Document:

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                                                                    Exhibit 10.1

                    SEPARATION AGREEMENT AND GENERAL RELEASE

         This Agreement dated as of May 16, 2001 is by and between Genzyme
Transgenics Corporation ("GTC"), its predecessors, subsidiaries, successors,
related and affiliated companies, assigns, officers, directors, stockholders,
agents, and executives (hereinafter referred to collectively with GTC as the
"Company") and Sandra Nusinoff Lehrman, M.D., her executors, heirs,
administrators, and assigns (hereinafter referred to as "Executive"). In
consideration of the mutual covenants contained herein, the parties agree as
follows:

1. RESIGNATION. Executive hereby resigns as President and Chief Executive
Officer, and as a director, of GTC, effective as of the date of this Agreement.
Executive's employment with the Company shall terminate at the close of business
on May 25, 2001 (the "Termination Date"). Effective immediately, Executive will
not take any action on behalf of the Company except at the specific request of
the Board. Executive shall not be required to report for work prior to the
Termination Date but shall make herself reasonably available to the Board for
consultation. Effective immediately, Executive hereby resigns from all offices
she holds in any corporations or other entities affiliated with or related to
GTC.

2. SEVERANCE PAYMENT. For purposes of calculating the severance payment,
Executive's resignation shall be treated as a termination without cause under
Section 4.1(b) of Executive's Employment Agreement. Executive will receive a
total severance equal to $820,383.56 paid in substantially equal installments in
accordance with the Company's standard payroll practices over the twenty-four
month period beginning after the Termination Date (the "Severance Period"). This
payment includes twenty-four (24) months of Executive's base salary at the time
of termination ($380,000 on an annualized basis) plus a bonus equal to
$60,383.56 ($152,000 prorated for the portion of 2001 that Executive is employed
by the Company through the Termination Date). Executive acknowledges and agrees
that this payment fully satisfies any severance obligation contained in her
employment contract dated as of July 1, 1998, as amended to date.

3. ADDITIONAL CONSIDERATION. Within fourteen days after the Company receives a
copy of this Agreement signed by Executive, the Company will deliver to
Executive an option to purchase 100,000 shares of GTC common stock at an
exercise price of $6.70 per share. This option shall be fully vested upon grant
and shall be subject to the same terms and conditions as the Company's other
nonstatutory stock options except that this option shall be exercisable for
three years from the date of the grant notwithstanding termination of
Executive's employment with the Company.

4. INSURANCE AND OTHER BENEFITS

         a. HEALTH AND DENTAL INSURANCE. Subject to any restrictions in the
applicable policy, the Company shall continue at its sole expense, Executive's
family health and dental benefits during the Severance Period on the same basis
as for active employees unless notified in writing that coverage is no longer
necessary. If Executive cannot continue as part of the group plan, the Company
will obtain substantially equivalent coverage.

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         b. LIFE INSURANCE COVERAGE. The Company shall continue to provide
Executive with the existing group life insurance coverage during the Severance
Period. If the Company cannot continue the existing group coverage, the Company
will secure comparable coverage.

         c. RETIREMENT PLANS. Executive shall continue to participate in GTC's
retirement plans during the Severance Period. If such continuation is not
permitted under the relevant plan, the Company will provide Executive with a
lump sum payment equal to the amount of the Company's contribution on the same
basis as during her active employment.

         d. OUTPLACEMENT SERVICES. In order to assist Executive with her
departure from GTC, GTC will pay for the services of a professional outplacement
firm that is mutually satisfactory to the parties during the Severance Period to
assist her in securing new employment.

         e. VACATION PAY. Executive will receive payment for 118.3 accrued
vacation hours.

         f. CESSATION OF BENEFITS. Unless otherwise provided for expressly in
this Agreement, all other benefits will cease as of the Termination Date,
including without limitation, the accrual of vacation time.

         STOCK OPTIONS. As of the Termination Date all further vesting under
Executive's currently outstanding stock options set forth below will cease and
such options will be exercisable in accordance with their terms for a period of
90 days after the Termination Date:

<TABLE>
<CAPTION>

OPTION GRANT DATE            EXERCISE PRICE             TOTAL SHARES           VESTED SHARES
--------------------------------------------------------------------------------------------
<S>                          <C>                        <C>                    <C>
  July 1, 1998                   $7.75                    150,000                 90,000
--------------------------------------------------------------------------------------------
  May 25, 1999                  $4.5625                    85,000                 51,000
--------------------------------------------------------------------------------------------
  May 24, 2000                  $17.3125                   85,000                 34,000
--------------------------------------------------------------------------------------------
 March 14, 2001                 $5.0312                   150,000                 30,000
--------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------
</TABLE>

         Executive has until 90 days after the Termination Date to exercise any
of the foregoing options that are exercisable as of the Termination Date.

5. RETURN OF PROPERTY. Executive immediately shall cease to use and shall return
all papers, files, documents, computers, reference guides, equipment, keys,
identification, credit cards, software, computer access codes, disks and
institutional manuals, and any other property belonging to the Company on or
before the Termination Date. Executive shall not retain any copies, duplicates,
reproductions or excerpts thereof.

