Document:

Form of Medium-Term Notes, Series K

 Exhibit 4.2 

[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. 94986RC58 
	
FACE AMOUNT: $                   
          

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the S&P 500® Index 

due December 15, 2017 

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, 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 the Stated Maturity Date. The “Initial Stated Maturity
Date” shall be December 15, 2017. If the Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Calculation Day is postponed, the
“Stated Maturity Date” shall be the later of (i) the Initial Stated Maturity Date and (ii) the third Business Day (as defined below) after the Calculation Day as postponed. 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. 

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

 Determination of Redemption Amount 

 

																																	
	
	 The “Redemption Amount” of this Security will equal:

	
		
	 •    
	 	 if the Ending Level is greater than the Starting Level: the lesser of:

		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 	
		
		 	 (i)    Face Amount plus:

		 	
		 		 	 	 	Face Amount	 	x  	 	 	 	Ending Level – Starting Level	 		 		 	 	 	x Participation Rate	 		 	 	 	; and	 	
		 		 	 	 	 	 	 	 	Starting Level	 		 		 	 	 	 	 	 	 	 	

																																	
		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 	
		
		 	 (ii)    the Capped Value;

		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 	
		
	 •    
	 	 if the Ending Level is less than or equal to the Starting Level, but greater than or equal to the Threshold Level: the Face Amount;
or

		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 	
		
	 •    
	 	 if the Ending Level is less than the Threshold Level:

		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 	
		 		 	 	 	Face Amount	 	x  	 		 	Ending Level	 	x Multiplier	 		 	 	 		 		 		 		 	
		 		 	 	 	 	 		 	Starting Level	 	 		 	 	 	 	 		 	 	

 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. 

“Index” shall mean the S&P 500® Index. 

The “Pricing Date” shall mean December 10, 2015. 

The “Starting Level” is 2047.62. 

The “Closing Level” of the Index on any Trading Day means the official closing level of the Index reported by
the Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal
precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth below under “Discontinuance of The Index; Alteration of Method of Calculation” and “Market
Disruption Events.” 
 The “Ending Level” will be the Closing Level of the Index on the Calculation
Day. 
 The “Threshold Level” is 1638.096, which is equal to 80% of the Starting Level. 

The “Participation Rate” is 150%. 

  
 2 

 The “Capped Value” is 120.5% of the Face Amount of this
Security. 
 The “Multiplier” is equal to the Starting Level divided by the Threshold Level. 

“Index Sponsor” shall mean S&P Dow Jones Indices LLC. 

“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. 
 A
“Trading Day” means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges with respect to each security underlying the Index are scheduled to be open for trading for their respective regular
trading sessions and (ii) each Related Futures or Options Exchange is scheduled to be open for trading for its regular trading session. 

The “Related Futures or Options Exchange” for the Index means an exchange or quotation system where trading
has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Index. 

The “Relevant Stock Exchange” for any security underlying the Index means the primary exchange or quotation
system on which such security is traded, as determined by the Calculation Agent. 
 The “Calculation Day”
shall be December 12, 2017. If such day is not a Trading Day, the Calculation Day will be postponed to the next succeeding Trading Day. The Calculation Day is also subject to postponement due to the occurrence of a Market Disruption Event (as
defined below). If a Market Disruption Event occurs or is continuing with respect to the Index on the Calculation Day, such Calculation Day will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and
is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation Day. If the Calculation Day
has been postponed eight Trading Days after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing on such eighth Trading Day, the Calculation Agent will determine the Closing Level of the Index on such eighth
Trading Day in accordance with the formula for and method of calculating the Closing Level of the Index last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a
Market Disruption Event has occurred with respect to such security, its good faith estimate of the value of such security at the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the
regular trading session of such Relevant Stock Exchange) on such date of each security included in the Index. As used herein, “closing price” means, with respect to any security on any date, the Relevant Stock Exchange traded or
quoted price of such security as of the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange. 

