Document:

Exhibit 4.3

 

 

Execution
Version

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

 

April 14, 2020

 

 

among

 

 

IPALCO ENTERPRISES, INC.,

 

 

 

 

J.P. MORGAN SECURITIES LLC 

and

BOFA SECURITIES, INC.

 

 

 

 

     

     

    

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”)
is made and entered into as of April 14, 2020, among IPALCO Enterprises, Inc., an Indiana corporation (the “Company”),
J.P. Morgan Securities LLC (“J.P. Morgan”), BofA Securities, Inc. (“BofA”), and each of the
other initial purchasers named in Schedule A to the Purchase Agreement (collectively, the “Initial Purchasers”)
for whom J.P. Morgan and BofA are acting as the representatives (the “Representatives”).

 

This Agreement is made pursuant to the Purchase
Agreement, dated as of April 8, 2020, between the Company and the Representatives (the “Purchase Agreement”),
which provides for the sale by the Company to the Initial Purchasers of an aggregate of $475,000,000 principal amount of the Company’s
4.250% senior secured notes due 2030 (the “Securities”). In order to induce the Initial Purchasers to enter
into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees
the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing
under the Purchase Agreement.

 

In consideration of the foregoing, the parties
hereto agree as follows:

 

1.       Definitions.

 

As used in this Agreement, the following
capitalized defined terms shall have the following meanings:

 

“1933 Act” shall
mean the Securities Act of 1933, as amended from time to time.

 

“1934 Act” shall
mean the Securities Exchange Act of 1934, as amended from time to time.

 

“Additional Interest”
shall have the meaning set forth in Section 2(d) hereof.

 

“Closing Time”
shall mean the Closing Time as defined in the Purchase Agreement.

 

“Company” shall
have the meaning set forth in the preamble and shall also include the Company’s successors.

 

“Effectiveness Deadline”
shall have the meaning set forth in Section 2(d).

 

“Exchange Offer”
shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to Section 2(a) hereof.

 

“Exchange Offer Registration”
shall mean a registration under the 1933 Act effected pursuant to Section 2(a) hereof.

 

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“Exchange Offer Registration
Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate
form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein,
all exhibits thereto and all material incorporated by reference therein.

 

“Exchange Securities”
shall mean securities issued by the Company under the Indenture containing terms substantially identical to the Securities (except
that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure
to comply with this Agreement) and to be offered to Holders of Securities in exchange for Registrable Securities pursuant to the
Exchange Offer.

 

“Free Writing Prospectus”
means each free writing prospectus (as defined in Rule 405 under the 1933 Act) prepared by or on behalf of the Company or used
or referred to by the Company in connection with the sale of the Securities or the Exchange Securities.

 

“Holder” shall
mean each Initial Purchaser, for so long as it owns any Registrable Securities, and each of its successors, assigns and direct
and indirect transferees who become registered owners of Registrable Securities under the Indenture; provided that for purposes
of Sections 4 and 5 of this Agreement, the term “Holder” shall include each Participating Broker-Dealer.

 

“Indenture” shall
mean the Indenture governing the Securities, dated as of April 14, 2020 between the Company and U.S. Bank National Association,
as trustee, and as the same may be amended from time to time in accordance with the terms thereof.

 

“Initial Purchasers”
shall have the meaning set forth in the preamble.

 

“Majority Holders”
shall mean the Holders of a majority of the aggregate principal amount of outstanding Registrable Securities; provided that
whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable
Securities held by the Company or any of its affiliates (as such term is defined in Rule 405 under the 1933 Act) (other than the
Initial Purchasers or subsequent Holders of Registrable Securities if such subsequent holders are deemed to be such affiliates
solely by reason of their holding of such Registrable Securities) shall not be counted in determining whether such consent or approval
was given by the Holders of such required percentage or amount.

 

“Participating Broker-Dealer”
shall have the meaning set forth in Section 4(a).

 

“Person” shall
mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government
or agency or political subdivision thereof.

 

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“Prospectus”
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering
of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements
to such prospectus, and in each case including all material incorporated by reference therein.

 

“Purchase Agreement”
shall have the meaning set forth in the preamble.

 

“Registrable Securities”
shall mean the Securities; provided, however, that the Securities shall cease to be Registrable Securities (i) when a Registration
Statement with respect to such Securities shall have been declared effective under the 1933 Act and such Securities shall have
been exchanged or disposed of pursuant to such Registration Statement, (ii) when such Securities have been sold to the public pursuant
to Rule 144 or (iii) when such Securities shall have ceased to be outstanding.

 

“Registration Expenses”
shall mean any and all expenses incident to performance of or compliance by the Company with this Agreement, including without
limitation: (i) all SEC, stock exchange or Financial Industry Regulatory Authority, Inc. (“FINRA”) registration
and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including
reasonable fees and disbursements of counsel for the Initial Purchasers in connection with blue sky qualification of any of the
Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word
processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments
or supplements thereto, any underwriting agreements, securities sales agreements and other documents relating to the performance
of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification
of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees
and disbursements of counsel for the Company and, in the case of a Shelf Registration Statement, the fees and disbursements of
one counsel for the Holders (which counsel shall be selected by the Majority Holders and which counsel may also be counsel for
the Initial Purchasers) and (viii) the fees and disbursements of the independent public accountants of the Company, including the
expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance,
but excluding fees and expenses of counsel to the underwriters (other than fees and expenses set forth in clause (ii) above) or
the Holders and underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of Registrable
Securities by a Holder.