6. NONDISCLOSURE OF CONFIDENTIAL INFORMATION. Executive acknowledges that during
the course of her employment with the Company she has become acquainted with
and/or developed confidential information belonging to the Company and its
customers. Executive agrees not to use to her own advantage or to disclose to
any person or entity any confidential information of the Company or of any past
or present customer of the Company, including but not limited to

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financial data or projections, customer lists, projects, economic information,
systems, plans, methods, procedures, operations, techniques, know-how, trade
secrets or merchandising or marketing strategies. In addition, Executive shall
continue to be bound by the provision of her agreement pertaining to
confidential information.

7. MUTUAL GENERAL RELEASE. In consideration of the payment of Severance Pay and
other benefits set forth in this Agreement, Executive for herself, executors,
heirs, administrators, assigns, and anyone else claiming by, through or under
her, and the Company irrevocably and unconditionally, release, and forever
discharge each other with respect to any and all debts, demands, actions, causes
of action, suits, covenants, contracts, wages, bonuses, damages and any and all
claims, demands, liabilities, and expenses (including attorneys' fees and costs)
whatsoever of any name or nature both in law and in equity ("Claim") which
either now has, ever had or may in the future have against the other by reason
of any matter, cause or thing which has happened, developed or occurred before
the signing of this Agreement, including, but not limited to, any and all suits
in tort or contract, and any Claims or suits relating to salary, wages, bonuses
and commissions, the breach of an oral or written contract, misrepresentation,
defamation, and interference with prospective economic advantage, interference
with contract, intentional and negligent infliction of emotional distress,
negligence, breach of the covenant of good faith and fair dealing, and Claims
arising out of, based on, or connected with her employment by the Company and
the termination of that employment as set forth in this Agreement, including any
causes of action or Claims for unlawful employment discrimination of any kind,
arising under or based on Title VII of the Civil Rights Act of 1964, as amended;
the Age Discrimination in Employment Act, as amended; the Equal Pay Act of 1963;
the Massachusetts Fair Employment Practices Act M.G.L. c.151B et seq.; the
Massachusetts Civil Rights Act; the Massachusetts Equal Rights Law and any other
state or federal equal employment opportunity or anti-discrimination law,
policy, order or regulation affecting or relating to Claims or rights of
Executive, which Executive ever had, now has, or claims to have against the
Company. Subject to the provisions of Section 12, Executive and the Company
further agree not to institute any charge, complaint, or lawsuit to challenge
the validity of this Agreement or the circumstances surrounding its execution.
Executive waives any right or claim to reinstatement or re-employment by the
Company. Nothing in this Agreement shall preclude any action by the Executive or
the Company to enforce their respective rights under this Agreement.

8. NONADMISSIONS CLAUSE. It is understood and agreed that this Agreement does
not constitute any admission by the Company that any action taken with respect
to Executive was unlawful or wrongful, or that such action constituted a breach
of contract or violated any federal or state law, policy, rule or regulation.

9. NONDISCLOSURE OF THIS AGREEMENT. Executive expressly agrees, and hereby
instructs her attorney, accountant, or tax advisor and immediate family, if any,
that the nature and terms of this Agreement are confidential, and expressly
agrees not to discuss or disclose them, or the facts and contentions contained
therein, without the prior written consent of the Company, with or to any
person, except to the Internal Revenue Service, state tax authorities, her
accountant or tax advisor, her attorneys, her immediate family, or as required
by law. Executive may share with future employers information concerning her
obligations with respect to confidential and proprietary information.

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10. NON-DISPARAGEMENT. Executive agrees that she will not disparage or make
negative statements about the Company or any of its officers, directors, agents,
executives, successors and assigns, programs or products. The Company agrees to
instruct its officers and directors not to make any statement that disparages
Executive.

11. RECOMMENDATION. The Company will, in good faith, use all reasonable efforts
to direct all requests for information about Executive received from prospective
employers to a single officer of the Company, who shall initially be John B.
Green. The Company agrees to develop and review with Executive a verbal
reference to be provided by the designated officer of the Company in response to
any such requests.

12. BREACH. In the event that either party institutes legal proceedings to
enforce this Agreement, each agrees that the sole remedy available shall be
enforcement of the terms of this Agreement and/or a claim for damages resulting
from the breach of this Agreement, including reasonable attorney's fees incurred
in such proceedings but that under no circumstances shall either be entitled to
receive or collect any damages for claims that has been released under this
Agreement in accordance with the General Release contained in Section 7 of this
Agreement.

13. REPRESENTATIONS. Executive acknowledges that in exchange for entering into
this Agreement she has received good and valuable consideration in excess of
that to which she would otherwise have been entitled in the absence of this
Agreement. This consideration includes, but is not limited to, the Additional
Consideration described in Section 3. Executive further acknowledges the
sufficiency of that consideration.

