WELLS FARGO & COMPANY 8-K


Exhibit
4.3


 


[Face
of Note]


 


Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company 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.


 





	CUSIP NO. 95002W792	PRINCIPAL
    AMOUNT: $	  





ISIN
NO. US95002W7920


REGISTERED
NO. ___


 


WELLS
FARGO FINANCE LLC


 


MEDIUM-TERM
NOTE, SERIES A


Fully
and Unconditionally Guaranteed by Wells Fargo & Company


 


Accelerated
Return Notes® Linked to a


Basket
of Three Financial Sector Stocks


 


WELLS
FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Redemption Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts, on January 29, 2021 (the “Stated Maturity Date”). This Security
shall not bear any interest.


 


Any
payments 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 and at any other office or agency maintained by the Company
for such purpose.


 


“Principal
Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its
“Principal Amount.”


 




     


     


    

 


Determination
of Redemption Amount


 


The
“Redemption Amount” of this Security will equal:


 


		•	if
                                         the Ending Value is greater than the Starting Value: the lesser of: (i) Principal Amount
                                         plus:



 


 


 


(ii)
the Capped Value;


 


		•	if
                                         the Ending Value is less than or equal to the Starting Value:



 




 


 


All
calculations with respect to the Redemption Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths
rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Redemption Amount will be rounded to the nearest cent, with
one-half cent rounded upward.


 


“Market
Measure” or “Basket” shall mean a basket comprised of the following Basket Stocks, with each Basket
Stock having the “Initial Component Weight” noted parenthetically: Citigroup Inc. (33.33), JPMorgan Chase &
Co. (33.33) and Morgan Stanley (33.34).


 


“Basket
Stock” or “Underlying Stock” shall mean the common stock of each of Citigroup Inc., JPMorgan Chase
& Co. and Morgan Stanley.


 


“Underlying
Company” shall mean each of Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley.


 


The
“Pricing Date” shall mean November 26, 2019.


 


The
“Starting Value” is 100.00.


 


The
“Participation Rate” is 300%.


 


The
“Capped Value” is 123.55% of the Principal Amount.


 


The
“Value” of the Market Measure on the Calculation Day (as defined below) will be equal to the sum of the products
of the Closing Market Price of each Basket Stock on the Calculation Day multiplied by its Price Multiplier on that day, and the
Component Ratio for each Basket Stock.


 




    2 


     


    

 


The
“Ending Value” will be the Value of the Market Measure on the Calculation Day, subject to the provisions set
forth below under “Market Disruption Events” and “Anti-Dilution Adjustments.”


 


The
“Calculation Day” is January 22, 2021, subject to the provisions set forth below under “Market Disruption
Events.”


 


The
“Component Ratio” for each Basket Stock is equal to:


 


[the
Initial Component Weight for such Basket Stock (expressed as a percentage) x 100]


the
Closing Market Price of such Basket Stock on the Pricing Date,


 


in
each case rounded to eight decimal places and subject to the provisions set forth below under “Adjustments to the Component
Ratio for a Basket Component.” The Component Ratios of the Basket Stocks are as follows: Citigroup Inc. (0.44169096), JPMorgan
Chase & Co. (0.25313283) and Morgan Stanley (0.67476219). The Closing Market Prices of the Basket Stocks on the Pricing Date
are as follows: Citigroup Inc. (75.46), JPMorgan Chase & Co. (131.67) and Morgan Stanley (49.41).


 


The
“Price Multiplier” for an Underlying Stock is 1, and is subject to adjustment for certain corporate events
relating to such Underlying Stock described below under “Anti-Dilution Adjustments.”


 


“Business
Day” shall mean a 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.


 


“Joint
Calculation Agency Agreement” shall mean the Joint Calculation Agency Agreement dated as of October 5, 2018 among the
Company, Wells Fargo & Company, as guarantor (the “Guarantor”), and the Calculation Agents, as amended
from time to time.


 


“Calculation
Agents” shall mean the Persons that have entered into the Joint Calculation Agency Agreement with the Company and the
Guarantor providing for, among other things, the determination of the Ending Value, the Price Multiplier, the Closing Market Price,
the Redemption Amount any Market Disruption Events, any anti-dilution adjustments, any successor Underlying Stock, Business Days,
Trading Days and Non-Calculation Days, which term shall, unless the context otherwise requires, include their successors under
such Joint Calculation Agency Agreement. The initial Calculation Agents shall be Wells Fargo Securities, LLC and BofA Securities,
Inc. Pursuant to the Joint Calculation Agency Agreement, the Company may appoint a different Calculation Agent from time to time
after the initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder
of this Security.