 

“Registration Statement”
shall mean any registration statement of the Company that covers any of the Exchange Securities or Registrable Securities pursuant
to the provisions of this Agreement and all amendments and supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference
therein.

 

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“Representatives”
shall have the meaning set forth in the preamble.

 

“SEC” shall mean
the Securities and Exchange Commission.

 

“Securities”
shall have the meaning set forth in the preamble.

 

“Shelf Registration”
shall mean a registration effected pursuant to Section 2(b) hereof.

 

“Shelf Registration Statement”
shall mean a “shelf’ registration statement of the Company pursuant to the provisions of Section 2(b) hereof which
covers all of the Registrable Securities (but no other securities unless approved by the Holders whose Registrable Securities are
covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the 1933 Act, or any similar rule that
may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein.

 

“Trustee” shall
mean the trustee with respect to the Securities under the Indenture.

 

“Underwriter”
shall have the meaning set forth in Section 3 hereof.

 

“Underwritten Registration”
or “Underwritten Offering” shall mean a registration in which Registrable Securities are sold to an Underwriter
for reoffering to the public.

 

2.       Registration
Under the 1933 Act.

 

(a)       To
the extent not prohibited by any applicable law or applicable interpretation of the Staff of the SEC, the Company shall use its
reasonable best efforts to cause to be filed an Exchange Offer Registration Statement covering the offer by the Company to the
Holders to exchange all of the Registrable Securities for Exchange Securities and to have such Registration Statement remain effective
until the closing of the Exchange Offer. The Company shall commence the Exchange Offer promptly after the Exchange Offer Registration
Statement has been declared effective by the SEC, and use its reasonable best efforts to have the Exchange Offer consummated on
or prior to the later of 30 business days after the date of effectiveness of the Exchange Offer Registration Statement or 30 days
after the Effectiveness Deadline. The Company shall commence the Exchange Offer by mailing the related exchange offer Prospectus
and accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law:

 

(i)       that
the Exchange Offer is being made pursuant to this Registration Rights Agreement and that all Registrable Securities validly tendered
will be accepted for exchange;

 

(ii)       the
dates of acceptance for exchange (which shall be a period of at least 20 business days from the date such notice is mailed) (the
“Exchange Dates”);

 

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(iii)       that
any Registrable Security not tendered will remain outstanding and continue to accrue interest, but will not retain any rights under
this Registration Rights Agreement;

 

(iv)       that
Holders electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (a) surrender such
Registrable Security, together with the enclosed letters of transmittal, to the institution and at the address specified in the
notice prior to the close of business on the last Exchange Date and (b) represent that, at the time of consummation of the Exchange
Offer, (A) any Exchange Securities received by such Holder will be acquired in the ordinary course of its business, (B) such Holder
will have no arrangement or understanding with any person to participate in the distribution of the Securities within the meaning
of the 1933 Act, (C) if the Holder is not a broker-dealer or is a broker-dealer but will not receive Exchange Securities for its
own account in exchange for Securities, neither the Holder nor any such other Person is engaged in or intends to participate in
a distribution of the Exchange Securities and (D) that such Holder is not an affiliate (as defined in Rule 405 under the 1933 Act)
of the Company. If the Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Securities,
it will represent and warrant that the Securities to be exchanged for the Exchange Securities were acquired by it as a result of
its market-making activities or other trading activities, and will acknowledge that it will deliver a prospectus meeting the requirements
of the 1933 Act in connection with any resale of such Exchange Securities. It is understood that, by acknowledging that it will
deliver, and by delivering, a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange
Securities, the Holder is not admitting that it is an “underwriter” within the meaning of the 1933 Act; and

 

(v)       that
Holders will be entitled to withdraw their election, not later than the close of business on the last Exchange Date, by sending
to the institution and at the address specified in the notice a telegram, telex, facsimile transmission or letter setting forth
the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder
is withdrawing such Holder’s election to have such Securities exchanged.

 

(b)       As
soon as practicable after the last Exchange Date, the Company shall:

 

(i)       accept
for exchange Registrable Securities or portions thereof validly tendered and not validly withdrawn pursuant to the Exchange Offer;
and

 

(ii)       deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange
by the Company and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, an Exchange Security equal
in principal amount to the principal amount of the Registrable Securities validly tendered by such Holder.

 

(a)       The
Company shall use its reasonable best efforts to complete the Exchange Offer as provided above and shall comply with the applicable
requirements of the 1933 Act, the 1934 Act and other applicable laws and regulations in connection with the

 

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Exchange
Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not violate applicable
law or any applicable interpretation of the Staff of the SEC.

 

(b)       In
the event that (i) the Company determines that the Exchange Offer Registration provided for in Section 2(a) above is not available
or that the Exchange Offer may not be consummated as soon as practicable after the last Exchange Date because it would violate
applicable law or the applicable interpretations of the Staff of the SEC, (ii) the Exchange Offer Registration Statement is not
declared effective on or prior to the Effectiveness Deadline or (iii) with respect to any Holder of Registrable Securities (A)
such Holder is prohibited by applicable law or SEC policy from participating in the Exchange Offer, or (B) such Holder may not
resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and that the
Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder,
or (C) such Holder is a broker-dealer and holds Securities acquired directly from the Company or one of its affiliates, then, upon
such Holder’s written request, the Company shall use its reasonable best efforts to cause to be filed as soon as practicable
after such determination, date or notice is given to the Company, as the case may be, a Shelf Registration Statement providing
for the sale by the Holders of all of the Registrable Securities and to have such Shelf Registration Statement declared effective
by the SEC. In the event the Company is required to file a Shelf Registration Statement solely as a result of the matters referred
to in clause (iii) of the preceding sentence, the Company shall use its reasonable best efforts to file and have declared effective
by the SEC both an Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all Registrable Securities and
a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement)
with respect to offers and sales of Registrable Securities held by the Holders after completion of the Exchange Offer. The Company
agrees to use its reasonable best efforts to keep the Shelf Registration Statement continuously effective for a period of one year
or such shorter period that will terminate when all of the Registrable Securities covered by the Shelf Registration Statement have
been sold pursuant to the Shelf Registration Statement or are no longer outstanding. The Company further agrees to supplement or
amend the Shelf Registration Statement, the related Prospectus and any Free Writing Prospectus if required by the rules, regulations
or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the 1933 Act
or by any other rules and regulations thereunder for shelf registration or if reasonably requested by a Holder with respect to
information relating to such Holder, and to use its reasonable best efforts to cause any such amendment to become effective and
such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter
practicable. The Company agrees to furnish to the Holders of Registrable Securities copies of any such supplement or amendment
promptly after its being used or filed with the SEC.