14. TIME TO CONSIDER AGREEMENT. Executive acknowledges that she has been advised
in writing to consult with an attorney and has had ample opportunity to consult
with and review this Agreement with an attorney of her choice and has been given
a period of at least twenty-one (21) days within which to consider whether to
sign this Agreement. Executive may sign this Agreement prior to the end of this
twenty-one (21) day period.

15. REVOCATION. It is agreed and understood that for a period of seven (7) days
following the execution of this Agreement, which period shall end at 5:00 p.m.
on the seventh day following the date of execution, Executive may revoke this
Agreement. This Agreement will not become effective or enforceable until this
revocation period has expired.

16. SEVERABILITY. If any of the terms of this Agreement shall be held to be
invalid and unenforceable, the remaining terms of this Agreement are severable
and shall not be affected thereby.

17. ENTIRE AGREEMENT. This Agreement and its Exhibits constitutes the entire
agreement between the parties about or relating to Executive's termination of
employment from the Company, or the Company's obligations to her with respect to
her termination and fully supersedes any and all prior agreements or
understanding between the parties except for the obligations with respect to
inventions, intellectual property, proprietary information and non-solicitation,
which remains in full force and effect. The terms of this Agreement are
contractual in nature and not a mere recital, and they shall take effect as a
sealed document. This Agreement shall be governed by the laws of the
Commonwealth of Massachusetts, and may not be changed

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orally, but only by agreement in writing signed by both parties. The parties
attest that no other representations were made regarding this Agreement other
than those contained herein.

18. COUNTERPARTS. This Agreement may be executed in any number of counterparts,
each of which when executed and delivered constitutes an original of this
Agreement, but all the Counterparts shall together constitute one and the same
agreement. No counterpart shall be effective until each party has executed at
least one counterpart.

                                        GENZYME TRANSGENICS CORPORATION

                                        By: /s/ Francis J. Bullock
                                            ---------------------------
                                            Name:  Francis J. Bullock
                                            Title: Director and Chairman,
                                                   Compensation Committee

                                        EXECUTIVE:

                                        /s/ Sandra Nusinoff Lehrman
                                        -------------------------------
                                        Sandra Nusinoff Lehrman, M.D.

                                       5<PAGE>

                                                                   EXHIBIT 10(a)
                              WELLS FARGO & COMPANY

                           DEFERRED COMPENSATION PLAN

                  (Includes Amendments Through January 1, 2001)

         1. PURPOSE OF THE PLAN. On July 27, 1993, the Board of Directors of
Norwest Corporation, a Delaware corporation now known as "Wells Fargo & Company"
(the "Company"), authorized the creation of a nonqualified, unfunded, elective
deferral plan known as the "Norwest Corporation Employees' Deferred Compensation
Plan" (the "Plan") for the purpose of allowing a select group of management and
highly compensated employees of the Company and its subsidiaries to defer the
receipt of compensation which would otherwise be paid to those employees.
Effective July 1, 1999, the name of the Plan was changed to the "Wells Fargo &
Company Deferred Compensation Plan." The Company reserved the power to amend and
terminate the Plan by action of the Human Resources Committee of the Company's
Board of Directors. The Human Resources Committee desires to exercise that
reserved power of amendment by the adoption of this amended and restated Plan
document effective January 1, 2000.

         2. DEFINITIONS. When the following terms are used herein with initial
capital letters, they shall have the following meanings:

           (A)CD OPTION. An earnings option based on Wells Fargo Bank Minnesota,
              N.A. one-year certificate of deposits as determined from time to
              time by the Plan Administrator.

           (B)COMMON STOCK. Shares of Wells Fargo & Company common stock.

           (C)COMMON STOCK EARNINGS OPTION. An earnings option based on shares
              of Common Stock.

           (D)COMPENSATION. Salaries, bonuses and commissions earned by the
              Eligible Employee during the Deferral Year for services
              rendered to the Company or the Company's subsidiaries as
              determined by the Plan Administrator and payable no later than
              March 31 of the following Deferral Year.

           (E)DEFERRAL ACCOUNT. A bookkeeping account maintained for each
              Participant to which is credited the amounts deferred under a
              Deferral Election and a Stock Option Gain Deferral Election,
              together with any increase or decrease thereon based on the
              earnings options selected by the Participant or mandated by the
              Plan.

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           (F)DEFERRAL ELECTION. An irrevocable election made by an Eligible
              Employee during an enrollment period specified by the Plan
              Administrator to defer the receipt of Compensation for a given
              Deferral Year.

           (G)DEFERRAL YEAR. The Plan Year following the year in which a
              Deferral Election is made.

           (H)ELIGIBLE EMPLOYEE. Each employee of the Company or any of its
              subsidiaries who has been selected for participation in this
              Plan for a given Plan Year pursuant to Section 3 of the Plan.

           (I)FUND OPTIONS. An earnings option based on a selection of
              registered investment companies chosen from time to time by the
              Plan Administrator.

