Document:

EX-10.50

 Exhibit 10.50 

Execution Version 

FIFTH AMENDMENT, dated as of September 18, 2019 (this “Amendment”), to the Credit Agreement (as defined below) among
Zuffa Guarantor, LLC, as Holdings (“Holdings”), UFC Holdings, LLC, as Borrower (the “Borrower”), Goldman Sachs Bank USA, as Administrative Agent (the “Administrative Agent”) and the initial Third
Additional Term B Lender (as defined below). 
 RECITALS 

A.     Holdings, the Borrower, the Lenders party thereto from time to time and the Administrative Agent are party to that
certain First Lien Credit Agreement, dated as of August 18, 2016 (as amended by the First Refinancing Amendment, dated as of February 21, 2017, the First Incremental Term Facility Amendment, dated as of April 25, 2017, the Third Amendment,
dated as of March 26, 2019 and the Fourth Amendment, dated as of April 29, 2019 and as further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

B.     Pursuant to Section 2.20 of the Credit Agreement and clause (c) of the definition of Incremental Cap, the
Borrower may establish Incremental Term Loans by, among other things, entering into one or more Incremental Facility Amendments pursuant to the terms and conditions of the Credit Agreement with each Additional Lender agreeing to provide such
Incremental Term Loans (each such Additional Lender agreeing to provide Third Additional Term Loans (as defined below) and any assignees thereof, are referred to herein as “Third Additional Term B Lender”)). 

C.     The Borrower has requested a borrowing of Incremental Term Loans in an aggregate principal amount of $465,000,000
(the “Third Additional Term Loans”) as a new tranche of Loans under the Credit Agreement in connection with the Incremental Term Loans (the “Third Additional Term B Commitments”) which will be of the same
Class as the Refinancing Term Loans, the First Additional Term Loans and the Second Additional Term Loans and the proceeds of which will be used, along with certain cash on hand, to redeem all outstanding Class P Units of Zuffa Parent, LLC
under the Preferred Investment (the “Preferred Investment Redemption”). 
 D.    The initial Third
Additional Term B Lender party hereto has agreed to make the Third Additional Term Loans on the terms and conditions set forth herein. 

AGREEMENTS 
 In consideration of
the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Holdings, the Borrower, the initial Third Additional Term B Lender party hereto and the Administrative Agent hereby agree as
follows: 

 ARTICLE I. 

Incremental Term Facility Amendment 

SECTION 1.01.    Defined Terms. Capitalized terms used herein (including in the recitals hereto) and not otherwise
defined herein shall have the meanings assigned to such terms in the Credit Agreement. The rules of construction specified in Section 1.03 of the Credit Agreement also apply to this Amendment. 

SECTION 1.02.    Third Additional Term B Commitments. (a) Subject to the terms and
conditions set forth herein, on the Fifth Amendment Effective Date (as defined below), the initial Third Additional Term B Lender party hereto agrees (i) that it shall be considered a Lender and a Term Lender for all purposes under the Loan
Documents and agrees to be bound by the terms thereof and (ii) to fund Third Additional Term Loans in an aggregate principal amount not to exceed the amount set forth opposite the Third Additional Term B Lender’s name on Schedule A hereto.

 (b)    The terms and provisions of the Third Additional Term Loans shall be identical to the terms and
provisions of the Refinancing Term Loans, the First Additional Term Loans and the Second Additional Term Loans and will constitute the same Class of Term Loans for all purposes under the Credit Agreement. The aggregate amount of the Third
Additional Term Loans made under this Amendment shall be $465,000,000. The Borrower shall use the proceeds of the Third Additional Term Loans as set forth in the recitals to this Amendment. 

(c)    The initial Third Additional Term B Lender, by delivering its signature page to this Amendment and funding Third
Additional Term Loans on the Fifth Amendment Effective Date shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to,
the Administrative Agent and the Third Additional Term B Lender on the Fifth Amendment Effective Date. 