 

(c)       The
Company shall pay all Registration Expenses in connection with the registration pursuant to Section 2(a) or Section 2(b). Each
Holder shall pay all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of
such Holder’s Registrable Securities pursuant to the Shelf Registration Statement.

 

(d)       An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b)
hereof will not be deemed to have

 

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become
effective unless it has been declared effective by the SEC; provided, however, that, if, after it has been declared effective,
the offering of Registrable Securities pursuant to an Exchange Offer Registration Statement or Shelf Registration Statement is
interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court,
such Registration Statement will be deemed not to have become effective during the period of such interference until the offering
of Registrable Securities pursuant to such Registration Statement may legally resume. As provided for in the Indenture, in the
event that (i) the Exchange Offer Registration Statement or Shelf Registration Statement is not declared effective on or prior
to 365 days after Closing Time (the “Effectiveness Deadline”), the annual interest rate on the Securities will
be increased by 0.50% from the Effectiveness Deadline until the Exchange Offer Registration Statement or the Shelf Registration
Statement is declared effective by the SEC; or, (ii) the Exchange Offer is not consummated on or prior to the earlier of 30 business
days after the date of effectiveness of the Exchange Offer Registration Statement or 30 days after the Effectiveness Deadline,
the annual interest rate on the Securities will be increased by 0.50% until the Exchange Offer is consummated (such interest referred
to in clauses (i) and (ii) above, “Additional Interest”). The annual Additional Interest rate on the Securities will
not at any time exceed 0.50% notwithstanding the Company’s failure to meet more than one of these requirements. If the Company
requests Holders of Registrable Securities to provide the information as described in Section 3(q), the Securities held by Holders
who do not deliver such information to the Company when so requested will not be entitled to any such increase in the interest
rate. The Additional Interest payable on the Securities described in this clause (d) shall be payable on the regular interest
payment dates for the Securities.

 

(e)       Without
limiting the remedies available to the Initial Purchasers and the Holders, the Company acknowledges that any failure by the Company
to comply with its obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial
Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may
be required to specifically enforce the Company’s obligations under Section 2(a) and Section 2(b) hereof.

 

3.       Registration
Procedures.

 

In connection with the obligations of the
Company with respect to the Registration Statements pursuant to Section 2(a) and Section 2(b) hereof, the Company shall as expeditiously
as possible:

 

(a)       prepare
and file with the SEC a Registration Statement on the appropriate form under the 1933 Act, which form (x) shall be selected by
the Company and (y) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the
selling Holders thereof and (z) shall comply as to form in all material respects with the requirements of the applicable form and
include all financial statements required by the SEC to be filed therewith, and use its reasonable best efforts to cause such Registration
Statement to become effective and remain effective in accordance with Section 2 hereof;

 

(b)       prepare
and file with the SEC such amendments, including post-effective amendments, to each Registration Statement as may be necessary
to keep such Registration

 

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Statement
effective for the applicable period and cause each Prospectus to be supplemented by any required prospectus supplement and, as
so supplemented, to be filed pursuant to Rule 424 under the 1933 Act; to keep each Prospectus current during the period described
under Section 4(3) and Rule 174 under the 1933 Act that is applicable to transactions by brokers or dealers with respect to the
Registrable Securities or Exchange Securities;

 

(c)       to
the extent any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is required to be filed by the
Company with the SEC in accordance with the 1933 Act and to retain any Free Writing Prospectus not required to be filed;

 

(d)       in
the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to the Initial Purchasers, to counsel for the
Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of
each Prospectus, including each preliminary prospectus or Free Writing Prospectus, and any amendment or supplement thereto and
such other documents as such Holder or Underwriter may reasonably request, in order to facilitate the public sale or other disposition
of the Registrable Securities; and the Company consents to the use of such Prospectus, preliminary prospectus or such Free Writing
Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the selling Holders of Registrable
Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the
manner described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment or supplement thereto
in accordance with applicable law;

 

(e)       use
its reasonable best efforts to register or qualify the Registrable Securities under all applicable state securities or “blue
sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably
request in writing by the time the applicable Registration Statement is declared effective by the SEC, to cooperate with such Holders
in connection with any filings required to be made with FINRA and do any and all other acts and things which may be reasonably
necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities
owned by such Holder; provided, however, that the Company shall not be required to (i) qualify as a foreign corporation
or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d),
(ii) file any general consent to service of process or (iii) subject itself to taxation in any such jurisdiction if it is not so
subject;

 