 


A
“Trading Day” means a day on which trading is generally conducted (or was scheduled to have been generally
conducted, but for the occurrence of a Market Disruption Event) on the New York Stock Exchange (the “NYSE”),
the Nasdaq Stock Market, the Chicago Board Options Exchange, and in the over-the-counter market for equity securities in the United
States, or any


 




    3 


     


    

 


successor
exchange or market, or in the case of a security traded on one or more non-U.S. securities exchanges or markets, on the principal
non-U.S. securities exchange or market for such security.


 


The
“Closing Market Price” for one share of any Underlying Stock (or one unit of any other security for which a
Closing Market Price must be determined) on any Trading Day means any of the following:


 


●            if the Underlying Stock (or such other security) is listed or admitted to trading on a national securities exchange, the last
reported sale price, regular way (or, in the case of The Nasdaq Stock Market, the official closing price), of the principal trading
session on that day on the principal U.S. securities exchange registered under the Exchange Act on which the Underlying Stock
(or such other security) is listed or admitted to trading;


 


●            if the Underlying Stock (or such other security) is not listed or admitted to trading on any national securities exchange but
is included in the OTC Bulletin Board, the last reported sale price of the principal trading session on the OTC Bulletin Board
on that day;


 


●            if the Underlying Stock (or such other security) is issued by a foreign issuer and its closing price cannot be determined as set
forth in the two bullet points above, and the Underlying Stock (or such other security) is listed or admitted to trading on a
non-U.S. securities exchange or market, the last reported sale price, regular way, of the principal trading session on that day
on the primary non-U.S. securities exchange or market on which the Underlying Stock (or such other security) is listed or admitted
to trading (converted to U.S. dollars using such exchange rate as the Calculation Agents, in their sole discretion, determine
to be commercially reasonable); or


 


●            if the Closing Market Price cannot be determined as set forth in the prior bullets, the mean, as determined by the Calculation
Agents, of the bid prices for the Underlying Stock (or such other security) obtained from as many dealers in that security, but
not exceeding three, as will make the bid prices available to the Calculation Agents. If no such bid price can be obtained, the
Closing Market Price will be determined (or, if not determinable, estimated) by the Calculation Agents in their sole discretion
in a commercially reasonable manner.


 


Adjustments
to the Component Ratio for a Basket Stock


 


The
Component Ratios for the Basket Stocks will not be revised subsequent to their determination on the Pricing Date, except that
the Calculation Agents may in their good faith judgment adjust the Component Ratio of any Basket Stock in the event that Basket
Stock is materially changed or modified in a manner that does not, in the opinion of the Calculation Agents, fairly represent
the value of that Basket Stock had those material changes or modifications not been made.


 




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Market
Disruption Events


 


 As
to any Underlying Stock (or any “successor Underlying Stock,” which is the common equity securities or the
ADRs (as defined below) of a Successor Entity (as defined below)), a “Market Disruption Event” means any of
the following events, as determined by the Calculation Agents in their sole discretion: 


 


		 (A) 	 the
                                         suspension of or material limitation on trading, in each case, for more than two consecutive
                                         hours of trading, or during the one-half hour period preceding the close of trading,
                                         of the shares of the Underlying Stock (or the successor to the Underlying Stock) on the
                                         primary exchange where such shares trade, as determined by the Calculation Agents (without
                                         taking into account any extended or after-hours trading session); 



 


		 (B) 	 the
                                         suspension of or material limitation on trading, in each case, for more than two consecutive
                                         hours of trading, or during the one-half hour period preceding the close of trading,
                                         on the primary exchange that trades options contracts or futures contracts related to
                                         the shares of the Underlying Stock (or successor to the Underlying Stock) as determined
                                         by the Calculation Agents (without taking into account any extended or after-hours trading
                                         session), in options contracts or futures contracts related to the shares of the Underlying
                                         Stock (or successor to the Underlying Stock); or 



 


		 (C) 	 the
                                         determination that the scheduled Calculation Day is not a Trading Day by reason of an
                                         extraordinary event, occurrence, declaration, or otherwise. 



