Document:

Exhibit-10.1-Q3 2014

Exhibit 10.1

FORM OF WAIVER AND RELEASE AGREEMENT
THIS WAIVER AND RELEASE AGREEMENT (this “Agreement”) is entered into by and between Rowan Companies, Inc. (“Rowan”) and __________ (“Employee”).
Recitals
WHEREAS, Employee’s employment with Rowan and its Affiliates (defined below) shall be terminated effective as of the Termination Date described herein; and
WHEREAS, in connection with the termination of Employee’s employment with Rowan and its Affiliates, Employee will be eligible to receive a severance payment under the Rowan Companies, Inc. Severance Plan (the “Rowan Severance Plan”), provided that Employee executes a waiver and release agreement in a form provided by the administrator of the Rowan Severance Plan and does not revoke such agreement; and
WHEREAS, Employee and Rowan desire to avoid the expense, delay and uncertainty attendant to any disputes or claims arising out of Employee’s employment with Rowan or the termination thereof and desire to enter into this Agreement as a settlement of all claims and disputes incident thereto and as the waiver and release agreement required under the Rowan Severance Plan in order for Employee to be eligible to receive a severance payment under the Rowan Severance Plan.
NOW, THEREFORE, for and in consideration of the mutual covenants and promises in this Agreement, Rowan and Employee hereby agree as follows:
Agreements
1.Termination of Employment.  Employee’s employment with Rowan shall terminate as of the close of business on October 15, 2014 (the “Termination Date”).  To the extent not already paid, Employee shall be entitled to the following compensation and benefits earned through the Termination Date, subject to customary withholding for taxes and applicable deductions:
(a)current rate of base salary through the Termination Date;
(b)all days of accrued but unused vacation through the Termination Date; and
(c)any expense reimbursements submitted in accordance with Rowan policy through the Termination Date.

2.Retirement in Lieu of Termination.  Notwithstanding the provisions of Paragraph 1 of this Agreement, Employee may elect to terminate his employment with Rowan by electing to retire from Rowan, effective as of the Termination Date, in lieu of terminating his employment with Rowan by written agreement by providing Rowan written notice of such election at the time Employee executes this Agreement.  In the event that Employee so elects to retire from Rowan, he will, nevertheless, be entitled to receive from Rowan the compensation and benefits earned through the Termination Date (subject to customary withholding for taxes and applicable deductions) set forth in Paragraph 1, the severance payment and benefits set forth in Paragraph 8, and all retirement benefits to which he is entitled under the terms and conditions of any pension and welfare benefit 

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Exhibit 10.1

plans or programs of Rowan in which Employee participates, including, without limitation, any applicable retiree medical benefits.

3.Acknowledgements of Amounts.  Such payments made under Paragraph 1 shall be in full satisfaction of all wages, incentive compensation, bonuses or any other compensation owed to Employee by Rowan through the Termination Date, except as otherwise provided herein.  Employee acknowledges that he is not entitled to any other payments or benefits by or on behalf of Rowan, except for those which may be payable pursuant to the terms of Rowan’s compensation and benefits plans in accordance with their respective terms, or except as otherwise provided herein.

4.No Authority to Act on Behalf of Rowan.  Effective as of the Termination Date, Employee acknowledges and agrees that he has no authority to, and will not act for, Rowan or any of Rowan’s Affiliates in any capacity.  As used in this Agreement, the term “Affiliate” means, with respect to Rowan, any person or entity that, directly or indirectly, controls, is controlled by or is under common control with Rowan.

5.ERISA Acknowledgement.  Rowan acknowledges that Employee may be a participant in certain pension and welfare benefit plans and programs of Rowan, and nothing herein contained shall be construed as a waiver of the benefits to which he is otherwise qualified, vested or entitled, except for severance benefits, in accordance with such plans’ respective terms.

6.Notice and Terms Regarding ADEA and OWBPA.  In recognition of its statutory duty as an employer under the Age Discrimination in Employment Act (“ADEA”) and the Older Workers Benefit Protection Act (“OWBPA”), Rowan hereby advises Employee that this Agreement is an important legal document and that Employee should consult with a lawyer before signing it.  Specifically, Employee expressly acknowledges and agrees as follows:  (i) by entering into this Agreement, Employee is waiving any and all rights or claims that he may have arising out of the ADEA or the OWBPA; (ii) in return for this Agreement, Employee will receive consideration beyond that which he was otherwise entitled to receive before entering into this Agreement; (iii) Employee was given a copy of this Agreement on ______________, and he was given twenty-one (21) days to review it before accepting it; (iv) Employee has been advised in writing by Rowan, his employer, to consult with an attorney before signing this Agreement; and (v) if Employee accepts this Agreement, he has seven (7) days following the date of the execution of this Agreement to revoke this Agreement.

