Common Contracts

WELLS FINANCIAL CORP. up to 96,674 Shares (subject to increase up to 111,175 Shares) COMMON STOCK ($0.10 Par Value) Subscription Price $27.36 Per Share AGENCY AGREEMENT (this “Agreement”) May 14, 2015

Agency Agreement • May 20th, 2015 • Wells Financial Corp • Savings institution, federally chartered • New York

• Contract Type
  Agency Agreement
• Filed
  May 20th, 2015
• Company
  Wells Financial Corp
• Industry
  Savings institution, federally chartered
• Jurisdiction
  New York

WELLS FINANCIAL CORP. up to 97,963 Shares (subject to increase up to 112,657 Shares) COMMON STOCK ($0.10 Par Value) Subscription Price $____ Per Share AGENCY AGREEMENT (this “Agreement”)

Agency Agreement • April 27th, 2015 • Wells Financial Corp • Savings institution, federally chartered • New York

• Contract Type
  Agency Agreement
• Filed
  April 27th, 2015
• Company
  Wells Financial Corp
• Industry
  Savings institution, federally chartered
• Jurisdiction
  New York

Wells Financial Corp., a Minnesota corporation (the “Company”), the Company’s wholly-owned subsidiary Wells Federal Bank, a Minnesota state-chartered bank (the “Bank,” and together with the Company, the “Wells Parties”), and St. James Federal Savings and Loan Association, a federally chartered savings association in mutual form (“St. James,” and together with the Company and the Bank, the “Primary Parties”) (references to St. James include St. James in mutual or stock form as the context requires) hereby confirm, severally and not jointly, their agreement with Sterne, Agee & Leach, Inc., (the “Agent”), as follows: