Document:

Form of Medium-Term Notes, Series T

 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. 95001D2G4
	  	 	PRINCIPAL AMOUNT: $                  	 
	 REGISTERED NO.       
	  			

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES T 

Due Nine Months or More From Date of Issue 

Notes Linked to the 10-Year Constant Maturity Swap Rate due April 20, 2028 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of
                                         
                        DOLLARS
($                    ) on April 20, 2028 (the “Stated Maturity Date”) and to pay interest thereon from April 20,
2018 or from the most recent Interest Payment Date to which interest has been paid or duly provided for quarterly on each January 20, April 20, July 20 and October 20, commencing July 20, 2018, and at Maturity (each, an
“Interest Payment Date”), at the rate per annum specified below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date.
The Regular Record Date for an Interest Payment Date shall be one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day,
with the same force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. “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. 

Except as described below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period
commencing on and including the immediately preceding Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest
Period will 

 
commence on and include April 20, 2018 and end on and include July 19, 2018. Interest on this Security will be computed on the basis of a 360-day
year of twelve 30-day months. 
 The interest rate on this Security that will apply
(A) during the first eight Interest Periods (up to and including the Interest Period ending April 19, 2020) will be equal to 5.00% per annum and (B) for all Interest Periods commencing on or after April 20, 2020 will be
determined by the calculation agent for this Security (the “Calculation Agent”) and will be equal to the 10-Year Constant Maturity Swap Rate on the Interest Determination Date for such
Interest Period. 
 The “Interest Determination Date” for an Interest Period commencing on or after
April 20, 2020 will be two U.S. Government Securities Business Days prior to the first day of such Interest Period. A “U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the
Securities Industry and Financial Markets Association recommends that the fixed income department of its members be closed for the entire day for purposes of trading in U.S. government securities. 

“10-Year Constant Maturity Swap Rate” or “10-Year CMS Rate,” means, for any Interest Determination Date, the “U.S. Dollar ICE Swap Rate,” which will be the rate for U.S. Dollar swaps with a designated maturity of 10 years,
expressed as a percentage, that appears on the Reuters page <ICESWAP1> (or any successor page thereto) as of 11:00 a.m., New York City time, on such Interest Determination Date. 

If such rate does not appear on the Reuters page <ICESWAP1> (or any successor page thereto) at such time, the
Calculation Agent shall determine the 10-Year CMS Rate for the relevant Interest Determination Date on the basis of the Mid-market Semi-annual Swap Rate quotations
provided by the CMS Reference Banks at approximately 11:00 a.m., New York City time, on such Interest Determination Date. The Calculation Agent will request the principal New York City office of each of the CMS Reference Banks to provide a quotation
of its rate, and 
  

	 	(i)	 if at least three quotations are provided, the rate for that Interest Determination Date will be the
arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest); or 

 

	 	(ii)	 if fewer than three quotations are provided, the Calculation Agent will determine the rate in its sole
discretion. 

 “CMS Reference Banks” means five leading swap dealers selected by the
Calculation Agent in its sole discretion in the New York City interbank market. 

“Mid-market Semi-annual Swap
Rate” means, on any Interest Determination Date, the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360 day count basis, of a
fixed-for-floating U.S. Dollar interest rate swap transaction with a term equal to a designated maturity of 10 years commencing on such Interest Determination
Date and in a CMS Representative Amount with an acknowledged dealer of good credit in the swap market, where 

  
 2 

 
the floating leg, calculated on an actual/360 day count basis, is equivalent to U.S. Dollar LIBOR with a designated maturity of three months. 

“CMS Representative Amount” means an amount that is representative for a single transaction in the relevant
market at the relevant time as determined by the Calculation Agent in its sole discretion. 
 The Calculation Agent shall,
upon the request of a Holder of this Security, provide the interest rate then in effect and, if determined, the interest rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of
manifest error, shall be conclusive for all purposes and binding on the Company and the Holder hereof. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the
determination is made. Wells Fargo Securities, LLC will initially act as Calculation Agent. The Company may appoint a successor Calculation Agent with the written consent of the Trustee. 