(d)    Pursuant to Section 2.20 of the Credit Agreement and subject to the terms and conditions set forth herein,
effective as of the Fifth Amendment Effective Date, for all purposes of the Loan Documents, (i) the Third Additional Term B Commitments shall constitute “Term Commitments”, (ii) the Third Additional Term Loans shall
constitute “Incremental Term Loans” and “Term Loans” and (iii) each Third Additional Term B Lender shall constitute an “Additional Lender”, a “Term Lender” and a “Lender” (if the Third
Additional Term B Lender is not already a Term Lender or Lender prior to the effectiveness of this Amendment) and shall have all the rights and obligations of a Lender holding a Term Commitment (or, following the making of a Third Additional
Term Loan, a Term Loan), and other related terms will have correlative meanings mutatis mutandis. Upon execution and delivery of this Amendment, the Administrative Agent will record the Third Additional Term Loans as being of the same
Class as the Refinancing Term Loans, the First Additional Term Loans and the Second Additional Term Loans. 

  
 2 

 SECTION 1.03.    Amendment of Credit Agreement.
(a) Effective as of the Fifth Amendment Effective Date, the Credit Agreement is hereby amended as follows: 

(i)    The following definitions are hereby added in the appropriate alphabetical order to
Section 1.01: 
 “Fifth Amendment” means the Fifth Amendment to this Agreement dated as of September 18, 2019,
among Holdings, the Borrower, the Third Additional Term B Lender party thereto and the Administrative Agent. 
 “Fifth Amendment
Effective Date” has the meaning assigned thereto in the Fifth Amendment. 
 “Fifth Amendment Reaffirmation
Agreement” means the Reaffirmation Agreement dated as of September 18, 2019, among Holdings, the other Guarantors party thereto and the Administrative Agent. 

“Third Additional Term B Commitment” has the meaning assigned thereto in the Fifth Amendment. 

“Third Additional Term B Lender” has the meaning assigned thereto in the Fifth Amendment. 

“Third Additional Term Loan” has the meaning assigned thereto in the Fifth Amendment. 

“Preferred Investment Redemption” has the meaning assigned thereto in the Fifth Amendment. 

(ii)    The last sentence of the definition of “Class” set forth in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety as follows: 
 “Notwithstanding anything herein to the contrary,
(i) the Third Additional Term Loans shall be deemed to be of the same Class as the Refinancing Term Loans, the First Additional Term Loans and the Second Additional Term Loans and (ii) and the First Revolving Increase Loans shall be
deemed to be of the same Class as the Revolving Loans.” 
 (iii)    The definition of
“Loan Documents” set forth in Section 1.01 of the Credit Agreement is hereby amended by adding the text “the Fifth Amendment,” after the text “the Fourth Amendment,” appearing in such definition. 

(iv)    The definition of “Security Documents” set forth in Section 1.01 of the Credit
Agreement is hereby amended by adding the text “, the Fifth Amendment Reaffirmation Agreement” after the text “, the Fourth Amendment Reaffirmation Agreement” appearing in such definition. 

  
 3 

 (v)    The definition of “Term Commitment” set
forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 ““Term
Commitment” means, (a) the Refinancing Term Commitment, (b) the First Additional Term B Commitment, (c) the Second Additional Term B Commitment and (d) the Third Additional Term B Commitment.” 