  
 3 

 “Calculation Agent Agreement” shall mean the Calculation Agent
Agreement dated as of March 18, 2015 between the Company and the Calculation Agent, as amended from time to time. 

“Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the
Company providing for, among other things, the determination of the Ending Level and the Redemption Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement. The initial
Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent 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. 
 Discontinuance Of The Index; Alteration Of Method Of Calculation

 If the Index Sponsor discontinues publication of the Index, and the Index Sponsor or another entity publishes a
successor or substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Index (a “Successor Equity Index”), then, upon the Calculation Agent’s notification of that
determination to the Trustee and the Company, the Calculation Agent will substitute the Successor Equity Index as calculated by the Index Sponsor or any other entity and calculate the Ending Level as described above. Upon any selection by the
Calculation Agent of a Successor Equity Index, the Company will cause notice to be given to the Holder of this Security. 

In the event that the Index Sponsor discontinues publication of the Index prior to, and the discontinuance is continuing on,
the Calculation Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate a substitute Closing Level for the Index in accordance with the formula for and method of
calculating the Index last in effect prior to the discontinuance, but using only those securities that comprised the Index immediately prior to that discontinuance. If a Successor Equity Index is selected or the Calculation Agent calculates a level
as a substitute for the Index, the Successor Equity Index or level will be used as a substitute for the Index for all purposes, including the purpose of determining whether a Market Disruption Event exists. 

If on the Calculation Day the Index Sponsor fails to calculate and announce the level of the Index, the Calculation
Agent will calculate a substitute Closing Level of the Index in accordance with the formula for and method of calculating the Index last in effect prior to the failure, but using only those securities that comprised the Index immediately prior to
that failure; provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth above under the definition of “Calculation Day” shall apply in lieu of the foregoing. 

If at any time the Index Sponsor makes a material change in the formula for or the method of calculating the Index, or in any
other way materially modifies the Index (other than a modification prescribed in that formula or method to maintain the Index in the event of changes in constituent stock and capitalization and other routine events), then, from and after that time,
the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Index is to be calculated, calculate a substitute Closing Level of the 

  
 4 

 
Index in accordance with the formula for and method of calculating the Index last in effect prior to the change, but using only those securities that comprised the Index immediately prior to that
change. Accordingly, if the method of calculating the Index is modified so that the level of the Index is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust the Index in order to
arrive at a level of the Index as if it had not been modified. 
 Market Disruption Events 

A “Market Disruption Event” means any of the following events as determined by the Calculation Agent in its
sole discretion: 
  

	 	(A)	 The occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Stock Exchanges or otherwise relating to
securities which then comprise 20% or more of the level of the Index or any Successor Equity Index at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in price exceeding limits
permitted by those Relevant Stock Exchanges or otherwise. 

  

	 	(B)	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related Futures or Options Exchange or otherwise in
futures or options contracts relating to the Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in price
exceeding limits permitted by the Related Futures or Options Exchange or otherwise. 

  

	 	(C)	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in
general to effect transactions in, or obtain market values for, securities that then comprise 20% or more of the level of the Index or any Successor Equity Index on their Relevant Stock Exchanges at any time during the one-hour period that ends at
the Close of Trading on that day. 

  

	 	(D)	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in
general to effect transactions in, or obtain market values for, futures or options contracts relating to the Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close
of Trading on that day. 

  

	 	(E)	 The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that then comprise 20% or more of the level of the
Index or any Successor Equity Index are traded or any Related Futures or Options Exchange prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as
applicable, at least one hour prior to the earlier of (1) the actual closing time for 

  
 5 

	 	 
the regular trading session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant
Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution at such actual closing time on that day. 

  

	 	(F)	 The Relevant Stock Exchange for any security underlying the Index or Successor Equity Index or any Related Futures or Options Exchange fails to
open for trading during its regular trading session. 