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

Payment of interest on this Security will be made in immediately available funds at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota 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; provided, however, that, at the option of
the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person.
Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the
foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer of immediately available funds. 

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 20, 2028. This Security is not entitled to any sinking fund. 
  

 

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. 

  
 3 

 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] 

  
 4 

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

DATED:                         
      
  

					
	WELLS FARGO & COMPANY
		
	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

  
 5 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES T 

Due Nine Months or More From Date of Issue 

Notes Linked to the 10-Year Constant Maturity Swap Rate due April 20, 2028 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to time (herein called the “Indenture”), between the Company
and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series T of the Company. The Securities of this series will 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. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding
affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the
Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding 

  
 6 

 
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 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 principal amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

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

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

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this 

  
 7 

 
Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

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

  
 8 

 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)

  
 9 

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

			
		
	Dated:	 	 
		 	

 
	
	
	 
	
	 

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

  
 10EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT 
 AND GENERAL
RELEASE 
 THIS SEPARATION AGREEMENT AND GENERAL RELEASE (“Agreement”) is between Veru Inc. (“Company”) and Brian Groch
(“Employee”). 
 RECITALS 

The Company and Employee desire to effect a final resolution and settlement of all matters and issues relating directly or indirectly to
Employee’s employment with the Company and Employee’s April 16, 2018 resignation from that employment (the “Resignation Date”), and have arrived at a compromise of all such matters in this Agreement. 

AGREEMENTS 
 1. Acknowledgment
of Full Compensation. Employee acknowledges and agrees that, with the payment by the Company to Employee of $31,548.55 (gross), an amount representing Employee’s unused days of vacation and all outstanding wages earned through and including
the Resignation Date, all less ordinary tax withholding and all required deductions, which payment shall be made no later than April 20, 2018, Employee will have received from the Company all salary, fringe benefits (including without
limitation by enumeration vacation pay, bonuses, and retirement plan contributions) and all other compensation and benefits owed by the Company to Employee through and including the Resignation Date, except for reimbursement for outstanding
business-related expenses Employee incurred on behalf of the Company, which shall be handled and reimbursed in accordance with the Company’s expense reimbursement practices. 

2. Consideration. Conditioned upon Employee’s signing of this Agreement, Employee’s return of this Agreement to the Company
on April 20, 2018, and Employee’s compliance with Employee’s obligations under this Agreement, the Company shall: 
 (a) pay
Employee a total gross separation payment of $153,203.22 (gross), less ordinary tax withholding and all required deductions, an amount representing the approximate equivalent of six (6) months’ base salary, plus $12,069.42 (gross), less
ordinary tax withholding and all required deductions, an amount representing the approximate equivalent of the amount the Company would contribute towards Employee’s group health, dental and vision insurance premiums, as applicable, for six
(6) months for the same type(s) and amount(s) of coverage Employee had existing as of the Resignation Date, both of which shall be paid in a series of separate installment payments over six months consistent with the Company’s normal
payroll schedule. The first installment payment shall be payable on the first regularly scheduled Company payroll disbursement date following April 20, 2018; 

(b) pay $97,335.00 (gross), less ordinary tax withholding and all required deductions, an amount representing Employee’s fiscal year 2017
bonus that was issued to Employee in the form of a non-qualified stock option for 97,335 shares of common stock on 

 
December 14, 2017 under the Company’s 2017 Equity Incentive Plan that terminated as of the Resignation Date, on the first regularly scheduled Company payroll disbursement date following
April 20, 2018; 
 (c) agree to identify Employee’s separation as a resignation on the Form
8-K that the Company has to file with the United States Securities and Exchange Commission (“SEC”), which the Company is required to file with the SEC not later than April 20, 2018; 

(d) not contest any claim for unemployment insurance benefits filed by Employee after the Resignation Date; provided, however, that nothing in
this Agreement shall prohibit the Company from responding truthfully to any inquiries from the unemployment insurance division of the pertinent state unemployment insurance agency. Employee acknowledges and agrees that it is the parties’ intent
that Employee shall not be eligible for unemployment insurance benefits during the six (6) month period following Employee’s satisfaction of the conditions specified in this paragraph 2 because Employee will be receiving separation pay
allocated to that period of time. The Company reserves the right to challenge any application seeking benefits for any portion of the aforementioned six (6) month period; and 