           (J)PARTICIPANT. Each Eligible Employee who has entered into a
              Deferral Election or Stock Option Gain Deferral Election for a
              given Deferral Year and each employee who has a Transferred
              Account set up under the Plan shall be considered a
              Participant. An employee who has become a Participant shall be
              considered to continue as a Participant in the Plan until the
              date of the Participant's death or, if earlier, the date the
              Participant no longer has any Deferral Accounts under the Plan.

           (K)PLAN ADMINISTRATOR. For purposes of Section 3(16)(A) of the
              Employee Retirement Income Security Act of 1974, as amended,
              the Human Resources Committee of the Company's Board of
              Directors has designated that the Plan Administrator shall be
              the Company's Executive Vice President Human Resources.

           (L)PLAN YEAR. The twelve month period beginning on any January 1 and
              ending the following December 31.

           (M)STOCK OPTION GAIN COMPENSATION. Certain gains derived from
              specified Common Stock option grants under the Company's
              Long-Term Incentive Compensation Plan and any other stock
              option plan approved by the Plan Administrator.

           (N)STOCK OPTION GAIN DEFERRAL ELECTION. An irrevocable election made
              by an Eligible Employee to defer the receipt of Stock Option Gain
              Compensation.

           (O)TRANSFERRED ACCOUNT. The bookkeeping account maintained for
              each Participant to which is credited the Participant's
              interest in any nonqualified deferred compensation plan
              transferred to this Plan,

                                      -2-

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              together with any increase or decrease thereon based on the
              earnings options selected by the Participant or mandated by
              the Plan

         3.  ELIGIBILITY. Each regular and part-time highly compensated Eligible
Employee of the Company or any of its subsidiaries who has been selected for
participation in this Plan by the Plan Administrator or by such officers of the
Company to which the Plan Administrator has delegated its authority, shall be
eligible to participate in the Plan for a given Plan Year.

         4.  TRANSFERRED ACCOUNTS. Any employee who had an account under the
Wells Fargo & Company Benefit Restoration Program ("BRP") on June 30, 1999 that
transferred into this Plan on July 1, 1999, shall be deemed a Participant with
respect to their transferred BRP accounts subject to the terms of Appendix A to
this Plan. Effective January 1, 2000, the Norwest Corporation Elective Deferred
Compensation Plan for Mortgage Banking Executives, Norwest Mortgage Banking
Incentive Compensation and Deferral Plan and Norwest Mortgage Banking Deferral
Plan (the "Mortgage Plans") shall merge into this Plan. All accounts under the
Mortgage Plans on December 31, 1999 shall be transferred to this Plan effective
January 1, 2000. Any employee or former employee who has an account under the
Mortgage Plans on December 31, 1999 shall be deemed a Participant in this Plan
on January 1, 2000 with respect to their transferred Mortgage Plans' accounts
subject to the terms of Appendix A to this Plan. Effective January 1, 2000, the
Wells Fargo & Company 1997 Bonus Deferral Plan ("Bonus Deferral Plan") employee
accounts shall merge into this Plan. Employee accounts under the Bonus Deferral
Plan on December 31, 1999 shall be transferred to this Plan effective January 1,
2000. Any employee on January 1, 2000 who had an account under the Bonus
Deferral Plan on December 31, 1999 shall be deemed a Participant in this Plan on
January 1, 2000 with respect to their transferred Bonus Deferral Plan accounts
subject to the terms of Appendix A to this Plan.

         5.  DEFERRAL OF COMPENSATION. An Eligible Employee may elect to defer a
portion of the Compensation that the Eligible Employee may earn from the Company
or its subsidiaries during the Deferral Year following the year in which the
Deferral Election is made. FICA taxes and certain other payroll deductions
elected by the Eligible Employee shall be made before any deferrals are made
under this Plan. Such Deferral Election shall be made as described in Section
6(A)(2). An Eligible Employee may also defer certain Stock Option Gain
Compensation by completing a separate Stock Option Gain Deferral Election as
described in Section 6(B)(2).

         6.  ELECTION TO PARTICIPATE AND DEFER COMPENSATION AND STOCK OPTION
             GAIN.

              (A)DEFERRAL OF COMPENSATION.

                 (1) PARTICIPATION. Except as provided in Section 6(A)(3) as to
                     new Eligible Employees, an Eligible Employee becomes a
                     Participant in the Plan by filing, during an enrollment
                     period specified by the Plan Administrator but no later
                     than December 31 of the year preceding the

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                     Deferral Year, an irrevocable Deferral Election. An
                     Eligible Employee who has made a Deferral Election for any
                     Deferral Year and has a Deferral Account is a Participant.
                     The Deferral Election shall be effective only for the
                     Deferral Year specified. A new Deferral Election must be
                     filed for each Deferral Year. Amounts deferred under a
                     Deferral Election shall be credited to a Deferral Account
                     established under the Plan for the Eligible Employee.