 For purposes of determining whether a Market
Disruption Event has occurred: 
  

	 	(1)	 the relevant percentage contribution of a security to the level of the Index or any Successor Equity Index will be based on a comparison of
(x) the portion of the level of such Index attributable to that security and (y) the overall level of the Index or Successor Equity Index, in each case immediately before the occurrence of the Market Disruption Event;

  

	 	(2)	 the “Close of Trading” on any Trading Day for the Index or any Successor Equity Index means the Scheduled Closing Time of the
Relevant Stock Exchanges with respect to the securities underlying the Index or Successor Equity Index on such Trading Day; provided that, if the actual closing time of the regular trading session of any such Relevant Stock Exchange is
earlier than its Scheduled Closing Time on such Trading Day, then (x) for purposes of clauses (A) and (C) of the definition of “Market Disruption Event” above, with respect to any security underlying the Index or Successor
Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange, the “Close of Trading” means such actual closing time and (y) for purposes of clauses (B) and (D) of the definition of “Market
Disruption Event” above, with respect to any futures or options contract relating to the Index or Successor Equity Index, the “close of trading” means the latest actual closing time of the regular trading session of any of the
Relevant Stock Exchanges, but in no event later than the Scheduled Closing Time of the Relevant Stock Exchanges; 

  

	 	(3)	 the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options Exchange on any Trading Day for the
Index or any Successor Equity Index means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading
session hours; and 

  

	 	(4)	 an “Exchange Business Day” means any Trading Day for the Index or any Successor Equity Index on which each Relevant Stock Exchange
for the securities underlying the Index or any Successor Equity Index and each Related Futures or Options Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Relevant Stock Exchange or Related
Futures or Options Exchange closing prior to its Scheduled Closing Time. 

  
 6 

 Calculation Agent 

The Calculation Agent will determine the Redemption Amount and the Ending Level. In addition, the Calculation Agent will
(i) determine if adjustments are required to the Closing Level of the Index under the circumstances described in this Security, (ii) if publication of the Index is discontinued, select a Successor Equity Index or, if no Successor Equity
Index is available, determine the Closing Level of the Index under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event or non-Trading Day has occurred. 

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. 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the
Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of 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 December 15, 2017. This Security is not entitled to any sinking fund. 
 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 hereof calculated as provided herein as though the date of acceleration was the Calculation Day. 
  

 

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 

  
 7 

 
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] 

  
 8 

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

 

					
	WELLS FARGO & COMPANY
		
	By:	 	 
		 	 
		 	Its:	 	 

 [SEAL] 
  

					
	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

  
 9 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the S&P 500® Index 

due December 15, 2017 

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 July 21, 1999, 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 K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. 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. 

Article Sixteen of the Indenture shall not apply to this Security. 

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. 

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 

  
 10 

 
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 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 “Face 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 and certain Events of Default, upon compliance by the Company 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 $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 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 Face 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 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 

  
 11 

 
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 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. 
 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, 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. 

  
 12 

 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)

  
 13 

 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. 

  
 14Exhibit 10.1

		

			EXHIBIT 10.1

		

		
			 
		

		
			October 7, 2015
		

		
			 
		

		
			Mr. Stephen J. Mueller
		

		
			Vice-President  & CFO
		

		
			Peak Resorts, Inc. 
		

		
			17409 Hidden Valley Drive
		

		
			Wildwood, MO 63025
		

		
			 
		

		
			Re:  Peak Resorts Acquisition Line of Credit
		

		
			        Conditional Commitment Letter (“Letter”)
		

		
			 
		

		
			Please be informed that our loan committee has conditionally approved your request for a loan by Royal Banks of Missouri (the “Bank”) to Peak Resorts, Inc. (the “Borrower”) wherein the Bank is willing to lend, and the Borrower agrees to borrow not more than the Principal Amount set forth below (herein the “Loan”).  
		

		
			 
		

		
			CONDITIONAL TERMS
		

		
			 
		

		
			Borrower:Peak Resort, Inc. a Missouri Corporation
		

		
			Hidden Valley Golf and Ski, Inc., a Missouri Corporation and subsidiary of Peak Resort, Inc.
		

