Form of Medium-Term Notes, Series U, Senior Redeemable Fixed-to-Floating Rate





 Exhibit 4.1 

[Face of Note] 
  

	 CUSIP NO. 95000U2S1     
	 PRINCIPAL AMOUNT: $__________ 



REGISTERED NO. ___ 
 WELLS
FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES U 

SENIOR REDEEMABLE FIXED-TO-FLOATING RATE NOTES 

 
 ☑    Check this box if this Security is a
Global Security. 
     Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

    This Security is not a deposit or other obligation of a depository institution and is not insured by
the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency. 













					
	 ORIGINAL ISSUE DATE: June 2, 2020
	  		  	 STATED MATURITY DATE: June 2, 2028

			
	 FIXED RATE PERIOD: From June 2, 2020 to, but excluding, June 2, 2027
	  	 FLOATING RATE PERIOD: If this Security has not been previously redeemed, from, and including, June 2, 2027 to, but
excluding, Maturity
	  	 INTEREST RATE PER ANNUM: Fixed Rate Period: 2.393%

Floating Rate Period: Base Rate plus the Spread, subject to the Minimum Interest Rate and to modification as provided on the reverse hereof
under the section entitled “Determination of Interest Rate for the Floating Rate Period”

			
	 INITIAL INTEREST RATE: 2.393%
	  	 FIXED RATE INTEREST PAYMENT DATES: Each June 2 and December 2, commencing December 2, 2020 and ending
June 2, 2027
	  	 INITIAL FIXED RATE INTEREST PAYMENT DATE: December 2, 2020

			
	 INITIAL INTEREST RATE FOR THE FLOATING RATE PERIOD: Compounded SOFR plus 2.10%, subject to the Minimum Interest Rate and to
modification as provided on the reverse hereof under the section entitled “Determination of Interest Rate for the Floating Rate Period”
	  	 FLOATING RATE INTEREST PAYMENT DATES: Each March 2, June 2, September 2 and December 2, commencing
September 2, 2027, and at Maturity
	  	 INITIAL FLOATING RATE INTEREST PAYMENT DATE: September 2, 2027

			
	 BASE RATE: Compounded SOFR, as defined and subject to modification as provided on the reverse hereof under the sections
entitled “Determination of Compounded SOFR” and “Determination of Interest Rate for the Floating Rate Period”
	  	 INTEREST DETERMINATION DATES: Two U.S. Government Securities Business Days before each Interest Payment Date during the
Floating Rate Period
	  	 SPREAD: +210 basis points

			
	 INTEREST PERIOD WITH RESPECT TO AN INTEREST PAYMENT DATE DURING THE FLOATING RATE PERIOD: The period from, and including,
the immediately preceding Interest Payment Date (or, in the case of the first Interest Period during the Floating Rate Period, June 2, 2027) to, but excluding, that Interest Payment Date
	  	 OBSERVATION PERIOD IN RESPECT OF EACH INTEREST PERIOD DURING THE FLOATING RATE PERIOD: The period from, and including, the
date two U.S. Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such Interest Period
	  	 MINIMUM INTEREST RATE FOR AN INTEREST PERIOD: 0% per annum

			
	 REGULAR RECORD DATES: The fifteenth calendar day, whether or not a Business Day, prior to an Interest Payment Date
	  	 CALCULATION DATES: See below
	  	 CALCULATION AGENT: The Calculation Agent will be appointed prior to June 2, 2027

			
	 INDEX CURRENCY: U.S. Dollars
	  	 OPTIONAL REDEMPTION (at option of Company): Yes
	  	 REDEMPTION PRICE: See “Redemption” on the reverse hereof

			
	 REDEMPTION DATE(S)

(at option of Company): See “Redemption” on the reverse hereof
	  	 OPTION TO ELECT REPAYMENT: N/A
	  	 REPAYMENT PRICE: N/A

    ☐    100%

    ☐    Other

			
	 OPTIONAL REPAYMENT DATE(S): N/A
	  	 SINKING FUND: N/A
	  	 DEPOSITARY
 (Only
applicable if this Security is a
 Global Security): The Depository Trust Company