7.Return of Company Property.  Employee hereby represents and warrants that he has no claim or right, title or interest in, or possession of, any property or assets of Rowan or any of Rowan’s Affiliates.  Promptly after the execution of this Agreement, to the extent Employee has not already done so, Employee agrees to leave in his office or deliver to Rowan all correspondence, memoranda, notes, records, data, software, hardware, manuals, documentation, passwords, authorizations, or other information, analysis, or other documents and all copies thereof, that are in Employee’s possession, custody or control and that are related in any manner to the past, present or anticipated business of Rowan or any of Rowan’s Affiliates or the work Employee performed for Rowan or any of Rowan’s Affiliates.  Promptly after the execution of this Agreement, to the extent Employee has not already done so, Employee shall also deliver to Rowan any property 

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Exhibit 10.1

belonging to Rowan or any of Rowan’s Affiliates in his possession or control, including, without limitation, any security key cards, keys, computers, telephones or other materials furnished by Rowan or any Affiliate of Rowan for his use.

8.Severance Pay and Benefits.
(a)Provided that Employee complies fully with the terms and conditions of this Agreement and does not revoke his acceptance of this Agreement pursuant to Paragraph 6(v) above, Employee shall be entitled to a severance benefit under the Rowan Severance Plan to which he would not otherwise be entitled absent this Agreement in the amount of $__________, subject to customary withholding for taxes and applicable deductions, which amount constitutes fifty-two (52) weeks of pay at Employee’s current base salary.

(b)Provided that Employee complies fully with the terms and conditions of this Agreement and does not revoke his acceptance of this Agreement pursuant to Paragraph 6(v) above, Employee shall be entitled to an additional severance benefit in an amount equal to a prorated portion of the payment Employee would have been entitled to receive under the Rowan 2014 Annual Incentive Plan (the “2014 AIP”) if he had remained employed by Rowan through the date incentive payments are made under the 2014 AIP, subject to customary withholding for taxes and applicable deductions.  For these purposes, the proration shall be based on the number of days Employee was employed by Rowan during 2014.

(c)Provided that Employee complies fully with the terms and conditions of this Agreement and does not revoke his acceptance of this Agreement pursuant to Paragraph 6(v) above, the vesting of those certain long-term incentive awards described on Exhibit A attached hereto that were previously granted to Employee by Rowan shall be accelerated to the Effective Date in further consideration of the general release and other covenants and agreements Employee is making under this Agreement.

(d)The severance payment provided for in Paragraph 8(a) above shall be made either by (i) direct deposit into the bank account for Employee on file with Rowan and used for deposit of Employee’s normal wages as of the Termination Date or (ii) by check delivered to Employee via certified mail, return receipt requested, at Employee’s home address on file with Rowan, in either case as soon as practicable after the Effective Date of this Agreement, but in any event not later than ten (10) days after the Effective Date of this Agreement.  The severance payment provided for in Paragraph 8(b) above shall be made either by (i) direct deposit into the bank account for Employee on file with Rowan and used for deposit of Employee’s normal wages as of the Termination Date or (ii) by check delivered to Employee via certified mail, return receipt requested, at Employee’s home address on file with Rowan, in either case as soon as practicable after payments are made to Rowan employees under the 2014 AIP, but in any event not later than March 15, 2015.

9.Employee’s Representation of No Claims.  Employee represents and warrants that he has not filed any claims, complaints, charges or lawsuits against Rowan or any Rowan Affiliate, or any of their respective owners, directors, Employees or employees with any governmental agency or court with respect to any matter pertaining to his employment with Rowan, and that he will not 

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Exhibit 10.1

file, or permit to be filed, or accept benefit from, any claim, complaint or petition filed with any governmental agency or court by him or on his behalf at any time hereafter; provided, however, this representation and warranty does not include any right Employee may have to unemployment benefits, nor is he waiving or releasing his right to file for such benefits, if any.

10.Cooperation.  Employee agrees to cooperate fully and in good faith with Rowan and its authorized representatives with respect to reasonable requests for information and assistance in connection with Rowan and Rowan Affiliate business matters, including, without limitation, matters of which Employee had knowledge while an employee of Rowan.