(f)       in
the case of a Shelf Registration, notify each Holder of Registrable Securities, counsel for the Holders and counsel for the Initial
Purchasers promptly and, if requested by any such Holder or counsel, confirm such advice in writing (i) when a Registration Statement
has become effective and when any post-effective amendment thereto has been filed and becomes effective, when any Free Writing
Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed, (ii)
of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement, Prospectus
or any Free Writing Prospectus or for additional information after the Registration Statement has become effective, (iii) of the
issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement
or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection by the SEC
to the use of a Shelf Registration Statement or any post-effective

 

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amendment
thereto pursuant to Rule 401(g)(2) under the 1933 Act, (iv) if, between the effective date of a Registration Statement and the
closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company contained in
any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to the offering cease to be
true and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification
of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (v) of the happening
of any event during the period a Shelf Registration Statement is effective which makes any statement made in such Registration
Statement or the related Prospectus, in the case of the Prospectus, in light of the circumstances under which they were made,
untrue in any material respect or which requires the making of any changes in such Registration Statement or Prospectus in order
to make the statements therein, in the case of the Prospectus, in light of the circumstances under which they were made, not misleading
and (vi) of any determination by the Company that a post-effective amendment to a Registration Statement or any amendment or supplement
to the Prospectus or any Free Writing Prospectus would be appropriate;

 

(g)       make
every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the
case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities Act, including
by filing an amendment to such Registration Statement on the proper form, and provide prompt notice to each Holder of the withdrawal
of any such order;

 

(h)       in
the case of a Shelf Registration, furnish to each Holder of Registrable Securities and any Underwriter participating in any disposition
pursuant to such Shelf Registration, to the extent requested, without charge, at least one conformed copy of each Registration
Statement and any post-effective amendment thereto (without documents incorporated therein by reference or exhibits thereto, unless
requested);

 

(i)       in
the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable
such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and registered in such
names as the selling Holders may reasonably request at least one business day prior to the closing of any sale of Registrable Securities;

 

(j)       in
the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(e)(v) hereof, use its reasonable best
efforts to prepare and file with the SEC a supplement or post-effective amendment to a Registration Statement or the related Prospectus
or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers
of the Registrable Securities, such Prospectus will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company
agrees to notify the Holders to suspend use of the Prospectus or any Free Writing Prospectus as promptly as practicable after the
occurrence of such an event, and the Holders hereby agree to suspend use of the Prospectus until the Company has amended or supplemented
the Prospectus to correct such misstatement or omission;

 

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(k)       a
reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any amendment to
a Registration Statement or amendment or supplement to a Prospectus or a Free Writing Prospectus or any document which is to be
incorporated by reference into a Registration Statement or a Free Writing Prospectus or a Prospectus after initial filing of a
Registration Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf
Registration Statement, the Holders and their counsel) and make such of the representatives of the Company as shall be reasonably
requested by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders or their
counsel) available for discussion of such document, and shall not at any time file or make any amendment to the Registration Statement,
any Prospectus or any amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing Prospectus or any
document which is to be incorporated by reference into a Registration Statement or a Prospectus, of which the Initial Purchasers
and their counsel (and, in the case of a Shelf Registration Statement, the Holders and their counsel) shall not have previously
been advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration
Statement, the Holders or their counsel) shall object, except for any amendment or supplement or document (a copy of which has
been previously furnished to the Initial Purchasers and its counsel (and, in the case of a Shelf Registration Statement, the Holders
and their counsel)) which counsel to the Company shall advise the Company in writing is required in order to comply with applicable
law;

 

(l)       obtain
a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective date of
a Registration Statement;

 

(m)       cause
the Indenture to be qualified under the Trust Indenture Act of 1939, as amended (the “TIA”), in connection with the
registration of the Exchange Securities or Registrable Securities, as the case may be, cooperate with the Trustee and the Holders
to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of
the TIA and execute, and use its reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect
such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in
a timely manner;

 

(n)       in
the case of a Shelf Registration, make available for inspection by a representative of the Holders of the Registrable Securities,
any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, and attorneys and accountants designated
by the Holders, at reasonable times and in a reasonable manner, all financial and other records, pertinent documents and properties
of the Company, and cause the respective officers, directors and employees of the Company to supply all information reasonably
requested by any such representative, Underwriter, attorney or accountant in connection with a Shelf Registration Statement;

 

(o)       [Reserved.];

 

(p)       use
its reasonable best efforts to cause the Exchange Securities to continue to be rated by two nationally recognized statistical rating
organizations (as such term is defined in Section 3(a)(62) of the 1934 Act), if the Registrable Securities have been rated;

 

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(q)       if
reasonably requested by any Holder of Registrable Securities covered by a Registration Statement, (i) promptly incorporate in a
Prospectus supplement or post-effective amendment such information with respect to such Holder as such Holder reasonably requests
to be included therein and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon
as the Company has received notification of the matters to be incorporated in such filing; and

 

(r)       in
the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith
(including those requested by the Majority Holders of the Registrable Securities being sold) in order to expedite or facilitate
the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection,
(i) to the extent possible, make such representations and warranties to the Holders and any Underwriters of such Registrable Securities
with respect to the business of the Company and its subsidiaries, the Registration Statement, Prospectus, any Free Writing Prospectus
and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope
as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (ii) obtain
opinions of counsel to the Company (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory
to the Holders and such Underwriters and their respective counsel) addressed to each selling Holder and Underwriter of Registrable
Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (iii) obtain “cold
comfort” letters from the independent certified public accountants of the Company (and, if necessary, any other certified
public accountant of any subsidiary of the Company, or of any business acquired by the Company for which financial statements and
financial data are or are required to be included in the Registration Statement) addressed to each selling Holder and Underwriter
of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “cold
comfort” letters in connection with underwritten offerings, and (iv) deliver such documents and certificates as may be reasonably
requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which
are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of
the Company made pursuant to clause (i) above and to evidence compliance with any customary conditions contained in an underwriting
agreement.