(vi)    The definition of “Term Loan” set forth in Section 1.01 of the Credit Agreement is
hereby amended and restated in its entirety as follows: 
 ““Term Loan” means (a) the Refinancing Term Loans,
(b) the First Additional Term Loans made in accordance with Section 2.20 by the First Additional Term B Lender on the First Incremental Term Facility Amendment Effective Date constituting Incremental Term Loans made pursuant to the First
Incremental Term Facility Amendment, (c) the Second Additional Term Loans made in accordance with Section 2.20 by the Second Additional Term B Lender on the Fourth Amendment Effective Date constituting Incremental Term Loans made pursuant
to the Fourth Amendment and (d) the Third Additional Term Loans made in accordance with Section 2.20 by the Third Additional Term B Lender on the Fifth Amendment Effective Date constituting Incremental Term Loans made pursuant to the Fifth
Amendment.” 
 (vii)    Section 2.01 of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 “Subject to the terms and conditions set forth herein, in the First Incremental Term Facility Amendment, in the
Fourth Amendment and in the Fifth Amendment, as applicable, (a) [reserved], (b) each Revolving Lender agrees to make Revolving Loans to the Borrower denominated in dollars from time to time during the Revolving Availability Period in an aggregate
principal amount which will not result in such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment, (c) each First Additional Term B Lender agrees to make a First Additional Term Loan to the Borrowers on the First
Incremental Term Facility Amendment Effective Date in a principal amount not to exceed its First Additional Term B Commitment, (d) each Second Additional Term B Lender agrees to make a Second Additional Term Loan to the Borrower on the Fourth
Amendment Effective Date in a principal amount not to exceed its Second Additional Term B Commitment and (e) each Third Additional Term B Lender agrees to make a Third Additional Term Loan to the Borrower on the Fifth Amendment Effective Date
in a principal amount not to exceed its Third Additional Term B Commitment. The Borrower may borrow, prepay and reborrow Revolving Loans. Amounts repaid or prepaid in respect of Term Loans may not be reborrowed.” 

  
 4 

 (viii)    Clause (a) of Section 2.10 of the
Credit Agreement is hereby amended and restated in its entirety as follows: 
 “Subject to adjustment pursuant to paragraph (c) of
this Section, the Borrowers shall repay Term Loan Borrowings on the last day of each March, June, September and December (commencing on September 30, 2019) in the principal amount of Term Loans equal to (1) the aggregate outstanding
principal amount of the Term Loans as of the Fifth Amendment Effective Date, multiplied by (2) an amount equal to (x) the aggregate outstanding principal amount of the Term Loans on the Effective Date, divided by,
(y) the aggregate outstanding principal amount of the Term Loans immediately prior to the Fifth Amendment Effective Date, multiplied by, (3) 0.25%; provided that if any such date is not a Business Day, such payment shall be due on
the next preceding Business Day.” 
 (ix)    Clause (a) of Section 2.11 of the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 “(i) The Borrowers shall have the right at any time and from
time to time to prepay any Borrowing in whole or in part, without premium or penalty (subject to the immediately succeeding proviso); provided that in the event that, on or prior to the six month anniversary of the Fifth Amendment Effective Date,
the Borrowers (i) makes any prepayment of Term Loans in connection with any Repricing Transaction the primary purpose of which is to decrease the Effective Yield on such Term Loans or (ii) effects any amendment of this Agreement resulting
in a Repricing Transaction the primary purpose of which is to decrease the Effective Yield on the Term Loans, the Borrowers shall pay to the Administrative Agent, for the ratable account of each of the applicable Lenders, (x) in the case of
clause (i), a prepayment premium of 1% of the principal amount of the Term Loans being prepaid in connection with such Repricing Transaction and (y) in the case of clause (ii), an amount equal to 1% of the aggregate amount of the applicable
Term Loans outstanding immediately prior to such amendment that are subject to an effective pricing reduction pursuant to such Repricing Transaction.” 

(x)    Section 3.17 of the Credit Agreement is hereby amended by (i) replacing the “and”
before clause (d) with “;” and (ii) adding the following as a new clause (e): 
 “and (e) the Third Additional
Term Loans made on the Fifth Amendment Effective Date shall be applied to finance the Preferred Investment Redemption.” 

(xi)    Section 5.10 of the Credit Agreement is hereby amended by adding the following text before the last
sentence thereof: 
 “The proceeds of the Third Additional Term Loans will be used to finance the Preferred Investment
Redemption.” 

  
 5 

 ARTICLE II. 

Conditions to Effectiveness 

SECTION 2.01.    Amendment Effectiveness. This Amendment shall become effective as of the first date (the
“Fifth Amendment Effective Date”) on which the following conditions have been satisfied or waived: 

(a)    The Administrative Agent and Goldman Sachs Bank USA (acting through itself or any of its designated affiliates,
“GS Bank”) and KKR Capital Markets LLC (together with certain of its affiliates, “KCM” ; together with GS Bank, in such capacity, the “Lead Arrangers”) (or their counsel) shall have received
from (i) the Borrower, (ii) Holdings, (iii) the Third Additional Term B Lender party hereto, and (iv) the Administrative Agent, either (x) counterparts of this Amendment signed on behalf of such parties or (y) written
evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmissions of signed signature pages) that such parties have signed counterparts of this Amendment. 