11.Release.  In return for the promises made herein, Employee, on behalf of himself and his successors, heirs, assigns, agents, and representatives, hereby forever releases, acquits, and discharges Rowan and Rowan’s Affiliates and each of their respective owners, Employees, directors, agents, insurers, employees, parent companies, subsidiaries, Affiliates, predecessors, successors and assigns (collectively, the “Released Parties”), from any and all claims, dues, liens, charges, rights, damages, demands, and causes of action of any character, whether now known or unknown, arising out of Employee’s employment with Rowan or the termination thereof, including, but not limited to, claims for alleged bodily or personal injury(ies), any and all medical expenses attendant thereto, premises liability, fraud, breach of contract, negligence, those arising under common law, based in tort, contract, statute, regulation, or any other legal or equitable theory of recovery, or for damages of any kind whatsoever, including, but not limited to, any and all claims or causes of action arising out of Employee’s employment or the termination thereof, including, those arising under the Texas Commission on Human Rights Act (“TCHRA”), Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act (“ADA”), the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act (“OWBPA”), the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), 29 U.S.C. §§ 1981 and 1983, the Fair Labor Standards Act (“FLSA”), the Family Medical Leave Act (“FMLA”), the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), for violations of the federal or state Constitutions, under the Texas Labor Code, or Texas statutes, and any other federal, state or local statute, regulation or the common law, worker’s compensation, front pay, back pay, overtime pay, pain and suffering, mental anguish, loss of consortium, medical expenses, punitive damages, attorneys’ fees and expenses, and costs on account of any conduct of any of the Released Parties or connected in any way with Employee’s employment with Rowan or the termination thereof, that has occurred up to and including the Effective Date of this Agreement.  This release includes, but is not limited to, any claim for salary, bonus, compensation, benefits, expenses, damages, remuneration or wages arising from Employee’s employment with Rowan or the termination thereof, and all other acts or omissions related to any matter up to and including the Effective Date of this Agreement.  Notwithstanding the foregoing or any other provision of this Agreement, the foregoing release shall not apply to and shall have no effect whatsoever upon any rights Employee may have under that certain Indemnification Agreement, dated _____________, by and between Rowan and Employee, and Employee shall hereafter retain all of the rights and protections afforded him under that agreement in accordance with its terms.

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Exhibit 10.1

12.Remedies.  Employee and Rowan agree that, because damages at law for any breach or nonperformance of this Agreement by Employee, while recoverable, will be inadequate, this Agreement may be enforced in equity by specific performance, injunction, accounting or otherwise.

13.Nondisclosure.  Employee will continue to honor the terms of any common law or written confidentiality agreements with Rowan and/or any Rowan Affiliate and/or their respective predecessors or successors, and their respective clients, all of which are incorporated into this Agreement by reference, including, without limitation, those specifically relating to personnel, proprietary information, trade secrets, computer systems and manufacturing processes.

14.Non-Solicitation.  For the eighteen month period commencing on the Termination Date, Employee agrees that he will not, directly or indirectly, for his benefit or for the benefit of any other person, firm or entity, solicit the employment or services of, or hire, any person who was employed by Rowan or any Rowan Affiliate upon the Effective Date; provided, however, that this prohibition shall not apply to (i) any person having a base salary of less than $75,000 per year or (ii) any person hired by a firm or entity with which Employee is associated that was hired without Employee’s knowledge or input.  In addition, for the eighteen month period commencing on the Termination Date, Employee will not, directly or indirectly, and will not encourage or assist others to, without the prior written consent of the Board of Directors of Rowan (the “Board”), which consent may be withheld in the Board’s sole and absolute discretion:  (a) make, or in any way participate in, or advise in, any “solicitation” (as such term is used in the Securities Exchange Act of 1934, as amended from time to time (the “Exchange Act”)), or seek to advise or influence in any manner whatsoever any person or entity with respect to the voting of any securities of Rowan or any Rowan Affiliate; (b) form, join, or in any way communicate or associate (by telephone, email or otherwise) with other stockholders of Rowan or any Rowan Affiliate or participate in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any voting securities of Rowan or any Rowan Affiliate; or (c) otherwise participate in any way or in any capacity in any plan, transaction or series of transactions the result of which could lead, directly or indirectly, to a change in control of Rowan or any Rowan Affiliate.  However, the immediately preceding clauses (a), (b) and (c) are not intended in any way to interfere with Employee’s ability to vote shares of Rowan stock that he currently holds (or acquires pursuant to the equity awards listed in Exhibit A hereto) in any proxy solicitation.

