he will learn and have access to confidential information
regarding the EMPLOYERS and their customers and businesses. The EMPLOYEE agrees
and covenants not to disclose or use for his own benefit, or the benefit of any
other person or entity, any confidential information, unless or until the
EMPLOYERS consent to such disclosure or use or such information becomes common
knowledge in the industry or is otherwise legally in the public domain. The
EMPLOYEE shall not knowingly disclose or reveal to any unauthorized person any
confidential information relating to the EMPLOYERS, their subsidiaries or
affiliates, or to any of the businesses operated by them, and the EMPLOYEE
confirms that such information constitutes the exclusive property of the
EMPLOYERS. The EMPLOYEE shall not otherwise knowingly act or conduct himself (a)
to the material detriment of the EMPLOYERS, their subsidiaries, or affiliates,
or (b) in a manner which is inimical or contrary to the interests of the
EMPLOYERS.

         Section 8. Nonassignability. Neither this AGREEMENT nor any right or
interest hereunder shall be assignable by the EMPLOYEE, his beneficiaries, or
legal representatives without the EMPLOYERS' prior written consent; provided,
however, that nothing in this Section 8 shall preclude (a) the EMPLOYEE from
designating a beneficiary to receive any benefits payable hereunder upon his
death, or (b) the executors, administrators, or other legal representatives of
the EMPLOYEE or his estate from assigning any rights hereunder to the person or
persons entitled thereto.

                                       5
<PAGE>

         Section 9. No Attachment. Except as required by law, no right to
receive payment under this AGREEMENT shall be subject to anticipation,
commutation, alienation, sale, assignment, encumbrance, charge, pledge or
hypothecation or to execution, attachment, levy, or similar process of
assignment by operation of law, and any attempt, voluntary or involuntary, to
effect any such action shall be null, void and of no effect.

         Section 10.       Binding  Agreement.  This AGREEMENT shall be binding
upon, and inure to the benefit of, the EMPLOYEE and the EMPLOYERS and their
respective permitted successors and assigns.

         Section 11.       Amendment of AGREEMENT.  This  AGREEMENT may not be
modified or amended,  except by an instrument in writing signed by the parties
hereto.

         Section 12. Waiver. No term or condition of this AGREEMENT shall be
deemed to have been waived, nor shall there be an estoppel against the
enforcement of any provision of this AGREEMENT, except by written instrument of
the party charged with such waiver or estoppel. No such written waiver shall be
deemed a continuing waiver, unless specifically stated therein, and each waiver
shall operate only as to the specific term or condition waived and shall not
constitute a waiver of such term or condition for the future or as to any act
other than the act specifically waived.

         Section 13. Severability. If, for any reason, any provision of this
AGREEMENT is held invalid, such invalidity shall not affect the other provisions
of this AGREEMENT not held so invalid, and each such other provision shall, to
the full extent consistent with applicable law, continue in full force and
effect. If this AGREEMENT is held invalid or cannot be enforced, then any prior
AGREEMENT between the EMPLOYERS (or any predecessor thereof) and the EMPLOYEE
shall be deemed reinstated to the full extent permitted by law, as if this
AGREEMENT had not been executed.

         Section 14.       Headings.  The headings of the paragraphs  herein are
included solely for convenience of reference and shall not control the meaning
or interpretation of any of the provisions of this AGREEMENT.

         Section 15. Governing Law. This AGREEMENT has been executed and
delivered in the State of Ohio and its validity, interpretation, performance,
and enforcement shall be governed by the laws of this State of Ohio, except to
the extent that federal law is governing.

         Section 16. Effect of Prior Agreements. This AGREEMENT contains the
entire understanding between the parties hereto and supersedes any prior
employment agreement between the EMPLOYERS and the EMPLOYEE, each of which is
hereby terminated and is of no further force or effect.

         Section 17. Notices. Any notice or other communication required or
permitted pursuant to this AGREEMENT shall be deemed delivered if such notice or
communication is in writing and is delivered personally or by facsimile
transmission or is deposited in the United States mail, postage prepaid,
addressed as follows:

  If to Winton Financial Corporation and/or The Winton Savings & Loan Company:

                           Chairman of the Board of Directors
                           Winton Financial Corporation
                           5511 Cheviot Road
                           Cincinnati, Ohio  45247-7095

                                       6
<PAGE>

         With copies to:

                           John C. Vorys, Esq.
                           Vorys, Sater, Seymour and Pease LLP
                           Suite 2000, Atrium Two
                           221 East Fourth Street
                           Cincinnati, Ohio  45202

         If to the EMPLOYEE to:

                           Robert L. Bollin
                           3358 Kuliga Park Drive
                           Cincinnati, Ohio  45248

         IN WITNESS WHEREOF, the EMPLOYERS have caused this AGREEMENT to be
executed by their duly authorized officers, and the EMPLOYEE has signed this
AGREEMENT, each as of the day and year first above written.

Attest:                                WINTON FINANCIAL CORPORATION

/s/ Richard Sweet                      By /s/ William J. Parchman
----------------------------              -------------------------------
                                            William J. Parchman
                                            its Chairman of the Board

Attest:                                THE WINTON SAVINGS AND LOAN CO.

/s/ Jennifer L. Reuter                 By /s/ William J. Parchman
----------------------------              -------------------------------
                                            William J. Parchman
                                            its Chairman of the Board

Attest:

/s/ Jennifer C. Petrey                       /s/ Robert L. Bollin
---------------------------------            -------------------------------
                                               Robert L. Bollin

                                       7

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