 


For
the purpose of determining whether a Market Disruption Event has occurred:


 


		(1)	a
                                         limitation on the hours in a Trading Day and/or number of days of trading will not constitute
                                         a Market Disruption Event if it results from an announced change in the regular business
                                         hours of the relevant exchange;



 


		 (2) 	 

a decision to permanently discontinue
trading in the shares of the Underlying Stock (or successor Underlying Stock) or the relevant futures or options contracts relating
to such shares will not constitute a Market Disruption Event;




 



 


		 (3) 	 a
                                         suspension in trading in a futures or options contract on the shares of the Underlying
                                         Stock (or successor Underlying Stock), by a major securities market by reason of (a)
                                         a price change violating limits set by that securities market, (b) an imbalance of orders
                                         relating to those contracts, or (c) a disparity in bid and ask quotes relating to those
                                         contracts, will each constitute a suspension of or material limitation on trading in
                                         futures or options contracts relating to the Underlying Stock;  



 




    5 


     


    

 


		 (4) 	 subject
                                         to paragraph (3) above, a suspension of or material limitation on trading on the relevant
                                         exchange will not include any time when that exchange is closed for trading under ordinary
                                         circumstances; and 



 


		(5)	for
                                         the purpose of clause (A) above, any limitations on trading during significant market
                                         fluctuations under NYSE Rule 80B, or any applicable rule or regulation enacted or promulgated
                                         by the NYSE or any other self-regulatory organization or the Securities and Exchange
                                         Commission of similar scope as determined by the Calculation Agents, will be considered
                                         “material.”



 


If
for any Basket Stock (an “Affected Basket Stock”), a Market Disruption Event occurs on the scheduled Calculation
Day (such day being a “Non-Calculation Day”), the Calculation Agents will determine the prices of the Basket
Stocks for such Non-Calculation Day, and as a result, the Ending Value, as follows:


 


		●	the
                                         Closing Market Price of each Basket Stock that is not an Affected Basket Stock will be
                                         its Closing Market Price on that Non-Calculation Day; and



 


		●	the
                                         Closing Market Price of each Basket Stock that is an Affected Basket Stock for the Non-Calculation
                                         Day will be determined on the immediately succeeding Trading Day on which no Market Disruption
                                         Event occurs or is continuing; provided that the Closing Market Price of that Basket
                                         Stock will be determined (or, if not determinable, estimated) by the Calculation Agents
                                         in a commercially reasonable manner on a date no later than the second scheduled Trading
                                         Day prior to the Stated Maturity Date, regardless of the occurrence of a Market Disruption
                                         Event on that day.



 


Anti-Dilution
Adjustments 


 


 As
to any Underlying Stock (or successor Underlying Stock), the Calculation Agents, in their sole discretion, may adjust the Price
Multiplier (and as a result, the Ending Value), and any other terms of this Security, if an event described below occurs after
the Pricing Date and on or before the Calculation Day and if the Calculation Agents determine that such an event has a diluting
or concentrative effect on the theoretical value of the shares of the Underlying Stock (or successor Underlying Stock).  


 


 The Price Multiplier
resulting from any of the adjustments specified below will be rounded to the eighth decimal place with five one-billionths being
rounded upward. No adjustments to the Price Multiplier will be required unless the adjustment would require a change of at least
0.1% in the Price Multiplier then in effect. Any adjustment that would require a change of less than 0.1% in the Price Multiplier
which is not applied at the time of the event may be reflected at the time of any subsequent adjustment that would require a change
of the Price Multiplier.  


 


 No
adjustments to the Price Multiplier for any Underlying Stock or any other terms of this Security will be required other than those
specified below. However, the Calculation Agents may, at their sole discretion, make additional adjustments or adjustments that
differ from those described herein to the Price Multiplier or any other terms of this Security to reflect changes to  


 




    6 


     


    

 


any
Underlying Stock if the Calculation Agents determine that the adjustment is appropriate to ensure an equitable result.


 


 The
Calculation Agents will be solely responsible for the determination of any adjustments to the Price Multiplier for any Underlying
Stock or any other terms of this Security and of any related determinations with respect to any distributions of stock, other
securities or other property or assets, including cash, in connection with any corporate event described below; their determinations
and calculations will be conclusive absent a determination of a manifest error.  


 


 No
adjustments are required to be made for certain other events, such as offerings of common equity securities by any Underlying
Company for cash or in connection with the occurrence of a partial tender or exchange offer for any Underlying Stock by the Underlying
Company.  