 

In the case of a Shelf Registration Statement,
the Company may require each Holder of Registrable Securities to furnish to the Company such information regarding the Holder and
the proposed distribution by such Holder of such Registrable Securities as the Company may from time to time reasonably request
in writing. The Company will not have any obligation to include in the Shelf Registration Statement any Holder that does not deliver
such information to the Company within a reasonable amount of time as determined by the Company.

 

In the case of a Shelf Registration Statement,
each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3(e)(v) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement
until such Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated
by Section 3(i) hereof, and, if so directed by the Company, such Holder will deliver to the Company (at its

 

    11 

     

    

expense)
all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus and any
Free Writing Prospectus covering such Registrable Securities current at the time of receipt of such notice. If the Company shall
give any such notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company shall
extend the period during which the Registration Statement shall be maintained effective pursuant to this Agreement by the number
of days during the period from and including the date of the giving of such notice to and including the date when the Holders
shall have received copies of the supplemented or amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions.
The Company may give any such notice only twice during any 365 day period and any such suspensions may not exceed 30 days for
each suspension and there may not be more than two suspensions in effect during any 365 day period.

 

The Holders of Registrable Securities covered
by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any
such Underwritten Offering, the investment banker or investment bankers and manager or managers (the “Underwriters”)
that will administer the offering will be selected by the Majority Holders of the Registrable Securities included in such offering.

 

4.       Participation
of Broker-Dealers in Exchange Offer.

 

(a)       The
Staff of the SEC has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange
Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities
(a “Participating Broker-Dealer”), may be deemed to be an “underwriter” within the meaning of the
1933 Act and must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange
Securities.

 

The Company understands that it is the Staff’s
position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing
a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without
naming the Participating Broker-Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered
by Participating Broker-Dealers to satisfy their prospectus delivery obligation under the 1933 Act in connection with resales of
Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the 1933 Act.

 

(b)       In
light of the above, notwithstanding the other provisions of this Agreement, the Company agrees that the provisions of this Agreement
as they relate to a Shelf Registration shall also apply to an Exchange Offer Registration to the extent, and with such reasonable
modifications thereto as may be, reasonably requested by the Initial Purchasers or by one or more Participating Broker-Dealers,
in each case as provided in clause (ii) below, in order to expedite or facilitate the disposition of any Exchange Securities by
Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above; provided that:

 

(i)       the
Company shall not be required to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement, as
would otherwise be contemplated by Section 3(j), for a period exceeding 180 days after the last Exchange

 

    12 

     

    

Date (as such period may be extended
pursuant to the penultimate paragraph of Section 3 of this Agreement) and Participating Broker-Dealers shall not be authorized
by the Company to deliver and shall not deliver such Prospectus after such period in connection with the resales contemplated by
this Section 4; and

 

(ii)       the
application of the Shelf Registration procedures set forth in Section 3 of this Agreement to an Exchange Offer Registration,
to the extent not required by the positions of the Staff of the SEC or the 1933 Act and the rules and regulations thereunder, will
be in conformity with the reasonable request to the Company by the Initial Purchasers or with the reasonable request in writing
to the Company by one or more broker-dealers who certify to the Initial Purchasers and the Company in writing that they anticipate
that they will be Participating Broker- Dealers; and provided further that, in connection with such application of the Shelf
Registration procedures set forth in Section 3 to an Exchange Offer Registration, the Company shall be obligated (x) to deal only
with one entity representing the Participating Broker-Dealers, which shall be J.P. Morgan unless it elects not to act as such representative,
(y) to pay the fees and expenses of only one counsel representing the Participating Broker-Dealers, which shall be counsel to the
Initial Purchasers unless such counsel elects not to so act and (z) to cause to be delivered only one, if any, “cold comfort”
letter with respect to the Prospectus in the form existing on the last Exchange Date and with respect to each subsequent amendment
or supplement, if any, effected during the period specified in clause (i) above.

 

(c)       The
Initial Purchasers shall have no liability to the Company or any Holder with respect to any request that it may make pursuant to
Section 4(b) above.

 

5.       Indemnification
and Contribution.

 

(a)The Company agrees to indemnify and
hold harmless (i) the Initial Purchasers, each Holder, (ii) each Person, if any, who controls any Initial Purchaser or any Holder
within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, or is under common control with, or is controlled
by, any Initial Purchaser or any Holder (any such persons being hereinafter referred to as a “controlling person”)
and (iii)the affiliates (as such term is defined in Rule 501(b) under the 1933 Act, each an “Affiliate”)
and agents of any Initial Purchaser, Holder or any controlling person (any person referred to in clause (i), (ii) or (iii) may
hereinafter be referred to as an “Indemnified Holder”), from and against all losses, claims, damages and liabilities
(including, without limitation, any legal or other expenses reasonably incurred by an Indemnified Holder in connection with defending
or investigating any such action or claim) incurred, arising out of or caused by any untrue statement or alleged untrue statement
of a material fact contained in any Registration Statement (or any amendment thereto) pursuant to which Exchange Securities or
Registrable Securities were registered under the 1933 Act, including all documents incorporated therein by reference, or incurred,
arising out of or caused by any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or incurred, arising out of or caused by any untrue statement or alleged
untrue statement of a material fact contained in any Prospectus (as amended or supplemented if the Company shall have furnished
any amendments or supplements thereto), or incurred, arising out of or caused by any omission or alleged omission to state therein
a material fact necessary to make the statements therein in light of the

 

    13 

     

    

circumstances
under which they were made not misleading, except insofar as such losses, claims, damages or liabilities are incurred, arising
out of or caused by any such untrue statement or omission or alleged untrue statement or omission based upon information relating
to the Initial Purchasers or any Holder furnished to the Company in writing through the Representatives or any selling Holder
expressly for use therein. In connection with any Underwritten Offering permitted by Section 3, the Company will also indemnify
the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution,
their officers and directors and each Person who controls such Persons (within the meaning of the 1933 Act and the 1934 Act) to
the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration
Statement.