		
			Paoli Peaks, Inc., a Missouri Corporation and subsidiary of Peak Resort, Inc.
		

		
			Snow Creek, Inc., a Missouri Corporation and subsidiary of Peak Resort, Inc.
		

		
			LBO Holding, Inc. (known as Attitash Resort), a Maine Corporation and subsidiary of Peak Resort, Inc.
		

		
			SNH Development, Inc. (known as Crotched Mountain Resort), a Missouri Corporation and subsidiary of Peak Resort, Inc.
		

		
			 
		

		
			For purposes of this Letter and the Loan and all documents related to the Loan, the written consent of Peak Resort, Inc., shall bind its subsidiaries. 
		

		
			 
		

		
			Principal Amount:
		

		
			(Credit Facility)Up to $20,000,000 provided the Bank secures three Loan participants; Up to $15,000,000, provided the Bank secures not less than two Loan participants.
		

		
			 
		

		
			Use of Proceeds:Proceeds of the Loan will be used to acquire additional ski resorts with advances limited to purchase price, closing costs, environmental testing, title costs, legal fees, surveys, acquisition related studies, and working capital up to 5% of the acquisition purchase price.   
		

		
			
		

		

		

		 

		

			Page 1 of 1

		

 

		

			EXHIBIT 10.1

		

		 
		

		
			Interest Rate:Prime + 1.0 percent per annum, floating and adjusted daily, until the Loan matures.    
		

		
			 
		

		
			Prepayment Premium:  None.
		

		
			 
		

		
			Commitment Fee:Borrower will pay to Bank a commitment fee equal to 1% of the Principal Amount (the “Commitment Fee”), payable as follows: $75,000 concurrent with the Borrower’s acceptance of this Letter and the remainder of the Commitment Fee at the closing of the Loan.  The purpose of this fee is to compensate the Bank for reserving the Bank funds necessary to make the Loan contemplated herein.  Accordingly, the commitment fee is earned upon payment and is refundable only in accordance with the terms of this Letter.      
		

		
			
		

		
			Term:The Loan will be payable in monthly installments of interest only. All unpaid principal and interest will be due and payable within 12 months after the Loan advance. 
		

		
			 
		

		
			If there is any unused Credit Facility remaining as of 12 months after the date of the Loan (the “Unused Credit Facility”) and Borrower desires to renew the Unused Credit Facility for an additional year, Borrower will pay a renewal fee equal to 0.25% of the Unused Credit Facility as of the date of the renewal each year that Borrower renews the Unused Credit Facility.  The Bank may renew Unused Credit Facility provided that Borrower is otherwise in compliance with the terms and conditions of the Loan Agreement.  
		

		
			 
		

		
			If the Loan advance is not paid in full within 12 months after the Loan advance is made, and the Borrower is otherwise in compliance with the terms and conditions of the Loan Agreement, the Loan advance will be converted to a balloon loan (“Balloon Loan”) under conditions specified in the Loan Agreement with a term of 3 years, payments amortized over a 20 year period, floating interest rate of prime plus 1% per annum, points not to exceed 0.5% of the Credit Facility at the time the Loan is converted, and such additional terms and conditions which are satisfactory to the Bank.  The Bank may renew the Balloon Loan under conditions specified in the Loan Agreement with interest rate, points (not to exceed 0.25% of the Credit Facility at the time of renewal) and such additional terms and conditions which are satisfactory to the Bank.          
		

		
			 
		

		
			 
		

		
			Distribution of Loan 
		

		
			Proceeds:The Bank shall have the right to designate a title attorney/title 
		

		 

		

			Page 2 of 2

		

 

		

			EXHIBIT 10.1

		

		company, satisfactory to the Bank, to disburse Loan proceeds.  The Bank currently accepts First American Title Insurance Company as a title company satisfactory to the Bank.  If such Loan proceeds are distributed by a title attorney/title company, all fees of the title attorney/title company shall be paid by the Borrower and the Bank will have no liability to Borrower arising out of any negligence, malfeasance or misappropriation of or by the title attorney/title company with respect to such funds, nor shall the Bank bear any liability for the selection of the title attorney/title company.  
		