                 (2) DEFERRAL ELECTION. The Deferral Election shall consist of
                     the Eligible Employee's election to defer Compensation,
                     election of earnings option(s) as described in Section
                     7(A), and election of the timing and form of distribution
                     of amounts deferred as described in Section 8. An Eligible
                     Employee may elect to defer (subject to any limitations on
                     Compensation imposed by the Plan Administrator for the
                     Deferral Year), in any combination, all or a part of the
                     Eligible Employee's (a) base salary earned and paid on a
                     periodic basis throughout the Deferral Year, (b) incentive
                     pay earned throughout the Deferral Year and paid after the
                     end of the Deferral Year, and (c) commissions and other
                     periodic incentive payments paid during the Deferral Year.
                     The Eligible Employee shall specify for each Compensation
                     category an amount to be deferred per pay period,
                     expressed either as a percentage or a dollar amount.

                  (3) INITIAL DEFERRAL ELECTION OR INITIAL ELIGIBILITY. A new
                      Eligible Employee must make a Deferral Election within
                      thirty (30) days of the date the Eligible Employee
                      receives notification of eligibility to participate in the
                      Plan in order to defer Compensation earned in the current
                      Deferral Year.

               (B) DEFERRAL OF STOCK OPTION GAINS

                  (1) PARTICIPATION. An Eligible Employee may file at least
                      twelve (12) months prior to exercise, an irrevocable Stock
                      Option Gain Deferral Election. Stock Option Gain Deferral
                      Elections become effective immediately. An Eligible
                      Employee who has made a Stock Option Gain Deferral
                      Election is a Participant. Amounts deferred under a Stock
                      Option Gain Deferral Election shall be credited to a
                      Deferral Account established under the Plan for the
                      Eligible Employee.

                  (2) DEFERRAL ELECTION. A Stock Option Gain Deferral Election
                      shall consist of the Eligible Employee's election to defer
                      all of the eligible Stock Option Gain Compensation derived
                      from a specific stock option grant. Eligible Stock Option
                      Gain Compensation consists of only stock option gains
                      realized using the stock-for-stock swap ("stock swap")
                      method of exercise. Stock option gains derived from
                      either a cash exercise or a same day sale will not be
                      eligible Stock Option Gain

                                       -4-
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                      Compensation. Therefore, if an Eligible Employee
                      elects to defer the stock option gain derived from a
                      specific stock option grant, the Eligible Employee
                      must agree to use the stock swap method under the terms
                      and conditions of such grant. Stock option gains from
                      stock swaps will be allocated solely to the Common Stock
                      Earnings Option. The Stock Option Gain Deferral Election
                      must also specify the timing and form of distribution of
                      the amount deferred as described in Section 8.

                  (3) EFFECT ON STOCK OPTIONS. The filing of a Stock Option Gain
                      Deferral Election prohibits the Participant from
                      exercising the stock option for at least twelve (12)
                      months. Termination of employment for any reason prior to
                      exercise will void the Stock Option Gain Deferral
                      Election.

         7.  DEFERRAL ACCOUNT VALUATION.

            (A)EARNINGS OPTIONS. The earnings options available for selection
               on the Deferral Election are as follows:

               (1)Common Stock Earnings Option

               (2)CD Option

               (3)Fund Options

               A Participant must choose to allocate amounts credited to the
               Participant's Deferral Account among the earnings options in
               increments of one (1) percent. Except as to new Eligible
               Employees, the initial election of earnings options must be
               made by the Participant in advance of each Deferral Year. A
               Participant's Stock Option Gain Deferral Election will
               automatically be allocated to the Common Stock Earnings
               Option. In addition, twenty (20) percent of the amount of
               Compensation deferred during a Deferral Year will
               automatically be allocated to the Common Stock Earnings
               Option. Except with respect to the portion of the Deferral
               Account allocated to the Common Stock Earnings Option, after
               the initial election of earnings options, a Participant shall
               be entitled to change the earnings options for the
               Participant's entire Deferral Account each January 1 by filing
               an irrevocable earnings option election with the Plan
               Administrator as of a date selected by the Plan Administrator
               which is prior to the January 1 effective date.

            (B)PERIODIC CREDITS OF DEFERRAL AMOUNTS. The Participant's
               Deferral Account shall be credited with the amount of the
               deferred Compensation on the day such deferred Compensation
               would otherwise be paid to a Participant. All periodic credits
               to a Participant's Deferral Account under

                                       -5-
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               the Fund Options shall be in share equivalents of the Fund
               Options. All periodic credits to a Participant's Deferral Account
               under the Common Stock Earnings Option shall be in share
               equivalents of Common Stock. The number of share equivalents of
               Common Stock credited to a Participant's Deferral Account for
               Compensation deferrals under the Common Stock Earnings Option
               shall be determined by dividing the amount of each periodic
               credit by the New York Stock Exchange-only closing price per
               share of Common Stock on the day that the deferred Compensation
               is Credited to the Participant's Deferral Account (or, if the New
               York Stock Exchange is closed on that date, on the next preceding
               date on which it is open). When a stock option covered by a Stock
               Option Gain Deferral Election is exercised using a stock swap,
               the Participant's Deferral Account will be credited on the stock
               option exercise date. The amount of each credit shall be equal to
               the amount deferred from the Participant's Compensation and/or
               Stock Option Gain Compensation. In the case of Compensation, each
               credit shall be accounted for based on the earnings options
               selected by the Participant on the Compensation Deferral
               Election. In the case of Stock Option Gain Compensation, the
               credit shall be based on the fair market value as of the stock
               option exercise date as defined in the stock option plan.