 


Following
certain corporate events relating to an Underlying Stock, where the Underlying Company is not the surviving entity, any payment
received on this Security may be based on the equity securities of a successor to the Underlying Company or any cash or any other
assets distributed to holders of the Underlying Stock in such corporate event.


 


 Following
an event that results in an adjustment to the Price Multiplier for any Underlying Stock or any of the other terms of this Security,
the Calculation Agents may (but are not required to) provide the Holder of this Security with information about that adjustment
as they deem appropriate, depending on the nature of the adjustment. Upon written request by the Holder of this Security, the
Calculation Agents will provide the Holder of this Security with information about such adjustment.  


 


Anti-Dilution
Adjustments to Underlying Stocks that Are Common Equity


 


 The
Calculation Agents, in their sole discretion and as they deem reasonable, may adjust the Price Multiplier for an Underlying Stock
and other terms of this Security, and hence the Ending Value, as a result of certain events related to an Underlying Stock, which
include, but are not limited to, the following: 


 


Stock
Splits and Reverse Stock Splits. If an Underlying Stock is subject to a stock split or reverse
stock split, then once such split has become effective, the Price Multiplier will be adjusted such that the new Price Multiplier
will equal the product of: 


 


		●	the
prior Price Multiplier; and



 


		●	the
                                         number of shares that a holder of one share of the Underlying Stock before the effective
                                         date of the stock split or reverse stock split would have owned immediately following
                                         the applicable effective date.



 


 Stock
Dividends. If an Underlying Stock is subject to (i) a stock dividend (i.e., an issuance of
additional shares of Underlying Stock) that is given ratably to all holders of the Underlying Stock or (ii) a distribution of
additional shares of the Underlying Stock as a result of the triggering of any provision of the organizational documents of the
Underlying Company, then, once the dividend has become effective and the Underlying Stock is trading ex-dividend,  


 




    7 


     


    

 


the
Price Multiplier will be adjusted on the ex-dividend date such that the new Price Multiplier will equal the prior Price Multiplier
plus the product of: 


 


		●	the
                                         prior Price Multiplier; and 



 


		●	the
                                         number of additional shares issued in the stock dividend with respect to one share of
                                         the Underlying Stock; 



 


 provided
that no adjustment will be made for a stock dividend for which the number of shares of the Underlying Stock paid or distributed
is based on a fixed cash equivalent value, unless such distribution is an Extraordinary Dividend (as defined below).  


 


Extraordinary
Dividends. There will be no adjustments to the Price Multiplier to reflect any cash dividends
or cash distributions paid with respect to an Underlying Stock other than Extraordinary Dividends, as described below, and distributions
described under the section entitled “—Reorganization Events” below.


 


An
“Extraordinary Dividend” means, with respect to a cash dividend or other distribution with respect to an Underlying
Stock, a dividend or other distribution that the Calculation Agents determine, in their sole discretion, is not declared or otherwise
made according to the Underlying Company’s then existing policy or practice of paying such dividends on a quarterly or other
regular basis. If an Extraordinary Dividend occurs, the Price Multiplier will be adjusted on the ex-dividend date so that the
new Price Multiplier will equal the product of:


 


		●	the
                                         prior Price Multiplier; and 



 


		●	a
                                         fraction, the numerator of which is the Closing Market Price per share of the Underlying
                                         Stock on the Trading Day preceding the ex-dividend date and the denominator of which
                                         is the amount by which the Closing Market Price per share of the Underlying Stock on
                                         that preceding Trading Day exceeds the Extraordinary Dividend Amount. 



 


The
“Extraordinary Dividend Amount” with respect to an Extraordinary Dividend will equal:


 


		 ● 	 in
                                         the case of cash dividends or other distributions that constitute regular dividends,
                                         the amount per share of the Underlying Stock of that Extraordinary Dividend minus the
                                         amount per share of the immediately preceding non-Extraordinary Dividend for that share;
                                         or  



 


		●	in
                                         the case of cash dividends or other distributions that do not constitute regular dividends,
                                         the amount per share of the Underlying Stock of that Extraordinary Dividend.



 


 To
the extent an Extraordinary Dividend is not paid in cash, the value of the non-cash component will be determined by the Calculation
Agents, whose determination will be conclusive. A distribution on the Underlying Stock described in the section “—Issuance
of Transferable Rights or Warrants” or clause (a), (d) or (e) of the section entitled “— 


 




    8 


     


    

  


Reorganization
Events” below that also constitutes an Extraordinary Dividend will only cause an adjustment under those respective sections.
 