		
			 
		

		
			Costs:All costs incurred by the Bank in the making and documenting of the Loan, including without limitation, insurance, title attorneys/title insurance, recordation and filing fees and costs, and the Bank’s legal fees with respect to the preparation and/or review of any documentation associated with the making, documenting and closing of the Loan (“Bank’s Direct Costs”), shall be paid by the Borrower regardless of the failure to close on the Loan and regardless of the reason for such failure to close. 
		

		
			 
		

		
			Loan Agreement:The Loan will be documented and closed in a manner satisfactory to the Bank, in the Bank’s sole discretion.  The terms of the Loan Agreement shall be mutually satisfactory to the Borrower and the Bank.  The documents employed to evidence the Loan will set forth terms and conditions in addition to those terms and conditions set forth in this Letter.  Additional terms and conditions may include but shall not be limited to definitions of what constitutes an event of default, the Bank’s remedies should an event of default occur, including but not limited to the Bank’s right to declare the then outstanding balance on the Loan to be immediately due and payable, and Borrower’s representations, warranties and covenants, to be made and offered by the Borrower to the Bank.  Borrower acknowledges this Letter contains the generalized terms on which the Loan shall be offered and is not intended to be, nor is it, a complete statement of the terms and conditions of the Loan.  In the event of an inconsistency between the terms of this Letter and the Loan Agreement and its ancillary agreements (collectively the “Loan Agreement”), the provisions of the Loan Agreement shall prevail. 
		

		
			 
		

		
			In the event the Bank and the Borrower cannot agree on the terms and conditions to be set forth in the Loan Agreement, in their respective sole discretion, then either the Bank or the Borrower may terminate the Conditional Commitment set out in this Letter without liability to each other except the Bank shall be entitled to retain from any commitment fee paid to said termination date the Bank’s Direct Costs.  
		

		

		

		 

		

			Page 3 of 3

		

 

		

			EXHIBIT 10.1

		

		 
		

		
			Expiration of Offer:The offer set forth in this Letter shall automatically expire at 12:00 noon, St. Louis time on October 16, 2015 unless it has been accepted in writing by the Borrower specified in the acceptance signature block of this Letter and delivered to the Bank by such date and time along with the $75,000 partial Commitment Fee.  The Bank may revoke the offer set forth in this Letter by notice, oral or written, to the Borrower before the expiration date and time until such time as the Borrower has delivered to the Bank a completely executed copy of the Letter and has paid the Bank the required partial Commitment Fee of $75,000.  
		

		
			 
		

		
			Notwithstanding the Borrower’s timely acceptance of the offer set forth in this Letter and the payment of the required partial Commitment Fee, all obligations of the Bank to close on the Loan shall expire without further notice if the Borrower fails to close on the Loan by 12:00 noon, St. Louis time, on December 16, 2015.  If this Letter and the offer set forth herein expires and the Loan is not closed, the Borrower shall obligated to pay and/or reimburse the Bank for all costs incurred by the Bank in preparation for the making of and the closing upon the Loan, including without limitation, the Bank’s legal fees.           
		

		
			 
		

		
			Collateral:The following shall be collateral for the Loan, all of which must be documented in accordance with the Loan Agreement:  
		

		
			 
		

		
			(1) First Deed  of Trust/Mortgage on the real estate owned by the Borrower and First Security Interest in the improvements at the following ski resorts (collectively, the “Deeds of Trust/Mortgages”):  (a) Peak Resorts at 17409 Hidden Valley Dr., Eureka, MO 63025; (b) Snow Creek at 1 Snow Creek Dr., Weston, MO 64098; (c) Paoli Peaks at 2798 W. Co. Rd. 25 S., Paoli, IN 47454; (d) Crotched Mountain Ski & Ride at 615 Francestown Rd., Bennington, NH 03442; and (e) Attitash Mountain Resort at Route 302, Bartlett, NH 03812 (collectively, the “Ski Areas”);  and
		

