EMPLOYMENT AGREEMENT

Exhibit 10.1

EMPLOYMENT AGREEMENT

BETWEEN

TEAM FINANCIAL, INC.

AND

ROBERT J. WEATHERBIE

TABLE OF CONTENTS

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EMPLOYMENT AGREEMENT

BETWEEN

TEAM FINANCIAL, INC.

AND

ROBERT J. WEATHERBIE

This Employment Agreement (“ Agreement ”) is made this 1st day of January, 2008, between Team Financial, Inc., a Kansas corporation ( “Company” ) and Robert J. Weatherbie ( “Executive” ).

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

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

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

1.             Term of Agreement and Definitions:

1.0          Term of Agreement:   On the date of this Agreement Company shall employ Executive and Executive accepts such employment for a term that, at any moment in time thereafter, shall be 36 months.

1.1          Continuance of Agreement Term: This Agreement shall remain effective until terminated by Company or terminated by Executive as set forth in Sections 11 and 12.

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

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

1.2.2       Year, Month, Week and Day, unless otherwise provided in this Agreement, the word “year” shall be construed to mean a calendar year of 365 days, the word “month” shall be construed to mean a calendar month, the word “week” shall be construed to mean a calendar week of 7 days, and the word “day” shall be construed to mean a period of 24 hours running from midnight to midnight.

1.2.3       Annual Base Salary is the sum of money regularly paid by Company to Executive each calendar year of the term of this Agreement pursuant to provisions of Section 9.0.

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

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

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

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

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1.2.8       Gross misappropriation of funds. Gross misappropriation as used herein means a large or extreme or flagrant, rather than a minor or unintended, diversion of Company funds to a non Company business purpose or third party.

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

1.2.10               Earned Executive Bonus. The performance based bonus that is calculated as of December 31 of each calendar year, per Paragraph 9.1.1, and is to be paid within thirty (30) calendar days after the certification of the bonus year year-end income results are posted.

1.2.11               Eligible Executive Bonus. The percentage (%) of the Executive’s Base Salary that the Committee determines is appropriate as a cap for Paragraph 9.1.1 performance based bonus awards.

1.2.12               Committee as used herein shall mean the Compensation Committee of the Board of Directors.

2.             Approval

2.0   As set forth in the Compensation Committee Charter this Agreement has been approved by the Committee and any changes/addendums to this Agreement are subject to Committee approval.

3.             Entire Agreement

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

4.             Validity

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

5.             Paragraphs and other headings

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

6.             Successors

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

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7.             Designation of beneficiaries

7.0           If Executive should die during the term of this Agreement, all such sums due to Executive hereunder shall be paid as designated by Executive on the attached Beneficiary Designation Form.

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

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

8.             Duties

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

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

8.2           The duties of Chairman of the Board and Chief Executive Officer shall be defined using a written job definition, developed by the Committee, appointed by the Board of Directors, pursuant to the provisions of Section 2.0.  The Committee shall consult with Executive in the development of the written job definition.  Executive and said written job definition shall be subject to any systematic evaluation system(s) that the Company may from time to time employ.

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

9.             Salary, Bonus, Benefits, Additional Compensation

9.0          Executive’s Base Salary. Executive shall receive an annual Base Salary of $300,431.25 payable according to the customary payroll practices of Company and subject to all required withholding taxes.  The Committee, pursuant to provisions of Section 2.0, may increase this annual base salary upon relevant circumstances.  Executive shall be reviewed at least annually.  At least annually the Compensation Committee will review Executive’s Base Salary for competitiveness and appropriateness in the industry.  Any increase in annual Base Salary awarded to the Executive by Company, shall constitute a new annual Base Salary for the purpose of this Agreement. To be effective such changes in the annual Base Salary shall be in writing signed by the Company.

9.1          Bonus.

9.1.0       Standard Company Bonuses.   Executive shall be eligible to receive, in addition to his Base Salary, any contributions or sums specified as additional compensation through any established plan or policy of Company which is available to executives as compensation over and above established Base Salaries.