 

(b)       Each
Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Initial Purchasers and the other selling
Holders, and each of their respective directors, officers who sign the Registration Statement and each Person, if any, who controls
the Company, any Initial Purchasers and any other selling Holder within the meaning of either Section 15 of the 1933 Act or Section
20 of the 1934 Act to the same extent as the foregoing indemnity from the Company to the Initial Purchasers and the Holders, but
only with reference to information relating to such Holder furnished to the Company in writing by such Holder expressly for use
in any Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement thereto).

 

(c)       In
case any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity
may be sought pursuant to either paragraph (a) or paragraph (b) above, such Person (the “indemnified party”)
shall promptly notify the Person against whom such indemnity may be sought (the “indemnifying party”) in writing
and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified
party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the
fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless
(i) the indemnifying party and the indemnified party shall have mutually agreed in writing to the retention of such counsel or
(ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified
party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. It is understood that the indemnifying party shall not, in connection with any proceeding or related proceedings
in the same jurisdiction, be liable for (a) the fees and expenses of more than one separate firm (in addition to any local counsel)
for the Initial Purchasers, all controlling persons of any Initial Purchaser and all Affiliates of any Initial Purchaser (b) the
fees and expenses of more than one separate firm (in addition to any local counsel) for the Company, its directors, its officers
who sign the Registration Statement and each Person, if any, who controls the Company within the meaning of either Section 15 of
the 1933 Act or Section 20 of the 1934 Act and (c) the fees and expenses of more than one separate firm (in addition to any local
counsel) for all Holders, all controlling persons of any Holders and all Affiliates of any Holder and that all such fees and expenses
shall be reimbursed as they are incurred. In such case involving the Initial Purchasers, controlling persons of any Initial Purchaser
and all Affiliates of any Initial Purchaser, such firm shall be designated in writing by the Representatives. In such case involving
the

 

    14 

     

    

Holders
and such controlling persons of Holders and Affiliates of any Holder, such firm shall be designated in writing by the Majority
Holders. In all other cases, such firm shall be designated by the Company. The indemnifying party shall not be liable for any
settlement of any proceeding effected without its written consent but, if settled with such consent or if there be a final judgment
for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by
reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second
and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding
effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying
party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party for such fees
and expenses of counsel in accordance with such request prior to the date of such settlement. No indemnifying party shall, without
the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of
which such indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified
party, unless such settlement (i) includes an unconditional release of such indemnified party from all liability on claims that
are the subject matter of such proceeding and (ii) does not include a statement as to or an admission of fault, culpability or
a failure to act by or on behalf of any indemnified party.

 

(d)       If
the indemnification provided for in paragraph (a) or paragraph (b) of this Section 5 is unavailable to an indemnified party or
insufficient in respect of any losses, claims, damages or liabilities, then each indemnifying party under such paragraph, in lieu
of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as
a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the
indemnifying party or parties on the one hand and of the indemnified party or parties on the other hand in connection with the
statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.
The relative fault of the Company and the Indemnified Holders shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company or by the Indemnified Holders and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission. The Holders’ respective obligations to contribute
pursuant to this Section 5(d) are several in proportion to the respective principal amount of Registrable Securities of such Holder
that were registered pursuant to a Registration Statement.

 

(e)       The
Company and each Holder agree that it would not be just or equitable if contribution pursuant to this Section 5 were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred
to in paragraph (d) above. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities
referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 5, no Holder (and its related Indemnified Holders) shall be required to indemnify or contribute
any amount in excess of the

 

    15 

     

    

amount
by which the total price at which Registrable Securities were sold by such Holder exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.
No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ respective obligations to contribute
pursuant to this Section 5(e) are several in proportion to the respective principal amount of Registrable Securities of such Holder
that were registered pursuant to a Registration Statement. The remedies provided for in this Section 5 are not exclusive and shall
not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

 

The indemnity and contribution provisions
contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement,
(ii) any investigation made by or on behalf of any Indemnified Holder, or by or on behalf of the Company, its officers or directors
or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities
pursuant to a Shelf Registration Statement.

 

6.       Miscellaneous.

 

(a)       No
Inconsistent Agreements. The Company has not entered into, and on or after the date of this Agreement will not enter into,
any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Company’s other issued and outstanding securities under any such agreements.

 

(b)       Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent
of the Majority Holders of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver
or consent; provided, however, that no amendment, modification, supplement, waiver or consent to any departure from the
provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing
by such Holder.

 

(c)       Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address
given by such Holder to the Company by means of a notice given in accordance with the provisions of this Section 6(c), which address
initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; and (ii) if to the Company,
initially at the Company’s address set forth in the Purchase Agreement and thereafter at such other address, notice of which
is given in accordance with the provisions of this Section 6(c).

 

All such notices and communications shall
be deemed to have been duly given: at the time delivered by hand, if personally delivered; five business days after being deposited
in

 

    16 

     

    

the
mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next
business day if timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such notices, demands, or other
communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture.

