Document:

Exhibit 10.4

 

AMENDMENT TO CONVERTIBLE PROMISSORY
NOTE

 

This amendment (the
“Amendment”) is made and entered into as of January 2, 2019 (“Effective Date”),
by and between Zoned Properties, Inc., a Nevada corporation (“Company”), and Alan Abrams, an Arizona resident,
or registered assigns (the “Holder”). From time to time herein, Holder and Company may be referred to collectively
as the “Parties,” and each individually as a “Party.” Capitalized terms not otherwise defined herein shall
have the meanings ascribed thereto in the Original Note (as defined below).

 

RECITALS

 

A. Company and Holder
are parties to that certain Convertible Debenture, dated January 9, 2017, in the original aggregate principal amount of $2,000,000
(the “Original Note”).

 

B. The Parties desire
to amend the Original Note to extend the Maturity Date of the Note from January 9, 2022 (“Original Maturity
Date”) to January 9, 2030 (“Extended Maturity Date”).

 

C. Pursuant to Section
11 of the Original Note, the Original Note may only be amended if such amendment is set forth in a writing executed by Holder.

 

D. The Company and
Holder in executing the signature page attached hereto desire to enter into this Amendment to extend the maturity date of the Original
Note from the Original Maturity Date to the Extended Maturity Date.

 

NOW, THEREFORE, in
consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:

 

AGREEMENT

 

1. Amendment
to Introductory Paragraph. The introductory paragraph of the Original Note is hereby deleted in its entirety and replaced with
the following:

 

“Zoned
Properties, Inc., a Nevada corporation (the “Company”) for value received, hereby promises to pay to the order
of Alan Abrams, an Arizona resident, or registered assigns (the “Holder”) on the “Maturity Date” as hereinafter
defined, at the principal offices of the Company, the principal sum set forth above (the “Principal”), and to pay interest
on the outstanding principal sum at the rate of six percent (6.0%) per annum payable quarterly due by the 1st of each quarter following
the execution of this agreement (this “Debenture”). The Maturity Date as defined herein shall be thirteen (13) years
from the date hereof (i.e. January 9, 2030). Interest shall commence accruing on the date hereof, be computed on the basis of a
365-day year and the actual number of days elapsed, and shall be payable with the Principal at the Maturity Date. All payments
due hereunder, shall be made in lawful money of the United States of America. Provided that any payment otherwise due on a Saturday,
Sunday or legal Bank holiday may be paid on the following business day. In the event that for any reason whatsoever any interest
or other consideration payable with respect to this Debenture shall be deemed to be usurious by a court of competent jurisdiction
under the laws of the State of Nevada or the laws of any other state governing the repayment hereof, then so much of such interest
or other consideration as shall be deemed to be usurious shall be held by the holder as security for the repayment of the principal
amount hereof and shall otherwise be waived.”

 

     

     

    

 

2. Effect
on Original Note and Other Documents Except as amended by the terms of this Amendment, the terms and conditions of the Original
Note and all other documents and agreements entered into between Company and Holder in connection with the Original Note shall
remain in full force and effect.

 

3. No Waiver.
No failure on the part of Holder to exercise, and no delay in exercising, any right, power, or remedy under the Original Note or
this Amendment shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or remedy
by Holder preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. All remedies under
the Original Note and this Amendment are cumulative and are not exclusive of any other remedies provided by law. Holder shall not
be deemed to have waived any rights under the Original Note or this Amendment unless such waiver shall be in writing and signed
by Holder.

 

4. Recitals.
The Parties hereto hereby agree and acknowledge that the Recitals to this Amendment shall be incorporated and made part of this
Amendment as if fully set forth herein.

 

5. Miscellaneous.
This Amendment, together with the Original Note as amended hereby, contains the entire agreement and understanding among the Parties
hereto with respect to the subject matter hereof and thereof and supersedes all prior and contemporaneous agreements, understandings,
inducements, and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof
and thereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof. No provision of this Amendment may be amended or modified, except by a written instrument executed by
the party against whom such amendment or modification is sought to be enforced. This Amendment and all questions relating to its
validity, interpretation, performance, and enforcement shall be governed by and construed in accordance with the laws of the State
of Arizona, notwithstanding any Arizona or other conflict-of-law provisions to the contrary. This Amendment may be executed in
counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of
which shall together constitute one and the same instrument. This Amendment shall become binding when one or more counterparts
hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Any
photographic or xerographic copy of this Amendment, with all signatures reproduced on one or more sets of signature pages, shall
be considered for all purposes as if it were an executed counterpart of this Amendment. Signatures may be given by facsimile or
other electronic transmission, and such signatures shall be fully binding on the party sending the same.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF,
the Parties hereto have executed this Amendment as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	ZONED PROPERTIES, INC.
	 	a Nevada corporation
	 	 