            (C)INCREASE OR DECREASE TO DEFERRAL ACCOUNTS. The value of a
               Participant's Deferral Account will increase or decrease as
               follows:

               (1)CD OPTION. The amount of the increase or decrease for the
                  CD Option for a particular calendar month is calculated
                  based on the annual interest rate for a Wells Fargo Bank
                  Minnesota, N.A. one year certificate of deposit determined
                  as of the first business day of that month.

               (2)FUND OPTION. The amount of the increase or decrease for a
                  Fund Option is based on the performance for the selected Fund
                  Option.

               (3)COMMON STOCK EARNINGS OPTION. The amount of the increase
                  or decrease for the Common Stock Earnings Option is based
                  on the performance of the Common Stock including
                  dividends. Common Stock dividend equivalents will be
                  credited under the Common Stock Earnings Option at the
                  same time and same rate as dividends are paid on shares of
                  Common Stock.

         8. DISTRIBUTIONS. Payment of Deferral Accounts shall be made in
accordance to the Participant's Deferral Elections, subject to the following:

            (A)LUMP SUM OR INSTALLMENT DISTRIBUTIONS. A Participant must
               elect to receive distribution of the Participant's Deferral
               Accounts in either a lump sum or in annual installments over a
               period of years up to ten.

                                      -6-

<PAGE>

            (B)TIMING OF DISTRIBUTION. A Participant must designate on the
               Deferral Election the year that distribution from the
               Participant's Deferral Account shall be made. For purposes of
               Stock Option Gain Deferral Elections, the Participant may not
               elect to receive the distribution earlier than twelve (12) months
               after the date on which the option is exercised. In all events,
               however, distribution shall commence as soon as practicable after
               the March 1 immediately following the date the Participant ceases
               to be employed by the Company or an affiliate of the Company.

            (C)ACCOUNTS LESS THAN $25,000. Notwithstanding the foregoing, if
               the aggregate value of the Participant's Deferral Accounts
               attributable to (a) Deferral Elections made for Deferral Years
               commencing on or after January 1, 2000, (b) Deferral Elections
               made on July 1, 1999 by transferred BRP Participants, and (c) any
               Prior Deferral Elections that became subject to the terms of this
               Plan in accordance with Section 8 (E), is less than $25,000 at
               the end of the month in which the Participant's employment
               terminates, such Deferral Accounts shall be paid in a lump sum as
               soon as practicable after the March 1 immediately following the
               Participant's termination date.

            (D)UPON DEATH. If a Participant dies before receiving all
               payments under the Plan, payment of the balance in the
               Participant's Deferral Accounts shall be made to the
               Participant's designated beneficiary in the forms of distribution
               elected by the Participant on the Participant's Deferral
               Elections as soon as practicable after the March 1 following the
               date of the Participant's death. To be valid, a beneficiary
               designation must be in writing and the written designation must
               have been delivered to and accepted by the Plan Administrator
               prior to the Participant's death.

               If at the time of the Participant's death there is not on file a
               fully effective beneficiary designation form, or if the
               designated beneficiary did not survive the Participant, the
               person or persons surviving at the time of the Participant's
               death in the first of the following classes of beneficiaries in
               which there is a survivor, shall be entitled to receive the
               balance of the Participant's Deferral Accounts. If a person in
               the class surviving dies before receiving the balance (or the
               person's share of the balance in case of more than one person in
               the class) of the Participant's Deferral Accounts, that person's
               right to receive the Participant's Deferral Accounts will lapse
               and the determination of who will be entitled to receive the
               Participant's Deferral Accounts will be determined as if that
               person predeceased the Participant.

                      (a)Participant's surviving spouse;

                                      -7-
<PAGE>

                      (b)Equally to the Participant's children, except that if
                         any of the Participant's children predecease the
                         Participant but leave descendants surviving, such
                         descendants shall take by right of representation the
                         share their parent would have taken if living;

                      (c)Participant's surviving parents equally;

                      (d)Participant's surviving brothers and sisters equally;
                         or

                      (e)Representative of the Participant's estate.