		
			 
		

		
			(2) All of Borrower’s right, title and interest in, whether now owned, possessed or controlled, or hereafter acquired, whether or not same is used in the Borrower’s business: accounts receivable, inventory; equipment, furniture, fixtures, all personal property used by Borrower in the course of its day to day business, general intangibles, choses in action, contract rights, plans, specifications, purchase contracts, construction contracts, books and records, intellectual property rights, including but not limited to any trade names, trademarks, service marks, now or hereafter used in the operation of Borrower’s business (“Borrower’s Business”); and
		

		

		

		 

		

			Page 4 of 4

		

 

		

			EXHIBIT 10.1

		

		 
		

		
			(3) All revenue and accounts arising out of: (i) food and beverage sales, (ii) ski lessons, (iii) lift ticket sales, (iv) the sale of season ticket passes, (v) the sale of ticket passes for periods shorter than a ski season, (vi) ski equipment rentals and leases, (vii) miscellaneous sales or leasing of goods or services generated by the use of the Ski Areas, (viii) parking and (ix) the sale of goods  or services in connection with special events such as parties or special occasion celebrations; and     
		

		
			
		

		
			(4) Deposit Account Control Agreement between Borrower, Bank and Borrower’s depositary bank; and
		

		
			 
		

		
			(5) Assignment of all Borrower’s right, title and interest in such property that allows for ingress and egress to the Ski Areas in the event ingress or egress to the Ski Areas is not over lands subject to the Deeds of Trust/Mortgages; and     
		

		
			 
		

		
			Debt Service Account:If the Loan is converted to a term loan, Borrower shall open a debt service reserve account (the “Account”) at the Bank which shall be subject to the Bank’s right of setoff.  The terms and conditions of the Debt Service Account shall mirror those set forth in the Master Debt Service Reserve and Security Agreement between Peak Resorts, Inc., Boston Mills Ski Resort, Inc., Brandywine Ski Resort, Inc., JFBB Ski Areas, Inc., Sycamore Lake, Inc., Mount Snow, Ltd., Mad River Mountain, Inc., and Deltrecs, Inc., as Borrower, and EPT Mountain Snow, Inc., EPT Mad River, Inc., and EPT Ski Properties, Inc., as Lender, dated December 1, 2014. 
		

		
			 
		

		
			Covenants: Borrower shall maintain a minimum debt service coverage ratio of 1.25:1 measured on a fiscal year basis.  The debt service ratio is defined as: the sum of the consolidated EBITDA (net income before interest, income taxes, depreciation & amortization, gain on sale leaseback, investment income, other income or expense and other non-recurring items) plus lease payments made by the Borrowers under a lease with Mad River Mountain, Inc, divided by the sum of the consolidated interest expense plus all scheduled principal payments (excluding mandatory prepayments) plus payments under capital leases. 
		

		
			
		

		
			The Loan Agreement will set forth covenants that mirror those set forth in Section 11.1, 11.2, and 11.4 of the Master Credit and Security Agreement, dated December 1, 2014, between Borrower, Mount Snow, Ltd., Sycamore Lake, Inc., Brandywine Ski Resort, Inc., Boston Mills Ski Resort, Inc., Deltrecs, Inc., and JFBB Ski Areas, Inc., as borrower, and EPT Ski Properties & EPT Mount 
		

		 

		

			Page 5 of 5

		

 

		

			EXHIBIT 10.1

		

		Snow, Inc, as lender (the “EPT Credit Agreement”).  Borrower shall comply with all covenants set forth in the Loan Agreement and the EPT Credit Agreement.      
		

		
			 
		

		
			Negative Covenants:The Loan Agreement will set forth negative covenants that mirror those set forth in Section 11.3 of the EPT Credit Agreement.  Borrower shall not breach any of the negative covenants set forth in the Loan Agreement or the EPT Credit Agreement. 
		