 


Issuance
of Transferable Rights or Warrants. If an Underlying Company issues transferable rights or
warrants to all holders of record of the Underlying Stock to subscribe for or purchase the Underlying Stock, including new or
existing rights to purchase the Underlying Stock under a shareholder rights plan or arrangement, then the Price Multiplier will
be adjusted on the Trading Day immediately following the issuance of those transferable rights or warrants so that the new Price
Multiplier will equal the prior Price Multiplier plus the product of:


 


		●	the
                                         prior Price Multiplier; and



 


		●	the
                                         number of shares of the Underlying Stock that can be purchased with the cash value of
                                         those warrants or rights distributed on one share of the Underlying Stock.



 


The
number of shares that can be purchased will be based on the Closing Market Price of the Underlying Stock on the date the new Price
Multiplier is determined. The cash value of those warrants or rights, if the warrants or rights are traded on a registered national
securities exchange, will equal the closing price of that warrant or right. If the warrants or rights are not traded on a registered
national securities exchange, the cash value will be determined by the Calculation Agents and will equal the average of the bid
prices obtained from three dealers at 3:00 p.m., New York time on the date the new Price Multiplier is determined, provided that
if only two of those bid prices are available, then the cash value of those warrants or rights will equal the average of those
bids and if only one of those bids is available, then the cash value of those warrants or rights will equal that bid.


 


Reorganization
Events


 


 If
after the Pricing Date and on or prior to the Calculation Day of this Security, as to any Underlying Stock: 


 


	 	(a)	there
                                    occurs any reclassification or change of the Underlying Stock, including, without limitation,
                                    as a result of the issuance of tracking stock by the Underlying Company;

         

	 	(b)	the
                                    Underlying Company, or any surviving entity or subsequent surviving entity of the Underlying
                                    Company (a “Successor Entity”), has been subject to a merger, combination,
                                    or consolidation and is not the surviving entity;

         

	 	(c)	any
                                    statutory exchange of securities of the Underlying Company or any Successor Entity with another
                                    corporation occurs, other than under clause (b) above;

         

	 	(d)	the
                                    Underlying Company is liquidated or is subject to a proceeding under any applicable bankruptcy,
                                    insolvency, or other similar law;

         

	 	(e)

         
	the
                                    Underlying Company issues to all of its shareholders securities of an issuer other than the
                                    Underlying Company, including equity securities of an affiliate of the

         





    9 


     


    

 


	 	 	Underlying
    Company, other than in a transaction described in clauses (b), (c), or (d) above;
	 	 	 
	 	(f)

         
	a
                                    tender or exchange offer or going-private transaction is consummated for all the outstanding
                                    shares of the Underlying Company;

         

	 	(g)

         
	there
                                    occurs any reclassification or change of the Underlying Stock that results in a transfer or
                                    an irrevocable commitment to transfer all such outstanding shares of the Underlying Stock
                                    to another entity or person;

         

	 	(h)

         
	the
                                    Underlying Company or any Successor Entity is the surviving entity of a merger, combination,
                                    or consolidation, that results in the outstanding Underlying Stock (other than Underlying
                                    Stock owned or controlled by the other party to such transaction) immediately prior to such
                                    event collectively representing less than 50% of the outstanding Underlying Stock immediately
                                    following such event; or

         

	 	(i)

         
	the
                                    Underlying Company ceases to file the financial and other information with the SEC in accordance
                                    with Section 13(a) of the Exchange Act (an event in clauses (a) through (i), a “Reorganization
                                    Event”),

         



then,
on or after the date of the occurrence of a Reorganization Event, the Calculation Agents shall, in their sole discretion, make
an adjustment to the Price Multiplier or to the method of determining the Redemption Amount or any other terms of this Security
as the Calculation Agents, in their sole discretion, determine appropriate to account for the economic effect on this Security
of that Reorganization Event (including adjustments to account for changes in volatility, expected dividends, stock loan rate,
or liquidity relevant to the Underlying Stock or to this Security), which may, but need not, be determined by reference to the
adjustment(s) made in respect of such Reorganization Event by an options exchange to options on the relevant Underlying Stock
traded on that options exchange and determine the effective date of that adjustment. If the Calculation Agents determine that
no adjustment that they could make will produce a commercially reasonable result, then the Calculation Agents may cause the Stated
Maturity Date of this Security to be accelerated to the fifth Business Day following the date of that determination and the Redemption
Amount payable to the Holder of this Security will be calculated as though the date of early repayment were the Stated Maturity
Date of this Security and as though the Calculation Day were the fifth Trading Day prior to the date of acceleration.