(e) permit (i) the part of the non-qualified stock option to purchase 300,000 shares of common
stock issued to Employee on August 2, 2017 (the “August 2017 Stock Option”) under the Company’s 2017 Equity Incentive Plan that is scheduled to vest on August 2, 2018 (100,000 shares) to vest on such vesting date conditioned
on Employee being available to provide transition consulting assistance pursuant to paragraph 16 of this Agreement through such vesting date and permit such part of such stock option, if it so vests, to be exercised in accordance with the terms of
the Company’s 2017 Equity Incentive Plan and the applicable stock option grant agreement through August 2, 2019, and (ii) the part of the non-qualified stock option to purchase 50,000 shares of
common stock issued to Employee on December 4, 2017 (the “December 2017 Stock Option”) under the Company’s 2017 Equity Incentive Plan that is scheduled to vest on December 4, 2018 (16,666 shares) to vest on such vesting
date conditioned on Employee being available to provide transition consulting assistance pursuant to paragraph 16 of this Agreement through such vesting date and permit such part of such stock option, if it so vests, to be exercised in accordance
with the terms of the Company’s 2017 Equity Incentive Plan and the applicable stock option grant agreement through December 4, 2019. Employee acknowledges and agrees that all other stock options issued to Employee under the Company’s
2017 Stock Option Plan, including the remainder of the August 2017 Stock Option that is scheduled to vest on August 2, 2019 and August 2, 2020 (200,000 shares total) and the remainder of the December 2017 Stock Option that is scheduled to
vest on December 4, 2019 and December 4, 2020 (33,334 shares total), are unvested, shall terminate as of the Resignation Date and may not be exercised. 

Notwithstanding anything contained herein to the contrary, Employee’s right to continue to receive installment payments under paragraph 2(a) after
June 8, 2018, Employee’s right to have the portion of the August 2017 Stock Option vest on August 2, 2018 under paragraph 2(e)(i) and Employee’s right to have the portion of the December 2017 Stock Option vest on December 4,

  
 2 

 
2018 under paragraph 2(e)(ii) is each expressly conditioned upon (i) Employee’s signing of Exhibit A to this Agreement and Employee’s return of Exhibit A to the Company within the
time period specified in Exhibit A, (ii) expiration of the seven day revocation period after Employee’s execution of Exhibit A without revocation, and (iii) Employee’s properly executing and returning the attached acknowledgment
form to the Company (Exhibit B) indicating Employee’s decision not to revoke Exhibit A. Should Employee not satisfy the conditions specified in (i)-(iii) of this paragraph, Employee shall not be entitled to any severance payments after
June 8, 2018 under paragraph 2(a) or vesting of any portion of the August 2017 Stock Option or December 2017 Stock Option under paragraph 2(e), and shall only be entitled to the severance payment installments under paragraph 2(a) received by
Employee up to June 8, 2018. 
 The consideration specified in this paragraph 2 shall not be deemed “compensation” for purposes of any of the
Company’s qualified retirement plans or other benefit programs, and payment of this consideration does not entitle Employee to any retirement plan contributions by the Company for Employee’s benefit or account. The consideration specified
in this paragraph 2 are not amounts to which Employee is otherwise entitled, and constitutes additional consideration for Employee’s release and waiver of potential claims identified in paragraph 5 below, for Employee’s release and waiver
of potential claims identified in Exhibit A (including Employee’s release and waiver of potential claims under the Age Discrimination in Employment Act), and for the promises contained in paragraphs 13 and 16. 