		
			 
		

		
			CONDITIONS
		

		
			 
		

		
			The following documents and/or requirements are to be complied with and furnished to Bank in form satisfactory to Bank and its counsel at least ten (10) business days prior to closing unless otherwise specified.  Bank will not be required to close the Loan unless all of the obligations of Borrower hereunder have been completed, and the contents of all documents submitted to Bank are acceptable to bank and its counsel:
		

		
			
		

			
	
			
				 1.
			The following insurance policies or certificates of the existence of such policies are delivered to the Bank.  All such policies shall be issued by a company with a current Best's Guide rating of A- or better and in all other respects be satisfactory to the Bank and shall have coverage and endorsements and be written for such amounts as Bank may require.  All policies of insurance must provide that cancellation or modification of the policies cannot be made without thirty days prior written notice to the Bank. 

		
			 
		

			
	
			
				 a.
			

			
	
			
			Hazard insurance policy insuring the Collateral and all improvements thereto against loss or damage.  Each insurance policy will be in an amount and issued by a company satisfactory to the Bank.  Bank will be named as loss payee under such policy.  

		
			 
		

			
	
			
				 b.
			

			
	
			
			Comprehensive general liability insurance with respect to the Borrower’s Business.  The policy will be in an amount and issued by a company satisfactory to the Bank. Bank will be named as an additional insured under such policy.

		
			 
		

			
	
			
				 c.
			

			
	
			
			Flood insurance policy to the extent the Ski Areas, or any part thereof, is located in an area designated by HUD to be in a flood or mudslide hazard area.  Otherwise, Borrower shall deliver to Bank a letter from the appropriate 

		
			 
		

		
			government or qualified agency addressed to Bank stating one or more of the Ski Areas are not located in such a hazard area.  
		

		
			 
		

			
	
			
				 2.
			An appraisal of the Collateral, including the Borrower’s Business, from a qualified appraiser, acceptable to the Bank, addressed to the Bank, in an amount satisfactory to the Bank with a Loan to value not to exceed 50%. 

		
			 
		

			
	
			
				 3.
			Intercreditor agreement, satisfactory to the Bank, between the Bank and EPT Mount Snow, Inc., EPT Mad River, Inc., and EPT Ski Properties, Inc. 

		
			 
		

		 

		

			Page 6 of 6

		

 

		

			EXHIBIT 10.1

		

			
	
			
				 4.
			Evidence satisfactory to Bank of compliance with all laws, ordinances, rules, regulations and restrictions of all governmental entities affecting the Collateral and the Borrower’s Business.

		
			 
		

			
	
			
				 5.
			Confirmation letters from all lessors leasing land or buildings on or adjacent to land subject to the Deeds of Trust/Mortgages to the Borrower confirming the status of the lease, term of the lease, monthly payment, and description of the property being leased and a copy of all leases.  

		
			 
		

			
	
			
				 6.
			A confirmation letter from the Forest Service confirming the Borrower is in compliance with the terms and conditions of the Permit. 

		
			 
		

			
	
			
				 7.
			Copy of most recent, but no older than 24 months, Environmental Phase I study for each property subject to the Deeds of Trust/Mortgages.  The Bank may request additional studies if the Bank believes such additional environmental studies are necessary in the Bank’s sole discretion and at Borrower’s cost.  

		
			 
		

			
	
			
				 8.
			An opinion of Borrower's counsel (which counsel shall be acceptable to Bank) as to the due formation of Borrower, the enforceability of the Loan documents, the authority of the Borrower to enter into this transaction, the authority of the Borrower to conduct its business as currently conducted, and the accuracy of the representations and warranties made by the Borrower in the Loan documents.    

		
			 
		

			
	
			
				 9.
			Certified copies, as applicable, of corporate resolutions with respect to the Loan, articles of incorporation, By-Laws, certificates of good standing, registration of fictitious name, incumbency of officer signing all documents relating to the Loan to be delivered to the Bank with respect to Borrower.