 


 If
the Underlying Company ceases to file the financial and other information with the Securities and Exchange Commission in accordance
with Section 13(a) of the Exchange Act, as contemplated by clause (i) above, and the Calculation Agents determine in their sole
discretion that sufficiently similar information is not otherwise available to the Holder of this Security, then the Calculation
Agents may cause the Stated Maturity Date of this Security to be accelerated to the fifth Business Day following the date of that
determination and the Redemption Amount payable to the Holder of this Security will be calculated as though the date of early
repayment were the Stated Maturity Date of this Security, and as though the Calculation Day were the fifth Trading Day prior to
the date of acceleration. If the Calculation Agents determine that sufficiently similar information is available to the Holder
of this Security, the Reorganization Event will be deemed to have not occurred. 


 




    10 


     


    

 


Alternative
Anti-Dilution and Reorganization Adjustments


 


 The
Calculation Agents may elect at their discretion to not make any of the adjustments to the Price Multiplier for any Underlying
Stock or to the other terms of this Security, including the method of determining the Redemption Amount, but may instead make
adjustments, in their discretion, to the Price Multiplier for the Underlying Stock or any other terms of this Security (such as
the Starting Value) that will reflect the adjustments to the extent practicable made by the Options Clearing Corporation on options
contracts on the Underlying Stock or any successor common stock.  


 


 Anti-Dilution
Adjustments to Underlying Stocks that Are ADRs 


 


 For
purposes of the anti-dilution adjustments set forth above, if an Underlying Stock is an ADR (an “Underlying ADR”),
the Calculation Agents will consider the effect of any of the relevant events on the Underlying ADR, and adjustments will be made
as if the Underlying ADR was the Underlying Stock described above. For example, if the stock represented by the Underlying ADR
is subject to a two-for-one stock split, and assuming an initial Price Multiplier of 1, the Price Multiplier for the Underlying
ADR would be adjusted so that it equals two. With respect this Security linked to an Underlying ADR (or an Underlying Stock issued
by a non-U.S. Underlying Company), the term “dividend” means the dividends paid to holders of the Underlying ADR (or
the Underlying Stock issued by the non-U.S. Underlying Company), and such dividends may reflect the netting of any applicable
foreign withholding or similar taxes that may be due on dividends paid to a U.S. person.  


 


 The
Calculation Agents may determine not to make an adjustment if: 


 


 (A)               
holders of the Underlying ADR are not eligible to participate in any of the events that would otherwise require anti-dilution
adjustments as set forth above if this Security had been linked directly to the common shares of the Underlying Company represented
by the Underlying ADR; or  


 


 (B)               
to the extent that the Calculation Agents determine that the Underlying Company or the depositary for the ADRs has adjusted the
number of common shares of the Underlying Company represented by each share of the Underlying ADR, so that the market price of
the Underlying ADR would not be affected by the corporate event. 


 


If
the Underlying Company or the depositary for the ADRs, in the absence of any of the events described above, elects to adjust the
number of common shares of the Underlying Company represented by each share of the Underlying ADR, then the Calculation Agents
may make the appropriate anti-dilution adjustments to reflect such change. The depositary for the ADRs may also make adjustments
in respect of the ADRs for share distributions, rights distributions, cash distributions and distributions other than shares,
rights, and cash. Upon any such adjustment by the depositary, the Calculation Agents may adjust the Price Multiplier or other
terms of this Security as the Calculation Agents determine commercially reasonable to account for that event.


 




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Delisting
of ADRs or Termination of ADR Facility 


 


 If
the Underlying Stock is an Underlying ADR and such Underlying ADR is no longer listed or admitted to trading on a U.S. securities
exchange registered under the Exchange Act or included in the OTC Bulletin Board Service operated by the Financial Industry Regulatory
Authority, Inc., or if the ADR facility between the Underlying Company and the ADR depositary is terminated for any reason, then,
on and after the date that the Underlying ADR is no longer so listed or admitted to trading or the date of such termination, as
applicable (the “termination date”), the Underlying Stock will be deemed to be the Underlying Company’s
common equity securities rather than the Underlying ADR. The Calculation Agents will determine the price of the Underlying Stock
by reference to those common shares. Under such circumstances, the Calculation Agents may modify any terms of this Security as
they deem necessary, in their sole discretion, to ensure an equitable result. On and after the termination date, for all purposes,
the Closing Market Price of the Underlying Company’s common shares on their primary exchange will be converted to U.S. dollars
using such exchange rate as the Calculation Agents, in their sole discretion, determine to be commercially reasonable. 