3. Confidentiality and Non-Disclosure of the Terms of this Agreement. Employee agrees that this
Agreement, and its terms and provisions, are strictly confidential and shall not be divulged or disclosed in any way to any person other than Employee’s spouse, legal counsel, or tax advisor. Should Employee choose to divulge the terms and
conditions of this Agreement to Employee’s spouse, legal counsel, or tax advisor, Employee shall ensure that they will be similarly bound to keep the same confidential. A breach of this paragraph by Employee’s spouse, legal counsel, or tax
advisor shall be considered a breach of this paragraph by Employee. 
 4. Non-Admission of
Liability. Neither this Agreement nor any action taken by the Company or Employee pursuant to it shall in any way be construed as an admission by the Company or Employee of any liability, wrongdoing, or violation of law, regulation, contract or
policy regarding any of the Company’s or Employee’s decisions and actions regarding the employment or separation from employment of Employee. 

5. Release. For valuable consideration from the Company as stated above, Employee, for Employee and Employee’s heirs, personal
representatives, successors and assigns, hereby releases all claims of whatever nature that Employee may have against the Company, its affiliates, subsidiaries, predecessors, successors and assigns and its and their present, former or later
insurers, agents, representatives, officers, administrators, directors, shareholders and employees (collectively “Releasees”), which arise out of or are in any manner based upon or related to the employment relationship between Employee
and the Company, and the end of that relationship, and from all other claims or liabilities of any nature whatsoever which have arisen from any occurrence, transaction, omission or communication which transpired or occurred at any time before or on
the date of this Agreement; provided, however, that this Agreement will not affect any existing obligations that the Company may have to indemnify Employee and will not prevent any party from asserting a claim against the other party for breach of
this Agreement. 

  
 3 

 Without limitation to the foregoing, Employee specifically releases, waives and forever
discharges the Releasees from and against all liabilities, claims, actions, demands, damages and costs of every nature, whether known or unknown, asserted or unasserted, which arise under Chapter 21 of the Texas Labor Code; Texas Whistleblower Act;
Texas Payday Law; the Texas Anti-Retaliation Act; Florida Civil Rights Act; Florida Whistleblower Protection Act; Florida Workers’ Compensation Retaliation provision, Florida Minimum Wage Act; Article X, Section 24 of the Florida
Constitution; Title VII of the Civil Rights Act of 1964, as amended; the Genetic Information Nondiscrimination Act; the Americans With Disabilities Act, as amended; Section 1981 of U.S.C. Title 42; National Labor Relations Act; Employee
Retirement Income Security Act of 1974; the Equal Pay Act; state or federal parental, family and medical leave acts; the Uniformed Services Employment and Reemployment Rights Act (USERRA), or any other local, state, or federal military and/or
veterans rights act, or any other claim based on veteran status; or arising under any other local, state or federal statute, ordinance, regulation or order, or which involve a claim or action for wrongful discharge, breach of contract (express or
implied) and/or any other tort or common law cause of action. 
 6. No Limitation of Rights. The waiver and release in paragraph 5
does not affect those rights or claims that arise after the execution of this Agreement. Nor does the waiver and release affect those rights or claims that cannot be waived by law. While nothing contained in this Agreement shall be interpreted to
prevent the United States Equal Employment Opportunity Commission (“EEOC”) or equivalent state or local agency, the SEC, the National Labor Relations Board (“NLRB”), the Occupational Safety and Health Administration
(“OSHA”), or any other federal, state or local agency or commission from investigating and pursuing any matter which it deems appropriate, Employee understands and agrees that, by signing this Agreement, Employee is waiving any and all
rights Employee may have to reinstatement, damages, remedies, costs, attorney’s fees or other relief as to any claims Employee has released and any rights Employee has waived as a result of Employee’s execution of this Agreement. Nothing
contained in this Agreement is intended to limit Employee’s right or ability to file a charge with the EEOC or equivalent state or local agency, SEC, NLRB, OSHA, or any other federal, state or local agency or commission, or to receive an award
for providing information to these agencies. The EEOC or equivalent state or local agency, SEC, NLRB, OSHA, and any other federal, state or local agency or commission have the authority to carry out their statutory duties by investigating the
charge, issuing a determination, filing a lawsuit in court in their own name, or taking any other action authorized under law. Employee retains the right to testify, assist or participate in any such action. Employee retains the right to communicate
with the EEOC or equivalent state or local agency, SEC, NLRB, OSHA, or any other federal, state or local agency or commission and such communication can be initiated by Employee or in response to the government and is not limited by the non-disparagement obligations contained in paragraph 11 of this Agreement. 
 7. No Reinstatement,
Reemployment or Rehire. Employee expressly declines reinstatement, reemployment or rehire by the Company and waives all rights to claim such relief. If Employee should apply for employment with the Company or with any of its related entities in
the future, Employee agrees that Employee has no entitlement to such employment and may be denied employment on the basis of this Agreement. 