(b)    The obligation of the Third Additional Term B Lender party hereto to make Third Additional Term Loans on the Fifth
Amendment Effective Date is subject to the satisfaction of the following conditions: 

(i)    Immediately before and after giving effect to the borrowing of the Third Additional Term Loans, the
conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement shall be satisfied on and as of the Fifth Amendment Effective Date. 

(ii)    The Administrative Agent and the Third Additional Term B Lender party hereto shall have received a
certificate of a Responsible Officer of the Borrower dated the Fifth Amendment Effective Date, certifying compliance with clause (i) above. 

(iii)    The Administrative Agent and the Lead Arrangers shall have received a written opinion (addressed
to the Administrative Agent and the Third Additional Term B Lender party hereto and the other Lenders party to the Credit Agreement and dated the Fifth Amendment Effective Date) of (i) Simpson Thacher & Bartlett LLP, New York and
Delaware counsel for the Loan Parties and (ii) Lewis Roca Rothgerber Christie LLP, special Nevada counsel for the Loan Parties. The Borrower hereby requests each such counsel to deliver such opinion. 

(iv)    The Administrative Agent and the Lead Arrangers shall have received a copy of (i) each
Organizational Document of each Loan Party certified, to the extent applicable, as of a recent date by the applicable Governmental Authority (or a representation that such Organizational Documents have not been amended since the date last delivered
to the Administrative Agent), (ii) signature and incumbency certificates of the Responsible Officers of each Loan Party executing the Loan Documents to which it is a party (or a representation that such Responsible Officers have not changed since
the date last delivered to the Administrative Agent), (iii) resolutions of the Board of Directors and/or similar governing bodies of each Loan Party approving and authorizing the execution, delivery and performance of this Amendment, certified as of
the Fifth Amendment Effective 

  
 6 

 
Date by its secretary, an assistant secretary or a Responsible Officer as being in full force and effect without modification or amendment, and (iv) a good standing certificate (to the
extent such concept exists) from the applicable Governmental Authority of each Loan Party’s jurisdiction of incorporation, organization or formation. 

(v)    The Administrative Agent shall have received a Borrowing Request in a form reasonably acceptable to
the Administrative Agent requesting that the Third Additional Term B Lender party hereto make the Third Additional Term Loans to the Borrower on the Fifth Amendment Effective Date. 

(vi)    Each Loan Party shall have entered into the Fifth Amendment Reaffirmation Agreement. 

(vii)    The Administrative Agent and the Lead Arrangers shall have received all documentation including a
certificate regarding beneficial ownership required by 31 C.F.R. §1010.230 (the “Beneficial Ownership Regulation”) at least three Business Days prior to the Fifth Amendment Effective Date and other information about the Loan
Parties that shall have been reasonably requested in writing at least 10 Business Days prior to the Fifth Amendment Effective Date and that the Administrative Agent or the Lead Arrangers have reasonably determined is required by United States
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation Title III of the USA Patriot Act and the Beneficial Ownership Regulation. 

(viii)    The Administrative Agent shall have received copies of a recent Lien and judgment search in each
jurisdiction reasonably requested by the Administrative Agent on or prior to the Fifth Amendment Effective Date with respect to the Loan Parties. 

(c)    The Administrative Agent and the Lead Arrangers shall have received, in immediately available funds, payment or
reimbursement of all reasonable and documented costs, fees, out-of-pocket expenses, compensation and other amounts then due and payable in connection with this
Amendment, including, to the extent invoiced at least two Business Days prior to the Fifth Amendment Effective Date, the reasonable fees, charges and disbursements of counsel for the Administrative Agent and the Lead Arrangers. 