			
	 SPECIFIED CURRENCY: U.S. Dollars
	  	 MINIMUM DENOMINATIONS:

    ☑    U.S. $1,000

    ☐    Other
	  	 OTHER/ADDITIONAL TERMS: References herein to “Interest Payment Dates” shall mean the Fixed Rate Interest Payment
Dates and the Floating Rate Interest Payment Dates

	 ADDENDUM ATTACHED: No
	  		  	


  
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     WELLS FARGO & COMPANY, a corporation duly
organized and existing under the laws of the State of Delaware (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
CEDE & Co., or registered assigns, the principal sum of _____________________________________________________ DOLLARS ($____________) on the Stated Maturity Date shown above (except to the extent redeemed prior to such date) and to pay
interest, if any, on the principal amount hereof, (i) from the Original Issue Date specified above or from the most recent Fixed Rate Interest Payment Date to which interest has been paid or duly provided for to, but excluding, June 2,
2027 at the rate per annum of 2.393% on the Fixed Rate Interest Payment Dates specified above, and (ii) if this Security has not been previously redeemed, from, and including June 2, 2027 or from the most recent Floating Rate Interest
Payment Date to which interest has been paid or duly provided for to, but excluding, the date of Maturity on the Floating Rate Interest Payment Dates specified above at the Base Rate plus the Spread specified above, subject to the Minimum Interest
Rate and as determined by the Calculation Agent in accordance with the provisions on the reverse hereof under the headings “Determination of Compounded SOFR” and “Determination of Interest Rate for the Floating Rate Period”, as
applicable. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date next preceding such Interest Payment Date. Interest payable upon Maturity will be paid to the Person to whom principal is payable. 

    If a Fixed Rate Interest Payment Date is not a Business Day, interest on this Security shall be
payable on the next day that is a Business Day, with the same force and effect as if made on such Fixed Rate Interest Payment Date, and without any interest or other payment with respect to the delay. If a Floating Rate Interest Payment Date falls
on a day that is not a Business Day, other than a Floating Rate Interest Payment Date that is also the date of Maturity, such Floating Rate Interest Payment Date will be postponed to the following day that is a Business Day, except that, if such
following Business Day is in the next calendar month, such Floating Rate Interest Payment Date shall be the immediately preceding day that is a Business Day. If the date of Maturity would fall on a day that is not a Business Day, the payment of
principal and interest shall be made on the next Business Day, with the same force and effect as if made on the due date, and no additional interest shall accrue on the amount so payable for the period from and after such date of Maturity. For
purposes of this Security, “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New
York and, for a Floating Rate Interest Payment Date and any date of Maturity during the period from, and including, April 2, 2028 to, but excluding, the Stated Maturity Date, a day that is also a U.S. Government Securities Business Day. For
purposes of this Security, “U.S. Government Securities Business Day” means any day other than a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of
its members be closed for the entire day for purposes of trading in U.S. government securities. 

    Interest payments on this Security shall be the amount of interest accrued from and including the
Original Issue Date specified above or from and including the last date to which 

  
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interest has been paid, or provided for, as the case may be, to but excluding, the following Interest Payment Date or the date of Maturity. If this Security has been issued upon transfer of, in
exchange for, or in replacement of, a Predecessor Security, interest on this Security shall accrue from the last Interest Payment Date to which interest was paid on such Predecessor Security or, if no interest was paid on such Predecessor Security,
from the Original Issue Date specified above. The first payment of interest on a Security originally issued and dated between a Regular Record Date specified above and an Interest Payment Date will be due and payable on the Interest Payment Date
following the next succeeding Regular Record Date to the registered owner on such next succeeding Regular Record Date. 

    The principal and interest on this Security is payable by the Company in the Specified Currency
specified above. 
     Any interest not punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

    Payment of interest on this Security, other than payments of interest at Maturity, will be paid by
check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person. Any such designation for wire transfer purposes
shall be made by providing written notice to the Paying Agent not later than 10 calendar days prior to the applicable Interest Payment Date. Payment of principal of and interest on this Security at Maturity will be made against presentation of this
Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of
principal and interest on this Security will be made to the Depositary by wire transfer of immediately available funds. 

