Item 1.01 Entry into a Material Definitive Agreement.

At a meeting of the Board of Directors of Team Financial, Inc. held on August 19, 2008, Connie D. Hart was named Chairman of the Board of Directors. At such meeting, Ms. Hart agreed to the compensation plan (the "Plan") that was recommended by the Compensation Committee and approved and adopted by the Board for the remainder of 2008 and all of 2009. Under the Plan, as Chairman of the Team Financial, Inc. Board, Ms. Hart will receive (i) an annual retainer of $24,000; (ii) $1,000 per Board meeting; (iii) $500 per strategic planning committee meeting (including extra compensation for being the chairman of this committee); (iv) $300 per audit committee meeting; and (v) $250 per compensation committee meeting. Under the Plan, as Lead Director of TeamBank, N.A., Ms. Hart will receive (i) an annual retainer of $30,000; (ii) $200 per board meeting;
(iii) $200 per audit committee meeting; (iv) $100 per credit risk committee meeting; (v) $100 per senior loan committee meeting; and (vi) $250 per executive committee meeting. Ms. Hart will receive a prorated annual retainer as set forth above for the remainder of 2008 and will receive the same per meeting rates. The Board reserved the right to pay a bonus to Ms. Hart, as Chairman, including, stock grants, options or cash, based upon performance criteria to be approved by the Board. Additionally, the Board approved and adopted a payment of $24,000 to Ms. Hart for her work during May, June and July of 2008.

Item 8.01 Other Events.

On August 19, 2008 the Company issued a press release which is attached as Exhibit 99.1 hereto. The press release shall be deemed to be furnished rather than filed.