	 	By:	/s/ Bryan McLaren
	 	 	Bryan McLaren, Chief Executive Officer
	 	 
	 	HOLDER:
	 	 
	 	/s/ Alan Abrams
	 	Alan Abrams

 

(Signature
Page to Amendment to Convertible Promissory Note)Exhibit 10.5

 

FIRST AMENDMENT TO Licensed
Medical Marijuana Facility 

Triple
Net (NNN) LEASE AGREEENT

 

This First Amendment
to the Licensed Medical Marijuana Facility Triple Net (NNN) Lease Agreement (the “Amendment”) is made this 1st
day of January, 2019, by and between Chino Valley Properties, LLC (the “Landlord”) and Broken Arrow Herbal Center,
Inc. (the “Tenant”), collectively (the “Parties”).

 

RECITALS

 

A. Landlord and Tenant entered into a Licensed Medical Marijuana Facility Triple Net (NNN) Lease Agreement (the “Chino Valley
Lease”) executed and effective as of May 1, 2018 for the premises commonly known as 2144 and 2148 North Road 1 East Chino
Valley, Arizona 83462 (the “Premises”).

 

B. The parties hereto desire to amend the Chino Valley Lease to change the Base Rent and applicable fees and taxes effective as of
January 1, 2019 (the “Effective Date”).

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, and for good and valuable consideration, the sufficiency and receipt
of which are acknowledged, the parties agree as follows:

 

AMENDMENT

 

1. Defined Terms. Terms in this Amendment shall have the same meaning as such terms have in the Chino Valley Lease unless
otherwise noted in this Amendment.

 

2. Amendment. As of the Effective Date, the Chino Valley Lease is amended to delete Exhibit B in its entirety and to
replace it with the following:

 

Exhibit B:
Rental Payment Schedule

 

	1-JAN	 	BASE RENT	 	$	40,000.00	 
	 	 	Monthly 2019 - Base Rent	 	 	 	 
	 	 	 	 	 	 	 
	1-JAN	 	RENTAL TAX	 	$	1,200.00	 
	 	 	Monthly 2019 - 3%	 	 	 	 
	 	 	 	 	 	 	 
	1-JAN	 	PROPERTY TAXES	 	$	2,061.26	 
	 	 	Monthly 2019 - 1/12 of Annual	 	 	 	 

 

3. Ratification. Landlord and Tenant each hereby reaffirm its rights and obligations under the Chino Valley Lease as modified
by this Amendment. In the event of a conflict or ambiguity between the Chino Valley Lease and this Amendment, the terms and provisions
of this Amendment shall control.

 

    

     

    

 

4. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original,
and all of such counterparts shall constitute one Amendment. Execution copies of this Amendment may be delivered by email, and
the parties hereto agree to accept and be bound by scanned signatures transmitted via email hereto, which signatures shall be considered
as original signatures with the transmitted Amendment having the same binding effect as an original signature on an original Amendment. 

 

	Chino Valley Properties, LLC

	 	Broken Arrow Herbal Center, Inc.

	 	 	 	 	 
	By:	/s/ Bryan McLaren	 	By:	/s/ Christopher Carra
	Name:	Bryan McLaren	 	Name:	Christopher Carra
	Title:	Authorized Agent	 	Title:	Board Member

 

	ACCEPTED AND AGREED:	 
	 	 
	/s/ Alan Abrams	 
	Alan Abrams	 
	 	 
	/s/ Christopher Carra	 
	Christopher CarraWELLS 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. 95001BB45	FACE AMOUNT: $________

REGISTERED
NO. __

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the

Energy Select Sector SPDR® Fund due January 4, 2021

 

WELLS
FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the 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, unless this Security is automatically called as provided
below under “Automatic Call.” The “Initial Stated Maturity Date” shall be January 4, 2021. If the
Final Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity
Date.” If the Final 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 Final 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.”

    	 	 	 

    	 

    

Automatic
Call

If
the Fund Closing Price (as defined below) of the Fund (as defined below) on any of the Call Dates (as defined in the table below)
(including the Final Calculation Day) is greater than or equal to the Starting Price (as defined below), this Security will be
automatically called by the Company, and on the related Call Settlement Date (as defined below) the Holder hereof will receive
the Face Amount of this Security plus the Call Premium (as defined in the table below) applicable to the relevant Call Date (together,
the “Call Price”). Unless the Company defaults in the payment of the Call Price, this Security will cease to be outstanding
on such Call Settlement Date, and the Holder hereof will have no further rights under this Security after such Call Settlement
Date. The Holder hereof will not receive any notice from the Company in the event this Security is automatically called pursuant
to the terms hereof.