            (E)TRANSITIONAL RULE. Notwithstanding the foregoing distribution
               rules contained in this Section 8, a Participant who is employed
               by the Company on January 1, 2000 and who has entered into a
               Deferral Election for a Deferral Year prior to January 1, 2000 or
               has a Transferred Account (collectively "Prior Deferral
               Elections") and who has not commenced distribution of such Prior
               Deferral Election, shall have a one-time opportunity effective
               January 1, 2000 to elect to change the method of distribution
               (lump sum versus installments) or to postpone the distribution
               commencement date for that Prior Deferral Election for a period
               of at least one year from the original distribution commencement
               date selected on the Prior Deferral Election. To be effective,
               such change must be submitted to the Plan Administrator on a form
               provided by the Plan Administrator by December 31, 1999 or if
               earlier, a date required by the Plan Administrator. If the change
               is not submitted by December 31, 1999, the method and timing of
               distribution elected on the Prior Deferral Election will remain
               in effect. If the Participant elects to make a change to a Prior
               Deferral Election, the amount deferred under the Prior Deferral
               Election and all earnings attributable to that Prior Deferral
               Election shall become subject to the distribution rules in this
               Section 8 and the timing and form of distribution selected on the
               Prior Deferral Election shall no longer be applicable with
               respect to distributions on account of termination of employment,
               retirement or disability. For purposes of a Prior Deferral
               Election made under this Plan, "retirement" shall mean the
               Participant's termination of employment with the Company after
               the Participant's attainment of regular or early retirement as
               defined in Section 6.1 or 6.2 of the Norwest Corporation Pension
               Plan in effect on June 30, 1999. Also, for purposes of Prior
               Deferral Elections made under this Plan, "disability" shall mean
               the Participant's total disability as described in the Wells
               Fargo & Company Long-Term Disability Plan, as amended from time
               to time.

            (F)FORM OF DISTRIBUTIONS. All distributions from Deferral
               Accounts shall be payable as follows:

              (1)In cash for all Deferral Accounts in an earnings option other
                 than the Common Stock Earnings Option; or

                                      -8-

<PAGE>

              (2)In shares of Common Stock for the portion of the Deferral
                 Accounts in the Common Stock Earnings Option.

            (G)VALUATION OF DEFERRAL ACCOUNTS FOR DISTRIBUTION.

              (1)The amount of the distribution in cash and/or Common Stock
                 shall be determined based on the Participant's Deferral
                 Account balance (and, if applicable, the price of Common
                 Stock) as of the March 1 of the year of distribution (or the
                 next preceding business day if March 1 is not a business day).
                 The amount of the distribution in cash and/or Common Stock as
                 of any other date on which a distribution is made shall be
                 determined based on the Participant's Deferral Account balance
                 (and, if applicable, the price of Common Stock) as of the end
                 of the month in which the event which triggers distribution
                 occurs. Earnings adjustments to amounts that have been valued
                 for distribution shall cease as of the date used to value such
                 amounts.

               (2)The amount of each installment payment will be based on the
                  value of the Participant's Deferral Account as of the March 1
                  of the year of the installment payment (or the next preceding
                  business day if March 1 is not a business day) and the number
                  of the installments remaining. The balance remaining in the
                  Deferral Account shall continue to be adjusted based on the
                  earnings options selected by the Participant in the Deferral
                  Election until the valuation date used to determine the amount
                  of the last payment. All installment payments will be made by
                  pro rata withdrawals from each earnings option elected by the
                  Participant.

              (H) EARLY WITHDRAWAL. A Participant or beneficiary who wishes to
                  receive payment of all or part of the Participant's Deferral
                  Account on a date earlier than that specified in the Deferral
                  Election or in the case of a beneficiary in accordance with
                  Section 8(D), may do so by filing with the Plan Administrator
                  a request for early withdrawal. Such payment will be made from
                  the earliest Deferral Year(s) in which the Participant has
                  participated in the Plan. Partial withdrawals of a given
                  Deferral Year's deferral are not permitted. Deferral Accounts
                  will be distributed in the order in which the accounts were
                  established. Stock Option Gain Compensation deferrals will be
                  distributed in the order in which the accounts were
                  established following the distribution of all funds from the
                  Compensation Deferrals. For the appropriate Deferral Year(s),
                  Account accruals to date shall be disbursed completely, less a
                  10% early withdrawal penalty on the amount distributed. The
                  10% penalty assessed for early withdrawal will be permanently
                  forfeited by the Participant and will be credited to the
                  account of the Company. Further, the Participant shall forfeit
                  eligibility to defer Compensation or Stock Option Gain
                  Compensation during the two Deferral Years following the year
                  in which

                                      -9-
<PAGE>

                  the early withdrawal is made, but in no case shall an
                  early withdrawal cause a current Deferral Election (either of
                  Compensation or Stock Option Gain Compensation) to be
                  suspended or canceled. In no case may a Participant or
                  beneficiary make more than one early withdrawal per calendar
                  year.

         9. NONASSIGNABILITY. No Participant or beneficiary shall have any
interest in any Accounts under this Plan that can be transferred, nor shall any
Participant or beneficiary have any power to anticipate, alienate, dispose of,
pledge or encumber the same while in the possession or control of the Company,
nor shall the Company recognize any assignment thereof, either in whole or in
part, nor shall any Account be subject to attachment, garnishment, execution
following judgment or other legal process while in the possession or control of
the Company. The designation of a beneficiary by a Participant does not
constitute a transfer.

         10. WITHHOLDING OF TAXES. Distributions under this Plan shall be
subject to the deduction of the amount of any federal, state, or local income
taxes, Social Security tax, Medicare tax, or other taxes required to be withheld
from such payments by applicable laws and regulations.