(d)    The Borrower shall have paid to the Lead Arrangers the fees in the amounts previously agreed in writing to be
received on the Fifth Amendment Effective Date. 
 (e)    The Administrative Agent shall notify the Borrower, the Third
Additional Term B Lender and the other Lenders of the Fifth Amendment Effective Date and such notice shall be conclusive and binding. Notwithstanding the foregoing, the amendment effected hereby shall not become effective and the obligations of
the Third Additional Term B Lender hereunder to make Third Additional Term Loans will automatically terminate if each of the conditions set forth or referred to in this Section 2.01 has not been satisfied or waived at or prior to
5:00 p.m., New York City time, on September 18, 2019. 

  
 7 

 ARTICLE III. 

Miscellaneous 
 SECTION
3.01.    Representations and Warranties. (a) To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to each of the Lenders, including the Third Additional Term B Lender
and the Administrative Agent that, as of the Fifth Amendment Effective Date and after giving effect to the transactions and amendments to occur on the Fifth Amendment Effective Date, this Amendment has been duly authorized, executed and delivered by
each of Holdings and the Borrower and constitutes, and the Credit Agreement, as amended hereby on the Fifth Amendment Effective Date, will constitute, its legal, valid and binding obligation, enforceable against each of the Loan Parties in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law. 
 (b)    The representations and warranties of each Loan Party set forth in the Loan
Documents are, after giving effect to this Amendment on such date, true and correct in all material respects on and as of the Fifth Amendment Effective Date with the same effect as though made on and as of such date, except to the extent such
representations and warranties expressly relate to an earlier date (in which case such representations and warranties were true and correct in all material respects as of such earlier date). 

(c)    After giving effect to this Amendment and the transactions contemplated hereby on the relevant date, no Default or
Event of Default has occurred and is continuing on the Fifth Amendment Effective Date. 
 (d)    Immediately after the
consummation of the transactions contemplated under this Amendment to occur on the Fifth Amendment Effective Date, Holdings and its Subsidiaries are, on a consolidated basis after giving effect to the transactions contemplated under this Amendment
to occur on the Fifth Amendment Effective Date, Solvent. 
 SECTION 3.02.    Effect of Amendment. (a) Except
as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of, the Lenders or the Agents under the Credit Agreement or any other Loan
Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects
and shall continue in full force and effect. The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection
herewith shall not constitute a novation of the Credit Agreement and the other Loan Documents as in effect prior to the Fifth Amendment Effective Date. Nothing herein shall be deemed to establish a precedent for purposes of interpreting the
provisions of the Credit Agreement or entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other
Loan Document in similar or different circumstances. This Amendment shall apply to and be effective only with respect to the provisions of the Credit Agreement and the other Loan Documents specifically referred to herein. 

  
 8 

 (b)    On and after the Fifth Amendment Effective Date, each reference
in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference to the Credit Agreement, “thereunder”, “thereof”,
“therein” or words of like import in any other Loan Document, shall be deemed a reference to the Credit Agreement, as amended hereby. This Amendment shall constitute an Incremental Facility Amendment entered into pursuant to
Section 2.20 of the Credit Agreement and a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 

SECTION 3.03.    Governing Law. This Amendment shall be construed in accordance with and governed by the
law of the State of New York. The provisions of Sections 9.09 and 9.10 of the Credit Agreement shall apply to this Amendment to the same extent as if fully set forth herein. 

SECTION 3.04.    Costs and Expenses. The Borrower agrees to reimburse the Administrative Agent and the Lead
Arrangers for its reasonable out of pocket expenses in connection with this Amendment and the transactions contemplated hereby, including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP, counsel for each of the
Administrative Agent and the Lead Arrangers, respectively. 
 SECTION 3.05.    Counterparts. This Amendment may
be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same
instrument. Delivery of any executed counterpart of a signature page of this Amendment by facsimile transmission or other electronic imaging means shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 3.06.    Headings. The headings of this Amendment are for purposes of reference only and shall not limit or
otherwise affect the meaning hereof. 
 SECTION 3.07.    Tax Matters. The Borrower and the Administrative
Agent agree to treat, for U.S. federal income tax purposes, (i) the Third Additional Term Loans as issued in a “qualified reopening” (within the meaning of Treasury Regulations section
1.1275-2(k)) of the Existing Term Loans and (ii) as of the Fifth Amendment Effective Date, the Term Loans (including the Third Additional Term Loans) as fungible. 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their officers as of the date first above written. 
  