The
Call Dates and the related Call Premiums are as follows:

	Call
    Date	Call
    Premium
	 	 
	January 3, 2020	10.30%
    of the Face Amount of this Security
	July 6, 2020	15.45% of the Face
    Amount of this Security
	December 24, 2020	20.60% of the Face
    Amount of this Security

The
Call Dates are subject to postponement for non-Trading Days and the occurrence of a Market Disruption Event. See the definition
of “Calculation Days” below.

The
“Call Settlement Date” for a Call Date shall be five Business Days after such Call Date, as such Call Date may be
postponed as provided herein; provided that the Call Settlement Date for the last Call Date shall be the Stated Maturity Date.

Payment
of the Call Price, if any, will be made in such coin or currency of the United States of America as at the time is legal tender
for payment of public and private debts.

Determination
of Maturity Payment Amount and Certain Definitions

If
this Security is not automatically called prior to the Final Calculation Day as provided above under “Automatic Call,”
the “Maturity Payment Amount” of this Security will equal:

 

		•	if
                                         the Ending Price is greater than or equal to the Starting Price: the Face Amount plus
                                         the Call Premium applicable to the Final Calculation Day;

 

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

 

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

 

	 		Face
    Amount x	Threshold
    Price - Ending Price
  Starting
    Price	

 

 

    	 	2	 

    	 

    

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

 

The
“Fund” shall mean the Energy Select Sector SPDR® Fund.

The
“Pricing Date” shall mean December 28, 2018.

The
“Starting Price” is $57.05, the Fund Closing Price of the Fund on the Pricing Date.

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

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

The
“Closing Price” for one share of the Fund (or one unit of any other security for which a Closing Price must
be determined) on any Trading Day means the official closing price on such day published by the principal United States securities
exchange registered under the Securities Exchange Act of 1934, as amended, on which the Fund (or any such other security) is listed
or admitted to trading.

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

The
“Threshold Price” is $51.345, which is equal to 90% of the Starting Price.

The
“Underlying Index” shall mean the Energy Select Sector Index.

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

A
“Trading Day” means a day, as determined by the Calculation Agent, on which the Relevant Stock Exchange (as
defined below) and each Related Futures or Options Exchange (as defined below) with respect to the Fund, or any successor thereto,
if applicable, are scheduled to be open for trading for their respective regular trading sessions.

The
“Relevant Stock Exchange” for the Fund means the primary exchange or quotation system on which shares (or other
applicable securities) of the Fund are traded, as determined by the Calculation Agent.

    	 	3	 

    	 

    

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

The
“Calculation Days” shall mean each of the Call Dates (including the Final Calculation Day). If any Calculation
Day is not a Trading Day, such Calculation Day will be postponed to the next succeeding Trading Day. A Calculation Day is also
subject to postponement due to the occurrence of a Market Disruption Event (as defined below). If a Market Disruption Event occurs
or is continuing with respect to the Fund on a Calculation Day, such Calculation Day will be postponed to the first succeeding
Trading Day on which a Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading
Day has not occurred as of the eighth Trading Day after the originally scheduled Calculation Day, that eighth Trading Day shall
be deemed to be the Calculation Day. If a Calculation Day has been postponed eight Trading Days after the originally scheduled
Calculation Day and a Market Disruption Event occurs or is continuing on such eighth Trading Day, the Calculation Agent will determine
the Closing Price of the Fund on such eighth Trading Day based on its good faith estimate of the value of the shares (or other
applicable securities) of the Fund as of the Close of Trading (as defined below) on such eighth Trading Day. See “—Market
Disruption Events.”

The
“Final Calculation Day” is December 24, 2020, subject to postponement as provided herein.

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 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 whether this Security will be automatically called on any of the Call Dates, the Call Price,
if any, the Ending Price and 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.

Market
Disruption Events 

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

		(A)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by the Relevant Stock Exchange or otherwise relating to the shares (or other applicable
                                         securities) of the Fund or any Successor Fund (as defined below) on the Relevant Stock
                                         Exchange at any time during the one-hour period that ends

    	 	4	 

    	 

    

at
the Close of Trading on such day, whether by reason of movements in price exceeding limits permitted by such Relevant Stock Exchange
or otherwise.