  
 4 

 8. No Representations as Employee. After the Resignation Date, Employee agrees that
Employee will not represent Employee as being a current employee, officer, attorney, agent or representative of Company for any purpose. Within five business days of the Resignation Date, Employee specifically agrees to update any and all social
media accounts the Employee accesses, uses or maintains to remove any reference to Employee being a current employee of the Company. For purposes of this paragraph 8, social media accounts include, without limitation, Facebook, LinkedIn and Twitter.

 9. No Pending Matters. Employee warrants and represents that Employee has not filed any pending complaint, charge, claim or
grievance concerning Employee’s compensation, separation from employment or terms and conditions of employment against the Company with any local, state or federal agency, court or commission, and that if any agency, commission or court assumes
jurisdiction of any such complaint or charge on behalf of Employee, Employee will immediately request that agency, commission, or court to dismiss such proceeding with prejudice. 

10. No Injuries. Employee acknowledges and agrees that Employee has reported to Company management any and all workplace injuries (if
any) sustained by Employee during Employee’s employment with the Company and that Employee is not aware of any facts that would give rise to a worker’s compensation claim that has not already been properly reported. 

11. Non-Disparagement. Employee agrees to maintain a positive and constructive attitude and
demeanor towards the Company, its directors, officers, shareholders, employees and agents, and agrees to refrain from making derogatory comments or statements of a negative nature about the Company, its directors, officers, shareholders, employees
and agents, to anyone, including, but not limited to, current and former Company customers, employees, suppliers, vendors, and referral sources. Nothing contained in this paragraph shall be construed to prohibit Employee from providing truthful
testimony in any administrative, state or federal proceeding or cooperating in an investigation conducted by the EEOC or equivalent state or local agency, SEC, NLRB, OSHA, or any other federal, state or local agency or commission. The Company agrees
to cause its officers to maintain a positive and constructive attitude and demeanor towards Employee and to refrain from making derogatory comments or statements of a negative nature about Employee. 

12. Restrictive Covenant Obligations. Employee reaffirms that Employee will abide by the confidentiality obligations in Section 7
of the Executive Employment Agreement executed between the parties on or about December 20, 2016 (the “Employment Agreement”); the non-solicitation and
non-interference obligations in Section 8 of the Employment Agreement; the intellectual property obligations in Section 13 of the Employment Agreement; and the security and exit obligations in
Section 14 of the Employment Agreement (collectively, the “Restrictive Covenant Obligations”). Employee agrees that the Restrictive Covenant Obligations are reasonable as to their terms and are fully enforceable against him. Employee
represents and agrees that Employee has not to-date breached any of the Restrictive Covenant Obligations. The Company acknowledges and agrees that the non-competition obligations in Section 8.2 of the
Employment Agreement shall terminate as of the Resignation Date. 

  
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 13. Trade Secrets. 

(a) Protection of Trade Secrets. Notwithstanding the provisions of Section 7 of the Employment Agreement, the parties agree that
nothing in this Agreement nor in Section 7 of the Employment Agreement shall be construed to limit or negate any statutory or common law of torts or trade secrets, where such law provides Company with broader protection than that provided in
this Agreement or in Section 7 of the Employment Agreement. After termination of employment, Employee shall not use or disclose the trade secrets of Company as long as they remain trade secrets. 