		
			 
		

			
	
			
				 10.
			Certified copies of a resolution of the Borrower's Board of Directors which authorizes the Borrower to obtain the Loan and to execute and deliver any and all documents submitted to Bank in relation to the Loan.

		
			 
		

			
	
			
				 11.
			Agreement between Borrower, Bank and the Forest Service on Forest Service form FS-2700-12, titled “Agreement Concerning a Loan for Holder of a Special Use Permit” (the “Permit”), as required by Forest Service Manual Chapter 2710, Section 2717.3.

		
			 
		

		
			MISCELLANEOUS TERMS
		

		
			
		

			
	
			
				 1.
			The representations and warranties contained in the Loan Agreement shall survive the making of the Loan.

		
			 
		

			
	
			
				 2.
			This conditional commitment by the Bank shall be personal to Borrower and the rights of Borrower, if any, hereunder may not be assigned to and may not be enforced by any other person, firm, or entity unless the Bank shall agree in writing.

		
			 
		

			
	
			
				 3.
			In event the Borrower shall, at any time before the repayment of this Loan in full, sell all or part of the Collateral or Borrower’s Business, directly or on a contract for deed, or in the event Borrower shall experience a Change in Control as defined in the Loan Agreement, then the balance of the Loan shall at the option of the Bank become immediately due and payable.

		

		

		 

		

			Page 7 of 7

		

 

		

			EXHIBIT 10.1

		

		 
		

			
	
			
				 4.
			Notwithstanding Borrower’s timely acceptance of this conditional commitment and payment of the commitment fees, in addition to the conditions and covenants stated herein, Bank 

		
			reserves the right to cancel this conditional commitment and to terminate its obligations hereunder in any of the following events:
		

		
			 
		

			
	
			
				 a.
			

			
	
			
			Bank is unable to secure participant lenders satisfactory to the Bank;

		
			 
		

			
	
			
				 b.
			

			
	
			
			Substantial damage to, or condemnation or other loss of, a substantial part of the Collateral or Borrower’s Business, including but not limited to a loss of the Permit, which shall not have been repaired or restored to the reasonable satisfaction of Bank at the time of closing;

		
			 
		

			
	
			
				 c.
			

			
	
			
			Borrower’s credit has adversely changed in one or more material aspects from the time of conditional commitment to date of funding or Borrower becomes insolvent, bankrupt or makes an assignment for the benefit of creditors;

		
			 
		

			
	
			
				 d.
			

			
	
			
			Borrower has made any material misrepresentation(s) to Bank for the purpose of obtaining this conditional commitment.

		
			 
		

		
			If Borrower cancels this conditional commitment, Borrower may receive a refund of the commitment fee paid less the Bank’s Direct Costs incurred by the Bank up to the date of the Borrower’s cancellation.  
		

		
			 
		

		
			To accept this conditional commitment, please sign and return the original copy of this letter with your check (non-refundable) in the amount of $75,000 at the office of Royal Banks of Missouri, 13171 Olive Blvd., St. Louis, MO  63141, in care of the undersigned.     
		

		
			

		

		
			ROYAL BANKS OF MISSOURI 
		

		
			 
		

		
			By: __/s/ Steven Silver_______
		

		
			     Steven M. Silver, Senior Vice President
		

		
			 
		

		

		

		 

		

			Page 8 of 8

		

 

		

			EXHIBIT 10.1

		

		ACCEPTANCE OF COMMITMENT
		

		
			 
		

		
			We have read, understood and agreed to the terms and conditions of the above Conditional Commitment Letter and hereby acknowledge receipt of a copy of said letter.
		

		
			 
		

		
			Agreed to and accepted this __15th___ day of October, 2015.
		

		
			 
		

		
			Submitted with $75,000.00.
		

		
			 
		

		
			 
		

		
			Peak Resorts, Inc.
		

		
			 
		

		
			By:  __/s/ Stephen Mueller____            
		

		
			     An Authorized Officer 
		

		
			 
		

		 

		

			Page 9 of 9

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