    The Company will pay any administrative costs imposed by banks on payors in making payments on this
Security in immediately available funds and the Holder of this Security will pay any administrative costs imposed by banks on payees in connection with such payments. Any tax, assessment or governmental charge imposed upon payments on this Security
will be borne by the Holder of this Security. 
     Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

    Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature or its duly authorized agent under the Indenture referred 

  
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to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
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     IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
 DATED: 
  

			
	 WELLS FARGO & COMPANY





			
		
	 By:
	 	 


 
			
	 Name:
	 	
	 Its:
	 	


 
			
		
	 Attest:
	 	 


 
			
	 Name:
	 	
	 Its:
	 	


  

			
	
TRUSTEE’S CERTIFICATE OF AUTHENTICATION



			
	 This is one of the Securities of the
series designated therein referred to
in the within-mentioned
Indenture.

	
	 CITIBANK, N.A.,

    as Trustee

		
	 By:
	 	 
		 	 Authorized Signature

		
		 	                 OR

	
	 WELLS FARGO BANK, N.A.,

        as Authenticating Agent for the Trustee

		
	 By:
	 	 
		 	 Authorized Signature



  
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 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES U 

SENIOR REDEEMABLE FIXED-TO-FLOATING RATE NOTES 

General 

    This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and Citibank,
N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto, reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series of
the Securities designated as Medium-Term Notes, Series U, of the Company. The Securities of this series may mature at different times, bear interest, if any, at different rates, be redeemable at different times or not at all, be repayable at
the option of the Holder at different times or not at all, be issued at an original issue discount and be denominated in different currencies. 

    The Securities are issuable only in registered form without coupons and will be book-entry securities represented by one or more global securities recorded in the book-entry system maintained by the Depositary (“Global Securities”). 

Interest Rate 

    The interest rate in effect for the Fixed Rate Period shall be the Initial Interest Rate specified on
the face hereof. The interest rate in effect for the Floating Rate Period shall be the Base Rate plus the Spread specified on the face hereof, subject to the Minimum Interest Rate identified on the face hereof and to modification as provided herein.

     The amount of interest to be paid on this Security for each Interest Period occurring during the
Fixed Rate Period shall be computed on the basis of a 360-day year of twelve 30-day months. 

    The amount of interest to be paid on this Security for each Interest Period occurring during the
Floating Rate Period will be equal to the product of (i) the outstanding principal amount of this Security multiplied by (ii) the product of (a) the Base Rate for the relevant Interest Period plus the Spread multiplied by (b) the
quotient of the actual number of calendar days in such Interest Period divided by 360, subject to the Minimum Interest Rate identified on the face hereof. 

    All U.S. dollar amounts used in or resulting from any of the calculations referred to herein will be
rounded, if necessary, to the nearest cent, with one-half cent rounded upward. All 

  
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U.S. Dollar amounts used in or resulting from these calculations will be rounded to the nearest two decimal places, with 0.005 round up to 0.01. 

    The Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or
before each Calculation Date. 
     The interest rate on this Security shall in no event be higher than
the maximum rate permitted by New York law, as the same may be modified by United States law of general application. 

    A “Calculation Date”, where applicable, for any Interest Determination Date will be the
Business Day immediately preceding the applicable Interest Payment Date or date of Maturity. 
 Determination of Compounded SOFR 

    “Compounded SOFR” (a compounded average of daily SOFR), calculated in accordance with the
formula set forth below, with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (0.000005 being rounded upwards to 0.00001): 

 
 



 
     where for purposes of applying the above formula to the terms of
this Security: 
     “d0”, for any Observation Period, is the number of U.S. Government
Securities Business Days in the relevant Observation Period; 
     “i” is a series of
whole numbers from one to d0, each representing the relevant U.S. Government Securities Business Day in chronological order from, and including, the first U.S. Government Securities Business Day in the relevant Observation Period; 

    “SOFRi”, for any U.S.
Government Securities Business Day “i” in the relevant Observation Period, is equal to SOFR (as defined below under the section entitled “Determination of Interest Rate for the Floating Rate Period”) in respect of that
day; 
     “ni”, for any U.S.
Government Securities Business Day “i” in the relevant Observation Period, is the number of calendar days from, and including, such U.S. Government Securities Business Day “i” to, but excluding, the following U.S.
Government Securities Business Day (“i+1”); and 
     “d” is the number of
calendar days in the relevant Observation Period. 