(b) Notification of Trade Secret Rights. Employee will be immune from criminal and civil liability under any federal or state trade
secret law for any disclosure of the Company’s trade secret(s) that is made (i) in confidence to an attorney or to a federal, state or local government official solely for the purpose of reporting or investigating a suspected violation of
law and/or (ii) in a complaint or other document filed in a lawsuit or other proceeding, provided such filing is made under seal. If Employee files a lawsuit alleging retaliation by the Company for reporting a suspected violation of law,
Employee may disclose the relevant trade secret to Employee’s attorney, and may use the trade secret information in the court proceeding provided (i) any filing containing the trade secret is made under seal; and (ii) Employee does
not disclose the trade secret, except pursuant to a court order. 
 14. Specific Performance. Employee acknowledges and agrees that
irreparable injury to Company may result in the event that Employee breaches any covenant in this Agreement, and that the remedy at law for the breach of any such covenant will be inadequate. If Employee engages in any act in violation of any
provision of paragraph 13, Employee agrees that Company shall be entitled, in addition to such other remedies and damages that may be available to it by law or under this Agreement, to injunctive relief to enforce such provisions without the
necessity of posting a bond. 
 15. Return of Company Property. Employee represents and agrees that Employee has returned any and all
Company records and files and any copies thereof (whether in electronic or paper form), keys, keyless entry cards, documents, confidential or proprietary information, computer equipment, CDs, computer software programs, vehicles, credit cards and
any other property owned by or belonging to the Company in Employee’s possession or under Employee’s control on or after the Resignation Date without any originals or copies being kept by Employee or conveyed to any other person or entity.
Employee acknowledges and agrees that Employee will use reasonable care to properly ship any Company property back to the Company via a shipment method that does not cause damage or destruction to Company property. Employee also agrees to cooperate
with any request by the Company to review the Employee’s personal electronic device(s) for purposes of removing any Company data. Employee acknowledges that, to the extent permitted by law, Employee will be liable to Company for the
Company’s costs incurred in enforcing its rights under this paragraph 15, including Company’s reasonable attorneys’ fees. 

16. Transition Consulting Assistance. As a precondition for receiving certain benefit(s) specified in paragraph 2(e) above, following
execution of this Agreement, Employee agrees that Employee will make himself available at reasonable times and use his best efforts to 

  
 6 

 
answer any of the Company’s questions or to otherwise assist the Company in making an orderly transition. Without limitation to the foregoing, Employee acknowledges and agrees that he will
use his best efforts to answer any of the Company’s inquiries concerning matters for which he was responsible during his active employment with the Company. Employee further acknowledges and agrees that he shall receive no additional
consideration for time spent answering the Company’s questions or otherwise providing such assistance as described in this paragraph 16, as the consideration referenced in paragraph 2(e) above represents adequate consideration for his answering
such questions and otherwise providing such assistance. 
 17. Binding Agreement. This Agreement shall be binding upon Employee and
upon Employee’s heirs, administrators, representatives, executors, successors and assigns and shall inure to the benefit of the Releasees and to their heirs, administrators, representatives, executors, successors and assigns. 

18. Jurisdiction and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. Any
controversy between Company and Employee arising under or relating to this Agreement shall be determined by the Circuit Court of Miami-Dade County, Florida, and the parties agree not to present any such controversy to any other court or forum. The
parties expressly consent to the exclusive jurisdiction of the Circuit Court of Miami-Dade County, Florida. 
 19. Severability. It
is understood and agreed that the provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any one or more of the provisions herein shall not affect the validity and enforceability of the other provisions
herein. 
 20. Effect of Termination. Employee acknowledges and agrees that the Employment Agreement has terminated and that all
obligations imposed on either party under the Employment Agreement have ceased effective the date of Employee’s termination from employment, except as otherwise expressly provided in the Employment Agreement. Notwithstanding the foregoing,
Employee agrees that Sections 5.8(a), 5.8(b), 6, 7, 7.1(a), 7.1(b), 7.1(c), 8, 8.1, 8.3, 8.4, 8.5, 8.6, 8.7, 9, 10, 11, 12, 13, 13.1, 13.2, 13.3, 13.4, 14, 14.1, 14.2, 15, 16, 17, 18, 19, 20, 21, 21.1, 21.2, 21.3, 21.4, 21.5, 22, 23, 25, 26, 27, and
28 of the Employment Agreement shall continue in full force and effect notwithstanding the termination of Employee’s employment with the Company and the termination of the Employment Agreement. 