 

(d)       Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation
of the terms of the Purchase Agreement. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether
by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and
by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to
perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The
Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company with respect
to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement.

 

(e)       Purchases
and Sales of Securities. The Company shall not, and shall use its reasonable best efforts to cause its affiliates (as defined
in Rule 405 under the 1933 Act) not to, purchase and then resell or otherwise transfer any Securities.

 

(f)       Third
Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Company, on
the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the
extent it deems such enforcement necessary or advisable to protect its rights or the rights of Holders hereunder.

 

(g)       Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(h)       Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(i)       Governing
Law. This Agreement shall be governed by the laws of the State of New York.

 

(j)       Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

 

    17 

     

    

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

	 	 	 	 
	 	IPALCO ENTERPRISES, INC.
	 	 
	 	 
	 	By:	/s/ Gustavo Garavaglia
	 	 	Name: 	Gustavo Garavaglia
	 	 	Title: 	Chief Financial Officer

 

    
[Signature Page to Registration Rights Agreement]
 

     

    

Confirmed and accepted as of

the date first above written:

 

J.P. MORGAN SECURITIES LLC

BOFA SECURITIES, INC.

 

J.P. MORGAN SECURITIES LLC

 

	By:	/s/ Som Bhattacharyya	 
	 	Name:	Som Bhattacharyya	 
	 	Title:	Executive Director	 

 

BOFA SECURITIES, INC.

 

	By:	/s/ David Mikula	
	 	Name:	David Mikula	 
	 	Title:	Managing Director	 

 

For themselves and as Representatives of the other Initial Purchasers.

 

    
[Signature Page to Registration Rights Agreement]WELLS FARGO & COMPANY 8-K 

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. 95001HJ36

	
FACE AMOUNT: $_________

	
REGISTERED NO. ___

	
 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed
by Wells Fargo & Company

 

Principal at Risk Securities Linked to
the Lowest Performing of the

S&P 500® Index and the Dow Jones Industrial
Average® due April 14, 2025

 

WELLS FARGO FINANCE
LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under and as defined in the Indenture hereinafter referred to), for value received,
hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment 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 April 14, 2025.
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) three Business Days (as defined below) after the last 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 Maturity Payment
Amount

 

The “Maturity
Payment Amount” of this Security will equal:

 

		●	if the Ending Level of the Lowest Performing Index is greater than its Starting Level: the Face
Amount plus:

 

 

 

		●	if the Ending Level of the Lowest Performing Index is less than or equal to its Starting Level,
but greater than or equal to its Threshold Level: the Face Amount; or

 

		●	if the Ending Level of the Lowest Performing Index is less than its Threshold Level: the Face Amount
plus:

 

 

 

All calculations with respect to the Maturity
Payment 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 Maturity Payment Amount will be rounded to the nearest cent, with one-half cent rounded upward.

 

“Index”
shall mean each of the S&P 500 Index and the Dow Jones Industrial Average.

 

The “Pricing
Date” shall mean April 6, 2020.

 

The “Lowest
Performing Index” will be the Index with the lowest Index Return as measured from its Starting Level to its Ending Level.

 

The “Index
Return” with respect to an Index is the percentage change from its Starting Level to its Ending Level, measured as follows:

 

Ending Level – Starting Level

Starting Level

 

The “Buffer
Amount” is 10%.

 

The “Starting
Level” with respect to the S&P 500 Index is 2663.68, its Closing Level on the Pricing Date, and with respect to the
Dow Jones Industrial Average is 22679.99, its Closing level on the Pricing Date.

 

The “Ending
Level” of an Index will be its Closing Level on the Calculation Day.

 

    2

     

    

 

The “Threshold
Level” with respect to the S&P 500 Index is 2397.312, which is equal to 90% of its Starting Level, and with respect
to the Dow Jones Industrial Average is 20411.991, which is equal to 90% of its Starting Level.

 

The “Participation
Rate” is 170%.

 

The “Closing
Level” with respect to each Index on any Trading Day means the official closing level of that Index reported by the relevant
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
“—Market Disruption Events,” “—Adjustments to an Index” and “—Discontinuance of
an Index.”

 

“Index Sponsor”
shall mean the sponsor or publisher of an 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.

 

The “Calculation
Day” shall be April 7, 2025. If such day is not a Trading Day with respect to either Index, the Calculation Day for each
Index will be postponed to the next succeeding day that is a Trading Day with respect to each Index. The Calculation Day for an
Index is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below) with respect to such
Index. If a Market Disruption Event occurs or is continuing with respect to an Index on the Calculation Day, then the Calculation
Day for such Index will be postponed to the first succeeding Trading Day for such Index on which a Market Disruption Event for
such Index has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth
Trading Day for such Index after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation
Day for such Index. If the Calculation Day has been postponed eight Trading Days for an Index after the originally scheduled Calculation
Day and a Market Disruption Event occurs or is continuing with respect to such Index on such eighth Trading Day, the Calculation
Agent will determine the Closing Level of such Index on such eighth Trading Day in accordance with the formula for and method of
calculating the Closing Level of such 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 such 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. Notwithstanding
the postponement of the Calculation Day for one Index due to a Market Disruption Event with respect to such Index on the Calculation
Day, the originally scheduled Calculation Day will remain the Calculation Day for the other Index if such other Index is not affected
by a Market Disruption Event on such day.

 

    3

     

    

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 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 Maturity Payment 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.

 

Certain Definitions 

 

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

 

The “Relevant
Stock Exchange” for any security underlying an Index means the primary exchange or quotation system on which such security
is traded, as determined by the Calculation Agent.