  
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 Determination of Interest Rate for the Floating Rate Period 

    This Security will bear interest for each Interest Period at a per annum rate equal to Compounded SOFR
plus the Spread, subject to the terms described on the face hereof. Compounded SOFR will be determined by the Company or its designee using the formula described under the section entitled “Determination of Compounded SOFR.” References in
this section entitled “Determination of Interest Rate for the Floating Rate Period” to “its designee” refer to the Calculation Agent to be appointed by the Company. SOFR will be determined by the Company or its designee in the
following manner: 
  

	 	 •
	 	 “SOFR” means, with respect to any U.S. Government Securities Business Day: 



 

	 	 •
	 	 (1) the Secured Overnight Financing Rate published for such U.S. Government Securities Business Day as such
rate appears on the SOFR Administrator’s Website at 3:00 p.m. (New York time) on the immediately following U.S. Government Securities Business Day. (the “SOFR Determination Time”); 



 

	 	 •
	 	 (2) if the rate specified in (1) above does not so appear, the Secured Overnight Financing Rate as
published in respect of the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was published on the SOFR Administrator’s Website; 



where: 

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the Secured
Overnight Financing Rate); and 
 “SOFR Administrator’s Website” means the website of the Federal Reserve
Bank of New York, or any successor source. 
 •  Notwithstanding the foregoing, if the Company or its
designee determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Interest Determination Date in respect of any Interest Payment Date for the Floating Rate Period, the Benchmark Replacement
will replace the then-current Benchmark for all purposes relating to this Security in respect of such determination on such date and all determinations on all subsequent dates. 

    In connection with the implementation of a Benchmark Replacement, the Company or its designee will
have the right to make Benchmark Replacement Conforming Changes from time to time. 
     Any
determination, decision, election or calculation that may be made by the Company or its designee pursuant to the provisions described in this section “Determination of Interest Rate for the Floating Rate Period”, including any
determination with respect to a rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be
conclusive and binding absent manifest error, may be made in the Company’s or its designee’s sole discretion, and, 

  
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notwithstanding anything to the contrary in the documentation relating to this Security, shall become effective without consent from any other party. 

    For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred, interest payable on this Security for the Floating Rate Period will be an annual rate equal to the sum of the applicable Benchmark Replacement and the Spread set forth on the face hereof. 

    Upon the request of the Holder of this Security, the Company or its designee will provide the
calculation of the amount of interest payable in respect of any Interest Payment Date during the Floating Rate Period. 

    As used herein: 

    “Benchmark” means, initially, Compounded SOFR, as defined under the section entitled
“Determination of Compounded SOFR”; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published daily SOFR used in the calculation thereof) or the
then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

    “Benchmark Replacement” means the first alternative set forth in the order below that can be
determined by the Company or its designee as of the Benchmark Replacement Date: 

    (1)    the sum of: (a) the alternate rate of interest that has been selected
or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 

    (2)    the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark
Replacement Adjustment; 
     (3)    the sum of: (a) the alternate rate of
interest that has been selected by the Company or its designee as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S.
dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment. 

    “Benchmark Replacement Adjustment” means the first alternative set forth in the order below
that can be determined by the Company or its designee as of the Benchmark Replacement Date: 

    (1)    the spread adjustment, or method for calculating or determining such spread
adjustment, (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

    (2)    if the applicable Unadjusted Benchmark Replacement is equivalent to the
ISDA Fallback Rate, then the ISDA Fallback Adjustment; 

  
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     (3)    the spread adjustment
(which may be a positive or negative value or zero) that has been selected by the Company or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the
replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time. 

    “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement,
any technical, administrative or operational changes (including changes to the definitions of “Interest Period”, “Interest Determination Date” and “Observation Period”, timing and frequency of determining rates and
making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with
market practice (or, if the Company or its designee decides that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determines that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Company or its designee determines is reasonably necessary). 