15.Nondisparagement.  Employee agrees, for himself and for his heirs, dependents, assigns, agents, executors, administrators, trustees and legal representatives, that he will not (and he will use his best efforts to cause such affiliates not to) at any time engage in any form of conduct, or make any statements, written or verbal, or cause or encourage others to make any statements, written or verbal, or representations, including comments on any internet site, “message board” or “chat room,” that disparage or otherwise impair the reputation, goodwill or commercial interests of Rowan, any Rowan Affiliate or any of their respective agents, Employees, directors, employees and/or stockholders.  The foregoing shall not be violated by:  (i) truthful statements made or given by Employee in response to legal process or required governmental testimony or filings; or (ii) statements made by Employee that Employee in good faith believes are necessary or appropriate to make in order to refute statements of Rowan or the directors or Employees of Rowan.

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Exhibit 10.1

16.Discrimination Claims.  Notwithstanding any other provision of this Agreement, nothing in this Agreement is intended to, or shall, interfere with Employee’s rights under federal, state, or local civil rights or employment discrimination laws to file or otherwise institute a charge of discrimination, to participate in a proceeding with any appropriate federal, state, or local government agency enforcing discrimination laws, or to cooperate with any such agency in its investigation, none of which shall constitute a breach of any of the provisions of this Agreement, including, without limitation, the provisions of Paragraphs 10, 11, 13 or 15 of this Agreement.  Employee shall not, however, be entitled to any relief, recovery or monies in connection with any such complaint, charge or proceeding brought against any of the Released Parties, regardless of who filed or initiated any such complaint, charge or proceeding.

17.No Tax Warranties.  Neither Rowan nor any of its agents makes any representations or warranties as to the tax treatment of this Agreement or any payments or benefits hereunder by any taxing authorities.  Employee consents and agrees to Rowan’s issuance, at Rowan’s sole discretion, of a W-2 covering the amount of the severance payments and all wages and other compensation earned or paid in 2014 or 2015.

18.Tax Indemnification.  Employee agrees to indemnify and hold harmless Rowan and its Affiliates for any taxes, penalties or interest that may be assessed against Rowan or its Affiliates arising out of or resulting from the severance payments received by Employee under Paragraph 8 of this Agreement.  To the extent Rowan or an Affiliate is required by order of any court or agency to pay, and does pay, any amount attributable to Employee hereunder, Employee agrees to indemnify and hold harmless Rowan for the amount so paid.  Employee agrees that Rowan and its Affiliates shall not be obligated to defend any tax audit of Employee.

19.Assistance of Counsel.  Each of the parties hereto has had the opportunity to consult with his or its attorneys prior to the execution of this Agreement to discuss its contents and meaning and has taken a reasonable amount of time in which to consider this Agreement.  Each of the parties understands the terms and conditions of this Agreement, agrees to abide by the same and knowingly and voluntarily executes it without reservation.

20.No Admission of Liability.  Neither the fact of this settlement nor any provision of this Agreement constitutes or shall be construed as an admission of liability by Rowan or its Affiliates, all such liability being hereby expressly denied.  Instead, this settlement is made solely for the purpose of providing peace of mind.

21.Enforcement of Agreement.  No waiver or non-action with respect to any breach by the other party of any provision of this Agreement, nor the waiver or non-action with respect to any breach of the provisions of similar agreements with other employees shall be construed to be a waiver of any succeeding breach of such provision, or as a waiver of the provision itself.

22.Choice of Law and Venue.  This Agreement shall be governed by and interpreted, construed and enforced in accordance with the laws of the State of Texas without giving effect to any choice or conflict of laws rules, provisions or principles (whether of the State of Texas or any other jurisdiction) the application of which would result in the application of the laws of any 

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Exhibit 10.1

jurisdiction other than the State of Texas.  This Agreement may be enforced exclusively in the Harris County, Texas District Courts.

23.Merger.  This Agreement supersedes, replaces and merges all previous agreements and discussions relating to the same or similar subject matters between Employee and Rowan and constitutes the entire agreement between Employee and Rowan with respect to the subject matter of this Agreement.  This Agreement may not be changed or terminated orally, and no change, termination or waiver of this Agreement or any of the provisions herein contained shall be binding unless made in writing and signed by all parties hereto.

24.Confidentiality.  Employee agrees that he will not disclose any of the terms of this Agreement or the consideration received from Rowan to any other person or entity, other than his spouse, attorney or financial advisors and only on the condition that they keep such information strictly confidential.