21. Acknowledgement of Resignation. By signing this Agreement, Employee acknowledges that Employee has resigned from the position of
Chief Commercial Officer of the Company, and all other positions Employee holds with respect to the Company or any subsidiary thereof, effective as of the Resignation Date. 

22. Complete and Exclusive Agreement. The parties understand and agree that this Agreement (with all Exhibits attached hereto) is final
and binding and, excepting solely the Restrictive Covenant Obligations referenced in paragraph 12 and the provisions of the Employment Agreement referenced in paragraph 20, constitutes the complete and exclusive statement of the terms and conditions
of settlement, that no representations or commitments were made by the parties to induce this Agreement other than as expressly set forth herein and that this Agreement is fully understood by the parties. This Agreement may not be modified or
supplemented except by a subsequent written agreement signed by the party against whom enforcement is sought. 

  
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 23. Consideration Period. Employee represents that Employee has had the opportunity and
time to consult with legal counsel concerning the provisions of this Agreement, if Employee so chooses, and that Employee has been given an adequate amount of time to consider this Agreement. Employee acknowledges and agrees that in signing this
Agreement, Employee does not rely and has not relied upon any representation or statement by any of the Releasees’ agents, employees, representatives, or attorneys with regard to the subject matter, basis, or effect of this Agreement. Employee
understands and agrees that if Employee does not return the signed Agreement by 3 p.m. Eastern Time on April 20, 2018, this Agreement will be automatically revoked by the Company and amounts payable hereunder shall be forfeited. 

24. Company Right to Revoke. The parties understand and agree that this Agreement will not be effective until the Company’s
signing of this Agreement, and that the Company has the right to revoke its offer at any time prior to the Company’s signing of this Agreement, which revocation may be made for any reason including, without limitation, Employee’s making of
derogatory comments or statements of a negative nature about the Company, its directors, officers, shareholders, employees and agents to anyone, including, but not limited to, current and former Company customers, employees, suppliers, vendors, and
referral sources. 
 25. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered
one and the same agreement. Signatures to this Agreement transmitted by facsimile, by electronic mail in portable document format (.pdf) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a
document will have the same effect as physical delivery of the paper document bearing the original signature. 
 26. Code
Section 409A. This Agreement is intended to satisfy the requirements for the deferral of compensation under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) or an exemption thereunder. All
terms used in this Agreement shall be interpreted to the maximum extent possible to satisfy Code section 409A. Notwithstanding anything herein to the contrary, payments provided under this Agreement may be made upon a permissible payment event in a
manner that complies with Code section 409A or an applicable exemption. Any right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments. Any separate payment or benefit under this
Agreement or otherwise that may be excluded from Code section 409A as separation pay, a short-term deferral or any other applicable exemption or provision of Code section 409A shall be excluded from Code section 409A to the maximum extent possible.
Notwithstanding anything herein to the contrary, the Company may amend this Agreement without the consent of Employee to add, alter or remove any provision that the Company deems necessary, appropriate or advisable to comply with Code section 409A.
If there is more than one way to add, alter or remove a provision to comply with Code section 409A, the Company shall have the discretion to choose the alternative it believes to be in the best interest of Employee and the Company. 

27. Acknowledgment. The undersigned parties acknowledge and agree that they have carefully read the foregoing document, that a copy of
the document was available to them prior 

  
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to execution, that they understand its contents including its release of claims, that they have been given the opportunity to ask any questions concerning the Agreement and its contents, and have
signed this Agreement as their free and voluntary act. 
 IN WITNESS WHEREOF, the parties herein executed this Separation Agreement
and General Release as of the date appearing next to their signatures. 
  

							
		 		 	Veru Inc.
				
	Date: April 20, 2018	 		 	By:	 	 /s/ Mitchell S. Steiner

		 		 	Its:	 	President and CEO

 CAUTION: THIS IS A RELEASE. THE COMPANY HEREBY ADVISES EMPLOYEE TO CONSULT WITH AN ATTORNEY AND READ IT
BEFORE SIGNING. 
  

							
	 Date: April 20, 2018
	 		 		 	 /s/ Brian Groch

		 		 		 	Brian Groch

  
 9

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