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Restricted Stock Agreement

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Title:

Restricted Stock Agreement

Entities:

Wells Financial Corp.

Date:

2004

Size:

Preview shows 3KB of 8KB total

Price:

$35

ID:

#732678

► Compensation ► Stock Agmt. ► Restricted Stock Agreements
► Financial ► S&Ls/Savings Banks

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                           RESTRICTED STOCK AGREEMENT

                           --------------------------





                                 PURSUANT TO THE

                               WELLS FEDERAL BANK



                              2003 STOCK BONUS PLAN

                              ---------------------



                           FOR NON-EMPLOYEE DIRECTORS



         This Agreement shall  constitute an award of Restricted Stock ("Award")

for a total of ________  shares of Common Stock of Wells  Financial  Corp.  (the

"Corporation"),  which is hereby granted to ___________ (the  "Participant")  at

the price  determined  as provided  herein,  and in all respects  subject to the

terms,  definitions  and  provisions  of the Wells Federal Bank 2003 Stock Bonus

Plan (the "Plan") adopted by the Corporation  which is incorporated by reference

herein, receipt of which is hereby acknowledged.



         1.  Purchase Price.  The purchase  price for each share of Common Stock

             ---------------

awarded by this Agreement is $0.00.



         2.  Vesting of Plan  Awards.  The Award of such  Common  Stock shall be

             -----------------------

deemed  non-forfeitable in accordance with the provisions of the Plan,  provided

the holder of such Award is an  employee,  director or director  emeritus of the

Corporation as of such date, as follows:



                  (a)      Schedule of Vesting of Awards.





                                            Number    Percentage of Total Shares

                                              of          Awarded Which Are

                      Date                  Shares         Non-forfeitable

                      ----                  ------         ---------------



Upon Grant                                      0                0%

As of ___________...................         ____               25%

As of ___________...................         ____               50%

As of ___________...................         ____               75%

As of ___________...................         ____              100%



             (b) Restrictions on Awards.  This Award may not be delivered to the

recipient if the issuance of the Shares pursuant to the Award would constitute a

violation of any  applicable  federal or state  securities or other law or valid

regulation.  As a condition  to the  Participant's  receipt of this  Award,  the

End of Preview

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