25.Exclusive Benefits.  Employee agrees and acknowledges that the only benefits associated with the termination of his employment with Rowan are the benefits stated in this Agreement and that he is not entitled to any additional benefits from Rowan or any Rowan Affiliate in connection with his termination.

26.Voluntary Agreement.  Employee acknowledges and agrees that he has carefully read this Agreement and understands it to be a release of all claims, known and unknown, past or present.  He represents and warrants that he is fully competent to execute this Agreement, which he understands to be contractual.  He further acknowledges and agrees that:  (i) he executes this Agreement of his own free will, after having been given sufficient time in which to review, study, consider and deliberate regarding its meaning and effect; (ii) he has had the opportunity to consult with counsel prior to executing this Agreement; (iii) he executes this Agreement without reliance on any representation or warranty of any kind or character not expressly set forth herein; and (iv) he executes this Agreement fully knowing its effect and voluntarily for the consideration stated herein.

27.Saving Clause.  If any provision of this Agreement shall be held to be invalid, illegal or unenforceable by a court, tribunal or other forum of competent jurisdiction for any reason whatsoever:  (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any subdivision of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (ii) such provision will be deemed reformed to the extent necessary to conform to applicable law and to give maximum effect to the intent of the parties hereto, or, if that is not possible, such provision shall be deemed severed from this Agreement; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any subdivision of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

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Exhibit 10.1

28.Counterparts; Facsimile Signatures.  This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original copy of this Agreement, but all of which, when taken together, shall be deemed to constitute one and the same agreement.  The parties hereto may sign and deliver this Agreement by facsimile transmission or by electronic mail in “portable document format.”  Each party hereto agrees that the delivery of this Agreement by facsimile or by electronic mail in “portable document format” shall have the same force and effect as delivery of original signatures, and that each party hereto may use such facsimile or electronic mail signatures as evidence of the execution and delivery of this Agreement by all parties hereto to the same extent that an original signature could be used.

29.The Effective Date.  The “Effective Date” of this Agreement shall be the later of (i) eight (8) days after the execution of this Agreement by Employee and Rowan and (ii) the Termination Date, provided that Employee has not exercised his rights of revocation pursuant to Paragraph 6(v) above.  This Agreement shall become binding in its entirety upon Employee and Rowan and all of its provisions will be irrevocable on the Effective Date.

(SIGNATURE PAGE FOLLOWS)

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Exhibit 10.1

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the dates set forth below but to be effective as provided above.

	
		
	 
	 

	Date Executed:                
	ROWAN COMPANIES, INC.

	 
	 

	 
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

STATE OF TEXAS    §
§
COUNTY OF HARRIS    §

BEFORE ME, the undersigned authority personally appeared, _______________, by me known or who produced valid identification as described below, who affirms that she is authorized to enter into the foregoing WAIVER AND RELEASE AGREEMENT (the “Agreement”), as [title] of Rowan Companies, Inc., and who executed the Agreement, and acknowledged before me that she subscribed to the Agreement on this ___ day of ________ 2014.

                        
NOTARY PUBLIC in and for the
State of Texas

	
			
	 
	 
	 

	Date Executed:                
	 
	 

	 
	 
	[Employee]

STATE OF _______________    §
§
COUNTY OF ______________    §

BEFORE ME, the undersigned authority personally appeared [Employee] , by me known or who produced valid identification as described below, who executed the foregoing WAIVER AND RELEASE AGREEMENT (the “Agreement”), and acknowledged before me that she subscribed to the Agreement on this ___ day of ________ 2014.

                        
NOTARY PUBLIC in and for the
State of ___________

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Exhibit 10.1

EXHIBIT A
Per Paragraph 8(c) of the Agreement, the vesting of the following incentive compensation awards that were previously granted to Employee by Rowan shall be accelerated to the Effective Date in further consideration for the general release and other covenants and agreements Employee is making under the Agreement:
		
	•
	_______ shares of Restricted Stock and Restricted Stock Units

		
	•
	_______ Stock Appreciation Rights 

All Stock Appreciation Rights and all Stock Options, including not only those subject to accelerated vesting pursuant to the Agreement but also those that have already vested, must be exercised on or before the earlier of their original expiration date and the third anniversary of the Effective Date.  Any and all Stock Appreciation Rights and Stock Options not exercised on or before such date will automatically expire on the day immediately following the third anniversary of the Effective Date and will thereafter be of no force or effect whatsoever.