			
	ZUFFA GUARANTOR, LLC
		
	By:	 	 /s/ Andrew Schleimer

	Name:	 	Andrew Schleimer
	Title:	 	Chief Financial Officer
	
	UFC HOLDINGS, LLC
		
	By:	 	 /s/ Andrew Schleimer

	Name:	 	Andrew Schleimer
	Title:	 	Chief Financial Officer

 [Signature Page to Fifth Amendment] 

 
			
	GOLDMAN SACHS BANK USA, as Administrative Agent and a Third Additional Term B Lender
		
	By:	 	 /s/ Thomas M. Manning

	Name:	 	Thomas M. Manning
	Title:	 	Authorized Signatory

 [Signature Page to Fifth Amendment] 

 Schedule A 

 

					
	 Third Additional Term B Lender
	  	Third Additional Term B Commitment	 
	 Goldman Sachs Bank USA
	  	$	465,000,000	 
		  	  
	  
	 
	 Total
	  	$	465,000,000WELLS 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. 95001HAL5	FACE AMOUNT:  $________
	REGISTERED NO. ___	 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

 

Fully and Unconditionally Guaranteed by Wells
Fargo & Company

 

Principal at Risk Securities Linked
to the 

iShares® MSCI Emerging Markets
ETF

 

WELLS FARGO FINANCE
LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under and as defined in the Indenture hereinafter referred to), for value received,
hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Cash Settlement Amount (as defined
below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts, on the Stated Maturity Date. The “Stated Maturity Date” shall be September 20, 2021. If the
Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to the second Business Day (as defined
below) after the Determination Date as postponed. This Security shall not bear any interest.

Any payments on
this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained
for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose.

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

Determination of Cash Settlement
Amount and Certain Definitions

The “Cash
Settlement Amount” of this Security will equal:

		•	if the Final Underlier Level is greater than or equal to the Cap Level, the Maximum Settlement Amount;

    	 	 	 

    	 

    

		•	if the Final Underlier Level is greater than the Initial Underlier Level but less than the Cap Level, the sum of (i) the
Face Amount plus (ii) the product of (a) the Face Amount times (b) the Upside Participation Rate times (c) the
Underlier Return;

		•	if the Final Underlier Level is equal to or less than the Initial Underlier Level but greater than or equal to the Buffer Level,
the Face Amount; or

		•	if the Final Underlier Level is less than the Buffer Level, the sum of (i) the Face Amount plus (ii) the product
of (a) the Buffer Rate times (b) the sum of the Underlier Return plus the Buffer Amount times (c) the Face Amount.

All calculations with respect to the
Cash Settlement Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005
would be rounded to 0.00001); and the Cash Settlement Amount will be rounded to the nearest cent, with one-half cent rounded upward.

The “Underlier”
shall mean the iShares MSCI Emerging Markets ETF.

The “Trade
Date” shall mean September 16, 2019.

The “Initial
Underlier Level” is $41.91, the Fund Closing Price of the Underlier on the Trade Date.

The “Final
Underlier Level” will be the Fund Closing Price of the Underlier on the Determination Date.

The “Underlier
Return” will be the quotient of (i) the Final Underlier Level minus the Initial Underlier Level divided by (ii) the
Initial Underlier Level, expressed as a percentage.

The “Cap
Level” is $47.924085, which is 114.35% of the Initial Underlier Level.

The “Buffer
Level” is $35.6235, which is equal to 85% of the Initial Underlier Level.

The “Maximum
Settlement Amount” is 121.525% of the Face Amount of this Security.

The “Buffer
Amount” is 15%.

The “Buffer
Rate” is equal to the Initial Underlier Level divided by the Buffer Level.

The “Upside
Participation Rate” is 1.5.

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

The “Closing
Price” for one share of the Underlier (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

    	 	2	 

    	 

    

Securities Exchange Act of 1934, as
amended, on which the Underlier (or any such other security) is listed or admitted to trading.