    “Benchmark Replacement Date” means the earliest to occur of the following events with
respect to the then-current Benchmark (including the daily published component used in the calculation thereof): 

    (1)    in the case of clause (1) or (2) of the definition of “Benchmark
Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the
Benchmark (or such component); or 
     (2)    in the case of clause (3) of
the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. 

    For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the
same day as the Interest Determination Date, but earlier than the Reference Time on that date, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

    “Benchmark Transition Event” means the occurrence of one or more of the following events
with respect to the then-current Benchmark (including the daily published component used in the calculation thereof): 

    (1)    a public statement or publication of information by or on behalf of the
administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark (or such component); 

    (2)    a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator


  
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for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or
resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or
indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or 

    (3)    a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark (or such component) announcing that the Benchmark (or such component) is no longer representative. 

    “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and
Derivatives Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

    “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative
value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

    “ISDA Fallback Rate” means the rate that would apply for derivatives transactions
referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

    “Reference Time” with respect to any determination of the Benchmark means (1) if the
Benchmark is Compounded SOFR, the SOFR Determination Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its designee in accordance with the Benchmark Replacement Conforming Changes. 

    “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank
of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

    “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark
Replacement Adjustment. 
 Events of Default 

If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

  
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 Modification and Waivers 

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of all series to be affected, acting together as a class; provided, however, that amendments or modifications to this Security contemplated by the provisions set forth in the section
entitled “Determination of Interest Rate for the Floating Rate Period” shall not require the consent of the Holder of this Security. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the
Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the
Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 Defeasance and
Covenant Defeasance 
     The Indenture contains provisions for defeasance at any time of
(a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

Redemption 

    This Security is redeemable at the option of the Company. The Company may redeem this Security, in
whole at any time or in part from time to time on any day included in the Make-Whole Redemption Period (as defined below), at a redemption price equal to the sum of: (i) 100% of the principal amount of this Security being redeemed plus accrued
and unpaid interest thereon, to, but excluding, the date of such redemption (the “Make-Whole Redemption Date”) and (ii) the Make-Whole Amount (as defined below). The redemption price will be calculated by the Company or by a Person
designated by the Company on the Company’s behalf. 
     “Make-Whole Amount” means the
excess, if any, of: (i) the aggregate present value as of the Make-Whole Redemption Date of each dollar of principal being redeemed and the amount of interest (exclusive of interest accrued to the Make-Whole Redemption Date) that would have
been payable in respect of each such dollar if such redemption had been made on the final day of the Make-Whole Redemption Period, determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (as defined
below) (determined on the third Business Day preceding the date notice of such redemption is given) from the respective dates on which such principal and interest would have been payable if such redemption had been made on the final day of the
Make-Whole Redemption Period over (ii) the aggregate principal of this Security being redeemed. 

  
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     “Reinvestment Rate” means the yield on
Treasury securities at a constant maturity corresponding to the remaining life (as of the Make-Whole Redemption Date and rounded to the nearest month) to the Stated Maturity Date specified above (the “Treasury Yield”), plus the Make-Whole
Spread. For purposes hereof, the Treasury Yield shall be equal to the arithmetic mean of the yields published in the Statistical Release (as defined below) under the heading which represents the average for the immediately preceding week for
“U.S. Government Securities—Treasury Constant Maturities” with a maturity equal to such remaining life; provided that if no published maturity exactly corresponds to such remaining life, then the Treasury Yield shall be
interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest and next longest published maturities. For purposes of calculating the Reinvestment Rate, the most recent Statistical Release
published prior to the date of determination of the Make-Whole Amount shall be used. If the format or content of the Statistical Release changes in a manner that precludes determination of the Treasury Yield in the above manner, then the Treasury
Yield shall be determined in the manner that most closely approximates the above manner, as reasonably determined by the Company. 

    “Statistical Release” means the Data Download Program designated as “H.15” or any
successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which reports yields on actively traded United States government securities adjusted to constant maturities, or, if such statistical release
is not published at the time of any determination, then such other reasonable comparable index which shall be designated by the Company. 