Page 10 of 10Form of Medium-Term Notes, Series K, Principal at Risk Securities Linked to the SPDR S&amp;P 500 ETF

 Exhibit 4.1 

[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. 94986RVB4 
	
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 

SPDR® S&P 500® ETF
Trust due August 7, 2018 
 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 August 7, 2018. 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 Price is greater than the Starting Price: the lesser of: 

 

	 	(i)	 the Face Amount plus: 

  

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

  

	 	(ii)	 the Capped Value; 

  

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

  

	 	•	 	 if the Ending Price is less than the Threshold Price: the Face Amount minus: 

 

											
		 	 	 	 Face Amount  x  	 	  Threshold Price – Ending Price  	 	 	 	
	 	 	 	 	Starting Price	 	 	 

 All calculations with respect to the Redemption Amount will be rounded to the nearest one hundred-thousandth,
with five one-millionths rounded upwards (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. 

The “Fund” shall mean the SPDR S&P 500 ETF Trust. 

The “Pricing Date” shall mean October 31, 2014. 

The “Starting Price” is $201.66, the Fund Closing Price of the Fund on the Pricing Date. 

The “Ending Price” will be the Fund Closing Price of the Fund on the Calculation Day. 

The “Fund Closing Price” with respect to the Fund on any Trading Day means the product of (i) the
Closing Price of one share of the Fund (or one unit of any other security for which a Fund Closing Price must be determined) on such Trading Day and (ii) the Adjustment Factor applicable to the Fund on such Trading Day. 

The “Closing Price” with respect to a share of the Fund (or one unit of any other security for which a
Closing Price must be determined) on any Trading Day means the price, at the scheduled weekday closing time, without regard to after hours or any other trading outside the regular trading session hours, of the share on the principal United States
securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the share (or any such other security) is listed or admitted to trading. 

  
 2 

 The “Adjustment Factor” means, with respect to a share of the
Fund (or one unit of any other security for which a Fund Closing Price must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of the Fund. See “—Anti-dilution Adjustments Relating to the Fund;
Alternate Calculation —Anti-dilution Adjustments” below. 
 The “Threshold Price” is $181.494,
which is equal to 90% of the Starting Price. 
 The “Participation Rate” is 150%. 

The “Capped Value” is 138% of the Face Amount of this Security. 

The “Underlying Index” shall mean the S&P 500 Index. 

“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” with respect to the Fund means a day, as determined by the Calculation Agent, on which the Relevant Exchange (as defined below) and each Related Exchange (as defined below) with respect to the Fund, or any successor
thereto, if applicable, are scheduled to be open for trading for their respective regular trading sessions. 
 The
“Relevant Exchange” for the Fund means the primary exchange or quotation system on which shares (or other applicable securities) of the Fund are traded, as determined by the Calculation Agent. 

The “Related Exchange” for the Fund means each 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 Fund. 

The “Calculation Day” shall be July 31, 2018. 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 Fund
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 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 with respect to the Fund on such eighth Trading Day, the Calculation Agent will determine the Closing Price of the Fund on such eighth Trading Day based on its good faith estimate of the value of the shares
(or other applicable securities) of the Fund as of the Close of Trading (as defined below) on such eighth Trading Day. See “—Market Disruption Events.” 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 29, 2012
between the Company and the Calculation Agent, as amended from time to time. 

  
 3 

 “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 Price 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. 
 Market Disruption Events

 A “Market Disruption Event” means, with respect to the Fund, 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 Exchange or otherwise relating to the
shares (or other applicable securities) of the Fund or any Successor Fund (as defined below) on the Relevant Exchange at any time during the one-hour period that ends at the Close of Trading on such day, whether by reason of movements in price
exceeding limits permitted by such Relevant Exchange or otherwise. 

  

	 	(B)	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related Exchange or otherwise in futures or options
contracts relating to the shares (or other applicable securities) of the Fund or any Successor Fund on any Related 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 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, shares (or other applicable securities) of the Fund or any Successor Fund on the Relevant Exchange 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 shares (or other applicable securities) of the Fund or any Successor Fund on any Related Exchange at any time during the one-hour period that
ends at the Close of Trading on that day. 

  

	 	(E)	 The closure of the Relevant Exchange or any Related Exchange with respect to the Fund or any Successor Fund prior to its Scheduled Closing Time
unless the earlier closing time is announced by the Relevant Exchange or Related Exchange, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on such Relevant Exchange or Related
Exchange, as applicable, and (2) the submission deadline for orders to be entered into the 

  
 4 

	 	 
Relevant Exchange or Related Exchange, as applicable, system for execution at the Close of Trading on that day. 