The “Adjustment
Factor” means, with respect to a share of the Underlier (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 Underlier. See “—Anti-dilution
Adjustments Relating to the Underlier; Alternate Calculation —Anti-dilution Adjustments” below.

The “Underlying
Index” shall mean the MSCI Emerging Markets 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 Underlier, 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 Underlier means the primary exchange or quotation system on which shares (or other applicable
securities) of the Underlier are traded, as determined by the Calculation Agent.

The “Related
Futures or Options Exchange” for the Underlier 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 Underlier.

The “Determination
Date” shall be September 16, 2021. If the originally scheduled Determination Date is not a Trading Day, the Determination
Date shall be postponed to the next succeeding Trading Day. The Determination Date is also subject to postponement due to the occurrence
of a Market Disruption Event. If a Market Disruption Event occurs or is continuing on the Determination Date, the Determination
Date 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 Determination
Date, that eighth Trading Day shall be deemed to be the Determination Date. If the Determination Date has been postponed eight
Trading Days after the originally scheduled Determination Date and a Market Disruption Event occurs or is continuing with respect
to the Underlier on such eighth Trading Day, the Calculation Agent will determine the Closing Price of the Underlier on such eighth
Trading Day based on its good faith estimate of the value of the shares (or other applicable securities) of the Underlier as of
the Close of Trading (as defined below) on such eighth Trading Day. See “—Market Disruption Events.”

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 between the Company and the Calculation
Agent, as amended from time to time.

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the Final

    	 	3	 

    	 

    

Underlier Level and the Cash Settlement
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 Underlier or any Successor
Underlier (as defined below) on the Relevant Stock Exchange at any time during the one-hour period that ends at the Close of Trading
on such day, whether by reason of movements in price exceeding limits permitted by such Relevant 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 Underlier or any Successor Underlier 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 Underlier or any Successor Underlier 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 Underlier or any Successor Underlier 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 Underlier or any Successor Underlier 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

    	 	4	 

    	 

    

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 Underlier
or any Successor Underlier 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 Underlier or any Successor Underlier; and

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

Anti-dilution Adjustments Relating
to the Underlier; 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 Underlier
and the effective date or ex-dividend date, as applicable, for such event is after the Trade Date and on or prior to the Determination
Date.

The adjustments
specified below do not cover all events that could affect the Underlier. 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 Underlier, 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 Underlier.

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

    	 	5	 

    	 

    

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 Underlier
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 Underlier ratably to all holders
of record of such shares (or other applicable security), then the Adjustment Factor will be adjusted on the ex-dividend date to
equal the prior Adjustment Factor plus the product of the prior Adjustment Factor and the number of shares (or other applicable
security) of the Underlier which a holder of one share (or other applicable security) of the Underlier 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 Underlier 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 Underlier 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 Underlier 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 Underlier will equal the amount per share (or other applicable security) of the Underlier of the applicable
cash dividend or distribution that is attributable to the Extraordinary Dividend, as determined by the Calculation Agent in its
sole discretion.

    	 	6	 

    	 

    

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

		(E)	Reorganization Events

If the Underlier, or any Successor
Underlier, is subject to a merger, combination, consolidation or statutory exchange of securities with another exchange traded
fund, and the Underlier 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 Cash Settlement Amount or any other terms of this Security as the Calculation Agent determines appropriate to account for the
economic effect on this Security of such event, and determine the effective date of that adjustment. If the Calculation Agent determines
that no adjustment that it could make will produce a commercially reasonable result, then the Calculation Agent may deem such event
a Liquidation Event (as defined below).

Liquidation Events

If the Underlier
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 Underlier, then, upon
the Calculation Agent’s notification of that determination to the Trustee and the Company, any subsequent Fund Closing Price
for the Underlier 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 Underlier”), 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 Underlier
undergoes a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that any Fund Closing Price of the
Underlier is to be determined and the Calculation Agent determines that no Successor Underlier is available at such time, then
the Calculation Agent will, in its discretion, calculate the Fund Closing Price for the Underlier on such date by a computation
methodology that the Calculation Agent determines will as closely as

    	 	7	 

    	 

    

reasonably possible replicate the Underlier,
provided that if the Calculation Agent determines in its discretion that it is not practicable to replicate the Underlier (including
but not limited to the instance in which the sponsor of the index underlying the Underlier discontinues publication of that index),
then the Calculation Agent will calculate the Fund Closing Price for the Underlier 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 Underlier
immediately prior to such Liquidation Event without any rebalancing or substitution of such securities following such Liquidation
Event.