         11. UNSECURED OBLIGATION. The obligation of the Company to make
payments under this Plan constitutes only the unsecured (but legally
enforceable) promise of the Company to make such payments. The Participant shall
have no lien, prior claim or other security interest in any property of the
Company. The Company is not required to establish or maintain any fund, trust or
account (other than a bookkeeping account or reserve) for the purpose of funding
or paying the benefits promised under this Plan. If such a fund is established,
the property therein shall remain the sole and exclusive property of the
Company. The Company will pay the cost of this Plan out of its general assets.
All references to accounts, accruals, gains, losses, income, expenses, payments,
custodial funds and the like are included merely for the purpose of measuring
the Company's obligation to Participants in this Plan and shall not be construed
to impose on the Company the obligation to create any separate fund for purposes
of this Plan.

         12. TRUST FUND. If the Company chooses to fund credits to
Participant's Deferral Accounts, all cash contributed for such funding shall be
held and administered in trust in accordance with the terms and provisions of a
trust agreement between the Company and the appointed trustee or any duly
appointed successor trustee. All Common Stock or other funds in the trust shall
be held on a commingled basis and shall be subject to the claims of the general
creditors of the Company. Plan Accounts shall be for bookkeeping purposes only,
and the establishment of Plan Accounts shall not require segregation of trust
assets.

         13. NO GUARANTEE OF EMPLOYMENT. Participation in this Plan does not
constitute a guarantee or contract of employment with the Company or any of the
Company's affiliates. Such participation shall in no way interfere with any
right of the Company or

                                      -10-
<PAGE>

any affiliate to determine the duration of a Participant's employment or the
terms and conditions of such employment.

         14. ADMINISTRATION. The Plan Administrator or its delegatee shall have
the exclusive authority and responsibility for all matters in connection with
the operation and administration of the Plan. The Plan Administrator's powers
and duties shall include, but shall not be limited to, the following: (a)
responsibility for the compilation and maintenance of all records necessary in
connection with the Plan; (b) discretionary authority to interpret the terms of
the Plan; (c) authorizing the payment of all benefits and expenses of the Plan
as they become payable under the Plan; (d) authority to engage such legal,
accounting and other professional services as it may deem necessary; (e)
authority to adopt procedures for implementing the Plan; (f) discretionary
authority to determine Participants' eligibility for benefits under the Plan;
(g) set limits on the percentage or amount of Compensation that may be deferred
in a Deferral Year; and (h) to resolve all issues of fact and law in connection
with such determinations.

         15. COMMON STOCK. Subject to adjustment below, the maximum number of
shares of Common Stock that may be credited under the Plan is 5,000,000. If the
Company shall at any time increase or decrease the number of its outstanding
shares of Common Stock or change in any way the rights and privileges of such
shares by means of the payment of a stock dividend or any other distribution
upon such shares payable in Common Stock, or through a stock split, subdivision,
consolidation, combination, reclassification, or recapitalization involving the
Common Stock, then the numbers, rights, and privileges of the shares issuable
under the Plan shall be increased, decreased, or changed in like manner as if
such shares had been issued and outstanding, fully paid, and nonassessable at
the time of such occurrence.

         16. CLAIMS PROCEDURE. The Company shall establish a claims procedure
consistent with the requirements of ERISA. Such claims procedure shall provide
adequate notice in writing to any Participant or Beneficiary whose claim for
benefits under the Plan has been denied, setting forth the specific reasons for
such denial, written in a manner calculated to be understood by the claimant and
shall afford a reasonable opportunity to a claimant whose claim for benefits has
been denied for a full and fair review by the Company of the decision denying
the claim.

         17. CONSTRUCTION AND APPLICABLE LAW. This Plan is intended to be
construed and administered as an unfunded plan maintained primarily for the
purpose of providing deferred compensation for a select group of management or
highly compensated employees as provided under ERISA. The Plan shall be
construed and administered according to the laws of the State of Minnesota to
the extent that such laws are not preempted by ERISA.

         18. AGENT FOR LEGAL PROCESS. The Company shall be agent for service of
legal process with respect to any matter concerning the Plan, unless and until
the Company designates some other person as such agent.

                                      -11-
<PAGE>

         19. AMENDMENT AND TERMINATION. The Board of Directors of the Company or
the Human Resources Committee of the Company's Board of Directors may at any
time terminate, suspend, or amend this Plan in any manner; provided, however,
that if necessary to maintain the availability of the exemption contained in
Rule 16b-3, or any successor regulation, under the Securities Exchange Act of
1934, as amended, for transactions pursuant to this Plan, the provisions of this
Plan relating to the amount, price and timing of awards pursuant to this Plan
may not be amended more than once in every six months other than to comport with
changes in the Internal Revenue Code or ERISA, or the rules thereunder.
Notwithstanding the foregoing, the President, Executive Vice President of Human
Resources and the Senior Vice President of Compensation and Benefits, acting
singly, shall have the authority to execute a written action to amend the Plan
to authorize the merger of any nonqualified deferred compensation plan
maintained by any acquired entity into this Plan.

                                      -12-

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