 

	 	(F)	 The Relevant Exchange or any Related Exchange with respect to the Fund or any Successor Fund fails to open for trading during its regular trading
session. 

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

 

	 	(1)	 “Close of Trading” means the Scheduled Closing Time of the Relevant Exchange with respect to the Fund or any Successor Fund; and

  

	 	(2)	 the “Scheduled Closing Time” of the Relevant Exchange or any Related Exchange on any Trading Day for the Fund or any Successor
Fund means the scheduled weekday closing time of such Relevant Exchange or Related Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading session hours. 

Anti-dilution Adjustments Relating to the Fund; Alternate Calculation 

Anti-dilution Adjustments 

The Calculation Agent will adjust the Adjustment Factor with respect to the Fund as specified below if any of the events
specified below occurs with respect to the Fund and the effective date or ex-dividend date, as applicable, for such event is after the Pricing Date and on or prior to the Calculation Day. 

The adjustments specified below do not cover all events that could affect the Fund. The Calculation Agent may, in its sole
discretion, make additional adjustments to any terms of this Security upon the occurrence of other events that affect or could potentially affect the market price of, or shareholder rights in, the Fund, with a view to offsetting, to the extent
practical, any such change, and preserving the relative investment risks of this Security. In addition, the Calculation Agent may, in its sole discretion, make adjustments or a series of adjustments that differ from those described herein if the
Calculation Agent determines that such adjustments do not properly reflect the economic consequences of the events specified herein or would not preserve the relative investment risks of this Security. All determinations made by the Calculation
Agent in making any adjustments to the terms of this Security, including adjustments that are in addition to, or that differ from, those described herein, will be made in good faith and a commercially reasonable manner, with the aim of ensuring an
equitable result. In determining whether to make any adjustment to the terms of this Security, the Calculation Agent may consider any adjustment made by the Options Clearing Corporation or any other equity derivatives clearing organization on
options contracts on the Fund. 

  
 5 

 For any event described below, the Calculation Agent will not be required to
adjust the Adjustment Factor unless the adjustment would result in a change to the Adjustment Factor then in effect of at least 0.10%. The Adjustment Factor resulting from any adjustment will be rounded up or down, as appropriate, to the nearest
one-hundred thousandth. 
  

	 	(A)	 Stock Splits and Reverse Stock Splits 

If a stock split or reverse stock split has occurred, then once such split has become effective, the Adjustment Factor will
be adjusted to equal the product of the prior Adjustment Factor and the number of securities which a holder of one share (or other applicable security) of the Fund before the effective date of such stock split or reverse stock split would have owned
or been entitled to receive immediately following the applicable effective date. 
  

	 	(B)	 Stock Dividends 

If a dividend or distribution of shares (or other applicable securities) to which this Security is linked has been made by
the Fund ratably to all holders of record of such shares (or other applicable security), then the Adjustment Factor will be adjusted on the ex-dividend date to equal the prior Adjustment Factor plus the product of the prior Adjustment Factor and the
number of shares (or other applicable security) of the Fund which a holder of one share (or other applicable security) of the Fund before the ex-dividend date would have owned or been entitled to receive immediately following that date; provided,
however, that no adjustment will be made for a distribution for which the number of securities of the Fund paid or distributed is based on a fixed cash equivalent value. 
  

	 	(C)	 Extraordinary Dividends 

If an Extraordinary Dividend (as defined below) has occurred, then the Adjustment Factor will be adjusted on the ex-dividend
date to equal the product of the prior Adjustment Factor and a fraction, the numerator of which is the Closing Price per share (or other applicable security) of the Fund on the Trading Day preceding the ex-dividend date, and the denominator of which
is the amount by which the Closing Price per share (or other applicable security) of the Fund on the Trading Day preceding the ex-dividend date exceeds the Extraordinary Dividend Amount (as defined below). 

For purposes of determining whether an Extraordinary Dividend has occurred: 

 

	 	(1)	 “Extraordinary Dividend” means any cash dividend or distribution (or portion thereof) that the Calculation Agent determines, in
its sole discretion, is extraordinary or special; and 

  

	 	(2)	 “Extraordinary Dividend Amount” with respect to an Extraordinary Dividend for the securities of the Fund will equal the amount per
share (or other applicable security) of the Fund of the applicable cash dividend or 

  
 6 

	 	 
distribution that is attributable to the Extraordinary Dividend, as determined by the Calculation Agent in its sole discretion. 