    The “Make-Whole Redemption Period” is the period commencing on and including June 2,
2021 and ending on and including June 1, 2027. 
     The “Make-Whole Spread” is 0.30%.

     This Security is also redeemable by the Company (i) in whole, but not in part, on
June 2, 2027 or (ii) in whole at any time or in part from time to time, on or after April 2, 2028, in each case at a redemption price equal to 100% of the principal amount of this Security being redeemed plus accrued and unpaid
interest thereon to, but excluding, the date of such redemption. 
     The Company may exercise its
options to redeem this Security by mailing a notice by first-class mail, postage prepaid, of such redemption to each Holder of the Securities of this series to be redeemed or, in the case of Global Securities, the Company shall provide such notice
to the Depositary, as holder of the Global Securities pursuant to the applicable procedures of such Depositary, at least 15 days and not more than 60 days prior to the applicable Redemption Date. Unless the Company defaults in the payment of
the Redemption Price, on and after the applicable Redemption Date interest will cease to accrue on this Security or portion hereof called for redemption. 

Repayment 

    This Security will not be repayable prior to the Stated Maturity Date at the option of the Holder.


  
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 Sinking Fund 

    This Security will not be entitled to any sinking fund. 

Authorized Denominations 

    This Security is issuable only in registered form without coupons in denominations of $1,000 and
integral multiples of $1,000 in excess thereof and cannot be exchanged for debt securities of the Company in smaller denominations. Beneficial interests in this Security will only be held in denominations of $1,000 and integral multiples of $1,000
in excess thereof. 
 Registration of Transfer 

    Upon due presentment for registration of transfer of this Security at the office or agency of the
Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the Indenture and
subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

    This Security is exchangeable for definitive Securities in registered form only if (x) the
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a
qualified successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for
definitive Securities in registered form or elects to terminate the book-entry system through the Depositary and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is
continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, redemption provisions,
Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

    This Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of
beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

    Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 

  
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 Obligation of the Company Absolute 

    No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this
Security and except that in the event the Company deposits money or Eligible Instruments as provided in Articles 4 and 15 of the Indenture, such payments will be made only from proceeds of such money or Eligible Instruments. 

No Personal Recourse 

    No recourse shall be had for the payment of the principal of or the interest on this Security, or for
any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or
any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the
issuance hereof, expressly waived and released. 
 Notices 

    All notices to the Company under this Security shall be in writing and addressed to Wells
Fargo & Company, 550 South 4th Street, Minneapolis, Minnesota 55415, Attention: Treasury Department, or to such other address as the Company may notify to the Holder. All notices to the
Paying Agent under this Security shall be in writing and addressed to Wells Fargo Bank, N.A., Corporate Trust Services, Attn: David Pickett, 600 South 4th Street, 6th Floor, MAC: N9300-060, Minneapolis, Minnesota 55415, or to such other address as the Company may notify to the Holder. 

Defined Terms 

    All terms used in this Security which are defined in the Indenture shall have the meanings assigned to
them in the Indenture unless otherwise defined in this Security. 
 Governing Law 

    This Security shall be governed by and construed in accordance with the law of the State of New York,
without regard to principles of conflicts of laws. 

  
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 ABBREVIATIONS 

    The following abbreviations, when used in the inscription on the face of this instrument, shall be
construed as though they were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
	 	 --
	  	 as tenants in common

			
	 TEN ENT
	 	 --
	  	 as tenants by the entireties

			
	 JT TEN
	 	 --
	  	 as joint tenants with right

		 		  	 of survivorship and not

		 		  	 as tenants in common


  

			
	 UNIF GIFT MIN ACT -- _____________________ Custodian _________________________

	(Cust)                                   
         	  	
                       
     (Minor)


  

	
	 Under Uniform Gifts to Minors Act

	
	  

	(State)

     Additional abbreviations may also be used though not in the above
list. 
     FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or

	 Other Identifying Number of Assignee

	
	  


  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)


  
 17 













 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute
and appoint __________________ attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises. 

Dated: _________________________ 
  

	
	  



 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
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