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9.1.1       Executive Bonus.   In addition, Executive shall be entitled to receive an annual bonus as additional compensation.  The amount of such bonus shall be based upon criteria established by the Committee, pursuant to provisions of Section 2.0, and may include either or both stock and cash.  Provided, however, such bonus shall not exceed fifty percent (50%) of Executive’s Base Salary in effect for the year for which the bonus is granted.  During the term of this Agreement, the Executive’s bonus shall be paid not later than January 31 of the calendar year following the year for which the bonus is granted.

9.2          Benefits.

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

9.2.1        Life Insurance Policy .  For the term of this Agreement Executive shall be entitled, in addition to life insurance coverage in effect for all employees, to a life insurance policy in the amount of $240,000.00, all premiums to be paid by Company.  Upon termination of this Agreement for any cause other than death, this life insurance policy shall be assigned to the Executive.

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

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

9.2.4        Special Executive Allowance.  Company agrees to pay reasonable room, board, travel, and sponsored event expenses of Executive’s spouse on three (3) business trips per year of Executive’s choice.

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

9.2.6        Home office use .  Executive shall be entitled to reimbursement, not to exceed $3,500.00 in any one year time period, for home office use, including, but not limited to, an appropriate computer/modem installation, printer, desk, chair, and such business related supplies as are used for Company’s business.

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

9.2.8        Financial and Tax Advice .  During (i) the term of this Agreement, (ii) the twelve month period following the termination of this Agreement as a result of death, (iii) a two year period following the termination of this Agreement as a result of disability, (iv) a three year period following termination of this Agreement by Executive for material breach or good cause, and (v) a three year period following a termination of this Agreement by Company without cause; Company shall pay to Executive, or the Executive’s designated beneficiary or his estate if he be deceased, a sum as reimbursement for reasonable

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out-of-pocket expenses incurred for third-party professional financial and tax advice provided by a licensed professional of Executive’s choice, or the choice of Executive’s designated beneficiary, or in the absence of a designated beneficiary his estate if he be deceased.  Provided, however, that in (i) above, the sum shall not exceed ten percent (10%) of Executive’s annual Base Salary for that year; (ii) above, the sum shall not exceed ten percent (10%) of Executive’s annual Base Salary for that year; (iii), (iv) and (v) above, the sum shall not exceed ten percent (10%), each year, of Executive’s annual Base Salary at the time of Executive’s disability or time of termination.

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

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

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

10.          Protection of Company’s Interests

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

10.1         Except for actions taken in the course of his employment hereunder, at no time shall Executive divulge, furnish or make accessible to any person any information of a confidential or proprietary nature obtained by him while in the employ of Company.  Executive shall at all times comply with company policies regarding disclosure of non public information and business secrets including, but not limited to, Company’s Prevention of Insider Trading policy. Upon termination of his employment by Company, Executive shall return to Company all such information which exists in writing or other physical form and all copies thereof in his possession or under his control.

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

11.          Termination by Company

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

11.1         If Executive dies before his employment with Company is otherwise terminated, Executive’s designated beneficiary, or in the absence of a designated beneficiary, the estate of the Executive, shall receive all sums due under the Split Dollar Agreement and Deferred Compensation Agreement between

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Executive and TeamBank, N. A. then in existence.  In the event the total amount paid to the beneficiaries or the estate of Executive is less than $500,000.00, Company shall pay to the designated beneficiary of Executive, or in the absence of a designated beneficiary, to the estate of Executive, as soon as reasonably practical, a sum equal to the difference between the total amount paid under the Split Dollar Agreement and Deferred Compensation Agreement and $500,000.00. Under this section it is the intent of the Company and Executive that the Executive’s beneficiary, or in the absence of a designated beneficiary, the Executive’s estate, receive in total death benefits not less than $500,000.00. Company may purchase life insurance to cover all or any part of its obligations contained in this section. Executive agrees to take a physical examination to facilitate the Company’s purcha