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

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

Alternate Calculation

If at any time the
method of calculating the Underlier or a Successor Underlier, or the Underlying Index, is changed in a material respect, or if
the Underlier or a Successor Underlier is in any other way modified so that the Underlier does not, in the opinion of the Calculation
Agent, fairly represent the price of the securities of the Underlier or such Successor Underlier 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 Underlier or such Successor Underlier, as the
case may be, as if such changes or modifications had not been made, and calculate the Fund Closing Price and the Cash Settlement
Amount with reference to such adjusted Closing Price of the Underlier or such Successor Underlier, as applicable.

Calculation Agent

The Calculation
Agent will determine the Cash Settlement Amount and the Final Underlier Level. 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 Underlier undergoes a Liquidation Event, select a Successor Underlier or, if no Successor Underlier is available,
determine the Fund Closing Price of the Underlier, 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.

    	 	8	 

    	 

    

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

Tax Considerations

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

Redemption and Repayment

This Security is
not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to September 20, 2021.
This Security is not entitled to any sinking fund.

Acceleration

If an Event of Default,
as defined in the Indenture, with respect to this Security shall occur and be continuing, the Cash Settlement 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 Cash Settlement Amount hereof calculated as provided herein as though the date of acceleration was the Determination Date.

__________________

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized
agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

[The remainder of this page has
been left intentionally blank]

    	 	9	 

    	 

    

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

 

DATED: 

 

	
 

	
WELLS FARGO FINANCE LLC

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:
	  

 

	
 

	
Attest:

	
 

	
 

	
 

	
 

	
 

	
 

	
Its: 
	 

 

TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 

This is one of the Securities of the 

series designated therein described 

in the within-mentioned Indenture.

 

	
CITIBANK, N.A.,

	
 

	
 

	
as Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

	
 

	
 

	
 

	
 

	
OR

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, N.A.,

	
 

	
 

	
as Authenticating Agent for the Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

 

    	 	10	 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

 

Fully and Unconditionally Guaranteed by Wells
Fargo & Company

 

Principal at Risk Securities Linked
to the 

iShares® MSCI Emerging Markets
ETF

 

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

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

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

Guarantee

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

 

    	 	11	 

    	 

    

Modification and Waivers 

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

Defeasance

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

Authorized Denominations

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

Registration of Transfer

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

This Security is
exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered
under the

    	 	12	 

    	 

    

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.

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

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

Obligation of the Company Absolute

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

No Personal Recourse

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

Defined Terms

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

Governing Law

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

    	 	13	 

    	 

    

ABBREVIATIONS

 

 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
TEN COM

	
--

	
as tenants in common

	
 

	
 

	
 

	
 

	
 

	
TEN ENT

	
--

	
as tenants by the entireties

	
 

	
 

	
 

	
 

	
 

	
JT TEN

	
--

	
as joint tenants with right

of survivorship and not

as tenants in common

	
 

 

	
UNIF GIFT MIN ACT

	
--

	
 

	
Custodian

	
 

	
 

	
 

	
(Cust)

	
 

	
(Minor)

 

	
Under Uniform Gifts to Minors Act

	
 

	
 

	
 

	
(State)

	
 

 

Additional abbreviations may also be used though not in the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

	
Please Insert Social Security or

	
 

	
Other Identifying Number of Assignee

	
 

	
 

	
 

	
 

	
 

 

	
 

	
 

 

	
 

 

 (Please print or type name and address including postal zip code of Assignee)

 

    	 	14	 

    	 

    

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

 

 

Dated: _________________________

 

 

	 	 
	 	 
	 	 

 

 

 

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

 

 

 

    	 	15

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