A distribution on the securities of the Fund described below under the section entitled “—Reorganization
Events” below that also constitutes an Extraordinary Dividend will only cause an adjustment pursuant to that “—Reorganization Events” section. 
  

	 	(D)	 Other Distributions 

If the Fund declares or makes a distribution to all holders of the shares (or other applicable security) of the Fund of any
non-cash assets, excluding dividends or distributions described under the section entitled “—Stock Dividends” above, then the Calculation Agent may, in its sole discretion, make such adjustment (if any) to the Adjustment Factor as it
deems appropriate in the circumstances. If the Calculation Agent determines to make an adjustment pursuant to this paragraph, it will do so with a view to offsetting, to the extent practical, any change in the economic position of a holder of this
Security that results solely from the applicable event. 
  

	 	(E)	 Reorganization Events 

If the Fund, or any Successor Fund, is subject to a merger, combination, consolidation or statutory exchange of securities
with another exchange traded fund, and the Fund to which this Security is linked is not the surviving entity (a “Reorganization Event”), then, on or after the date of such event, the Calculation Agent shall, in its sole discretion,
make an adjustment to the Adjustment Factor or the method of determining the Redemption Amount or any other terms of this Security as the Calculation Agent determines appropriate to account for the economic effect on this Security of such event, and
determine the effective date of that adjustment. If the Calculation Agent determines that no adjustment that it could make will produce a commercially reasonable result, then the Calculation Agent may deem such event a Liquidation Event (as defined
below). 
 Liquidation Events 

If the Fund is de-listed, liquidated or otherwise terminated (a “Liquidation Event”), and a successor or
substitute exchange traded fund exists that the Calculation Agent determines, in its sole discretion, to be comparable to the Fund, then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company, any
subsequent Fund Closing Price for the Fund will be determined by reference to the Fund Closing Price of such successor or substitute exchange traded fund (such exchange traded fund being referred to herein as a “Successor Fund”),
with such adjustments as the Calculation Agent determines are appropriate to account for the economic effect of such substitution on the holder of this Security. 

If the Fund undergoes a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that any Fund
Closing Price of the Fund is to be determined and the 

  
 7 

 
Calculation Agent determines that no Successor Fund is available at such time, then the Calculation Agent will, in its discretion, calculate the Fund Closing Price for the Fund on such date by a
computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Fund, provided that if the Calculation Agent determines in its discretion that it is not practicable to replicate the Fund (including
but not limited to the instance in which the sponsor of the index underlying the Fund discontinues publication of that index), then the Calculation Agent will calculate the Fund Closing Price for the Fund in accordance with the formula last used to
calculate such Fund Closing Price before such Liquidation Event, but using only those securities that were held by the Fund immediately prior to such Liquidation Event without any rebalancing or substitution of such securities following such
Liquidation Event. 
 If a Successor Fund is selected or the Calculation Agent calculates the Fund Closing Price as a
substitute for the Fund, such Successor Fund or Fund Closing Price will be used as a substitute for the Fund for all purposes, including for purposes of determining whether a Market Disruption Event exists. 

If any event is both a Reorganization Event and a Liquidation Event, such event will be treated as a Reorganization Event for
purposes of this Security unless the Calculation Agent makes the determination referenced in the last sentence of the section entitled “—Anti-dilution Adjustments—Reorganization Events” above. 

Alternate Calculation 

If at any time the method of calculating the Fund or a Successor Fund, or the Underlying Index, is changed in a material
respect, or if the Fund or a Successor Fund is in any other way modified so that the Fund does not, in the opinion of the Calculation Agent, fairly represent the price of the securities of the Fund or such Successor Fund had such changes or
modifications not been made, then the Calculation Agent may, at the close of business in New York City on the date that any Fund Closing Price is to be determined, make such calculations and adjustments as, in the good faith judgment of the
Calculation Agent, may be necessary in order to arrive at a Closing Price of an exchange traded fund comparable to the Fund or such Successor Fund, as the case may be, as if such changes or modifications had not been made, and calculate the Fund
Closing Price and the Redemption Amount with reference to such adjusted Closing Price of the Fund or such Successor Fund, as applicable. 

Calculation Agent 

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

  
 8 

 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 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 August 7, 2018. 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 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] 

  
 9 

 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

  
 10 

 [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 

SPDR® S&P 500® ETF
Trust due August 7, 2018 
 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 

  
 11 

 
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 

  
 12 

 
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. 

  
 13 

 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)

  
 14 

 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. 

  
 15

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