 

The “Related
Futures or Options Exchange” for an 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 such Index.

 

Adjustments to an Index

 

If at any time the
method of calculating an Index or a Successor Equity Index, or the closing level thereof, is changed in a material respect, or
if an Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion of the Calculation
Agent, fairly represent the level of such index had those changes or modifications not been made, then the Calculation Agent will,
at the close of business in New York, New York, on each date that the closing level of such index is to be calculated, make such
calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a
level of an index comparable to such Index or Successor Equity Index as if those changes or modifications had not been made, and
the Calculation Agent will calculate the closing level of such Index or Successor Equity Index with reference to such index, as
so adjusted. Accordingly, if the method of calculating an Index or Successor Equity Index is modified so that the level of such
index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or reverse
split in such equity index), then the Calculation Agent will adjust such Index or Successor Equity Index in order to arrive at
a level of such index as if it had not been modified (e.g., as if the split or reverse split had not occurred).

 

    4

     

    

 

Discontinuance of an Index

 

If an Index Sponsor
discontinues publication of an Index, and such 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 such 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 relevant Index Sponsor or any other entity and calculate the Ending
Level of such Index 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
an Index Sponsor discontinues publication of an 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 such Index in accordance with the formula for and method of calculating such Index last in effect
prior to the discontinuance, but using only those securities that comprised such Index immediately prior to that discontinuance.
If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for such Index, the Successor
Equity Index or level will be used as a substitute for such Index for all purposes, including the purpose of determining whether
a Market Disruption Event exists.

 

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

 

Market Disruption Events 

 

A “Market
Disruption Event” with respect to an Index 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 such 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 such 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 

 

    5

     

    

 

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 such 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 such 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 such Index or any Successor Equity Index are traded or any Related Futures or Options
Exchange with respect to such Index or any Successor Equity Index 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 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 such Index or Successor Equity Index or
any Related Futures or Options Exchange with respect to such Index or Successor Equity Index fails to open for trading during its
regular trading session.

 

For purposes of determining
whether a Market Disruption Event has occurred with respect to an Index:

 

		(1)	the relevant percentage contribution of a security
to the level of such 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 such 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 such Index or any Successor Equity Index means the Scheduled Closing Time of the Relevant Stock Exchanges with respect
to the securities underlying such Index or Successor Equity Index on such Trading Day; provided that, if the actual closing time
of the regular trading session of

 

    6

     

    

 

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 such 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 such 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 such 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 such Index or any Successor Equity Index on which each Relevant Stock Exchange for the securities underlying
such Index or any Successor Equity Index and each Related Futures or Options Exchange with respect to such Index or any Successor
Equity Index 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.

 

Calculation Agent

 

The Calculation Agent
will determine the Maturity Payment Amount. In addition, the Calculation Agent will (i) determine if adjustments are required
to the Closing Level of an Index under the circumstances described in this Security, (ii) if publication of an Index is discontinued,
select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Level of such 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

 

    7

     

    

 

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 April 14, 2025. 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 Maturity Payment 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 Maturity Payment 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]

 

    8

     

    

 

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

 

DATED:

 

	
 

	
WELLS FARGO FINANCE LLC

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
Its:

	
 

	
 

	
 

	
 

	
 

	
Attest:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Its: 

 

	TRUSTEE’S
                    CERTIFICATE OF AUTHENTICATION

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

	 
	 	 	 

	
CITIBANK, N.A., 

	
 

	
 

	
as Trustee

	
 

	 	 	 
	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

	
 

	
 

	
 

	
 

	
OR

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, N.A., 
as Authenticating Agent for the Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

 

 

    9

     

    

 

[Reverse of Note]

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

Fully and Unconditionally Guaranteed
by Wells Fargo & Company

 

Principal at Risk Securities Linked to
the Lowest Performing of the

S&P 500® Index and the Dow Jones Industrial
Average® due April 14, 2025

 

This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more
series under an indenture dated as of April 25, 2018, as amended or supplemented from time to time (herein called the “Indenture”),
among the Company, as issuer, Wells Fargo & Company, as guarantor (the “Guarantor”) and Citibank, N.A.,
as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities, and of
the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series of the
Securities designated as Medium-Term Notes, Series A, of the Company. The amount payable on the Securities of this series
may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded
funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of
two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities
of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the
Holder at different times or not at all and be denominated in different currencies.

 

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

 

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

 

Guarantee 

 

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

 

Modification and Waivers 

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time
by the

 

    10

     

    

 

Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities
at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting
the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions
of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by
the Company or the Guarantor with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences
may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of determining whether any consent,
waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given
or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security
will be deemed to be equal to the amount set forth on the face hereof as the “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, upon compliance
by the Company or the Guarantor with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

 

Authorized Denominations

 

This Security is issuable
only in registered form without coupons in denominations of $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

 

    11

     

    

 

to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to
the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance,
Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

 

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

 

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

 

Obligation of the Company Absolute

 

No reference herein
to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the Maturity Payment 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 Maturity Payment Amount, or for any claim based hereon, or otherwise in respect hereof, or based on
or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director,
as such, past, present or future, of the Company or any successor corporation or of the Guarantor or any successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise,
all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and
released.

 

Defined Terms

 

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

 

Governing Law

 

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

 

    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 FINANCE
LLC and does hereby irrevocably constitute and appoint __________________ attorney to transfer the said Security on the books of
the Company, with full power of substitution in the premises.

 

	Dated: _________________________	 
	 	 
	 	 
	 	 
	 	 
	 	 

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

 

    14

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