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

		(C)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, shares (or other applicable securities) of the Fund or any
                                         Successor Fund on the Relevant Stock Exchange at any time during the one-hour period
                                         that ends at the Close of Trading on that day.

		(D)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, futures or options contracts relating to shares (or other applicable
                                         securities) of the Fund or any Successor Fund on any Related 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 of the Relevant Stock Exchange or any Related Futures or Options Exchange with
                                         respect to the Fund or any Successor Fund prior to its Scheduled Closing Time unless
                                         the earlier closing time is announced by the Relevant 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 the Close of Trading on that day.

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

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

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

		(2)	the
                                         “Scheduled Closing Time” of the Relevant Stock Exchange or any Related
                                         Futures or Options Exchange on any Trading Day for the Fund or any Successor Fund means
                                         the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures
                                         or Options Exchange on such Trading Day, without

    	 	5	 

    	 

    

regard
to after hours or any other trading outside the regular trading session hours.

Anti-dilution
Adjustments Relating to the Fund; Alternate Calculation

Anti-dilution
Adjustments 

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

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

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

		(A)	Stock
                                         Splits and Reverse Stock Splits

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

		(B)	Stock
                                         Dividends

If
a dividend or distribution of shares (or other applicable securities) to which this Security is linked has been made by the Fund
ratably to all holders of record of such shares (or other applicable security), then the Adjustment Factor will be adjusted on
the ex-dividend date to equal the prior Adjustment Factor plus the

    	 	6	 

    	 

    

product
of the prior Adjustment Factor and the number of shares (or other applicable security) of the Fund which a holder of one share
(or other applicable security) of the Fund before the ex-dividend date would have owned or been entitled to receive immediately
following that date; provided, however, that no adjustment will be made for a distribution for which the number of securities
of the Fund paid or distributed is based on a fixed cash equivalent value.

		(C)	Extraordinary
                                         Dividends

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

For
purposes of determining whether an Extraordinary Dividend has occurred:

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

		(2)	“Extraordinary
                                         Dividend Amount” with respect to an Extraordinary Dividend for the securities
                                         of the Fund will equal the amount per share (or other applicable security) of the Fund
                                         of the applicable cash dividend or distribution that is attributable to the Extraordinary
                                         Dividend, as determined by the Calculation Agent in its sole discretion.

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

		(D)	Other
                                         Distributions

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

    	 	7	 

    	 

    

		(E)	Reorganization
                                         Events

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

Liquidation
Events

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

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

If
a Successor Fund is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for the Fund, such Successor
Fund or Fund Closing Price will be used as a substitute for the Fund for all purposes, including for purposes of determining whether
a Market Disruption Event exists.

If
any event is both a Reorganization Event and a Liquidation Event, such event will be treated as a Reorganization Event for purposes
of this Security unless the Calculation Agent

    	 	8	 

    	 

    

makes
the determination referenced in the last sentence of the section entitled “—Anti-dilution Adjustments—Reorganization
Events” above.

Alternate
Calculation

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

Calculation
Agent

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

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

All
determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

Tax
Considerations

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

Redemption
and Repayment

This
Security is not subject to repayment at the option of the Holder hereof prior to January 4, 2021. Except as set forth above under
“Automatic Call,” this Security is not subject to redemption prior to January 4, 2021. This Security is not entitled
to any sinking fund.

    	 	9	 

    	 

    

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 Final
Calculation Day; provided that if the Fund Closing Price of the Fund on the date of acceleration is equal to or greater than the
Starting Price, the amount payable on this Security will be calculated using a Call Premium that is prorated to the date of acceleration.

__________________

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]

 

    	 	10	 

    	 

    

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	 

 

    	 	11	 

    	 

    

[Reverse
of Note]

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the

Energy Select Sector SPDR® Fund due January 4, 2021

 

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 S, 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.

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

    	 	12	 

    	 

    

behalf
of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely
for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders
of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate
principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof
as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof
or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

Defeasance

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

Authorized
Denominations

This
Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which
is an integral multiple of $1,000.

Registration
of Transfer

Upon
due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis,
Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for
an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject
to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental
charge imposed in connection therewith.

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

    	 	13	 

    	 

    

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

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

Obligation
of the Company Absolute

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Maturity Payment Amount or the Call Price, as applicable, 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 the Call Price, as applicable, 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.

    	 	14	 

    	 

    

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)

 

 

    	 	15	 

    	 

    

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.

 

 

 

    	 	16

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