 


Calculation
Agents


 


The
Calculation Agents have the sole discretion to make all determinations regarding this Security as described in this Security,
including determinations regarding the Starting Value, the Ending Value, the Price Multiplier, the Closing Market Price, the Redemption
Amount, any Market Disruption Events, any anti-dilution adjustments, any successor Underlying Stock, Business Days, Trading Days
and Non-Calculation Days. Absent manifest error, all determinations of the Calculation Agents will be conclusive for all purposes
and final and binding on the Holder hereof and the Company, without any liability on the part of the Calculation Agents.


 


The
Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall
be a broker-dealer, bank or other financial institution) with respect to this Security.


 


Tax
Considerations


 


 The
Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed
to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States
federal income tax purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.” 


 


Redemption
and Repayment


 


This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to January
29, 2021. This Security is not entitled to any sinking fund.


 




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Acceleration


 


 If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption
Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with
the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Redemption Amount described under “Determination of Redemption Amount,” determined as if the
date of acceleration were the Calculation Day. The payment of the Redemption Amount of this Security may also be accelerated as
set forth above under “Anti-Dilution Adjustments—Reorganization Events.”


  





 



 





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 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.


 


[The
remainder of this page has been left intentionally blank]


 




    13 


     


    

 


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


 





	DATED:	 	 



 





	
 

	
WELLS
FARGO FINANCE LLC


	
 

	
 

	
 

	
 


	
 

	
By:

	
 

	
 


	
 

	
 

	
 
	Its:

	
 

	
 

	
 

	
 


	
 

	
Attest:

	
 

	
 


	
 

	
 

	
 

	
 


	
 

	
 

	
 

	
Its: 







 





	TRUSTEE’S
CERTIFICATE OF AUTHENTICATION	 
	This
is one of the Securities of the series designated therein described 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	 






 




    14 


     


    

 


[Reverse
of Note]


 


WELLS
FARGO FINANCE LLC


 


MEDIUM-TERM
NOTE, SERIES A


 


Fully
and Unconditionally Guaranteed by Wells Fargo & Company


 


Accelerated
Return Notes® Linked to a


Basket
of Three Financial Sector Stocks


 


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 April 25, 2018, as amended or supplemented from time to
time (herein called the “Indenture”), among the Company, as issuer, the Guarantor 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 Guarantor, 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 A, of the Company. The amount payable on the Securities of this series may be determined
by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities,
commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the
foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series
may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different
times or not at all and be denominated in different currencies.


 


The
Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented
by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities
issued to and registered in the names of, the beneficial owners or their nominees.


 


The
Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security.


 


Guarantee


 


The
Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.


 


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 Guarantor and the rights


 




    15 


     


    

  


of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Guarantor 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. 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 or the Guarantor
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. Solely for the purpose of determining whether any consent, waiver, notice or
other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the
Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed
to be equal to the amount set forth on the face hereof as the “Principal Amount” hereof. 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


 


Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company or the Guarantor with certain conditions set forth therein, shall not apply to this Security. The remaining
provisions of Section 401 of the Indenture shall apply to this Security.


 


Authorized
Denominations


 


This
Security is issuable only in registered form without coupons in denominations of $10 or any amount in excess thereof which is
an integral multiple of $10.


 


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, with the same terms as this Security, 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 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


 




    16 


     


    

 


Securities
in registered form 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, having the same date of issuance, 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 Guarantor, the Trustee and any agent of the
Company, the Guarantor 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 Guarantor, the Trustee nor any such agent shall
be affected by notice to the contrary.


 


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 Redemption Amount at the times, place and rate, and in the coin or currency,
herein prescribed, except as otherwise provided in this Security.


 


No
Personal Recourse


 


No
recourse shall be had for the payment of the Redemption Amount, 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 or of the Guarantor 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.


 


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.


 




    17 


     


    

 


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)


 




    18 


     


    

 


the
within Security of WELLS FARGO FINANCE LLC 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.


 




    19